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DECISION OF THE GOVERNMENT OF THE RUSSIAN FEDERATION
                         NO. 468 OF JUNE 23, 2008
             ON THE INTRODUCTION OF AMENDMENTS INTO DECISION
               OF THE GOVERNMENT OF THE RUSSIAN FEDERATION
                         NO. 134 OF MARCH 1, 2008

     The Government of the Russian Federation hereby resolves:
     1. To approve the hereto enclosed Amendments to Be  Introduced  into
the Rules for the Formation and Use of  Budgetary  Allocations  from  the
Investment Fund of the Russian Federation, approved by  Decision  of  the
Government of the Russian Federation No. 134 of March 1, 2008  (Sobraniye
Zakonodatelstva Rossiiskoy Federatsii, No. 10, 2008, Item 932).
     2. The Ministry of Regional Development of  the  Russian  Federation
shall:
     a) direct in 2008 for financing investment projects of regional  and
interregional importance (hereinafter referred to as regional  investment
projects) budgetary allocations from the Investment Fund of  the  Russian
Federation in an amount of up to 80 billion roubles;
     b) to approve in agreement with  the  Ministry  of  Finance  of  the
Russian Federation and with the Ministry of Economic Development  of  the
Russian Federation within three months as from the  date  of  entry  into
force of the present Decision the  methodology  for  the  calculation  of
indices and for the application of the efficiency  criteria  of  regional
investment projects;
     c) to approve within three months as from the  date  of  entry  into
force of the present Decision the following normative legal acts:
     - the model form for an agreement between the  responsible  executor
(responsible executors) of a regional investment project and the Ministry
of Regional Development of the Russian Federation on  granting  budgetary
allocations from the Investment Fund of the  Russian  Federation  for  an
implementation of the regional investment project;
     - the form for an application from  the  higher  executive  body  of
state power of the subject of the Russian Federation  for  being  granted
budgetary allocations from the Investment Fund of the Russian  Federation
for an implementation of the regional investment project.
     3.  The  responsible   executors   of   the   investment   projects,
incorporating the elaboration of the project  documentation  for  capital
construction objects, shall provide for the elaboration of passports  for
the said projects and for their concepts, and submit to the  Ministry  of
Regional Development of the Russian Federation the draft Decisions of the
Government of the Russian Federation on the approval of the passports  of
these projects within three months as from the day of entry into force of
the present Decision.
     4. To lay it down that the provisions, stipulated in Subitem  (s)  of
Item 28, in Subitem (d) of Item 36, in Subitems (b) and (c) of Item  56,  in
Subitems (b) and (c) of Item 60 and in Subitem (d) of Item 81 of  the  Rules
for the Formation and Use of Budgetary Allocations  from  the  Investment
Fund of the Russian Federation, shall be applied from January 1, 2009.
     5. The Ministry of Finance of the Russian Federation  shall  approve
in the established order the limits of budgetary liabilities with respect
to the investment projects, incorporating the elaboration of the  project
documentation  for  capital  construction  projects,  approved   by   the
Government of the Russian Federation before July 1, 2008.
Chairman of the Government
of the Russian Federation                                       V. Putin

                                Amendments
          to Be Introduced into the Rules for the Formation and
          Use of Budgetary Allocations from the Investment Fund
                        of the Russian Federation
          (approved by Decision of the Government of the Russian
                   Federation No. 468 of June 23, 2008)

     1.  In  Item  1  after  the  words,  "(hereinafter  referred  to  as
projects)," shall be added the words, "of investment projects of regional
and interregional importance, implemented on the terms of the  state  and
private partnership  (hereinafter  referred  to  as  regional  investment
projects),".
     2. Item 2 shall be extended by a paragraph of the following content:
     "When preparing the draft federal law on the federal budget for  the
following financial year and for the planned period, the volume of  funds
from the federal  budget,  stipulated  for  the  formation  of  budgetary
allocations from the Investment Fund of the Russian Federation, shall  be
defined in accordance with the procedure, established by  the  Government
of the Russian Federation.".
     3. In Subitem a) of Item 6 the words, "of the  concession  project",
shall be replaced by the words, "of the concession agreement".
     4. Item 8 after the words, "(hereinafter referred to  as  concession
projects)", shall be added the words, ", as well as for an implementation
of regional investment projects".
     5.  In  the  fourth  paragraph  of  Item  12  the  words,  "for   an
implementation of concession projects", shall be replaced by  the  words,
"for an implementation of concession agreements", and the words, "of  the
cost of an investment project", shall be replaced by the words,  "of  the
cost of an object of the concession agreement".
     6. In Item 14 the words, "of the ultimate volume", shall be deleted.
     7. Item 16 shall be removed.
     8. In Item 17 the words,  "of  the  size  of  the  Fund",  shall  be
replaced by the words, "of the volume of the Fund".
     9. In the second paragraph of Subitem c) of Item 18, the words, "the
Ministry of Economic Development and Trade of  the  Russian  Federation",
shall be replaced by the words, "the Ministry of Economic Development  of
the Russian Federation".
     10. In the fifth and the sixth paragraphs of  Item  19,  the  words,
"the  Ministry  of  Economic  Development  and  Trade  of   the   Russian
Federation", in the corresponding grammar case shall be replaced  by  the
words, "the Ministry of Economic Development of the Russian  Federation",
in the corresponding grammar case.
     11. The third  paragraph  of  Item  26  shall  be  rendered  in  the
following edition:
     "At the second stage, the Government Commission on the  Projects  of
General State Importance  (hereinafter  referred  to  as  the  Government
Commission) shall consider the draft projects, selected by the investment
commission,  and  shall  adopt  the  decision   on   granting   budgetary
allocations from the Fund, or on the refusal to grant such.".
     12. Subitem h) of  Item  28  shall  be  rendered  in  the  following
edition:
     "h) a copy of  the  protocol  or  another  document  on  the  credit
institution's intention to grant a credit to the initiator, if the  draft
project is approved by the Government Commission (in case borrowed  funds
are attracted for financing the draft project);".
     13. In Subitem i) of Item 28 after the word, "participation",  shall
be added the words, "of the initiator".
     14. In the third paragraph of Item 29 the words, "by the head of the
organisation and certified by the seal of the organisation (signed by the
individual businessman)", shall be replaced by the words, "and  certified
by the seal of the initiator of the concession project".
     15. In Item 30 the words, ", signed by the head of the  organisation
and certified by the seal of the organisation (signed by  the  individual
businessman)", shall be deleted.
     16. The first paragraph of Item 33 after the  words,  "Selection  of
projects is carried out",  shall  be  extended  by  the  words,  "by  the
investment commission".
     17. In Item  38  the  words,  "considers  the  projects",  shall  be
replaced by the words, "considers the list of the projects".
     18. Item 42 shall  be  extended  by  Subitem  f)  of  the  following
content:
     "f) the draft  of  an  agreement,  concluded  between  the  investor
(investors)  and  the  responsible  executor   (responsible   executors),
determining the procedure for interaction of the parties to the agreement
in the course of elaboration of the  project  documentation  for  capital
construction objects (if such exist)".
     19. In Item 44 the words, ", signed by the head of the  organisation
and certified by the seal of the organisation (signed by  the  individual
businessman)", shall be omitted.
     20. In Subitem a) of Item 47:
     - after the words, "the protocol of the session", shall be added the
words, "of the investment";
     - the words, "of the projects, for which the  project  documentation
on capital construction objects is elaborated", shall be deleted.
     21. In Item 48 the words, "of the projects, for  which  the  project
documentation on capital construction objects is  elaborated",  shall  be
replaced by the words, "in conformity with Item 47 of the present Rules",
and the words, "in Item 43", shall be replaced by  the  words,  "in  Item
47".
     22. In Item 49 the words, "considers the concepts of  the  projects,
as well as the documents", shall be replaced by the words, "approves  the
concepts of the projects and considers the documents", and the words, "in
Item 43", shall be replaced by the words, "in Item 47".
     23. In Item 50:
     - the words, "within a  week",  shall  be  replaced  by  the  words,
"within a month";
     - the words, "the list  of  the  projects,  for  which  the  project
documentation on capital construction  objects  is  elaborated,  and  the
concepts  of  the  projects,  for  which  the  project  documentation  is
elaborated on capital construction objects", shall  be  replaced  by  the
words, "the list and the projects of the passports of the  projects,  for
which the  project  documentation  on  capital  construction  objects  is
elaborated, and the concepts of the said projects";
     - the words, "for the approval", shall be deleted.
     24. Item 51 shall be rendered in the following edition:
     "51. On the ground of the Order of the  Government  of  the  Russian
Federation on the Approval of the  List  and  of  the  Passports  of  the
Projects, for Which the Project  Documentation  on  Capital  Construction
Objects Is  Elaborated,  the  responsible  executors  shall  approve  the
technical task for  the  elaboration  of  the  project  documentation  on
capital construction objects. The said technical  task  shall  be  agreed
with the Federal Ministry  before  it  is  approved  by  the  responsible
executor.".
     25. In Subitem c) of Item 54, the words, "the state support  in  the
form of", shall be replaced by the words, "the granting of".
     26. In Subitem c) of Item 55:
     - after the words, "(responsible executors)",  shall  be  added  the
words, "and the investor (investors)";
     - the words, "shall conclude",  shall  be  replaced  by  the  words,
"shall conclude within two months".
     27. In Item 56:
     - in Subitems b) and c) the words,  "(on  the  capital  construction
objects, whose creation is started after  January  1,  2008)",  shall  be
deleted;
     - Subitem d) shall be extended by the words, " -  if  its  obligatory
carrying out is stipulated in the legislation of the Russian Federation."
     28. Subitem b) of Item 57 shall be removed.
     29. Subitem b) of Item 59 shall be removed.
     30. In Item 60:
     - in the first paragraph the words, "for the recipients of the funds
of the federal  budget",  shall  be  replaced  by  the  words,  "for  the
recipients of funds from the federal budget,", and  the  words,  "of  the
Federal Treasury on the settlement accounts of the  concessioner,  opened
to him", shall be replaced by the words, "of the Federal  Treasury,  onto
the concessioner's settlement accounts, opened to him";
     - in Subitem b), the words, "(by the capital  construction  objects,
whose creation is to be  started  as  from  March  1,  2008)",  shall  be
deleted.
     - in Subitem c) the words, "(by the  capital  construction  objects,
whose creation is to be  started  as  from  March  1,  2008)",  shall  be
removed.
     31. Item 65 shall be  extended  by  a  paragraph  of  the  following
content:
     "Revision of the passports of investment projects, approved  by  the
Government of the Russian Federation, towards an increase of expenditures
from the federal budget, envisaged for an implementation of the  project,
is inadmissible.".
     32. Chapter X of the following content shall be added:

        "X. Specifics in Granting the Fund's Budgetary Allocations
          for an Implementation of Regional Investment Projects

     "66. Budgetary allocations from the  Fund  may  be  granted  for  an
implementation  of   regional   investment   projects,   aimed   at   the
socio-economic development of the subjects of the Russian  Federation  in
the part of creation and (or) development of objects  in  the  transport,
the communal and the energy infrastructure of the state property  of  the
subjects of the Russian Federation and (or) of the municipal property, as
well as for an implementation of innovation projects.
     "The  volume  of   the   Fund's   budgetary   allocations   for   an
implementation of regional investment projects shall be determined by the
Government of the Russian Federation.
     "67. To regional investment projects shall be referred the projects,
implemented on the territory of one subject of the Russian Federation. To
regional  investment  projects  of  interregional  importance  shall   be
referred the projects, implemented on  the  territory  of  two  and  more
subjects of the Russian Federation.
     "68. The procedure, laid down in the present Rules for granting  the
Fund's budgetary allocations for an implementation of projects, shall  be
applied  towards  regional  investment  projects  with   the   specifics,
established in the present Chapter.
     "69. The residual of the  unused  volume  of  the  Fund's  budgetary
allocations for an implementation of regional investment  projects  shall
be used in the following financial year in conformity with the  budgetary
legislation of the Russian Federation.
     "70. The responsible executor (responsible  executors)  of  regional
investment projects are the higher executive power bodies of the subjects
of the  Russian  Federation,  or  the  executive-directive  body  of  the
municipal entity, on whose territory the regional investment projects are
implemented.
     "71. The Fund's  budgetary  allocations  for  an  implementation  of
regional investment projects may be  granted  in  the  form,  defined  in
Subitem b) of Item 11 of the present Rules.
     "72. The Fund's  budgetary  allocations  for  an  implementation  of
regional investment projects shall be granted under  the  condition  that
the share of financing of a regional investment project on  the  part  of
the investor (investors), taking part in an implementation of a  regional
investment project, comprises not less than 50 per cent of  the  cost  of
the regional investment project.
     "If  the  Fund's  budgetary   allocations   are   granted   for   an
implementation  of  regional   investment   projects   of   interregional
importance, the term, established in the first paragraph of  the  present
Item, shall be observed for every subject of the Russian  Federation,  on
whose  territory  the  corresponding  regional  investment   project   is
implemented.
     "73. Regional investment projects shall be selected on the basis  of
criteria, defined in Subitems a), b), d) and f) of Item 18 of the present
Rules, as well as on the ground of the following criteria:
     "a)  correspondence  of  the  volume  of  financing  of  a  regional
investment project at the expense of funds from the budget of the Russian
Federation to the minimum level of co-financing,  defined  in  conformity
with  the  methodology  for  the  calculation  of  indices  and  for   an
application of the criteria of  the  efficiency  of  regional  investment
projects;
     "b) the cost of regional investment projects,  established  for  the
receipt of the Fund's budgetary  allocations,  comprising  at  least  500
million roubles;
     "c)  correspondence  of  the  regional  investment  project  to  the
strategy of the socio-economic development of the subject of the  Russian
Federation, approved in the established order.
     "74. The ultimate size of the Fund's  budgetary  allocations,  which
may be granted in the course of one financial year for an  implementation
of regional investment projects, shall be defined with respect  to  every
subject of the Russian Federation in conformity with the methodology  for
the calculation of indices and for an application of the criteria of  the
efficiency of regional investment projects.
     "75. The regional investment projects, which have  passed  selection
on the basis of the criteria, mentioned in Item 73 of the present  Rules,
are subject to selection on  the  basis  of  indices  of  the  financial,
budgetary and economic efficiency (the quantity criteria).
     "The indices of the financial efficiency of  a  regional  investment
project are such  indices,  as  the  net  reduced  cost  of  the  project
(characterises an excess of the total sum of monetary funds,  derived  by
all investors from an implementation of the  project,  including  private
investors, over the summary expenditure with  taking  into  consideration
discounting, and is defined as the accumulated discounted effect from  an
implementation of the project over the  accounting  period)  and  as  the
internal norm of the project's profitability (the  discounting  rate,  at
which the net reduced cost of the project is equal to zero).
     "The index of the budgetary  efficiency  of  a  regional  investment
project is the ratio of the discounted tax incomings into the budgets  of
the budgetary system of the  Russian  Federation,  substantiated  by  its
implementation, to the volume of the Fund's budgetary allocations.
     "The index of the  economic  efficiency  of  a  regional  investment
project is the volume of its contribution into the increment of the gross
regional product of the subject  of  the  Russian  Federation,  on  whose
territory the regional investment project is implemented.
     "The procedure for the calculation of the said quantity criteria  is
established by the methodology for the calculation of indices and for the
application of the criteria of  the  efficiency  of  regional  investment
projects.
     "76. A regional investment project shall be admitted  for  selection
if there is a positive conclusion of the investment consultant, in  which
shall be reflected correspondence of the regional investment  project  to
the criterion of financial efficiency. The investment consultant,  chosen
by the investor, shall have a rating, not lower than that of the  Russian
Federation, awarded by one of such international rating agencies  as  the
Standard & Poors, the Moody's Investors Service and the Fitch Ratings.
     "77. For obtaining the conclusion on a regional investment  project,
the initiator, wishing  to  participate  in  the  selection  of  regional
investment projects, shall direct to the higher executive power  body  of
the subject of the Russian Federation, on whose  territory  the  regional
investment project is planned to be implemented, an application for being
granted the Fund's budgetary allocations (indicating the necessary volume
of the Fund's budgetary allocations with an account for the  value  added
tax in the prices, formed as in the state on January 1 of the year,  when
the application is filed, as well as indicating  the  annual  volumes  of
financing of the  regional  investment  project  in  the  prices  of  the
corresponding years, with the substantiation of the need to implement the
project and with the indication of the principal results,  expected  from
its implementation.
     "To this application shall be enclosed the documents,  indicated  in
Subitems b) - s)  of  Item  28  of  the  present  Rules.  The  documents,
mentioned in Subitems b) - i) and m) - o)  of  Item  28  of  the  present
Rules, shall be submitted by the investors, participating in the regional
investment project.
     "The said documents shall  be  submitted  (in  two  copies)  to  the
Ministry of Regional Development of the Russian Federation by the  higher
official of the subject of the Russian Federation, on whose territory  it
is planned to implement the corresponding regional investment projects.
     "78.  For  consideration  shall  be  accepted  an  application   and
documents, submitted in accordance with the established form and in  full
volume, which are mentioned in Item 77 of the present Rules.
     "79. Commercial organisations, planning to take part in  a  regional
investment project as investors, shall meet the demands,  established  in
Item 32 of the present Rules.
     "80. The Ministry of Regional Development of the Russian  Federation
shall  check  the  authenticity  of  the  documents  the  initiator   has
submitted.  Regional  investment  projects  shall  be  selected  by   the
investment commission on the ground of:
     "a) the conclusions on the regional investment project, submitted by
the investment consultants;
     "b) the conclusion on the regional investment project, submitted  by
the executive power body of the subject of  the  Russian  Federation,  on
whose territory this project is implemented;
     "c)  correspondence  of  the  regional  investment  project  to  the
criteria of selection, pointed out in Item 73 of the present Rules;
     "d) correspondence of  the  values  of  indices  of  the  financial,
economic and budgetary efficiency of the regional investment  project  to
the ultimate values, defined in conformity with the methodology  for  the
calculation of indices and for an application of  the  criteria  for  the
efficiency of regional investment projects.
     "81.  After  carrying  out  the  selection  of  regional  investment
projects, the following documents shall be formalised:
     "a) the protocol of the session of  the  investment  commission,  in
which shall be  reflected  the  results  of  the  selection  of  regional
investment projects;
     "b)  the  draft   agreement   between   the   responsible   executor
(responsible executors) of a regional investment project and the Ministry
of Regional Development of the Russian Federation for granting the Fund's
budgetary allocations for an implementation of  the  regional  investment
project. If in the framework of implementation of the regional investment
project it is supposed to create  capital  construction  objects  of  the
municipal property, a party to the said agreement shall also be the chief
disposer of  funds  from  the  budget  of  the  subject  of  the  Russian
Federation, to which the Fund's budgetary allocations are granted for the
issue of the corresponding subsidies to the local budgets;
     "c) the draft investment agreement between the responsible  executor
(responsible executors)  and  the  investor  (investors),  formalised  in
conformity with the demands, established in the present Rules;
     "d) the conclusion of the Ministry of Regional  Development  of  the
Russian Federation on the efficiency of the use of funds from the federal
budget, directed towards capital investments. The value of the  index  of
budgetary efficiency, defined in accordance with Item 75 of  the  present
Rules, shall be equated to the value of the index of  efficiency  of  the
use  of  funds  from  the  federal  budget,  directed   towards   capital
investments;
     "e) the passport of a regional  investment  project,  formalised  in
accordance with the demands of the present Rules.
     "82. The  transfer  of  the  Fund's  budgetary  allocations  for  an
implementation of regional investment projects  to  the  budgets  of  the
subjects of the Russian Federation shall be effected in  the  established
order after the entry into force of the Order of the  Government  of  the
Russian Federation on the  approval  of  the  passport  of  the  regional
investment project and after the conclusion of the  agreement,  mentioned
in Subitem b) of Item 81 of the present Rules, onto the  account  of  the
territorial bodies of the Federal Treasury, opened for the cash servicing
of  the  execution  of  the  budgets  of  the  subjects  of  the  Russian
Federation, within the limits of the budgetary  liabilities  and  of  the
ultimate volumes of financing, stipulated for the  Ministry  of  Regional
Development of the Russian Federation.
     "83. The higher executive bodies of state power of the  subjects  of
the Russian Federation, which are the responsible executors  of  regional
investment  projects,  shall  conclude  investment  agreements  with  the
investors, taking  part  in  an  implementation  of  regional  investment
projects, within thirty days as from the day of transfer  of  the  Fund's
budgetary allocations.
     "84. The authorised executive power bodies of the  subjects  of  the
Russian Federation shall submit to the Ministry of  Regional  Development
of the Russian Federation reports on the expenditures of the  budgets  of
the subjects of the Russian Federation, the source  for  whose  financial
provision are the Fund's budgetary allocations, in  accordance  with  the
procedure and within the time terms, established in the agreement between
the  responsible  executor  (responsible  executors)  of   the   regional
investment project and  the  Ministry  of  Regional  Development  of  the
Russian Federation for granting the Fund's budgetary allocations  for  an
implementation of the regional investment project.
     "85. Applications for granting the Fund's budgetary allocations with
an account for the demands of the  methodology  for  the  calculation  of
indices and for the application of the  criteria  of  the  efficiency  of
regional investment  projects  shall  be  directed  to  the  Ministry  of
Regional  Development  of  the  Russian  Federation  not  later  than  on
September 1 of the corresponding financial year.
     "If the  said  applications  are  filed  with  respect  to  regional
investment projects of interregional importance, they shall be  presented
simultaneously with the copies of agreements  between  the  higher  state
power bodies  of  the  subjects  of  the  Russian  Federation,  on  whose
territory the regional investment projects are implemented.
     "86. The government commission shall consider the  applications  for
being  granted  the  Fund's  budgetary  allocations,  approved   by   the
investment commission, and shall adopt the decision with respect  to  all
such applications not later than  on  December  1  of  the  corresponding
financial year.
     "87. If an  application  for  being  granted  the  Fund's  budgetary
allocations is submitted with respect to a regional investment project of
interregional importance, the ultimate volume  of  the  Fund's  budgetary
allocations may be redistributed among the corresponding subjects of  the
Russian Federation, on whose territory the regional investment project is
implemented.".