Rating report

Fitch Ratings Summary Report

"The ratings of the European Bank for Reconstruction and Development (EBRD) reflect the credit standing of its shareholders, its conservative risk management policies and sound financial structure."

The following document is entitled "Fitch Ratings Summary Report " (dated December 2007).

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The following document does not constitute an offer of or an invitation by or on behalf of the EBRD to purchase or sell any securities, nor should it be considered investment advice.

Copyrights: © December 2007 by FitchRatings. Reproduced with permission of FitchRatings. The contents of the following document are the property and responsibility of FitchRatings and not of the European Bank for Reconstruction and Development (the “EBRD”).

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