Article 3

1. The founders shall have the following shares in the company's registered capital:

the Russian founder - 50 per cent;

the Greek founder - 50 per cent.

2. Prior to the establishment of the company, all agreed expenditures associated with its activities shall be borne by the founders in proportion to their shares indicated in Paragraph 1 of this Article and reimbursed by the company after its establishment.

After the establishment of the company, each founder shall ensure independently the funding of the company's activities in accordance with its share in the company's registered capital without obligation to provide state guarantees. The company and its founders shall undertake the necessary measures to carry out construction of the gas pipeline based on the principles of project financing.

3. Without prejudice to Paragraph 1 of this Article new shareholders can be invited into the company. The founders shall jointly decide upon such matters on the basis of the principles of corporate governance.