The floatation of funded loan of «KAMAZ -FINANCE» Ltd., the subsidiary of KAMAZ Inc., begins on November 12, 2003. Federal Committee on securities market registered the bonds issue on October 3, 2003. (state registration ? 4–01–36044-R).

"Zenith " Bank and «Foreign Trade Bank» are the organizers of the loan issue. The bond issue will take place at International Moscow Exchange Market by public subscription. «Zenith» Bank is the underwriter and the payment agent.

The issuer has published the offer on early taking out of bonds at the time of the second warrant payment, after a year from the date of issue start. 14–16% is a planned bond income to the annual offer.

See https://www.zenit.ru/investserv/attract/plan/ for more information on issued emission documents.

Major part of funds, received from loan floatation, will be spent for substitution of short-term bank credits, due to which the investment projects of KAMAZ Inc. are financed. Funded loan terms coincide with those of realization of the major investment projects, the most important of which is the launch of production of increased payload trucks of KAMAZ- 6520 family (up to 13 t of axial load) with the best customers’ property.

This investments project costs 1 800 mln. Rubles. Part of its expenses is already financed from funds of KAMAZ Inc. It is planned to finish the project in 2006; by this time KAMAZ Inc. will market 6 500 units of this truck family. There will be produced about 1 200 units of this vehicle in 2003. The launch of the whole model range of KamAZ — 6520 will help the Company to increase its inner Russian market share up to 50% as compared with current 37%.