LETTER OF STATE TAX ADMINISTRATION OF UKRAINE

of September 30, 2011 No. 1920/7/15-1215

About part of net profit

(Endurance)

By part five of article 11 of the Law of Ukraine of September 21, 2006 No. 185-V "About management of objects of state-owned property" (with changes and amendments, further - the Law No. 185-V) it is determined that the economic organization in which authorized capital there are corporate laws of the state following the results of calendar year shall direct part of net profit to dividend payout.

Economic societies in which authorized capital there are corporate laws of the state and economic societies, 50 and more percent of shares (share, shares) which are in the authorized capital of economic societies which share of the state constitutes 100 percent which did not make the decision on charge of dividends till May 1 of the year coming behind reporting pay in the government budget part of net profit in the amount of, determined by basic standard rates to assignments of profit share which goes for dividend payout, established for the corresponding year, but at least 30 percent, till July 1 of the year coming behind reporting. On the amount of such means bodies of the State Tax Service charge penalty fee according to the procedure, determined by the paragraph the sixth this part which is paid to the general fund of the Government budget of Ukraine (the paragraph of the seventh part five of article 11 of the Law No. 185-V).

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