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Rouble bonds issued 2006

On 5th April 2006 the European Bank for Reconstruction and Development

(i) made the decision to place RUB 5,000,000,000 bonds due 2011 (the "Bonds") and
(ii) approved the Decision to Issue the Bonds.
Application for state registration of the Bond issue is being made with the Federal Service for the Securities Market, but the Bonds have not been registered yet.

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