The   transaction  between  insurance  company  Codan,  a  JSC  "Balta"

shareholder,  and  the  European Bank of Reconstruction and Development

(EBRD) was completed on November 5, 2001, when 1,116,496 "Balta" shares

were transferred to the EBRD accounts. Thus, the EBRD has full title to

the  said  number  of  shares,  representing  24%  of insurance company

"Balta" share capital.