S&P/Citigroup Global Equity Index Announcement - Russia – Liberalization Of Foreign Ownership Restrictions In Gazprom

On December 23, 2005, the Russian government has lifted the foreign ownership limit on Gazprom (Sedol 5140989). With enough demonstrated liquidity in the local market, S&P/Citigroup Global Equity Index will switch its pricing source for Gazprom to the Russian Trading System from the London Stock Exchange. Also, the IWF of Gazprom will increase from 3.42% to 49% reflecting a majority holding by the Russian Government via Rosneft. Because of the impact of this change, it will be gradually applied to the index in four monthly intervals. The IWF will increase by 11.4% after the close of the last business day of each month. The final change will occur after the close of business on April 28, 2006. The change in pricing sources will occur once Gazprom shares are admitted to trade on the Russian Trading system. The listing is expected to occur in January.