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Info letter for clients about changes on MICEX

Dear client,

Herewith we would like to inform you about the introduction of new tariffs and instrument lot sizes on MICEX

As of 14 February 2011 new tariffs on REPO transactions have been in operation on MICEX. Total commission, charged by the exchange on parties involved in a REPO transaction on buy side will drop by almost 30%.

New commission rate for the buy side is as follows 0.00025% from the sum of the REPO transaction for the period of the REPO transaction, including VAT (NDS) (ultimately: total commission of MICEX, MICEX fees for clearing services and fees for providing integrated technical services (infrastructure fees)). For sell side commission on REPO transactions on MICEX will remain on the previous level of 0.00035% from the sum of the REPO transaction for the period of the REPO transaction, including VAT (NDS).

New tariffs will decrease the side costs of the market participants that they face when are involved in REPO transactions on MICEX and will endow them with opportunity to use REPO market on MICEX to control their liquidity more extensively.

Starting from 01 March 2011 MICEX will introduce the minimal execution commission for transactions with equities, performed on MICEX on all markets except the REPO market, in amount of 18 kopeeks (0.18 RUR), including VAT (NDS) (ultimately: total commission of MICEX, MICEX fees for clearing services and fees for providing integrated technical services (infrastructure fees)). The introduction of the minimal fee will not have an effect on your current fee schedule.

Equally starting from 01 March 2011 the standard lot in shares and PI in PIFs will be changed. Lot is established in the amount of 1 security or in the amount of securities divisible by 10, in order that each single lot is priced 1000 RUR or over. This lot adjustment will affect approximately 69% of all shares listed on the exchange (214 issues out of 310) and 21% of PI in PIFs (76 out of 364) traded on the exchange. The list of securities affected by the above mentioned adjustments you can find attached.

Increase in the standard lot size and introduction of the minimal commission is performed in order to economically encourage big size executions and minimize the zero commission executions which create uneconomical load on the exchange infrastructure, as well as to provide market participants with convenient market conditions for trading in low priced securities.

Further details on new tariffs on MICEX can be found by following the links below

http://www.micex.ru/markets/stock/participation/rates/103
http://www.micex.ru/markets/stock/participation/rates

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