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The offer posted on March 16, 2004, to sell the fourth issue of Vneshtorgbank's bonds is exercised

25 March 2005

The 25th of March, 2005 is an Exercise Date for an offer to sell the fourth issue of Vneshtorgbank bonds at 100% of their par value.

The right to accept the offer was exercised by 17 investors selling 3,089,030 bonds. Vneshtorgbank fully and on a timely basis honored all obligations under the irrevocable offer the Bank published on March 16, 2004.

The effective yield to the one-year put option amounts to 5.68% p.a.

Bonds were issued for 5 billion roubles at par value. Tenor is 1,820 days. Bonds have 10 semi-annual coupons. The first two coupon rates were set on March 25, 2004 at launch and amounted to 5.43% p.a., the third and fourth coupon rates are set at 5.6% p.a., with the remaining coupon rates to be determined by the Issuer. The issue terms provide for a put option at 100% of par due on March 28, 2006. The full text of the offer was published on March18, 2005, in the Izvestya newspaper.

Vneshtorgbank acted as an arranger, an underwriter and a paying agent for the issue. International Moscow Bank and Citigroup were lead underwriters. Among the underwriters of the issue were Industrial and Construction Bank, Dresdner Bank Russia, ABN-AMRO Bank Russia, Vizavi bank, Deutsche Bank Russia, ING Bank (Eurasia), NOMOS Bank, ZAO Raiffeisen Bank Austria. Custodian of the issue is the National Depository Centre.

You can have access to bond issue documents, information memorandum and the next offer text at Vneshtorgbank's web site.

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