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Federal State Owned Unitary Enterprises Table 6 below presents the dynamics and industry based profile of FGUPs in 20032006.

Table Dynamics and Industry Based Profile of Federal State Owned Unitary En terprises in 2003as of June 1, as of June 1, as of June 1, as of June 1, 2003 2004 % of the Industry (sub sector) number num num num num % % % % as of ber ber ber ber June Nonmaterial sphere 4357 44,2 4069 44,1 3617 43,6 1817 25,3 50,Industries, incl. 2224 22,6 2064 22,4 1870 22,55 1624 22,6 86, engineering 908 9,2 827 8,95 734 8,85 660 9,2 89, soft industries 193 2,0 193 2,1 194 2,3 187 2,6 96, construction materials manu 81 0,8 80 0,9 68 0,8 55 0,75 80,facturing food processing 60 0,6 61 0,65 55 0,7 55 0,75 100, metallurgy 49 0,5 37 0,4 34 0,4 30 0,4 88, chemical industry 46 0,5 43 0,5 39 0,5 34 0,5 87, other industries 887 9,0 823 8,9 746 9,0 603 8,4 80,Agriculture 1329 13,5 1237 13,4 1111 13,4 913 12,7 82,Construction 1035 10,5 978 10,6 903 10,9 752 10,5 83,Transport, communications 851 8,6 809 8,8 725 8,75 612 8,55 84,Forest management 64 0,6 65 0,7 67 0,8 53 0,75 79,Other sub sectors 1407 19,6 Total 9860 100,0 9222 100,0 8293 100,0 7178 100,0 86,Source: Federal Property Privatization Forecast Plan (Program) for 2004 and Key Areas of Federal Property Privatization for the period up to 2006; Federal Property Privatization Forecast Plan (Pro gram) for 2005; Federal Property Privatization Forecast Plan (Program) for 2006 and Key Areas of Federal Property Privatization for 20062008, Federal Property Privatization Forecast Plan (Pro gram) for 2007 and Key Areas of Federal Property Privatization for 20072009; estimates by the au thors hereof.

As results from Table 6, the overall number of FGUPs has decreased by enterprises i.e., almost by 27% for the last 3 years (between June 1, 2003, and RUSSIAN ECONOMY IN trends and outlooks June 1, 2006). In particular, during the period between June 1, 2005, and June 1, 2006, this number decreased by 13.4%. With this, during the period between June 1, 2005, and June 1, 2006, the absolute reduction of unitary state owned enter prises (by 1115) was the biggest versus the reduction during the period between June 1, 2004, and June 1, 2005, (by 929), and during the period between June 1, 2003, and June 1, 2004 (by 638).

FGUPs industry based profile benchmarking seems to be not 100% correct due to the fact that a new category (Other Industries) appears in 2006, meaning the industries that do not fall under the basic classification of industries (and this category comprises 19.6% of all FGUPs). It is because of this that we can see sig nificant reduction of non material sphere unitary enterprises share: from 25.3% vs.

43.6% as of mid 2005. As for the industries falling under basic classification, the share of practically each of them has decreased slightly (agriculture, construction, transport & communications, forest management); the overall share of industrial production remaining at the same level. Out of heavy industrial enterprises the ma jority state owned unitary enterprises belong to engineering (9.2%) and soft indus tries (2.6%), with the share of these sub sectors growing slightly compared to 2005.

The greatest absolute reductions in the number of state owned unitary enter prises for the period between June 1, 2005, and June 1, 2006, took place in agri culture (198 entities), construction (151 entities), transport & communications (entities). If we take the number of unitary enterprises as of June 1, 2006, as % of their number as of June 1, 2005, we may state that the most significant reduction (by over 15%) took place in such sub sectors as forest management, construction materials manufacturing, construction, transport & communications41. And the number of state owned federal unitary enterprises in food processing remained the same.

It is necessary to emphasize that analyzing the quantitative dynamics of FGUPs42 was based on their number as of specific date, which allows for judging only about the most general trend of that or another specific sub sector shrinking.

The available statistics data does not allow for evaluating the comprehensive de mography of such business entities, the specific scale of their set up, termination and transformation into entities with other organizational and legal statuses, i.e., does not allow for analyzing the whole totality of actions resulting in the specific number of such entities at a specific point of time. The outcome of industry based profile of state owned unitary enterprises is that if we do not focus on the changes in classification, than we can say that the share of entities belonging to compatible sub sectors has changed insignificantly.

Without accounting for the nonmaterial sphere enterprises, which cannot be compatible due to segregating Other Industries category in 2006 (did not exist in 2005).

The same comment is relevant for analyzing the number of joint stock companies with federal government interest.

Section Institutional Problems Joint Stock Companies with Federal Government Interest Table 7 below presents the dynamics and industry based profile of such enti ties in 20032006.

Table Dynamics and Industry Based Profile of Joint Stock Companies with either Federal Government Interest or which are Subjects to the Golden Share Regulation, 2003as of June 1, as of June 1, as of June 1, as of June 1, 2003 2004 % of the Industry (sub sector) number num num num num % % % % as of ber ber ber ber June Nonmaterial sphere 1918 45,6 1781 45,6 685 18,1 356 9,6 52,Industries, incl. 1350 32,1 1253 32,1 2078 54,9 1772 47,6 85, engineering 225 5,4 209 5,4 187 4,95 663 17,8 354, food processing 43 1,0 40 1,0 54 1,4 141 3,8 261, metallurgy 34 0,8 32 0,8 28 0,75 101 2,7 360, construction materials manu 21 0,5 20 0,5 19 0,5 53 1,4 278,facturing chemical industry 19 0,4 18 0,5 46 1,2 98 2,65 213, soft industry 16 0,4 15 0,4 9 0,2 27 0,75 300, other industries 992 23,6 919 23,5 1735 45,9 689 18,5 39,Construction 492 11,7 457 11,7 287 7,6 380 10,2 132,Transport, communications 383 9,1 356 9,1 459 12,1 396 10,6 86,Agriculture 46 1,1 43 1,1 229 6,1 363 9,7 158,Forest management 16 0,4 15 0,4 45 1,2 99 2,7 220,Other sub sectors 358 9,6 Total 4205 100,0 3905 100,0 3783 100,0 3724 100,0 98,Source: Federal Property Privatization Forecast Plan (Program) for 2004 and Key Areas of Federal Property Privatization for the period up to 2006; Federal Property Privatization Forecast Plan (Pro gram) for 2005; Federal Property Privatization Forecast Plan (Program) for 2006 and Key Areas of Federal Property Privatization for 20062008, Federal Property Privatization Forecast Plan (Pro gram) for 2007 and Key Areas of Federal Property Privatization for 20072009; estimates by the au thors hereof.

As results from Table 7, the overall number of JSCs with federal governments share decreased by 11.4% during the period between June 1, 2003, and June 1, 2006, including by 1.6% during the period between June 1, 2005, and June 1, 2006. The absolute number of such JSCs eliminated during the period between June 1, 2005, and June 1, 2006, was two times lower than the similar number for the period between June 1, 2004, and June 1, 2005, (59 versus 122).

Similar to FGUPs, a new category was established for the industry based pro file of JSCs with federal governments share in 2006 (other sub sectors), which does not fall under the classification of base industries (overall, there are 9.6% such JSCs). As a result, the share of JSCs qualified as related to nonmaterial sphere fell from 18.1% as of June 1, 2005, down to 9.6% as of June 1, 2006, which in absolute numbers means by 329 companies). In addition, another very important shift in the industry based profile of JSCs with federal governments participation is worth noting: decreasing the share of companies belonging to industrial sector (from 54.9% as of June 1, 2005, down to 47.6% as of June 1, 2006), to transporta RUSSIAN ECONOMY IN trends and outlooks tion and communications sector (from 12.1% down to 9.6%). On the contrary, the share of JSCs belonging to some other sector has grown: construction (from 7.6% up to 10.2%), agriculture (from 6.1% up to 9.7%) and forest management (from 1.2% up to 2.7%).

At the same time we need to emphasize that the share of JSCs with federal governments participation decreased mainly due to establishing this separate new group of other sub sectors which does not directly relate to those listed in the Table (metallurgy, engineering, chemical building, construction materials manufac turing, soft industry and food processing). And this separate group demonstrates a record reduction of contribution both in its relative share (from 45.9% down to 18.5%), and in absolute figures (by 1046 companies).

As for other sub sectors and industries, the absolute number of JSCs with federal governments participation has grown, especially in engineering by companies. Quite significant increase was also observed in agriculture (by companies), and in construction (by 93 companies). As for the growth rate dynam ics among JSCs with federal governments participation as of June 1, 2006, vs.

June 1, 2005, . Engineering and soft industries took the lead demonstrating the annual growth rate of 3 and even more times.

Table Dynamics of Joint Stock Companies with Federal Government Participation (including application of special Golden Share Regulation), 1999 Number of JSCs 25% + 1 share 50% + 1 share Golden Total Less than 25% 100 % 50% 100% 1 share Share Date To JSCs % JSCs % JSCs % JSCs % JSCs % tal 3316/ 1999 100 863 26.0 1601 48.3 470 14.2 382 11.5 580 ** 3896* January 1, 3524** 100 1746 49.55 1211 34.4 506 14.35 61 1.7 2001 * January 1, 4407** 100 2270 51.5 1401 31.8 646 14.65 90 2.05 750** 2002 ** January 1, 4222 100 2152 51.0 1382 32.7 589 13.95 99 2.35 1076 June 1, 2003 4205 100 2148 51.1 1339 31.8 600 14.3 118 2.8 October 1, 4035 100 2051 50.8 1308 32.4 552 13.7 124 3.1 640 January 1, 3704 100 1769 47.75 1235 33.35 540 14.6 160 4.3 591 June 1, 2004 3905 100 1950 49.9 1183 30.3 499 12.8 273 7.0 March 1, 4075/ 11.100 1697 44.8 1154 30.4 487 12.85 453 # 2005 3791 3783/ June 1, 2005 100 1544 43.8 1093 31.0 474 13.5 413 11.7 ## 3724/ June 1, 2006 100 1063 30.5 885 25.4 397 11.4 1136 32.6 ### * 3896 business entities are mentioned in the context of State Property Management and Privati zation Conception issued in 1999 (including 3611 Open Join6t Stock Companies, 251 Closed Cor porations and 34 Limited Liability Companies) as those with participation of the RF Government in share capital; 31316 is an estimate based on summarizing all shares (stocks, interest) mentioned in the Conception;

** overall number of JSCs applying special Golden Share Regulation without specifying the JSCs in which the Government does not have stock packages;

shares Without Section Institutional Problems *** joint stock companies not accounting for 48 shares and packages in foreign based compa nies;

**** JSCs not accounting for 75 closed corporations and shares in LLCs charter capitals granted based on the RF Government Resolution No.545 rof April 2, 2002, On Termination of State Partici pation in Charter Capitals of Credit Institutions, or received by ways of succession, gift or due to other reasons;

# 3791 is an estimate number of JSCs having got shares owned by the Russian Federation, without accounting for 284 joint stock companies to which the Golden Share Rule is applied (without a package of stocks). Percentage of JSCs with different number of government owned stocks is made comparable with the previous periods data, for which it was calculated based on this number.

For reference: as of January 1, 2005, the RF Federal Government owned shares of 3767 JSCs, not accounting for the already mentioned 284 JSCs with the Golden Share and for 24 000 LLCs with Government participation;

## 3524 is an estimate number of JSCs having got shares owned by the Russian Federation, with out accounting 259 joint stock companies to which the Golden Share Rule is applied (without a package of stocks). Percentage of JSCs with different number of government owned stocks is made comparable with the previous periods' data, for which it was calculated based on this number;

### 3481 is an estimate number of JSCs having got shares owned by the Russian Federation, with out accounting for 243 joint stock companies to which the Golden Share Rule is applied (without a package of stocks). Percentage of JSCs with different number of government owned stocks is made comparable with the previous periods data, for which it was calculated based on this number.

Source: agency website www.mgi.ru; A.A. Braverman, Measures to Improve Efficiency of Federal Property Management and Criteria for Evaluating Such Efficiency // Bulletin of the RF Ministry for Federal Property Management No.1, 2003, pp. 1314; Companies with Government Participation.

Institutional and Legal Aspect, Efficiency Aspects. Collection Analytical Reports: Independent Eco nomic Analysis No.155. M.: Moscow Public Scientific Foundation; Association of Public Economic Studies, 2004, p. 47; Federal Property Privatization Forecast Plan (Program) for 2004 and Key Ar eas of Federal Property Privatization for the period up to 2006 // Bulletin of the RF Ministry for Fed eral Property Management No.4, 2003, pp. 45; Key Issues of Improving Federal Property Man agement Efficiency and Main Areas of the RF Dividend Policy // Bulletin of the RF Ministry for Federal Property Management No.4, 2003, p. 8; Federal Property Privatization Forecast Plan (Pro gram) for 2005; Materials for the RF Government session of March 17, 2005, On Measures to Im prove Federal Property Management Efficiency; Federal Property Privatization Forecast Plan (Pro gram) for 2006 and Key Areas of Federal Property Privatization for 20062008; Federal Property Privatization Forecast Plan (Program) for 2007 and Key Areas of Federal Property Privatization for 20072009; estimates by the authors hereof.

Another important feature characterizing JSCs with federal governments par ticipation was their distribution by the scope of governments participation (number of stock belonging to the Federal Government) (Table 8).

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