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Syndication is formed to place the fifth issue of Vneshtorgbank's bonds

25 October 2005

Vneshtorgbank has announced that syndication is formed to place the fifth issue of its bonds worth RUR 15 billion.

Among the syndication participants are: Vnesheconombank, Gazprombank, Petrocommerce Bank, The Industrial and Construction Bank, NOMOS-BANK, Citigroup, SOYUZ Bank, ABN AMRO Bank, ING Bank (Eurasia), CIT Finance Investment Bank, International Moscow Bank, Russian Bank for Development Alfa-Bank, Raiffeisenbank Austria, and CentroCredit Bank.

The bonds will be placed through an open subscription on the MICES trading platform on October 27, 2005.

Under Vneshtorgbank`s forecast, an annual percentage yield to an eighteen month offer will reach 6.25% - 6.35% at placement, which is about 65-75 basic points to the Moscow bonds` yield.

The volume of Vneshtorgbank`s fifth bond issue is RUR 15 billion at par. The issue was registered by the Federal Financial Markets Service on August 2, 2005, under State Registration No.40401000B. Maturing in 8 years, the bonds have quarterly coupons. The first through six coupon rates are equal and will be auctioned at placement. Other coupons` rates are to be defined by the Issuer. Bond holders are entitled by the Issuer to an buyout at par value in eighteen months - on the second business day after the sixth coupon is paid (the 30th of April, 2007).

Vneshtorgbank is arranger, underwriter and paying agent of the issue.

Among the Russian financial institutions, Vneshtorgbank has the highest ratings from the top three international rating agencies. Thus, S&P has rated VTB at "ВВ+", Moody`s - at "Ва1", and Fitch - at "ВВВ" which is investment grade. Moody`s has also rated the reliability of Vneshtorgbank`s eurobonds at "Ваа2", which is one notch higher than the rating of Russia`s sovereign eurobonds.

The Bank of Russia has included Vneshtorgbank bonds in its Pawn List of Securities acceptable as collateral under the Bank of Russia`s credits.

Further information about the issue structure and financial position of the Issuer can be found in issue documents placed on the web-site of Vneshtorgbank (

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