March 9, 2004

Edict of the President of the Republic of Belarus of February 27, 2004 No. 121 On Application of the VAT at Export and Import of Goods (Works, Services) in Trade Relations with the Russian Federation establishes that in the trade with the Russian Federation goods imported to the Republic of Belarus from this country (except for the goods originating from the third countries) are not subject to VAT, goods exported from the Republic of Belarus to the Russian Federation are subject to VAT, except for the cases provided by legislation and works (services) are subject to VAT in accordance with legislation of the Republic of Belarus.

Edict of the President of the Republic of Belarus of March 1, 2004 No. 123 On Additional Measures on House Building in Rural Areas and Sources for Its Financing establishes, in particular, that BELAGROPROMBANK shall increase the term for credit repayment up to 40 years and keep the interest rate for these credits issued in accordance with the Edict On Some Measures to Develop House Building in Rural Areas No. 346 of September 2, 1996 at the amount 5 percent.

Edict of the President of the Republic of Belarus of March 1, 2004 No. 125 On Special Right (Golden Share) of the State to Participate in Management of Economic Societies establishes that the golden share may be applied in economic societies created at the course of privatization and denationalization and by reorganization of these economic societies. The golden share may be applied as a rule in case of non-payment of the salary to employees within 3 months in a row, unsatisfactory structure of account balance within 6 months in a row, as well as for the purposes to protect rights and freedoms of citizens, provide safety and defense of the state and to observe its economic interests.