Management company «Raiffeisen Capital» assigned with individual ratingA by «Expert RA» rating agency.

«Expert RA» rating agency conducted an analysis of LLC Management Company"Raiffeisen Capital" performance and financial standing andassigned it with rating A– high level of service quality.

As noted by Andrey Zaytsev, General Director of MC«Raiffeisen Capital», «rating is a regular stage of the company’s development. Rating provides an objective assessment of information transparency of the company and of its standing against the main competitors; it can also guide a decision-making process for investments of certain investors (primarily institutional ones). We are pleased to be assessed on considerably high level, though, on the other side, we still have room for improvement in the coming future.»

MC«Raiffeisen Capital» has been operating in the market for over 2 year. The special features of the company that have made a positive impact on the rating are a highly-developed administration infrastructure regarding unit investment funds, as well as a comprehensive risk monitoring system covering all management levels. To ensure a full cycle of risk management process the resources of Investment Company Raiffeisen Capital Management, Vienna are used.

As of today the priority development course of MC«Raiffeisen Capital» is unit investment funds (UIF) management. For two years the main growth of assets managed by the company has been arising from inflows to unit funds the growth rate of which is in several times excess over the average market growth rate. In 2006 the net asset value of unit funds managed by the company was above RUR 1 bln that allowed the Management Company to increase its market share in open UIF segment.

In perspective the company plans to extend its regional presence, aswell as to enlarge the set of investment products for privateindividuals. Thus, in the nearest future the company plans to sign anagent agreement with"Impexbank" which is part of the internationalgroup"Raiffeisen", and to start up the establishment of a new openfund. These projects implementation will positively affect the rating inthe future.

LLC"Management Company"Raiffeisen Capital" was established in 2003 andis a subsidiary of ZAO«Raiffeisenbank Austria». The Company was set up for asset management in the Russian market. The charter capital of the Company is RUR 90 million. LLC"Management Company"Raiffeisen Capital"operates by virtue of License of FCSM Russia No 21-000-1-00160 of20.04.04 for management of investment funds, unit investment funds, andnon-state pension funds and License of FFMS Russia No 077-07744-001000of 08.06.04 for trust management of securities.

ZAO«Raiffeisenbank Austria» ranks the 9th position among the largest Russian banks in terms of assets volume based on Q3 2006 results (CEA Interfax). As of today the Bank has 19 offices in Moscow, 5 offices in Saint-Petersburg and regional branches in Ekaterinburg, Samara,Novosibirsk, Chelyabinsk, Nizhniy Novgorod, Krasnodar, Krasnoyarsk and Perm. In terms of corporate loan portfolio Raiffeisenbank is on the 9th position under the results of Q3 2006 (CEA Interfax). Raiffeisenbank ranks the 8th position among the major retail banks of Russia in terms of consumer lending and the 8th position in terms of private deposits according to Q3 2006 results (CEA Interfax).