Bank of Moscow and LenSpecSMU had a meeting with investors.

On the eve of allocation of the second bond loan representatives of CJSC “CUN” had a
traditional meeting at MICE with investors showing interest to securities of the company. The
organizer of the issue, as for the first loan, is Bank of Moscow.
Vice-President of the Holding “Etalon-LenSpecSMU” and the General Director of CJSC “CUN”
Anton Evdokimov, the head of Securities issue organization department of Bank of Moscow Igor
Frolovskiy, and analytic of Bank of Moscow Egor Fyodorov told to the participants of the
meeting about financial results, plans of the company and made prognosis in relation of the
forthcoming loan.
«The market is familiar with Saint-Petersburg builders, also mainly because of such meetings in
particular, and positively estimates the perspectives of their development – noted Igor
Frolovskiy. – That is why results of the auction, as we think, will be positive both for investors
and the issuer».
Special interest was shown by investors to the information on making by the company of its
reporting under IFRS. In the opinion of representatives of issuing company the advantage of
reporting under IFRS over the reporting made under Russian standards of accounting, consists
in, first of all, more fair representation of proceeds (in accordance with IFRS the proceeds of the
Group in 2002 constituted 1.2 billion rubles, in 2003 – 2.0 billion rubles, in 2004 – 6.1 billion
rubles) and balance structure.
«Making reporting under IFRS will allow us to attract to participation in the loan also foreign
investors for whom the transparent and clear for them financial reporting is important», – noted
Anton Evdokimov.  
Center of public relations
Bonded loan of CJSC “CUN LenSpecSMU” will be allocated at MICE for the term of 3.5 years. Payment
of coupon income is made two times a year. The rate of the first coupon will be determined at the auction
at allocation. Rates starting with the second and till the date of the offer are lowered by 0.25 in
comparison with the previous rate. Rates of coupons after the offer will be determined by the issuer.
Holding “Etalon-LenSpecSMU” is the largest construction company of North-West of Russia and has
been working at the building market almost 20 years. CJSC “CUN” is subsidiary enterprise founded by
two legal entities: CJSC SSMO “LenSpecSMU” (share in the authorized capital – 40%) and CJSC
“Managing company – Building holding “Etalon-LenSpecSMU” (share in the authorized capital – 60%).