OREANDA-NEWS. In January 2013 the Russian stock market reflected the positive trend. The MICEX Index was up 4.88% to 1,546.76 points (1,474.72 points as of Dec. 28, 2012) and the dollar-denominated RTS Index grew by 6.23% to 1,622.13 points (1,526.98 points as of Dec. 28, 2012).

For the last month, the U.S. Dollar went down by 1.49% against the ruble.

The stock market volatility decreased last month with the Russian Volatility Index falling by 14.08% to 20.81 points (24.22 points as of Dec. 28, 2012).

Last month the all key economy sectors represented on the Russian stock market behaved positively. The largest upturn was reported by the consumer goods and retail sector with the relevant sector index rising by 9.70%. A significant increase was also shown by the financials and the electric utilities with the relevant sector indices up 7.84% and 6.20%.

The RTS Standard, the Blue Chips Index, increased by 4.95% to 10,602.53 points (10,102.06 points as of Dec. 28, 2012).

Second-Tier Stocks Indices reflected the positive trend. The ruble-denominated MICEX SC Index grew by 5.46% to 3,590.52 points (3,404.57 points as of Dec. 28, 2012). The dollar- denominated RTS-2 Index gained 5.35% reaching

1,660.92 points (1,576.61 points as of Dec. 28, 2012).

MICEX & RTS Indices, the main indices of the Moscow Exchange

In January 2013 the Russian stock market reflected the positive trend. The MICEX Index was up 4.88% to 1,546.76 points (1,474.72 points as of Dec. 28, 2012) and the dollar- denominated RTS Index grew by 6.23% to 1,622.13 points (1,526.98 points as of Dec. 28, 2012).

At the end of the month, the MICEX Index was 2.16% higher than a year ago (1,514.03 points as of Jan. 31, 2012), the RTS Index was 2.84% higher than a year ago (1,577.29 points as of Jan. 31, 2012).

Last week's increase of the RTS Index was accompanied by the decrease of volatility levels, when the Russian Volatility Index RTSVX was down 14.08%.

Trading volume of securities included into the Moscow Exchange Indices' list of constituents amounted to RUB 542.30 billion, and the market capitalization of the Indices' constituents amounted to RUB 21, 238.42 billion.

At the end of the month, 37 constituents of the MICEX Index list were pushing the Index up (plus 5.51%), and 13 constituents behaved negatively (minus 0.63%).

On the sector level, the major positive impact was made by the finance (plus 2.80%) and the oil and gas (plus 0.88%).

The most positive impact on the MICEX Index was mainly due to the rising prices for ordinary shares of Sberbank (plus 2.47%), Surgutneftegas (plus 0.60%), and Magnit (plus 0.38%). The most negative impact on the

MICEX Index was coming from the price decline of the

ordinary shares of GAZPROM (minus 0.17%), Uralkali (minus 0.14%).

The most positive impact on the RTS Index was mainly due to the rising prices for ordinary shares of Sberbank (plus 2.67%), Surgutneftegas (plus 0.65%) and Magnit (plus 0.44%). The most negative impact on the RTS Index was coming from the price decline of the ordinary shares of NOVATEK (minus 0.09%) and Uralkali (minus 0.08%).

The oil and gas sector accounted for 49.80% of the MICEX Index total capitalization. The other large weight sectors were financials (19.94%) and metallurgy (9.67%).

Blue chips Index

In January 2013 the ruble-denominated RTS Standard, the Blue Chips Index, showed a positive trend.

The RTS Standard Index was up 4.95% to 10,602.53 points (10,102.06 points as of Dec. 28, 2012). At the end of the month the RTS Standard was 2.31% higher than a year ago (10,362.82 points as of Jan. 31, 2012).

At the end of the month, 12 out of 15 securities included into the RTS Index constituent list were pushing the RTS Standard up (plus 5.36%), and three constituents behaved negatively (minus 0.41%).

The most positive impact on the RTS Standard Index was due to the rising prices for ordinary shares of Sberbank (plus 2.99%) and Surgutneftegas (plus 0.74%).

The negative impact was due to the falling prices for ordinary shares of GAZPROM (minus 0.26%) and Rosneft (minus 0.10%).

The oil and gas sector accounted for 53.89% of the Blue Chips Index total capitalization. The other large weight sectors were financials (24.34%) and metallurgy (8.48%).

Second-tier Stocks Index

In January 2013 Second-Tier Stocks Indices reflected the positive trend. The ruble-denominated MICEX SC Index grew by 5.46% to 3,590.52 points (3,404.57 points as of Dec. 28, 2012). The dollar- denominated RTS-2 Index gained 5.35% reaching

1,660.92 points (1,576.61 points as of Dec. 28, 2012).

At the end of the month the MICEX SC Index was 3.43% lower than a year ago (3,717.86 points as of Jan. 31, 2012). The RTS-2 Index was 1.78% higher than a year ago (1,631.84 points as of Jan. 31, 2012).

At the end of the month, 36 out of 50 securities included into the RTS-2 Index constituent list were pushing the Index up (plus 6.10%), and 11 constituents behaved negatively (minus 0.75%). The price of three constituent stocks remained unchanged.

The most positive impact on the RTS-2 Index was mainly due to the rising prices for ordinary shares of Kvadra - Generiruyushchaya kompaniya (plus 1.02%) and TGK1 (plus 0.57%).

The most negative impact was due to the falling prices of AVTOVAZ (minus 0.29%) and Urkutskenergo (minus 0.22%).

The most positive impact on the Second-Tier Stocks Indices was mainly due to the rising prices for securities of the electric utilities (plus 3.16%) and the chemicals (plus 1.03%).

The electric utilities sector accounted for 42.23% of the RTS-2 Index total capitalization. The other large weight sectors were industrials (12.09%) and chemicals (11.41%).

Debt market

The Russian Government Bond Index (RGBI, total return) was up 0.85% to 139.22 last month (138.04 points as of Dec. 28, 2012). The yield to maturity of the securities being the part of the calculation formula was down 21 basis point to 6.37%.

The Municipal Bond Index (MICEX MBI TR. total return) showed the positive trend and reached 168.13 growing by 1.16% (166.21 as of Dec. 28, 2012).

The total return value of the MICEX Corporate Bond Index (MICEX CBI TR) was up 1.38% to 227.26 points.

The conservative investment strategy tracking the last month pension index could have resulted in a gain of 1.09% per month. The aggressive investment strategy based on the pension index could have brought a profit of 1.22% per month.

The bond overnight repo rate was down 12 basis point (from 6.35 % to 6.23%). The equity overnight repo rate was down 16 basis points and equaled 6.11%.

Index Derivatives

In January 2013 the total trading volume in index futures and options on the Moscow Exchange Derivatives Market equaled RUB 1, 473.75 billion or 15.28 million contracts.

Last month's trading volume for the most liquid contract on FORTS, futures contract on the RTS Index, amounted to RUB 1, 298.05 billion or 13.46 million contracts.

The RTS Index futures contract traded in backwardation last month. By the end of the month the RTS Index had gained 6.23%, while the March and December futures contracts were up 5.87% and 5.70% respectively.

The total investor's open interest measured in RTS Index futures increased by 12.11%.

During the month the trading volume in futures contract on the MICEX Index was RUB 6.36 billion or 41.15 thousand contracts. Open interest in the contract on the MICEX Index increased by 3.98% for the month.

Trading volume in options on RTS Index futures totaled RUB 167.23 billion or 1.77 million contracts last month. Open interest of RUB 89.88 billion or 978.52 thousand contracts was fixed. Put options made up 48.89% of the total open interest for these contracts. The 155.000 strike calls and 150.000 strike puts had the highest open interest.

The total investor's open interest measured in options on the RTS index futures increased by 62.09%.