SECURITIES PROSPECTUS

5.1. Intangible asset accounting records shall be maintained in accordance withAR 14/2007 approved by Decree of the Ministry of Finance of the Russian FederationNo. 153n dated December 27, 2007.5.2. Intangible assets shall be depreciated using the straight-line method basedon the useful life of intangible assets. The useful life shall be determined by thecommission of the Company to be approved by order of the Director General of theCompany.5.3. Depreciation shall not be accumulated on intangible assets with anindefinite useful life. After inventory-taking, the Company on an annual basis shallsearch for factors preventing reliable determination of the useful life of these assets. Ifthese factors disappear, the Company shall determine the useful life of these intangibleassets.5.4. On an annual basis, the entity shall check whether the useful life of anintangible asset needs to be revised. In the event of significant changes in the duration ofuse and expected timing of future economic benefits from using an intangible asset,useful life shall be approved by the commission of the Company established by order ofthe Director General of the Company.5.5. Intangible asset depreciation shall be recognized in the accounting booksthrough the accumulation of the amounts concerned in balance sheet account 05"Intangible Asset Depreciation".5.6. Under Order of the Director General, the Company may revalue the groupsof homogenous intangible assets at their current market value determined exclusivelybased on data from the active market for these intangible assets. Revaluation shall beperformed through the recalculation of their residual value based on expert judgment onthe current (net book) value of fixed assets.6. Accounting for Financial Investments6.1. Financial investment accounting records shall be maintained in accordancewith amended AR (Accounting Regulations) 19/02 approved by Decree of the Ministryof Finance of the Russian Federation No. 126n, dated December 10, 2002.6.2. The analytical accounting records of financial investments shall be brokendown by type of financial investment and facility in which these investments are made(securities issuing entities, other entities in which the organization participates,borrowing entities, etc).6.3. A unit of financial investment accounting depending on the characteristics,acquisition and application procedure shall be state registration code, a series or otherhomogenous set of financial investments.6.4. In the disposal of financial investments whose market value isundeterminable, the original value of each unit of financial investment accounting shall225