July 6, 2005

MOSCOW, 6 July 2005 — The Moscow Interbank Currency Exchange (MICEX) has received JP Morgan Chase Bank’s Elite Quality Recognition Award. For three years on end the MICEX has been named “one of the best” financial institutions among all correspondents of JP Morgan Chase Bank by the quality of payments in US dollars. Each year, JP Morgan Chase Bank selects best financial institutions among its 5000 correspondents all over the world.

JP Morgan Chase Bank’s award confirms that the quality of settlements, provided by an exchange, exceeds considerably the average level of the Bank’s correspondents. JP Morgan Chase Bank’s report on the quality of payments shows that in 2004, the MICEX ensured 99.9% of correct payments (payments which do not require additional handling) with the average figure for JP Morgan Chase Bank’s correspondent banks being 94%. In 2003, the MICEX ensured 99.7% of correct payments. This year, JP Morgan Chase Bank has toughened its selection criteria: the ratio of correct payments must be at least 99.7%. Nevertheless, the MICEX has achieved a success.

JP Morgan Chase Bank’s award confirms the high quality of settlements for the results of trading, provided by the MICEX, and the reliability of the MICEX system of management of operational risks.

According to the MICEX CEO Alexander Potemkin, the Exchange has received the award for the third time in a row, which confirms the MICEX’s reputation as one of Russia’s most reliable financial institutions. The MICEX ensures strict observance of the “payment versus payment” principle, which is one of key elements of the risk management system in the MICEX currency market.

Since 2001, JP Morgan Chase Bank has been the MICEX’s bank of settlements for operations in the US dollar.