Initial Margin Increase On Futures And Options On RTS Stock Exchange (FORTS)

From June 09 to June 14 th , 2005, FORTS Derivatives Market increases the minimal size of the initial margin payments for the following single stock futures: “RAO UES of Russia”, “LUKOil” and “Gazprom” to 20% of the value of the contract, “Rostelecom”, “Surgutneftegaz”, “Norilsk Nickel” to 25% of the value of the contract.

The increase will be valid from the clearing session of June 9 th , 2005 to June 14 th , 2005 and is related to the fact that from June 11 th through June 13 th , 2005, the exchange will be closed for the holidays.

The decision to increase the size of the initial margin was made on June 8 th , 2005, by General Director of the RTS Clearing Center and approved by the Derivatives market committee of the RTS Stock Exchange.