MICEX SH & NDC – on the way to merge By: Sergey A. Sukhinin Chairman of the Board Executive, CEO MICEX Settlement House

MICEX Settlement House is The biggest Russian non-banking credit institution Effecting settlements in all MICEX markets: for government and corporate securities, foreign exchange, derivatives and commodities Effecting settlements in OTC markets: DVP transactions of NDC participants, REPO deals with the Bank of Russia, deposit and loan transactions of the Bank of Russia Providing full range of settlement services to more than 880 financial institutions all over Russia including the biggest ones Authorized Settlement Center in Organized Securities Market nominated by the Bank of Russia Ranking among 30 biggest Russian credit institutions

“The National Depository Center” (Closed Joint Stock Company) is The leader of the Russian securities settlement infrastructure with a public CSD Rating of AA– issued by Thomas Murray (Stable outlook) The settlement depository of the MICEX Group The Russia`s sole settlement depository servicing all types of securities and ensuring settlements of 100% of trades on the government bond market, more than 99% of trades on the corporate bond and municipal bond markets, majority of transactions with equities traded on the stock market, as well as transactions with UIT units and Eurobonds The National Numbering Agency for Russia, responsible for assignment of ISINs and CFI codes to Russian financial instruments and the Substitute Numbering Agency for CIS countries

Rostovskiy Branch (Rostov-on-Don) MICEX SH Head office (Moscow ) Samarskiy Branch (Samara) Uralskiy Branch (Ekaterinburg) Sibirskiy Branch (Novosibirsk) Primorskiy Branch (Vladivostok) NizhegorodskyBranch (Nizhniy Novgorod) MICEX SH & NDC regional network

MICEX SH’s basic financials as of 01 January, 2010 (in millions) Average assets – RUB (USD 5 300) Average Equity – RUB (USD 123) Average Funds with the Bank of Russia and in correspondent accounts with prime foreign banks – RUB (USD ) Daily average turnover through customers’ accounts – RUB (USD ) Daily average turnover through correspondent account with the Bank of Russia – RUB (USD ) Net profit for the year – RUB (USD 59)

NDC’s basic financials as of 01 January, 2010(in millions) Equity – RUB (USD 72) Net profit for 2009* – RUB 481 (USD 16) Revenue for 2009*: – RUB (USD 42) Total value of securities held - RUB (USD ) * - In connection with the reorganization of NDC from Not-for-Profit Partnership into Closed Joint Stock Company in 2009 and for purposes of comparability with the data for the same period of the previous year, for 2009 the cumulative results of operations were presented according to financial statements for the relevant periods.

MICEX Settlement House`s & NDC’s customer base as of 01 January 2010 Banks (530) Other financial institutions (350) MICEX Group affiliated companies (5) Total 885 customers of MICEX SH Total 892 NDC participants

8 Functional organization of settlements within MICEX Group 8 NDC MICEX Russian Clients Client-Bank remote access facilities S.W.I.F.T. Intranet Telex Internet Moscow region electronic settlement system Interregional electronic settlement system RTGS system (“BESP”) MICEX communication system Data exchange with MICEX depository-trading system NCC MICEX SH S.W.I.F.T. Foreign bank Bank of Russia

Basic features of settlements Securities are held with and settled through the NDC Cash is deposited with and settled through the MICEX SH DVP settlement using accounts with NDC and MICEX SH for almost 100% of on-exchange trades No credit risks on NDC and MICEX SH Need to fulfill certain legal requirements on currency regulation On-exchange trades 100% pre-depositing of cash and securities assets - T+0 (same day) exchange trade settlements Partial pre-depositing of cash and securities assets - T+n exchange trade settlements Settlement currency is Russian ruble for most of trades Own funds have to be transferring from current accounts to trading accounts on daily basis - if they are not allocated yet For OTC trades FOP settlement in ruble and foreign currency and DVP OTC REPOs collaterized by corporate Eurobonds.

Safety and reliability of settlements MICEX SH maintains minimum obligatory liquidity ratio at 100%, does not effect any investment activity thus does not carry any credit risks Back-up procedures are in place for all data E-documents exchange is protected by certified encryption mechanism Alternative communications channels are provided Settlement procedures are fully automated

Real time book transfer of funds settled between MICEX SH’s customers Real time settlements through the Bank of Russia’s BESP system – MICEX SH is a direct participant of BESP Extended operational deadlines for payments in Russian ruble and foreign currencies: RUB – 20:30 USD – 20:30 EUR – 16:00 CHF – 14:00 Upcoming implementation of new RUB payment documents formats by the Bank of Russia will simplify input of payment instructions in RUB, in particular for non-Russian customers, and allow STP for such payments Operational efficiency & beneficial conditions of settlement services * For non-resident customers the deadlines are shifted back for 30 min, required for currency control purposes

MICEX SH & NDC merging: benefits Creation of full-fledged Russian CSD providing full range of settlement services Improvement of existing services – simplification of DVP models Introduction of new services like securities lending & borrowing and settlements with participation of CCP Raising capitalization of NDC Improving perception of the Russian financial infrastructure globally

Contacts MICEX SH 1/13, stroenie 8, Sredniy Kislovskiy Pereulok, Moscow , Russia Administrative Correspondent Banking Fax: SWIFT: MICURUMM Теlex: , MICU RU NDC 1/13, stroenie 4, Sredniy Kislovskiy Pereulok, Moscow , Russia Service Development & Client Relations : Customer Services : Corporate Actions and Issuer Relations: Public Affairs: Fax: