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160 1 875.150 The total volume of trading ($) 1 800.The RTS Index 140 1 725.130 1 650.120 1 575.110 1 500.100 1 425.90 1 350.80 1 275.70 1 200.60 1 125.50 1 050.40 975.30 900.20 825.10 750.675.In general within the period of December 1 to 22, 2006 RTS index has grown by 4.6 per cent and reached 1862.4 points, which makes about 81.89 points in absolute terms. Herewith, two days earlier, (on December 20) the peak maximum RTS index was reached, 1866.33 points.

At the same period the turnover of sales on shares, included in the RTS index, made about USD 917.6 mln at the average daily turnover at the level of USD 57 mln (as compared with about $ 958.1 mln at the average daily turnover at the level of USD 50.43 mln in November). Therefore, the investors activity in the stock market in December has been practically the same as in preceding month. The indicators of maximum and minimum turnover in the market trades in November made USD 131.0 mln (as of December 27) and USD 31.2 mln (December 22), accordingly.

As of monthly results (from November 28 trough December 22) practically all blue chips have shown a positive dynamics, excluding Tatneft (downgraded by 4.52 per cent). Thus, the leading positions in terms of growth took the shares of OAO Sberbank of Russia" and OAORostelecom, which values have grown by 24.70 per cent and 15.76 per cent accordingly. Much lower growth rates were noticed in regard to the shares of Surgutneftegas (8.71 per cent), RAO UES of Russia(7.03per cent), Gazprom (3.03 per cent), Nordnickel (2.31 per cent), Rosneft (2.21 per cent), and Gazprom Neft, which shares have grown in December by 2.08 per cent and 3.89 per cent accordingly. Minimal growth rates were shown by Mosenergo and LUKOIL shares, which have raised only by 1.6 and 0.58 per cent accordingly.

points mln US dollars s 4.

Dynamics of the Russian Blue Chips from November 28 to December 22, 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% Change in price (%) In December the RTS turnover leaders8 were: RAO UES of Russia (16.0 per cent), Gazprom (15.per cent), LUKOIL (7.6 per cent), Sberbank of Russia(5.5 per cent), Norilsk Nickel (5.4 per cent), Surgutneftegas (3.4 per cent). The total share of trading of those companies made about 53 per cent of the RTS turnover of securities.

In terms of capitalization, as of December 22 the top five leaders of the domestic share market were9:

Gazprom (USD 274.8 bln, Rosneft (USD 84.1 bln, LUKOIL ( USD 73.4 bln, Surgutneftegas (USD 47.5 bln), Sberbank of Russia (USD 60.04 bln,) Surgutneftegas (USD 52.6 bln), RAO UES of Russia (USD 40.89 bln).

Futures and options market In December the investors activity on the RTS futures and options market (FORTS) has practically unchanged as compared with the preceding month. Thus, from December 1 trough 22 the total turnover on the RTS futures and options market amounted to approximately RUR 228.47 bln (394.5 thous. of transactions;

6.76 mln of contracts) against RUR 229.64 bln (462.56 thous. of transactions; 6.92 mln of contracts in November).

The greatest demand, as before, was for futures: the volume of trading in futures in the period under review was RUR 190.5 bln (381.8 thous of transactions, 5.61 mln of contracts). Options enjoyed a far lower demand, with the volume of trading at about RUR 37.9 bln (12.67 thous. of transactions and 1.15 mln of contracts). The highest amount of trading in the futures market was RUR 28.93 bln (as of December 13), the lowest was RUR 8.52 bln (as of December 22).

Corporate bond market The dynamics in corporate and municipal debt market in December was variable. In general the market was moderately negative, but in the sector of high liquidity bonds some growth of activity was observed. At the beginning of the month the growth was caused by the inflow of the assets of government organizations, which had more funds at the end of the year and assets from USD sales in the domestic market. RUR has been considerably strengthened against USD, which stimulated the acquisition of bonds, though there were no explicit growth of the market. Large volume of the offers in the primary market restricted the growth rate.

The impact of those factors was noted in the market also later in the second week of December. It should be noted in addition, that within the second week of the month further growth of primary placements was ob On the classical market.

According to RTS data.

Tatneft GMK LUKoil Rosneft Russia Gazprom NorNikel Russia RAO UES Mosenergo Rostelekom Sberbank of Gazprom Neft Surgutneftegas served. However, despite some activity in the sales of certain securities, what could be explained by preparation of the shareholders to the auctions, the largest placements went rather smoothly, which is a positive factor to the secondary market. Within the third week in the primary market all issues for the total amount of 1 bln were in demand, which demonstrated a high interest of the investors to the corporate bonds and gave grounds to hope for the growth of that sector of the financial market till the end of December.

As a result, from December 1 thorough 22 the price index of corporate bonds traded on MICEX10 went down by 0.05 points (-0.04 per cent), while the index of the ten most liquid corporate bonds grew up by 0.points (0.17 per cent). In the period of December 1-22 the total turnover on the MICEX corporate bond section amounted to RUR 25.25 bln, with an average daily turnover of RUR 1.68 bln (about RUR 26 bln with an average daily turnover in of RUR 1.25 bln in November).

FIG. Dynamics of corporate bond indices 122.ZETBI-Corp ZETBI-Corp120. factors behind Russian stock market dynamics The volatility of oil quotations within December was growing. Within major part of the month they reached USD 62-64 per barrel and remained at that level. It worked as a positive factor for the Russian market, as after a rather long period of oil market reduction lower than USD 60 per barrel served very well to the attraction of the Russian stock market. The basic grounds for the growth of prices were cold season in USA, who consume nearly a quarter of the total oil volume, OPEC discussion about a necessity to reduce the amount of official supplies, as well as the resumed actualization of Iran nuclear issue. Prices remained stable, even when OPEC informed about a decision to cut down official supplies only since February 2007.

The situation of the world stock markets in December remained quite favorable (see Table 1).

The majority of the stock indicators of both, industrialized and developing countries within the month have grown, excluding the US Nasdaq Composite index, which has demonstrated some decline within the period under review.

The calculation was based on indices of corporate bonds traded on MICEX. The indices were produced by the Zenit bank. FIG. 6.

200% Dow Jones Industrial Average NASDAQ Composite 180% The RTS Index 160% 140% 120% 100% 80% Corporate news LUKOIL On December 14, 2006 OAO LUKOIL has placed two issues of nonconvertible documentary interestbearing bonds payable to a bearer, series 03 and 04 for the total amount of RUR 14 bln. The coupon rate of series 03 for the total nominal cost of RUR 8 bln with maturity term of five years was estimated in the amount of 7.10 per cent per annum. The offering price of coupons 03 and 04 was estimated at 100 per cent of the nominal price. Early redemption and pre-emption are not foreseen. The investors have made 152 applications for over RUR 20 bln, which exceeded offering times 1.5. Therefore, LUKOIL became the first Russian commercial company, who has successfully placed the bonds with maturity term of seven years.

The underwriters of the issue were ABN Amro bank, Dresdner bank and IB Renessans Capital bank.

Mosenergo On December 20 an extraordinary shareholders meeting of Mosenergo has approved enlargement of the company authorized capital by emission of additional shares in favor of the strategic partner.

Mosenergo shareholders have approved the limit number of ordinary shares in the amount of 11 000 000, the appropriate amendments to the company Charter to be made with regard to the number of shares, issue of additional shares in favor of Gazprom and/or other affiliated entities of OAO Gazprom. The price of shares will be estimated as an average result of RTS and MICEX for six months prior to the date of the shareholders meeting, but not lower than RUR 5 per a share. During the emission of additional shares OAO Mosenergo is intended to involve for the implementation of the investment program at least RUR 2.bln.

Gazprom On December 21 Gazprom has published unaudited consolidated intermediary brief reporting for the first half-year of 2006, prepared in conformity with the International Accounting Standard IAS 34. Within the six months of 2006 net profit from the gas sales has grown by RUR 225929, or 46 per cent versus the relevant period of 2005 and made RUR 781 885 mln, which was caused by the growth of prices for the gas supplies to Europe and countries of the former USSR, as well as the enlarged volume of gas sales in natural terms. In the same period operational costs have increased as compared to the relevant period of 2005 by RUR 284 247 mln, or by 71 per cent and made RUR 686 425 mln, which is explained basically by consolidation with Gazprom Neft.

The revenue of OAO Gazprom shareholders for the first six months of 2006 made RUR 321 491 mln, what is RUR 168 681 mln or 110 per cent more than in the relevant period of 2005. The net payables (shortterm credits and current liabilities under long-term credits, bills payable, long-term loans, long-term bills and restructured tax liabilities, excluding monetary assets and their equivalents, as well as monetary assets and their equivalents with restricted access according to special credit terms) have been reduced by RUR 126 716 mln or by 16 per cent, from RUR 797 465 mln (as of December 31, 2005) to 670 749 mln (by June 30, 2006). The reduction is explained basically by net redemption of long-term credits due to the growth monetary assets from business activities and changes in the exchange rate.

RAO UES of Russia On December 5, 2006 RAO UES of Russia has published consolidated financial reporting for the first half-year of 2006, prepared in conformity with the International Accounting Standard (IAS). The revenues of RAO UES of Russia from basic business activities made RUR 453.3 bln, what is by RUR 62.2 bln higher than the indicator of the relevant period of preceding year. Actually, the profit growth from basic activities of RAO UES of Russia enterprises in the reporting period is based on the expanded sales of electric and heat power and the growth of tariffs for electric power by 9 per cent.

Expenditures of the Corporation in basic activities made RUR 399.9 mln, by RUR 55.6 bln more than in the relevant period of preceding year. That indicator was under a great impact of higher expenses on fuel (by 25 per cent), caused by enlarged production of electric power, related maintenance and repairs. Moreover, expenses of the Corporation businesses for purchased electric power have grown by 6 per cent, as the price for it has increased within the reporting period by 9 per cent. The expenses of the company have grown also due to increased tariffs for electric and heat power transfer and, whereas greater volumes of power were transferred though the lines, owned by other companies.

Table 1.

Dynamics of international stock market indices Dynamics within Dynamics since Data as of December 22 Value the month(%)11 the year beginning (%) (Russia) 1862.40 7.72% 56.46% Dow Jones Industrial Average (USA) 12343.21 1.70% 13.79% NASDAQ Composite (USA) 2401.18 -0.47% 7.02% S&P 500 (USA) 1410.76 1.73% 11.19% FTSE 100 (UK) 6190.00 2.72% 8.95% DAX-30 (Germany) 6503.13 3.53% 19.32% CAC-40 (France) 5453.94 2.78% 14.70% Swiss Market (Switzerland) 8726.70 3.13% 14.39% Nikkei-225 (Japan) 17104.96 7.88% 4.54% Bovespa (Brasil) 43356.00 5.64% 29.39% IPC () 25432.64 4.47% 41.88% IPSA (Chile) 2692.09 7.32% 38.80% Straits Times (Singapore) 2942.39 5.54% 24.18% Seoul Composite (South Korea) 1437.49 1.84% 3.47% ISE National-100 (Turky) 39180.20 5.37% -1.53% Morgan Stanley Emerging Markets Free Index 892.96 4.68% 26.30% Revenues from basic activities of the Corporation within 6 months of 2006 have grown as opposed to the first half-year of 2005 by RUR 6.6 bln (by 14 per cent) and made RUR 53.4 bln. Profit before tax made 47.bln, having grown by RUR 8.5 bln. Net profit of RAO UES of Russia for January-June 2006 made RUR 27.2 bln. As compared with the first six months of 2006, the growth of the net profit made RUR 5.3 bln (by 24 per cent), which was caused by the growth of the net profit from the basic activities by RUR 6.6 bln and a decrease of expenses by RUR 1.6 bln.

Versus index indicator valid on September 27, 2006.

FIG. 7.

Dynamics of the Official USD/RUR and EUR/RUR Exchange Rates in 2005-37.Official USD/RUR exchange rate 36.Official EUR/RUR exchange rate 8.

Dynamics of the Dollar/Euro Exchange Rate on the International Markets currency market As of results of the month, from December 1 to 23, the USD exchange rate against RUR has further dropped down, having lost RUR 0.014 (- 1.05 per cent) by the beginning of the month and made RUR 26.to USD 1. The total volume of trading in USD on SELT in the same period from December 1 to amounted to about USD 37.5 bln at an average daily turnover of USD 2.88 bln (about USD 41.2 bln at an average daily turnover of USD 2.42 bln in November). Therefore, trading activity of foreign currency in December has somewhat grown as compared with preceding month. The largest amount of trading in USD was noted on December 6, when it amounted to about USD 4.44 bln, the minimum level of USD 1.99 bln was observed on December 12.

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