February 28, 2006

At its 27 February 2006 meeting, the MICEX Stock Exchange Index Committee elected Yevgeni Gavrilenkov Chairman of the Committee. Y.Gavrilenkov is Managing Director and Chief Economist of Troyka Dialog Investment Company. The MICEX SE Index Committee also decided to change the composition of the MICEX Index. As of 14 March 2006, the basket of securities, forming the basis of the MICEX Index, will be supplemented by common shares in Gazprom, Mobile TeleSystems, Uralsvyazinform and RBK Information Systems as well as preference shares in Transneft. Preference shares in AVTOVAZ, Rostelecom, Tatneft and common shares in YUKOS will be excluded from the MICEX Index. The above changes are aimed at bringing the structure of the MICEX Index into line with the current market situation. The MICEX Index is an integral indicator reflecting the state of the Russian stock market. The MICEX intends to widen the sectoral structure of the MICEX Index by including securities of issuers each of which is leader in its sector. This, in its turn, will enable to diversify the Index basket. According to the Index Committee, the MICEX market of securities to be included into the Index is liquid enough to enable the calculation of representative prices used in the Index. Using expert evaluation methods, the Index Committee has determined free-float coefficients for all securities comprising the MICEX Index. These coefficients reflect the proportion of capitalization of each outstanding share and are taken into account in the calculation of the Index. Besides, the Index Committee has recommended limiting the maximum weight of each security in the MICEX Index to 15%. Consequently, beginning from 14 March 2006, the MICEX Index will be comprised of the following securities:

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