8 January 2007

Raiffeisen Zentralbank (RZB) has opened an office in Jersey and announced today that its London Branch has obtained permits from the Jersey regulator to distribute seven of its Vienna-based funds from Jersey. These funds - all of which meet the UCITS III standard - are managed by Raiffeisen Capital Management (RCM), the asset management arm of RZB.

The seven funds are:

. Raiffeisen Eastern European Equities Fund
. Raiffeisen Euro Bonds Fund
. Raiffeisen Europlus Bonds Fund
. Raiffeisen Eurovision Bonds Fund
. Raiffeisen Eurasia Equities Fund
. Raiffeisen Convergence Bonds Fund
. Raiffeisen European Smallcap Fund

These funds will add five billion Euros to the total value of funds listed in Jersey. Three of them are ranked by Standard & Poors: Raiffeisen Euro Bonds Fund is AAA rated; Raiffeisen Europlus Bonds Fund is AA; and Raiffeisen Eurovision Bonds Fund is A rated.

“It is a logical step for RZB to establish an office in Jersey, where massive investment power is concentrated. We offer an excellent track-record and award-winning expertise in fund-management”, says Walter Rothensteiner, CEO of Vienna based RZB. “Our unique banking network in Central and Eastern Europe, a region we know like no other bank, gives us an outstanding knowledge of the investment opportunities available in the region. This coupled with the high quality of our funds make us a valuable addition to Jersey’s financial community“.

The Jersey office of RZB London Branch is located at 26 Halkett Place, St. Helier.

Commenting on the launch, Richard Buchanan, Manager of the Jersey office, said: “The listing of seven Raiffeisen Capital Management Funds will give Jersey-based investment advisers access to a range of investment opportunities in Central and Eastern European (CEE) markets, which are not that well represented locally, from a provider with strong research capabilities in this market. This is demonstrated by their enviable past performance record. The fact that these funds are now available to Jersey-based institutional investors from a provider with the strength of the RZB group can only enhance Jersey’s reputation for attracting financial services providers of top quality”.

Wladimir Ledochowski, of RZB’s London Branch, said: “The CEE region, which includes Russia, is considered one of the world’s foremost emerging markets, and has the potential to offer investors outstanding returns. RZB has extensive distribution networks in CEE though its ownership of local banks, and can therefore offer a unique insight into these markets. This has helped enable RCM’s fund managers to have a consistently strong performance record for our funds in this region.”

The RZB Jersey office will be staffed by:

Richard Buchanan, who will manage the Jersey office. He will be responsible for business development and marketing. He has more than 30 years experience in the offshore financial services industry, and has held senior Jersey-based sales and marketing roles with Abbey International, R A Rossborough (Life and Pensions) and the Royal Bank of Scotland Group.

Stephen Atherley, Chief Operating Officer for the RZB London Branch. In addition to this role, he will assume responsibility for the Compliance, AML accounting and IT functions, and will be providing the control framework for the Jersey office. Stephen has extensive financial services experience, having held a number of senior risk and finance roles with Abbey International and Mitsubishi Bank, London Branch.

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