Shares of OJSC PAVA are quoted on MICEX, the largest Russian stock exchange. They are included in the B-quotation list, which requires maximum financial transparency on the part of the stock issuer.

PAVA’s first bond issue to the amount of RUR350 mln. was placed in 2005 and repurchased in June 2008. Today, the company has a bond issue series 02 in circulation. It was placed in November 2006 for a period of 1,800 days. Its amount increased to RUR1 bln., and the placement was made at par value - RUR1,000 for each bond. During the trading session setting the 1^st coupon rate, the aggregate demand exceeded RUR1.36 bln.

Bank Soyuz in cooperation with AKB Bank of Moscow acted as the lead manager; KIT Finance Investment Bank, AKB Svyaz-Bank and Uralsib financial corporation acted as underwriters.

The company duly fulfills its liabilities on the bond issue and pays out coupons according to the schedule. PAVA successfully met investor obligations on three repurchase dates (in May 2008, in May and August 2009), and confirmed its reputation of a trusted and reliable partner on the market of public borrowings.

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