SINEK information for bondholders


The guarantee of the Republic of Tatarstan


The obligation of SINEK Capital S.A. under the Loan Agreement will be guaranteed by the Republic of Tatarstan.

"The Republic guarantee" means the guarantee and indemnity dated 3 August 2005 between the Republic, acting through the Ministry of Finance of the Republic of Tatarstan and the Lender. The Republic as the guarantor will be obliged to pay a RUR amount equivalent to the outstanding debt of SINEK Capital up to a pre-defined ceiling of RUR 13 billion1. The Republic is allowed to issue RUR guarantees in respect of RUR obligations of third parties. The guarantee of the Republic of Tatarstan covers both principal and interest amounts and it is included in the Republic's annual budget as a contingent debt obligation. The Republic guarantee is RUR guarantee, explicit, legally binding and unconditional.

1 assuming RUR/U.S. $ exchange rate at 28.5, RUR 13 bn will represent approximately U.S. $ 456m



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