Financial report / Explanations and comments on the Balance Sheet
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Short-term investments

2012 2011
Held-for-trading investments:
Corporate and government bonds —  2.0
Corporate shares 1.2 1.0
1.2 3.0
Other short-term investments:
Bank deposits with original maturities exceeding 90 days 3.5 1.6
Promissory notes from related parties 1.8 1.4
Promissory notes from third parties 5.5 14.9
Other short-term investments 0.1 0.1
Reserve for short-term investments (7.3) —
3.6 18.0
4.8 21.0

Corporate and government bonds represent bonds denominated in Russian roubles issued by the Government of the Russian Federation and major Russian companies with yield to maturity rates of 9.0% to 12.25% per annum as at 31 December 2012.

The Group’s investments in bonds and shares are reflected at market values at the end of the period based on the last traded prices obtained from the Moscow Interbank Currency Exchange (“MICEX”).

Corporate shares are publicly traded shares of Russian companies with readily available market prices.

As at 31 December 2012 the interest rates on bank deposits denominated in Russian roubles, with original maturities exceeding 90 days, were in average 4.1% per annum (31 December 2011: 5.6% per annum).

As at 31 December 2012 the reserve is created under the deposits held in banks and promissory notes from related parties.

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