53HZ Santander 24

RNS Number:5909T
Kazanorgsintez S.A.
01 May 2008



                         Announcement to the holders of
                              Kazanorgsintez S.A.
 U.S.$200,000,000 9.25% Loan Participation Notes due 2011: Consent Solicitation
                               ISIN: XS0271050501

1 May 2008


Kazan Open Joint Stock Company "Organichesky sintez" ("Kazanorgsintez") today
provided a notice of meeting (the "Notice of Meeting") to Noteholders of the
outstanding U.S.$200,000,000 9.25% Loan Participation Notes due 2011 issued by
Kazanorgsintez S.A. for the sole purpose of financing a loan to Kazanorgsintez
(ISIN: XS0271050501) (the "Notes") for the purpose of obtaining certain waivers
and amending the Limitation on Indebtedness covenant in the Loan Agreement
relating to the Notes.

Since 2004, Kazanorgsintez has been actively focussed on implementing a
large-scale development plan to increase production capacities, expand product
range and reduce dependence on external suppliers for raw materials. The
budgeted capital expenditure for the implementation of the development plan for
the year ended 31 December 2007 increased primarily due to increased costs of
construction materials and construction activities, increased costs of new
equipment; and unforeseen costs relating to the replacement of certain equipment
and the maintenance of infrastructure. The overrun in capital expenditure
required Kazanorgsintez to incur additional indebtedness to ensure the
completion of the development. This resulted in a breach of the Limitation on
Indebtedness covenant described in Clause 14.10 of the Loan Agreement relating
to the Notes.

Kazanorgsintez S.A., at the request of Kazanorgsintez, is seeking approval by
way of Extraordinary Resolution of the Noteholders, pursuant to Condition 11 and
Schedule 4 to the Trust Deed, that (i) a waiver be given in respect of the
breach of the Limitation on Indebtedness covenant, and that (ii) the ratio in
the Limitation on Indebtedness covenant be increased to 6.0:1.0 until 30 June
2009. Kazanorgsintez further agrees, subject to the passing of the Extraordinary
Resolution, to conduct a one-time maintenance test of the ratio of Indebtedness
to EBITDA for the 12 months ended 30 June 2009. This ratio should not exceed
4.0:1.0.

Approval for these proposals will be sought by way of Extraordinary Resolution
to be considered, and if thought fit, approved at a meeting of Noteholders to be
held on 21 May 2008. The Extraordinary Resolution is detailed in a Consent
Solicitation Statement and Notice of Meeting, each dated 1 May 2008.

Noteholders who submit (and do not revoke or amend) Electronic Voting
Instructions voting in favour of the Extraordinary Resolution before the Early
Instruction Deadline of 4pm on 14 May 2008 will be eligible to receive an Early
Instruction Fee (expressed as a percentage of principal amount). Noteholders who
submit (and do not revoke or amend) Electronic Voting Instructions voting in
favour of the Extraordinary Resolutions after 4pm on 14 May 2008 but prior to
the Late Instruction Deadline of 11am on 19 May 2008 will be eligible to receive
a Basic Instruction Fee (expressed as a percentage of principal amount). All
times are references to London time.

Common Code / ISIN: 027105050 / XS0271050501
Early Instruction Fee (% of principal amount): 1.50
Basic Instruction Fee (% of principal amount): 1.25

Payment of the Early Instruction Fee or the Basic Instruction Fee is subject to
the passing of the Extraordinary Resolution in respect of which Electronic
Voting Instructions have been given. Noteholders are advised to refer to the
Consent Solicitation Statement and Notice of Meeting for the full terms of and
procedures relating to the proposal.


Solicitation Agent:
ING Bank N.V., London Branch +44 20 7767 5107

Noteholders may obtain copies of the Consent Solicitation Statement and Notice
of Meeting from the Tabulation Agent by fax to The Bank of New York, to the
attention of CT Events Administration at +44 207 964 2536 or by email at
eventsadmin@bankofny.com.


DISCLAIMER

This announcement must be read in conjunction with the Consent Solicitation
Statement. This announcement and the Consent Solicitation Statement contain
important information which must be read carefully before any decision is made
with respect to the Proposal (as defined in the Consent Solicitation Statement).
If a Noteholder is in any doubt as to what action to take, such Noteholder is
recommended to seek its own legal, tax and financial advice, including as to any
tax consequences, from its stockbroker, bank manager, solicitor, accountant or
other independent financial adviser. Any individual or company whose Notes are
held on its behalf by a broker, dealer, bank, custodian, trust company, or other
nominee must contact such entity if it wishes to participate in the Proposal.
None of the Solicitation Agent, Tabulation Agent, Registrar, Trustee, Issuer or
Company or any person who controls, or is a director, officer, employee or agent
of such persons, or any affiliate of such persons, makes any recommendation as
to whether Noteholders should participate in the Proposal.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

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