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RUS-2030 RUS-1,50% In general, within the RUS-2018 RUS-0,00% period from February to March 23, the MICEX -1,50% index has significantly grown by 35.04 per cent, what makes about 220.51 points in absolute Fig. 2. Yields to maturity of the Russian Eurobonds with maturity in 2010, 2018, terms (within the year, 2028 and 2030 in January - March from March 24, 2008 to 03.12.05.12.09.12.11.12.15.12.17.12.19.12.23.12.25.12.12.01.14.01.16.01.03.02.06.02.10.02.16.02.18.02.20.02.12.01.15.01.20.01.23.01.28.01.02.02.05.02.10.02.13.02.18.02.24.02.27.02.04.03.10.03.13.03.18.03.23.03.- - RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES 140 2 100,The total volume of trading 130 1 950,(roubles, billion) 120 1 800,MICEX Index 110 1 650,100 1 500,90 1 350,80 1 200,70 1 050,60 900,50 750,40 600,30 450,20 300,10 150,0 0,Fig. 3. Dynamics of MICEX Index and trading volume February 23, 2009, the MICEX index has downgraded by 2 times).Over the same period the turnover of trades in shares, included in the MICEX index, made about RUR 743.30 bln at an average daily turnover of RUR 39.12 bln. against RUR 599.14 billion with an average daily turnover of RUR 31.53 billion in the preceding period). Therefore, the investors daily activity in the stock market in March has increased as compared with the preceding month nearly by 25 per cent.The indicators of maximum and minimum daily turnover in the market trades in March made, accordingly, RUR 64.71 bln as of March 23), and RUR 18.23 bln (on March 2).As of the month results (from February 24 through March 23), the blue chips have shown an upgrading trend. The leaders of the upgrading rates were the Sberbank of Russia and VTB Bank shares, the value of which has increased by 78.64 per cent and 64.14 per cent, accordingly.Some lower growing rates were observed about the shares of Tatneft (by 55.25 per cent), GMK Nornickel (by 54.98 per cent) and Rosneft (by 49.81 per cent).They were followed by the shares of Surgutneftegas (by 31.96 per cent), Gasprom Neft (by 30.07 per cent) LUKOIL (by 27.84 per cent) and Gasprom (by 22.39 per cent). The least growth was observed about the shares of Mosenerho (by 12.per cent) and Rostelecom (by 8.63 per cent) (See Fig. 4).

In March the MICEX turnover leaders were:Sberbank of Russia (28. 75 per cent), Gasprom(25.48 per cent of the total turnover), LUKOIL (11.97 per cent), GMK Nornickel (8.31 per cent), and Rosneft (7.14 per cent). Herewith, the significant growth in demand for the Burbank of Russia equities has led not only to the most significant upgrading of its quotations as compared with the other blue chips, but has also contributed to the forcing out from the first place Gasprom, that was the leader for several years.

Total share of transactions with the above five companies equities (blue chips) made about 81.65 per cent (all blue chips 89.65 per cent) of the gross turnover in the MICEX stock market in the period of February 24 to March 23.According to MICEX information, as of March 23, the top five leaders of the domestic stock market in terms of capitalization, estimated on monthly average results, were: Gas prom RUR 2,708.01 bin, RUR 2,591.bin in February), Resent RUR 1,173.34 bin, RUR 1,067.73 bin in preceding month), LUKOIL - RUR 1,015.62 bin, RUR 903.81 bin in preceding month), Surgutneftegas - points roubles, billion 09.01.28.01.14.02.05.03.25.03.11.04.30.04.21.05.07.06.27.06.16.07.04.08.21.08.09.09.26.09.15.10.01.11.21.11.10.12.29.12.23.01.11.02. FINANCIAL MARKET 80,0% RUR 690.76 bln, RUR 70,0% 536.71 bln in preceding 60,0% month), Gaspromneft - 50,0% RUR 360.34 bln, against 40,0% RUR 325.21 bln).

30,0% Futures and 20,0% Options Market 10,0% In March, the activity 0,0% of investors in the shortterm MICEX market has decreased by 15 per cent as compared with the Change in price (%) preceding month. Thus, in Fig. 4. Dynamics of the Russian Blue Chips the period from February from February 24 to March 23, 24 through March the total turnover in the MICEX futures market made approximately RUR 59.18 bln.2,080 transactions, 1.53 mln of contracts), against RUR 69.29 bln.2,186 transactions, 1.69 mln of contracts) in February.

Herewith, the largest volume of trading in march as a month earlier, was observed in the futures RUR/USD, amounting to RUR 55.46 billion.224 transaction, 1.52 mln of contracts).

Herewith, prices of futures contracts, concluded in the current month in RUR/USD in the short-term MICEX market were made within 34.5-36 RUR/USD for April, 35-37 RUR/USD for July, 36-39 RUR/USD for September.Thus, we can conclude that investors expectations regarding the growth of the dollar rate over the next six months have downgraded by RUR 1-2 as compared with the preceding month. The greatest number of transactions (1,749) within the month was made with commodity futures, the volume of trades in which has reached RUR 3.72 billion.The balance of trading volume, with the MICEX index in the period under review has grown by 33 per cent and made RUR 6 billion. There were no bids for interest rates and for RUR/Euro futures in March.An adverse situation was noted at RTS FORTS futures market, where the investors activity in March has grown by 33 per cent as compared with the preceding month.Thus, in the period from February 24 through March 23 the total turnover in the RTS futures and options market made approximately RUR 733.44 bln.4.322 of transactions, 29.77 mln contracts) against about RUR 551.34 bln 4,271 of transactions, 24.82 mln of contracts) in February.Like before, futures enjoyed the greatest demand: the volume of trades in the period under review made RUR 709.35 billion (4,788.41 of transactions, 28.72 mln of contracts).Herewith, prices of futures contracts, concluded in RUR/USD in the RTS FORTS for the second quarter of 2009 were within 3537 RUR/USD, for the third quarter RUR/USD 36-39, while the average RTS index in the second quarter was estimated at 620-680 points and within 600-680 points in the third quarter.55.69 of transactions, 1.05 mln of contracts).The maximum daily turnover in the short-term RTS futures market made RUR 53.29 billion in March (as of March 19), and minimum was RUR 26.44 bln.on March 2).

External factors behind the Russian stock market dynamics In March the Russian financial market dynamics, as a month earlier, was dependant on the situation in the global financial markets, characterized by prevailing upgrading trend (in particular, since the second week of March) at the background of optimistic investors expectations, urged by oil prices growth, positive financial information, disclosed by some largest international market leaders, as well as by significant USD downgrading. Among LUKoil Tatneft Rosneft Bank VTB Russia Gazprom Mosenergo Rostelecom Sberbank of GMK NorNikel Gazprom neft Surgutneftegas - - RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES the basic factors of favorable global market conditions, affecting the Russian market, one should mention:

Information of profit according to the first months of 2009 by Citigroup, JPMorgan Chase and Bank of America;

Net profit growth of the German automotive producer Volkswagen according to results by 14.4 per cent, to Euro 7.75 bln;

US Department of Treasury Program to purchase together with private investors the problem assets from banks for the amount of USD 1 trillion; Program of the Bank of England to purchase problem assets for the amount of Euro bln;

Global oil prices growth (up to USD 50 per barrel in the second half of the month;

Reduction of interest rate by the European Central bank to 1.5 per cent, by the Bank of England to 0.5 per cent, by the Central Bank of Switzerland by 0.25 per cent ;

Decision of the US FRS to purchase the long-terms bonds of the US government for the amount of USD 300 bln.;

USA government allocation of additional 5 bln for the support of national automotive sector.

However, the following events contributed to the growth of the global financial markets:

The publication of negative macroeconomic news from USA, in particular, on the growth unemployment and reduction of the volume of new houses construction in US in February;

Ministry of Finance decision on extension of public share in Citigroup to 36 per cent, followed by Moodys Agency downgrading of the Citigroup ratings;

Information on the net losses of the US General Motors Corp. in 2008 in the amount of USD 30.9 bln, of AIG insurance company by USD 99.29 bln.; of the British Bank of Scotland in the amount of Euro 27.37 bln;

3-fold reduction of the net profit of British bank HSBS to USD 5.73bln and plans of the bank to attract a surplus capital in the amount of USD 17.7 bln as well as closure of 800 of the bank affiliates in the USA;

Plans of BASF chemical holding to cut down the staff by 1.5 thousand and by Japanese bank Mitsubishi UFJ by 1 thousand employees.

All those factors urged the upgrading dynamics in the major global stock market indices.

Thus, despite the general volatility in global indices, observed in March as compared with the indicators of the beginning of 2009, in March the indices demonstrated a general growth.

Thus, the market indices of developing countries were characterized by growth (basically by 10-16 per cent), while in the US and European markets indices were demonstrating lower growth rate by 2-10 per cent (See Table 1 and Fig. 5).

Table DYNAMICS OF THE GLOBAL STOCK INDICES (AS OF MARCH 27, 2009) Dynamics since Dynamics withthe year Index Ticker Value in the month( beginning per cent)* (per cent)* 12 3 MICEX (Russia) MICEXINDEXCF 815,27 21,27 31,RTS (Russia) RTSI 721,16 31,71 14,Dow Jones Industrial (USA) Average DJI 7 776,18 8,27 -11,(USA) NASDAQ Composite (USA) NASD 1 545,20 11,05 -2,S&P 500 (USA) SPX 815,94 8,38 -9, FINANCIAL MARKET Table 1 (contd) 12 3 FTSE 100 (UK) FTSE 3 898,85 -0,43 -12,DAX-30 (Germany) DAX 4 203,55 6,62 -12,CAC-40 (France) CAC 2 840,62 3,49 -11,Swiss Market (Switzerland) SSMI 4 872,33 2,13 -11,Nikkei-225 (Japan) NIKKEI 8 626,97 15,68 -2,Bovespa (Brasil) BUSP 41 907,29 9,76 11,IPC (Mexico) IPC 20 315,17 12,57 -9,IPSA (Chile) IPSA 2 547,76 1,22 7,Straits Times (Singapore) STI 1 745,66 7,93 -0,Seoul Composite (South Korea) KS11 1 237,51 17,32 10,ISE National-100 (Turky) XU100 25 697,25 6,33 -4,BSE 30 (India) BSE 10 048,49 12,21 4,Shanghai Composite (China) SSEC 2 374,44 11,94 30,Morgan Stanley Emerging Markets EFM 472,55 16,59 3,Free Index * Versus indices of February 26, Corporate News VTB Bank On March 2, in the framework of the domestic aircraft industry support, VTB Bank has opened two credit lines for OAO Ilyushin Finance Co. in the volume of RUR 1.2 billion for 1 year to fund ongoing operations of the company. On March 10, in order to enhance cooperation with domestic airlines, VTB Bank has provided to FSUE Orenburg Airlines credit in the amount of USD 8.5 million for 1 year to finance the ongoing activities of ZAO Polet Air Company in the volume of RUR 617,9 million, and on March 27, OAO Transaero Airlines credit in the amount of USD 6.1 million was provided for 1 year.

On March 4, VTB Bank has disclosed the unconsolidated reportin, developed as per RAS for February 2009: the Banks assets amounted to RUR 2 880 billion; VTB Bank net profit for the first two months of 2009 made RUR 16.8 billion. In February 2009, the Banks net profit has increased RUR by 3.6 billion. That was largely due to the grown interest and commission. On March 18, VTB Bank and Eximbank of China have signed a credit agreement, according to which VTB Bank should attract financing in the amount of USD billion for the seven-year 115,0% term.

105,0% 95,0% Gasprom 85,0% On March 3, OAO 75,0% Gasprom has disclosed 65,0% brief interim consolidated 55,0% reporting on its 45,0% Dow Jones Industrial Av erage performance in accordance 35,0% NASDAQ Composite with IFRS for the 9 months The MICEX Index 25,0% The RTS Index of 2008: sales proceeds 15,0% (after excise duty, VAT and customs charges) has increased by RUR 912 Fig. 5. Dynamics of the main USA and Russian stock indices million, or 55 per cent as (in % to the date 01.01.2008) compared with the same 09.01.25.01.12.02.29.02.19.03.04.04.22.04.08.05.26.05.10.06.27.06.15.07.31.07.18.08.03.09.19.09.07.10.23.10.07.11.25.11.11.12.29.12.22.01.09.02.26.02.- - RUSSIAN ECONOMY: TRENDS AND PERSPECTIVES period in 2007, and amounted to RUR 2 572 945 million. The profit within that period, attributable to the OAO Gasprom shareholders, has reached RUR 705 410 million, i.e., 65 per cent more in the relevant period of 2007.

Mosenergo On March 25, OAO Mosenergo has disclosed financial reporting as per RAS for 2008:

the company profit has reached RUR 94.8 billion, what exceeds the indicator of 2007 (RUR 78.3 billion) by 21 per cent. Sales proceeds amounted to RUR 4.7 billion. (3 per cent higher than in preceding year), net profit increased by 86 per cent and amounted to RUR 1.4 billion.

N Rosneft On March 2, NK Rosneft has summarized the results of an independent audit of hydrocarbon reserves, conducted by DeGolyer & MacNaughton company. In 2008, the proved hydrocarbon reserves increased by 2.8 per cent, while oil reserves increased by 1.per cent, gas reserve by 10.2 per cent. According to the audit, in 2008 NK Rosneft has confirmed its status as the world leader in terms of proven reserves of liquid hydrocarbons among public oil companies as per PRMS and SEC.

On March 4, NK Rosneft has disclosed consolidated financial reporting in accordance with the U.S. GAAP for the 4-th quarter and 12 months of 2008. in 2008, the net profit of NK Rosneft has reached a record of USD 11.1 billion, having increased by 71.5 per cent as compared with USD 6.48 billion in 2007, the net debt has been decreased by USD 5.billion. In the 4-th quarter 2008, the net income amounted to USD 0.78 billion (against USD 2.18 billion in the 4-th quarter of 2007).

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