OREANDA-NEWS. On 03 April 2008 was announced, that the MICEX Stock Exchange (‘MICEX SE’), the Russia’s leading stock exchange, advises that, following a scheduled periodic review, it had approved the composition of the MICEX Index covering the 30 most liquid Russian stocks traded on the MICEX Stock Exchange, and the MICEX Sector indices for the forthcoming period. The new indices composition will become effective on 15 April 2008. The next reviews of the MICEX Index and the MICEX Sector indices are scheduled for 14 October 2008 and 14 June 2008 respectively.

The review was carried out based on the recommendations of the Index Committee. The selection was made out of the pool of companies comprising the indices and their respective watch lists at the date of the review.

The composition of the MICEX Index was unaffected by the review.

The review has resulted in the following changes to the Sector indices:

Slavneft-Megionneftegaz has been excluded from the benchmark MICEX Oil and Gas Index (MICEX O&G).

OGK-4 has been excluded from and Moscow Heat Distribution Network Company has been added to the benchmark MICEX Electric Power Index (MICEX PWR).

MGTS has been excluded from and Tattelecom has been added to the benchmark MICEX Telecom Index (MICEX TLC).

Pipe Metallurgical Company and Belon Company have been added to the benchmark MICEX Metallurgy and Mining Index (MICEX M&M).

The composition of the MICEX Machine Manufacturing Index (MICEX MNF) was unaffected by the review.

The stock weightings for calculation of the indices in the forthcoming period will be determined by the MICEX SE in accordance with the Rules of Calculation of Indices, based on prices as at 31 March 2008.