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JSC VTB Bank launches its Eurobond issue

 
26 October 2007

NOT FOR PUBLIC DISTRIBUTION,  DIRECTLY  OR  INDIRECTLY,  IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE RUSSIAN FEDERATION.

On October 25, 2007, JSC VTB Bank priced the double-tranche Eurobond offering for the aggregate amount of US dollars 2 billion within the new Programme for the Issuance of LPNs. This operation is the largest international market Eurobonds issuance by a Russian non sovereign borrower.

The fixed rate tranche of  US dollars 1,2 billion is for 5 years tenor with the interest rate of 6.609% per annum. The 2 years floating  US dollars 800 million tranche has the interest rate of LIBOR + 170 b.p. per annum. The Eurobonds were issued by VTB Capital S.A., Luxembourg, at nominal value; the bonds will be listed on the Irish Stock Exchange. Deutsche Bank and JP Morgan are JLMs of the issues.

The Eurobond offering received interest from foreign investors in a broad range of geographic markets. Given the current financial markets condition, the high demand for VTB's obligations from the foreign investors proves the international community's confidence in the VTB group.

 

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of VTB, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of VTB.

This document is not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia), Australia, Canada, Japan or the Russian Federation. This document is not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933.

These Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended ("Securities Act") and subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of a "U.S. Person" (within the meaning of Regulation S under the Securities Act, as amended "Regulations S"). The Notes will be offered and sold only (A) outside the United States to non-U.S. Persons in Compliance with Regulation S; or (B) to U.S. Persons who: (1) are "Qualified Institutional Buyers" (within the meaning of Rule 144A under the Securities Act ("Rule 144A")) in reliance on the exemption from the registration requirements provided by Rule 144A under the Securities Act and  (2) are "Qualified Purchasers"  (within the meaning of section 3(c)(7) of the Investment Company Act of 1940, as amended). Any failure to comply with this  restriction may constitute a violation of U.S. securities laws.

This communication is  being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) (a) to (d)  of the Order (all such persons together being referred to as "relevant persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This document is an advertisement for purposes of applicable measures implementing Directive 2003/71/EC.

This announcement is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.


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