Flotation of the 17th issue of bills of credit came about on September 09, 2002 within the framework of implementation of the Bills of Exchange Program.

Flotation of discount promissory notes was accomplished among the nine participants (The Stock Merchant Bank "BRATSKGESSTROI"; the Private Stock Company "IC Region"; the Private Stock Company "Finance & Investment Company "Leading""; the Merchant Bank "Novyi Moskovskii Bank ["The New Moscow Bank"],Ltd."; the Joint Stock Company "Mezhdunarodnyi Bank Sankt Peterburga" ["The St. Petersburg International Bank"]"; the Stock Merchant Bank "Vserossiiskii Bank Razvitiya Regionov" ["The All-Russian Bank for Regional Development"]; the Investment and Finance Company "Exiton, Ltd."; the Merchant Bank "Slavonic Credit", the Joint Stock Company "ROSGOSSTRAKH") by means of satisfaction of the bids for the purchase of the bills of exchange of the JSC "IAIA" submitted by those. The total amount of bids submitted for purchase is 247 million Roubles at par value. Bids satisfied - 187 million Roubles at par of the bills of exchange.

The Structure of the 17th bill of exchange issue:

Date of Retirement	The Amount of Issued Bills of Exchange, Million Roubles	Earnings Yield at Issuance, Per Cent
20/02/2003	5,00	20,0
20/03/2003	45,00	20,5
21/04/2003	35,00	21,0
20/05/2003	39,00	21,5
20/06/2003	63,00	22,0
Total	187,00

In current circulation, there are bills of exchange for the par value of 963 million Roubles. The next retirement of the JSC "IAIA" bills of exchange will come about on September 20, 2002, bills of exchange for the par value of 165 million Roubles are subject to the retirement.