Futures And Options On RTS Stock Exchange Guarantee Fund Payments Change From June 9th to June 15th, 2004

Starting from the clearing session on June 9th, 2004 and until the clearing session on June 15th, 2004, Guarantee Fund payments for contracts based on single stocks and S&P/RUIX index will be set equal to 20% of the price of the underlying asset. This change is implemented due to June futures contracts settlement to minimize settlement risks.

FORTS, a unified derivatives market operating since September 19, 2001, is based on trading and settlement technologies and software that were implemented at and have been successfully used by St. Petersburg Stock Exchange for 8 years. RTS acts as the trading system and the clearinghouse on the integrated market. 86 companies from Moscow, St. Petersburg, Novosibirsk, Ekaterinburg, Samara, Rostov-on-Don, Kazan and Abakan FORTS participants trade 8 futures contracts and 3 options.