Yesterday, in London, Gazprom received awards from International Financial Review for the best 2003 bond issue in Emerging Market Bond and EEMEA Bond nominations. These awards were for Gazprom’s 144A ten-year Eurobond issue for the amount of 1.75 billion dollars with the yield of 9.625%. These Eurobonds were finally bought by more than 400 investors from the U.S.A., Europe and Asia, and the demand was more than 6.5 billion dollars.

Representatives of Gazprom were present at the award ceremony and received the awards from International Financial Review.

“By this Eurobond issue, Gazprom opened way to the Eurobond market for other Russian companies which managed to attract the total of 5 billion dollars,” – is written in the special issue of International Financial Review dealing with the awarded companies.

“In February 2003, Gazprom succeeded in the greatest corporate transaction to attract unsecured financing in the history of emerging market companies. Considerable work preceded the bond issue. Gazprom reached the unprecedented level of company advertising. We are thankful to International Financial Review for appreciating our activities,” – said Boris Yurlov.

Information:

The 144A 1.75 billion dollar Eurobond issue was undertaken by Gazprom in February 2003. The Eurobonds were placed with the coupon yield of 9.625% a year, to be paid twice a year. Thus, the issue yield was 9.625% a year. The joint lead managers of the issue and the order book managers were Morgan Stanley and Dresdner Kleinwort Wasserstein.

50% of the issue were placed on the U.S. market, 30% - on the European market, 10% were acquired by Russian investors, 10% - by Asian investors.

This annual award from International Financial Review is one of the most prestigious awards for companies attracting investment

DIVISION OF RELATIONS WITH MASS MEDIA