Norilsk Nickel Parameters Change In The MICEX Index

MICEX Stock Exchange has made the following changes in the MICEX Index after the close of trading on Monday, December 25, 2006. Norilsk Nickel 4-th and 5-th issues have been substituted with new issue which will trade under the GMNK ticker symbol. The company’s Free Float has been changed from 0.38 to 0.27. As a result Norilsk Nickel, a member of MICEX Index will decrease its index shares from 81,284,235 to 51,469,491.

Today, shares in Norilsk Nickel account for 11.6% in the MICEX Index.

Background

The MICEX Index has been calculated since 22 September 1997. It is a classical effective capitalization-weighted index of the market for most liquid shares of Russian market (at present: 21 stocks). The market capitalization of all securities comprising the MICEX Index basket is calculated taking into account the proportion of the free-float. Today, the MICEX Index is used by management companies as a base index for 17 index funds. The value of their net assets is 4 billion rubles.