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Placement of IPO of LLC UNIMILK Finance has been registered

On September 12, the IPO of UNIMILK Company was placed on Russia''sMICEX. According to the results of the competitive tendering, the firstcoupon rate was fixed at 9,75 % p. a.. Thus, bond yield for thethree-year offer was 9,99 % p. a..

During the competitive tendering for the first coupon rate, a total of40 investors applied for an aggregate sum of RUR 2,7 billion. Investorsquoted rates in a range of 9,18 % - 10,00 % p. a., and the issue wasplaced in full at the auction.

CJSC Raiffeisenbank Austria is the arranger and underwriter of the IPO.

Co-arrangers of the IPO were International Moscow Bank, Soyuz Bank,Kapital IG, NOMOS-BANK and Slavinvestbank.

The bonds are the semi-annual bearer 5-year bonds with a total nominalvalue of RUR 2 billion. The first coupon was set at 9,75 % p. a.,likewise second through sixth coupons. The rates of subsequent couponsare to be set by the issuer. In accordance with the issuer''s decision,all bondholders have an opportunity of early buy-out of bonds at thenominal price in 3 years.

The performance of payment obligations is secured by the guarantee ofOJSC UNIMILK Company, the major operating company of the Group.Additional guarantee for the IPO in the form of irrevocable offer isprovided by the largest manufacturing enterprises of the Group: OJSCSamaraLakto, OJSC PETMOL, OJSC Shadrinsky MKK and OJSC Yalutorovskmoloko.

The funds raised after the placement will be directed to the refinancingof the current short-term debt, to the improvement of the debt structureof the UNIMILK Group, as well as to the financing of the Group''s demandfor capital investment.

UNIMILK is one of the largest companies of the milk producing sector inRussia and the Ukraine, comprising 23 enterprises in Russia and 2 in theUkraine. According to the data provided by the independent agency ACNielsen, UNIMILK controls 15% of the Russian and 14% of the Ukrainiandairy produce market. Product portfolio of UNIMILK comprises 9 nationaltrademarks: Prostokvashino, TYOMA, L''Actual, Liasson, PETMOL, BioBalance, Selo Lugovoye, Frendi, Doctor Brand. The company''s totalrevenue according to the preliminary data for the first six months of2006 is RUR 10,9 billion, EBITDA is over RUR 700 billion.

Raiffeisenbank is one of the leaders of the Russian corporate bondmarket. During the period from 2001 to 2006, the Bank has organized orco-organized 77 corporate bond issues with a total nominal value of overRUR 218 billion.

CJSC Raiffeisenbank Austria is the 8th largest bank in Russia in termsof assets as of the 2nd quarter of 2006 (EAC Interfax). The Bank has 19outlets in Moscow, 5 in St. Petersburg, and regional branches inEkaterinburg, Samara, Novosibirsk, Chelyabinsk, Nizhny Novgorod andKrasnodar. Moody''s Interfax Rating Agency granted the Bank a long-termcredit rating on the national scale of, and the short-term creditrating RUS-1. Moody’s Investors Service granted CJSC Raiffeisenbank Austria: D – Financial Strength Rating, long-term – Baa2, and short-term – Prime-2 foreign currency deposit ratings.

CJSC Raiffeisenbank Austria is an affiliate of Raiffeisen InternationalBank-Holding AG (Raiffeisen International), a holding company,controlling subsidiary banks and leasing companies in 16 markets inCentral and Eastern Europe. The Bank serves 10 million clients at morethan 2700 business outlets. Raiffeisen International is a fullyconsolidated subsidiary company of Raiffeisen Zentralbank Austria AG(RZB), which owns 70 % of the common stock. The remaining 30 % is freefloat; the shares are traded on the Vienna Stock Exchange. RZB is thecentral institution of the Raiffeisen Banking Group, the principalcorporate and investment bank,and the leading bank in Austria, as wellas in Central and Eastern Europe.


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