OREANDA-NEWS. January 11, 2008. The MICEX Stock Exchange (MICEX SE) has completed its quarterly review of the composition of its capitalization indices, SE's press service reports. The new composition will apply during the period 15 January — 14 April 2008. The following changes have been made:

• The common shares of AFK Sistema have been added to the MICEX Index – Large Capitalization (MICEX LC). The common shares of Rostelecom have been excluded from the composition of MICEX LC and added to the composition of the MICEX Index — Middle Capitalization (MICEX MC);

• Besides the common shares of Rostelecom, the following stocks have been added to MICEX MC: the common shares of Uralkalii, PIK Group of Companies, LSR Group, Novorossiysk Commercial Sea Port and Raspadskaya Company. Meanwhile the common shares of MOESK, VTB North-West Bank, The Seventh Continent and Systems-Gals have been excluded from the MICEX MC and added to the MICEX Index – Small Capitalization (MICEX SC). Shares in Udmurtneft have been excluded from the MICEX MC after trading in these securities was terminated on the MICEX SE;

• The common shares in Volga TGC, Far Eastern Energy Company, Volga MRK and TGC -11 have been added to the MICEX SC. Previouslythese stocks were not component stocks in any of the MICEX capitalization indices. Finally, the common shares of Veropharm, Financial Leasing Company, Zavolzhsky Engine Plant, Chelyabenergo, Rostovenergo, Kalina Concern and Red October Confectionary have been excluded from the composition of MICEX SC.

The total number of securities comprising the three indices (MICEX LC, MICEX MC and MICEX SC) is 15, 30 and 50, respectively. In accordance with the rules of calculation for these capitalization indices, only common shares are included in the compositions of indices. The calculation of the capitalization indices takes into account a given company’s market capitalization relative to the total market capitalization of all stocks admitted to trading on the Exchange, as well asthe trading volume of its common shares in the total volume of trading on the Exchange.

In accordance with the rules of calculation for these capitalization indices, following this latest  revision of their composition,  the weight coefficients of the component stocks have been recalculated. The composition of the capitalization indices and the new weight coefficients will come into effect from 15 January 2008.