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Futures and Options Market The investors activity in the futures market in has declined (5 times) as compared with the preceding month. Herewith, as opposed to that, the number of transactions has increased times 3.5. Thus, in the period of October 27 through November 23 the total turnover in the MICEX futures market made approximately RUR 76.75 bln. (2,192 transactions, 2.5 mln contracts), against about RUR 383.73 bln (628 transactions, 14.21 mln of contracts) in October. Herewith, the largest volume of trading in November as a month earlier, was observed the futures RUR/USD, amounting to RUR 73.19 billion ( LUKoil Tatneft Rosneft Gazprom Russia Bank VTB Mosenergo Rostelecom Sberbank of GMK NorNikel Gazprom neft Surgutneftegas transaction, 2.49 million contracts); the turnover trades with those futures has decreased data more than 5 times as compared with the preceding month. The balance of trading volume was taken by commodity assets and in the amount of RUR 3.56 billion. There were no bids for MICEX index in November.

A similar situation was noted at RTS FORTS futures market, where the investors activity in November has declined by 13 per cent as compared to the preceding month. Thus, in the period of October 27 through November 23 the total turnover in the RTS futures market made approximately RUR 305.41 bln. (3.158 transactions, 12.46 mln contracts), against about RUR 351.19 bln (2,659 transactions, 11.92 mln of contracts) in October. Like before, futures enjoyed the greatest demand: The volume of trades in the period under review made RUR 288.63 billion (3,125 transactions, 11.85 mln of contracts). Herewith, volume of trades in futures of "Shares of electric power companies" with the execution on December 15, 2008, aimed at maintaining the liquidity of shares of electricity companies after the suspension RAO UES trading at the stock markets on June 6, has significantly decreased in November (over 20 times) in view of the forthcoming execution deadline and made RUR 516.85 thousand (43 transactions, 80 mln contracts), against about RUR 11.34 bln (227 transactions, 1.18 mln of contracts) in October. Options enjoyed far lower demand; the turnover amounted about RUR 16.78 bln (32 transactions, 606 thousand of contracts). The maximum daily turnover in the RTS futures market made RUR 21.27 billion in November (as of November 14), and RUR 7.38 bln. (as of November 1).

External factors behind Russian stock market dynamics In November the Russian financial market dynamics, as a month earlier, was dependant on the situation in the world financial markets, characterized by periods of sharp decline due to the negative news, replaced once in a while by more optimistic investors behavior, urged by measures, taken by governments of a number of countries to support their financial systems. Among the adverse global market conditions, affecting the Russian market, one should mention:

a sharp decline in the U.S., European and Asian stock markets, provoked by the US Ministry of Finance rejection to purchase non-liquid mortgage assets of the banks.

increased global liquidity crisis Information on significant reduction in the financial performance of the U.S. automobile manufacturers (General Motors, Ford Motor) and the largest U.S. banks Citigroup and JPMorgan Chase & Co.

deferral of hearings of the draft law for the support of the US automotive industry to the beginning of December, Information, published in mid-November on the negative macroeconomic statistics in the U.S., in particular the growing unemployment and reduced sales in primary and secondary US housing market, declining oil prices (in the second half of the month oil price has fallen down below 50 dollars per barrel) reflected USD strengthening against Euro in the world currency market.

However, on the other hand, the decision of the US Ministry of Finance to provide financial assistance in the amount of USD 20 billion to Citigroup bank, reduction of refinancing rate by the US FRS to 1 per cent per annum in late October, by European Central bank to 3.25 per cent in early November, by the Bank of England to 3 per cent (by 1,5 per cent) and by the Central Bank of Switzerland to 2 per cent contributed to the growth of global financial markets. Development of a new package of additional measures to support the US economy and the presentation of the stabilization plan for national economy by Italian Government also supported the global stock market.

All those factors urged volatility in the major stock market indices. Thus, in November (as a month earlier), a significant downfall was noted in global indices, as compared with the indicators of the beginning of 2008 (by 20-60 per cent on average). An adverse trend was observed at the end of October 2008. For example, the indices of developing markets were growing by 5-20 per cent, while in the US and European markets some indices have increased by 2-8 per cent, others were declining by 1 per cent on average. (See Table 1 and Fig. 5..

Table Dynamics of international stock market indices (as of November 26, 2008) Dynamics Dynamics since Index Ticker Value within the the year month(%)11 beginning(%)MICEX (Russia) MICEXINDEXCF 616,69 20,07 -67,RTS (Russia) RTSI 674,14 22,70 -70,Dow Jones Industrial (USA) Average DJI 8726,61 4,15 -34,(USA (USA) (USA) NASDAQ Composite (USA) NASD 1532,10 -1,28 -42,S&P 500 (USA) SPX 887,68 1,24 -39,FTSE 100 (UK) FTSE 4226,10 8,83 -34,DAX-30 (Germany) DAX 4665,27 8,60 -42,CAC-40 (France) CAC 3250,39 1,77 -42,Swiss Market (Switzerland) SSMI 5640,80 -0,60 -35,Nikkei-225 (Japan) NIKKEI 8373,39 9,47 -45,Bovespa (Brasil) BUSP 36212,65 15,03 -43,IPC (Mexico) IPC 20201,82 18,98 -31,IPSA (Chile) IPSA 2432,56 3,83 -20,Straits Times (Singapore) STI 1710,52 6,89 -50,Seoul Composite (South Korea) KS11 1063,48 13,29 -43,ISE National-100 (Turky) XU100 25383,43 4,99 -54,Morgan Stanley Emerging Markets Free EFM 428,66 8,79 -57,Index * Versus indices of October 26, 130,0% 120,0% 110,0% 100,0% 90,0% 80,0% Dow Jones Industrial Average NASDAQ Composite 70,0% The MICEX Index The RTS Index 60,0% 50,0% 40,0% 30,0% 20,0% Fig. 5. Dynamics of the main USA and Russian stock indexes (in % to the date 01.09.2007) Versus index indicator valid on September 27, 2006.

Versus index indicator valid on September 27, 2006. news VTB Bank In late October - November in the the framework of the government program for the support distributive networks, VTB Bank started to provide financing to retail trade companies: the first tranche of RUR 300 million was provided on October 27 to Magnet group of companies; credit in the amount of RUR 7 billion was provided for the period of 1.5 years to X5 Retail Group; credit of RUR 3 billion for the period of up to one year is provided to JSC GREEN Corporation, which incorporates a network of supermarkets LINE. In November, in the framework of extended cooperation with the priority sectors of the Russian economy VTB Bank has provided to OAO AvtoVAZ funding in the amount of RUR 4 billion for the period of 12 months to replenish the operating capital of the company.

Also, in order to enhance cooperation with the real economy participants, VTB Bank has provided in November to three Russian plants of steel pipe company (TMK) credits in the total amount of RUR 5.5 billion for 1 year; financing to Evraz Group SA in the total amount RUR 10 billion; funds totaling to RUR 4.8 billion to three business groups of UGMK-Holding and credit of RUR 6.billion to ZAO Transmashholding.

On November 6, Bank VTB has disclosed unconsolidated reporting, developed in accordance with IFRS for October 2008: the company assets under IFRS have increased by 11 per cent (within ten months of 2008, the assets increased by 46 per cent), the Bank net profit on November 1, amounted to RUR 2.6, as compared with RUR 7.4 billion as of October 1, 2008.

On November 10, VTB Bank has signed a Memorandum of Understanding with the Venezuelan Bank Bancoex; On November 13 - a Cooperation Agreement with Japanese group SMBCE; on November 19 - a Memorandum of Cooperation with the Cyprus Stock Exchange and on November - a Cooperation Agreement with the Peruvian bank Banco de la Nacion.

On November 10, VTB Bank has obtained the second tranche of subordinated credit from Vnesheconombank in the amount of RUR 100 billion. On November 20 and 26, VTB group participated in the placement of bond issue of OAO Russian Railways Series 09 and Series 11.

On November 17, VTB Bank acquired the status of custodian for Depository Receipts of The Bank of New York Mellon for the shares of Russian companies.

Gasprom On October 27, OAO Gazprom and Petrovietnam have signed an oil and gas contract for the four new blocks of the continental shelf in the Republic of Vietnam for the term of 30 years. The Parties have also signed the Basic provisions for foundation of a joint company OOO Gazpromvet for Gazprom interaction with Petrovietnam in the territory of Russia and third countries. The basic object of companies cooperation in Russia is Naguman deposit, located in Orenburg region.

On November 5, OAO Gazprom has opened representative offices in Kazakhstan and Latvia. On November 12, site Achimovsk deposits of Urengoy field was put into pilot production and on November - Barnaul - Biysk - Gorno-Altaisk gas pipeline with branch pipe to Belokurikha.

On November 27, OAO Gazprom and PdVSA have signed an agreement on joint exploration of Ayacucho-3 in Orinoco oil well. The Agreement is concluded for a feasibility study, basing on which the Parties will be able to obtain permission from the National Assembly of Venezuela to establish a joint venture for oil production at that oil well.

Gasprom Neft On October 27, the S & P rating agency confirmed the ratings of OAO Gazprom Neft, the forecast is "Stable".

On October 28, OAO Gazprom Neft has disclosed reporting for the third quarter: the net profit increased by 11 per cent to RUR 21.5 billion. Herewith, the net profit for the first nine months of 2008 increased by 51 per cent to RUR 83.4 billion.

On November 24, there was a meeting of the RF Federal Antimonopoly Service, where the administrative case was reviewed against OAO Gazprom oil for the breach of antimonopoly law. As a result, OAO Gazprom oil was fined for more than 1.3 RUR billion.

LUKOIL On November 24, OAO LUKOIL has completed the transaction on acquisition major sails assets in Turkey 100 per cent shares in Akpet company.

osenergo On November 14, OAO Mosenergo has disclosed published reporting in compliance with IFRS for the first nine months of 2008: the net profit increased by RUR 201 485 thousand against the same period of 2007 and amounted to RUR 1 466 830 thousand; sales proceeds amounted to RUR 1 310 thousand, what exceeds the indicator of 2007 by RUR 955 568 thousand (by 121.8 per cent), earnings reached RUR 66 078 157 thousand, having grown by RUR 12 914 026 thousand (24,3 per cent) as compared with 2007.

14 2008 .: 201 485 . 2007 . 1 466 830 .; 1 740 310 ., 955 568 . (121,8 per cent) 2007 .; 66 078 157 ., 12 914 026 . (24,3 per cent) 2007 .

UGMK Norilsk Nickel On November 10, OAO UGMK Norilsk Nickel and Cubaniquel, Cuban company, have signed a Memorandum of Understanding for a broad exchange of experts, exchange of experience in the marketing of nickel products, as well as regular consultations on a prospective types of nickel products in compliance with consumers demands.

On November 25, OAO UGMK Norilsk Nickel has signed a credit agreement for 10 years for financing Euler Hermes, export credit agency, in the amount of EURO 278.8 million in dollar equivalent for refinancing a shipbuilding program.

N Rosneft On November 13, Standard & Poor's S & P rating agency has acknowledged the N Rosneft as one of the most transparent companies in Russia (second place).

Rostelecom On 31 October the Board of Directors of OAO Rostelecom approved the development strategy of the company for 2009 - 2013 years, the key points of which are business diversification, marketing activities expansion, technological infrastructure upgrading, promotion of international cooperation with national operators, expansion to foreign markets.

On November 10, OAO Rostelecom has disclosed financial reporting in accordance with IFRS for the first nine months of 2008: sales proceeds increased by 8.1 per cent to RUR 8 852.6 million;

profitability under OIBDA is 26.0 per cent, revenue amounted to RUR 46 414, 0 million; net profit made RUR 6 929.5 million (8 844.8 in the relevant period of 2007).

Sberbank of Russia On October 22 the Supervisory Board of Sberbank of Russia has approved a development strategy for the bank through 2014, which includes the construction of client-oriented policy for retail and corporate customers, technology upgrading of the Bank, the great improvement of the efficiency on the basis of modern approaches and management techniques and of operations optimization, development of the Bank's operations in international markets, primarily in CIS and Eastern Europe.

On November 25, Sberbank of Russia has disclosed financial reporting for the ten months of 2008 in compliance with IFRS: profit before tax amounted to RUR 143.7 billion (against RUR 139.billion for the ten months of 2007); net profit made RUR 113.0 billion; capital amounted to RUR 947.6 billion, having grown since the beginning of 2008 by 39.0 per cent at the expense of net profits and subordinated credit from the Bank of Russia, received in October in the amount of RUR billion.

On November 26, Sberbank of Russia took part in placing eleventh issue of OAO Russian Railways bonds.

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