TransCreditBank to arrange the second bond issue of JSC AK Yakutskenergo.

The RUR1.2bn bond issue of the utility company was registered by the Federal Service for Financial Markets. The issue will comprise 1.2 MM securities of RUR1,000 face value each. The bond will mature in 5 years.

The securities will be placed at MICEX by open subscription at par. The launch date will be March 15, 2007.

Terms and conditions of the issue provide for a put option exercisable 2 years after the launch date. The projected yield to the put option strike date is 8.7-9.2 % p.a.

The issue is intended to provide funding for JSC AK Yakutskenergo’s investment program and replacement of its loan portfolio. The top priority of the Company’s investment program going forward to 2010 is to reconstruct and build power network facilities. All in all, RUR3.7 bn will be invested in reconstruction and development of electric mains assets in 2007–2010.

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