Accounting-cash register servicing

Money transfer peculiarities

Dear client,

Please, allow me on behalf of JSCB PRAVEX-BANK and from me personally, to wish you success in your business and to express our gratitude for your having chosen our bank as a partner.

JSCB PRAVEX-BANK would like to inform you about the following.

Since 12 March 2007, banks while paying under agreements signed by state, public, municipal enterprises and logistic companies in which state or municipal part of shares (portions, interests) exceeds 50 per cent, by their subsidiaries, as well as by enterprises, logistic companies, in authorized capital of which 50 and more per cent are owned by state, public, municipal enterprises and logistic companies in which state or municipal part of shares (portions, interests) exceeds 50 per cent, have to verify availability of report on purchase procedure results and of other documents proving the implementation by such enterprises and logistic companies of requirements of Ukrainian Law "On goods, works and services purchase for public funds" and observance by the latter of other requirements as regards public purchase.

If payment is implemented according to agreements with amount not exceeding the amount established by current legislation, then you have to indicate in settlement document detail "purpose of payment" that it is not necessary to hold a tender in order to conclude this agreement.

If any payment is implemented according to agreement with amount equivalent to or exceeding the amount established by the current legislation, the bank will receive from the payer settlement document on money transfer for goods, works and services only provided that in settlement document detail "purpose of payment" it is indicated that to conclude this agreement it is necessary to hold a tender, the payer has also to submit the report on purchase procedure results and other documents proving the implementation of current legislation requirements, namely, of Ukrainian Law "On goods, works and services purchase for public funds" (hereinafter referred to as "accompanying forms"), as well as the list of submitted accompanying forms. The range must be certified by seals and signatures of payer's responsible persons (authorized to dispose of account and whose authorized signatures were announced to payer's bank in the form together with authorized signatures and seal). One copy of accompanying forms list is kept by the bank, the second one bearing bank's note testifying the control of submitted accompanying documents is given back to the payer.

If documents indicated above were not submitted or if some documents lack in submitted package, or if any of records on tender indicated above is absent in settlement document detail "Purpose of payment", the Bank has to refuse to perform payment and appropriate service and in accordance with current legislation will not be liable for this refusal and its consequences (default of payment under agreement, undue payment under agreement, etc) towards both payment sponsor and third persons.

IN ORDER TO CREATE APPROPRIATE CONDITIONS FOR PERFORMANCE OF ABOVE MENTIONED REQUIREMENTS OF UKRAINIAN LAW "ON GOODS, WORKS AND SERVICES PURCHASE FOR PUBLIC FUNDS" AS WELL AS BANK'S AND YOUR INTERESTS PROTECTION, WE WOULD ASK YOU TO INFORM THE BANK AS SOON AS POSSIBLE AND BY THE MOST CONVENIENT WAY FOR YOU (IN ARBITRARY SHAPE) CONCERNING THE FACT IF YOUR COMPANY IS AMONG THE CLASS OF LEGAL ENTITIES TO WHICH APPLY BANKING CONTROL IN THE SPHERE OF PUBLIC PURCHASES.

We need to obtain aforesaid information in order to comply with the requirements of Ukrainian Law "On alteration in particular Ukrainian regulations as regards goods, works and services purchase for public funds" (# 424-V) which amended Ukrainian Law "On goods, works and services purchase for public funds", in particular, in the part of defining the term "company" (as a consequence, the number of persons to which apply the requirements of Ukrainian Law "On goods, works and services purchase for public funds" has been increased) and concerning value decrease of purchase object for good(s), service(s) in accordance with which we also have to observe the forms of indicated law.

Thus, in accordance with indicated amendments, since the 1^st of December 2006, the positions of Ukrainian Law "On goods, works and services purchase for public funds" is applied to all purchases of goods, works and services performed wholly or partly for public funds provided that the value of purchase object for good(s), service(s) constitutes or exceeds UAH 20 000, and for goods - UAH 50 000.

Public funds are, in particular, funds of state, public, municipal enterprises and logistic companies in which state or municipal part of shares (portions, interests) exceeds 50 per cent, by their subsidiaries, as well as by enterprises, logistic companies, in authorized capital of which 50 and more per cent are owned by state, public enterprises and logistic companies in which state or municipal part of shares (portions, interests) exceeds 50 per cent.

For more detailed information concerning this letter, please, call our Information centre in Kyiv: 8(044)201 16 61, 201 16 62, within Ukraine: 8 800 500 4 500 (free of charge from fixed location phones).

We would like to thank you in advance for your comprehension and prompt provision of required information.

Sincerely yours,

Chairwoman of the Board of JSCB "PRAVEX-BANK"

N.B.Zubritskaya

«____»___________2007