OREANDA-NEWS. April 25, 2008. ESTAR FINANCE Limited Liability Company announces bond issue.1. General information.

1.1. Full corporate name of the Issuer 
ESTAR FINANCE Limited Liability Company

1.2. Abbreviated corporate name of the Issuer 
ESTAR FINANCE LLC

1.3. Location of the Issuer 
Russia 119034, Moscow, Zachatievsky 1st side street, 3, bld. 3.

1.4. Principal state registration number of the Issuer 
1077759724833

1.5. Taxpayer Identification Number of the Issuer 
7704660648

1.6. The Issuer’s unique code assigned by the registration authority  
not assigned

1.7. Web page address used by the Issuer for disclosure of information 
 www.estarholding.ru

2. Content of disclosure

2.1. The Issuer’s management body that made resolution authorizing the issuance of securities and a method for making a resolution: Resolution by a sole shareholder of ESTAR FINANCE LLC.

2.2. Date and place of the meeting (session) of the Issuer’s competent management body, where the resolution authorizing the issuance of securities was made:  March 24, 2008, Moscow.

2.3. Date of drafting and Number of the Minutes of the meeting (session) of the Issuer’s competent management body, where the resolution authorizing the issuance of securities was made: Resolution No. 24-03 dated March 24, 2008

2.4. Quorum on the resolution authorizing the issuance of securities and voting results: Resolution was made by a sole shareholder of ESTAR FINANCE Limited Liability Company.

2.5. Information about securities and the issuance:

2.5.1. Type, category (class), series and other identifications of the offered securities: interest-bearing documentary non-convertible bearer Bonds with compulsory centralized keeping of 01 Series (Bonds).

2.5.2. Redemption date: 1,092th (one thousand ninety second) day from the start date of the Bond issue.

2.5.3. Amount of offered securities and nominal value of each offered security: 3,000,000 (three million) bonds at the nominal value of RR1,000 (one thousand) each.

2.5.4. Method of placement: public offering.

2.5.5. Price of placement or calculation method: Bonds are placed at RR1,000 (one thousand) per Bond (100% of the Bond nominal value).

 Starting from the 2nd day of the Bond issue, a purchaser, when buying or selling Bonds, will also pay an accumulated coupon interest for a certain number of days. The accumulated coupon interest (ACI) per Bond is calculated as follows:

ACI = Nom * C * ((T - T0) / 365)/ 100%, where
ACI - accumulated coupon interest, RUR;
Nom – nominal value of a Bond, RUR;
С – first coupon interest rate, (% p.a.);
T – date of Bond issue ;
T0 – start date of Bond issue.

Accumulated coupon interest shall be calculated to the accuracy of 1 kopeck, rounding is made using the rules of mathematical rounding. By mathematical rounding we shall mean rounding method under which integral kopeck (integral kopecks) do not change, provided the digit following the  rounded one is 0 to 4, and does change if the digit following the rounded one is 5 to 9.

2.5.6. Period (start and maturity) of the issuance of securities or its setting procedure:

Start date of the issuance of securities or its setting procedure:
Start date of the Bond  issue shall be determined by the Issuer’s competent management body and be advised to all parties concerned in accordance with the Russian laws and disclosure procedures laid down  in Para 11 of the Resolution authorizing issuance of securities and Para 2.9. of the Prospectus within the following period: 

 - in the news bulletin of such news agencies as AK&M or INTERFAX or ANO AZIPI (Association for Protection of Information Rights of Investors) – not later than 5 (five) days prior to the Bond issue;

- on www.estarholding.ru, the Issuer’s Internet website – not later than 4 (four) days from the start date of the Bond issue.

News on the Internet web site shall be published after the news bulletin.

Start date of the Bond issue determined by the Issuer’s competent management body may be changed by the resolution of the same Issuer’s management body provided the Issuer comply with the requirements to disclosure of any changes in the start date of the Bond issue stipulated by the Russian laws, Resolution authorizing issuance of securities and Prospectus.

Start date of the Bond issue may not be determined earlier than 2 weeks after release of state registration of the issue in accordance with the Russian laws and disclosure procedures laid down in Para 11 of the Resolution authorizing issuance of securities and Para 2.9 of the Prospectus. The 2 week’s period shall be calculated from the date following the date of release of state registration of the Bond issue in Vechernyaya Moskva (Evening Moscow) newspaper provided the Issuer complies with disclosure order laid down in Para 11 of the Resolution authorizing issuance of securities and Para 2.9 of the Prospectus.

Maturity date of the issuance or its setting procedure:
Bond maturity date shall be the earliest of:

a) 10th (tenth) business day following the date of the start date of Bond issue;
b) date of last Bond placement.
Bond issue period shall not exceed 1 year from the date of state registration of the Bond issue.

2.5.7. Other terms and conditions of placement laid down in the Resolution authorizing issuance of securities:

Bond yield will be paid as percent from the Bond nominal value.

Bonds shall be redeemed and Bond yield shall be paid by a paying agent for and on behalf of the Issuer via bank transfer of funds in Russian Rubles. If the Bond redemption date is a day-off – regardless of the fact, whether it is a state holiday or a day-off for settlements – the funds shall be paid on the first business day following the day-off.

The bondholder shall not be entitled to claim for accrual of interest or any other compensation for such delay in payment. At the Bond redemption date, the paying agent shall transfer all due funds to the accounts of persons authorized to receive such Bond redemption for the benefit of the holders.

If a person is authorized to receive such Bond redemption for several Bondholders, such person shall receive total amount without allocation to each Bondholder.

Early redemption of Bonds is not envisaged.

All expenses related to making credit entries on crediting issued Bonds to the depot accounts of the first holders (purchasers) shall be borne by the owners (purchasers) of such bonds.

2.5.8. Granting a preemption right for securities to the Issuer’s members: right of preemption in respect of offered securities is not envisaged.

2.5.9. The Issuer is obliged to disclose information about each stage of the Bond issue.

3.Signature

General Director
ESTAR FINANCE LLC 
__________S.Yu. Gora

(signature)

3.2. Date: March 24, 2008                                 Seal