3 Oranzhereyna Street, Kyiv, Ukraine 04112 Tel/Fax (38) (044) 458 4427, 458 4428, 458 4429

EuroMart Cash-and-Carry Chain Poised for Aggressive Nation-
wide Expansion Following Second Round Venture Capital Financing

February 2nd ,2001

The Company announced today that:

EuroMart, the leading cash-and-carry chain in Ukraine, has recently secured a second round of venture capital financing to fuel their aggressive nation-wide expansion .EuroMart, founded in 1997, was the first cash-and-carry outlet of its kind in Ukraine. Already, the Company is the largest cash-and-carry chain in the country, having successfully expanded its operations to five cash-and-carry outlets: two in Kyiv, and one each in Dnipropetrovsk, Kharkiv, and Zaporizhzhya. The Company plans to open up to 19 new outlets throughout Ukraine over the next several years.

Euromart, in 3 Oranzhereyna street.

EuroMart carries the widest selection of consumer goods in Ukraine, including food and numerous non-food items.

David Kania, President and Founder of EuroMart said, "This investment clearly confirms our successes to date, and assures that we will be able to quickly and decisively strengthen our position as the dominant national cash-and-carry player in Ukraine."

This second round of financing comes from Commercial Capital Group, a Greek based venture fund, with $300 million under management worldwide. The first round of financing came in 1999 from Western NIS Enterprise Fund, a U.S. based venture fund capitalized with $150 million, and focused on Ukraine, Moldova and Belarus.

For any additional information, please contact:

David Kania, President and Founder, EuroMart Robert Whelan, Chief Financial Officer, EuroMart Vadym Gruzyn, Commercial Capital Group - Tel: (380) (44) 293 0731 Natalie A. Jaresko, Western NIS Enterprise Fund - Tel: (380) (44) 490 5580

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