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Loan Agreement signed between Vneshtorgbank and UBS

12 March 2003

Bern, March 11, 2003, a Framework Loan Agreement is signed between Vneshtorgbank and the Union Bank of Switzerland, Zurich, Switzerland for the sum of 250 million Swiss francs.

The Agreement provides a long-term financing in Swiss francs, USA dollars or Euros for the purchase by Russian importers of manufactured goods and related services both of Swiss origin or produced by other OECD countries under the guarantees of the export credit agencies of those countries.

The financing extended for 5 years will cover 85% of the contracted value of the goods and services. Longer credit facilities are also possible subject to further negotiating by the Agreement parties.

Due to the Agreement signed, there is every ground to expect the cost of credits to be extended by Vneshtorgbank to the real sector of the Russian economy to significantly reduce, since the financial terms of the loan offered by UBS to Vneshtorgbank are most favourable.

Presently, Vneshtorgbank is already considering a number of projects submitted by Russian importers eligible for financing under the credit line.

It is of note that UBS, Zurich, isong the top ten global banks successfully operating in the sphere of export financing. Traditionally, the bank has been capitalizing on its world-wide branch net-work and benefits from its long-standing and rewarding partnerships with banks all over the globe.

The Framework Loan Agreement signed signals of a growing trust by the western financial institutions towards Vneshtorgbank and evidences our partners` readiness to accept both political and economic risk they are exposed in Russia, in general, and in Vneshtorgbank, in particular.

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