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CHERKIZOVO GROUP'S RUR 2 BILLION BOND ISSUE

On 6 June 2006 Cherkizovo Group raised RUR 2 billion through an issue of Callable Bonds due 2011 (the "Bonds").

The coupon rate, payable semiannually, was set at 8.85% for the first 3 years, with the rate for the subsequent years to be determined by the Group at a later stage. Cherkizovo Group has an option to call the Bond three years after the issue. The net proceeds of the bond issue will be applied mostly towards restructuring of the Group's debt.

The Bond Issue of Cherkizovo Group has been registered with FSFM on 11 May 2006.

Gazprombank was the lead arranger and underwriter of the issue and Renaissance Capital was the co-arranger. FC Uralsib, Bank Zenit, IMB, IG Region, ICB, AKB "AK Bars", Gazenergoprombank and Khanti-Manchiysky Bank were joint underwriters of the issue.