July 20, 2007

Today, on 20 April 2007, the Stock MICEX Exchange begins to calculate the Technological Index of shares of investment funds. In accordance with the rules regulating the organization of trading on the securities market, this index has to be calculated if ten or more shares of investment funds listed on the Stock Exchange are admitted to trading on the Stock Exchange. With 4 new investment funds (Solid — Zemelnyi, Perspektiva √ Residential Real Estate Fund, Perspektiva √ Rent Real Estate and REGION Land Fund), shares of which are listed on the MICEX SE and admitted to trading as of today, the Index is comprised of shares of 13 investment funds listed on the Stock Exchange.

The initial value of the Technological Index of shares of investment funds on 20.07.2007 is 1000 points. The Index is calculated every thirty minutes from 11:30 till 18:00. The Index is calculated on the basis of current prices of shares of investment funds, which are calculated as average weighted prices of transactions in corresponding shares effected within the preceding 60 minutes.

The methodology of calculation of the Technological Index of shares of investment funds is contained in Supplement 13 to the Rules of Trading in Securities on the MICEX Stock Exchange, which have been in effect since 26 March 2007. The Technological Index of shares of investment funds is used to make decisions regarding the suspension of trading in shares of investment funds on the MICEX Stock Exchange when the permissible limits of fluctuations of this Index, established by the RF Federal Service for Financial Markets, are exceeded.

Information on the values of the Technological Index of shares of investment funds is distributed via all information channels, including the MICEX web site (www.micex.ru).