1. 1 Admission Procedure to Anonymous Trading on the RTS Classic Market Natalia Slobodchikova RTS Stock Exchange, NP Miscow, 14 th of October 2005

2. 2 Admission Stages I.To become a Trading Member (Standard Mode of Access to Trading) II.To be admitted to the USD DVP settlement system III.To submit documents required for the Anonymous Trading

3. 3 1. To register a client for the Anonymous Trading Application 2. To register a Margin Account with the RTS Clearing Center Application Market Participant Actions RTS EDI

4. 4 Margin Accounts Mandatory Margin Account: –opened at RTS Settlement Chamber –47422-type account corresponding to an 30214-type account opened in Rubles owned by the Market Participant own (not for clients’ money) not used in the settlement If there is an opened 30214 account available: - Application to open a Margin Account (47422) If there is no 30214 account available: - Bank Account Agreement - Application to open a Margin Account (47422)

5. 5 Margin Accounts Optional Margin Accounts: - USD account opened at RTS Settlement Chamber by a non-resident client not for DVP settlement - USD account opened at JP Morgan Chase by a non- resident client for DVP settlement - USD or RUR account opened at RTS Settlement Chamber by a Guarantee Clearing Member (resident or non-resident)

6. 6 Client Actions 1. To provide a Power of Attorney for the Market Participant granting rights to execute trades in the new anonymous trading 2. To become a Clearing Participant: - Agreement for Clearing Services - Questionnaire Form - Copy of the Charter and other constituent acts 3. To register accounts to receive fine/penalty into (Receiving Accounts)

7. 7 Receiving Accounts 2. RUR Account at RTS Settlement Chamber №OwnerType 1. Market Participant : - Investment HouseSpecial Broker Account Type A - Credit OrganizationOwn 2.Non-resident Special Bank Account Type A 1. USD Account May be opened at RTS Settlement Chamber or JP Morgan Chase Bank (NY) May be used for DVP settlement

8. 8 Contacts: Natalia Slobodchikova Tel: +7 (095) 705-90-31 E-mail: SALES@RTS.RU Web:WWW.RTS.RU Thank you. Questions, please!