April 5, 2007

The MICEX Stock Exchange starts calculating the MICEX Index in accordance with new Rules on April 16, 2007.

New Rules establish a fixed number of Index constituents — 30 most liquid stocks representing basic sectors of Russian economy. The MICEX Index basket will be reconstituted twice a year — on April 15 and October 15. MICEX Stock Exchange starts quarterly publication of watch list √ that comprises candidates for inclusion in the index.

The MICEX Index▓ Rules meet the requirements of Directives of the European Parliament and of the Council relating to undertakings for collective investment in transferable securities (UCITS), and meet the requirements of the USA regulation for the broad-based security indices.

Since April 16, 2007 MICEX Index will be added with the following stocks:

1. NOVATEK, ordinary share,

2. Severstal, ordinary share

3. NLMK, ordinary share

4. OGK-3, ordinary share

5. OGK-5, ordinary share

6. 7-th Continent, ordinary share

7. VolgaTelecom, ordinary share

8. Corporate IRKUT, ordinary share

9. Bank of Moscow, ordinary share

As a result of inclusion of the these stocks, the branch structure of the MICEX Index will be submitted as follows:

Transport √ 0,25%;

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