INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 27, 2020 No. 5425-U

About recognition No. 4704-U which voided Instructions of the Bank of Russia of January 24, 2018 "About cases of non-use of restrictions for making of closed-end investment fund by managing company which investment shares are intended for skilled investors, transactions on property acquisition at owners of investment shares of this mutual investment fund or on property acquisition to specified persons and issue of orders on making of such transactions"

Based on the subitem "v" of Item 5 of article 1 of the Federal Law of May 1, 2019 No. 75-FZ "About introduction of amendments to the Federal law "About Investment Funds" and the Federal Law "About the Russian Direct Investment Fund" (The Russian Federation Code, 2019, No. 18, the Art. 2199):

1. Declare invalid the Instruction of the Bank of Russia of January 24, 2018 No. 4704-U "About cases of non-use of restrictions for making of closed-end investment fund by managing company which investment shares are intended for skilled investors, transactions on property acquisition at owners of investment shares of this mutual investment fund or on property acquisition to specified persons and issue of orders on making of such transactions", registered by the Ministry of Justice of the Russian Federation on March 22, 2018 No. 50445.

2. This Instruction is subject to official publication and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of March 20, 2020 No. 6) become effective since May 2, 2020.

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