Moscow, May 11, 2007 – Moscow Re has completed large investment transaction on purchase of Bank of Moscow shares worth less than 1% of bank’s authorized capital. Securities were bought at open placement of additional issue.

Moscow Re was established in 1996. In 2005 it was registered as an open joint-stock company.

Company’s equity amounts to Rub 780.233 mln, authorized capital – Rub 296.008 mln.

In FY06, Moscow Re wrote over Rub 1.01 bln of premiums.

Company has representative offices in six Russian cities (Vladivostok, Irkutsk, Novosibirsk, Ekaterinburg, St. Petersburg, and Samara), Belarus, and Ukraine.

In September 2005, Standard & Poor’s upgraded company’s international rating to B+ (ruA+ on the Russian scale). On November 21, 2006, long-term rating was confirmed.

On May 17, 2005, reinsurer was awarded the highest rating of A++ by Russian-based Expert RA. On February 19, 2007, agency conducted monitoring and confirmed company’s “high level of reliability.”