Statement of Management’s Responsibilities for the Preparation and Approval of the Consolidated Financial Statements for the Year ended 31 December 2010

In preparing the consolidated financial statements, management is responsible for:

properly selecting and applying accounting policies;
presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group’s consolidated financial position and financial performance; and
making an assessment of the Group’s ability to continue as a going concern.

Management is also responsible for:

designing, implementing and maintaining an effective and sound system of internal controls, throughout the Group;
maintaining adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time the consolidated financial position of the Group, and which enable them to ensure that the consolidated financial statements of the Group comply with IFRS;
maintaining statutory accounting records in compliance with legislation and accounting standards in the jurisdictions in which the Group operates;
taking such steps as are reasonably available to them to safeguard the assets of the Group; and
preventing and detecting fraud and other irregularities.

Prokhorov M. D. General Director