Listing of FSU Small-Caps

Armenia

Name/Название	ISIN	Description/Описание
Vangold Resources		Vangold is a natural resource company with a large portfolio of projects in various stages of development. Vangold has advanced stage mineral projects in Papua New Guinea, Canada and Uganda and revenue generating oil and gas projects in Canada and the United States. Vangold Resources Ltd. (“Vangold”) announces that has entered into an agreement to participate in a Production Sharing Agreement (the “PSA”) between the Ministry of Energy of Armenia and Blackstairs Energy plc (“Blackstairs”). Vangold will participate as to a 50% working interest in Blocks 4, 5 and 6 which cover an area of 13,775 sq. km (over 3.4 million acres) in central and southern Armenia.

Azerbaijan

Name/Название	ISIN	Description/Описание
Anglo Asian Mining		Anglo Asian Mining PLC is a mining development company with 8 copper and gold development properties in 3 separate mining areas of Azerbaijan.

Kazakhstan

Name/Название	ISIN	Description/Описание
ATF Bank		Joint - Stock Company «ATFBank», formed in 1995, is one of the leader of banking system in Kazakhstan.
Alhambra Resources		Alhambra Resources is a Canadian based emerging gold producer and exploration corporation.
Arawak Energy		Arawak Energy Corporation (“Arawak” or the “Company”) is an independent oil and gas company with exploration, development and production assets in Kazakhstan, Russia and Azerbaijan.
Bank TuranAlem		JSC "Bank TuranAlem" is the system-making bank of Kazakhstan and the core of the financial group, present in all market segments.
Bekem Metals		Bekem Metals is an independent mining company engaged in exploration, development and extraction of nickel and cobalt. The Company's operations are primarily focused in the Northeast region of the Republic of Kazakhstan.
Big Sky Energy Corporation		Big Sky Energy Corporation is an international energy company looking to rapidly grow significant oil and gas production and reserves at the lowest possible finding and development cost. The Corporation is operating in the renowned pre-Caspian Basin, Kazakhstan.
BMB Munai		BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas. The Company"s operations are primarily focused onshore in proven oil and gas producing territories of Caspian Sea region of the Republic of Kazakhstan.
Caspian Energy		Caspian Energy Inc. is an oil and gas exploration company, operating in Kazakhstan where it has a number of targets in the highly prospective Aktobe Oblast of Western Kazakhstan.
Caspian Holdings		Caspian was incorporated in May 2003 for the purpose of acquiring Taraz LLP ("Taraz"), an operating company that, directly or indirectly, owns the licences, leases and other assets that comprise the Zhengeldy oil field in Kazakhstan. Caspian acquired 100% of Taraz LLP in 2004.
Caspian Services		Caspian Services is focused exclusively on providing a focused set of services to the oil and gas industry in the Caspian Sea region, and in particular the Republic of Kazakhstan, through its subsidiary companies.
Carpathian Resources		Carpathian Resources Limited ("Carpathian") is an oil and gas explorer and producer with a focus on Central Europe. On 8 May 2007, Carpathian announced that $7.8 million has been raised (subject to shareholder approval) to implement a new growth strategy by evaluating and acquiring interests in Russia, European, Middle Eastern and Kazakhstan oil and gas fields and infrastructure, and by investing further in the Company's existing asset portfolio.
Celtic Resources		Celtic Resources acquires and develops gold and base metal opportunities. Main assets: * Three operating mines in Kazakhstan - Suzdal (100%), Zherek (75%) and Shorskoye molybdenum mine and Stepnogorsk treatment plant (50%) * Two development projects in Southern Russia - Miheevskoye (100%) and Tominskoye (74.5%) copper/gold project * Five exploration prospects in Kazakhstan
Centrasia Mining Corporation		Centrasia Mining Corporation is a Vancouver, Canada based Mineral Exploration Company, with its head office in Vancouver, Canada, and exploration offices in Bishkek, Kyrgyzstan and Almaty, Kazakhstan. The Company's prime focus is the identification, acquisition, exploration and development of precious and base mineral properties in Central Asia, Russia and Eastern Europe.
Chagala Group		Chagala Group’s aim is to provide world-class hotel accommodation, bars and restaurants, office space and serviced apartments to meet the requirements of company executives and other visitors, especially those connected with the oil and gas industries in the west of the country.
Cigma Metals Corporation		Cigma Metals Corporation is a mineral exploration company focusing on the exploration and development of its 3 exploration properties totaling 740 square kilometers in the Tomsk Oblast region of Siberia in Russia, and approximately 14,000 square kilometers in the Dostyk region of Kazakhstan. All the project areas were selected due to their proximity to a well-developed infrastructure, known mineral occurrences and from historical records of gold and base metals production.
Citic Resources Holding		Kazakhstan oil assets
Eurasia Gold		Eurasia Gold Inc. is a gold producing company incorporated in Canada and headquartered in Toronto, Ontario. The Company operates gold mining properties in the Republic of Kazakhstan. The company’s primary business is mining and processing gold as well as acquiring and developing additional gold deposits in Kazakhstan.
Eureka Mining
European Minerals		European Minerals develops an open pit mine at the Varvarinskoye gold-copper deposit in Northern Kazakhstan. Independently assessed proven and probable reserves at Varvarinskoye are currently 2.2 million ounces of gold and 254 million pounds of copper
Frontier Mining Limited		Frontier Mining is a mineral exploration and development company. Frontier Mining has two licenses owned by its wholly owned subsidiaries in Kazakhstan. Frontier Mining also has one potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25km trend including both VMS and porphyry types.
Halyk Bank of Kazakhstan		The Bank has celebrated its 80’s anniversary date in 2003. The history of “Halyk Bank of Kazakhstan” is a history of establishment and development of saving system in Kazakhstan.
Hambledon Mining		Hambledon Mining Plc is an AIM listed gold company working in the mineral-rich Altai region of East Kazakhstan. Hambledon owns 100% of TOO Sekisovskoye which holds two adjacent licence areas, Sekisovskoye and Tserkovka, with gold resources totalling 3.4 million ounces.
KazakhGold Group Limited		KazakhGold Group Limited is the largest gold mining company in Kazakhstan with three principal operating mines, Aksu, Bestobe and Zholymbet, and a further eight new properties acquired in 2005.
Kazakhmys PLC		Kazakhmys plc (the “Company”) is an international business with bases in Kazakhstan, Germany and the UK. Kazakhmys principal business is the mining, processing, smelting, refining and sale of copper and copper products, including cathodes and rods. As by-products the Company together with its subsidiaries in Kazakhstan and Germany (“the Group”) also processes, refines and sells zinc, gold and silver. Kazakhmys is the tenth largest refined copper producer and the tenth largest mined copper producer in the world based on 2004 production.
Kazakhtelecom		Kazakhtelecom is a leading telecommunication operator of Kazakhstan.
Kazkommertsbank		The Bank is the dominant provider of banking services and other financial products to large and medium-sized corporations in all sectors of Kazakh economy.
Max Petroleum		Max Petroleum acquired rights over three contract areas consisting of four oil and gas blocks in the Pre-Caspian Basin, including the A & E Blocks, East Alibek, and Astrakhanskiy (the “Properties”). The Group, through its subsidiaries, owns an 80% interest in the A & E and East Alibek Blocks, and 100% of the rights to the Astrakhanskiy Contract Area.
Oriel Resources		Oriel Resources Plc is a London-based chrome and nickel mining and processing company. The Tikhvin Smelting Plant is designed to receive and smelt chrome ore into high carbon ferrochrome for use predominantly in the stainless steel industry.
Roxi Petroleum		Roxi was formed on 13 October 2006 to acquire controlling interests in and develop oil and gas assets in Central Asia, with a focus on Kazakhstan.
ShalkiyaZinc		The Company is one of the leading mining companies in Kazakhstan engaged in the mining and processing of zinc-lead ore into zinc and lead concentrates. Currently the Company owns the following main assets: * Shalkiya Mine * Kentau Processing Plant The Company operates the Shalkiya Mine located in Kyzylorda Region and produces zinc and lead ore. The head office of the Company is located in Almaty.
Steppe Cement Ltd		Steppe Cement Ltd is the Malaysian-incorporated holding company of the two operating companies, Karcement J.S.C., and Central Asia Cement J.S.C., that form the cement manufacturing complex at Karaganda in central Kazakhstan.
Temirbank		Temirbank is a universal financial institution rendering a wide range of services both to corporate and individual clients.
Transmeridian Exploration Incorporated		Transmeridian Exploration Incorporated is an independent energy company established to acquire and develop identified and underdeveloped oil reserves in the region around the Caspian Sea. Transmeridian’s primary oil and gas property is the South Alibek Field, in which the company holds a 100% interest through its subsidiary CaspiNeftTME in Kazakhstan. At January 1, 2007, the estimated total proved reserves were 67.2 million barrels and the estimated pre-tax net present value (10%) was approximately $970 million.
Uranium One		Uranium One Inc. is a Canadian-based uranium producing company with a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited (the Johannesburg stock exchange). The Corporation owns the Akdala Uranium Mine in Kazakhstan and the Dominion Reefs Uranium Mine in South Africa, both of which are currently in operation. Uranium One is also developing the South Inkai and Kharassan Uranium Projects in Kazakhstan, as well as the Honeymoon Uranium Project in South Australia. The Corporation continues to pursue additional growth opportunities in the United States. Uranium One is also engaged in uranium exploration activities in the Athabasca Basin of Saskatchewan as well as in Kyrgyzstan.
ZincOx Resources		ZincOx currently have five projects involving zinc recycling and zinc mining. These projects all have unique challenges, which have been solved through ZincOx's application of specialist zinc processing skills and technology to provide solutions to complex technical issues, and to create added value products such as zinc oxide. In addition, ZincOx continues to develop technology for recycling applications such as Electric Arc Furnace Dust (EAFD) and metallurgical slags. The Shaimerden zinc oxide deposit is situated in northern Kazakhstan, some 300km south west of the city of Kostanai. ZincOx sold its 95% interest in the deposit in December 2003 to Kazzinc, Kazakhstan's largest producer of zinc. The consideration for the sale was $7.5 million in cash and a deferred payment to ZincOx.

Kyrgyzstan

Name/Название	ISIN	Description/Описание
Cambrian Oil & Gas plc		Cambrian Oil & Gas plc operates as an oil and gas company in Kyrgyzstan. The company engages in oil exploration, development, and production activities in the Central Asia and FSU countries.
Centerra Gold		Centerra is a growth-oriented Canadian-based gold mining and exploration company engaged in the acquisition, exploration, development and operation of gold properties in Central Asia, the former Soviet Union and other emerging markets. Currently, Centerra Gold maintains interests in two producing mines: * 100% equity interest in the Kumtor mine in the Kyrgyz Republic * 95% equity interest in the Boroo mine in Mongolia Company also has interests in promising exploration properties: * 100% equity interest in the Gatsuurt property in Mongolia near Boroo * 62% equity interest in the REN joint venture in Nevada, U.S.
Palladex plc		Palladex has recently published an Admission document as part of the process to acquire assets in Ethiopia and Sierra Leone from Ambrian Capital and Ethiopian Resources Ltd. In conjunction with the acquisitions, Palladex proposes to change its name to Minerva Resources Plc. Palladex has the exclusive licence to carry out mining exploration for gold and other metals in two areas in the south of the Kyrgyz Republic, the Karakala licence area and the Aksur licence area.

Russia

Name/Название	ISIN	Description/Описание
Amur Minerals		Amur Minerals Corporation is a mineral resource company developing metals deposits. The company’s principal asset is the Kun-Manie Nickel sulphide exploration project in the far east of Russia.
Aricom plc		Aricom plc is developing a portfolio of mineral assets in Russia’s Far East, with a focus on iron ore and ilmenite for the high-growth markets of China.
Aurora Russia Limited		Russian Private Equity Fund: Aurora Russia invests in private financial, business and consumer services companies in Russia.
Buryatzoloto		Gold producer
Dragon Mining Limited		Mining Company with assets in Australia, Finland, Sweden and Russia. Dragon Mining, through their 84.98% controlled entity OAO Kivijarvi hold a single gold licence (Kamennosersk), which encompasses 75,000 hectares of the Karelia region in western Russia. Encompassing an Archaean greenstone sequence, numerous gold indications are known to exist in this area.
Fortress Minerals Corp		Fortress Minerals Corp. is a publicly held Canadian base and precious metal exploration company. The Company’s projects are located in Russia, Mongolia and Nicaragua. In Russia, Fortress is focused on the Svetloye gold project located in the Russian Far East.
Highland Gold Mining		Highland Gold holds a world class portfolio of mining assets located in 3 prolific mining regions of Russia, the world’s 5^th largest gold producer in 2004.
Imperial Energy Corporation		Imperial Energy Corporation is a company focused on oil exploration and production in the Commonwealth of Independent States (CIS). Imperial Energy’s operations are focused on the Tomsk region of Western Siberia, Russian Federation and north-central Kazakhstan with the major part of work taking place in Tomsk.
IBS Group (Information Business Systems)	US4509391037	The IBS Group (Information Business Systems) is a strategic alliance of several companies; it includes two strategic units: IT services and IT products.
Peter Hambro Mining		Peter Hambro Mining Plc is one of the largest gold producers and explorers in Russia with significant assets in a number of regions.
PetroNeft Resources plc		PetroNeft Resources plc is an international oil and gas exploration and production company, established in 2005 for the purpose of acquiring and developing hydrocarbon acreage in Russia.
Polyus Zoloto		Gold Producer
Rambler Media		Rambler Media is a leading integrated media company offering information, communication, e-commerce and entertainment services to the global Russian-speaking community.
Raven Russia Limited		Raven Russia Limited was established in July 2005 to invest in Russian real estate. Raven Russia has been established to invest principally in “warehouse” property across Russia. The definition for “warehouse” is generic and includes the entire spectrum of “big box/shed” properties from high-bay logistics buildings through standard factories to retail warehouses/leisure boxes.
Russoil		RussOil Corp. is a US-based oil and gas company with 100% of its assets located in Siberia, Russia.
Star Energy
Star Gold
Trans-Siberian Gold plc		Trans-Siberian Gold plc (TSG) is a UK-based resources company with the objective of acquiring and developing a portfolio of quality gold mining assets in Russia.
Victoria Oil & Gas Plc		Victoria Oil & Gas Plc (AIM: VOG) is a company that has been established to build a portfolio of investments in the oil and gas sector, with particular emphasis on projects in Russia and Central Asia.
Urals Energy		Urals Energy is a leading independent oil company in Russia with exploration and production operations in Sakhalin Island, Timan Pechora, the Republics of Komi and Udmurtia and East Siberia.
Zaab Energy AG		ZAAB Energy AG is a independent oil and gas explorer
Zirax		Zirax specialises in manufacturing and supplying: * oilfield process chemicals used as additives for drilling, completion, workover, stimulation, production and enhanced oil recovery fluids * de-icing solutions Zirax is the Russian market leader in the production and distribution of winter snow fighting products and services, and a major player in other regions.

Ukraine

Name/Название	ISIN	Description/Описание
Cardinal Resources Plc		Cardinal Resources plc (Cardinal) is a leading independent oil & gas exploration and production company with operations in Ukraine.
JKX Oil & Gas Plc		JKX Oil&Gas is an oil and gas exploration and development company. The company has licence interests in Ukraine, USA, Georgia, Italy, Bulgaria, Turkey and Russia.
Regal Petroleum plc		Regal Petroleum plc is a London based independent oil and gas producer. egal is focused on the development and production of condensate and gas from its major assets in Ukraine. The company also holds prospective exploration licences in Romania, Egypt and Liberia, and additionally holds an oil field investment in Greece.
TMM Real Estate Development		Real Estate Company
Transeuro Energy		Transeuro Energy is a global oil and gas exploration and development company pursuing opportunities in four significant oil and gas regions of the world: Canada, Ukraine, Armenia and Papua New Guinea.
Ukrproduct Group		Ukrproduct is Ukraine’s leading manufacturer of branded dairy foods – our three key products are cheese, butter and milk powder. The Group has the leading market position in the first two product segments and we are ranked No 4 in milk powders.
XXI Century Investments		XXI Century Investments is Ukraine`s real estate investment, development and property management company.

Uzbekistan

Name/Название	ISIN	Description/Описание
Oxus Gold plc		Oxus Gold plc is a UK based international mining group with gold mining interests in Central Asia.

Tajikistan

Name/Название	ISIN	Description/Описание
Avocet Mining PLC		Avocet is building a gold-mining business in Central and South-East Asia. Avocet aims to establish itself as a market force and become a 1 million ounce producer with a ten year reserve base.
Kryso Resources		Kryso Resources is an emerging mineral exploration company that is principally focussed on exploring the gold and other precious and base metal deposits previously discovered in Central Asia during the Soviet Union era and then, where appropriate, bringing them into production. In April 2004, LLC Pakrut, a wholly owned subsidiary of the Company, was granted a licence and geological lease to explore and exploit the Pakrut Licence Area which comprises the Pakrut gold deposit and the surrounding 6,300 hectare exploration area located in the metalliferous southern Tien-Shan Fold Belt. In June 2006 the Company was awarded an Exploration Licence for the Hukas Nickel-Copper deposit.

Turkmenistan

Name/Название	ISIN	Description/Описание
Dragon Oil		Dragon Oil is an independent oil development and production company. Dragon Oil operates oilfields located in the Cheleken Contract Area Offshore Turkmenistan, in the Caspian Sea.