August 14, 2007

MOSCOW √ Starting Aug. 14, 2007, the MICEX Stock Exchange has begun to publish two new sectoral indices:

• MICEX M&M (MICEX Metals and Mining Index) √ index metallurgical and mining company stocks;

• MICEX MNF (MICEX Manufacturing Index) √ index of machine-building company stocks.

The new indices have been added to the MICEX sectoral indices group which includes MICEX O&G (index of oil and gas stocks), MICEX PWR (index of power company stocks), and MICEX TLC (index of telecom stocks), publication of which began April 16, 2007.

In accordance with the latest rules of calculation for sectoral indices, which came into effect on 14 August, each issuer▓s stock weight in sectoral indices (on the date of adoption of the index basket for the next period) is limited to 15% (excluding MICEX MNF which is limited to 20%). The aggregate capitalization of the issuers whose stock is included in the MICEX M&M and MICEX MNF indices amounts to approximately USD 100 billion and USD 12 billion respectively. Dec. 31, 2004 has been accepted as the starting date for calculation of the new MICEX sectoral indices, and the initial value of the indices was set at 1,000 index points. A retrospective calculation of the indices▓ values for the period from Dec. 31, 2004 has been made in order to use the new indices efficiently from the first day of their publication. Information on the values of capitalization indices for the indicated period and specific weights of stock in the indices can be found on the Exchange▓s website: www.micex.ru/stockindices

The MICEX sectoral indices, together with the MICEX Index, are efficient tools for evaluation of relative changes in prices of stocks of companies from different industries, and are optimal bases for building specialized passive investment strategies.