March 21, 2007

On 20 March 2007, the Directorate of the MICEX Stock Exchange decided to put into effect, as of 26 March 2007, the new version of the Rules of trading in securities, registered by the RF Federal Service for Financial Markets (FSFM) earlier this March. At the same time, the MICEX Stock Exchange CEO adopted the new schedule of the trading session, which provides for the termination of trading on the exchange-based stock market at 18:00. Thus, trading in corporate securities on the MICEX Stock Exchange will be held from 10:00 till 18:00 in all trading modes (in the main trading mode: from 10:30 till 17:45), ending 1 hour 15 minutes earlier than the time provided for by the current schedule of trading sessions.

To bring the activities of the MICEX Stock Exchange into line with the Rules of organizing trading in the securities market adopted by the RF FSFM (Order # 06-68/pz-n of 22.06.2006, version of Order # 06-126/ pz-n of 02.11.2006), certain amendments have been made to the Rules of trading, which concern:

• the order of the calculation of the technical index, the settlement price, the opening price, the current price, the closing price and the order of determining critical values of these indicators;

• the procedure for effecting transactions in securities from ⌠I■ Quotation List, under which a trader▓s client can effect transactions in these securities only if he signs a declaration of risks and the Stock Exchange is informed about the fact of signing;

• the provision of control and monitoring by organizers of trading, the criteria of declaring transactions, effected through an organizer of trading, non-standard and the order of interaction between the organizer of trading and the RF FSFM in the course of detecting non-standard transactions;

• the order of entering orders by participants in trading acting as market makers;

• trading in securities admitted to trading on the MICEX Stock Exchange for the first time.

The new version of the Rules of trading contains amendments connected with the order of effecting and executing transactions on ⌠direct settlement■ terms as well as supplements specifying the order of determining the time of checking non-standard transactions and certain textual corrections.

Thus, the new version of the Rules, coming into effect as of 26 March 2007, provides for the following schedule of trading in securities (except for the RF external government bonds) in different trading modes, including the beginning and the end of periods:

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