On prohibiting some operations of management company

On 24 February 2015, the Bank of Russia took a decision to prohibit PAN-TRUST Management Company, limited liability company, from carrying out the following operations for a six-month period:

issuance and redemption of investment units of Severnaya Stolitsa, closed-end real estate unit investment fund managed by PAN-TRUST Management Company, limited liability company (hereinafter, the Fund);

acceptance of application to buy and redeem investment units of the Fund;

inclusion of property in the Fund’s assets, including, inter alia, during the issuance of investment units of the Fund;

administration of assets which constitute the Fund including the bonus payments to the beneficial owner and (or) fulfillment of obligations on transactions with the assets abovementioned with the exception of bonus payments to the specialised depositary, registrar, audit company, and fund appraiser as well as payment of the following expenditures arising from the trust management of the Fund’s assets:

— obligatory payment expenses established in accordance with Russian law as regards the fund assets or connected with operations with the said assets,

— expenses resulting from the fund estate property insurance,

— expenses resulting from maintenance (exploitation) and guarding of buildings, constructions, structures, and premises which constitute the fund assets, and maintaining them in a proper order in accordance with the agreements signed before this order was received;

payment of income from the Fund’s property trust management.

This decision is based on the actions of the management company by the trust management of the unit investment fund which might threaten the rights and legal interests of investment unit owners.

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24.02.2015 00.00.00