MICEX Group Discloses Its Financial Statements Prepared In Accordance With IAS

Following the practice of introducing international accounting standards into the business activities of Russian enterprises and banks, the MICEX Group has disclosed its consolidated financial statements, prepared in accordance with the International Accounting Standards (IAS).

According to the MICEX CEO Alexander Potemkin, financial statements, prepared in accordance with IAS, demonstrate the rapid development of the MICEX Group, which serves a basis for the national system of exchange trading in Russia. “For the first time in the history of the MICEX Group, financial statements have been prepared and disclosed in accordance with IAS”, A.Potemkin said. “We intend to continue to disclose this information in keeping with the policy of transparency, which we have pursued over the recent years.”

As at 31 December 2004, the MICEX Group’s assets grew by 38% to 30.776 billion rubles over the end of 2003 (22.249 billion rubles), while its equity capital amounted 6.702 billion rubles (in 2003: 6.290 billion rubles). The MICEX net profit grew more than 5 times and amounted to 513.5 million rubles over 97.5 million rubles in 2003.

The reliability of the MICEX Group’s financial statements was confirmed by the MICEX Group’s independent auditor, PricewaterhouseCoopers Audit Company.

Find more information on the MICEX Group’s financial statements on the MICEX web site: www.micex.ru/group/finstatement.