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20.03.07

Raiffeisenbank acted as the arranger of the first issue of bonds for OOO TGK-1.

OOO Territorial Generation Company #1 placed the first bond issue onRussia''s MICEX on March 20, 2007. As a result of the bids the firstcoupon rate was fixed by the issuer at 7.75% pa and thus the bond yieldto a triennial offer amounted to 7.90% pa.

A total of 47 investors applied for participation for a total amount of6.7 billion rubles with the total volume of demand exceeding 1.7 timesthe supply. Investors quoted rates from 7.10% to 8.40% pa. In the courseof the bids the issue was placed in full.

Raiffeisenbank acted as the issue arranger.

The issue co-arrangers included Deutsche Bank, Citibank, BK Otkrytie,SOYUZ Bank.

The co-underwriters included Bank Credit Suisse (Moscow), NOMOS-Bank,Commerzbank (Eurasia), International Bank of St. Petersburg, Uralsib,ABN-AMRO Bank.

The bonds have a total face value of 4 billion rubles and a maturityperiod of seven years with payment via semiannual coupons. At the end ofthe bids the first coupon rate was set by the issuer at 7.75% pa, thesecond to sixth coupon rates are equal to the first coupon rate with therates of subsequent coupons to be set by the issuer. The issue includesa triennial offer for early repurchase at 100% of the face value

The issuer plans to use the proceeds from the placement to refinanceloans raised to implement the investment programme and to reconstructand reequip the Company''s heating systems.

TGK-1is a leading supplier of electricity and heat power inthe North-West region of Russia and is ranked 3rd among Russianterritorial generating companies in terms of rated capacities. OOO TGK-1combines 55 power stations in four federal subjects of Russia– Saint Petersburg, Republic of Karelia, Leningrad and Murmansk regions. The power generating assets of the company include various types of power stations (heat, hydro, diesel, combined). The assets also include heating networks of over 860 km. TGK-1 has a rated electric capacity of 6,248.4 MW and a heat capacity of 14,735 Gcal/h. The electricity produced is primarily sold on the domestic wholesale market with a portion being exported to Finland and Norway. OOO TGK-1 is a strategic supplier of heat power to St. Petersburg, Petrozavodsk, Murmansk, Kirovsk in Leningrad region Apatity in Murmansk region.

The state registration of the company took place March 25, 2005.TGK-1 began operating on October 1, 2005. Since November 1, 2006(following the completion of the merger of Peterburgskaya GeneratingCompany, Kolskaya Generating Company, Alatitskaya Generating Company andKarelenergogeneration with TGK-1) the interregional industrial complexTGK-1 has operated as a single Joint-Stock Company. The mainshareholders of the company are RAO"UES of Russia" (55.7 %), Fortum(25.7%), Interros (7.2%).

Raiffeisenbankis one of the leaders in the Russian corporatebond market. Throughout 2001-2007 the Bank acted as an arranger andco-arranger of 106 corporate bond issues with a total face value of over322 billion rubles.

ZAO Raiffeisenbank Austria is ranked 10th in terms of assets amongRussian largest banks based on 2006 results (Interfax-CEA). At present,the Bank has 24 branches in Moscow, 5 branches in Saint Petersburg andregional branches in Ekaterinburg, Samara, Novosibirsk, Chelyabinsk,Nizhny Novgorod, Krasnodar, Krasnoyarsk and Perm. In terms of thecorporate credit portfolio Raiffeisenbank ranks 9th based on 2006results (Interfax-CEA).

ZAO Raiffeisenbank Austria is an affiliate of RaiffeisenInternazional Bank Holding AG (Raiffeisen Internazional), withsubsidiary banks and leasing companies in 16 CEE markets. The Bankserves 11.7 million customers at more than 2,775 business outlets, andalso has representative offices in Lithuania and Moldova. RaiffeisenInternational is a fully consolidated subsidiary of RaiffeisenZentralbank Osterreich AG (RZB), which owns 70 per cent of the commonstock. The remaining 30 per cent is free float; the shares are traded onthe Vienna Stock Exchange. RZB is a leading corporate and investmentbank in Austria and the central institution of the Austrian RaiffeisenBanking Group, the country''s largest banking organization.

 

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