In accordance with “Regulations of the Russian Federal Property Fund,” approved by Presidential Decree of the Russian Federation ¹2173 from December 17, 1993, the RFPF executes the following functions:

implements sales of stockholdings of companies (partnerships), enterprises and other federal establishments of ownership given over to it in the areas of administration of government property or its territorial agencies;

temporarily (until the moment of sale) controls the stated shares, certificates of ownership of the businesses or other objects of privatisation and during this period implements authority of the Russian Federation as proprietor of the general collection of stockholders (shareholders), performs business ventures in accordance with the legislation of the Russian Federation and constituent documents within the limits of Russian Federation owned shares in the charter capital of the businesses;

receives and transfers dividends and earnings from the privatisation of businesses in accordance to their revenue, as allowed for in the republican budget of the Russian Federation and standards established by the state program for privatisation of government and municipal enterprises in the Russian Federation (further referred to as the state program for privatisation);

within the limits of its authority granted by the Council of Ministers of the Russian Federation, the founders of joint-stock companies (partnerships) come forward and acquire shares (stock) in the joint-stock company (partnership) capital, the development of which is determined by the acceleration of national economy restructuring, protection of the natural environment, and development of regions, to the exclusion of joint-stock companies (partnerships) created in accordance with reorganisation of state and municipal enterprises;

as provided for in the plans for privatisation, exchanges Russian Federation owned shares of joint-stock companies for the purpose of payments of the charter capital created by the holdings of the company, with these stocks issued by the company;

with sales under the objectives of privatisation, puts into effect inspection of special terms granted to privatisation workers, as provided for in the plans for privatisation in accordance with current legislation.