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Procedure for Registering Traders’ Clients as of 21 May 2007

The MICEX Stock Exchange Closed Joint Stock Company (hereinafter referred to as “the MICEX Stock Exchange”, “ZAO MICEX Stock Exchange”) hereby gives notice that in accordance with the Regulation on Securities Market Trading Organization Activities (approved by order of the FSFM of Russia on October 9, 2007 No.07.102/pz-n) and the Rules of Admission to MICEX Stock Exchange Closed Joint Stock Company Trading approved by the ZAO MICEX Stock Exchange Board of Directors on December 31, 2007, Minutes No.20), additional requirements have been imposed on the Trader with regards to registering the Trader’s Clients (even at the expense of the Clients of a broker who is the Traders’ Client), management companies and professional participants in the securities market who conduct securities management activities for the benefit of persons settling a trust account at the ZAO MICEX Stock Exchange at the expense (for the benefit) of said persons, the subject of which are the securities included on Quote List “I”.

1. If the securities transactions included on Quote List “I” are performed at the expense of Clients (including Clients of a broker who is the Traders’ Client), Traders and brokers must familiarize such Clients with the Declaration of Risks Related to Performing Securities Operations Included on Quote List “I” of the ZAO MICEX Stock Exchange in the form approved by the Directorate of the MICEX Stock Exchange (hereinafter referred to as “the Declaration of Risks”). Familiarization with the Declaration of Risks must be certified by the Client’s signature.

2. If the securities transactions included on Quote List “I” are performed for the benefit of management companies, Traders must familiarize such management companies with the Declaration of Risks. In this case, the Declaration of Risks must be signed by the management company.

3. If the securities transactions included on Quote List “I” are performed by the Traders for the benefit of professional securities market participants conducting securities management activities, the possibility of acquiring the securities on Quote List “I” must be expressly provided for in the Investment Declaration by the person settling the trust for whose benefit the securities are acquired.

Familiarization with the Declaration of Risks, certified by the signature of the Client or the Management Company, must be reported by the Trader to the MICEX Stock Exchange by making a special mark in the data on the Clients or Management Companies used for registering Clients, in accordance with the procedure provided for by the new version of the Regulation on Assigning Codes to ZAO MICEX Stock Exchange Traders and their Clients (hereinafter referred to as “the Regulation”) approved by the ZAO MICEX Stock Exchange Directorate (the minutes of May 10, 2007 No.37) effective 21 May 2007.

Please note that there are special features of generating the data file on Traders’ Clients and MICEX Stock Exchange Traders settling trust accounts arising from the new version of the Regulation:

– the mark certifying familiarization with the Declaration of Risks shall be understood as the words “FAMILIARIZED WITH THE DECLARATION OF RISKS” entered into the additional box (Box 7 of Supplement No.1 to the Regulation);

– Clients or Management Companies in accordance with the Regulation effective May 21, 2007 may be registered through a new version of the Generation and Verification of Documents Containing Information on Clients of MICEX Stock Exchange Traders Program (will be available for use after May 21, 2007);

– previously registered Clients or Management Companies with an interest in the securities included on Quote List “I” may be registered by making the mark “U” – “the Client is changed” – in the Clients’ or Management Companies’ data file (Box 7 of Supplement No.2 to the Regulation), as well as entering the words “FAMILIARIZED WITH THE DECLARATION OF RISKS”.

– re-registration of previously registered Clients or Management Companies having no intention to conclude transactions with securities included on Quote List “I” is not required;

– in other respects, no changes have been made compared with the current procedure regarding the technology used in receiving and processing the data files upon registration of the Clients or Management Companies.

The new version of the Regulation on Assigning Codes to ZAO MICEX Stock Exchange Traders and their Clients, the Declaration of Risks Related to Performing Securities Operations Included on Quote List “I” of the ZAO MICEX Stock Exchange, and a new version of the Generation and Verification of Documents Containing Information on Clients of MICEX Stock Exchange Traders Program are available in the MICEX Stock Exchange’s Internet Representative Office under “Procedure for Registering Traders’ Clients” (the PARTICIPANTS IN TRADING ON THE STOCK MARKET section).

Contacts:

  • for questions about providing information on Clients at the MICEX Stock Exchange via the Electronic Document Circulation System (EDCS): +7 495 705‐96‐57.