Dividend History

The Company may declare dividends based on its three month, six month, nine month and/or annual results. Dividends are recommended to a general shareholders’ meeting by a majority vote of the Board of Directors, and approved by the majority vote of a general shareholders’ meeting. Dividends payable on shares are distributed to the Company’s shareholders as of the Book Closing Date for the shareholders’ meeting approving the dividends. The paid dividends are subject to tax.

    Dividend History

Period	2005	1H2006
Type of dividend	Annual	Interim
Declared (accrued) dividends per share	0.0066069 RUB	0.01047183 RUB
Declared (accrued) dividends, total	200,002,000 RUB	317,000,000 RUB
Type of General Shareholders’ Meeting	Annual General Shareholders’ Meeting	EGM
Date of  General Shareholders’ Meeting	24/06/2006	26/09/2006
Book Closing Date	6/05/2005	15/08/2006
Period for payment of dividends	60 days since the decision	60 days since the decision
Form of payment	Cash	Cash
Basis for payment (accounting period)	Results of company’s activities in 2005	Results of company’s activities in 1H2006