Monitoring of the Federal Legislation dated 14.09.2006

Decision of the Government of the Russian Federation No. 561 of September 12, 2006 on the Amendments to the Decision of the Government of the Russian Federation No. 379 of June 30, 2003

Management companies are permitted to invest resources of accumulated pensions in mortgage securities issued in compliance with the legislation of the Russian Federation on the mortgage securities, except for the housing mortgage-coverage bonds. Resources of accumulated pensions may be invested in housing mortgage-coverage bonds on condition that the mentioned bonds are included in the quotation list of at least one stock exchange.

Decision of the Government of the Russian Federation No. 560 of September 11, 2006 on the Endorsement of the Rules of Interaction of Professional Participants of the Securities Market Not Being Authorised Banks, Customs Bodies and Tax Bodies As Currency Control Agents with the Central Bank of the Russian Federation

Interaction of participants of the securities market as currency control agents with the Bank of Russia shall be arranged through submission by participants of the securities market to the Bank of Russia of documents and information pertaining to currency operations with internal and external securities carried out by residents and non-residents using the services provided by the appropriate participant of the securities market.

The documents and information shall be submitted on the basis of the request of the Bank of Russia with necessary identification information on the resident or non-resident. The request shall be sent to the participant of the securities market by registered mail with a notification of reception. The participant of the securities market must present within 7 working days from the day of receiving of the request to the Bank of Russia requested documents and information or the report that the mentioned documents are requested from the resident or non-resident.

Interaction of the customs and tax bodies as currency control agents with the Bank of Russia shall be arranged on the basis of bi-lateral agreements.

Order of the Ministry of Finance of the Russian Federation No. 113n of August 29, 2006 on the Additional Issue of the Bonds of External Bond Loans of the Russian Federation with the Final Dates of Redemption in 2010 and 2030 Issued in Settlement of the Commercial Debt of the Former USSR to Foreign Commercial Creditors

The Ministry of Finance of Russia shall issue the bonds of external bond loans for USD 2.5 billion with the final dates of redemption in 2010 and 2030 in exchange in 2006 for the commercial debt of the former USSR to foreign commercial banks and financial institutions united in the London club of creditors.

Additional bonds are state registered securities granting to their holder the right to get the main amount of debt (nominal cost), as well as the coupon income in the form of interest accrued for the remaining unredeemed nominal cost of the bonds.

The issues of additional bonds shall be drawn up as global certificates, the nominal cost of the additional bonds of each issue being one US dollar.

For the bonds with the final date of redemption in 2010, the paying out of the coupon income is envisaged two times a year on March 31 and September 30 at the rate of 8.25% annual. For the bonds with the final date of redemption in 2030, the scale of the interest rates from 2.25% to 7.5% annual is envisaged.

Registered in the Ministry of Justice of the Russian Federation on September 12, 2006. Reg. No. 8229.