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Legal Translation Document dated 03.06.2007

Original Text
3 ОТВЕТСТВЕННОСТЬ ОБЩЕСТВА И АКЦИОНЕРА. ФИНАНСОВАЯ ДЕЯТЕЛЬНОСТЬ
3.1 Общие положения: Общество отвечает по своим обязательствам всем принадлежащим ему имуществом. Общество не отвечает по обязательствам Акционеров. Акционер не отвечает по обязательствам Общества и несет риск убытков, связанных с деятельностью Общества, в пределах стоимости принадлежащих ему Акций, если иное не установлено императивными нормами Закона об АО. Акционер, не полностью оплативший Акции, несет солидарную ответственность по обязательствам Общества в пределах неоплаченной части стоимости его Акций.
3.2 Финансовый год: До тех пор, пока Российским Законодательством не будет разрешен и Советом Директоров не будет принят какой-либо иной порядок, финансовый год Общества исчисляется с 1 января по 31 декабря («Финансовый Год»).
3.3 Бухгалтерский учет: Общество ведет точный и полный бухгалтерский и статистический учет и отчетность и ежегодно представляет Акционерам финансовые отчеты по результатам деятельности Общества, составляемые в соответствии с общепринятыми в России принципами ведения бухгалтерского учета. Форма и порядок опубликования финансовых отчетов Общества периодически устанавливаются Советом Директоров.
3.4 Финансовая политика: Сроки и нормы амортизации материальных и нематериальных активов определяются по рекомендации аудитора Общества («Аудитор») в соответствии с Российским Законодательством.
Translation
3 LIABILITY OF COMPANY AND SHAREHOLDERS. FINANCIAL ACTIVITIES.
3.1 General provisions. The Company shall be liable under its obligations with all its property. The Company shall not be liable under the obligations of its Shareholders. A Shareholder shall not be liable under the obligations of the Company and shall bear the risk of losses in connection with the Company’s activities only to the extent of the cost of its Shares, unless otherwise is established by the mandatory regulations of the Joint-Stock Companies Law. A Shareholder that has not repaid the Shares in full shall be jointly liable under the obligations of the Company to the extent of the unpaid part of the cost of its Shares.
3.2 Fiscal year: Until other procedure is permitted by the Russian law and approved by the Board of Directors, the fiscal year of the Company shall be from January 1 till December 31 (the Fiscal Year).
3.3 Accounts: The Company shall, on the annual basis, keep accurate and complete accounting and statistical records and accounts, and provide the Shareholders with financial statements of the Company’s activities, composed in accordance with Russian generally accepted accounting standards. The form and procedure for publication of the Company’s financial statements are established from time to time by the Board of Directors.
3.4 Financial policy: The periods and terms for depreciation of tangible and intangible assets shall be established following the recommendations of the Company’s auditor (the Auditor) pursuant to the Russian Law.
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