Euroventures Management Ltd. is licensed by Cyprus Stock Exchange Commission

September 13, 2006

As of 24 August, 2006, Euroventures Ukraine was granted the license to operate as a Cypriot Investment Firm (KEPEY) by Cyprus Stock Exchange Commission and to provide the investment and non-core services (related to the certain financial instruments) presented below:

• Reception and transmission of orders on behalf of third parties for carrying out transactions with defined financial instruments;
• Management of the customers’ investment portfolios as instructed by the clients in relation to the defined financial instruments;
• Investment advice on the defined financial instruments;
• Advice to undertakings on capital structure, the shaping of their business strategy and any matters related to their business activity as well as advice and services on mergers and acquisitions;
• Foreign exchange services where these are connected with the provision of the above investment services.

Financial instruments foregoing are as follows:

• Transferable securities and units in collective investment undertakings;
• Money market instruments;
• Instruments of financial futures contracts, including the equivalent cash settled instruments;
• Forward interest rate agreements (FRAs);
• Interest rate swaps or currency swaps as well as equity swaps;
• Options to acquire or dispose in the future of any financial instruments, including the equivalent cash settled instruments and in particular currency and interest rate swaps.