Alexander Potemkin, President of the MICEX Moscow on its way to becoming an international financial center

2 MICEX and DB value chains Value ChainDeutsche Börse GroupMICEX Group Trading and front-office Deutsche Börse AG Frankfurt Stock Exchange Eurex Frankfurt AG Eurex Zürich AG MICEX Stock Exchange MICEX Clearing Clearstream International S.A. Eurex Clearing AG MICEX National Clearing Centre (project) SettlementClearstream International S.A. National Depository Center MICEX Settlement House ITDeutsche Börse Systems AGMICEX Regional Exchanges Berlin Stock Exchange Düsseldorf Stock Exchange Hamburg and Hannover Stock Exchange Munich Stock Exchange Stuttgart Stock Exchange The MICEX Far East (Vladivostok) The N. Novgorod Stock and Currency Exchange (N. Novgorod) The Samara Currency Interbank Exchange (Samara) The St.-Petersburg Currency Exchange (St.-Petersburg) The Siberian Interbank Currency Exchange (Novosibirsk) The MICEX South (Rostov-on-Don) The Ural Regional Currency Exchange (Yekaterinburg)

3 Russian issuers on the world exchanges The ADR/GDR’s traded on DB: ·Gazprom ·RAO UES ·GMK Norilsk Nickel ·LUKOIL ·Sberbank ·Rostelecom ·Rosneft ·Surgutneftegaz ·VTB ·MTS and others

44 MICEX in the world ranking Ranking of exchanges by daily average volume of trades with equities and bonds in January–October 2007* #Exchange Trade volume, mln USD Number of issuers of equities #Exchange Trade volume, mln USD Number of issuers of equities 1NYSE Group Swiss Exchange Nasdaq Hong Kong Exchanges London SE TSX Group BME Spanish Exchanges Australian SE Tokyo SE MICEX Group** Euronext Taiwan SE Corp OMX Nordic Exchange Istanbul SE Deutsche Börse National Stock Exchange India Shanghai SE Oslo Bors Borsa Italiana American SE Korea Exchange Colombia SE Shenzhen SE Sao Paulo SE * Based on data from WFE and IAE CIS ** Incl. initial placements and REPO MICEX Group ranks # 11

55 Internationalization of the Russian financial market

66 CountryInvestment bank AustriaRaiffeisenbank FranceBNP PARIBAS Germany СOMMERZBANK Dresdner Bank Deutsche Bank Switzerland Credit Suisse First Boston Bank UBS Securities The Netherlands ABN AMRO Bank ING BANK USA Citibank Goldman Sachs J.P. Morgan Bank International Merrill Lynch Morgan Stanley

77 Distribution of investors-nonresidents by countries Total number of clients-nonresidents3081 Number of countries77 Figures for investors are given for the end of September; turnover is given for 3 rd quarter of 2007 Cyprus1836 Great Britain84 Germany34 France4 Italy2 Others641 Total2601 China22 India14 Korea5 Japan5 Others278 Total324 Australia3 Seychelles19 RSA3 Ethiopia3 Angola1 Gabon1 Total27 USA46 Canada5 Others71 Total bn 2.6 bn 0.1 bn 0.2 bn 0.0 bn

8 Ruble gains world recognition $459.6 blnRussia’s international reserves at November 23, 2007: $459.6 bln — third largest after China and Japan Currency liberalization — On July 1, 2006 the Bank of Russia fully liberalized cross-border capital flows 37.2%The share of cross-border trades in the ruble-US dollar currency market sector in September 2007 — 37.2% $4.6 blnVolume of ruble-denominated Eurobonds placed in January–November 2007 — $4.6 bln

9 Factors of Competitiveness of International Financial Centers FactorAverage Score 1Availability of Skilled Personnel5.37 2Regulatory Environment5.16 3Access to International Financial Markets5.08 4Availability of Business Infrastructure5.01 5Access to Customers4.90 6A Fair and Just Business Environment4.67 7Government Responsiveness4.61 8Corporate Tax Regime4.47 9Operational Costs Access to Suppliers of Professional Services Quality of Life Cultural & Language Quality / Availability of Commercial Property Personal Tax Regime3.89 Based on data from “The Corporation of London”

10 Creating IFC in Moscow Investments Taxes Employment Image Concentration of offices Transportation infrastructure Safety Stable energy supply Modern communications

11 International financial centers NYSE  LSE  Euronext  DB   Moscow  SGX  HKEx  TSE

12 Contacts , Bolshoi Kislovskiy pereulok, Moscow,125009, Russia