Egidaco Investments PLC (“Tinkoff”), the parent company of ‘Tinkoff. Credit Systems’ Bank (TCS Bank), announced today that, according to preliminary figures for fourth quarter 2008, the Group expects to show accounting losses as a result of the sliding Rouble. The Rouble:US Dollar and Rouble:Euro exchange rates fell sharply in November and, particularly, in December. As a result, there is a possibility that Tinkoff may find itself in breach of some of its undertakings to bondholders and other lenders. These assumptions are preliminary and the exact figures will appear as soon as the quarterly accounts are prepared. Tinkoff would like to emphasise that this does not affect its ability to service its debts or to pay coupon to bondholders on schedule, and will communicate further with investors on this matter in the near future.

TCS Bank is Russia’s first specialised credit card bank and is fully licensed by the Central Bank of Russia. TCS Bank is a well-managed, liquid and since...