RTS STANDARD MAIN FEATURES:

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3 RTS STANDARD RTS Standard is a new front-rank cash equity market based on advanced exchange technologies employed worldwide. This market offers CCP trading without full advance depositing of assets. The market hours are from 10:00 am to 11:50 pm MSK. The range of instruments includes the most liquid stocks of Russian issuers. RTS Standard also offers portfolio margining with trades made on FORTS, RTS s derivatives section, consolidates the cash position across a range of traded instruments. RTS Standard opens up attractive opportunities for investors trading in both equities and derivatives. Significantly lower funding costs, because of position consolidation, enable all investors to pursue multiple investment strategies with full settlement guarantees provided by the exchange. In addition, this new trading venue, where a global standard of trading has been implemented, aims to attract solid foreign investor interest to the equity market. RTS Standard sets a totally new standard for equity trading in Russia. MAIN FEATURES: No 100% advance depositing of assets; Standard T+4 settlement; Quotes and settlement in rubles; Central Counterparty; Consolidated cash position on RTS Standard and on FORTS, RTS s derivatives section; Portfolio-style approach to margining spot and derivatives markets positions. 1

4 DELIVERY: Delivery is performed on the settlement day. The standard settlement cycle is T+4. Brokers can make direct trades with settlement on T+0, T+1, T+2, T+3 and T+4; Clearing Members accounts opened for delivery purposes are the same on RTS Standard and FORTS; Delivery takes place based on the net claims and obligations. Initial Margin TRADING AND CLEARING SCHEDULE (MSK TIME): 10:00 14:00 Main trading session 14:00 14:03 Intraday clearing session 14:03 18:45 Main trading session 18:45 19:00 Evening clearing session 19:00 23:50 Evening trading session RTS Standard is the only cash equity market in Russia where an evening trading session is held. 2

5 RTS STANDARD INDEX In January 2010 RTS Stock Exchange started calculating the RTS Standard Index based on trades in and quotes for the top 15 most liquid stocks of the Russian cash equity market trading on RTS Standard. The new index will be published by the exchange under the symbol RTSSTD. The introduction of the RTS Standard Index completes the existing RTS Indices family that now includes 3 composite and 7 sectoral indices. The RTS Standard Index has been designed as a benchmark for the Russian blue chip market, whereas the RTS Index is based on a basket of the 50 most highly capitalized Russian stocks and tracks performance of the entire Russian market, and the RTS-2 Index includes stocks of mid- and low-cap companies, reflecting the movements in the second tier stocks market. The launch of the futures contract on the RTS Standard Index in February 2010 allowed market participants to realize various strategies on the spot market, such as hedging and arbitrage and make trading more effective and risk-free. 3

6 REPO TRADES WITH CCP ON RTS STANDARD RTS Standard is the first Russian cash equity market where lending & borrowing transactions can be made with CCP guarantees. Advantages: No obligation to own the assets on the day the trade is made (there is no 100% advance deposit requirement, trades are settled on T+0, 1, 2, 3 or 4); Netting of obligations on positions with the same settlement dates; Central Counterparty guarantees. No risk of linked defaults on borrowing & lending transactions made on RTS Standard; Minimized market risks: two clearing sessions per day better covered market risk; Opens an attractive advantage of swap trading; Reduced total funding costs for a trading member due to: portfolio margining of positions on RTS Standard and FORTS consolidated cash position on RTS Standard and FORTS. MEMBERSHIP STRUCTURE The following RTS trading members are eligible for membership in RTS Standard: Trading members upon payment of membership and contingency fund fees and installment of the FORTS trading terminal; FORTS members (General Clearing Members or Special Clearing Members in the FORTS equity derivatives section); The full list of RTS Standard members is available on our website 4

7 GUARANTEE FUNDS SYSTEM (as of March 21, 2011): 1. Initial Margin Fund contributed by Clearing Members and their clients, mln. RUB: 29,387 Cash funds 28,316 Non-monetary assets 1, Guarantee Funds: Contingency Fund 1,280 Reserve Fund 1,500 Guarantee Fund 1,188 DIRECT MARKET ACCESS (DMA) RTS Standard operates on the FORTS trading system that provides direct market access, which is a unique opportunity for international investors to gain exposure to the Russian cash equity market. Various DMA/OMS systems are connected to the trading system via an API. FIX connectivity is also available. In 2008 RTS introduced a new FIX Gateway, which can be implemented on all RTS markets. ACCESS SYSTEM 5

8 Market development. Monthly turnover RTS Standard, USD Average daily market share of the Russian regulated securities market, % 6

9 INSTRUMENTS Ticker Reuters Ticker 1 AFLT JSC Aeroflot, ordinary AFLTS RU AFLTS.RTS 2 CHMF JSC Severstal, ordinary CHMFS RU CHMFS.RTS 3 FEES FGC UES, JSC, ordinary FEESS RU FEESS.RTS 4 GAZP Gazprom, ordinary GAZPS RU GAZPS.RTS 5 GMKN OJSC MMC NORILSK NICKEL, ordinary GMKNS RU GMKNS.RTS 6 HYDR JSC RusHydro, ordinary HYDRS RU HYDRS.RTS 7 IRAO JSC INTER RAO UES, ordinary IRAOS RU IRAOS.RTS 8 LKOH ОАО LUKOIL, ordinary LKOHS RU LKOHS.RTS 9 MAGN OJSC MMK, ordinary MAGNS RU MAGNS.RTS 10 MRKH JSC IDGC Holding, ordinary MRKHS RU MRKHS.RTS 11 MSNG MOSENERGO, ordinary MSNGS RU MSNGS.RTS 12 MTSS MTS OJSC, ordinary MTSSS RU MTSSS.RTS 13 NLMK NLMK, ordinary NLMKS RU NLMKS.RTS 14 NMTP PJSC NCSP, ordinary NMTPS RU NMTPS.RTS 15 NVTK JSC NOVATEK, ordinary NVTKS RU NVTKS.RTS 16 OGKA JSC OGK-1, ordinary OGKAS RU OGKAS.RTS 17 OGKB JSC OGK-2, ordinary OGKBS RU OGKBS.RTS 18 OGKC JSC WGC-3, ordinary OGKCS RU OGKCS.RTS 19 PLZL OJSC Polyus Gold, ordinary PLZLS RU PLZLS.RTS 20 PMTL JSC Polymetal, ordinary PMTLS RU PMTLS.RTS 21 RASP OAO Raspadskaya, ordinary RASPS RU RASPS.RTS 22 ROSN Rosneft, ordinary ROSNS RU ROSNS.RTS 23 RSTR Troika Dialog, FundUnits RSTRS RU RSTRS.RTS 24 SBERP Sberbank, privileged SBERPS RU SBER_pS.RTS 25 SBER Sberbank, ordinary SBERS RU SBERS.RTS 26 SIBN JSC Gazprom Neft, ordinary SIBNS RU SIBNS.RTS 27 SNGSP Surgutneftegas OJSC, privileged SNGSPS RU SNGS_pS.RTS 28 SNGS Surgutneftegas OJSC, ordinary SNGSS RU SNGSS.RTS 29 TATN Tatneft, ordinary TATNS RU TATNS.RTS 30 TGKA JSC TGC-1, ordinary TGKAS RU TGKAS.RTS 31 TRNFP Transneft, privileged TRNFPS RU TRNF_pS.RTS 32 URKA OJSC Uralkali, ordinary URKAS RU URKAS.RTS 33 URSI O.J.S.C. Uralsvyazinform, ordinary URSIS RU URSIS.RTS 34 VTBR JSC VTB Bank, ordinary VTBRS RU VTBRS.RTS The Exchange plans to significantly extend the range of products offered on RTS Standard. 7

10 CONTACT INFORMATION For more information, please visit our website or us directly at or Stock Market Department Tel.: +7 (495) /32 Gleb Titov ext RTS London office Katya Troshinkina Tel.:

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12 Russian Trading System Stock Exchange 4/7 Vozdvizhenka Str, Bld , Moscow, Russia Tel.: +7 (495) Fax: +7 (495)