Annual report of an Open Joint Stock Company External-Economic Shareholding Company On tourism and investment «INTOURIST» for 2008 (стр. 2 )

■  Cluster development of the functional, organizational and product structures;

Internal tourism:

■  Increasing the volume of supply in the low price segment by including cheaper hotels in the proposal;

■  Cluster development of the functional, organizational and product structures.

5. REPORT ON THE PAYMENT OF THE ANNOUNCED (ACCRUED) DIVIDENDS ON THE SHARES OF THE COMPANY

The decision on dividend payment for 2007 was adopted at the annual general meeting of shareholders of OJSC EESC «Intourist» dated 2 June, 2008 (Minutes № 1 dated 09.06.2008).

Pursuant to the decision of the Annual General Meeting of Shareholders dated June 2, 2008 accrued dividends in the amount of 2400700 rubles, including:

- On preference shares - 1060 rubles;

- On ordinary shares rubles

The period allocated for the payment of declared dividends on shares of the issuer - within 60 days from the day of the acceptance of a decision to pay dividends. The total amount of dividends actually paid on ordinary shares (rubles): paid 2396131 rubles, including:

- Legal entities have accrued and are paid 2395929 rubles

- Natural persons are paid 202 rubles.

The total amount of dividends actually paid on preference shares (Rubles): 0.

6. DESCRIPTION OF THE MAIN RISK FACTORS, RELATED TO THE ACTIVITY OF OJSC EESC «INTOURIST»

Description of the main risk factors, related to the activity of the shareholding company

As any commercial organization, OJSC EESC «Intourist» encounters various risks. The main risks include:

I. Financial risks.

Due to the peculiarities of the production process in the tourism industry, the risks of exchange rates, compared to the industry enterprises, have less influence on the final performance indicators of the issuer. A significant negative impact on the financial stability of business can be displayed by sharp and unexpected currency exchange rate fluctuations.

Critical, to the issuer, level of inflation is 30-35% per year. In achieving this level of inflation, the issuer may face difficulties in the timely and full performance of its liabilities. At the same time, the inflation rate in 2008 was 13.3% (in 2007 10,6%). Compared with the leading industrially developed countries, this level remains relatively high. Part of the expenses of the company depends on the general price level in Russia - in particular, wages. Inflation may also adversely affect the sources of loan financing of the issuer. The risks of ruble inflation, become meaningful in terms of domestic hyperinflation: with this, as a rule, there is a reduction in demand for the outbound tourism. Such negative changes in domestic demand may be largely offset by: a) changes in the proposed range of tourism product in the domestic market, b) increasing the proportion of inbound directions (in the conditions of hyperinflation, costs of stay of foreign tourists depreciate on revenues received in foreign currency). Also, with an increase in inflation, the issuer intends to pay particular attention to improving the turnover of turnover assets, mainly due to changes in the existing contractual relations with consumers to reduce accounts receivable from customers. In general, the impact of inflationary factors on the financial stability of the issuer in the long term is not significant and is projected in the compilation of the financial plans of the company.

II. Industry risks.

During the last period, under the influence of the global financial crisis the industry risks of the company have significantly increased. The growth of the market, which was observed during the last seven years is replaced by a sharp fall in demand in all market segments, where the company is represented. According to experts, the Russian tourist market would revert to indicators of 2008, only at the end of 2011.

Despite the fall in demand, the market of inbound tourism will continue to display risks associated with the availability of accommodation means. After the closure in Moscow, the tourist center of Russia, of hotels «Russia», «Moscow», «Intourist» the capital felt a significant deficiency of the rooms in hotels of the middle price category. A significant excess of demand over supply, due to limited hotel resources in the country, has led to an increase in the prices of hotel services. In 2008, Moscow consolidated the position of one of the most expensive cities in the world for the cost of hotel accommodation. In connection with the fall in demand for hotel services under the influence of the global financial crisis at the moment the influence of this factor on the market has weakened considerably, which is already reflected in the reduction of capacity loading and the price of residence in the hotels of the capital. But in the short term negative impact of this factor on the development of the market will not be completely eliminated due to the suspension of a large part of the investment programs of development of hotel infrastructure in Russia, aimed to reduce the influence of this factor on the development of inbound tourism in the Russian Federation, in connection with the under-financing.

In addition, an important influence on the development of inbound tourism is displayed by dynamics of the prices for energy, because rising prices of fuel will result in a rise in the cost of air travel, which in turn leads to higher prices of tourist products and hence reduces the demand. In the second half of 2008 there was a significant decline in the prices of petroleum products which, according to experts, leads to the decline in 2009, the cost of air travel by 10-15% as compared to 2008, which in turn has a positive impact on tourism flows in 2009.

The positive impact on the demand for inbound tourism market will also come from the marked weakening of the exchange rate of the ruble against the dollar and euro, which greatly reduces the cost of travel to Russia for foreign tourists.

Against the backdrop of global crisis, the fall in activity in the inbound segment is inevitable, however, only it will possible to see its consequences only in the 2 quarter of 2009 - the start of the season. High probability of falling demand for the hotel market in Moscow because of the decline of business activity of foreign companies and the corresponding reduction in business travel.

In these conditions, «Intourist» pursues a policy of flexible use of price mechanisms, including a system of discounts, bonuses and other means for stimulating sales. To reduce the impact of the crisis situation and maintenance of demand, EESC «Intourist» renegotiates contracts with key service providers (hotels, transportation services) requires and achieves reduction of prices by service providers. In addition to the cost tools, the company increases its competitive advantage in the field of quality of sold tourist products and services, paying great attention to the issue of selection of suppliers and monitoring the level of client loyalty.

The main vulnerability of tour operators in the global financial crisis is the possible shortage of working panies, whose business is based on a bank financing of procurement of the elements of the tourist product, are at most risk.

III. Country and regional risks.

The area of economic interest of EESC «Intourist» includes both external markets of the developed countries of Western Europe, America, the economic leaders of the Asian region, the Middle and Far Eastern countries, and the Russian domestic market. Therefore, operation of EESC «Intourist» is greatly influenced by the risks associated with the stability of world economy, changes in the geopolitical environment, terrorism, as well as global natural disasters and epidemics, which have a depressing effect on world economy and the geographic mobility of the population.

The stagnation and negative economic growth of leading world economies, mainly, the EU and Asian countries, which began as a result of the global financial crisis, will significantly reduce the inbound tourist flow into the Russian Federation. The magnitude of the impact of the crisis, to date are not measurable, but currently we know that the middle class in Europe is trying to minimize their costs, especially for goods, services of secondary demand, which include travel.

EESC «Intourist» adheres to a proactive strategy to counter global risks of the global tourism industry, based on the diversification of its activities. At this time, share indicators of sales on any country, in which the company conducts its operations, are not critically important for economic results of EESC «Intourist» as a whole. The company also supports the practice of reducing the volume of business at the deteriorating situation in the unfavorable regions right up to its complete termination. A significant amount of long-term contractual relations with counter parties around the world allows us to quickly build up the flows of tourists on alternative directions, compensating the negative impact of country risk on the total turnover, profit and liquidity of EESC «Intourist».

7. LIST OF THE COMMISSIONED TRANSACTIONS BY THE COMPANY DURING THE REPORTING YEAR, RECOGNIZED IN ACCORDANCE WITH THE FEDERAL LAW «ON SHAREHOLDING COMPANIES» AS LARGE TRANSACTIONS, AS WELL AS OTHER TRANSACTIONS, FOR THE COMMISSION OF WHICH, IN ACCORDANCE WITH THE CHARTER OF THE COMPANY, THE COMPANY USES THE ORDER FOR THE APPROVAL OF LARGE TRANSACTIONS

In 2008 transactions, recognized in accordance with the Federal Law «On Shareholding Companies» as large transactions, as well as other transactions, for the commission of which in accordance with the charter of the company, the uses the order for the approval of large transactions, did not take place.

8. LIST OF THE COMMISSIONED TRANSACTIONS BY THE COMPANY IN 2008, RECOGNIZED AS TRANSACTIONS, IN THE COMMISSION OF WHICH THERE IS AN INTEREST
№№	Body, adopting the decision. Date of the adoption of the decision, № of Minutes	Subject of the transaction	Counterparties to the transaction	Price of the transaction	Interested persons
1	2	3	4	5	6
1	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Agreement for the provision of a credit line with SCB «MBRR» № 000-1/08 (100/85) dated 31.01.2008	SCB «MBRR»	20 000 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
2	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Agreement for the provision of a credit line with SCB «MBRR» № 000-4/08 (100/82) dated 15.02.2008	SCB «MBRR»	550 000 $.	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
3	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Agreement for the provision of a credit line with SCB «MBRR» № 000-3/08 (100/132) dated 29.02.2008	SCB «MBRR»	200 000 Euro	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
4	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory notes № В-1630/08 (100/81) dated 19.02.2008	SCB «MBRR»	For a total amount of 3 000 000 $.	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
5	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory notes № В-1634/08 (100/110) dated 21.02.2008	SCB «MBRR»	For a total amount of 2 000 000 $.	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
6	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory notes № 000/93 dated 22.02.2008	OJSC «Intourist Hotel Group»	For a total amount of 3 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors of EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
7	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory notes № 000/85 dated 20.02.2008	OJSC «Intourist Hotel Group»	For a total amount of 3 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
8	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory note № 000/145 dated 14.03.2008	OJSC «Intourist Hotel Group»	1 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
9	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory note № 000/62 dated 11.02.2008	OJSC «Intourist Hotel Group»	1 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
10	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory note № 000/50 dated 05.02.2008	OJSC «Intourist Hotel Group»	1 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
11	Board of Directors of EESC «Intourist» dated 27.02.2008 Minutes № 3	Agreement on the provision of a bank warranty in favor of «IATA» № И-26-17/8-/199) dated 20.03.2008	SCB «MBRR»	50 000 $.	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
12	Board of Directors of EESC «Intourist» dated 26.03.2008 Minutes № 4	Agreement on the provision of a bank warranty in favor of Air Line «Doiche Lufthansa AG» № И-26-11/7-/279) dated 26.03.2007	SCB «MBRR»	10 000 $.	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
13	Board of Directors of EESC «Intourist» dated 26.03.2008 Minutes № 4	Agreement on the provision of a bank warranty in favor of federal state unitary enterprise «SCC «Russia» № И-26-28/7-/485) dated 16.05.2007	SCB «MBRR»	50 000 $	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
14	Board of Directors of EESC «Intourist» dated 26.03.2008 Minutes № 4	Agreement on the provision of a bank warranty in favor of OJSC «Aeroflot-Russian Air Lines» № И-26-27/7-/459) dated 10.05.2007	SCB «MBRR»	80 000 $	Shareholder of the company - OJSC AFK «Systema», owning more than 20% of shares of the party to the transaction - SCB «MBRR»; Member of the board of directors EESC «Intourist» Tcheremin S. Е., who is a member of the Board of directors of SCB «MBRR» - parties to a transaction
15	Board of Directors of EESC «Intourist» dated 27.02.2008 Minutes № 3	Agreement on the provision of loan № b/n dated 27.02.2008	OJSC «Intourist Travel Store»	29 000 000 rubles	Members of the board of directors of EESC «Intourist» Artunova A. B., Troitski I. А., who are members of the Board of directors of OJSC «Intourist Travel Store» - parties to a transaction
16	Board of Directors of EESC «Intourist» dated 27.02.2008 Minutes № 3	Agreement for the organization of an exhibition № 000/215 dated 13.03.2008	OJSC «National Tourist Company Intourist»	,48 rubles	Members of the board of directors of EESC «Intourist» Artunova A. B., Troitski I. А., who are members of the Board of directors of OJSC «National Tourist Company Intourist» - parties to a transaction
17	Board of Directors of EESC «Intourist» dated 27.02.2008 Minutes № 3	Agreement for the organization of an exhibition № 000/191 dated 13.03.2008	OJSC «Intourist Travel Store»	335 009,46 rubles	Members of the board of directors of EESC «Intourist» Artunova A. B., Troitski I. А., who are members of the Board of directors of OJSC «Intourist Travel Store» - parties to a transaction
18	Board of Directors of EESC «Intourist» dated 27.02.2008 Minutes № 3	Agreement for the organization of an exhibition № 000/185 dated 13.03.2008	OJSC «Intourist Hotel Group»	335 009,46 rubles	Arutunov А. B. President of EESC «Intourist» и member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
19	Board of Directors of EESC «Intourist» dated 23.04.2008 Minutes № 6	Agreement on the provision of loan № 000/297 dated 24.04.2008	OJSC «Intourist Travel Store»	42 500 000 rubles	Members of the board of directors of EESC «Intourist» Artunova A. B., Troitski I. А., members of the Board of EESC «Intourist» Zabolotneva M. V., Ushmanova Е. B., who are members of the Board of directors of OJSC «Intourist Travel Store» - parties to a transaction
20	Board of Directors of EESC «Intourist» dated 23.04.2008 Minutes № 6	Agreement on the provision of loan № 000/406 dated 19.05.2008	LLC «Stepankovo»	38 325 000 rubles	Shareholder of the company – OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - LLC «Stepankovo» - party to a transaction
21	Board of Directors of EESC «Intourist» dated 23.04.2008 Minutes № 6	Agreement on the provision of loan № 000/349 dated 06.05.2008	LLC «Intourist-Nizhny Novgorod»	rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - LLC «Intourist-Nizhny Novgorod» - party to a transaction
	Board of Directors of EESC «Intourist» dated 27.05.2008 Minutes № 7	Agreement on the provision of loan № 000/460 dated 04.06.2008	OJSC «Intourist Hotel Group»	40 500 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
22	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory note № 000/470 dated 09.06.2008	OJSC «Intourist Hotel Group»	1 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
23	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/573 dated 18.07.2008	AZZURRO ITALIA H. M.G. Societa a Responsabilita Limitata	Euro	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - AZZURRO ITALIA H. M.G. Societa a Responsabilita Limitata - party to a transaction
24	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory notes № 000/599 dated 04.08.2008	OJSC «Intourist Hotel Group»	2 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
25	Board of Directors of EESC «Intourist» dated 23.01.2008 Minutes № 1	Purchase and sale agreement of promissory notes № 000/615 dated 13.08.2008	OJSC «Intourist Hotel Group»	5 000 000 rubles	Arutunov А. B. President of EESC «Intourist» and member of the board of directors EESC «Intourist» Troitski I. А., who is correspondingly a Chairman and the member of the Board of directors OJSC «Intourist Hotel Group» - parties to a transaction
26	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/614 dated 13.08.2008	OJSC «Intourist Hotel Group»	2 000 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - party to a transaction
27	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/670 dated 04.09.2008	OJSC «Intourist Hotel Group»	5 650 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - party to a transaction
28	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement for the organization of an exhibition № 000/696 dated 01.09.2008	OJSC «National Tourist Company Intourist»	1 ,37 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «National Tourist Company Intourist» - party to a transaction
29	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Contract of guarantee for OJSC «Intourist Hotel Group» №П-29070/645) dated 29.07.08	LLC «Infocom»	8 381 440,89 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - is a beneficiary to a transaction
30	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Contract of guarantee for OJSC «Intourist Hotel Group » № П-29070/644) dated 29.07.08	LLC «Infocom»	35 041 500 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - is a beneficiary to a transaction
31	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/768 dated 15.10.2008	OJSC «Intourist Hotel Group»	5 500 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - party to a transaction
32	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/841 dated 19.11.2008	OJSC «Intourist Hotel Group»	4 700 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - party to a transaction
33	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/907 dated 12.12.2008	OJSC «Intourist Hotel Group»	6 300 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - party to a transaction
34	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/906 dated 12.12.2008	OJSC «Intourist Hotel Group»	5 700 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Hotel Group» - party to a transaction
35	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/937 dated 23.12.2008	OJSC «National Tourist Company Intourist»	4 000 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «National Tourist Company Intourist» - party to a transaction
36	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/806 dated 05.11.2008	OJSC «Intourist Transport services»	5 000 000 $.	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Transport services» - party to a transaction
37	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/740 dated 07.10.2008	OJSC «Intourist Travel Store»	18 900 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Travel Store» - party to a transaction
38	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/893 dated 09.12.2008	OJSC «Intourist Travel Store»	2 000 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Travel Store» - party to a transaction
39	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/913 dated 15.12.2008	OJSC «Intourist Travel Store»	1 812 000 rubles	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - OJSC «Intourist Travel Store» - party to a transaction
40	General meeting of shareholders of EESC «Intourist» dated 02.06.2008 Minutes № 1	Agreement on the provision of loan № 000/925 dated 19.11.2008	LLC «Intourist-Ukraine»	50 000 $.	Shareholder of the company - OJSC AFK «Systema», owning more than 20% shares of EESC «Intourist», and an affiliated person of which - LLC «Intourist-Ukraine» - party to a transaction

position of the Board of the Directors of the Company, including information on amendment in the composition of the board of directors of the company, taking place during the reporting year, and the information on the members of the board of directors of the company, including their short biographical data and the ownership of shares of the company during the reporting year