US$ 20,000,000 Car Loans Receivables Backed Syndicated Term Loan Facility

07.08.2006

Open Joint Stock Company Credit Bank of Moscow (“the Borrower”/“Credit Bank of Moscow”) today signed a 364 day US$20,000,000 Car Loans Receivables Backed Syndicated Term Loan Facility.

Standard Bank Plc and ZAO Standard Bank acted as Mandated Lead Arrangers for the Facility. Standard Bank Plc acted as Facility Agent and as Bookrunner for the Facility.

The proceeds will be used towards the financing of the Borrower’s present and future portfolio of car loans.

This Facility is the first ever syndicated loan in Russia secured on a pool of selected car loans. The one of a kind structure tailored for this deal can be regarded an alternative for securitization. The deal carries a margin of 2.20% per annum and is one year extendible. The Facility was well received and generated an oversubscription in the market though the Facility Amount was not increased.

Summary details of the transaction:

Borrower:	Open Joint Stock Company Credit Bank of Moscow
Amount:	US$ 20,000,000.
Facility Type:	Secured Syndicated Term Loan Facility.
Facility Purpose:	Financing present and future portfolio of car loans
Repayment:	Bullet repayment.
Maturity:	364 days from the date of signing of the Facility.
Margin:	LIBOR + 2.20% p.a.

Credit Bank of Moscow was established in 1992 and is active in Moscow and the Moscow region with 14 branches, 6 mini-branches and 16 cash offices.

Credit Bank of Moscow specialises in financing small to medium sized corporates with a main focus on large Moscow-based retail chain distributors of consumer goods.

This is the fourth time Credit Bank of Moscow taps international syndicated loan market.

Credit Bank of Moscow carries International Credit Ratings by Moody's Investors Service of: B1/NP for foreign currency deposits and an E+ Financial Strength Rating (FSR), by Fitch: B-/B/B/5/stable and locally by Interfax: A3/RUS-2 and Fitch: BB+.

The list of participating banks is as follows:

Mandated Lead Arrangers

Standard Bank Plc.
ZAO Standard Bank

Arranger

Anglo Romanian Bank Limited

Co-Arranger

Bank Austria Creditanstalt AG

Managers

Banco Finantia S.A
Bankgesellschaft Berlin AG
Closed Joint Stock Company International Moscow Bank
Trade & Development Bank of Mongolia