With the approaching break-up of UES, we continue to like the Russian basic materials industry most of all, be it nuclear or companies that will benefit from road construction (the need for Moscow alone will exceed several dozen billion dollars just to keep it maintained) in the next several years. Additionally, there is talk of opening up the power industry to additional foreign investment. We like these industries regardless of the price of energy going forward because they will fill a badly needed area of improvement for Russia and will be among the last to see funding cut back upon because of their importance. Fast growth, slow growth, or no growth, basic industries are a growth story waiting to be told.