The sole executive body of the Company.

Management of the Company by the sole executive body - the President of the Company, who is

elected for a term of five (5) years.

Election of the President of the Company and early termination of his powers by a decision of the

general meeting of shareholders of the Company. The General Meeting of Shareholders of the

Company may at any time decide to terminate the powers of the President of the Company and the

election of a new President of the Company.

By decision of the General Meeting of Shareholders of the Company as the sole executive body

of the Company may be transferred to a commercial organization (management company) or

individual entrepreneur (manager). The General Meeting of Shareholders of the Company may at

any time decide to terminate the powers of the managing organization or manager.

Executive body accountable to the general meeting of shareholders and the Board of Directors of

the Company.

The competence of the executive body of the Company includes all the issues of the current

activities of the Company, except for the matters referred to the competence of the General

Meeting of Shareholders and the Board of Directors of the Company.

The Executive Body shall organize the implementation of resolutions of the General Meeting of

Shareholders and the Board of Directors of the Company.

President of the Company without power of attorney on behalf of the Company, including:

represents the interests of the Company (in the state and municipal bodies, arbitration court, the

court, in all organizations both in Russia and abroad, etc.);

transactions on behalf of the Company in accordance with the legislation of the Russian

Federation, including in accordance with the procedure established by this statute and federal law,

makes a big deal and transaction with related parties;

gives power of attorney to act on behalf of the Company, including the power of attorney with the

right of substitution;

develops staffing Company, issue orders for appointment of the Company's employees, their

transfer and dismissal, apply incentives and impose disciplinary sanctions;

issue orders and instructions obligatory for all the employees of the Company;

exercise other powers not covered by this Charter to the competence of the General Meeting of

Shareholders and the Board of Directors of the Company.

The rights and duties of the President of the Company, management company or manager to

implement the management of the Company determined by the present statute, the Federal

Law, other legal acts of the Russian Federation and the contract between each of them and

the Company. Contract on behalf of the Company by the Chairman of the Board of Directors of

the Company or a person authorized by the Board of Directors. In the absence of the Company

Board of Directors, the contract on behalf of the Company signed by the person who presided

at the general meeting of shareholders, at which he was elected President of the Company, or a

shareholder of the Company authorized by the general meeting of shareholders of the Company.

The relationship between the Company and the President of the Company to the legislation of the

Russian Federation of Labour extends to the extent not contrary to the provisions of the Federal

Law.

The combination of the President of the Company in the management bodies of other

organizations is allowed only with the consent of the Board of Directors of the Company.

In the absence of the President, as well as in other cases when the President is unable to perform

his duties, his functions shall be exercised Director General.

The Director-General shall be appointed by the President and heads the direction of its work in

accordance with the division of responsibilities, approved by the President. General Director acts

within its competence by proxy on behalf of the Company.

8 Society president, general manager, management company or manager in exercising their rights

and performing their duties to act in the interests of the Company, to exercise their rights and fulfill

their duties in good faith and reasonably.

9 Society president, general manager, management company or manager shall be liable to the

Company for damages caused by their actions (or inaction) in accordance with Article 71 of the

Federal law, unless other grounds and the amount of liability is not established by federal laws.