The price of the Company's ordinary shares in the secondary offering has been set at 4 838 rubles 20 kopecks per single share. Based on the rate of the Central Bank of the Russian Federation as of 22 September, 2006 this equates to US$ 180.75 per share and US$ 22.59 per single global depositary share of the Company ("GDS").

The Company plans to offer up to 4,875,488 shares in the secondary offering corresponding to a total expected offer size of up to approximately 23 588 586 041 RUB (equivalent to US$ 881.24 million at the Central Bank rate as of 22 September, 2006).

It is expected that, upon the completion of the secondary offering, approximately 60% of the Company's shares will be owned by Interros (which will fully exercise its statutory pre-emption rights) and the amount of the Company’s free float will be around 40%.

ING Bank and Renaissance Capital are acting as joint lead managers for the offering.