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Mobiltel Finance B.V.

12 Nov 2004

We have been appointed as trustee for a five year Euro 200 million Note issue for Mobiltel, Bulgaria's largest mobile telephone operator. Mobiltel, which is based in Sofia, is the first privately owned Bulgarian company to issue Eurobonds.

The Notes are rated Ba2 by Moodys Investors Service and BB by Standard & Poor's.

Corporate Trust

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