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ZAO Raiffeisenbank reveals record results for 2007

Raiffeisenbank achieved record results in 2007. As of December 31, 2007, the bank's assets reached RUR 428.8 bn (Eur 11.9 bn), an increase of 50% over 2006, ranking it 7th among Russian banks in terms of assets (according to Interfax-CEA). The bank's profit after tax was RUR 6.7 bn (EUR 186 mn), up 64% from the previous year1.

2007 was a milestone year in the Raiffeisen Group's history in Russia: on November 23, OAO Impexbank and ZAO Raiffeisenbank Austria merged to form a new bank under the name of ZAO Raiffeisenbank.

The results for 2007 demonstrate that ZAO Raiffeisenbank continues to make the largest single contribution of the Raiffeisen International network banks to the group's overall business.

Raiffeisenbank was extremely successful in 2007, despite a more difficult banking environment due to the subprime crisis. The merger with Impexbank allowed us to strengthen our position on Russia's financial markets and to further increase our network in Russia. Our highly diversified business portfolio, extensive regional presence, customer focus and our traditionally high quality of service enabled us to achieve outstanding results. Today, the only means to secure dynamic development and excellent results, whilst maintaining stability, is to continuously analyse our customers' needs, the efficiency of our distribution channels, and risks. This approach enables us to make the best possible use of our resources and to focus on the most promising areas of business, said Raiffeisenbank CEO Johann Jonach.

In 2007, Raiffeisenbank further strengthened its corporate business: the corporate loan portfolio rose 54% y-o-y to RUR 210 bn (EUR almost 6 bn), ranking the bank in 7th position among Russia's leading banks in this segment (Interfax-CEA). The overall number of corporate clients rose by 42% to almost 10,000. The bank also focused on the important objective of increasing the volume of transactions in the small and medium enterprise segment.

Developing retail banking continues to be one of Raiffeisenbank's top priorities. At year-end 2007 the bank's retail loan portfolio was RUR 77.3 bn (EUR 2.2 bn). The total consumer deposits and current account balances volume exceeded 99.9 bn (Eur 2,78 bn). According to Interfax-CEA, at year-end 2007 Raiffeisenbank ranked 6th in retail loans and 4th in consumer deposits. By the end of 2007, the number of retail customers had reached 1,368,000.

In 2007, Raiffeisenbank, once again, confirmed its leading position in investment banking by arranging 15 corporate bond issues totalling RUR 43 bn (EUR 1.2 bn). The year was also marked by an important securitization transaction for the bank, whereby it successfully placed a car-loan portfolio worth USD 400 mn, one of the largest issues of Russian asset-backed securities to date.

The active development of internet banking technologies and services resulted in a significant increase in the number of electronic banking users to over 200,000, strengthening the banks lead position in this business.

Raiffeisenbank's Call Centre fielded 2.7 million calls during 2007, a 51% increase on the previous year.

Raiffeisenbank also continued to expand its regional network, opening 29 new business outlets across the country. As a result, the bank now operates in 45 regions of Russia and disposes of one of the most extensive branch networks in the country, numbering 236 outlets and over 1000 ATMs at the end of 2007.

Ratings assigned to Raiffeisenbank by Fitch Ratings underlined the bank's success in 2007: Long-term IDR: -, Short-term IDR: F2, Support: 1, Individual: C/D and Long-Term National Scale: (rus). The outlook for Long-term IDR and national scale is Stable.

Raiffeisenbank was named Best foreign-owned bank in Russia for the third year in a row by Global Finance. It was also presented with the Financial Russia 2007 national award in finance and insurance as Russia's best foreign-owned bank for 2007.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest foreign-owned bank in Russia, ranking 7th in terms of assets among top Russian banks based on 2007 results (Interfax-CEA). Raiffeisenbank is ranked 7th in terms of corporate lending based on 2007 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 4th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 2007 results.

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets of Europes growth region are covered by subsidiary banks, finance leasing companies, a representative office and a number of other financial service providers. About 14 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group.

1 All figures provided are according to International Financial Reporting Standards, unconsolidated and un-audited.

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