TIDM53HZ 
 
RNS Number : 7854P 
Kazanorgsintez S.A. 
22 July 2010 
 

Director's Report 
 
 The directors present their annual report and the 
financial statements for the year ended December 31, 2008. 
 
1. ACTIVITIES 
AND REVIEW OF THE DEVELOPMENT OF THE BUSINESS 
 
 The object of the Company 
is the granting of loans or other forms of financing directly or indirectly in 
whatever mean to Kazan Open Joint Stock Company «Organichesky sintez» (e.g. 
including, but not limited to, by subscription of bonds, debentures, other debt 
instruments, advances, the granting of pledges or the issuing of other 
guarantees of any kind to secure the obligations of Kazan Open Joint Stock 
Company «Organichesky sintez»). 
 
 The Company may finance itself in 
whatever form including, without being limited to, through borrowing or through 
issuance of listed or unlisted notes and other debt instruments (e.g. including 
but not limited to bonds, notes, loan participation notes and subordinated 
notes) including under stand alone issues, medium term note and commercial paper 
programmes. 
 
 The Company may also: 
 - grant security for funds raised, 
including notes and other debt instruments issued, and for the obligations of 
the Company; and 
 - enter into all necessary agreements, including, but not 
limited to underwriting agreements, marketing agreements, management agreements, 
advisory agreements, administration agreements and other contracts for services, 
selling agreements, deposit agreements, fiduciary agreements, hedging 
agreements, interest and/or currency exchange agreements and other financial 
derivative agreements, bank and cash administration agreements, liquidity 
facility agreements, credit insurance agreements and any agreements creating any 
kind of security interest. 
 
 On the October 26,2006 the Company has issued 
Loan participation notes in amount of USD 200,000,000 which proceeds has been 
used to grant the Loan to Kazan OJSC. The maturity of the Notes is October 30, 
2011 which is the same day as the repayment Date of the Loan. 
 
 In 
addition to the foregoing, the Company can perform all legal, commercial, 
technical and financial investments or operation and in general, all 
transactions which are necessary or useful to fulfill its objects as well as all 
operations connected directly or indirectly to facilitating the accomplishment 
of its purpose in all areas described above, it being understood that the 
Company will not enter into any transaction which would cause it to be engaged 
in any activity that would be a regulated activity of the financial 
sector. 
 
 The total expenses of EUR  13,375,748 are represented mainly by 
interest paid to Noteholders.  The total income of EUR 13,375,748 are 
represented mainly by interest received from loans.         . 
 
 
2. RESULTS 
AND ALLOCATION 
 
 The result for the year ended is nil. 
 
 
3. POST 
BALANCE SHEET EVENTS 
 
 In April 2009 an Event of Default has occured and is 
continuing under Clause 15.3 of the Loan Agreement due to the failure of Kazan 
JSC "Organichesky sintez" (the Borrower) to make a payment of principal in 
respect of its indebtedness on the April 2009 payment date. Following 
deterioration of the business and financial conditions for the Borrower's 
operations the Borrower has taken steps to postpone the repayment of principal 
amounts and any accrued interest until an acceptable restructuring solution can 
be agreed with all its creditors. 
 
 
4. PROPOSAL 
 
 We propose the 
approval of the annual financial statements as well as the proposed allocation 
of the results and to give full discharge to the board of directors and 
independent auditor for their mandates during the year to December 31, 
2008. 
 
 Luxembourg,  June 11, 2010 
 
 _________________________ 
                                          _________________________ 
 Jorge 
Perez Lozano 
     Paul van Baarle 
 Director 
                                                 Director 
   To see the full 2008 financial statements, please click on the link below. 
 
http://www.rns-pdf.londonstockexchange.com/rns/7854P_-2010-7-22.pdf 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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