TRUST MANAGEMENT RULES

of the open mutual investment fund of mixed investments “Maxwell Capital”

under the management of LLC “Maxwell Asset Management”

I. General Provisions

1. Name of the open mutual investment fund: open mutual investment fund of mixed investments “Maxwell Capital” under the management of LLC “Maxwell Asset Management” (hereinafter referred to as –  the Fund).

2. Type of the fund – open.

3. Full corporate name of the managing company of the fund Limited liability company “Maxwell Asset Management” (hereinafter referred to as – the Managing Company).

4. Place of location of the Managing Company: 75/9, Leninsky prospect, Moscow, 119261, Russian Federation.

5. License of the Managing Company dated June 17, 2003 No. 21-000-1-00122, issued by the Federal Commission for the Securities Market.

6. Full corporate name of the Specialized depository of the fund (hereinafter referred to as – Specialized depository);

Limited liability company “depository Irkol”.

7. Place of location of the specialized depository: bldg 1, 4/3, Miasnitsky proezd, Moscow, 107078, Russian Federation.

8. License of the specialized depository dated  December 20, 2000 No. 22-000-1-00023, issued by the Federal Commission for the Securities Market.

9. The Specialized depository shall be entitled to engage another depository for the performance of its obligations of custody and/or registration of rights over securities included in the fund.

10. Full corporate name of the person in charge of keeping the register of holders of investment units of the fund (hereinafter referred to as – investment units):

Closed joint stock company “Irkol”

11. Place of location of the person in charge of keeping the register of holders of investment units:

bldg 1, 3/4, Boyarsky per., Moscow, 107078, Russian Federation

12. License of the person in charge of keeping the register of holders of investment units dated August 09, 2002 No. 10-000-1-00250, issued by the Federal Commission for the Securities Market.

13. Full corporate name of the auditor of the fund:

Limited liability company “Consulting & audit firm “Business Perspective” ( hereinafter referred to as – the Auditor).

14. Place of location of the auditor of the fund:

bldg 1, 6 M. Palashevsky per., Moscow, 103104, Russian Federation.

15. License of the Auditor dated August 01, 2003 No. Е 004799, issued by the Ministry of Finance of the Russian Federation

16. The rules of trust management of the Fund (hereinafter referred to as – the Rules of the Fund) shall determine the terms of trust management of the Fund.

The settlor of the trust management shall provide the Managing  Company with the assets for trust management in order to unite that assets with the assets of other settlors of trust management and inclusion thereof in the Fund for a certain term  and the Managing Company shall undertake to carry out the trust management  in the interests of the settlor of trust management.

The accession to the agreement of trust management of the Fund shall be made by acquiring investment units being issued by the Managing Company.

17. The assets included in the Fund shall be common property of the settlors of trust management – holders of investment units (hereinafter referred to as – the holders of investment units) and belong to them as tenancy in common. Division of assets included in the Fund and apportionment of stake in kind shall not be admitted.

The accession to the agreement of trust management shall include the refusal of the holders of investment units to exercise the preemptive right of acquisition a stake in the title over the assets included in the Fund.

18. The holders of investment units shall run the risk of losses connected with the variation of market value of assets included in the Fund.

19. The term of fund formation since January 19, 2004 until April 19, 2004 or earlier upon reaching the cost of Fund assets 30,000,000.00 Rubles (Thirty million Rubles 00 kopecks).

20. In the event on the expiry of the term of the Fund formation the assets value became less than the sum on reaching of which the Fund is deemed to be formed, the agreement of trust management of the fund with all the holders of investment units shall terminate. In that case the Fund shall be terminated in accordance with the Federal Law “On investment funds”. The remunerations charged to the Managing Company, the Specialized depository, the Person in charge of keeping the register of holders of investment units and the Auditor shall not be paid and the costs connected with the trust management of the Fund and Fund termination shall not be reimbursed. 

21. The expiriation date of the agreement of trust management of the Fund is January 19, 2019.

22. The term of the agreement of trust management of the Fund shall be deemed extended for the same term if the holders of investment units had not claimed the redemption of all investment units held by them by the moment the agreement expiration stipulated by the Rules of the Fund.

II. Investment Declaration

23. The objective of investment policy of the Managing Company shall include the short-term investment of funds into securities in order to attain the gain of assets included in the Fund.

24. The assets included in the Fund may be invested in:

• state securities of the Russian Federation;
• state securities of the constituent territories of the Russian Federation;
• securities of the Russian municipal formations;
• shares of Russian open joint stock companies, except for the shares of Russian joint stock  investment funds included in the categories of real estate funds ore funds of funds;
• bonds of Russian business companies if the state registration of it’s issue was accompanied with the registration of its prospectus of issue;
• investment units of open or interval mutual investment funds;
• investment units of closed mutual investment funds included in the quotation list of trade institutors;
• securities of foreign states;
• securities of international financial organizations;
• shares of foreign joint stock companies;
• bonds of foreign commercial entities;

The Fund assets will be invested in ordinary and preferred shares and bonds of issuers engaged, mainly, in the following branches of industry: power industry, fuel industry, communication and telecommunications, chemical industry, mechanical engineering and metalworking, metallurgy, trade, transport, food industry, financial sector and insurance, forest, woodworking, pulp & paper industry, mineral resource industry, construction, science and scientific service, industry of construction materials, light industry, housing maintenance and utilities, petrochemical industry, medical industry, printing industry, agriculture, glass and porcelain & faience industry, perfumery & cosmetic industry.

The assets included in the Fund may be invested in bonds issued by:

- the Russian Federation;

- federal executive bodies of the Russian Federation;

- constituent territories of the Russian Federation;

- executive bodies of the constituent territories of the Russian Federation;

- bodies of local self-government;

- foreign states.

- Russian and foreign legal entities.

The Fund assets may include monetary funds including foreign currency particularly but not exclusively  on bank accounts and in deposits.

For the Fund assets there may be acquired only securities in relation to which the acceptable quotations are available as of the date of purchase agreement or of the previous date.

The securities the assets included in the Fund invested in shall be included in the quotation lists of trade institutors at the securities market or admitted for trading by the trade institutor without including in the quotation list.

The Fund assets may not include:

- shares of Russian joint stock investment funds and investment units of mutual investment funds if the investment reserves of such joint stock investment funds or mutual investment funds are being managed by the same managing company which is engaged in the trust management of the fund;

- securities issued by the Managing Company, the Specialized depository or the Auditor of such fund, as well as their affiliated persons, except for the securities included in the quotations list of trade institutor;

- shares of foreign joint stock companies and bonds of foreign commercial entities  which have not been listed at the stock exchanges the list of which is defined by the Federal Commission for the Securities Market.

- securities of foreign states and securities of international financial organizations not included in the list approved by the Federal Commission for the Securities Market.

Within the term of the Fund formation the assets thereof may include only the assets brought in by the holders of investment units.

25. Structure of the Fund’s assets shall meet at the same time the following requirements:

- monetary funds allocated in the accounts and on deposits of one and the same credit institution may not exceed 25 per cent of the value of the assets

 - estimated value of securities of foreign states, securities of international financial organizations, shares of foreign joint stock companies and bonds of foreign commercial entities may not exceed 20 per cent of the asset value;

- not less than two-thirds of the days not being days off and holidays within one month the estimated value of state securities of the Russian Federation, state securities of constituent territories of the Russian Federation, securities of Russian municipal formations, shares of Russian open joint stock companies, bonds of Russian business companies, shares of foreign joint stock companies, bonds of foreign commercial entities, securities of international financial organizations and securities of foreign states shall constitute not less  than 70 per cent of the asset value;

- the estimated value of state securities of the Russian Federation or  state securities of constituent territories of the Russian Federation of a single issue may not exceed 35 per cent of the asset value;

- the estimated value of securities of a single issuer (except for the state securities of the Russian Federation and  state securities of constituent territories of the Russian Federation) may not exceed 15 per cent of the asset value;

- the estimated value of securities which lack the acceptable quotations may not exceed 10 per cent of the asset value;

- the estimated value of shares of Russian joint stock companies and bonds of Russian economic companies not included in the quotation lists of trade institutors may not exceed 50 per cent of the asset value;

- the number of ordinary shares of an open joint stock company may not exceed 10 per cent of the total number of placed ordinary shares of that joint stock company in relation to which the reports of issue results are registered;

- the estimated value of shares of Russian joint stock investment funds and investment units of mutual investment funds may not exceed 10 per cent of the asset value;

- the number of investment units of a mutual investment fund may not exceed 30 per cent of the number of issued investment units of that mutual investment fund.

This clause shall be valid upon completion of the Fund formation.

26. Description of Risks Connected with Investment

Investments in securities is connected with the high degree of risk and does not implicate any guarantees on the issuer’s part both as regards of the repayment of basic sum and interest thereon. Beside that, the  risks of investment in securities include the following:

Higher political risk of expropriation, taxation of confiscation kind, state’s failure to perform the obligations in relation to the securities, devaluation and fluctuation of currency exchange rates, policy aimed at reducing the profit of investments including, along with other things, limitation of investments in the economy sectors being the sphere of specific state interests.

The Managing Company shall undertake all necessary actions in order to ensure full authencity and veracity of information on the basis of which the securities acquisition will be carried out. Nevertheless, an investor shall run the risk of losses connected with the reduction of value of investment units of the Fund. The investment profitability is not ensured in the future and the state does not guarantee the profitability of investments in the Fund.  The results of activity of the Managing Company in the past is not the guarantee of the Fund income in the future and the decision on purchase of Fund units shall be taken by the investor by himself upon familiarization of these Rules of the Fund, its investment declaration and evaluation of relevant risks.

III. Rights and Obligations of the Managing Company

27. The Managing Company shall carry out the trust management of the Fund by undertaking any legal and actual actions in relation to the assets included in the Fund.

The Managing Company shall deal with assets included in the Fund on its own behalf specifying thereat that it acts as a trust manager. This condition shall be deemed performed if when making actions not requiring written execution thereof the other party is informed of the performance thereof by the trust manager in that capacity and the note “Д.У” is made and the fund name is specified in the written documents after the name of the managing company.

If there is no indication that the Managing Company acts in the capacity of trust manager it shall be liable to third parties in person and shall be liable to them only with it’s own property.

28. The Managing Company shall be entitled:

• without a special power of attorney  to exercise all powers certified by the securities included in the Fund including the voting right on voting securities;
• to sue and to act as defendant for the suits in court in connection with the performance of activity relating to the trust management of the Fund;
• to deal with options, as well as execute forward and futures deals at the expense of the assets included in the Fund only for the purposes of reducing the risk of value decrease of the Fund assets;

Thereat the total volume of obligations under the options, as well forward and futures contracts may not exceed 10 per cent of value of the Fund assets;

• to transfer its rights and obligations under the agreement of trust management of the Fund to another managing company according to the procedure set forth by the statutory acts of the federal executive body for the securities market;
• to take a decision on the Fund termination.

29. The Managing Company shall be obliged:

• to carry out the trust management of the Fund in accordance with the Federal Law “On investment funds”, other federal laws, statutory legal acts of federal executive body for the securities market and the Rules of the Fund;
• to act reasonably and bona fide, to carry out the trust management of the Fund in the interests of the holders of investment units;
• to transfer to the Specialized depository the assets included in the Fund for registration and custody unless otherwise provided by the statutory legal acts for certain property types;
• to transfer to the Specialized depository copies of all primary documents in relation to the assets included in the Fund immediately from the moment of execution or receipt thereof.

30. The Managing Company shall not be entitled:

• to dispose the assets included in the Fund without consent of the Specialized depository, except for disposal of securities for the purposes of performance of deals concluded through the trade institutors;
• to acquire at the expense of the assets included in the Fund the objects not covered by the investment declaration of the Fund;
• to make deals  causing breach of the requirements of the Federal Law “On investment funds”, statutory legal acts of the Russian Federation, statutory legal acts of the federal executive body for the securities market and Rules of the Fund;
• to alienate the assets included in the Fund on a free basis.
• to assume the obligation to transfer the assets which at the moment of such assumption is not included in the Fund, except for deals with securities concluded  through a trade institutor the rules of which provide delivery versus  payment;
• to obtain under the terms of loan agreements and credit contracts monetary funds repayable on the expense of the assets included in the Fund only for the purposes of using such monetary funds for redemption (retirement) of investment units  in the event of insufficiency of monetary funds included the Fund. Thereat the aggregate volume of debt to be repaid on the expense of the assets included in the Fund under all loan agreements and credit contracts shall not exceed 10 percent of the cost of the net assets of the Fund. The term of attraction of borrowed funds for each loan agreement and credit contract (including the extension term) may not exceed 3 months;
• to provide loans on the expense of the assets included in the Fund;
• to use the assets included in the Fund for securing of performance of it’s own obligations not connected with the trust management of the said Fund or for the performance of obligations of third parties;
• to acquire on expense of the assets included in the Fund the objects of investment from its affiliated persons, except for the securities included in the listing of trade institutor;
• to  acquire on expense of the assets included in the Fund investment units of other mutual investment funds which are under its trust management;
• to acquire the assets included in the Fund, except for the cases of being remunerated with a fee in accordance with the Rules of the Fund, as well as of compensation of the sum of it’s own monetary funds used by the Managing Company for the redemption of investment units (payment of pecuniary compensation due to the redemption of investment units). Thereat charging of interest by the Managing Company for the use of its monetary funds shall not be admitted;
• to alienate its own property to the  assets included in the Fund under its trust management;
• to acquire to the assets included in the Fund the securities issued by the Managing Company, Specialized depository or Fund Auditor, as well as by their affiliated persons, except for the securities included in the listing of the trade institutor.

IV. Rights of Holders of Investment Units. Investment Units

31. The rights of the holders of investment units shall be certified by the investment units.

32. The investment unit is deemed to be a registered security certifying:

• the stake of the holder thereof in the title of property over the assets included in the Fund;
• the right to demand the proper trust management of the Fund from the Managing Company;
• the right to demand from the Managing Company the redemption of an investment unit  and payment of monetary compensation in proportion to the stake in the title of common property over the assets included in the Fund on any business day.

33. Each investment unit shall certify the equal stake in the title of common property over the assets included in the Fund and equal rights.

The investment unit is not an equity security.

The rights certified by the investment unit shall be recorded in book-entry form.

There is no nominal value of an investment unit.

Issue of derivatives from the investment units shall not be admitted.

34. The number of investment units issued by the Managing Company is not limited.

35. When issuing investment units to a single holder in the amount of fractional number amount of investment units shall be determined with precision up to the fifth figure after the comma.

36. The investment units shall be in free circulation upon completion of the Fund formation. Restrictions on circulation of the investments units may be provided only by a federal law.

37. The rights over the investment units shall be registered in the register of holders of investment units.

38. The procedure of information provision from the register of holders of investment units.

The person in charge of keeping the register of holders of investment units shall provide the statements of personal accounts as of a certain date. Such extracts shall be provided upon:

• application of a registered person on provision of the statement;
• application of a person in a favour of whom the account “investment units of an unknown person” was opened;
• notary’s request connected with the opening of inheritance;
• request of court, law enforcement, tax body, as well as another body authorized by  law.

Upon application (request) of the persons specified in this clause of the Rules of the Fund the person in charge of keeping the register of holders of investment units shall be obliged to provide the extract from  the register of holders of investment units within 3 days from the date of receipt of the application (request) or within 5 days from the date of application receipt to address the denial notification containing denial reasons.

In the event the account data lack the indication of another procedure to submit the extract the latter shall be provided at the place of the Person in charge of keeping the register of holders of investment units personally to the applicant or his representative acting on the basis of a power of attorney. When providing the extract upon request of the notary or the state authority authorized by law it shall be sent to the address of relevant notary or body specified in the request.

The notice of an operation on personal account shall be delivered at the point of applications acceptance where the application on acquisition, redemption of investment unit is submitted on the following business day upon making of credit (debit) entry in the register of holders of investment units.

Information  from the register of holders of investment units determined by the Federal Law “On investment funds” shall be provided to the authorized state bodies upon their request signed by the authorized official and containing reasons for the provision of relevant information.

V. Issue of Investment Units

39. Issue of investment units shall be made upon applications for the acquisition of investment units (Annexes No.1,2 being the integral part of these Rules of the Fund).

Each application for acquisition of investment units shall provide the issue of investment units upon each crediting of assets to the Fund.

The applications for acquisition of investment units shall be irrevocable.

40. The issue of investment units shall be carried out by making entries on acquisition of investment units (credit entries) in the register of holders of investment units.

41. The issue of investment units shall be carried out only provided that the monetary assets are credited to the Fund.

The monetary assets crediting to the Fund shall be carried out by transferring monetary funds to the account opened by the Managing Company for registration of the assets included in the Fund in the account bank or by crediting the monetary funds to the cash office of the managing company.

The credited monetary assets shall be included in the Fund from the moment of making the receipt entry on issue of investment units of the Fund for the sum corresponding to the credited monetary assets.

42. The application for acquisition of investment units shall be submitted:

 to the Managing Company.

43. The applications for acquisition of investment units shall be accepted each business day.

44. Denial in acceptance of applications for acquisition of investment units shall be admitted only in the cases:

• failure to comply with the procedure and terms for the submission of applications set forth by the Fund of the Rules;
• acquisition of an investment unit by a person  who in accordance with the Federal Law “On investment funds” may not hold  the  investment units;
• decision on suspension of issue of investment units was taken.

45. Before completion of fund formation the issue of one investment unit shall be carried out for the sum of 1000 (One thousand) Rubles.

46. The issue of investment units shall be carried out provided that monetary funds in the amount of not less than 1000 (One thousand) Rubles are credited.

47. Amount of investment units being issued by the Managing Company during the Fund formation shall be determined by dividing the sum of monetary assets credited to the Fund into the sum of monetary funds for which one investment fund is issued in accordance with the Rules of the Fund.

48. If the application for acquisition of investment units was submitted and/or the monetary funds in return of investment funds being acquired are credited to the Fund upon completion of the formation thereof, the number of investment units being issued by the Managing Company shall be determined based on the estimated value of investment unit as of the date previous to the date of unit issue (making the receipt entry in the register of holders of investment units) increased by the rate of markup set forth by the Rules of the Fund.

The markup sum shall amount to 1 (One) percent (including the value added tax) of the estimated value of the investment unit.

49. An investment unit shall be issued within 3 (three) days from the date of:

• crediting the account of the Managing Company with monetary assets to be included in the Fund if the application for acquisition of investment units is accepted prior to the crediting of the funds;
• acceptance of application for acquisition of investment units if the account of the Managing Company was credited with monetary assets prior to acceptance of application;
• in the event of depositing of monetary funds to the cash office of the managing company (provided that each application for acquisition of investment units provides issue of investment units upon each depositing of funds to the cash office of the Managing Company) the term of issue of investment units shall not exceed 3 (thee) days from the date of monetary funds depositing to the cash office of the Managing Company.

VI. Redemption of Investment Units

50. The investment units shall be redeemed upon completion of the Fund formation.

51. The investment units shall be redeemed upon applications for redemption of investment units (Annexes No.3 and 4 being the integral part of these Rules of the Fund).

The applications for redemption of investment units shall be irrevocable.

The applications for redemption of investment units shall be accepted each business day.

52. The applications for redemption of investment units shall be submitted:

to the Managing Company

53. Denial to accept applications for redemption of investment units shall be admitted only in the cases:

• failure to comply with the procedure and terms for submission of applications set forth by the Rules of the Fund;
• decision  on simultaneous suspension of issue, redemption of investment units is taken;

54. The accepted applications for redemption of investment units shall be satisfied only in the limits of the amount of the investment units held by the holder of investment units.

55. Redemption of investment units shall be carried out by making entry on redemption of investment units (disbursement entries) in the register of investment units.

56. The redemption of investment units shall be carried out within the term not exceeding 3 (three) days from the date of acceptance of the application for redemption of investment units.

57. The sum of money compensation payable in the event of redemption of investment units shall be determined on the basis of estimated value of investment unit as of the date previous to the date of redemption of investment unit.

When submitting the application for redemption of investment units of the fund to the Managing Company the discount shall not be charged.

58. The payment of money compensation for redemption of investment units shall be effected at the expense of the assets included in the Fund. In the event of monetary funds insufficiency for the payment of money compensation the Managing Company shall be obliged to sell the assets included in the Fund. Before the sale of the assets included in the Fund the Managing Company shall be entitled to use for  redemption of investment units its own funds or funds obtained under the terms of loan agreement or credit contracts to be repaid on expense of the assets included in the Fund.

59. The payment of money compensation shall be effected by transferring funds to the bank account specified in the application for redemption of investment units or by cash payment at the cash office of the managing company.

If in the application for redemption of investment units bank references for transfer of money compensation for redemption of investment units and the intention to receive money compensation at the cash office of the managing company is not indicated, the money compensation shall be transferred to the bank account specified in the register of the holders of investment units.

60. The payment of money compensation shall be carried out within 15 (fifteen) days from the day of redemption of investment units.

61. The obligation on payment of money compensation shall be deemed performed from the date of

• debiting the fund’s account with relevant sum when the transfer thereof to the bank account specified in the application for redemption of investment units;
• payment thereof in cash.

VII. Suspension of Issue and Redemption of Investment Units

62. The Managing Company shall be entitled to suspend issue of investment units. In that event the Managing Company shall be obliged to inform on the same day the Specialized depository, the Person in charge of keeping the register of holders of investment units on the fact.

63. Redemption of investment units may be suspended by the Managing Company only together with the suspension of issue of investment units.

The Managing Company shall be entitled to simultaneously suspend the issue, redemption of investment units in the case if:

• the estimated value of investment units could not be fixed because of force-majeure;
• proceeding of the transfer of rights and obligations of the person in charge of keeping the register of holders of investment units to another entity.

The Managing Company shall be entitled to simultaneously suspend the issue and redemption of investment units for the term not exceeding 3 (three) days in the event that estimated value of investment unit has changed for more than 10 (ten) percent  as compared to the estimated value as of the previous date of fixing thereof.

The suspension of issue and redemption of investment units in the cases stipulated by this clause shall be admitted only if it is necessary in the interests of the holders of investment units and for the term of influence of the circumstances which were the reason of such suspension.

In the event of taking a decision on simultaneous suspension of issue, redemption of investment units the Managing Company shall be obliged to inform on the current date the federal executive body for the securities market, Specialized depository, the Person in charge of keeping the register of holders of investment units of that in writing.

64. The Managing Company shall be obliged to suspend the issue and redemption of investment units in the cases of:

• suspension of the relevant license of the Managing Company, the Specialized depository, or the Person in charge of keeping the register of holders of investment units;
• cancellation of the relevant license of the Managing Company, the Specialized depository, or the Person in charge of keeping the register of holders of investment units;
• impossibility to fix the value of the Fund assets for the reasons not depending on the Managing Company;
• receipt of the relevant claim from the federal executive body for the securities market;
• in other cases provided for by the Federal Law “On investment funds”.

VIII. Remunerations and Costs

65. On the expense of the assets included in the Fund there shall be paid remunerations to the Managing Company – in the amount of 2 (two) per cent of the annual average value of net assets of the fund determined in accordance with order prescribed by the statutory acts of the federal executive body for the securities market, per year (including the value added tax), as well as to the Specialized depository, the Person in charge of keeping the register of holders of investment units and Auditor  – in the amount up to 1.5 (one point five tenth) per cent of the average annual value of net assets of the fund determined in the order prescribed by the statutory acts of the federal executive body for the securities market, per year (including the value added tax).

The maximum total amount of the remunerations per financial year specified in this clause shall amount to 3.5 (three point five tenth) of percent of the annual average value of net assets of the fund determined in the order prescribed by the statutory acts of the federal executive body for the securities market (included the value added tax).

66. The remunerations to the Managing Company, as well as to the Specialized depository, the Person in charge of keeping the register of holders of investment units and the Auditor shall be accrued on a daily basis on expense of the assets included in the Fund.

67. The remuneration to the Managing Company shall be paid within 10 (ten) days on the expiry of the reporting month.

68. The remuneration to the Specialized depository, the Person in charge of keeping the register of holders of investment units and the Auditor shall be paid within the term stipulated in the agreements between them and the Managing Company.

69. On the expense of the assets included in the Fund there shall be reimbursed the sums paid by the Managing Company on expense of is own funds as the money compensation when redeeming investment units in the event of insufficiency of the assets included in the Fund.

70. On the expense of the assets included in the Fund there shall be reimbursed the costs connected with the trust management of the Fund including:

• deal with the assets included in the Fund;
• performance of any legal and actual actions in the interests of the holders of investment units (taking into account the restrictions provided for by the legislation of the Russian Federation, statutory legal acts of the federal executive body for the securities market and these Rules of the Fund) in relation to the assets included in the Fund;
• performance of all rights certified by the securities included in the Fund including the right of vote on voting securities;
• performance of right of the Managing Company to sue and to act as defendants under the suits in court in connection with the trust management of the Fund;
• publication of information on the Fund stipulated by these Rules of the Fund, statutory legal acts of the federal executive body for the securities market or legislation of the Russian Federation;
• maintaining of the settlement account of the Fund;
• notarial certification of documents;
• obtainment of permissions from the federal authorities.

The maximum amount of costs to be reimbursed on expense of the assets included in the Fund amounts 2 (two) percent of average annual value of net assets of the Fund to be determined in the order set forth by the statutory legal acts of the federal executive body for the securities market.

71. The costs not stipulated by clauses 69 and 70 of the Rules of the Fund, as well as the remunerations to the extent that the part exceeding the maximum total size of  the remunerations specified in clause 65 of the Rules of the Fund shall be paid on account of the Managing Company own funds.

IX. Determination of Estimated Value of One Investment Unit of the Fund

72. The value of net assets of the mutual investment fund shall be determined by the procedure and within the terms provided for by the statutory legal acts of the federal executive body for the securities market.

The estimated value of an investment unit shall be determined in accordance with the Federal Law “On investment funds” and statutory legal acts of the federal executive body for the securities market by dividing the value of net assets of the Fund calculated as on the date previous the date of issue (redemption) of investment units into the amount of investment units specified in the register of holders of investment units as of the date of calculation of the value of net assets as on the same date.

X. Information about the Fund

73. At the point (s) of acceptance of applications for acquisition and redemption of investment units the Managing Company shall provide the following documents upon request of any person:

a) the Rules of the Fund, as well as the full text of amendments and additions made therein registered by the federal executive body for the securities market ;

b) the Rules of the Fund as amended by the amendments and additions made therein and registered by the federal executive body for the securities market;

c) rules of keeping the register of holders of investment units;

d) reference on the value of the assets included in the Fund and relevant annexes thereto;

e) reference on the value of net assets of the Fund and estimated value of one investment unit according to the last appraisal;

f) balance of the assets included in the Fund, accounting balance sheet and profit and loss report of the Managing Company, accounting balance sheet and profit and loss report of the  Specialized depository, as well as the Auditor’s report made as of on the last reporting date;

g) report of increment (reduction) of the value of the assets included in the Fund as of the last reporting date;

h) information on the remuneration of the Managing Company  and costs to be compensated on expense of the assets included in the Fund as of the last reporting date;

i) information on the suspension and renewal of issue and redemption of investment units specifying the suspension reasons;

j) list of prints, information agencies, as well as the address in the Internet engaged for the disclosure of information relating to the trust management of the Fund;

k) other documents containing information retailed or published by the Managing Company in accordance with the requirements of the Federal Law “On investment funds”, statutory legal acts of the federal executive body for the securities market and the Rules of the Fund.

The information on the hours of application acceptance, suspension and renewal of issue, redemption of investment units, point of application acceptance, value of net assets, sum for which one investment unit is to be issued and sum of money compensation payable for the redemption of one investment unit as of the current day, value of net assets before the end of the Fund formation or date of publication of the notice on reaching the value of assets which makes the Fund formed, charges and discounts, minimum amount of investment units to be issued, minimum sums of funds being deposited in the Fund and Fund termination shall be provided by the Managing Company on the phones published in the print stipulated by the Rules of the Fund.

74. The Managing Company shall be obliged to publish the Rules of the Fund prior to the commencement of Fund.

The Managing Company shall be obliged to publish the notices on registration of amendments and additions made in the Rules of the Fund.

In the event of Fund termination including due to the fact that on the expiry of the term for the Fund formation the value of assets thereof became less than the sum determined by the Rules of the Fund the Managing Company shall be obliged to publish the information on repayment of funds to the holders of investment units on expense of its own funds.

In the event of taking the decision on suspension or renewal of issue, redemption of investment units the Managing Company shall be obliged to publish on account of its own funds not later than on the date following the date of such decision the notice of that. The notice on suspension of issue, redemption of investment units shall specify the suspension reasons.

75. Following information shall be published in accordance with statutory legal acts of the federal executive body for the securities market:

a) information on the corporate name of the Managing Company, place of location thereof, point (s) of acceptance of applications for acquisition, redemption of investment units;

b) accounting balance sheet of the assets included in the Fund, accounting balance sheet and profit and loss report of the Managing Company;

c) report on increment (reduction of the property) of the assets included in the Fund;

d) information on the remuneration of the Managing Company and costs to be compensated on expense of the assets included in the Fund;

e) reference on the value of net assets of the Fund and relevant annexes thereto;

f) information on the taking of a decision to transfer rights and obligations under the agreement of trust management of the Fund to another managing company;

g) other documents in accordance with the Federal Law “On investment  funds”.

76. All information connected with trust management of the Fund shall be published in accordance with the requirements of the statutory legal acts of the federal executive body for securities market.

The said information shall be published in the “Annex to the Herald of the Federal Commission for the Securities Market”.

XI. Liability of the Managing Company, Specialized depository and Person in Charge of Keeping the Register of Holders of Investment Units

78. The Managing Company shall be liable to the holders of investment units to the extent of actual damage in the event of causing losses to them as a result of breach of the Federal Law “On investment funds”, other federal laws and Rules of the Fund including for the improper determination of the sums for which the investment unit is issued and sum of money compensation payable due to the redemption of investment unit.

If as a result of erroneous calculation of the value of net assets the deviation of the estimated value amounts to 0,5 (zero point five tenth) per cent of the estimated value of investment unit and more and a certain sum is due to the holder of investment unit the Managing Company shall pay it on the expense of the assets included in the Fund.

If as a result of erroneous calculation of the value of net assets the deviation of the estimated value amounts to 0,5 (zero point five tenth) per cent of the estimated value of investment unit and more and a certain sum is due to the assets included in the Fund the Managing Company shall pay it at it’s assets expense.

79. The Managing Company shall be liable for the actions of the depository determined by the Specialized depository in the event the engagement of the depository was made upon the Managing Company’s written instruction.

80. The debts on the obligations arisen in connection with the trust management of the Fund shall be discharged on the expense of the assets included in the Fund. In the event of insufficiency of the assets included in the Fund the recovery shall be referred to the Managing Company’s own property.

81. The Specialized depository shall bear the joint liability with the Managing Company to the holders of investment units in the event of failure to perform the obligations on the control over disposal of the assets included in the Fund.

82. The Specialized depository shall be liable for the actions of the depository determined by the former for performance of its obligations on custody and/or registration of title over the securities included in the Fund as for its own actions.

83. The person in charge of keeping the register of holders of investment units shall bear the subsidiary liability with the Managing Company to the acquirers and holders of investment units for the non-performance or improper performance of the obligations as regards the keeping the register of holders of investment units provided for by the Federal Law “On investment funds”, Rules of the Fund and agreement with the Managing Company.

XII. Fund Termination

84. The fund shall be terminated in the event if:

• on the expiry of the term for the Fund formation the value of the assets included in the Fund is less than the value of property upon reaching which of the Fund shall be deemed formed;
• the license of the Managing Company is suspended or canceled and within 3 months from the date of the resolution on suspension or cancellation the amendments to the Rules of the Fund connected with the transfer of rights and obligations thereof to another managing company failed to commence;
• there was taken a decision on voluntary liquidation of the Managing Company  and within 3 months from the date of such resolution the amendments to the Rules of the Fund connected with the transfer of rights and obligations thereof to another managing company failed to commence;
• the license of the of the Specialized depository  is suspended or canceled and within 3 months from the date of such resolution the amendments of the Rules of the Fund connected with the transfer of rights and obligations thereof to a new specialized depository failed to commence;
• the term of agreement of trust management of the Fund expired;
• the Managing Company has taken a relevant decision;
• there appeared other reasons stipulated by the federal laws.

85. The Fund termination shall be carried out in the order prescribed by the Federal Law “On investment funds”.

XIII. Making Amendments and Additions to the Rules of the Fund

86. The amendments and additions being made to the Rules of the Fund shall be valid on condition of registration thereof by the federal executive body for the securities market.

87. The amendments and additions being made in the Rules of the Fund connected with the investment declaration including the changes of the fund category, increase of remuneration of the Managing Company, Specialized depository, Person in  charge of keeping the register of holders of investment units and Auditor, extension of types and increase of the maximum size of costs connected with the trust management of the Fund, settlement or increase of the rates of discounts  when redeeming investment units, amendments and additions providing or excluding the possibility of extending the term of trust management of the Fund shall be valid upon the expiration of one month from the date of publication of the notice on registration thereof in the “Annex to the Herald of the Federal Commission for the Securities Market”.

88. Other amendments and additions being made to the Rules of the Fund shall be valid from the date of publication of the notice on registration thereof in the “Annex to the Herald of the Federal Commission for the Securities Market”.

General Director

OOO “Maxwell Asset Management”               P.V. Lanin [signature]

Seal: Limited liability company “Maxwell Asset Management” * Moscow