For Investors & Partners

“KAMAZ - FINANCE” Ltd.

Information

"KAMAZ - Finance" is issuing Bills

"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" Ltd. bills is the first stage of the program of attracting foreign financing by issuing of securities. The next stage is to allocate "KAMAZ -Finance" Ltd. 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.

Wednesday, 08 October 2003

"ZENITH" Bank and Foreign Trade Bank are appointed as organizers of a funded loan of"KAMAZ - Finance" Ltd.

ZENITH Bank and Foreign Trade Bank have been appointed as organizers of the first funded loan of "KAMAZ - Finance" Ltd., which is the subsidiary of KAMAZ Inc. Issue of bonds was registered by the Federal Committee on Securities Market on October 3, 2003 (under national registration number 4-01-36044-R). In accordance with issue documentation, nominal volume of credit is 1,200 million Rubles; 3 years circulation period. The bonds have 6 half-year warrants. Interest rate per warrant for the first year of circulation will be specified upon results of a tender on floatation of a bond issue, afterwards KAMAZ Inc. is to determine interest rates of the following circulations. Issue documentation provides, that upon completion of the first and the second circulation years, there can be offered retirement of bonds upon owners' request. ZENITH Bank is to perform both as an agent on retirement of bonds and as a paying agent.

Floatation of a bond issue is to take place at Moscow Interbank Exchange Market by public subscription. The underwriter (vendor of bonds while their allocation) will be "ZENITH" Bank.

Visit www.zenit.ru to get more information on issue documents from ZENITH Bank.

Information on funded loan by "KAMAZ -Finance" Ltd.

• Issuer - "KAMAZ -Finance" Ltd.;
• Investors - residents and non-residents without restrictions;
• Type of debentures - documentary interest-bearing inconvertible bearer bonds of A series with obligatory centralized storing;
• Credit volume - 1,200 million Rubles;
• Par value - 1,000 Rubles;
• Maturity period - 3 years;
• Payment of coupon interests - every 6 months;
• Interest rate per warrant - interest rates of the first and the second coupons will be specified upon tender results of a floatation of a bond issue, rates of next coupons will be determined by KAMAZ Inc.
• Security - guarantees furnished by "KAMAZ Inc." OJSC and "KAMAZ" Trade and Finance OJSC;
• Offer - retirement of bonds at nominal value at the end of the 1st and 2d years of circulation;
• Cost of floatation - 100% from nominal value;
• Order of distribution - by public subscription at Moscow Interbank Exchange Market;
• Depositary - "National Deposit Center";
• Payment agent - ZENITH Bank Inc.;
• Issue organizers - ZENITH Bank Inc., Foreign Trade Bank Inc.

Thursday, 09 October 2003

1. Full company name of the issuer: "KAMAZ -Finance" Ltd..
2. Issuer location: Naberezhnye Chelny city, Republic of Tatarstan, RUSSIA.
3. Issuer's Personal Taxpayer ID: 1650104633.
4. Issuer's Unique Code number given by registration body: 36044 - R.
5. Important Fact Code number: 1036044R06102003.
6. Issuer's Web-site address used for informing on Important Facts: www.kamaz.net.
7. Name of newspapers, used by the issuer for publishing of information on Important Facts: "Prilozhenie k Vestniku of Federal Committee on Securities Market" ("Supplement to Vestnik of Federal Committee on Securities Market"), "Vesti KAMAZa" ("KAMAZ News").
8. Type of a general meeting (annual, special): special.
9. The way of holding of the general meeting: decision of the sole Participant.
10. Date and place of general meeting: October 6, 2003; 29, M. Jalil prospect, Naberezhnye Chelny, Republic of Tatarstan, Russian Federation.
11. General meeting quorum: there was a quorum secured for making decisions.
12. Items of the agenda for voting and voting results :

    1. On Director General of "KAMAZ - FINANCE" Ltd.:
       The decision was made by the sole Participant of "KAMAZ -Finance" Ltd.

13. Wordings of decisions, adopted by the general meeting are as follows
    The Participant has made the following decision "On Director General of "KAMAZ -Finance" Ltd. on agenda item:

    1. To terminate prior expire date from October 6, 2003 terms of power of Arthur A. Babyi, Director General of "KAMAZ -Finance" Ltd.
    2. To appoint Sergey A. Afanas'yev as Director General of "KAMAZ -Finance" Ltd. for a three-year period and to sign employment contract with him from October 6, 2003.

Thursday, 09 October 2003