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Vneshtorgbank and Alfa-Bank make a full placement of MOESK bond issue worth RUR 6 billion

13 September 2006

On 12 September 2006, a full placement was made on the MICES stock exchange of a debut issue of documentary interest bearing bonds payable to bearer issued by OJSC Moscow Region Electric Power Grid Company (MOESK) and worth RUR 6 billion.

There were 95 bids submitted by investors, with the total volume reaching RUR 7.64 billion. The proposed coupon rate ranged from 7.00% to 8.15% p.a., and most of the bids were within 7.95% to 8.00% p.a.

The first coupon rate was set by auction at placement and amounted to 8.05% p.a. (which is RUR40.14 per a bond); the rates of the second to tenth coupons were equal to the first coupon rate.

Effective YTM of the bonds was 8.21% p.a.

As a result of the auction, 80 bids were satisfied.

The issue was fully placed on the commencement day, with 493,580 bonds being placed in the evening trading session. Such a success was underpinned by a favorable market environment, impressive membership of the syndication and high credit quality of MOESK.

Vneshtorgbank and Alfa-Bank acted as arrangers and underwriters.

Deutsche Bank, Eurofinance Mosnarbank, Region and Soyuz Bank were the co-arrangers.

RTK-Broker, Baltic Finance Agency, Veles Capital, Russian Credit Bank, MBRR, Megatrustoil, National Standard Bank, Standard Bank, Trust Investment Bank and Slavinvestbank acted as co-underwriters.

National Depository Center participated as a paying agent and depository of the bonds.

The nominal volume of MOESK bond issue is RUR 6 billion (State Registration Number is 4-01-65116-D of 22 June 2006). The issue matures in 5 years (1,820 days) and will have semi-annual coupon payment. The annual rates of the first to tenth coupons are 8.05% (eight point zero five).

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