RTS Index Futures: During The First Hour Of Trading Session September Futures Were Traded At The level Of 800 points

The auctions of the RTS Index Futures contracts began on FORTS Derivatives Market on the August 3 rd , 2005. During the first period of trading session transactions with futures with settlement in September 2005 were closed at the rate of 800 RTS index points. December futures were closed at the rate of 825 points. Therefore derivatives market participants are expecting RTS index to rise by 800 points by mid September, and by 825 points by mid December.

RTS Index Futures provide a wide range of opportunities to hedge stock portfolio risks and to take advantage of broad market movements. These contracts are equally attractive to both small-scale investors and large market participants.

Contract size is defined by multiplying Index value by USD 2. Contracts are quotes in base points of RTS index (100 times RTS index). Final settlement price is defined due to the Index average value calculated during the last trading hour of the last trading day of the contract. Settlement day is the 15 th of a settlement month or the first business day following the last trading day.

RTS Index – the official RTS Stock Exchange market indicator – has been the benchmark indicator of the Russian securities market since 1995. The RTS Index is calculated online during trading session on the RTS Classic Market after every change in the price of every security-constituent of the Index (RTS Classic Market is open from 10.30 am to 6.45 pm Moscow time). The Index constituent list consists of 50 stocks issued by leading Russian companies. Data concerning index movements is published on the RTS website, it is transmitted to work placements and it is distributed by information agencies.