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22 August 2002.

THE INVESTMENT FUND FOR CENTRAL AND EASTERN EUROPE SIGNS NEW AGREEMENT REGARDING PRODUCTION OF VALVES IN RUSSIA

In connection with the opening of IØ’s new regional office in Moscow, IØ is on the 23rd August 2002 entering into its first agreement in Russia this year with the Danish Broen A/S.

Broen A/S has been manufacturing valves and flow control systems for more than 50 years and is today part of Aalbert Industries N.V., a Dutch international Group.

An increasing market in Russia for valves targeted the district-heating sector has made Broen A/S and their distributor, ADL, to take the first step towards establishing a Russian production of Broen valves. ADL is a group of Russian companies active in sale and distribution of various technical components and has been successfully working together with Broen A/S since the mid 1990’ies.

The manufacturing will be located in Kolomna, approx. 100 km south of Moscow, and is expected to start operations later this year.

The IØ funding covers a EUR loan facilitating investments in machinery and working capital.

“This agreement is a positive sign that Russia is the next challenge for Danish trade and industry”, says J. Dan Jensen, Deputy Managing Director of IØ and continues, “It confirms our belief that the timing of setting up our office in Moscow for assisting Danish companies investing in Russia and in the rest of the CIS countries is right.”

For further information, please contact Deputy Managing Director, J. Dan Jensen, tel.no. + 45 33 63 75 00.