COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

While the Company has not elected to be bound by the Bank of Russia’s Corporate Governance CodeApproved by Letter No. 06-52/2463 of the Bank of Russia On the Corporate Governance Code dated 10 April 2014., it adheres to principles set out in the regulator’s recommendation letter in particular:

• The Company conducts annual financial audits
• The Company controls the use of confidential and restricted information
• Shareholders have the right to participate in the governance of the Company by taking decisions on the most important matters relating to the Company’s operations at the General Meeting of Shareholders
• Shareholders have the right to obtain accurate and complete information on the Company in a timely and regular manner
• Shareholders have access to accurate and complete information, in particular that on the Company’s financial position, operating performance, governance and material facts concerning its financial and operating performance
• Corporate governance practices ensure effective oversight over the financial and operating performance of the Company to protect the rights and legitimate interests of shareholders