Warsaw, 8 March 2006

MTS Poland is pleased to announce that the turnover in 2005 recorded an increase of 130% compared with the figures in respect of 2004. Trading activity inevitably benefited from the addition of eight new dealers, which brought the total number of participants in the platform to 25 as of 31 December, 2005, a figure that has since risen to 26.

Volume amounted to €35.77 billion (single-counted) in 2005, comprising €27.97 billion in cash market trades and €7.80 billion in repo. In addition, daily average volume in the first two months of 2006 has risen by 50% compared to 2005. As of 31 December, 71 series of treasury bonds and bills were listed on MTS Poland.

All of 2005’s eight new participants were international banks, including two banks which obtained Primary Dealer status. The decision by such banks to join MTS Poland represents a significant step in the integration of the Polish market with the pan-European debt market. Polish Primary Dealers currently account for 15 of the total participants.

In addition, the introduction of repo transactions and buy/sell-back functionality through the new TradeImpact technology in September 2005 improved the performance of the repo market on MTS Poland and facilitated volume growth in repo of 157%. This augurs well for the migration of the MTS Poland cash market to TradeImpact in 2006, a development that will serve to underwrite the effectiveness, access and flexibility for the benefit of participants.

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