OREANDA-NEWS. On 18 July 2008 JSC Acron (“Acron”) announced the re-issuance of its previously published audited consolidated IFRS financial statements for the year ended 31 December 2007 (the “2007 Financial Statements”) and consolidated condensed interim IFRS financial information for the three months ended 31 March 2008 (the “2008 Interim Financial Information”).

The re-issued 2007 Financial Statements and 2008 Interim Financial Information reflect a change in the valuation of available-for-sale investments attributable to minority interest. In the 2007 Financial Statements and the 2008 Interim Financial Information, as originally issued, the fair value gains or losses, net of income tax effect, on available for sale investments attributable to minority interest were not recorded. Management has concluded that IFRS require minority interest in the net assets of consolidated subsidiaries to include the share of fair value gains or losses attributable to minority interest. As a result of these adjustments, at 31 March 2008 and 31 December 2007, the carrying values of available-for-sale investments were increased by RUR 4,441,487 thousand and RUR 1,788,220 thousand, respectively, to RUR 25,768,752 thousand and RUR 17,306,627 thousand, respectively, with corresponding increases in minority interest by RUR 3,375,530 thousand and RUR 1,359,047 thousand, respectively, and in deferred tax liabilities by RUR 1,065,957 thousand and RUR 429,173 thousand, respectively.

These changes do not affect either the statement of income or statement of cash flows for the years ended 31 December 2007 and 2006 or for the three months ended 31 March 2008. Restated audited consolidated IFRS financial statements for the year ended 31 December 2007 and condensed consolidated interim IFRS financial information for the three months ended 31 March 2008, have been posted on Acron’s website http://www.acron.ru/investor_annual_en.html