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Joint Statement by Vneshtorgbank and Guta Bank

22 July 2004

Vneshtorgbank and Guta Bank`s shareholders reached an agreement in principle on a 86% stake purchase in Guta Bank`s equity by Vneshtorgbank.

The purchase of Guta Bank by Vneshtorgbank would enable to recover within a week full operatiing capability of Guta Bank, and to ensure all kinds of banking transactions for individual and corporate customers, including lending business.

Participants in the meeting have been confident that such decision would allow Guta Bank to substantially enhance its positions in corporate and individual banking services, and to contribute to general stabilisation on the Russian banking market.

The transactions will be executed with the financial support from the Bank of Russia, which is ready to place deposits with Vneshtorgbankounting to US$700 million.

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