Explanatory Note

Explanatory Note for Financial Statements for 2011

1. Information on the Company 2. General rules of the accounting reporting
3. Accounting policy 4. The information on transactions in foreign currency
5. The information on inventories 6. The information on fixed assets
7. Events after the reporting date 8. The information on the contingencies of economic activities
9. The information on income 10. The information on expenses
11. The information on the affiliated parties 12. The information on segments
13. The information on intangible assets 14. The information on credits and loans
15. The information on calculation of profit tax 16. The information on financial investments
17. The information on participation in joint activity 18. The capital
19. Cash flow report 20. The other information

Appendixes to Explanatory Note

Appendix 1.
Estimated Probability of the Outcome of Abortive Trials of the Company as of 1/1/2012
Appendix 2.
Affiliated persons
Appendix 3.
Data on remuneration amount for 12 months 2011


General Director:D.O. Gudzhoyan Chief accountant:M.V. Danilova
29 February 2012