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GAZPROM

March 11, 2004

Gazprom’s management committee examined ruble bond issue

Gazprom’s Management Committee examined today the corporate ruble bond issue and placement.

The Management Committee acknowledged the expediency of attracting in 2004, within the Program of Borrowings, up to RUR 5 billion by placing Gazprom’s ruble bonds with a 5-year maturity.

The funds attracted will be channeled to finance current production activities, to implement new promising projects as well as to re-finance Gazprom’s short-term debt. By increasing the long-term ruble loan share, the Company will be able to optimize its credit portfolio structure.

The Management Committee commissioned Gazprom’s core business departments to produce documentation on the bond issue and placement and submit it for the Board of Directors’ consideration.

Reference:

The 1st A1 RUR 3 billion bond loan was placed by Gazprom in July 1999 and repaid in April 2003. The 2nd A2 RUR 5 billion bond loan took place in November 2002.

On 3 February 2004, Gazprom successfully placed the A3 RUR 10 billion bonds with a 3-year maturity. The notes were floated at the price of 100.69% of the face value, which is 8% of effective annual yield. The loan became the largest one in the history of the Russian corporate borrowings market.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

 

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