MICEX Derivatives Market Trading Statistics For January, 2006

In January 2006 the MICEX trading volume in USD/RUB futures was 1 523 865 contracts, or USD 1,5 billion in notional value (RUB 43 billion). The end-of-month open interest stood at 1 644 370 contracts (USD 1,6 billion, or RUB 46 billion).

February 2006 futures represented 46% of total trading volume, while January 2006, March 2006 — July 2006, September 2006 and December 2006 accounted for 8%, 21%, 5%, 1%, 10%, 2%, 4% and 3% respectively.

On January 31, 2006 the open interest among February 2006 — July 2006, September 2006 and December 2006 contracts was distributed as follows: 19%, 13%, 16%, 19%, 10%, 1%, 15%, 7%.