SECURITIES PROSPECTUS

12. Information About Participation in Joint Operations12.1. The accounting records of business transactions in the event of jointoperations, joint use of assets and joint activities shall be maintained in accordance withamended AR (Accounting Regulations) 20/03 approved by Decree of the Ministry ofFinance of the Russian Federation No. 105n of November 24, 2003.13. Segment Information13.1. In accordance with amended AR 12/2000 approved by Decree of theMinistry of Finance of the Russian Federation No. 11n dated January 27, 2000, theCompany shall view its activities as a single operational and geographic segment.14. Post Balance Sheet Events14.1. In accordance with amended AR 7/98 approved by Decree of the Ministry ofFinance of the Russian Federation No. 56n dated November 25, 1998, the Companyshall record in the financial statements any post balance sheet events which have or mayhave an impact on the financial standing, cash flow or performance of the entity and takeplace between the reporting date and the date on which the financial statements for thereporting period are signed.14.2. Post balance sheet events shall be reported in the financial statementsthrough the revision of data on respective assets, liabilities, capital, income and expenseof the Entity accompanied by the disclosure of respective information in the explanatorynote.14.3. For the monetary evaluation of the implications of a post balance sheetevent the respective calculation shall be made and the confirmation of such calculationshall be ensured. The calculation shall be made by the Department (function) to whichthe event relates in accordance with the functions performed.15. Contingent Business Facts15.1. In accordance with amended AR 8/01 approved by Decree of the Ministryof Finance of the Russian Federation No. 96n dated November 28, 2001, the financialstatements of the Company shall contain contingent business facts whose implicationsand likelihood are uncertain.230