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Closure of the IMPEXBANK branch in Krasnodar.

15 October 2007, in line with the upcoming merger of JSC IMPEXBANK andZAO Raiffeisenbank Austria, theKrasnodarsky branch of IMPEXBANK, located at 155/1 Krasnaya Street, Krasnodar, will be closed. The additional Kubanksky office of Raiffeisenbank will continue to operate at the same location. The branch closure was planned and approved by decision of the Boardof Directors of JSC IMPEXBANK dated 25 June, 2007.

Conditional to consent, clients of theKrasnodarsky branch will be transferred to the customer base serviced by ZAO Raiffeisenbank Austria. No initial deposit will be required in order to open new accounts with Raiffeisenbank. The annual service fee on bank cards issued to IMPEXBANK customers will be cancelled for the entire loan period; the annual service fee on IMPEXBANK current account debit cards will not be collected during the first year of service.

Legal entities, including small and medium businesses, and likewiseindividual entrepreneurs in the Krasnodar Territory, have been able totransfer to ZAO Raiffeisenbank Austria as of June, 2007 on privilegedterms and conditions. Previously signed agreements according to cessioncontracts are transferred to Raiffeisenbank without any changes to theterms of the contracts. Many of the small and micro enterprises whichhave transferred from IMPEXBANK have already obtained new businessdevelopment loans from Raiffeisenbank and have taken advantage of theBanks convenient employee salary scheme.

Commenting on the closure of theKrasnodarsky branch of IMPEXBANK, Chairman of the Management Board of Raiffeisenbank Johann Jonach said, Krasnodar is the first region where clients of IMPEXBANK and Raiffeisenbank, both private individuals and legal entities, have been offered a common range ofservices. This became possible after the necessary technology was installed, and all related preparations, including branch staff trainings, had been conducted. We continue to focus all our efforts on developing this process efficiently and on ensuring maximum comfort forour customers.

JSC IMPEXBANK remains fully liable in terms of its obligations toclients of theKrasnodarsky branch. Once the merger JSC IMPEXBANK and ZAO Raiffeisenbank Austria is completed, all rights and obligations of JSC IMPEXBANK to its creditors and debtors will be assumed by ZAO Raiffeisenbank Austria in accordance with articles 58 and 59 of the CivilCode of the Russian Federation, and article 15 of Federal Law as of 26 December, 1995 On Joint Stock Companies. The scope of the rights and obligations and their content shall remain unchanged.

ZAO Raiffeisenbank Austria and OAO IMPEXBANK are subsidiaries ofRaiffeisen International Bank-Holding AG. In 2006 RaiffeisenInternational purchased 100% shares of IMPEXBANK. TogetherRaiffeisenbank and IMPEXBANK form the largest foreign-owned bankinggroup in Russia, ranking 7th in terms of assets among top Russian banksbased on H1 2007 results (Interfax-CEA). Raiffeisen Group is ranked 6thin terms of corporate lending based on H1 2007 results (Interfax-CEA).According to Interfax-CEA, the banks together ranked 4th in Russia interms of private deposits and 5th in consumer lending in Russia based onH1 2007.

Raiffeisen International Bank-Holding AG (Raiffeisen International)operates the largest banking network in CEE. 18 markets of Europe''sgrowth region are covered by subsidiary banks, finance leasingcompanies, two representative offices and a number of other financialservice providers. About 12.7 million customers are attended to throughmore than 2,950 business outlets. Raiffeisen International is a fullyconsolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB),which owns 70 per cent of the common stock. The remaining 30 per cent isfree float, the shares are traded on the Vienna Stock Exchange. RZB is aleading corporate and investment bank in Austria and the centralinstitution of the Austrian Raiffeisen Banking Group, the country''slargest banking group.


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