Derivatives: Adjustment in Derivative Contracts based on OAO Surgutneftegaz ADRs due to ratio change (09/08)

The following information is based on information published by The Bank of New York Mellon, Issuer of OAO Surgutneftegaz ADRs.

The Bank of New York has announced that it will change the current ratio on its American Depositary Receipts (ADRs) based on OAO Surgutneftegaz from one (1) ADR representing fifty (50) Deposited Share to one (1) ADR representing ten (10) Deposited Shares.
To effect the above-mentioned ratio change on the ADRs, the Depositary Bank will execute a 400% stock distribution to the ADR holders of record. ADR holders will receive four (4) additional ADRs for every one (1) ADR held on record. The ADR Record date was 15 April 2008 with a distribution date of 17 April 2008. The ADR description will be amended from 18 April 2008.

This ratio change is not a result of any corporate action on the deposited shares of OAO Surgutneftegaz. EDX London will carry out a recalculation of options and futures in OAO Surgutneftegaz.

For further details please see the attached file.