January 31, 2007

The Board of Directors of the MICEX Stock Exchange at its sitting, held 31 January 2007, adopted the new version of the Rules of Trading in Securities on the MICEX Stock Exchange.

In pursuance of the Order of the RF Federal Service for Financial Markets #06-126/pz-n of 02.11.2006, the new version of the Rules of Trading in Securities on the MICEX Stock Exchange provides for the suspension of trading in securities at 18:00, Moscow time, and its resumption after the simultaneous fulfillment of the following conditions:

• each participant in trading on the MICEX Stock Exchange is provided the register of trades transacted by the participant before 18:00 of the current trading day,

• the MICEX, as the clearing organization providing clearing for trades transacted on the MICEX Stock Exchange, submits reports on the results of clearing for corresponding trades.

Thus, in accordance with the new Rules, the trading day on the MICEX Stock Exchange will last from 10:00 till 19:15, Moscow time. Trading will be suspended at 18:00 and resumed immediately after the provision of reports stipulated in Article 1 of the Order of the RF Federal Service for Financial Markets #06-126/pz-n of 02.11.2006.

Trades transacted by participants in trading on the MICEX Stock Exchange before 18:00 will be cleared by the MICEX, and settlements for them will be effected on the ⌠delivery vs. payment■ terms (settlements are to be completed before 19:00 of the current working day). Trades transacted after the resumption of trading (after 18:00) will form a separate clearing pool of the current working day. Settlements for these trades will be effected on the ⌠delivery vs. payment■ terms (settlements are to be completed before 20:15).

On 1 February 2007, the new Rules of Trading in Securities on the MICEX Stock Exchange will be submitted to the RF Federal Service for Financial Markets for registration together with the new MICEX Rules of Clearing on the Securities Market.

After the new Rules of Trading in Securities on the MICEX Stock Exchange and the new MICEX Rules of Clearing on the Securities Market are registered by the RF Federal Service for Financial Markets, the Directorate of the MICEX Stock Exchange and the MICEX Executive Board will determine the date when the two documents will come into effect.

Before the two documents come into effect, trading in securities on the MICEX Stock Exchange will be held according to the existing schedule.