August 15, 2005

Deutsche Bank Moscow acted as a sole lead manager of the promissory notes program for JSC Russian agricultural bank

Deutsche Bank Moscow acted as a Sole Lead Manager of the Promissory Notes issue program for JSC Russian Agricultural Bank.

The total volume of the issued Promissory Notes is RUR 6 BN. The Promissory Notes program includes two issues of securities for the amount of RUR 3 BN each. The tenor of the Promissory Notes is one year.

This Promissory Notes issue became the largest single borrowing, arranged for JSC Russian Agricultural Bank in the Promissory Notes market. All the securities were successfully placed among international clients of the Deutsche Bank Group.

The issue attracted strong interest of investors. As a result, this Promissory Notes issue was heavily oversubscribed.

According to Yuri Soloviev, Head of Global Markets, Deutsche Bank Moscow, "the exceptionally high demand from the Western investors for JSC Russian Agricultural Bank Promissory Notes is caused by the high credit quality of the Issuer and indicates the increasing interest in investments in the Russian Agricultural complex, a very promising sector of the Russian economy".

Sergei Korolyov, Director, Securities and Debt Instruments Department, JSC Russian Agricultural Bank, emphasized that this deal was the first transaction of such scale concluded by the Bank in cooperation with one of the largest Western banks and foreign investors, which indicates high confidence in the Bank and is a major step in building the bank's credit history in the international capital market. JSC Russian Agricultural Bank intends to use the proceeds of the issue to expand the range of banking services and increase the volume of lending available to the Russian Agricultural complex.


For further information please call:

Deutsche Bank
Olga Podoinitsyna Tel: (+7 495) 797 5303

JSC Russian Agricultural Bank
Sergei Korolyov Tel: (+7 495) 363 3294

About Deutsche Bank
With Euro 964 billion in assets and 63,652 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people. Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private and business banking franchise in Germany and other selected countries in Continental Europe.
Deutsche Bank

About JSC Russian Agricultural Bank
JSC Russian Agricultural Bank was founded on March 15, 2000, on the initiative of the Russian Federation Government. At present, the bank offers full range of banking services to individual and corporate customers. Branch network of the Bank currently comprises 65 branches, a subsidiary bank (ZAO «Cheliabkomzembank») and over 200 offices located in 67 constituent entities of the Russian Federation. According to the Bank of Russia, as of the end of 2004 JSC Russian Agricultural Bank was one of the top thirty banks of the country by assets size.
JSC Russian Agricultural Bank



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