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EBRD backing brings high-quality vehicles to smaller businesses.

The EBRD is helping to put more high-quality Western vehicles onRussias roads and boost the countrys fledgling transport leasing market through a EUR 20 mln framework facility which will finance leases of trucks and vans manufactured by the DaimlerChrysler group to its Russian customers.

The framework will allow OOO DaimlerChrysler Services Leasing Avtomobili(DCSLA), a Russian leasing subsidiary of DaimlerChrysler AG, one of thelargest automotive companies in the world, to expand its operations inRussia. DCSLA was set up in 1999 to provide transport leasing servicesto local clients in Russia.

This project is based on risk sharing between DCSLA, the Bank and ZAORaiffeisenbank Austria, incorporated in Russia. The Bank andRaiffeisenbank will each assume 30 per cent risk share of eachindividual lease (which may last up to five years) or up to EUR 6 mlnaltogether. By taking on part of DaimlerChryslers overall exposure, the EBRD will help a larger number of small and medium sized Russian companies benefit from leasing thus modernizing the vehicle fleet. This is in line with the Banks Russia Strategy, which calls for more projects with universal leasing companiesand with companies targeting specific sectors.

Leasing instruments have high potential to play an important role in thegrowth of small and medium size businesses in Russia, providing acheaper and more flexible access to more sophisticated equipmentmanufactured to international standards. In developed economies, smallerfirms make up to 50 per cent of their investment in large assets throughleasing. But in Russia leasing, as yet, accounts for only 4.3 per centof such investments. By encouraging more western companies to bedirectly involved in leasing on Russian markets, competition will beencouraged and consumers given broader choice.

The EBRD, owned by 60 countries and two intergovernmental institutions,aims to foster the transition from centrally planned to market economiesin central and eastern Europe and the Commonwealth of Independent States.

Raiffeisenbank Austria, ZAO is one of the largest Russian banks isranked 11th in terms of net assets (based on Q3 2004 results, CEAInterfax). Moodys Interfax Rating Agency has assigned the long-term national scale credit rating to Raiffeisenbank Austria at Aaa (rus) and the short-term rating at RUS-1. Moodys Investors Service also assigned the following ratings to the Bank: D Financial Strength Rating (FSR), Ba1 long-term and NP short-term foreign currency deposit ratings.


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