“KAMAZ –Finance” Ltd., a subsidiary of KAMAZ Inc., has started to issue its own notes. This project is being carried out in the context of general loan portfolio of “KAMAZ” Group. “Ak Bars” Bank and “Sprut” Bank were the first investors. Both agreements were signed in October, 7, 2003. “KAMAZ - Finance” securities are discount bills with 6 months circulation and 13 per cent profit. Maximal issue volume is limited up to 350 million rubles.

The issue of “KAMAZ-Finance” bills is the first stage of the program of attracting foreign financing by issuing of securities. The next stage is to allocate “KAMAZ – Finance” loan securities, guaranteed by parent company.

As per Urmanov A., Director of finance department of sales and service division of KAMAZ Inc., the banks participating in bills program of “KAMAZ – Finance” will have advantages in work with KAMAZ company.

Note: “KAMAZ- Finance” Ltd. is established in June, 2003. Authorized capital is 11 million rubles. The purpose of company establishment is to attract external funds for realization of long-term investment projects of enterprises of “KAMAZ” Group.