Exhibit 1.1



| |  |  |  |                                       
| |  |  |  | --------------------------------------
| |  |  |  | Approved by                           
| |  |  |  | Decision of the Annual General Meeting
| |  |  |  | of Shareholders                       
| |  |  |  | of Open Joint Stock Company           
| |  |  |  | Vimpel-Communications               
| |  | 
| |  |  |  | Protocol No. 40 dated June 29, 2007   
| |  |  |  | General Director                      
| |  |  |  | /s/ Alexander Izosimov                
| |  |  |  | [Seal]                                

CHARTER

OF THE OPEN JOINT STOCK COMPANY

VIMPEL-COMMUNICATIONS

City of Moscow

2007



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CHARTER

OF OPEN JOINT STOCK COMPANY

VIMPEL-COMMUNICATIONS



|1. | GENERAL PROVISIONS
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|1.1 | Open Joint Stock Company Vimpel-Communications hereinafter referred to as the Company, shall be a legal entity in the form of an open joint stock company
established pursuant to the decision of the Founders, dated June 15, 1993 (Protocol No. 1 of the Meeting of the Founders, dated June 15, 1993) and registered with the Moscow Registration Chamber (Certificate No. 015.624, dated
July 28, 1993) and the State Registration Chamber on June 14, 1995 (Certificate No. 5143.16, dated June 14, 1995).
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|1.2 | As a result of the reorganization in the form of merger of Open Joint Stock Company Vimpelcom-Region into the Company, the Company succeeded to all the rights and
obligations of Open Joint Stock Company Vimpelcom-Region in accordance with the applicable laws of the Russian Federation.
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|1.3 | As a result of the reorganization in the form of merger of Open Joint Stock Company KB Impuls into the Company, the Company succeeded to all the rights and obligations
of Open Joint Stock Company KB Impuls in accordance with the applicable laws of the Russian Federation.
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|1.4 | As a result of the reorganization in the form of merger of Closed Joint Stock Company Extel into the Company, the Company succeeded to all the rights and obligations of
Closed Joint Stock Company Extel" in accordance with the applicable laws of the Russian Federation.
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As a result of the
reorganization in the form of merger of Closed Joint Stock Company Sotovaya Company into the Company, the Company succeeded to all the rights and obligations of Closed Joint Stock Company Sotovaya Company" in accordance with the
applicable laws of the Russian Federation.

As a result of the reorganization in the form of merger of Closed Joint Stock Company
StavTeleSot into the Company, the Company succeeded to all the rights and obligations of Closed Joint Stock Company StavTeleSot" in accordance with the applicable laws of the Russian Federation.

As a result of the reorganization in the form of merger of Closed Joint Stock Company Vostok-Zapad Telecom into the Company, the Company
succeeded to all the rights and obligations of Closed Joint Stock Company Vostok-Zapad Telecom" in accordance with the applicable laws of the Russian Federation.

As a result of the reorganization in the form of merger of Open Joint Stock Company Orensot into the Company, the Company succeeded to all the rights and obligations of Open Joint Stock Company
Orensot" in accordance with the applicable laws of the Russian Federation.

As a result of the reorganization in the form of merger of
Open Joint Stock Company Beeline-Samara" into the Company, the Company succeeded to all the rights and obligations of Open Joint Stock Company Beeline-Samara" in accordance with the applicable laws of the Russian Federation.

As a result of the reorganization in the form of merger of Open Joint Stock Company Dal Telecom International" into the Company, the Company
succeeded to all the rights and obligations of Open Joint Stock Company Dal Telecom International" in accordance with the applicable laws of the Russian Federation.



|1.5 | The Company shall be an enterprise with share participation of foreign investments. All foreign shareholders shall be entitled to the rights, benefits and guarantees granted to
foreign investors by the Federal Law On Foreign Investments in the Russian Federation dated July 9, 1999, as amended, and other applicable laws of the Russian Federation.
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|1.6 | Russian and foreign legal entities and Russian and foreign individuals may become Shareholders in the Company.
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|1.7 | The terms of this Charter shall remain legally valid throughout the duration of the Company's activities. The duration of the Company's activities shall be unlimited.
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|1.8 | The Company shall be guided in its activity by the legislation of the Russian Federation, including legislation on foreign investments in the Russian Federation, and by this
Charter.
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|2. | NAME AND LOCATION OF THE COMPANY
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|2.1 | The full official name of the Company in Russian shall be: LOGOLOGO; the abbreviated official name of the Company in Russian is: OAO

LOGO.
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|2.2 | The full official name of the Company in English is: Open Joint Stock Company Vimpel-Communications; the abbreviated official name of the Company in English shall be: AO
VimpelCom.
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|2.3 | The location and mailing address of the Company shall be Ulitsa 8-Marta, Dom 10, Building 14, 127083 Moscow, Russia. The office of the General Director, the sole executive body of
the Company, is located at this address, based on a lease agreement.
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|3. | RIGHTS AND OBLIGATIONS OF SHAREHOLDERS
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|3.1 | Shareholders of the Company (the Shareholders) shall have such rights and obligations as arise under this Charter and applicable law. Shares of one and the same category
(type) shall provide each holder with the same rights. All shares of the Company have the same nominal value. Holders of the Depositary Receipts (including American Depositary Receipts) representing shares of common stock or preferred stock shall
have the same rights and obligations as Shareholders who hold shares of common stock or preferred stock (as applicable) (whether directly or through nominee holders), and shall be recognized as Shareholders for all purposes under this Charter,
including without limitation with respect to Article 10.3.
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|3.2 | Each Shareholder shall have all the rights provided by applicable law, including the following:
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| | 3.2.1 | to transfer, sell, gift or bequeath his/her shares without the consent of the other Shareholders;
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| | 3.2.2 | to receive dividends in accordance with decisions of the Company and the terms of this Charter: provided that the holders of Type A preferred shares shall have the right to receive
annually the fixed dividend of 0.1 (one tenth) of a kopeck per each preferred share;
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| | 3.2.3 | to participate in the management of the activities of the Company in the manner and in the forms provided for by this Charter, including the right to be elected to the managerial
bodies and the audit commission of the Company (the Audit Commission);
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| | 3.2.4 | to receive information on the activity of the Company and to inspect the Company's books and other documentation in accordance with the procedure established by applicable law;
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| | 3.2.5 | to receive copies of the minutes of the ShareholdersGeneral Meeting; and
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| | 3.2.6 | in the event of the liquidation of the Company, the holders of Type A preferred shares shall have the right to receive a fixed liquidation value of 0.5 (five tenths) of a kopeck per
each preferred share, and thereafter the holders of Common Shares and any other type of preferred shares shall have a right to receive a portion of the property (or the portion of the value of the property) of the Company in proportion to their
shareholding in the Charter Capital of the Company remaining after the claims of all of the Companys creditors have been satisfied in accordance with the procedures set forth in this Charter and the legislation of the Russian Federation.
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|4. | GOALS AND OBJECTIVES OF THE COMPANY
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|4.1 | The Company shall be established for the following goals:
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|a) | research, design and manufacture of radioelectronic communication systems and their components;
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|b) | operation and offering of the services of national and international wireless telecommunications;
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|c) | establishment of joint-venture companies, telephone companies, and other companies and enterprises for the purpose of establishment and operation of the systems of
telecommunications; and
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|d) | earning profit.
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|4.2 | The objectives of the Company shall be:
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|a) | research and design in the field of radioelectronic systems (RES) of communication, informatics, telematics and in the related fields of science and technology;
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|b) | creation of means and systems of communication, including rapid-deploying systems of radiotelephone communication for fixed and mobile subscribers, designs, systems of cable,
trunks, fiber-optic, point-to-point, satellite and other types of communication systems, creation of teleports and telecommunication networks;
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|c) | design, engineering and manufacture of the radioelectronic equipment for RES systems;
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|d) | designs in the field of new standards and software and hardware complexes for satellite and ground types of systems of communication;
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|e) | provision of communication services to companies and individuals in Russia and abroad on the basis of commercial use of established communication systems including different types
of cellular, cable, trunks, fiber-optic, point-to-point, satellite and other types of communication systems, including international communication systems;
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|f) | provision of consulting and information services, engineering and marketing, investment and innovation activities, leasing, provision of dealer, distributorship, broker and agency
representation services;
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|g) | carrying out commercial operations with know-how, scientific and technical products and information, including receipt and distribution of licenses;
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|h) | publishing activities, provision of advertisement and other activities for the purpose of dissemination of information on the activities of the Company and its partners in joint
projects; organization of personnel training and re-training, conducting seminars, schools of business, organization of courses on the objective of the Company's activities;
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|i) | participation in establishment of new enterprises to assist in achieving the goals of the Company in accordance with applicable legislation;
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|j) | carrying out independent foreign economic activity in accordance with applicable legislation of the Russian Federation, in particular, export-import and purchasing agency operations
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|k) | carrying out leasing activity, including as a leasing company;
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|l) | carrying out any other activity not prohibited by applicable law.
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|5. | STATUS OF THE COMPANY
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|5.1 | The liability of the Company shall be limited by its property. The Company shall not be liable for the obligations of the Russian State and its authorized bodies or the
Shareholders. Except as specifically provided by applicable law, Shareholders are not liable for the obligations of the Company and bear the risk of losses associated with its activities to the extent of the value of their shares. Those Shareholders
who have not paid for their shares in full shall be jointly and severally liable for the obligations of the Company to the extent of the unpaid portion of the value of their shares.
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|5.2 | The Company shall maintain its own book-keeping, shall have current and other bank accounts, a round seal with the full official name of the Company, indication of its location and
other requisites of the Company, as well as a trademark.
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|5.3 | The Company may create branches and open representative offices in the Russian Federation subject to compliance with requirements of the Russian Federation. The
company has branches in Abakan, Anadyr, Archangelsk, Astrakhan, Barnaul, Belgorod, Blagoveshchensk, Bryansk, Vladivostok, Vladikavkaz,
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| | Vladimir, Volgograd, Vologda, Voronezh, Grozny, Ekaterinburg, Ivanovo, Izhevsk, Irkutsk, Ioshkar-Ola, Kazan, Kaliningrad, Kaluga, Kemerovo, Kirov, Kostroma,
Krasnodar, Krasnoyarsk, Kurgan, Kursk, Lipetsk, Magadan, Makhachkala, Murmansk, Nazran, Nalchik, Nizhni Novgorod, Novgorod, Novosibirsk, Novosibirsk, Norilsk, Omsk, Orenburg, Orekhovo-Zuevo, Orel, Penza, Perm, Petrozavodsk, Petropavlovsk-Kamchatski,
Pskov, Rostov-na-Donu, Ryazan, Samara, Saint-Petersburg, Saransk, Saratov, Smolensk, Sochi, Stavropol, Suktyvkar, Tambov, Tver, Tomsk, Tula, Tyumen, Ulan-Ude, Ulyanovsk, Ufa, Khabarovsk, Cheboksary, Chelyabinsk, Cherkessk, Chita, Elista,
Yuzhno-Sakhalinsk, Yakutsk, Yaroslavl.
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The Company may create branches and open representative offices outside the
Russian Federation also in accordance with the legislation of the foreign state where a branch or a representative office is located, unless otherwise provided for by an international agreement of the Russian Federation.

The Company has representative offices in Hanoi, Socialist Republic of Vietnam; Ashkhabad, Turkmenistan.



|5.4 | The Company shall independently plan its production, financial, economic and other activities. The sale of products, implementation of works and rendering of services shall be
carried out at prices and tariffs established by the Company. The Company shall have the right to acquire and sell, for cash or on a non-cash basis, products (work, services) of other commercial firms, associations and organizations, domestic as
well as foreign, on the territory of the Russian Federation and other countries.
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|5.5 | The Company shall have the right to receive bank and other credits and loans, and to issue, acquire, sell and exchange shares of stock and other securities.
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|5.6 | The Company shall have the right to build, acquire, alienate, lease, rent and sublet, both in the Russian Federation and abroad, enterprises as well as any movable property and
immovable property, including land, buildings, facilities, apartments, as well as residential and non-residential premises of any type in accordance with applicable law.
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|5.7 | The Company shall have the right to acquire trucks, cars and other types of transportation, to establish a carpool, and to conclude contracts with outside organizations for
provision of motor transportation, or to transfer to them its own auto transport on a contractual basis.
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|5.8 | The Company maintains its documents in accordance with current legislation at the location of the sole executive body of the Company.
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|6. | CHARTER CAPITAL
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|6.1 | In addition to the issued and outstanding shares, the Company shall have the right to issue an additional 38,718,978 (Thirty Eight Million Seven Hundred Eighteen Thousand and Nine
Hundred Seventy Eight) common registered shares having a nominal value of 0.5 kopecks (Five Tenths of a kopeck) each (each such share is referred to as an Authorized Common Share). The rights vested by such shares of common stock are set
forth in Articles 3.1, 3.2 and 6.4 hereof.
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The Charter Capital of the Company constitutes 288,538.11 rubles (Two Hundred
Eighty Eight Thousand Five Hundred Thirty Eight Rubles and Eleven kopecks) and is divided into 51,281,022 (Fifty One Million Two Hundred Eighty One Thousand and Twenty Two) issued and outstanding registered common shares at a nominal value of 0.5
kopecks (Five Tenths of a kopeck) each (each such share is referred to as a Common Share) and 6,426,600 (Six Million Four Hundred Twenty Six Thousand and Six Hundred) issued and outstanding registered Type A preferred shares at a nominal
value of 0.5 kopecks (Five Tenths of a kopeck) each (each such share shall be referred to as a Preferred Share).

One hundred
percent (100%) of the Charter Capital has been contributed as of the registration date hereof.



|6.2 | The Company shall have the right to increase or decrease the Charter Capital, as well as to issue additional types of registered preferred shares or any other types of securities in
accordance with applicable law.
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|6.3 | Additional shares and other securities of the Company placed by subscription shall be placed upon payment in full therefor.
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|6.4 | Each holder of fully paid Common Shares shall have a right to participate in the ShareholdersGeneral Meetings with the right to vote on all issues, to include issues on the agenda of the Shareholders General Meeting in accordance with the
procedures set forth in this Charter and the legislation of the Russian Federation, to receive dividends and, in the event of the Companys liquidation, to receive a portion of the Companys property. Each fully paid Common Share shall
have one vote at a Shareholders General Meeting on all matters within its competence, except for purposes of cumulative voting as required by applicable law for the election of the Board of Directors of the Company, in which case each Common
Share shall have the same number of votes as the total number of members to be elected to the Board of Directors of the Company and all such votes may be cast for a single candidate or may be distributed between or among two or more candidates.
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|6.5 | Preferred Shares placed by the Company before January 1, 2002 shall be voting convertible preferred shares of stock of the Company. Each holder of such Preferred Shares shall
have a right: (a) to participate in Shareholders General Meetings with the right to vote on all issues, (b) to receive annually a fixed dividend of 0.1 (one tenth) kopeck per Preferred Share, (c) in the event of the
Companys liquidation, to receive a fixed liquidation value of 0.5 (one half) kopeck per Preferred Share, (d) to include issues on the agenda of the Shareholders General Meeting in accordance with the procedures set forth in this
Charter and the legislation of the Russian Federation, and (e) to convert Preferred Shares placed by the Company before January 1, 2002 and owned by such holder into common shares of the Company on the terms and conditions provided in
Article 6.6. Each fully paid Preferred Share placed by the Company before January 1, 2002 shall have one vote at a Shareholders General Meeting on all matters within its competence, except for purposes of cumulative voting as required by
applicable law for the election of the Board of Directors of the Company, in which case each Preferred Share shall have the same number of votes as the total number of members to be elected to the Board of Directors of the Company and all such votes
may be cast for a single candidate or may be distributed between or among two or more candidates.
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|6.6 | Each Preferred Share placed by the Company before January 1, 2002, may be converted into one common share of the Company at any time after June 30, 2016, at the election
of the holder of such Preferred Share upon payment to the Company of a conversion premium equal to 100% of the market value of a common share at the time of conversion.
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|7. | FINANCIAL MATTERS
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|7.1 | The Company shall be the owner of the property belonging to it, and shall independently own, use and dispose of it. The Company shall independently determine the composition of the
property belonging to it.
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|7.2 | The profit remaining after taxation shall be allocated by the ShareholdersGeneral Meeting.
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|7.3 | The Company shall establish a Reserve fund in the amount of 15% of the Charter Capital, and shall make annual contributions to the Reserve fund of 5% of its net profits until the
Reserve fund reaches the stated amount. Upon decision of the Board of Directors, the Company may establish, out of its net profit, a special share acquisition fund for employees of the Company, the monetary assets of which shall be spent exclusively
for acquisition of the Companys shares sold by the Companys Shareholders for their further distribution among the employees designated by the Board of Directors, as well as other funds, and shall make contributions to such funds in
accordance with decisions of the Board of Directors.
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|7.4 | The Company may adopt a decision to pay dividends on issued and outstanding shares based on the results of the first quarter, half-year or nine months of the fiscal year and/or
based on the results of the entire fiscal year, unless otherwise provided by applicable law.
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|7.5 | The financial year of the Company shall be the calendar year. The Company shall maintain current accounting and statistical reports and records, in accordance with applicable
regulations of the Russian Federation as well as in accordance with US Generally Accepted Accounting Principles.
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|8. | THE MANAGERIAL BODIES OF THE COMPANY
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The managerial bodies of the Company are: the ShareholdersGeneral Meeting; the Board of Directors; and the General Director.



|9. | THE SHAREHOLDERSGENERAL MEETING
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|9.1 | The highest managerial body of the Company is the shareholdersgeneral meeting (the Shareholders General Meeting) which shall have the competence to decide issues relating to the Company provided for by this Charter and by
applicable law. At any ShareholdersGeneral Meeting, each Shareholder shall have the number of votes equal to the sum of the number of his/her
registered, fully-paid Common Shares and his/her registered, fully paid Preferred Shares placed by the Company before January 1, 2002. In cumulative voting, each voting share of the Company shall have a number of votes equal to the total number
of members of the Board of Directors of the Company.
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|9.2 | The competence of the Shareholders General Meeting shall include the following issues, decisions on which shall be adopted by a vote of more than 50% of the votes of
Shareholders holding voting shares of the Company participating in the Shareholders General Meeting, unless otherwise provided in Article 9.3 or by Russian legislation:
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| | 9.2.1 | changes and amendments to the Charter or approval of a new version of the Charter;
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| | 9.2.2 | reorganization of the Company;
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| | 9.2.3 | liquidation of the Company, appointment of a liquidation commission, and approval of the interim and final liquidation balance sheets;
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| | 9.2.4 | with respect to the Board of Directors:
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| | 9.2.4.1 | election of the members of the Board of Directors (on a cumulative voting basis) ;
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| | 9.2.4.2 | premature removal of the members of the Board of Directors;
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| | 9.2.5 | determination of the number, nominal value and category (type) of, and the rights attached to, authorized shares;
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| | 9.2.6 | with respect to increasing the Companys Charter Capital:
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| | 9.2.6.1 | increase of the Company's Charter Capital by increasing the nominal value of Common Shares and/or Preferred Shares;
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| | 9.2.6.2 | increase of the Companys Charter Capital by issuance of additional common shares and/or preferred shares, or by conversion of other securities of the Company convertible into
shares of the Company;
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| | 9.2.7 | reduction of the Companys Charter Capital by reducing the nominal value of Common Shares and/or Preferred Shares, by the Companys acquisition of a portion of the Common
Shares and/or Preferred Shares for the purpose of reducing the total number of Common Shares and/or Preferred Shares, or by way of cancelling Common Shares and/or Preferred Shares acquired or repurchased by the Company in accordance with applicable
law;
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| | 9.2.8 | election of the members of the Audit Commission of the Company and their early dismissal;
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| | 9.2.9 | approval of the Company's external auditor;
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| | 9.2.10 | approval of the annual reports and of the annual accounting statements, including the reports on the profits and losses (accounts of profits and losses) of the Company, and also the
distribution of profit (including the payment (declaration) of dividends, except profit distributed as dividends as per the results of the first quarter, half-year, or nine-months of the fiscal year) and of the Companys losses based on the
results of the fiscal year;
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| | 9.2.11 | establishment of the procedure for conducting the ShareholdersGeneral Meetings;
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| | 9.2.12 | election of members of the counting commission of the Company and the early termination of their authority;
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| | 9.2.13 | determination of form of presentation by the Company of materials (information) to Shareholders;
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| | 9.2.14 | splitting and consolidation of Common Shares and/or Preferred Shares;
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| | 9.2.15 | approval of transactions with interested parties as provided by applicable law;
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| | 9.2.16 | approval of a major transaction or series of transactions connected with the acquisition, disposal or potential disposal (directly or indirectly) by the Company of property in cases
provided for by applicable law;
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| | 9.2.17 | acquisition by the Company of Common Shares or Preferred Shares as provided by applicable law;
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| | 9.2.18 | participation in financial-industrial groups, associations and any other amalgamations of commercial organizations;
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| | 9.2.19 | approval of, amendments to and termination of, internal documents of the Company which regulate the activities of the bodies of the Company;
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| | 9.2.20 | determination of the remuneration and (or) compensation for the members of the Board of Directors for the period of performance by them of their duties (travel expenses of the Board
of Directors while in office shall be reimbursed);
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| | 9.2.21 | determination of the amount of remuneration and compensation paid to members of the Audit Commission and approval of an internal document of the Company regulating the procedures
for the activities of the Audit Commission;
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| | 9.2.22 | taking decisions on other issues provided by applicable law.
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|9.3 | Decisions on issues specified in sub-clause 9.2.2, 9.2.6 and 9.2.14 through 9.2.19 of this Charter as well as the reduction of the Company's Charter Capital by reducing the nominal
value of Common Shares and/or Preferred Shares pursuant to sub-clause 9.2.7 of this Charter shall be adopted by the Shareholders' General Meeting only upon the proposal of the Board of Directors. In addition to any decisions which require such
approval under Article 9.2 and Russian law, decisions on issues specified in sub-clauses 9.2.1 through 9.2.3, 9.2.5 and 9.2.17 of this Charter as well as the reduction of the Company's Charter Capital by reducing the nominal value of Common Shares
and/or Preferred Shares pursuant to sub-clause 9.2.7 of this Charter shall require the approval of three-quarters (75%) majority of the votes of the Shareholders holding voting shares and participating in the Shareholders' General Meeting.
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A decision on the placement by open subscription of common shares of the Company or securities of the Company convertible
into common shares which comprise or may be converted into common shares in an amount exceeding 25% of the previously placed Common Shares of the Company shall also be taken by the Shareholders' General Meeting by a three-fourths (75%) majority
vote of Shareholders holding voting shares and participating in the Shareholders' General Meeting. A decision to increase the Charter Capital of the Company through the issuance of additional common or preferred shares or securities of the Company
convertible into common shares, by closed subscription, shall be taken by a three fourths (75%) majority vote of Shareholders holding voting shares and participating in the Shareholders' General Meeting.



|9.4 | Decisions on issues specified in sub-clauses 9.2.1-9.2.22 of Article 9.2 shall be within the jurisdiction of the Shareholders General Meeting and may not be referred to the
Board of Directors or the General Director of the Company.
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|9.5 | The annual Shareholders General Meeting shall decide on the issues of election of the Board of Directors of the Company and the Audit Commission of the Company, shall approve
the external auditor of the Company, and shall approve the annual report, annual accounting statements, including reports on the profits and losses (profit and losses accounts) of the Company to be submitted by the Companys Board of Directors,
as well as on the distribution of profits (including payment (declaration) of dividends), and the Company's losses based on the results of the fiscal year. The annual Shareholders General Meeting shall be conducted not earlier than two
(2) months and not later than six (6) months after the expiration of the fiscal year of the Company on the date determined by the Board of Directors at the moment of convening the Meeting.
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|9.6 | In addition to the annual ShareholdersGeneral Meeting, extraordinary meetings may be held. Extraordinary ShareholdersGeneral Meetings may be
convened by the Board of Directors to consider any issue within the competence of the Shareholders General Meeting. The Board of Directors shall be obliged to call an extraordinary Shareholders General Meeting within the minimum period
allowed by applicable law upon its own decision or upon the written request of Shareholders owning jointly not less than 10% of the Company's voting shares on the date of such request, the Audit Commission/the internal auditor or external auditor of
the Company. Such a request must include the agenda for the requested meeting and other information required by applicable law.
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|9.7 | Notice of a forthcoming Shareholders General Meeting shall be given at least 30 days prior to the
Shareholders General Meeting unless a longer period is required by applicable law. All notices, including notifications on convening a Shareholders General Meeting, together with the voting ballots, shall be sent to each person included
in the list of persons having the right to participate in the Shareholders' General Meeting, by registered mail or delivered in person against a receipt at the address specified in the shareholders register of the Company, or at such other
address, if the Shareholder informed the Board of Directors of such other address in writing. Upon the decision of the Shareholders General Meeting, notice on convening a meeting and its agenda may be published in a newspaper as determined by
the ShareholdersGeneral Meeting not less than 30 days prior to the meeting. The agenda may not be changed after its distribution and/or
publication. The Board of Directors shall be responsible for taking all measures necessary to convene the Shareholders General Meeting in accordance with applicable law.
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|9.8 | The Shareholders General Meeting shall have authority (quorum shall be met) if Shareholders (or their representatives) owning in the aggregate more than one-half (50%) of
the votes of the Companys issued and outstanding voting shares participate in the Shareholders' General Meeting. In the absence of quorum for holding an Annual Shareholders' General Meeting, a rescheduled Annual Shareholders General
Meeting with the same agenda shall be held. In the absence of quorum for holding an Extraordinary Shareholders' General Meeting, a rescheduled Extraordinary Shareholders General Meeting with the same agenda may be held. A rescheduled
Shareholders General Meeting shall be called and held no later than 30 days after the failed Shareholders General Meeting, unless a later date is required under applicable law. A rescheduled Shareholders' General Meeting shall be
considered to have a quorum if Shareholders (or their representatives) owning in the aggregate at least thirty percent (30%) of the Companys issued and outstanding voting shares participate in the rescheduled Shareholders General
Meeting.
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|9.9 | The Chairman of the Board of Directors shall preside at the ShareholdersGeneral Meeting or he/she may delegate the powers to another member of the Board of Directors.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.10 | Voting at ShareholdersGeneral Meetings shall be conducted by ballots.
|---- | ----------------------------------------------------------------------



|9.11 | The Shareholders shall be informed of the decisions taken by the Shareholders General Meeting, as well as voting results by having notice of the decisions and voting results
sent to them by registered mail or delivered in person with return receipt not later than ten (10) days after the execution of the minutes reflecting the voting results.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10. | THE BOARD OF DIRECTORS
|--- | ----------------------



|10.1 | The board of directors of the Company (the "Board of Directors") shall carry out the general management of the Companys activities, except those issues within the competence
of the Shareholders General Meeting by legislation and this Charter.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.2 | The Board of Directors shall consist of 9 members. The members of the Board of Directors shall be elected by the Shareholders General Meeting by means of cumulative voting for
a period ending on the date of the next Annual Shareholders' General Meeting, unless the authority of all members of the Board of Directors is terminated earlier by decision of an Extraordinary Shareholders' General Meeting.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|10.3 | The Board of Directors shall take decisions and organize its work at its own discretion. The Board of Directors shall meet on an as-needed basis but no less than once a quarter.
Meetings of the Board of Directors shall be convened in accordance with procedures adopted by the Board of Directors, at the initiative of the Chairman of the Board of Directors or upon the request of a member of the Board of Directors, the Audit
Commission/the internal auditor, the external auditor of the Company or the General Director. The Chairman of the Board of Directors shall give all the members of the Board of Directors notice of the meeting together with the agenda at least ten
(10) but no more than thirty (30) days prior to the meeting; provided, however, that prior to or at any meeting of the Board of Directors, the members of the Board of Directors may unanimously decide to waive in writing the notice
requirement with respect to that meeting and/or, if all members are present at the meeting, the members of the Board of Directors may unanimously decide to add additional items to the agenda; in the event that not all the members of the Board of
Directors are present at the meeting, the agenda may not be changed. Two-thirds (2/3) of the total number of members of the Board of Directors shall constitute a quorum for any meeting of the Board of Directors; provided, however, that the
presence (or, with respect to any meeting by ballot, the vote) of at least one duly elected member of the Board of Directors nominated separately by each holder (if any) of at least 25% plus one share of the issued and outstanding voting capital
stock of the Company shall be required to constitute any such quorum. The Chairman of the Board of Directors shall be elected by the members of the Board of Directors for a period ending on the date of the next Annual Shareholders' General Meeting,
unless his authority is terminated earlier by decision of the Board of Directors.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.4 | Each member of the Board of Directors shall have one vote. In case of a tie, the Chairman of the Board of Directors shall cast the decisive vote. Decisions of the Board of Directors
shall be adopted by a simple majority of its members votes, unless otherwise specified by this Charter, the procedural regulations of the Board of Directors or applicable law; provided that the procedural regulations of the Board of Directors
shall not reduce the voting requirements provided for by this Charter or applicable law. Decisions may be made in writing, by mail, telex, telegram or facsimile transmission without the members of the Board of Directors being physically present at
the meeting (absentee ballot voting) provided such decisions are taken unanimously by all members of the Board of Directors. In such cases, written decisions signed by all members of the Board of Directors of the Company shall be valid as if they
were adopted at a normal meeting of the Board of Directors.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.5 | The competence of the Board of Directors shall include all matters relating to the general management of the Company's activities except those matters within the competence of the
Shareholders' General Meeting. The Companys Board of Directors shall have the right to take decisions on limiting the competence of the Companys executive body (General Director) to the extent permitted by the current laws of the Russian
Federation, and, consequently, take decisions on increasing the competence of the Board of Directors to the extent permitted by the current laws of the Russian Federation. The competence of the Board of Directors shall include the following matters:
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.1 | determination of the Companys business priorities and approval of the strategic orientations of the Company as advised by the General Director;
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.2 | convening of annual and extraordinary Shareholders General Meetings, approval of their agendas, determination of the record date for determining persons entitled to attend
Shareholders General Meetings and other matters relating to the preparation for and convening of Shareholders General Meetings;
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.3 | placement of bonds and other securities of the Company in accordance with applicable law;
| | ------ | -----------------------------------------------------------------------------------------



| | 10.5.4 | determination of the price (monetary value) of property, and the placement and redemption price of securities in accordance with applicable law;
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.5 | acquisition of shares placed by the Company, bonds and other securities of the Company in accordance with applicable law;
| | ------ | -------------------------------------------------------------------------------------------------------------------------



| | 10.5.6 | determination of the amount of payment for the services of the external auditor of the Company;
| | ------ | -----------------------------------------------------------------------------------------------



| | 10.5.7 | recommendation of the amounts of the annual dividends on Common Shares and the procedure for the payment of annual dividends on Common Shares and Preferred Shares;
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 10.5.8 | use of the reserve fund and other funds of the Company;
| | ------ | -------------------------------------------------------



| | 10.5.9 | approval, amendment or termination of the Companys internal documents, except for those documents which must be approved by the Shareholders General Meeting;
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.10 | establishment or termination of activities of branch offices, representative offices or subsidiaries of the Company, including, without limitation, the making of decisions on the
Company's participation in, and termination of the Company's participation in, other organizations, except as otherwise specifically provided by applicable law;
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.11 | acquisition or sale of the shareholdings in other enterprises;
| | ------- | --------------------------------------------------------------



| | 10.5.12 | approval of a major transaction or series of transactions connected with the acquisition, disposal or potential disposal (directly or indirectly) of property by the Company as
provided by applicable law;
| | ------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.13 | approval of transactions with interested parties as provided by applicable law;
| | ------- | -------------------------------------------------------------------------------



| | 10.5.14 | approval of the registrar of the Company and the terms of the agreement with the registrar and termination thereof;
| | ------- | -------------------------------------------------------------------------------------------------------------------



| | 10.5.15 | appointment and dismissal of the General Director, and premature termination of his authority, determination of the amount of remuneration and compensation paid to him, as well as
clarification of his obligations and authorities;
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.16 | approval of the appointment of the members of senior management appointed by the General Director;
| | ------- | --------------------------------------------------------------------------------------------------



| | 10.5.17 | approval of the compensation policy and total remuneration fund for senior management;
| | ------- | --------------------------------------------------------------------------------------



| | 10.5.18 | approval of the organizational management structure proposed by the General Director;
| | ------- | -------------------------------------------------------------------------------------



| | 10.5.19 | approval of the annual budget (including, without limitation, revenues, costs, profits, planned investments, capital expenditures) and the business plan which shall include the cost
of new lines of business, and any amendments thereto;
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.5.20 | resolution of other issues in its competence under applicable law and this Charter, except for those issues which are in the competence of the Shareholders General Meeting.
| | ------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.6 | Unless otherwise required by applicable law, decisions on the issues specified in Article 10.5.7 of this Charter shall be taken by the affirmative vote of not less than two-thirds
of all members of the Board of Directors. If a higher percentage is not required by applicable law, decisions on matters set forth in Articles 10.5.1, 10.5.9, 10.5.11, 10.5.19 and 10.7 of this Charter, as well as the appointment and dismissal of the
General Director, and early termination of his authority pursuant to Article 10.5.15 of this Charter, shall require the approval of no less than eighty percent (80%) of the total number of votes of the members of the Board of Directors.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.7 | The General Director shall obtain the approval of the Board of Directors of the Company before entering into any agreements beyond the limits of the approved budget and business
plan.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11. | THE MANAGEMENT OF THE COMPANY
|--- | -----------------------------



|11.1 | The General Director of the Company shall carry out the management of the Companys activities on a day-to-day basis. The competence of the General Director of the Company
shall include all matters pertaining to the current activities of the Company except (a) matters included within the competence of the Shareholders' General Meeting or the Board of Directors of the Company and (b) matters which the Board
of Directors has removed from the competence of the Companys executive body (General Director) in accordance with Article 10.5 of this Charter. The General Director of the Company shall organize the implementation of decisions of the
Shareholders General Meeting and Board of Directors of the Company. The General Director shall act on behalf of the Company without a power of attorney, and shall, in particular, represent the Companys interests, conclude transactions on
behalf of the Company, approve personnel schedules, issue orders and give instructions binding upon all employees of the Company.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|11.2 | The General Director may not simultaneously serve as the Chairman of the Board of Directors.
|---- | --------------------------------------------------------------------------------------------



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|11.3 | The executive body shall bear responsibility for the organization, condition and authenticity of book-keeping of the Company, timely submission of the annual report and other
financial reporting to the relevant authorities, as well as information on the Companys activities provided to Shareholders, creditors and mass media in accordance with applicable legislation and an agreement to be concluded by and between the
Company and the executive body.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12. | AUDIT COMMISSION AND AUDITOR
|--- | ----------------------------



|12.1 | The Audit Commission shall review the financial and economic activities of the Company based on the annual results of the Company, and at any time at its own initiative, upon the
request of the Shareholders General Meeting or the Board of Directors, or upon the request of a Shareholder(s) owning, in aggregate, at least 10% of the voting shares of the Company. The procedure for its activities and form of reports of the
Audit Commission shall be determined by an internal document of the Company approved by the Shareholders General Meeting in accordance with applicable law. The annual report and the balance sheet shall be submitted by the General Director to
the Shareholders' General Meeting only together with an opinion from the Audit Commission.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.2 | The Audit Commission of the Company shall consist of three members. Members of the Audit Commission of the Company may not be simultaneously members of the Board of Directors or
hold other offices in the managerial bodies of the Company.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.3 | Company officials shall be obliged to provide all the necessary documents and personal explanations at the request of the Audit Commission.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------



|12.4 | The authority of the Audit Commission shall include the following issues:
|---- | -------------------------------------------------------------------------



| | (a) | the right to review the performance of the Company's external auditors, issue opinions and make recommendations regarding their performance, meet with them independently of the
Company's management and follow up on any recommendations made by the external auditors;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the right to review and issue opinions and recommendations to the Board of Directors and/or the Shareholders General Meeting regarding the Company's auditing and accounting
principles and practices;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the right to be advised of any significant issues relating to the Company's auditing or accounting activities;
| | --- | --------------------------------------------------------------------------------------------------------------



| | (d) | the right to review the activities, reports, organizational structure and qualifications of the Internal Audit Department of the Company, follow up on any recommendations and
decisions of the Internal Audit Department, and issue opinions to the Shareholders' General Meeting and/or the Board of Directors, at the Audit Commission's own discretion or upon the request of the Board of Directors or Shareholders General
Meeting, regarding the performance of the Internal Audit Department of the Company, internal audit departments in the companies in which the Company holds an interest and/or the external auditors of the Company or such companies;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the right and responsibility to investigate and report to the Shareholders' General Meeting and/or the Board of Directors on the adequacy and effectiveness of the controls in place
which regulate the operations and financial reporting in the Company and the companies in which the Company has an interest, the Company's relationship with such companies, and the right to monitor the Company's compliance with ethical standards and
corporate securities trading policies standards;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | the right to review both potential and previously executed interested party transactions as defined under Russian legislation and to provide the Shareholders General Meeting
and/or the Board of Directors with the Audit Commission's recommendations regarding its approval of such transactions and whether they were executed in accordance with the normal course of business;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (g) | the right to define the content and format of the information which the Board of Directors, external auditors and the Internal Audit Department of the Company are to report to the
Audit Commission and the regularity with which such reports are to be made;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | the right to access any files and systems of the Company and to access and require any information related to the Company and the companies in which the Company holds an interest;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the right to recruit, at the expense of the Company, external specialists and/or consultants to assist the Audit Commission in its work, including conducting expertise on such
matters as the Audit Commission may decide, if the costs of such specialists and/or consultants have been approved by the Board of Directors or are set forth in the budget of the Audit Commission;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | the right to request and receive, on behalf of the Company, information from the companies in which the Company holds an interest; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (k) | other issues, rights and responsibilities as set forth in applicable law and in the Bylaws of the Audit Commission
| | --- | ------------------------------------------------------------------------------------------------------------------



|12.5 | The Company may conclude a contract with a specialized organization (external auditor) for audit and certification of the annual financial report of the Company.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.6 | The authority of the members of the Audit Commission may be terminated early by the decision of the Shareholders General Meeting. The decision of the Shareholders
General Meeting on such early termination of the authority of the members of the Audit Commission may be taken only with respect to all members of the Audit Commission.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13. | REORGANIZATION AND LIQUIDATION OF THE COMPANY
|--- | ---------------------------------------------



|13.1 | The Company shall be liquidated by decision of the ShareholdersGeneral Meeting, by decision of a court of competent jurisdiction or in other cases in accordance with applicable law. The Company shall be considered liquidated as of the
moment of insertion of a corresponding entry in the unified state register of legal entities. Liquidation of the Company shall be carried out in accordance with applicable law.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



12



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True copy

Registration
stamp of inspection # 13 of the Federal Tax Service for the city of Moscow, dated October 16, 2007

OGRN # 1027700166636

GRN # 2077761173631as of October 11, 2007

The head of the department
Sorokina N.D.

/signed/

/seal/

The copy of the document is kept at the registration department



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