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Syndication formed to place the Perm Motor Plant bonds

25 July 2005

Vneshtorgbank announced that a syndication had been formed to place a debut issue of the Perm Motor Plant bonds.

The bonds will be placed by an open subscription on the MICEX Stock Exchange on the 26th of July, 2005.

JSC Vneshtorgbank and JSC Vneshtorgbank Retail Financial Services are arrangers of the issue.

JSC Vneshtorgbank Retail Financial Services is also an underwriter and a paying agent of the issue.

The Federal Stock Corporation is acting as a financial adviser, with the NDC being a depository of the issue.

Among co-underwriters of the placement are BARS Commercial Bank, Gazenergoprombank, MDM-Bank, NOMOS-BANK, Petrocommerce Bank, the Industry and Construction Bank, SOYUZ Bank, Megatrustoil Financial Company, REGION Brokerage Company, ROSBANK, Uralvneshtorgbank, and Bank of Khanty-Mansiysk.

The issue managers forecast yield to annual offer at placement of about 10.15% - 10.65% p.a., but due to favorable market environment, representative syndication and high credit profile of the Perm Motor Plant a more successful placement can be very well expected.

Perm Motor Plant bonds are Russian Rouble denominated. documentary, interest bearing and issued to bearer with the nominal value totaling RUR1.2 billion. The issue was registered by the Federal Financial Markets Service on May 23, 2005 under State Registration No. 4-01-30190-D. Maturing in 1456 days (or 4 years), the bonds have sixteen quarterly coupons. The rate of the first to the fourth coupons are equal and shall be auctioned at placement. Rates of the remaining coupons are to be determined by the Issuer. Under the issue documents, bond holders are entitled to an early redemption of the bonds at their nominal value in a year - on the second day of the fifth coupon period.

For reference:

The Perm Motor Plant is a head division of the Perm Motor Group which is a leader of the Russian aviation and energy motor building.
Presently, the Perm Motor Group is controlled by the VTB Group, among its minority shareholders is an American aerospace company United Technologies Corp (UTC).
The Perm Motor Plant produces most sophisticated Russian engines such as PS-90A powering the latest long-distance planes IL-96, TU-204 and TU-214.

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