Common use of Subsidiaries of the Issuer Clause in Contracts

Subsidiaries of the Issuer. (a) The direct and indirect Subsidiaries of the Issuer consist entirely of the entities set forth in Schedule 3.04(a). (b) Each of the Consolidated Subsidiaries of the Issuer has been duly organized, is validly existing as a legal entity properly organized, registered and existing under the laws of the Russian Federation, with corporate power and authority to carry on its business as it is currently being conducted and to own, lease and operate its Assets and Properties, and is not required to be qualified as a foreign corporation or other entity authorized to do business in any other jurisdiction. (c) Except as set forth in Schedule 3.04(a), all of the outstanding Equity Interests of each of the Consolidated Subsidiaries of the Issuer have been duly authorized and validly issued and are fully paid and non-assessable, and the issuance of such Equity Interests was properly registered with the appropriate authorities competent therefor, and, to the extent owned by the Issuer, are owned by the Issuer free and clear of any Liens (other than Permitted Liens). The Issuer owns directly or indirectly such percentage of the Equity Interests of the Consolidated Subsidiaries of the Issuer as is specified in Schedule 3.04(a), as being owned by the Issuer, and, except as specified in Schedule 8.05, all approvals of Governmental or Regulatory Authorities required therefor have been obtained.

Subsidiaries of the Issuer. (a) The direct and indirect Subsidiaries of the Issuer and the material indirect Subsidiaries consist entirely of the entities set forth in Schedule 3.04(a). (b) The Consolidated Subsidiaries consist entirely of the entities identified in Schedule 3.04(b) as the "Consolidated Subsidiaries". Each of the Consolidated Subsidiaries of the Issuer has been duly organized, is validly existing as a legal entity properly organized, registered and existing under the laws of the Russian Federation, with corporate power and authority to carry on its business as it is currently being conducted and to own, lease and operate its Assets and Properties, and is not required to be qualified as a foreign corporation or other entity authorized to do business in any other jurisdiction. (c) Except as set forth in on Schedule 3.04(a3.04(c), all of the outstanding Equity Interests of each of the Consolidated Subsidiaries of the Issuer have been duly authorized and validly issued and are fully paid and and, except as described on page 28 of Form 20-F ("Assessability of Shares"), non-assessable, and the issuance of such Equity Interests was properly registered with the appropriate authorities competent therefor, and, to the extent owned by the Issuer, are owned by the Issuer free and clear of any Liens (other than Permitted Liens). The Issuer owns directly or indirectly such percentage of the Equity Interests of the Consolidated Subsidiaries of the Issuer as is specified in Schedule 3.04(a), 3.04(b) as being owned by the Issuer, and, except as specified in Schedule 8.053.04(c) hereof, all approvals of Governmental or Regulatory Authorities required therefor have been obtained.