February 2, 2006

The MICEX Stock Exchange has begun to regularly calculate the capitalization of Russian companies▓ stocks traded on the Exchange. This is one of key market indicators helping to appraise the market value of a company.

As of 1 February 2006, the total capitalization of stocks traded on the MICEX SE amounted to 14.5 trillion rubles (516 billion US dollars). Of these, the capitalization of stocks listed on the MICEX SE (included in the MICEX SE Quotation Lists of all levels) amounted to 6.3 trillion rubles (224 billion US dollars). On 10 January 2006, (the first working day of 2006) the same figure amounted to 8.2 trillion rubles (285 billion US dollars) for stocks of all categories and 5.6 trillion rubles (197 billion US dollars) for listed stocks. The rapid growth of capitalization of stocks was the result of the overall growth of the market in January and the admission of Gazprom shares to trading. On 1 February 2006, Gazprom▓s capitalization amounted to 186.3 billion US dollars.

Additionally, capitalization is calculated on the first working day of each month following the results of the previous month. The average weighted price of one share of the given category (type) is used to calculate the monthly capitalization, basing on 10 largest transactions carried out via the MICEX SE during the current month (or over the last three months). As a result of January 2006, the average monthly capitalization of stocks traded on the MICEX Stock Exchange amounted to 507 billion US dollars, including 220 billion USD for stocks listed on the MICEX SE (in December 2005: 285 billion USD and 186 billion USD for listed stocks).

The average monthly capitalization of stocks of leading Russian companies traded on the MICEX Stock Exchange (billion USD):

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