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Unofficial Translation

Presidium of Bar Association of the City of Moscow
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9\6, Bolshaya Dmitrovka street, Moscow, Russia, 103009                        telephone : 7-(095) 292-76-90
Registration: No. 88, Date: February 14, 2000
To: Dmitri V. LUBOMUDROV
Vice-president
Commercial Bank "LEGPROMBANK"

After considering your offer of financial technology for defense of the rights and interests of both, enterprises and investors through the creation of "Specialized Clearing & Control No-Risk Banks" (No-Risk Banks), the Presidium of Bar Association of the City of Moscow suggests, that under the condition of the incomplete Russian banking legislation, it is timely and expedient to organize a defense of rights of the bank’s clients through the creation of a system of agreements amongst the shareholders, clients and managers of the "No-Risk-Bank", based on your technology.

It is necessary to improve methods in order to decrease the banking risks, and to divide for these purposes the banks into "Low-Risk banks", monitoring the enterprises and citizens deposits accounts, and "High-Risk banks", operating on a foreign currency exchange market, market of corporate shares and other high-profit and high-risk markets.

Once such "No-Risk-Bank" is created, the Presidium of Bar Association of the City of Moscow will be ready to consider the decision of transfer of its account into the "No-Risk-Bank" as well as accounts of subdivisions of the Bar Association of the City of Moscow.

In our opinion, it would be expedient to consider the question of mandatory management in "No-Risk-Bank" of the notaries, courts accounts, as well as any others in which they are not supposed to use the monies for commercial purposes.

Vice-president, Presidium of Bar Association of the City of Moscow

Vitali A.MEDVEDEV

                            Signature \ seal

e-mail : ldv777@hotmail.com èëè ldv777@mail.ru

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