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Vneshtorgbank placed its 5th issue of bond

23 December 2004

Vneshtorgbank borrowed US$350 million under its EMTN Programme. VTB 1,5-year Reg S FRNs with quarterly coupons were placed at par. Coupon pays LIBOR + 1,35% p.a. The issue was managed by Barclays Bank PLC and Deutsche Bank AG London.

These FRNs were issued by VTB Capital S.A., Luxembourg under Vneshtorgbank`s EMTN Programme which was simultaneously increased from US$2 billion to US$3 billion.

The issue met strong investor demand with the order book for bonds in excess of US$440 million from 71 different accounts.

The new issue and the increased Programme received investment rating of Baa2 from Moody`s Investors Service. International rating agencies Standard & Poor`s and Fitch Ratings have assigned BB+ and BBB- respectively to the new issue.

For reference. Between December 2003 and October 2004 Vneshtorgbank placed 4 other issues under the Programme for the totalount of US$1 625 million, including:
* 5-year US$550 million Reg S fixed rate bond;
* 1-year US$325 million Reg S FRN;
* 3-year US$300 million Reg S FRN;
* 7-year US$450 million Reg S/144A fixed rate bond.


These materials are not an offer for sale of any securities of JSC Vneshtorgbank in the United States. Any securities of JSC Vneshtorgbank may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, asended. JSC Vneshtorgbank does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States.

This announcement is being distributed only to, and is directed at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order") or (c) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as "relevant persons"). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.


This press release is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.

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