NPF «Raiffeisen» concluded a trust management agreement with LLC Asset Management Company «Renaissance Capital» . Allocation of pension reserves of NPF «Raiffeisen» is now entrusted to Asset Management Company «Renaissance Capital» .

In October 2006 NPF«Raiffeisen» and LLC Asset Management Company «Renaissance Capital», which is part of Renaissance Investment Management Group, concluded a pension reserves'' trust management agreement.

«We are developing a market fund and selecting the partners with proved professional record in the first place. Renaissance Group is a successful player in the market of collective investments. Besides that, it has experience in pension funds'' management», noted Alexander Lorenz, Chairman of the Board of NPF «Raiffeisen». «We hope that our partnership will be mutually profitable. The growth of the number of managers meets the interests both of the Fund and its founder».

Tatiana Olifirova, Institutional and Collective Investors RelationsDirector of Renaissance Investment Management Group, stated:«We consider the work with institutional investors, and foremost with non-state pension funds, one of the key spheres of our Group''s Activities, fully understanding the growth potential of this segment of Russian economy. We highly appreciate the prospectives of partnership with NPF «Raiffeisen» and hope to make our contribution to the creation of the Fund''s competitive edge».

Renaissance Investment Management (RIM) is a part of the RenaissanceGroup and possesses the maximum rating of security and reliability - AAAfrom the National rating agency (RA NSMP), the volume of assets undermanagement is about USD 3 billion. RIM has one of the strongest and mostprofessional teams of asset managers and personal financial managers inthe Russian stock market. RIM''s clients have the opportunity to investinto 27 basic strategies and investment funds.

The volume of pension reserves of NPF«Raiffeisen» constituted more than RUR 150 million as of September 30, 2006. Non-state pension fund «Raiffeisen» has an operating license 67/2 as of April 16, 2004, issued by the Ministry of Labour of the Russian Federation for non-state pension funds, voluntary pension coverage and pension insurance.

NPF«Raiffeisen» was founded by ZAO Raiffeisenbank Austria. ZAO Raiffeisenbank Austria is an affiliate of Raiffeisen International Bank-Holding AG (Raiffeisen International), a holding company, controlling subsidiary banks and leasing companies in 16 markets in Central andEastern Europe. The Bank serves 11 million clients at more than 2700 business outlets. Raiffeisen International is a fully consolidated subsidiary company of Raiffeisen Zentralbank Austria AG (RZB), which owns 70 % of the common stock. The remaining 30 % is free float; the shares are traded on the Vienna Stock Exchange. RZB is the central institution of the Raiffeisen Banking Group, the biggest banking Group in Austria, the principal corporate and investment bank, and the leading bank in Austria.