1. Non-profit organization
Fund for Development of the Center for Elaboration and Commercialization of New
Technologies
ORDER
December 15, 2010 No. 16/1
City of Moscow
On approval of the Regulations for the Investment Committee
of the Skolkovo Fund
For the purpose of organization of the work on the financing of activities aimed at providing
assistance for carrying out research, development and commercialization of results, I hereby order:
1. To approve the attached Regulations for the Investment Committee of the Fund for Development
of the Center for Elaboration and Commercialization of New Technologies (hereinafter referred to
as the Skolkovo Fund).
2. To state that before the Innovation Priorities are defined, the fulfillment of condition stipulated in
subparagraph B of paragraph 13 of the attached Regulations are not required.
Fund President
V. F. Vekselberg

2. REGULATIONS FOR THE INVESTMENT COMMITTEE OF THE FUND FOR
DEVELOPMENT OF THE CENTER FOR ELABORATION AND
COMMERCIALIZATION OF NEW TECHNOLOGIES
I. General Provisions
1. The present Regulations define the powers as well as the procedure of forming and activities of
the Skolkovo Fund Investment Committee (hereinafter referred to as the Investment Committee).
2. The activity of the Investment Committee is governed by the Federal Law No. 244-FZ, dated
September 28, 2010, "On the Skolkovo Innovation Center" (hereinafter referred to as the Law), by
the Skolkovo Fund Charter Documentation, the present Regulations as well as by other documents
of the Skolkovo Fund.
3. The objectives of the Investment Committee are as follows:
1) definition of the Skolkovo Fund’s general guidelines for investment activities;
2) making decisions concerning the procedure and conditions of providing financing to legal
entities (hereinafter referred to as the Applicants) in order to assist them in carrying out of their
Innovation Projects.
4. Applicants may be legal entities granted the Project Participant Status for creation and
maintenance of operations of the Skolkovo Innovation Center in accordance with the Law.
II. Composition of the Investment Committee
5. Composition of the Investment Committee is approved by the President of the Skolkovo Fund.
With that, besides Skolkovo Fund employees, the abovementioned body is to include persons that
are not members of the staff of the Skolkovo Fund (hereinafter referred to as independent members).
6. The Investment Committee’s independent members are to satisfy the following requirements:
A) to possess experience in management activities of legal entities carrying out or financing
research, development and commercialization of the results of such activities;
B) to possess status and a positive reputation in investment and (or) research environment;
C) to possess experience of working in analogous committees in other legal entities.
Independent members have the right to remuneration and reimbursement of expenses in connection
with participation in the Investment Committee meetings, in the amount stipulated in the agreement
signed with the Skolkovo Fund for performing the functions of an independent member of the
Investment Committee.
7. The Chairman of the Investment Committee is appointed by the President of the Skolkovo Fund.
8. The Chairman of the Investment Committee appoints a person to head the Investment Committee
in his/her absence.
9. The composition of Investment Committee includes an executive secretary appointed by the
President of the Skolkovo Fund from among the Investment Committee members.
III. Convening of Investment Committee meetings

3. 10. The Investment Committee Chairman is entitled to make a decision for convening an Investment
Committee meeting on his/her own initiative. Investment Committee meetings at which questions
concerning providing financing to Applicants are considered, are convened on the grounds of the
decision of the Investment Committee Chairman, made as advised by the executive director of the
relevant Skolkovo Fund cluster.
11. Agenda of the Investment Committee meeting is defined by the Investment Committee
Chairman. An Investment Committee member has a right to submit a proposal about including in
the meeting agenda any questions related to the Investment Committee’s competence, with the
exception of questions related to the providing financing to an Applicant.
12. Investment Committee meetings are held in presentio. The Investment Committee Chair is
entitled to make a decision for holding an Investment Committee meeting in absentia.
13. The executive director of relevant Skolkovo Fund cluster advises the Investment Committee
Chairman to convene an Investment Committee meeting to make a decision concerning providing
financing to the Applicant upon the following conditions:
A) The project presented by the Applicant is an Innovation project in accordance with
subparagraph D of paragraph 2 of the Regulations on assigning and termination of the status of
project participant for the creation and maintenance of operations of the Skolkovo Innovation
Center;
B) The Applicant's Innovation project corresponds to the Innovation priorities;
C) The Skolkovo Fund investment officer has developed an Evaluation sheet in accordance
with the form stipulated in Appendix 1 to the present Regulations (hereinafter referred to as the
Evaluation Sheet);
D) The Skolkovo Fund investment officer has developed an Investment Committee draft
decision.
14. Convening of the Investment Committee meeting is carried out by the Investment Committee
executive secretary not later than three days prior the date of holding the meeting, by means of
sending notifications to the Investment Committee members.
15. Notification about convening of an Investment Committee meeting is to contain:
A) information about date, time and place of holding of the meeting;
B) agenda of the meeting;
C) materials necessary for the meeting;
D) if a question of providing financing to an Applicant is being considered - the Evaluation
Sheet and the investment memorandum of the Applicant prepared in accordance with the form
stipulated in Appendix 1 to the present Regulations;
E) Investment Committee draft decision prepared by the Skolkovo Fund Investment Service.
IV. Holding of Investment Committee meetings
16. The Investment Committee meeting is legally competent if no less than fifty percent of the
Investment Committee members are present at the session, including at least one independent
member.
17. An Investment Committee member, being an interested individual in relation to the Applicant is
to inform the Investment Committee members about this before the meeting starts.

4. In case of violation of this requirement, the abovementioned Investment Committee member is
subject to expulsion from the Investment Committee. The Investment Committee members, being
Skolkovo Fund employees are also subject to disciplinary actions.
An Investment Committee member is considered to be interested in relation to an Applicant, if
he/she either makes or can make profit in connection with providing financing to the Applicant.
18. An Investment Committee member, being an interested individual in relation to the Applicant is
not entitled to take part in the discussions and voting on the question of providing financing to the
Applicant. In accordance with paragraph 24 of the present Regulations, the abovementioned
individual is considered absent at the meeting when determining the results of the voting.
19. At an Investment Committee meeting, dedicated to the question of providing financing to the
Applicant, the Investment Officer reports to the Investment Committee members on the general
provisions of the Evaluation Sheet and presents the draft decision prepared by the Skolkovo Fund
Investment Service.
20. The Applicant's representatives are entitled to be present at the Investment Committee meeting
during the discussion of the question of providing financing to the Applicant. The Applicant's
representatives do not take part in the voting.
21. By the decision of the Investment Committee Chair invitees, (such as experts, etc.) in a
consultative capacity, can take part in the meetings.
22. As for the question of providing financing to the Applicant, the Investment Committee is entitled
to make one of the following decisions:
A) to provide the financing;
B) to return the materials presented to the Investment Committee meeting for further
elaboration or revision;
C) to deny financing.
23. When making a decision on providing financing to an Applicant, the Investment Committee
defines:
1) the total volume of financing for the Applicant;
2) time frames and conditions for providing the financing.
The decision of the Investment Committee may also stipulate other conditions, upon which
financing may be provided to an Applicant.
24. The decision of the Investment Committee is considered final, if more than fifty percent of the
Investment Committee members present at the meeting, including at least one independent member,
voted in its favor.
25. The results of the Investment Committee meeting are documented in the minutes signed by the
Investment Committee Chairman and the executive secretary.
Part of the Investment Committee decision, containing information stipulated in subparagraph 1 of
paragraph 23 of the present Regulations is to be posted on the Fund’s website.

5. Appendix 1
to the Regulations for the Investment Committee.
Requirements for the Applicant's investment memorandum and Evaluation Sheet
I. Investment memorandum
1. Investment memorandum summary (not more than 2 pages).
1.1. Brief description of the innovation project (essence of the innovation).
1.2. Brief description of the market (demand for the product and (or) technology, competition in the
sphere of application of the product and (or) technology).
1.3. Brief description of the Applicant (name, list of head officers and other key workers).
1.4. The Applicant's financial plan, short summary (investment volume required for the Innovation
project’s realization; expected results of the Innovation project’s realization).
1.5. Brief description of the risks connected to the Innovation project’s realization.
1.6. Volume of financing applied for from the Skolkovo Fund.
2. Innovation project summary.
2.1. Means of commercialization of the product and (or) technology.
2.2. Competitive advantages of the product and (or) technology.
2.3. Listing the reasons that consumers will be interested in the product and (or) technology.
2.4. Specification of product and (or) technology.
2.5. Innovation project road map (drawn in accordance with the form stipulated in Appendix 3 to the
Skolkovo Fund Order "On approval of the form of the Application of the Applicant for status of
project participant for the creation and maintenance of operations of the Skolkovo Innovation
Center, list of documents to be submitted when filing the Application for awarding of project
participant status, project road map sample and the nondisclosure agreement form, concerning the
information about the project presented by the Applicant").
3. Market summary.
3.1. Demand:
3.1.1. Consumer characteristics.
3.1.2. Volume and dynamics of the target market.
3.1.3. Target market segmentation.
3.1.4. Market barriers.
3.2. Supply:
3.2.1. Existing competitors.
3.2.2. Potential competitors.
3.3. Success factors:
3.3.1. Conditions necessary for capturing the assumed market share.
4. Applicant summary.
4.1. The Applicant's name, PSRN, TIN, main registration number of the project participant on
creation and maintenance of operations of the Skolkovo Innovation Center.
4.2. Shareholders of the Applicant and entities assisting the Applicant in the realization of the
Innovation Project:
4.2.1. Shareholders of the Applicant.
4.2.2. Entities assisting the Applicant in the realization of the Innovation Project.
4.3. Description of the Applicant's current activities.

6. 4.4. Experience and qualification of the Applicant's chief officers and other key workers.
4.5. The Applicant's assets, necessary for achieving his/her goals (material, nonmaterial).
4.6. The Applicant's current financial condition (if available - financial statements).
5. Financial plan.
5.1. Information about the investor (investors). Documents confirming the intention of investors to
invest into the realization of the Innovation Project (if available).
5.2. Investment schedule.
5.3. Cost estimate (capital costs and operating expenses).
5.4. The Applicant's sales forecast.
The financial plan is drawn up divided into quarters for the entire period of realization of the
Innovation Project.
6. Risks.
6.1. Scientific, technological and industrial risks.
6.2. Market risks.
6.3. Financial risks.
6.4. Legal risks.
7. Participation of the Skolkovo Fund in supporting the Applicant's Innovation Project.
7.1. Volume of financing applied for from the Skolkovo Fund, time frames and conditions of its
provision.
7.2. Non-financial support in commercialization of the product and (or) technology.
7.3. Innovation project organizational support.
7.4. Equipment necessary for realization of the Innovation Project.
7.5. Other resources required for realization of the Innovation Project.
II. Evaluation sheet.
Evaluation sheet main sections:
a) Innovation Project’s market potential.
b) Innovation Project’s team.
c) Innovation Project’s risks.
d) Innovation Project’s cost estimate soundness.
e) Personal interests of the Skolkovo Fund employees and Investment Committee independent
members in the realization of the Innovation Project.
f) Skolkovo Fund investment officer’s recommendation.