January 15, 2008

The MICEX Stock Exchange (▒MICEX SE▓), the Russia▓s leading stock exchange, announces today that it has concluded the quarterly review of the Watch Lists for the stocks considered for inclusion in the MICEX Index and Sector Indices.

The Watch Lists compiled as a result of the review comprise the following number of stocks (the composition of the Watch Lists is further detailed in the Annex):

• The MICEX Index Watch List is comprises stocks of 19 issuers

• The MICEX O&G (oil & gas) Watch List is comprised from stocks of 1 issuer

• The MICEX PWR (electric utilities) Watch List is comprised of stocks from 12 issuers

• The MICEX TLC (telecommunications) Watch List is comprised of stocks from 4 issuers

• The MICEX M&M (metals & mining) Watch List is comprised of stocks from 2 issuers

• The MICEX MNF (manufacturing) Watch List is comprised of stocks from 2 issuers

TThe Watch List selection procedure, adopted by the MICEX SE in April 2007, is based on the issuers▓ market capitalization and the liquidity of the stock, as well as the profile of the issuer

Stocks for the MICEX Index Watch Lists are selected from the 60 most liquid stocks traded on the MICEX SE, once the stocks forming the MICEX Index have been excluded.

Stocks for the sector indices Watch Lists are selected from a pool of stocks from the relevant sectors. The stocks on the Watch List, together with the stocks comprising the respective Sector Index must account for at least 80% of the capitalization of issuers from the relevant sector.

The composition of the Watch Lists is reviewed by the MICEX SE on a quarterly basis, while the composition of the MICEX Index and sector indices are reviewed semi-annually and quarterly, respectively.

For further information please contact:

Merlin PR +44 20 7653 6620

Paul Farrow +44 7747 607768

Anja Kharlamova +44 7887 884788

Anastasia Ivanova +44 7768 258694

MICEX

Alexey Gerasyuk +7 495 232 0555 OR +7 495 726 6257