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December 23, 2005

“Nizhnekamskneftekhim” INC and MDM Bank distributed a debut issue of “Nizhnekamskneftekhim” euronotes amounting to US$ 200m in compliance with Reg S

A note-equivalent yield constitutes 8.5% per annum, maturity – 10 years, the Issue was distributed in full at the price of 100% of the face-value. A purchase group included a Troika Dialogcompany with a co-manager status. The securities passed listing at the Ireland Stock Exchange. The Issue terms contemplate for a European put option at face-value in 5 years and amortization of the principal sum in equal portions after 5 years. Presentation of the Issue for investors took place in London, Geneva, Zurich, Hong Kong and Singapore within 8-13 December 2005. The borrowed funds will be forwarded to finance the investment projects and optimize the borrowing structure of “Nizhnekamskneftekhim” INC.
While distributing, the requests came from 36 institutional investors amounting to US$ 250.3m, thus exceeding the euronote issue amount by more than 25%. Per the investor types, the distribution resulted as follows: 43% - commercial and investment banks, 46% - investment and private asset management companies, 11% - investment funds; and geographically: 35% of euronotes purchased by investors from European countries, 26% from Far East, 38% from Russia, 1% purchased by other investors.
General Director of “Nizhnekamskneftekhim” INC Vladimir Busyginregards the deal as a successful one enabling to more efficiently finance a capital investment program and improve a corporative debt structure by reducing an interest rate and by extending a borrowing term. The Company for the first time came on to the international market of public borrowing, as was the first of the Russian petrochemical companies to have the ruble notes efficiently distributed in 2001. Successful operations of “Nizhnekamskneftekhim” INC, the Company’s activities in augmenting transparency, financial accounting as per the international standards brought the Company the highest repute among the Russian petrochemical companies according to the international rating agencies.
MDM Bank President Aleksei Parfyonovspoke of that deal as being unique for the Russian entire debt capital market, since for the first time a euronote issue was fully arranged by a Russian bank.
“Nizhnekamskneftekhim” INC is a major petrochemical producer in Eastern Europe, it’s been given the international credit ratings by agencies “ Fitch” – B+ (projection – stable) and “ Moodys” – B1 (projection – stable), higher than with other industrial organizations of the Tatarstan Republic. MDM Bankalso performed as a rating consultant to the Company.




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