Revised RTS Stock Exchange Listing Rules To Come Into Force January 30th, 2003

Effective January 30, 2003, new RTS Stock Exchange Listing rules are coming into force. The rules will bring existing RTS listing guidelines in compliance with the FCSM of Russia Regulation "On Stock Exchange Activities" dated January 4, 2002, and the Regulation's Update as of June 7th, 2002.

The document contains new requirements that the issuers - and their securities - are subject to, should they wish to list on the RTS, and new listing structure. As of January 30, 2003, three listing levels will be available on the RTS Stock Exchange:

• 1st Level Quotation "A" list
• 2nd Level Quotation "A" list
• Quotation "B" list.

The RTS Stock Exchange will charge issuers for listing, expert examination of listing documents and maintaining securities on the lists.

The appropriate fees were approved by RTS Stock Exchange Board of Directors on January 16th, 2002.

Issuers that already have their securities listed on the RTS (on the 1st and 2nd Quotation levels) will not be charged extra for being put on new lists. However, these companies are asked to sign a contract with the RTS Stock Exchange for securities' maintenance before March 31, 2003. If the contract is not signed by that date, the RTS reserves the right to downgrade these securities to the list of stocks and bonds that are quoted in the system but are not officially admitted to trading.

Also, the new revision outlines the rules of trading of mutual funds shares and the requirements that should be met by asset management companies and mutual funds.