5.9 STOCK MARKET

The Company’s shares trade on the B quotation list for MICEX and RTS and on the Main Market of the London Stock Exchange.

The fundamental appeal of the Company’s stock is evidenced by its inclusion in Russian and foreign indices. As of 30 December, 2010, the Company’s weighted share in the MICEX Power Index stood at 14.33%, making it one of the largest participants among power sector companies included in the index. In the RTS Power Index Federal Grid Company traditionally trails only RusHydro.

Federal Grid Company’s Share Weighting in Key Stock Indices, % (Data as of the end of the year)

Index 2009 2010
MSCI Russia 1,43 1,48
MSCI Emerging Markets (as of the inclusion date) 0,045 0,045
ÌÌÂÁ 1,69 1,51
MicexPWR 13,94 14,33
MicexLC 2,01 1,97
RTSI 1,67 1,66
RTSeu 22,06 18,99
RTS STD 2,01 2,11

Global Depository Receipt (GDR) Program

On 30 June, 2008, the Company launched a Global Depository Receipts (GDR) Program, which was not listed in accordance with Regulation S and Rule 144A. One depository receipt represents 500 shares. The Program’s depository bank is Deutsche Bank.

As of 31 December, 2010, the Program was equal to 0.133% of the Company’s share capital.

In March 2011, the Company successfully completed the technical listing procedure for depository receipts on the London Stock Exchange. On 28 March the Company’s depository receipts started trading on the Main Market of the London Stock Exchange under the FEES ticker symbol.

GDR Program Highlights

Regulation S Rule 144A
Ratio 1 GDR: 500 shares 1 GDR: 500 shares
International code ISIN: US3133542015
Common Code: 036273577
ISIN: US3133541025
Common Code: 0362733372
Market price as of 31.12.2010 6,10 äîëë. ÑØÀ 6,10 äîëë. ÑØÀ
Amount of GDRs as of 31.12.2010 3 203 411 øò. 78 518 øò.

Additional information about our GDR program is available on the corporate web site at http://www.fskees.ru/eng/investors/share_information/gdr_program/

Company’s Shares Highlights

Share category ordinary registered non-documentary shares
Nominal value RUR0.5 per share
MICEX ticker symbol FEES
RTS ticker symbol FEES
FEESSG
ISIN RU000A0JPNN9
Bloomberg code FEES RM
FEES RX
FEESS RU
FEESG RU
Thomson Reuters code FEES-MZ
FEESS.RTS
FEES.RTS
FEESG.RTS

Stock Price Performance and Trading Volume on MICEX

Date Notes
1 04.02.10 Release of the 1H 2009 IFRS statements
2 24.03.10 Meeting between the Company’s managers and analysts
3 20.04.10 Meeting with analysts to discuss 2009 results and 2010-2012 plans
4 12.05.10 0.08% increase in the Company’s share in the MSCI Russia index to 1.75%
5 17.05.10 Release of 1Q 2010 RAS statements
6 04.06.10 The Ministry of Economic Development’s proposal to limit the Company’s tariff to 15% in 2011
7 17.06.10 Announcement of five-year investment program highlights
8 29.06.10 AGM
9 21.07.10 Release of the 2009 IFRS statements, meeting with analysts
10 02.08.10 Release of 2Q 2010 RAS statements
11 10.08.10 Meeting with analysts to discuss 1H 2010 results
12 25.08.10 Release of the Federal Tariff Service’s draft Resolution on the rates of return for invested capital within the RAB framework
13 29.09.10 Completion of the Company’s Series 6, 8 and 10 bond issues placement worth RUR30 billion
14 04.10.10 The Federal Tariff Service’s approval of corporate rates of return
15 21.10.10 The Russian Government’s announcement of plans to privatize Russia’s largest companies with State participation, Federal Grid Company is one of these companies
16 02.11.10 Release of 3Q 2010 RAS statements
17 11.11.10 Release of 1H 2010 IFRS statements
18 16.11.10 Meeting with analysts following the release of 3Q 2010 RAS statements and the 1H 2010 IFRS statements
19 07.12.10 The Ministry of Economic Development’s proposal to limit the Company’s tariff to 25% in 2011
20 20.12.10 Approval of investment program and dividend policy
21 28.12.10 The Federal Tariff Service’s approval of the RAB tariff for a five-year period for the Company

2010 Share Prices

In 2010 Federal Grid Company’s share price on MICEX grew 15.3% and reached RUR0.369 on 30 December, 2010, which is 13% below the consensus forecast from analysts and indicates further upside potential in the Company’s stock price.

MICEX is the main trading platform for the Company’sshares and accounts for more than 90% of market deal volume.

Summary of Federal Grid Company’s share performance on MICEX

2009 2010
Volume units 452 899 905 600 307 017 566 700
RUR 114 494 378 142,9 105 717 431 921
Number of deals units 1 171 618 1 137 379

Key parameters of MICEX trading

2009 2010
Low RUR 0,074 0,282
High RUR 0,409 0,389
Period-end RUR 0,320 0,369
Number of shares mln shares 1 153 514 1 233 561
Capitalization at year end RUR, mln. 367 971,04 452 717,01

Additional trading information is available in the respective section of our corporate web site at http://www.fskees.ru/investors_tools_graph.html