Qualified Investor

2. Qualified investors include:

1) professional market participants;

(paragraph 1 as amended by Federal Law No. 8-FZ dated February 7, 2011)

1.1) clearing organizations;

(subparagraph 1.1 introduced by Federal Law No. 8-FZ dated February 7, 2011)

2) credit institutions;

3) share investment funds;

4) management companies of investment funds, mutual investment funds and non-state pension funds;

5) insurance organizations;

6) non-state pension funds;

6.1) non-commercial organizations in the form of funds that belong to the infrastructure for supporting small and medium-sized entrepreneurship as defined by paragraph 1 of Article 15 of the Federal Law dated July 24, 2007 No. 209-FZ "On the Development of Small and Medium-Sized Entrepreneurship in the Russian Federation", whose sole founders are subjects of the Russian Federation and which have been established for the purpose of acquiring investment shares of closed-end investment funds attracting investments for small and medium-sized entrepreneurship - only with respect to the aforementioned investment shares;

(Subparagraph 6.1 introduced by Federal Law dated December 22, 2008 No. 266-FZ)

7) Central Bank of Russia;

8) state corporation "Development and Foreign Economic Activity Bank (Vnesheconombank)";

9) Deposit Insurance Agency;

9.1) state corporation "Russian Corporation of Nanotechnologies", as well as a legal entity arising from its reorganization;

(Subparagraph 9.1 introduced by Federal Law dated December 22, 2008 No. 266-FZ, as amended by Federal Law dated October 4, 2010 No. 264-FZ)

10) international financial organizations, including the World Bank, International Monetary Fund, European Central Bank, European Investment Bank, European Bank for Reconstruction and Development;

11) other persons designated as qualified investors by federal laws.

3. Persons may be recognized as qualified investors if they meet the requirements established by this Federal Law and normative legal acts of the federal executive authority on the securities market adopted in accordance with it.

4. A physical person may be recognized as a qualified investor if it meets any two of the following requirements:

1) the total value of securities held by this person, and (or) the aggregate amount of obligations under derivative financial instruments contracts entered into at the expense of this person, meets the requirements established by normative legal acts of the federal executive authority responsible for the securities market. At the same time, this authority determines the requirements for securities and other financial instruments that may be taken into account when calculating the aforementioned total value (aggregate amount of obligations), as well as the procedure for its (their) calculation;

2) has experience working in a Russian and (or) foreign organization, which conducted transactions with securities and (or) concluded contracts that are derivative financial instruments, established by normative legal acts of the federal executive authority responsible for the securities market;

3) carried out transactions with securities and (or) concluded contracts that are derivative financial instruments in the quantity, volume and within the time frame established by regulatory legal acts of the federal executive authority on the securities market.

(paragraph 4 as amended by Federal Law No. 281-FZ dated November 25, 2009)

5. A legal entity may be recognized as a qualified investor if it is a commercial organization and meets any two of the following requirements:

1) has own capital in an amount established by regulatory legal acts of the federal executive authority on the securities market;

2) carried out transactions with securities and (or) concluded contracts that are derivative financial instruments in the quantity, volume and within the time frame established by regulatory legal acts of the federal executive authority on the securities market;

(subparagraph 2 as amended by Federal Law No. 281-FZ dated November 25, 2009)

3) has turnover (revenue) from the sale of goods (works, services) in an amount and for a period established by normative legal acts of the federal executive authority on the securities market;

4) has an amount of assets according to accounting records for the last reporting year in an amount established by normative legal acts of the federal executive authority on the securities market¹

In accordance with international practice, a qualified investor is considered to be an individual or entity whose experience and qualifications enable them to adequately assess the risks associated with investments in certain types of securities and to independently conduct transactions with securities based on such assessments. Qualified investors may include, for example, companies holding licenses as professional market participants in the securities industry - brokerage and dealing firms, management companies, credit institutions, insurance companies, industrial corporations, as well as physical persons meeting certain requirements who carry out transactions on the stock market. In addition, investors who submit a written statement with necessary justifications and evidence that they can be considered qualified may also be recognized as qualified investors²