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April 1, 2007

MICEX Group

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Moscow Interbank Currency ExchangeMoscow Interbank Currency Exchange

MICEX Group: history

● MICEX was established in 1992 as a currency exchange in the form of a closed-end joint-stock company

● Shareholders:۰ Central Bank of the Russian

Federation۰ Association of Russian Banks۰ Sberbank RF۰ Vneshtorgbank۰ Rosbank۰ International Moscow Bank۰ Bank of Moscow۰ 9 other leading commercial banks

of Russia

● In 2004 on the base of the MICEX stock market the MICEX Stock Exchange was formed

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MICEX Group: financial supermarket

● The MICEX Group offers trade and settlement services on the 5 markets:۰ currency market (since 1992)۰ federal bonds market (since

1993)۰ market of derivative financial

instruments (since 1996)۰ equities market (since 1997)۰ market of corporate and

regional bonds (since 1999)

● Operates under the licenses of: ۰ Central Bank of Russian

Federation (currency market)۰ Federal Service for the Financial

Markets (securities market)۰ Ministry of the Antimonopoly

Policy (derivative market)

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MICEX Settlement House

MICEX

National Depositary Center

E-Stock

•Cash Settlements

•Depositing and settlements in the securities

•The technological support of the MICEX projects •Trades in the currency, derivatives, federal

bonds markets•Clearing in the exchange markets

Regional currency and stock exchanges

MICEX Stock Exchange

National Mercantile Exchange

•Listing. Trades

•Trades in the commodities

•The State commodity interventions in the grain market

National Clearing Center

St.-Petersburg

Yekaterinburg

Samara N. Novgorod

Novosibirsk

Rostov-on-Don

Vladivostok

MICEX Group: structure

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Moscow Interbank Currency ExchangeMoscow Interbank Currency ExchangeMICEX Group: the national financial infrastructure

St.-Petersburg

Moscow

N. Novgorod

Novosibirsk

Rostov-on-Don Yekaterinburg Vladivostok

Samara

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Moscow Interbank Currency ExchangeMoscow Interbank Currency ExchangeMICEX Group: structure of the volume of transactions

Structure of the daily average volume of transactions on the MICEX and MICEX SE,

mln USD

2005 2006Jan—Mar

2007

Currency market

2396.8 3870.2 4468.9

Federal bonds market

408.9 662.7 957.9

Equities market 574.0 2227.4 3846.8

Market of corporate and regional bonds

339.1 827.9 1368.8

Derivatives market

26.5 133.8 246.0

Total 3745.5 7792.710890.

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The turnover of thе MICEX markets

0

250

500

750

1000

1250

1500

1750

2000

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

bln USD

Currency market Federal bonds market

Stock market Derivatives market

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MICEX: the currency market

● Trading is held in five currencies: the US dollar, the Euro, the Ukrainian hrivna, the Kazakhstan tenge, the Byelorussian ruble

● Settlements on the currency market are effected today and tomorrow

● As a result of trading on the MICEX. the Russian Central Bank fixes the official exchange rate of the US dollar

● The volume of transactions in 2006 has reached 955.9 bln USD, which is 1.6 times more than in 2005

● The volume of transactions in January—March 2007 has reached 254.7 bln USD, which is 1.4 times more than in January—March 2006

Volume of transactions and the

exchange rate of the dollar

0

50

100

150

200

250

300

1Q2003

2Q 3Q 4Q 1Q2004

2Q 3Q 4Q 1Q2005

2Q 3Q 4Q 1Q2006

2Q 3Q 4Q 1Q2007

bln USD

20

22

24

26

28

30

32

USD/RUR

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MICEX: the federal bonds market

● The MICEX organizes the primary placement and the secondary circulation of federal bonds, Bank Of Russia bonds (OBRs)


● The RGBI Index has decreased in 2006 by 0.6% to 117.25 points


● The RGBI Index has decreased in January—March 2007 by 0.3% to 116.86 points

The volume of transactionsand the RGBI Index

95

100

105

110

115

120

1Q2003

2Q 3Q 4Q 1Q2004

2Q 3Q 4Q 1Q2005

2Q 3Q 4Q 1Q2006

2Q 3Q 4Q 1Q2007

points

0

20

40

60

80

100bln USD

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MICEX SE: the stock market

● The MICEX Stock Exchange — the leading stock exchange in Russia

● In 2006 the MICEX’s share in the Russian stock market turnover has reached 90%



The turnover of the Russian exchanges

in 2004—2007, bln USD

2004*

2005 2006Jan—Mar 2007

MICEX SE 151.2 225.6 754.9 626.2

RTS 26.1 38 61.2 4.2

*) MICEX

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MICEX SE: the stock market

Issuers on the MICEX SE stock market

January 1, 2005

January 1, 2006

January 1, 2007

March 30, 2007

Total number of issuers

241 385 530 613

Issuers of equities

81 161 193 190

Issuers of bonds

179 245 364 398

Number of issuers on the MICEX SE(at begining of the month)

81

161

193

190

179

245

364

398

0 100 200 300 400 500

J anuary2005

J anuary2006

J anuary2007

April 2007

Equities Bonds

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MICEX SE: the equities market

● 288 equities of 190 issuers are traded on MICEX SE

● 66 equities of 52 issuers listed on MICEX SE, including such companies as Gazprom, RAO UES, LUKoil, Rostelecom and Sberbank

● The volume of transactions with equities in 2006 has reached 550.2 bln USD, which is 3.9 times more than in 2005

● The volume of transactions with equities in January—March 2007 has reached 219.3 bln USD, which is 2.7 times more than in January—March 2006

● The MICEX Index has reached 1698.08 points by the March 30, 2007(from the beginning of 2007 the increase is 0.3%)

Volume of transactions andthe MICEX Index

0

25

50

75

100

125

150

175

200

225

1Q2003

2Q 3Q 4Q 1Q2004

2Q 3Q 4Q 1Q2005

2Q 3Q 4Q 1Q2006

2Q 3Q 4Q 1Q2007

bln USD

0

250

500

750

1000

1250

1500

1750

2000

2250points

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MICEX SE: the equities market capitalization

● Equities market capitalization has grown 6.5 times during 2003—2006

● Equities market capitalization in January—March 2007 has increased by 2.6% to 908.1 bln USD

● The most capitalized companies are:۰ Gazprom — 249.5 bln USD۰ Rosneft — 77.6 bln USD۰ Lukoil — 73.8 bln USD

● Turnover velocity of the equities market in January—March 2007 was 65.1%, which is 18.1 percentage points more than in January—March 2006

0

200

400

600

800

1000

1H 2002

2H 1H 2003

2H 1H 2004

2H 1H 2005

2H 1H 2006

2H

bln USD

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MICEX SE: the Internet-based trading

● The development of the Internet-based trading has allowed:

۰ to cover the all-Russia territory

۰ to connect about 100 thousands minor private investors

● The number of trades’ participants. using Internet in brokerage systems has grown to 365 since 2000

● Above 60% of daily turnover at the MICEX stock market is made with the use of Internet technologies

The share of Internet-based transactions in the turnover of trades in the MICEX/MICEX SE stock market

0%

20%

40%

60%

80%

2000 2001 2002 2003 2004 2005 2006 J an-Mar2007

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MICEX: the derivatives market

● September 2004 — largest Russian banks set up a pool of liquidity providers

● Total trading volume in April 2006 — March 2007 — 41.4 bln USD

● End-of-January open interest — 2.71 bln USD

● Record daily volume — 910.8 mln USD

The volume of transactions and open positions

0

1000

2000

3000

4000

5000

6000

Apr2006

May J une J uly Aug Sep Oct Nov Dec J an2007

Feb Mar

mln USD

Open interest Trading volume

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MICEX SE: listing requirements

Requirement A1 Listing A2 Listing B Listing

One person and/or his affiliated persons can own no more than 75% of the issuer’s common registered equities

(only for shares)No more than 90%

Market value of the issueCS — 10 bln RUR

PS — 3 bln RUR

CS — 3 bln RUR

PS — 1 bln RUR

CS — 1.5 bln RUR

PS — 500 mln RUR

Period of issuer’s existence

not less than3 years 1 year

Break-even years 2 our of 3 last years —

Volume of issue the bond 1 bln RUR 500 mln RUR 300 mln RUR

Net assets of mutual fundopen/interval — 10 mln RUR

closed — 50 mln RUR

open/interval — 5 mln RUR

closed — 10 mln RUR

Monthly trading volume

for last 3 years

for shares — 25 mln RUR

for bonds — 10 mln RUR

for shares — 2.5 mln RUR


for shares — 1.5 mln RUR

for bonds — 500 thousand RUR

Monthly average volume for 6 months



for mutual fund shares —

500 thousand RUR


for bonds — 2.5 mln RUR


300 thousand RUR




100 thousand RUR

Issuer’s observance of the

Corporate Governance normsThe formalized requests on observance of the Corporate Governance norms with confirmation documents

Financial statementCompilation and disclosure the financial statements according to

accounting standards IAS and US GAAP—

Information disclosure According to standards of FCSM

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MICEX SE: development potential

CountryGrowth of national stock index in Jan—

Feb 2007

China (SSEC) +19.0%

Germany (DAX)

+4.9%

United Kingdom(FT-SE)

+1.4%

Japan (Nikkei) +0.4%

Russia(MICEX Index)

+0.3%

USA (DJIA) -0.9%

● The MICEX SE development potential is determined by the high growth rate of the stock market

Growth of world indexesin 2001—2006, %

MICEX Index

1173%

FT-SE0%

DAX3%

DJ IA16%

Nikkei25%

SSEC29%

0 200 400 600 800 1000 1200 1400

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Moscow Interbank Currency ExchangeMoscow Interbank Currency ExchangeMICEX: leader among exchanges of the CIS and CEE

● The capitalization of the Russian stock market is 100.5% of Russia’s GDPor 1.03 trillion USD (as of April 1, 2007)

● The volume of trading in the Russian stock market is over 60% of the stock market of the countries of the CIS. Central and Eastern Europe

The volume of trades on the equities marketin January-February 2007 and the number of

issuers

bln USDThe number

of issuers

NYSE 3932.9 1792

NASDAQ 2192.5 2794

London SE 1663.5 2591

Tokyo SE 1069.8 2394

Euronext 753.3 950

Deutsche Borse 647.9 654

Hong Kong Ex&Cl

216.9 1168

Shanghai SE 376.9 847

MICEX SE 129.7 195

Singapore Ex 51.9 463

Wiener Borse 19.0 97

Warsaw SE 13.1 278

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MICEX Group: IT Infrastructure

Regional Access Centers

Market Information

Dissemination Systems of Information

Agencies

Electronic Broker Systems

connected to Regional Centers

Trading Members connected to

regional Centers

Trading Members connected via

Trading Network

Clients of Electronic Brokers

connected to Regional Centers

Electronic Broker Systems

Clients of

Electronic

Brokers

Trading Members connected via MICEX Internet Access

Systems

Clients of Electronic Brokers connected via

Internet

Clients receiving Market

Information via Internet

Trading Halls Internet Access

System

Web-server

MainComputer

Center

Back-upComputer

Center

Wide-area telecom Wide-area telecom infrastructure (“MICEX infrastructure (“MICEX

Trading Network”)Trading Network”)MICEXMICEX

InternetInternet

Telecom Providers

Core Telecom Infrastructure

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Contacts

● Address:۰ 13, B. Kislovskiy per., Moscow, 125009, Russia

● Telephone:۰ +7 495 234-48-11

● Fax:۰ +7 495 705-96-22

● E-mail:۰ [email protected]

● Web-server:۰ www.micex.com

Prepared by Information and Analysis Division of MICEX

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