Centr-invest Bank Group Interim Consolidated Financial Statements and Auditor’s Report
30 June 2008

In 2007 Center-Invest Bank continued to implement its sustainable development strategy 'South of Russia +' and it enjoyed notable successes: ...

Chairman of the Board of Directors Vasily V. Vysokov took the 1st place in rating "Successful businessman 2006" (newspaper "Gorod N") and won silver prize of the 2007 Financial Times Sustainable Banking Awards in nomination Sustainable Bankers of the Year. ...

In accordance with our strategic mission, in 2006 Bank Center-invest ensured stable growth of customer business and the social and ecological environment, securing the position of Bank Center-invest in regional markets and in the global economy.

Joint Stock Company Commercial Bank "Center-invest" (CIB - rated B1/NP/E+) was established in 1992 in the city of Rostov-on-Don located in Russia's South Federal District (SFD) - the largest supplier of agricultural goods in the country. In addition to Rostov region, CIB operates in the neighbouring Krasnodar, Volgograd and Stavropol regions.

We have audited the accompanying consolidated balance sheet of Bank Center-invest and its subsidiaries (together "Group") which comprise the consolidated balance sheet as at 31 December 2006, and the consolidated income statement, consolidated statement of changes in equity and consolidated statement of cashflows for the year then ended and a summary of significant accounting policies and other explanatory notes.

Program "Doubling with Bank Center-invest", which was offered to the customers and partners of the Bank in 2005, has been realized successfully! Doubling of scales allowed increasing shareholders' equity, including due to new shareholders of the Bank: EBRD (21.52% of the shareholders' equity) and DEG (17.6% of the shareholders' equity). The Bank has stable positions in the TOP-100 of Russian banks and in the TOP- 50 regarding certain items. Branch network of the Bank in the South of Russia has increased up to 42 branches and additional offices.

We have audited the accompanying consolidated balance sheet of Center-Invest Bank and its subsidiaries (the "Group" as defined in Note 1 to the consolidated financial statements) as at 31 December 2005, and the related consolidated statements of income, of cash flows and of changes in shareholders' equity for the year then ended.

The stable growth has become a marked feature of Bank Center-invest's development. However, each year brings new features to this stability and dynamic growth.

We have audited the accompanying consolidated balance sheet of Center-Invest Bank and its subsidiaries (the "Group" as defined in Note 1 to the consolidated financial statements) as at 31 December 2004, and the related consolidated statements of income, of cash flows and of changes in shareholders' equity for the year then ended.

In 2003 Center-invest Bank went on realizing of its strategy to provide the customers of the South of Russia with banking services according to international standards and actual banking technologies.

We have audited the accompanying consolidated balance sheet of Center-Invest Bank (the "Bank" as defined in Note 1 to the consolidated financial statements) as at 31 December 2003, and ...

In 2002 there was a decade anniversary of the bank "Center-invest" foundation by the first privatized enterprises of the Rostov region. Within this period of time the bank has achieved fame of "reform laboratory in the South of Russia", it became the first-rate financial institution in the Rostov region, well-known both in Russia and abroad

We have audited the accompanying consolidated balance sheet of Center-Invest Bank (the "Bank" as defined in Note 1 to the consolidated financial statements) as at 31 December 2002, and ...

In 2001 Center-invest Bank became the first-rate regional bank in Rostov region, its share in the aggregate structure of local banks' performances is the following: 26.5 percent of capital, 23.3 percent of assets, 27.7 percent of loan portfolio, 23 percent of deposits. Among the branches of non-local banks in Rostov region Center-invest Bank yields to Savings Bank of the Russian Federation only in activity scale.

In 2000, as second year in succession, Center-invest bank has doubled all basic results of its activities and restored pre-crisis financial perfomance in dollar equivalent. Center-invest became a leading bank in its region and entered TOP-200 bank list of Russia ...