RTS Index Calculation Methodology And Constituent Stocks To Change

The RTS Information Committee has introduced changes into the RTS Index Calculation Methodology. In accordance with these changes, the list of constituent stocks will be formed based on the expert valuation only.

From April 1st to June 30th, 2003, the following stocks will be used to calculate the RTS Index and RTS Technical Index (the list was compiled based on the analysis of RTS trading statistics from December 1, 2002, to February 28th, 2003.

New Page 1

№	Code	Stock
1	AFLT	Aeroflot, common
2	AVAZ	AVTOVAZ, common
3	AVAZP	AVTOVAZ, preferred
4	BANE	Bashneft, common
5	BANEP	Bashneft, preferred
6	BEGY	Bashkirenergo, common
7	CHEP	Chelyabinsk Pipe Rolling Plant, common
8	CHMF	Severstal, common
9	CHNG	Chelyabenergo, common
10	EESR	RAO UES of Russia, common
11	EESRP	RAO UES of Russia, preferred
12	ENCO	SibirTelecom, common
13	ENCOP	SibirTelecom, preferred
14	ESMO	CenterTelecom, common
15	ESMOP	CenterTelecom, preferred
16	ESPK	Dalsvyaz, common
17	GAZA	GAZ, common
18	GMKN	Norilsk Nickel, common
19	IRGZ	Irkutskenergo, common
20	KMAZ	KAMAZ, common
21	KRNGP	Krasnoyarskenergo, preferred
22	KUBN	Southern Telecom, common
23	KUBNP	Southern Telecom, preferred
24	KZBE	Kuzbassenergo, common
25	LKOH	LUKOil, common
26	LSNG	Lenenergo, common
27	LSNGP	Lenenergo, preferred
28	MFGS	Slavneft-Megionneftegaz, common
29	MFGSP	Slavneft-Megionneftegaz, preferred
30	MGTS	MGTS, common
31	MSNG	Mosenergo, common
32	NNSI	VolgaTelecom, common
33	NNSIP	VolgaTelecom, preferred
34	NTMK	Nizhny Tagil Metallurgic Plant, common
35	OMZZ	Uralmazh-Izhora Plants, common
36	ORNB	Orenburgneft, common
37	ORNBP	Orenburgneft, preferred
38	PFGS	Purneftegaz (Rosneft), common
39	PFGSP	Purneftegaz (Rosneft), preferred
40	PKBA	'Baltika” Brewery common
41	PKBAP	'Baltika' Brewery, preferred
42	RITK	RITEK, common
43	RTKM	Rostelecom, common
44	RTKMP	Rostelecom, preferred
45	SBER	Sberbank of Russian Federation, common
46	SBERP	Sberbank of Russian Federation, preferred
47	SIBN	SIBNEFT, common
48	SNGS	Surgutneftegaz, common
49	SNGSP	Surgutneftegaz, preferred
50	SPTL	North-Eastern Telecom, common
51	SPTLP	North-Eastern Telecom, preferred
52	SVER	Sverdlovenergo, commmon
53	TATN	Tatneft, common
54	TATNP	Tatneft, preferred
55	TLEN	Tulenergo, common
56	TRNFP	Transneft, common
57	UDMNP	Udmurtneft, preferred
58	URSI	Uralsvyazinform, common
59	YUKO	YUKOS, common

59 stock with total capitalization of $92 241 087 494 or 92,08% of total RTS capitalization calculated based on bids as of February 28th, 2003, are on the list.

The following 4 new stocks are added: Chelyabenergo, common (CHNG), Dalsvyaz, common (ESPK), Nizhni Tagil Metallurgic Plant, common (NTMK), Udmurtneft, preferred (UDMNP).

The following 4 stocks are taken off the list: GUM, common (GUMM), MGTS, preferred (MGTSP), Bashinformsvyaz, common (BISV), TSUM, common (TZUM).