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Table Dynamics of Foreign Stock Indexes As of 23 October 2002 Value Change During the Change Since the Month (%) Beginning of the Year RTS (Russia) 357.53 7.03% 37.49% Dow Jones Industrial Average (USA) 8494.27 11.89% -16.21% NASDAQ Composite (USA) 896.14 9.92% -22.81% S&P 500 (USA) 819.29 -10.56% -29.43% FTSE 100 (UK) 4006.9 7.66% -23.57% DAX-30 (Germany) 3015.42 8.90% -41.56% CAC-40 (France) 2992.23 7.73% -35.30% Swiss Market (Switzerland) 4761.3 -0.45% -25.81% Nikkei-225 (Japan) 8714.52 -7.13% -17.34% Bovespa (Brazil) 9840 14.11% -27.53% IPC (Mexico) 6000.62 4.75% -7.21% IPSA (Chile) 78.86 -8.74% -27.72% Strait Times (Singapore) 1463.33 8.21% -10.00% Seoul Composite (Korea) 657.43 1.70% -5.23% ISE National-100 (Turkey) 9943.62 12.46% -27.85% Morgan Stanley Emerging Markets Free Index 280.033 5.23% -11.77% Foreign Exchange Market In October 2002 no significant fluctuations were observed in the RF foreign exchange market. The exchange rate passed the RUR/ US$ 31.70 mark, but this occurred at the end of the month, instead of the beginning as expected. These moderate dynamics were accompanied by CB RF currency interventions in the second half of October. Relatively sharp fluctuations were marked at the very end of the month, when the exchange rate grew from 31.7411 on 26 October 2002 up to 31.6977 on 30 October 2002 and returned to the 31.7408 level on 31 October 2002. Based on preliminary estimates, the trade volume in the SELT was RUR 150 billion. In the previous bulletin we noted already that this value will lose its analytical sense once a new procedure for the mandatory sales of a part of foreign currency export revenues by legal entities is introduced by the Central Bank on 1 December 2002.

Figure 7.

31,31,31,31,31,31,31,31,31,31,31,31,31,31,31,31,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,In October, like in September, the Euro / US$ exchange rate remained in the range 0.97-0.99 US$ / Euro.

No new trends were observed. US markets demonstrated a certain growth trend due to the influence of stable expectations that in early November the Federal Reserve would decrease its refinance rate.

Figure 8.

1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,In the Russian market the Euro hovers around the RUR/ Euro 31 mark. The highest value in October was RUR/ Euro 31.3179 on 02 October 2002, the lowest value was 30.7447 on 19 October 2002. In the course of October the official RUR-Euro exchange rate grew from 30.9082 on 28 September 2002 to 31.179 on October 2002, i.e. 0.88 percent.

/ 01.01.16.01.26.01.07.02.19.02.02.03.15.03.27.03.06.04.18.04.28.04.16.05.25.05.06.06.19.06.29.06.11.07.23.07.02.08.14.08.24.08.05.09.17.09.27.09.09.10.19.10.31.10./ 01.01.08.01.15.01.22.01.29.01.05.02.12.02.19.02.26.02.05.03.12.03.19.03.26.03.02.04.09.04.16.04.23.04.30.04.07.05.14.05.21.05.28.05.04.06.11.06.18.06.25.06.02.07.09.07.16.07.23.07.30.07.06.08.13.08.20.08.27.08.03.09.10.09.17.09.24.09.01.10.08.10.15.10.22.10.Figure 9.

32,31,31,30,30,29,29,28,28,27,27,26,26,Table Financial Market Indicators Month June July August September October* Monthly inflation rate 0,4% 1,5% 0,5% 0,7% 0,1% Inflation rate annualized on the basis of this 6,17% 8,7% 1,2% 4.9% 19.6% month's trend CB RF refinancing rate 23% 23% 21% 21% 21% Annualized yield to maturity on OFZ issues 14.86% 14,42% 14,45% 15.25% 15% Volume of trading in the secondary GKO-OFZ 12,99 9.34 6,95 15.97 17.market for the month (RUR billion) Yield to maturity on Minfin bonds at the end of the month (% p.a.) 4th tranche 6,29% 6,27% 5,6% 5.46% 5.2% 5th tranche 10,43% 11,19% 10,88% 10.13% 9.24% 6th tranche 9,75% 10,3% 9,52% 8.84% 8.01% 7th tranche 10,65% 11,03% 11,05% 10.31% 9.77% 8th tranche 9,55% 9,72% 9,81% 9.24% 8.43% INSTAR-MIACR rate (% p.a.) on interbank loans at the end of the month:

Overnight 14,81% 29,06% 5,74% 17.79% 5% One week 22,26% 8,08% 8,25% 2.85% 7% Official RUR / US$ exchange rate at the end of 31,4471 31,4401 31,5673 31,6358 31,the month Official RUR / Euro exchange rate at the end of 31,0792 30,8019 31,0938 30,9082 31,the month Average annualized growth in RUR / US$ 0,45% -0,02% 0,4% 0.2% 0.33% exchange rate Average annualized growth in RUR / Euro 6,81% -0,89% 0,72% -0.6% 0.88% exchange rate Volume of trading at the stock market in the 344,3 407 276,04 304.RTS for the month (US$ million) Value of RTS Index at the end of the month 353,79 326,23 332.9 334.06 Change in value of RTS Index during the month -9,58% -9,22% 2,7% 0.35% 4.47% (%) * Estimates D. Levchenko, D. Skripkin / 01.01.16.01.26.01.07.02.19.02.02.03.15.03.27.03.06.04.18.04.28.04.16.05.25.05.06.06.19.06.29.06.11.07.23.07.02.08.14.08.24.08.05.09.17.09.27.09.09.10.19.10.Foreign investment in the Russias economy.

In spite of the problems experienced by the world economy, foreign investors have not decreased their activity in Russia. According to the FDI Confidence Index, which characterizes investment attractiveness of different countries (the ranking reflects the sentiments and intents of investors rather than the current amount of direct investment) published in September of 2002 by the consulting company Kearney, for the first time since the crisis of 1998 Russia has been ranked 17th among 25 countries most attractive for investors (above such countries as Hong Kong, the Netherlands, Thailand, South Korea, Singapore, Belgium, Taiwan, and Austria).

In the first six months of 2002, the inflow of foreign investment in the RF economy increased by 25.2 % as compared with the figures registered in the respective period of the preceding year and by estimation made about US $ 8.4 billion. As of July 1, 2002, the accumulated foreign capital in the Russias economy, including the investment from CIS member countries, made US $ 38.2 billion.

The amount of foreign investment in the Russias economy (except monetary regulation and banking sector): the dynamics 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 Inflow amount accumulated amount (at the end of the period) Source: RF Goskomstat.

The highest rates of growth were registered in other investment, which in the first six months of increased by 60 % as compared with the figures registered in the respective period of the preceding year and made US $ 6.3 billion. The amounts of direct and portfolio investment are estimated to be at US $ 1.billion and US $ 199 million respectively, what is by 25.4 % and 16.7 % below the respective indicators registered in the first six months of 2001. Therefore, serious changes have occurred in the structure of investment capital: in the first six months of this year the specific weight of direct investment declined to 22.4 % (as compared with 37.5 % registered in the first six months of 2001), while portfolio investment declined to 2.4 % (as compared with 3.6 % registered in the first six months of 2001), and other foreign investment grew up to 75.2 % (as compared with 58.9 % registered in the first six months of 2001). The excess of other investment as compared to the amount of direct and portfolio investment is a negative factor, since borrowings prevailing in this type of resources have to be returned and paid for, while the state is responsible for these resources in economic and political terms.

An analysis of the situation of the investment market demonstrates that foreign investors are still interested in fuel and food industries, metallurgy, the sphere of trade and public catering. For the distribution of foreign investment by base sectors of the Russias economy see the Table below:

Inflow, US $ mil Accumulated, US $ mil.

I half year of I half year of I half year of I half year of I half year of II half year of II half year of II half year of II half year of Sectoral structure of foreign investment in the Russias economy in the first six months (in 2000 through 2002) 2000 2001 US $ mil. % of total US $ mil. % of total US $ mil. % of total Industry 2273 47,57 2487 37,2 3245 38,Transport and communications 666 13,94 607 9,1 350 4,Trade and public catering 766 16,04 2426 36,3 3596 43,Commercial activities relating to market 98 2,05 403 6,0 533 6,servicing Finance, credit, insurance, pensions 154 3,22 99 1,5 41 0,Other sectors 821 17,18 662 9,9 603 7,Source: RF Goskomstat The sectoral structure of foreign investment is characterized by a growth in investment in industry at the background of declining investment in other spheres of economy. In the first six months of this year, the rates of growth in foreign investment in industry (+ 30.5 %) exceeded the similar indicators of growth of aggregate amounts of foreign investment in the Russias economy. At the same time, the direct investment in industry increased by 6.7 % as compared with the figures registered in the first six months of 2001 and made US $ 887 million (47.4 % of the aggregate foreign direct investment in the RF economy). Other investment in industry made in this period increased by 48.1 % and reached US $ 2.26 billion (36 % of the aggregate foreign direct investment in the RF economy). The decline in the amount of portfolio investment made 26 %.

In the last years, in the investment preferences of foreign investors there persists the stable growth of the specific weight of trade and public catering, since this sector is characterized by short payback periods. At the same time, about 83 % of the total investment in this sphere made in the first six months of this year were formed by other investment, which mostly comprise credits.

In the first six months of 2002, a decline in the amounts of investment in base industries as compared with figures registered in the respective period of the preceding year was observed in chemistry and petrochemistry (- 11.9 %), mechanical engineering and metal working (- 12.5 %), and food industry (- 8.4 %).

Foreign investment in the Russias fuel and energy complex increased 2.75 times in the period under observation, what resulted in an increase of the FEC share in the total amount of foreign investment in industry from 12 % in 2001 to 25.3 % in 2002. The specific weight of metallurgy in foreign investment has decreased from 32.2 % to 30.5 %. This decrease was determined by the fact that the rates of growth in foreign investment in metallurgy was outpaced by similar indicators characterizing the growth of foreign investment in industry at large.

Sectoral structure of foreign investment in industry in the first six months of the respective year 40% 2000, % 2001, % 2002, % 35% 2000, US $ mil. 2001, US $ mil. 2002, US $ mil.30% 25% 20% 15% 10% 5% 0% Fuel industry Food industry Wood working, Metallurgy Chemistry Mechanical Other pulp and paper engineering industries industry and metal working Source: RF Goskomstat.

US $ mil.

in % of the investment in industry The structure of foreign investment in industry does not differ from the respective structure of its total amount and is characterized by a decline in foreign direct investment at the background of other investment.

However, some changes were registered as compared with the figures registered in 2001.

The structure of foreign investment in industry in the first six months of 2002.

Change as compared with the first six months of US $ million Direct Portfolio Other Direct Portfolio Other Industry 887 94 2264 +6,7% -26,0% 48,1% Including:

By 6,Fuel 243 0,1 578 +32,8% -99,6% times Food 166 0,1 476 -39,0% -96,7% +11,7% Wood working, pulp and paper 39 7 92 -55,7% By 17,5 times +87,8% Metallurgy 59 78 854 -46,4% -3,7% +39,8% By 2,Chemistry and petro-chemistry 53 1 65 0 -42,3% times Mechanical engineering and metal 184 0,1 60 +55,9% -90% -62.5% working By 3,Other industries 143 7,7 139 -38,9% -90,4% times * No portfolio foreign investment was registered in the first six months of 1999.

Source: RF Goskomstat.

In the first six months of 2002, the major part of foreign direct investment was made in fuel and food industries (12.3 % and 8.9 % respectively), mechanical engineering (9.8 %), and trade and public catering (33.2 %).

In spite of the development of investment attractiveness of regions, the regional structure of foreign investment in 2002 was characterized by the persisting concentration of investment in a limited number of RF subjects.

Regional structure of foreign investment in the Russia's economy in the first six months of Other regions 20.8 % Moscow Sakhalin oblast 44.4 % 3,2% Omsk oblast 8,8% Moscow oblast Chelyabinsk oblast 2,0% Sverdlovsk oblast 3,7% St. Petersburg 7,6% Tatarstan 6,0% 3,5% The persisting attractiveness of the Moscow market is related to the stable growth of household incomes in the city and high rates of growth in the amount of sales. In the total amount of foreign investment flowing in Moscow in the first six months of 2002 (US $ 2.72 billion), direct investment accounted for US $ million (21 %), portfolio investment made US $ 92.6 million, and other investment made US $ 2.85 billion.

In the first six months of 2002, investment from 93 countries exporting capitals flowed in the Russias economy (first six months of 2001 100 countries). At the same time, in the first six months of this year, largest investing countries accounted for 83 % of the total amount of foreign investment accumulated by July 1, 2002. These indicators pertaining to the results of the first six months of 2000 and 2001 made 87.5 % and 86.2 % respectively.

At the same time, top ten exporters of capital accounted for 79.4 % of accumulated direct investment in the Russias economy, and 68.4 % and 87.9 % of portfolio and other investment respectively.

The structure of accumulated foreign investment as broken down by major investing countries.

Accumulated by 01.07.2002, US $ mil. Change to 01.01.2002, % (*) Total Direct Portfolio Other Total Direct Portfolio Other -4,8 3,2 -24,4 -17,USA 5356 4096 68 (-0,2) (5,9) (-1,4) (-16,6) by 13,0,8 times 15,Germany 7164 1524 384 5256 17,7 (17,7) (5,9) (by 13,7 (13,8) times) 2,5 -22,0 0 5,France 3364 276 0,1 (-4,9) (-24,6) (-90,0) (-2,6) 13,9,9 4,0 15,UK 4189 1973 143 2073 (by 3,(29,4) (11,5) (45,0) times) -9,4 -3,6 -28,4 -20,Cyprus 4807 3594 335 (-6,7) (-2,6) (-21,5) (-14,9) 4,5 -4,5 The Netherlands 2637 2244 21 372 3,7 (18,4) (14,3) (10,5) (51,2) 18,5 9,6 -1,Other countries 10633 4872 490,9 5270 30,8 (57,8) (29,1) (8,8) (17,4) 2,Total 38150 18579 1442 18129 7,1 (12,7) 17,2 (44,1) 27,1 (18,8) (5,7) * changes (as compared with the data registered on 1.07.2001) are in brackets Source: RF Goskomstat.

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