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06.06.2004

THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT BECOMES THE SHAREHOLDER OF THE OJSC “CB CENTER-INVEST”

The Board of Directors of the European Bank for Reconstruction and Development has approved the purchase of a package of shares of the OJSC “CB Center-Invest” by the repayment of its additional issue for the sum up to $8 millions. It was also decided to open the long term $5 million support-line for small and average busi-ness crediting for the “CB Center-Invest” for the period of 5 years.

The assembly of the shareholders has ratified the increase of the authorized capital of the OJSC “CB Center-Invest”. Thus, all necessary decisions for state registration of the issue, which will be redeemed by the European Bank for Reconstruction and De-velopment, are accepted.

Let's remind that “CB Center-Invest” already is the partici-pant of the trade development program. In 2002 were signed the credit Agreement and Agreement on granting guarantees on trade fi-nancing between the OJSC “CB Center-Invest” and the European Bank for Reconstruction and Development on a total sum of $5 millions. In 2003 the European Bank for Reconstruction and Development has expanded guarantee and credit lines up to $8 millions.

As a result of EBRD’s entry in structure of the shareholders of “CB Center-Invest”, it will be able to pursue the strategy of integration in international financial market. All basic parame-ters of bank are expected to increase considerably. In nearest 5 years the guaranteed stable growth of the OJSC “CB Center-Invest” in 3 times will be supplied.