RESOLUTION OF THE NATIONAL COMMISSION ON SECURITIES

of June 1, 2007 No. 28/6

About approval of the Code about corporate management

For the purpose of reduction of the legal and regulating acts relating to corporate management of joint-stock companies in compliance with international standards of corporate management, providing and protection of legitimate rights and interests of shareholders, based on Art. 1 of the h. (1), Art. 3 of the item and), item c) and item е), Art. 8 of the item and), Art. 21 of the h. (1) and Art. 22 of the h. (2) the Law No. 192-XIV of 12.11.1998 on the National commission on securities, and the Orders of the Government No. 22 of 16.01.2003 about approval of the Concept of corporate management by the companies of national economy the National commission on securities DECIDES: Art. 1 of the Law No. 199 of 18.11.1998 on the security market

1. Approve the Code about corporate management.

2. Recommend to joint-stock companies to join the Code about corporate management.

3. This resolution becomes effective from the date of publication.

Code of corporate governance

Introduction

Crucial element for increase in cost efficiency is good management of corporations. Corporate management represents system by means of which the company is controlled and controlled.

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