SECURITIES PROSPECTUS

The fundamental principles of foreign exchange operations in the Russian Federation, therights and obligations of corporate entities and individuals in the ownership, use andmanagement of foreign currency and the Russian Federation currency, liability for the breach ofcurrency laws are specified in the Federal Law of the Russian Federation No. 173-FZ "OnCurrency Regulation and Currency Control" dated December 10, 2003;However, the below-listed laws legislative acts also contain corresponding normsspecifying the procedure for executing transactions and making settlements using the Russianand foreign currency:• Civil Code of the Russian Federation (part one) No. 51-FZ dated November 30, 1994;• Civil Code of the Russian Federation (part three) No. 146-FZ dated November 26, 2001;• Tax Code of the Russian Federation (part one) No. 146-FZ dated July 31, 1998;• Tax Code of the Russian Federation (part two) No. 117-FZ dated August 5, 2000;• Federal Law of the Russian Federation No. 160-FZ (as amended on June 26, 2007) "OnForeign Investments in the Russian Federation" dated July 9, 1999;• Federal Law No. 39-FZ "On Securities Market" dated April 22, 1996;• Federal Law No. 86-FZ "On the Central Bank of the Russian Federation (Bank ofRussia)" dated July 10, 2002;• Federal Law No. 115-FZ "On Anti-Money Laundering and Combating the Financing ofTerrorism" dated August 7, 2001.• International treaties (agreements) between Russia and foreign countries validated byFederal Laws of the Russian Federation and specifying the double taxation prevention mode inthe countries participating in these treaties (agreements):• Treaty between the Government of the Russian Federation and the Government of theRepublic of Uzbekistan "On the Avoidance of Double Taxation of Income and Property" datedMarch 2, 1994 (the Treaty was validated by Federal Law of the Russian Federation No. 51-FZdated April 24, 1995);• Treaty between the Government of the Russian Federation and the Government ofUkraine "On the Avoidance of Double Taxation of Income and Property and the Prevention ofTax Evasions" dated February 8, 1995 (the Treaty was validated by Federal Law of the RussianFederation No. 145-FZ dated July 8, 1999);• Treaty between the Government of the Russian Federation and the Government of theRepublic of Belarus "On the Avoidance of Double Taxation and the Prevention of Income andProperty Tax Evasion" dated April 21, 1995 (the Treaty was validated by Federal Law of theRussian Federation No. 14-FZ dated January 10, 1997);• Treaty between the Government of the Russian Federation and the Government of theRepublic of Moldova "On the Avoidance of Double Taxation of Income and Property and thePrevention of Tax Evasion" dated April 12, 1996 (the Treaty was validated by Federal Law ofthe Russian Federation No. 72-FZ dated April 28, 1997);• Convention between the Government of the Russian Federation and the Government ofthe Republic of Kazakhstan "On the Elimination of Double Taxation and the Prevention ofIncome and Capital Tax Evasion" dated October 18, 1996 (the Convention was validated byFederal Law of the Russian Federation No. 74-FZ dated April 28, 1997);• Treaty between the Government of the Russian Federation and the Government of theRepublic of Armenia "On the Elimination of Double Taxation of Income and Property" datedDecember 28, 1996 (the Treaty was validated by Federal Law of the Russian Federation No.151-FZ dated December 17, 1997);• Treaty between the Government of the Russian Federation and the Government of theKyrgyz Republic "On the Avoidance of Double Taxation and the Prevention of Income TaxEvasion" dated January 13, 1999 (the Treaty was validated by Federal Law of the RussianFederation No. 146-FZ dated July 8, 1999);• Treaty between the Government of the Russian Federation and the Government of theRepublic of Lithuania "On the Avoidance of Double Taxation and the Prevention of Income and196