Dear all,

We have to postpone the conference call on the draft retail law that was scheduled for today due to the message received from the Ministry of Industry and Trade today, which said that certain changes are still being incorporated into the version reviewed by the government on Monday. 

We do not expect these changes to be material, however this cannot be guaranteed.  Therefore we believe it is worth postponing the call until an official version is made public by the State Duma to avoid confusion and ensure that we comment on the actual document.

We currently believe that there will be more clarity by the end of the week and preliminary suggest to hold this call early next week.  We will keep you posted and will distribute invitations with dial-in details in advance.