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Financial Corporation "Sistema"

November 29, 2002

Sistema’s bonds started circulating

On November 25, 2002 SISTEMA JSFC’ bond loan started circulating on the secondary market (its emitter is SISTEMA FINANCE INVESTMENTS JSC, a 100% -owned subsidiary of SISTEMA JSFC; SISTEMA JSFC furnished a guarantee of the bond issue with the nominal value of 1.2 billion rubles). RAIFFEIZENBANK AUSTRIA is the sponsor and paying agent of the bond loan. The cosponsor and financial consultant is the Moscow Bank of Reconstruction and Development. In the coming days the bond loan will circulate on the market off the stock exchange. Before the end of November, 2002 bonds will be permitted to circulate in the stock market section of the Moscow Interbank Foreign Currency Exchange.

The bond circulation is to last two years. The bond issue sheet and public irrevocable offer of SISTEMA JSFC placed in the newspaper Vedomosty on October 23, 2002 fix the right of investors to present bonds for an early redemption at the nominal value in 364 days after the flotation date. The report on results of the bond issue with the nominal value of 1.2 billion rubles was registered by the Federal Security Commission of Russia on November 19, 2002. The bond flotation started on November 5, 2002 on the Moscow Interbank Foreign Currency Exchange. The date of bond redemption is November 2, 2004. There will be six-monthly bond coupon payments. Interest rates of the bond coupons during the first year of the circulation amounts to 17.75% per annum and to 15% per annum during the second year.

Proceeds from the bond loan flotation will be used for financing investment projects of SISTEMA JSFC.

 

 

 

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