RTS Stock Exchange: FORTS March Futures Contracts Delivered

On March 15 th , 2005, March futures contracts were delivered on FORTS. The total volume of the delivered contracts increased by 28.7% compared with December delivery and reached 994,8 million rubles (772,7 million contracts in December 2004). The leaders were "Gazprom" futures contracts (412,8 million rubles or 41.5% of the total volume) and the USD/RUR exchange rate (281.5 million rubles or 28.3% of the total delivered volume).

Contract	Number of Contracts Delivered	Number of Undelivered Contracts	Price, RUR/contract	Volume of the Delivery, RUR	Volume of the Undelivered Contracts
GAZR-03.05	50 098	0	8240,00	412 807 520	0
EERU-03.05	14 996	1	8000,00	119 968 000	8 000
LKOH-03.05	16 520	0	9326,00	154 065 520	0
SNGR-03.05	121	0	21500,00	2 601 500	0
RTKM-03.05	2 840	0	5800,00	16 472 000	0
GMKR-03.05	418	0	17115,00	7 154 070	0
RUIX-03.05	4	0	48523,00	194 092	0
Si-03.05	10 240	0	27491,00	281 507 840	0
Total		0		994 770 542	8 000

Only one contract for the RAO UES of Russia single stock futures with the total volume of 8 thousand rubles were not delivered. The company that failed to fulfill its obligations was "Neva-Invest" investment company.

In accordance with contract specifications and the RTS Clearing Center clearing rules the clearing member that defaulted on its obligations is fined for the amount equal to 20% of the contract value. The above fines are transferred by the RTS Clearing center to those clearing members who suffered losses as a result of the defaut.

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 4 options.