Liquidation of the Company.

The Company may be voluntarily liquidated in accordance with the Civil Code, subject to the

requirements of the Federal law and the Charter of the Company.

Company may be liquidated by a court on the grounds stipulated by the Civil Code of the Russian

Federation.

Liquidation of a company results in its termination without the transfer of rights and obligations in

the order of succession to other persons.

Liquidation of the Company in a manner and within the time limits set out in Articles 21 - 24 of the

Federal Law, the Civil Code and the laws of the Russian Federation.

General Meeting of Shareholders of the Company liquidated voluntarily decides to liquidate the

Company and the appointment of the liquidation commission.

Since the appointment of the liquidation commission shall have all powers to manage the affairs

of the Company. The liquidation commission on behalf of the Company in liquidation appears in

court.

Liquidation of the Company shall be deemed completed and the Company - ceased to exist from

the moment of state registration authority a corresponding entry in the Unified State Register of

Legal Entities.

Distribution of assets in liquidation of the Company among its shareholders in accordance with the

procedure set forth in Article 23 of the Federal law.

Upon completion of the liquidation of the Company's permanent records, scientific and historical

value are transferred to the state archives, personnel documents (orders, personal and business

cards, personal accounts, etc.) shall be deposited in the archives of the administrative district the

territory of which the Company is located.

Transfer and ordering of documents is carried out by the Company and at the expense of the

Company in accordance with the requirements of the archival authorities.

The Company's reorganization

The Company may be voluntarily reorganized in the manner prescribed by federal law and these

Articles of Association of the Company.

Other grounds and procedure for the reorganization of the Company determined by the Civil Code

and the laws of the Russian Federation.

Reorganization of the Company may be in the form of a merger, accession, division, separation

and transformation.

Formation of the Company's property created as a result of the reorganization is carried out only

from the assets of the reorganized company.

The order and timing of the Company's reorganization defined in Articles 15 - 20 of the Federal

Law, the Civil Code and the laws of the Russian Federation.

The Company is considered to be reorganized, except in cases of reorganization in the form of a

merger, with the moment of state registration of the newly created legal entities.

With the reorganization of the Company in the form of a merger with another company the first of

them is considered to be reorganized from the moment of entering into the Unified State Register

of Legal Entities on the termination of activity of the Company.

The Company may be transformed into a limited liability company or a production cooperative.

With the reorganization of the Company, all of its documents (administrative, financial, economic,

personnel) are transferred to the assignee, in accordance with the legislation of the Russian

Federation.