Eurobonds of ‘Naftogaz of Ukraine’ NJSC increase in price upon appointing new Government

Kyiv, August 10, 2006

As of beginning of August the quotations for Eurobonds of ‘Naftogaz of Ukraine’ NJSC on the world stock market rapidly increased and today total circa 100 units per bond. Rate increase of the Company’s Eurobonds outpaces the increase of state Eurobonds of Ukraine according to its dynamics.

The bottom quotations of Eurobonds of ‘Naftogaz of Ukraine’ NJSC totaled 92 units per bond. This happened on June 22, 2006 upon disclosing the plans to review the Ukrainian-Russian gas-related agreements. Financial experts attribute the rapid rate increase of the Company’s Eurobonds in August of this year to the formation of new Government in the country and appointment of new Fuel and Energy Minister.

Reference: Eurobonds of ‘Naftogaz of Ukraine’ NJSC were issued and allocated in September, 2004 for the total amount of USD 500 million. Term of circulation of Eurobonds is 5 years; bonds maturity date is September 30, 2009. Calculated bond yield equals 8.125% annual. Lead manager of ‘Naftogaz of Ukraine’ NJSC Eurobonds issue is ABN AMRO Bank N.V. (London Branch).

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