Monitoring of the Federal Legislation dated 5.10.2005

Order of the Government of the Russian Federation No. 1558-r of October 3, 2005

The Federal Fund of Obligatory Medical Insurance may hand over to its territorial funds part of their authority in organisation of delivery and release of medicines in the subjects of the Russian Federation. To render additional free medical aid, including the one envisaging necessary medicines to individual categories of citizens, a contest will be arranged for the deliveries and release of medicines.

Order of the Central Bank of Russia No. OD-568 of September 30, 2005 on the Dissemination of the Procedure of Granting Credits by the Bank of Russia to the Banks Secured with the Pledging of Promissory Notes, Claims Rights under Credit Contracts of Organisations or Guarantees of Credit Organisations

The Directorate of the Bank of Russia for the Krasnodar Territory is permitted to carry out operations of refinancing of credit organisations in compliance with the Regulation of the Bank of Russia No. 273-P of July 14, 2005

Letter of the Central Bank of Russia No. 121-T of September 28, 2005 on the Inclusion of Securities in the Lombard List of the Bank of Russia

The Lombard List of the Bank of Russia shall include individual issues of the bonds of the bank Russky Standart and the Rosselkhkozbank.

The Letter shall apply from the day of its publication in the Herald of the Bank of Russia, however, no sooner than the day when the above bonds are permitted for circulation of at the organised market of securities in the sector of settlements for the state federal securities.

Letter of the Ministry of Finance of the Russian Federation No. 03-11-02/44 of September 26, 2005

Explains individual issues of application of special tax regimes. Independent entrepreneurs having switched over to the simplified system of taxation on the basis of a patent may reduce the cost of the patent by the amount of insurance contributions for obligatory pension insurance for the appropriate period of time. The cost of the patent may not be reduced by more than 50%.

If the system of taxation in the form of the uniform imputed income tax for individual types of activities is introduced, including the ones where the simplified system of taxation on the basis of a patent is introduced by independent entrepreneurs, for these types of activities independent entrepreneurs must pay the uniform imputed income tax.

In 2006, if the application to switch over to the simplified system of taxation from January 1, 2007 is submitted, incomes from sales and non-sales incomes for 9 months of 2006 will be taken into account.

From January 1, 2006, the amount of the uniform tax shall be reduced by taxpayers by the amount of insurance contributions for obligatory pension insurance paid for the same period of time when paying out remuneration to employees engaged in the spheres of activities where the uniform tax is paid, as well as by the amount of insurance contributions in the form of fixed payments paid by independent entrepreneurs for their own insurance, and by the amount of temporary disability allowances paid out to employees. The amount of the uniform tax may not be reduced by more than 50%.