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Start of secondary trading in EBRD rouble bonds.

Initial EBRD listing on the Moscow MICEX stock exchanges non-quotation list; full listing to follow

Secondary trading in the first rouble bond issue made by the EuropeanBank for Reconstruction and Development (EBRD) began today on Moscows Stock Exchange-MICEX.

The EBRDs rouble bonds are at present listed on the Exchanges non-quotation list, but are expected to obtain a full listing in the near future with their inclusion in the Exchanges A 1st level quotation list and in the government bond section.

The EBRDs inaugural issue of 5 billion rouble (equivalent to 140 million) floating rate bonds was placed through a closed subscription on May 18, 2005.

They represent the first bonds placed in Russia by an InternationalInstitution and also broke new ground as the first in which the couponrate is linked to a new money market indicator -- the MosPrime rate,which reflects the cost of rouble funding for top-rate financialborrowers.

Stock Exchange-MICEX Chief Executive Alexei Rybnikov, commenting on themove, said implementation of the EBRD rouble bond project had alreadyintroduced a number of innovations and changes the way the Russian bondmarket worked.

Mr. Rybnikov hailed todays launch of secondary trading in the EBRDs bonds as a milestone in the exchanges efforts to broaden the choice of financial instruments available to market participants and investors.

The proceeds from the EBRDs rouble bond will be used to meet growing funding needs for the renewal of Russias municipal infrastructure as well as the financing of typical clients such as small and medium-sized enterprises and other Russian borrowers with no or limited foreign currency income.

Citigroup and ZAO Raiffeisenbank Austria acted as the Joint LeadArrangers of the primary placement with ten other Russian andinternational banks participating in the underwriting syndicate. Seniorco-lead managers are ING, International Moscow Bank and Vneshtorgbank;co-lead managers are Commerzbank, West LB, ABN Amro, Gazprombank andHSBC; and co-managers are Deutsche Bank and JP Morgan.

Eight banks are contributing quotes to the new MosPrime Rate. These areABN Amro, ZAO Citibank, Gazprombank, International Moscow Bank,Raiffeisenbank, Sberbank, Vneshtorgbank and WestLB. This rate is setdaily and gives the rates at which contributor banks are prepared tolend money to top-rated financial institutions for periods of up tothree months.

The EBRD, owned by 60 governments and two intergovernmentalinstitutions, aims to foster the transition from centrally planned tomarket economies in central and eastern Europe and the Commonwealth ofIndependent States.

ZAO Raiffeisenbank Austria is a subsidiary of Raiffeisen InternationalBank-Holding AG (Raiffeisen International). Raiffeisen International isa fully consolidated subsidiary of Raiffeisen Zentralbank ?sterreich AG(RZB), which owns 70 per cent of the common stock. The remaining 30 percent is free float including the shares of the International FinanceCorporation (IFC) and the European Bank for Reconstruction andDevelopment (EBRD), which own about 3 per cent each of the capitalstock. Raiffeisen International''s shares are traded on the Vienna StockExchange. Raiffeisen International is the steering company for 15subsidiary banks and 14 leasing units with more than 900 outlets inCentral and Eastern Europe (CEE). RZB-Austria is the central institutionof the Austrian Raiffeisen Banking Group, the country''s most powerfulbanking group.


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