| Description of the mutual fund Open-ended mutual mixed investment fund Finam First (the Trust Management Rules were registered with the Russian Federal Securities Committee under entry #0097-59837006 on April 1, 2003, with amendments and additions registered with the Securities Service under entry #0097-59837006 on December 27, 2005 and under entry #0097-59837006 on March 3, 2006) invests funds both in stocks and bonds. Its equity participation solutions are best for those who intend to invest relatively modest amounts over a long time horizon in a relatively safe fund. Spending cash on stocks with diverse risk exposures and returns will protect investors against major mishaps. Another advantage of this mutual fund is the minimal entry price, starting Rub 1,000 ($35.71). This makes its equity participations an affordable instrument for all those who are eager to try their hands at the investment business. Open-Ended Mutual Mixed Investment Fund Finam First Type: open-ended Formation period: from May 15, 2003 to June 10, 2003 Purpose: long-term investments in securities Minimal amount to be invested: Rub 1,000 ($35.71). Investment targets: fund members’ resources are to be invested in governmental and municipal securities, and also corporate bonds and stocks of Russian companies. The fund pursues a balanced strategy that aims to keep their cash safe and provide stable returns. Investor expenses: remuneration to the Management Company equals 2.3% (incl. VAT) of the annual average net asset value. Remuneration paid to other participants of asset management activities is no higher than 1.3% (incl. VAT) of the annual average net asset value. The maximum amount of other expenses reimbursed at the expense of the assets which make up the fund is equal to 0.5% (incl. VAT) of the annual average net asset value. Markup in the event of acquisition of investment stakes is as follows: 1 (one) per cent (VAT included) of the estimated price of the investment stake in the event that the amount of cash paid for investment stakes is less than or equal to Rub 500,000 (five hundred thousand rubles). 0.5 (zero point five) per cent (VAT included) of the of the estimated price of the investment stake in the event that the amount of cash paid for investment stakes exceeds Rub 500,000 (five hundred rubles). Discount in the event of redemption of investment stakes is as follows: 1.5 (one point five) per cent of the estimated price of the investment stake in the event that investment stakes are redeemed within 180 (One hundred and eighty) days from the date when an entry was made about acquisition of the said investment stakes in the shareholder register of investment stakes. 1 (one) per cent in the event that investment stakes are redeemed within a period from 180 (One hundred and eighty) days and 365 (three hundred and sixty five) days from the date when an entry was made about acquisition of the aforementioned investment stakes in the shareholder register of investment stakes. 0.5 (zero point five) per cent in the event that investment stakes are redeemed after 365 (three hundred and sixty five) days have elapsed from the date when an entry was made about acquisition of the aforementioned investment stakes in the shareholder register of investment stakes. | 
