Press Release of the Ministry of Finance of the Russian Federation on FTO Third Tranche Exchange Offer
Moscow, 25 December 2008 – The Ministry of Finance of the Russian Federation announced today that it is currently working towards completing the reconciliation of all the FTO claims submitted in advance of the 15 October 2008 submission deadline. When this reconciliation process has been substantially completed, the Ministry of Finance will announce the timetable for the Russian Government's third offer to exchange Russian Government Eurobonds due 2010 and 2030 for eligible FTO claims, for which the Russian Government has previously agreed to be responsible.
It is anticipated that most of the outstanding claims will be reconciled prior to the end of the second quarter of 2009. The third exchange offer is expected to be made on terms substantially similar to the terms offered to holders of eligible FTO claims in November 2002 and September 2006."