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Clarification on Volgotanker Deal.

Raiffeisen Zentralbank Oesterreich AG (“RZB”) acted as a lender of record in the USD 120 mln loan facility to OAO Volgotanker dd. July 26th, 2004.

On July 28th, 2004 the loan was fully assigned to a Netherlands-basedspecial purpose company, managed by an independent financial servicescompany. At the same time special purpose company issued Credit LinkedNotes (CLNs), linked to the loan granted by RZB, buyers of which remainundisclosed to RZB. The Lead Manager of the CLN issue was InvestmentBank“Trust”.

Since the loan was fully assigned to special purpose company, there wasat no point of time any credit risk for Raiffeisen ZentralbankOesterreich AG, that acted just as the technical lender of record.

Further all restructuring negotiations have to be conducted between theborrower and the investors of the CLNs.

RZB-Austria is the central institution of the Austrian RaiffeisenBanking Group, the country''s most powerful banking group. RaiffeisenbankAustria, ZAO is a subsidiary of Raiffeisen International Bank-Holding AG(Raiffeisen International), a fully consolidated subsidiary of RZB and amember of the RZB Group, minority interest is held by InternationalFinance Corporation (IFC) and the European Bank for Reconstruction andDevelopment (EBRD).


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