MICEX Derivatives Market Trading Statistics For March 2007

The following are the trading statistics for March’07 in the MICEX Derivatives Market:

• there were 3 transactions in the interest rate futures contracts with notional value of 800 million rubles (80 contracts);

• there were 294 transactions in the USD/RUB futures totaling 116 billion rubles (4,429,535 contracts).

As of March 30, 2007 the open interest in the USD/RUB futures was 69.7 billion rubles (2,683,200 contracts).

With 1,027,000 contracts – 23% of the total volume – April’07 was the most actively traded month in the USD/RUB futures, with the other months traded as follows: May’07 – 21%, September’07 – 15% each, December’07 – 14%, March’07 and June’07 – 8% each, March’08 – 5% and July’07 and August’07 – 3% each.

On March 30, 2007 the December’07 USD/RUB futures had the largest open interest with 586,000 contracts (22%) with the remaining open interest distributed as follows: May’07 and September’07 – 17% each, April’07 – 14% each, June'07 – 13%, July’07 – 9%, August’07 – 5% and March’08 – 2%.