OREANDA-NEWS. On 22 May 2008 was announced, that effective May 19th, 2008 FORTS launched a futures contract on United Energy System ordinary shares with settlement on December 15th, 2008.

Specification of the above-mentioned futures contract and option contract on the said futures contract was registered in FFMS on May 13th, 2008.

As the underlying asset for the said futures ordinary shares of RAO UESR in the number of 1000 shares will be used. On accomplishment of the second stage of RAO UESR reorganization, i.e. on July 1st, 2008, the exchange will take the decision on changing the underlying asset and the lot size in accordance with distribution of shares to a shareholder who voted for RAO UESR reorganization in the form of spin-off*:


1  JSC "OGK-1"  962

2  JSC "OGK-2"  501

3  JSC "OGK-3"  411

4  JSC "OGK-4"  1027

5  JSC "OGK-6"  584

6  ОАО "ТГК-1"  38233

7  ОАО "ТГК-2"  12983

8  ОАО "ТГК-4"  15865

9  ОАО "ТГК-6"  15326

10  JSC "SGC TGC-8"  17262

11  JSC "TGC-9"  67335

12  JSC "TGC-10"  1471

13  JSC "TGC-11"  6186

14  JSC "TGC-14"  9714

15  OJSC "Volga TGC"  334

16  JSC "Yenisei TGC"  1723

17  AO MOSENERGO  336

18  SC "KUSBASSENERGO" 699

19  JSC "FGC UES"  10106

20  OJSC HydroOGK  3453

21  JSC INTER RAO UES 41864

22  JSC "Holding MRSK" 1000

23  RAO Eastern Energy Systems Holding Company 1000

*We would like to point out that the number of shares can be changed if a major shareholder (Russian Federation, Gazoenergeticheskaya Kompaniya, MMC "NORILSK NICKEL", MADAKE ENTERPRISES COMPANY LIMITED) decreases the number of shares it holds before June 6th, 2008.

Starting from July the underlying asset of the said futures contract will be substituted by the share basket made up of 23 shares. Consequently on the settlement day the Vendor shall deliver the share basket and the Purchaser shall pay for the delivered basket.

If the period for accepting the public offer made to holders of any share basket constituents equals the contract’s maturity period plus 15 business days and the Derivatives Market Committee believes that such offer will result in a significantly decreased free-float, delivery is substituted by settlement at the offer price. If the public offer does not lead to a significant fall of free-float, delivery of the whole basket is performed.

Roman Goryunov, OJSC "RTS" CEO:

The present futures contract is a unique opportunity for hedging price risks related to RAO UESR stocks portfolio from the moment of suspending trading in these securities to the moment shares of the spin off companies start to be traded.

This is very important since the new instrument enables investors to keep RAO UESR shares in their portfolios without exposure to risks related to decreasing liquidity of these securities. Investors will also be able to manage power industry portfolio efficiently in any market environment.

FORTS, the derivatives market of RTS, is a leading trading venue for futures and options in Russia. Trading on FORTS started in September 2001. At present FORTS has the widest range of instruments in Russia. These are 66 contracts (46 futures and 20 options) on shares of Russian companies, bonds, short term interest rates, currency, RTS Index, oil, silver, gas, oil, sugar and gold.

Trading volume on FORTS in 2007 grew threefold and reached 297.41 bln dollars or 144.9 million contracts . Compared with 2006 the number of trades increased more than twofold and reached 11.7mln. Total open interest at the end of the year equalled 14.7 bln  rubles in cash or 3.2 million contracts. FORTS also saw a record day’s trading in 2007 when the value of all contracts traded reached 5.2 bln dollars on December 13th, 2007.