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Samara Region 2006 bond issue for RUR 4.5 billion fully placed at an auction

17 August 2006

Placement of the third issue of rouble-denominated interest-bearing fixed-coupon bonds of the Samara Region took place on 17 August 2006 (issue public registration number is RU25003SAM0).

The bonds were placed on MICEX by open subscription as an auction to set the first coupon rate.

In the course of bond placement 139 bids were filed. Total demand at the auction was over RUR 7.466 billion roubles at par with the first coupon rate ranging 7.29% to 7.85% p.a., and most of the bids with 7.49% to 7.69% p.a.

The first coupon rate set by the issuer was 7.60% p.a. (18 roubles 95 kopecks per bond), and rate of the second to twentieth coupons is equal to the first coupon rate.

Effective yield to maturity is 7.82% p.a. Outcome of the auction fits the yield bottom line estimated by the arrangers before the placement. Good market conditions, reputable syndicate members and high credit quality of the investor favoured such outcome.

After the auction, 98 bids were successful, including 1 bid partially successful. All the bonds were sold on the first day of placement.

General agents (arrangers and underwriters) of the issue are Vneshtorgbank and Troika Dialog.

Placement agent is Troika Dialog.

Underwriters are Sberbank of Russia, SOYUZ Bank, Bank ZENIT, International Moscow Bank, NOMOS-BANK, BK REGION.

Co-underwriters are Evrofinance Mosnarbank, Megatrustoil Financial Company, East Capital, ROSBANK, TransCreditBank, TRUST Investment Bank, ING Bank (Eurasia), Gazprombank, Kapital Investment Group, Moscow Mortgage Bank, Credit Bank of Moscow, Renaissance Capital, RIGroup Finance, ROSSIYA Bank, RFC Investment company, Uralvneshtorgbank and CentroCredit Bank.

Amount of the issue is RUR 4.5 billion at par, public registration number of the issue is RU25003SAM0, public register number is SAM-003/00324 of 17 June 2006. Duration is 5 years (1,820 days). Bonds pay 20 quarterly coupons and yield of all the coupons is of equal value, accounting for 7.60% (Seven integers dot six percent) p.a.

On 14 August 2006, Standard & Poor's assigned ruAA- Russia national scale to the issue.

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