New address for delivery of applications:

TASAX s.r.o.
P. O. BOX 191
170 04 PRAHA 74
CZECH REPUBLIC

The Administrator of the Trust (Trustee) announces that with effect as of 1 July 2005 the person of the processor of Applications has changed. TASAX s.r.o. is the new exclusive processor of Applications for Distribution.

The address for delivery of Applications remains unchanged.

Details see Contacts.

D a v e n t r e e   T r u s t e e s   L t d .
36 Vyronos Avenue, Nicosia, Cyprus
Reg. Number: 133989

P.O. Box 90, 141 00 Praha 41, e-mail: mejstrikova2@post.cz

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Information on operating results of the Trust for 2003 and on determination of a new distribution period and a new value of Quotient

• The Trust was founded by the Settlement - an agreement of 4 Dec 2002
• Cash in a total amount of USD 114.5 million was invested into the Trust for the benefit of Beneficiaries
• Every shareholder of the Harvard Industrial Holding JSC. became Beneficiary of the Trust as of 4 Dec 2002 proportionally to shares owned by them
• Total number of Beneficiaries of the Trust as of the day of its establishment was more than 240 thousand
• Total number of Quotients as of the date of establishment of the Trust was 16,466,840
• Daventree Trustees Limited domiciled at Cyprus was the Administrator of the Trust (Trustee)

• The first distribution period was terminated on 31 Dec 2003
• The value per Quotient was set at USD 6.90 in that distribution period
• In the course of the past distribution period more than 93 thousand of Beneficiaries applied validly for distributions of their respective Quotients, i.e. more than 38 % of original number of the Beneficiaries
• Valid applications submitted during the past distribution period represented distribution of more than USD 35.4 million, i.e. almost 31% of the Trust’s assets
• Within the framework of distribution of Quotients the Beneficiaries could give a portion to charity purposes. Altogether over USD 25,630 were given in this way
• Overall costs of Trust management in 2003 amounted to about 2.7% of the assets in administration
• Overall revenues, also with regard to the obligation of the Trustee to have entrusted assets in US dollars or in investments denominated in US dollars account for about 1% of the assets in trusteeship. At the end of the period investments were restructured following rules provided by the Settlement and revenues for this year's period are expected to be significantly higher

• The new distribution period will be from 9 April till 31 Dec 2004
• The value per Quotient was set, taking into consideration the net value of assets and the number of as yet undistributed Quotients, at USD 6.77
• Daventree Resources Limited, branch (organisation unit) in the Czech Republic, telephone number 225 993 333 remains to be the administrator for the next distribution period
• The internet address continues to be www.trust-hph.cz

Ing. Tomáš Ševčík
Company Director
Daventree Trustees Ltd.