SECURITIES PROSPECTUS

quarter, six months, nine months of the fiscal year), and loss of the Company based on the fiscalyear performance;11) determination of the procedure for holding the General Meeting of Shareholders;12) stock split and reverse stock split;13) adoption of the resolution on the approval of transactions as provided for by Article 83 of theFederal Law "On Joint-Stock Companies";14) adoption of resolutions on the approval of material transactions as provided for by Article 79of this Federal Law "On Joint-Stock Companies";15) adoption of the resolution on participation of the Company in financial and industrial groups,associations and other groups of business entities;16) approval of internal documents governing the activities of the Company's bodies;17) payment (declaration) of dividends for the first quarter, six months, nine months of the fiscalyear;18) resolution of other issues provided for by the Federal Law "On Joint-Stock Companies".The authority of the Board of Directors of the Issuer is provided for by Article 11.1 ofthe Articles of Association of the Issuer:"The Board of Directors of the Company is authorized to solve issues related to the generalmanagement of the Company's activities, with the exception of issues falling within thejurisdiction of the General Meeting of Shareholders as specified in the Articles of Association ofthe Company.The jurisdiction of the Board of Directors of the Company covers the following issues:1. determination of high-priority activities of the Company;2. convening of the annual and extraordinary General Meetings of the Company except asprovided for by paragraph 10.7.8 of the Articles of Association;3. approval of the agenda of the General Meeting of Shareholders;4. determination of the date of preparation of the list of individuals entitled to participate in theGeneral Meeting of Shareholders and any other issues falling within the jurisdiction of the Boardof Directors of the Company as provided for by Chapter VII of the Federal Law "On Joint-StockCompanies" and related to the preparation and holding of the General Meeting of Shareholders;5. submission of the issues provided for by subparagraphs 2, 6 and 12-16 of paragraph 10.2 ofthe Articles of Association and the issue of reduction of the authorized capital of the Companyby decreasing the par value of shares for consideration by the General Meeting of Shareholders;6. expansion of the authorized capital of the Company through the follow-on offering conductedby the Company as provided for by these Articles of Association;7. approval of resolutions on the issuance of securities, securities prospectuses, securitiesissuance reports, approval of the report on the purchase of shares from the shareholders of theCompany, share redemption reports, reports on the submission of share redemption requests bythe shareholders of the Company owning such shares;8. placement by the Company of bonds or any other issue-grade securities as provided for by theFederal Law "On Joint-Stock Companies" and these Articles of Association;9. determination of the price (monetary value) of the property, the offering and repurchase priceof issue-grade securities as provided for by the Federal Law "On Joint-Stock Companies";10. acquisition of shares, bonds or any other issue-grade securities placed by the Company asprovided for by the Federal Law "On Joint-Stock Companies";11. approval of the terms and conditions of the agreement with the Director General of theCompany, establishment of the amount of remuneration and compensation payable to theDirector General of the Company or appointment of the individual authorized to approve theterms and conditions of the agreement with the Director General of the Company and establishthe amount of remuneration and compensation payable to the Director General of the Company;12. recommendations concerning the amount of remuneration and compensation payable tomembers of the Internal Audit Commission of the Company; determination of the amount ofauditor's fee;129