Government savings bonds (GSO)

are registered government securities issued in certificated form and are subject to centralized custody. The bonds are issued by Russia’s Ministry of Finance. GSO market is a segment of the domestic public debt market in Russia, similar to the sector of nonmarketable government securities intended for institutional investors, which exists in a number of developed countries. Sberbank of Russia is the offering agent and depositary. The bonds are not traded in the secondary market, and cannot be pledged. The first GSO auction was held on MICEX in December 2006. Announced offering size of GSO 35001 is RUR 1 bln.