SIBUR Quits From the Amtel-Vredestein N.V. Creditor Debt Repurchase Deal

SIBUR quits from the deal and has suspended negotiations with the creditor banks of Amtel-Vredestein N.v. Group as Sberbank OJSC has not made its decision on whether it would take part in restructuring of the tyre holding.

The deal, offered by SIBUR on October 28, 2008, meant that in February 29, 2009 as the latest, SIBUR would repurchase the rights of demand under the loans for Amtel-Vredestein N.v. Group from the creditor banks. The payment would be made in bonds of SIBUR Holding JSC as well as bonds of SIBUR-Russian Tyres JSC, convertible into additional shares of SIBUR-Russian Tyres in 2012.

On January 27, 2009, the RF Federal Service for Financial Markets registered the respective issue of convertible bonds by SIBUR-Russian Tyres JSC, Series 01.

As of February 2009, the absolute majority of creditor banks, except Sberbank OJSC communicated their acceptance of the given offer.

Notwithstanding the suspended negotiations with the creditors, SIBUR keeps its interest in acquisition of assets of Amtel-Vredestein N.v. Group.