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GAZPROM

October 21, 2005

Gazprom purchased 72.663% of Sibneft shares from Millhouse Capital

According to the September 28, 2005, shares purchase and sale agreement, 72.663% of Sibneft shares were transferred by Millhouse Capitalís affiliates to Gazprom Finance B.V. (a wholly owned subsidiary of Gazprom).

Gazprom arranged financing in the amount of US$13.079 billion to purchase Sibneft shares. The financing was provided by the international banks consortium including Dresdner Kleinwort Wasserstein (DrKW), ABN AMRO, Citigroup, Credit Suisse First Boston (CSFB), Goldman Sachs and Morgan Stanley.

Previously Gazprom purchased 3.016% of Sibneft shares from Gazprombank. Consequently, Gazprom acquired control of 75.679% of Sibneft shares.

Reference:

On September 28, 2005, Gazprom and Millhouse Capital signed binding documents regarding the purchase of 72.663% of Sibneft shares. The purchase of Sibneft shares (72.663% and 3.016%) was endorsed by Gazprom Management Committee and approved by the Board of Directors of Gazprom. On October 18, 2005, the shares purchase was cleared by the Federal Antimonopoly Service of the Russian Federation.

On October 10, 2005, Gazprom, Gazprom Finance B.V. (the Netherlands, a wholly owned subsidiary of Gazprom), Dresdner Kleinwort Wasserstein (DrKW), ABN AMRO, Citigroup, Credit Suisse First Boston (CSFB), Goldman Sachs and Morgan Stanley signed the US$13.1 billion debt financing agreement.

The banks were appointed lead financing managers. The financing is fully guaranteed by these banks on a pro rata basis. Dresdner Kleinwort Wasserstein and ABN AMRO were appointed book runners.

US$2.5 billion was lent as a three to five years term syndicated loan, US$10.6 billion as loans to be repaid by Gazprom from its own funds received after the sale of 10.74% of Gazpromís shares to Rosneftegaz, and financing obtained in the capital markets in 2005 and 2006.

The financing managers plan to syndicate the term loan in the course of the forth quarter of 2005.

Dresdner Kleinwort Wasserstein is Gazpromís principal financial consultant in Sibneft stock purchase deal.

Linklaters, a law firm, and PriceWaterhouseCoopers, an audit firm, are advising Gazprom on legal and tax issues related to the purchase of Sibneft equity stock.

 

 

 

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