Quarterly report


Manner and conditions of civil law agreements (manner and conditions of the submission


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Manner and conditions of civil law agreements (manner and conditions of the submission 
and satisfaction of applications) during the securities allocation: 
 
Transactions related to the allocation of the Bonds within the term of the allocation shall be 
concluded by “Stock Exchange “MICEX” Closed Joint-Stock Company (“Exchange”) being a 
Trade Organizer in accordance with the Exchange in-house documents by satisfying applica-
tions for purchase/sale of the Bonds sold using the trading system of the Exchange.  
 
The allocation of the Bonds shall be made by an organization rendering to the Issuer services 
related to the allocation of the Bonds, acting upon the request and the expense of the Issuer, 
hereinafter referred to as the “Underwriter” or “Allocation Intermediary”.  
 
On the date of the allocation of the Bonds through the Trade Organizer, a tender is held to 
determine the interest rate of the coupon yield for the first coupon period among potential 
buyers of the Bonds.  
 
The participants of the Tender held on the date of the Bonds allocation may be traders of the 
Exchange (“Traders”). The Traders may take part in the Tender on their own behalf and at 
their own expense and/or on their own behalf and at the expense of potential buyers. If a po-
tential buyer of the Bonds is not a Trader it shall conclude an agreement with any broker being 
a Trader and authorize it to buy the Bonds. A potential buyer of the Bonds being a Trader shall 
act independently. A potential buyer of the Bonds shall open a deposit account with NDC or 
with the Depository being a depositor of NDC. 
 
Within the framework of the tender the traders shall send applications to buy the Bonds 
with the clearing code T0 using the trading system of the Trade Organizer in accordance 
with the Trade Regulations for securities and/or other internal documents of the Trade Or-

 
158
ganizer either at its own expense or at the expense of clients. The time and manner of the 
submission of applications to attend the tender to determine the interest rate for the first 
coupon shall be fixed by the Trade Organizer with the consent of the Issuer and the Under-
writer.  
 
The applications to buy the Bonds shall be sent by the Traders to the Underwriter.  
The application for the purchase shall contain the following information: 
-
 
purchasing price (100% of the nominal value); 
-
 
number of the Bonds
-
 
value of the interest rate for the first coupon; 
-
 
other parameters in accordance with the Trading Regulations for securities and/or 
other documents of the Trade Organizer.  
 
The Price of the Bonds allocation, as fixed by the Resolution on the issue and the Prospectus 
shall be specified as the purchasing price.  
 
The number of the Bonds which a potential buyer would like to buy shall be specified as the 
number of the Bonds if the authorized governing body of the Issuer fixes an interest rate for 
the first coupon which is greater or equal to the interest rate for the first coupon specified in 
the application.  
 
The value of the interest rate for the first coupon shall be specified as the value of the interest 
rate for the first coupon upon the declaration of which by the Issuer a potential investor should 
be ready to buy the number of Bonds specified in the application. The value of the interest rate 
shall be specified as percentage per annum to within one hundredth of a percent. 
 
Further, funds shall be reserved with the Clearing House of the MICEX at the account of the 
trader of the Exchange in the amount sufficient for the payment of the Bonds specified in applica-
tion for the purchase of the Bonds, subject to all the required fees. 
 
Applications not meeting the aforesaid requirements shall not be admitted for the participation to 
the tender to determine the interest rate for the first coupon. 
 
After the deadline for the application acceptance, the Traders cannot change or revoke the appli-
cations made. 
 
After the deadline for the application acceptance, the Trade Organizer shall prepare the “Con-
solidated Register of Applications” and pass it to the Underwriter (“Consolidated Register”). 
 
The consolidated register for the purchase of securities shall contain the conditions of each ap-
plication, i.e. the purchasing price, the number of securities, the coupon rate, date and time of the 
application receipt, as well as the name of the Trader submitting the application, client code as-
signed by the Trade Organizer if the application was made upon the request of the client.  
 
Based on the overall volume of applications submitted and the interest rate of the first coupon 
specified therein, the Issuer shall take a decision on the value of the interest rate for the first cou-
pon. The information about the interest rate for the first coupon shall be disclosed within the 
terms and in the manner, as provided by item 11 of the Resolution on the issue and item 2.9 of the 
Securities Prospectus. 
 
After the determination by the Issuer of the interest rate of the first coupon on the first day of the 
Bonds allocation, the Underwriter shall, upon the request of the Issuer, satisfy the applications 

 
159
for the purchase of the Bonds under conditions and in the manner specified in the Resolution on 
the issue of securities and in the Securities Prospectus.  
 
The applications of the Traders to buy the Bonds at the tender for determining the interest rate of 
the first coupon shall be satisfied by the Underwriter under the conditions of the coupon interest 
rate priority, as specified in such applications (i.e. applications with a lower coupon rate shall be 
satisfied first). 
 
In the event there are applications with the same interest rate for the first coupon, the priority in 
satisfaction will be given to the applications submitted earlier than others.  
  
In the event the volume of the last of the satisfied applications exceeds the number of the Bonds 
remained unplaced, such application for the purchase shall be satisfied to the extent of the un-
placed balance of the Bonds. In this case, the application of the Trader shall be satisfied, pro-
vided the interest rate for the first coupon specified therein is not higher than the interest rate 
fixed at the tender for the determination of the interest rate. The non-satisfied applications of the 
Traders shall be revoked by the Underwriter. 
 
The Bonds sold during the tender shall be transferred from the issue deposit account of the Issuer 
to relevant deposit accounts of Bond holders as of the date of the tender.  
 
After the determination of the rate of the first coupon and satisfaction of applications made dur-
ing the tender, the Traders acting both at their own expense and at the expense and upon the re-
quest of potential buyers may, within the term of the allocation, make address applications to buy 
the Bonds at the allocation price to the Underwriter in the event of the partial allocation of the 
Bonds during the tender. 
 
The applications submitted for the purchase of the Bonds shall be satisfied by the Underwriter in 
full if the number of the Bonds in the application for the purchase of the Bonds does not ex-
ceed the number of unplaced Bonds of the issue (to the extent of the total number of the Bonds 
offered for the allocation). If the volume of the application to buy the Bonds exceeds the num-
ber of the Bonds remained unplaced, this application for the purchase of the Bonds shall be 
satisfied to the extent of the unplaced balance. In this case, the satisfaction by the Underwriter 
of the applications to buy the Bonds shall be made according to the time of their submission. 
 
In the event the Underwriter places the whole volume of Bonds offered for the placement, no 
additional applications for the acquisition of the Bonds shall be accepted.  
 
The Issuer shall not conclude transactions of Bonds purchase & sale not approved by the Is-
suer in the manner provided by the law in the conclusion of which there is any interest and 
transactions with persons listed in item 6.5.1 of Order “On Approval of Securities Issue Stan-
dards and Registration of Securities Prospectuses” № 05-4/pz-n dated  16 March 2005. In this 
case, the submitted application shall be revoked             
 
Transactions of purchase & sale concluded by the accept of the applications by the Under-
writer shall be registered by the Exchange on the date of their conclusion.  
 
Any change and/or termination of agreements concluded upon the allocation of the Bonds shall 
be made on the grounds and in the manner, as provided by article 29 of the Civil Code of the Rus-
sian Federation.  
 
A mandatory condition of the acquisition of the Bonds upon their allocation shall be preliminary 
reservation of buyer’s funds sufficient for the purchase at the account of the Trader on behalf of 

 
160
which the approval for the Bonds purchase was made with NKO “Clearing House of the Moscow 
Inter-bank Currency Exchange” CJSC.  
 
Full corporate name: Non-banking credit organization “Clearing House of the Moscow Inter-
bank Currency Exchange” Closed Joint-Stock Company.  
Abbreviated name: CH of the MICEX CJSC. 
Location: 1/13, Sredniy Kislovskiy Lane, building 8m 125009 Moscow. 
Postal address: 1/13, Sredniy Kislovskiy Lane, building 8m 125009 Moscow. 
 
The Underwriter shall be authorized to acquire the Bonds not placed before 11:00 (Moscow 
time) during the Tender held on the date of the commencement of the Bonds allocation, on its 
own behalf and at its own expense, provided that the allocated share of the Bonds is at least 5 
(Five) percent of the issue.   
 
The acquisition of the Issuer’s Bonds during their allocation cannot be made at the expense of 
the Issuer. 
 
Funds shall be preliminary reserved by the Trader in the amount sufficient for the complete 
payment of such number of the Bonds which is specified in applications for the purchase of the 
Bonds subject to all the required fees (starting from the second day of the allocation addition-
ally subject to that accumulated NKD).  
 
To make a purchase & sale transaction of the Bonds upon the allocation, a potential buyer 
shall, in advance (before the date of the commencement of the Bonds allocation), open a rele-
vant deposit account with the Depositary ensuring the centralized custody of the issued  Bonds 
or with another depositary being a depositor of the Depositary. The manner and terms of the 
deposit account opening shall be determined by provisions of regulations of the relevant De-
positaries.  
 
Any change and/or termination of agreements concluded upon the allocation of the Bonds 
shall be made on the grounds and in the manner, as provided by article 29 of the Civil Code of 
the Russian Federation. 
 
Procedure for making an entry to the deposit account of the first acquirer with the Deposi-
tory (NDC): 
 
The Depositary shall only make entries to the deposit account of a client (depositor) upon the 
submission of documents constituting grounds for making such entries under Provisions on 
the Depository Activity in the Russian Federation, as approved by the Federal Securities Com-
mission on 16 October 1997 № 36, or other legal regulations and the depositary agreement.   
 
A potential buyer of the Bonds shall open a relevant deposit account with NDC or with another 
depositary being a depositor of NDC. 
 
Bonds sold upon the allocation shall be transferred by NDC to deposit accounts of buyers of 
the Bonds on the date of the conclusion of a purchase & sale transaction in accordance with 
the terms and conditions of depositary operations of depositaries.  
An entry of the receipt at the deposit account of the first buyer with NDC shall be made on the 
grounds of orders and (or) other documents of the clearing organization, i.e. “MICEX” CJSC, 
servicing settlements on transactions made during the allocation of the Bonds by the Trade Or-
ganizer sold in accordance with requirements fixed by documents of NDC and clearing rules of 
“MICEX” CJSC. 
 

 
161
The Trading Arrange shall be as follows:  
“Stock Exchange “MICEX” Closed Joint-Stock Company  
SE MICEX CJSC  
location: 13, Bolshoy Kislovskiy Lane, Moscow  
and postal address: 125009, 
Information about licenses: 
License of the stock exchange number 077-07985-000001 dated 15.09.2004, valid during 3 
years  till 15.09.2007; 
Licensing body: FSFR of Russia  
 
Depositary ensuring the centralized custody of securities of the issue: 
Full name: Non-commercial Partnership “National Depositary Center”
Abbreviated name: NDC 
Location: 1/13, Sredniy Kislovskiy Lane, bld. 4, Moscow, 
License of the professional stock market participant to carry out the depositary activity: № 177-
03431-000100 
Issue date: 04.12.2000
Validity term: perpetual license  
Licensing body: Federal Securities Commission
 
Manner and condition of the issued bonds redemption: 
The issued Bonds shall be redeemed in specie denominated in the currency of the Russian 
Federation in a cashless form. Bond holders cannot select a form of the Bond redemption.  
 
The redemption of the Bonds is made by the payment agent upon the request and at the ex-
pense of the Issuer (“Payment Agent”). 
 
If the Bond redemption falls on a holiday, whether it is a State holiday or a holiday for settle-
ment transactions, the payment of the amount due shall be made on the first business day fol-
lowing the holiday. The Bond holder shall be authorized to require the interest accrual or any 
other compensation for such delay in payment. 
 
The Bond redemption shall be made at par value. 
 
The payment of the nominal value of the Bonds upon their redemption shall be made in rubles 
of the Russian Federation in a cashless form. 
 
The nominal value of the Bonds shall be made as follows:  
 
The payment shall be made in the currency of the Russian Federation in a cashless 
form in favor of Bond holders being as such as of the end of the operating day of NDC 
preceding to the 3
rd
 (Third) business day before the date of the redemption of the Bonds 
(“Date of the preparation of the list of holders and/or nominal holders of the Bonds for 
the redemption amount”). 
 
It is presumed that nominal holders, depositors of NDC, are authorized to obtain funds upon 
the payment of the Bond redemption. Depositors of NDC being nominal holders and not au-
thorized by their clients to obtain funds upon the payment of the Bond redemption amount due 
shall submit to NDC, before or at 12:00 a.m. (Moscow time) of the day preceding the 2
nd
 (Sec-
ond) business day before the date of the Bond redemption, the list of holders and/or nominal 
holders of the Bonds for the payment of the redemption amount. 
 

 
162
A Bond holder not being a depositor of NDC may authorize a nominal holder of the bonds be-
ing a depositor of NDC to obtain amounts related to the Bond redemption. 
 
If the rights of a Bond holder are recorded by a nominal holder of the Bonds and a nominal 
holder of the Bonds is authorized to obtain the Bonds redemption amount, the nominal holder 
shall be presumed to be a person authorized to obtain amounts of the Bonds redemption.  
If the rights of the Bond holder are not recorded by a nominal holder of the Bonds or a nomi-
nal holder is not authorized by the holder to obtain the Bonds redemption, the Bond holder 
shall be presumed to be a person authorized to obtain the Bond redemption.  
 
On the grounds of the information available or provided by depositors, NDC shall provide the 
List of holders and/or nominal holders of the Bonds for the redemption amount to the Issuer 
and the Payment Agent before or on the 2
nd
 (Second) business day before the date of the Bond 
redemption. The list of holders and/or nominal holders of the Bonds for the redemption 
amount shall include the following information: 
 
a) full name (surname, name, patronymic for an individual) of the person authorized to obtain 
amounts related to the Bond redemption;  
 
b) number of the Bonds recorded at the deposit account of a person authorized to obtain 
amounts related to the Bonds redemption;  
 
c) location and postal address of a person authorized to obtain amounts related to the Bonds 
redemption; 
 
d) name and references of the banking account of a person authorized to obtain amounts re-
lated to the Bonds redemption, namely: 
 
- number of the account with the bank; 
 
- name of the bank (with the specified city of the bank) with which the account is opened; 
 
- correspondent account of the bank with which the account is opened;  
 
- banking identification code of the bank with which the account is opened. 
 
e) taxpayer’s identification number (TIN) of a person authorized to obtain amounts related to 
the Bond redemption;  
 
f) tax status of a person authorized to obtain amounts related to the Bond redemption (resident, 
nonresident with a permanent representative office in the Russian Federation, nonresident 
without a permanent representative office in the Russian Federation, etc.); 
 
g) code of the reason of the registration (KPP) of a person authorized to obtain amounts of the 
revenue and/or redemption of the Bonds. 
 
Bond holders (holder), their authorized persons, including depositors of NDC shall independ-
ently monitor the completeness and actuality of references of the banking account and infor-
mation about persons authorized to obtain the redemption amounts on the Bonds. In the event 
of the failure of aforesaid persons to provide NDC with the said references, the fulfillment of 
such obligations shall be made in favor of a person who claimed the fulfillment of the obliga-
tions and being a holder of the Bonds as of the date of the claim submission. In this case, the 
fulfillment by the Issuer of obligations related to the Bonds shall be made based on information 

 
163
of NDC. In this case, obligations of the Issuer shall be deemed to have been duly fulfilled in 
full. 
 
If references of a banking account or other information required for the fulfillment by the Is-
suer of its obligations under the Bonds, as provided by a holder or a nominal holder, do not 
allow the Payment Agent to transfer funds in a timely manner, such delay shall not be consid-
ered as a delay in the fulfillment of obligations under the Bonds and a holder of the Bonds 
shall not be authorized to accrue the interest or other compensation for such delay in the pay-
ment. 
 
Before or on the 2
nd
 (Second) business day before the date of the repayment of the Bonds, the 
Issuer shall transfer the required funds to the Payment Agent’s account.  
 
On the grounds of the List of holders and/or nominal holders of the Bonds for the redemption, 
as provided by the Depositary, the Payment Agent shall calculate the amounts of funds due to 
each of the persons authorized to obtain redemption amounts on the Bonds. 
 
On the date of the redemption of the Bonds, the Payment Agent shall transfer the required 
funds to accounts of persons authorized to obtain Bond redemption amounts in favor of hold-
ers of the Bonds. 
 
If a person is authorized to obtain redemption amounts under the Bonds by several Bond hold-
ers, the aggregate amount shall be amounted to such person without breaking it down by Bond 
holders. 
 
The fulfillment of the obligations related to the Bonds to a person included into the List of 
holders and/or nominal holders of the Bonds for the redemption is considered to be proper, in-
cluding in the event of the transfer of the Bonds after the date of the preparation of the afore-
said List. 
 
Maturity date of the issued Bonds:  
Date of commencement: 
1092
nd
 (One thousand eight hundred and twentieth) day after the date of commencement of the 
issued Bonds allocation.  
Date of the completion:  


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