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Vneshtorgbank and DZ BANK AG sign a Framework Credit Agreement

24 August 2004

Vneshtorgbank has signed a Framework Credit Agreement on short and medium term financing with DZ BANK AG (Deutsche Zentral-Genossenschaftsbank), Frankfurt-am-Main, Germany . This agreement allows Vneshtorgbank to involve monetary resources from Deutsche Bank in crediting export-import contracts of clients and through this provide the opportunity for utilizing various bank tools, such as pre-export financing, post-financing and letters of credit with a payment delay.

The signing of this agreement is the next successful step by Vneshtorgbank in realizing its strategy to support Russian industrial enterprises which are carrying out long-term projects on modernization and the creation of new capacities. The expansion of inter-bank cooperation and Vneshtorgbank`s use of various bank tools for the fullest maintenance of clients` activities will promote the further strengthening and development of economic relations between the Russian Federation and Germany.

Within the agreement with DZ BANK AG, Vneshtorgbank has already provided financial means for a contract of one of its largest clients in the fuel and energy industry worth 13 million USD.

Reference: DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt-am-Main, Germany is the central credit institute of the cooperative bank system of Germany and is one of the leading universal banks granting a wide range of financial services.

It was formed as a result of the merger in 2001 of DG Bank Deutsche Genossenschaftsbank AG and GZ Bank AG Frankfurt/Stuttgart. Its basic shareholders are credit cooperative societies (Volks- and Raiffeisenbanken) which own 80.9 % of the capital.

DZ BANK AG occupies fifth place in Germany and 28th place in the world based on the size of its activities. The sum of its activities as of 31.12.2003 was 331.7 billion euros; with a net profit of 382 million euros. The bank has branches and representatives in 15 countries, including, since 1998, representatives in Moscow. Ratings agencies established the bank`s ratings as: S&P: A-; A-2.

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