New Service by NCC: Netting Based on UTS Clearing Results Moscow Moscow December 2009 CJSC JSCB National Clearing Centre

2 Liquidity management tools for clearing participants DocumentEDTSWIFT Paper carrier Submission deadlines, Moscow time Trade limit change request ++ from 10:00 to 16:45 Cash posting request (CPR) +++ till 15:30 (13:15*) *deadlines for MC via RSC Cash return request (CRR) +++ € 17:00 (17:00*) $ 20:00 (20:00*) $ 20:00 (20:00*) R 20:00 (17:00*) R 20:00 (17:00*) Standing order for cash return ++ Once Permanent trade limit change request + Once Netting order based on clearing results ++ till 15:30 (13:15*) till 16:30 (15:30*) Standing order for netting based on clearing results ++Once

3 Using CPR to manage settlement liquidity PairLiabilitiesClaims EUR/RUB € R ,46 USD/RUB R ,62 $ Repayment R ,62 CPR

4 Using CPR to manage settlement liquidity PairLiabilitiesClaims EUR/RUB € R ,78 EUR/USD $ ,30 € USD/RUB R (free cash ,78) $ CPR CPR CPR Repayment R Repayment € € Repayment $ ,30

5 Defects of existing scheme  Significant operational load on the participants within short time periods, i.e. the following actions are to be performed:  selecting the obligation(s);  calculating the required amount(s) of cash, taking into account the monies booked for participation in UTS trading, and remitting the same to NCC’s account;  forming and submitting to NCC up to three cash posting requests (possibly, within 15 to 20 minutes).  Diversion of cash in order to perform clearing obligations to NCC, even if cash receivables are sufficient to perform all clearing obligations arising from transactions with all three (two) pairs.

6 New Service by NCC: Netting Based on UTS Clearing Results

7 Scope of service “Netting Based on UTS Clearing Results” Enabling the Clearing Participant to simultaneously perform clearing obligations under the transactions concluded at three separate Trading Sessions (EUR/RUB, USD/RUB, and EUR/USD) or any combination thereof without remitting cash for the amount of obligations under each of the UTS Trading Sessions out of cash due in accordance with the clearing results and cash posted by such participant and not taken into account in calculation of trading limits.

8 Service flowsheet. Single order. (Beginning) 1.Before 15:30 Moscow time (before 13:15 for regional participants), the Clearing Participant submits to NCC a netting order based on the clearing results. 2.Before 15:40 Moscow time (before 14:40 for regional participants), NCC performs netting of obligations of this Clearing Participant, taking into account the amounts due to such participant in accordance with the clearing results under EUR/RUB, USD/RUB and EUR/USD transactions. 3. If the cash amount is sufficient, before 15:40 Moscow time (before 14:40 for regional participants), NCC submits to this Clearing Participant a notice of its performance of UTS clearing obligations. 4. If the cash amount is insufficient, before 15:40 Moscow time (before 14:40 for regional participants), NCC submits to this Clearing Participant a notice of its non-performance of UTS clearing obligations, indicating the cash amount additionally required for performance of UTS clearing obligations.

9 Service flowsheet. Single order. (Continued) 5.Before 16:30 Moscow time (before 15:30 for regional participants), the Clearing Participant can submit to NCC the netting order(s) and remit the cash amount(s) indicated in the report on the previous netting order(s). 6.Before 16:40 Moscow time (before 15:40 for regional participants), NCC performs netting of obligations, taking into account the amounts due to the Participant in accordance with the clearing results under EUR/RUB, USD/RUB and EUR/USD transactions and credited to NCC’s accounts by 16:30 Moscow time (before 15:30 for regional participants). 7.If the cash amount is sufficient, before 16:40 Moscow time (before 15:40 for regional participants), NCC submits to this Clearing Participant a notice of its performance of UTS clearing obligations. 8.If the cash amount is insufficient, before 16:40 Moscow time (before 15:40 for regional participants), NCC submits to this Clearing Participant a notice of its non-performance of UTS clearing obligations, indicating the cash amount insufficient for performance of UTS clearing obligations.

10 Service flowsheet. Single order. (Continued) 9.If, before 16:30 Moscow time (before 15:30 for regional participants), the Participant does not send the second netting order AND/OR does not remit the deficient cash amount, then for NCC this means that the Participant will perform its UTS clearing obligations to NCC in the amounts indicated in the exchange certificates, and within the time period set forth in the Clearing Rules. 10.In case of non-observance of obligation performance dates by the Participant, NCC IS ENTITLED to hold Additional Sessions in RUB/USD, RUB/EUR and USD/EUR segments with such Participant. 11.If the Participant chooses the option “return” in the order, and if NCC submits to the Participant a report on its performance of UTS clearing obligations, then the Clearing Participant will be repaid the cash amounts remaining after netting of UTS clearing obligations, less the amounts of posted cash accounted for calculation of trading limits.

11 Form of single order ORDER for netting of UTS clearing obligations (To be issued on the corporate letterhead) (To be issued on the corporate letterhead)_____________________________________________________________________________, (full name of the Clearing Participant) settlement code of the Clearing Participant: _______________________ Pursuant to the Rules for performance of clearing activities by the Joint-Stock Commercial Bank “National Clearing Centre” (closed joint-stock company) at the Unified Trading Session of interbank currency exchanges, we ask you to conduct netting of clearing obligations under the transactions concluded at the Trading Sessions in the EUR/RUB, USD/RUB and EUR/USD segments, which are to be completed on “__” ______ 20__.Pursuant to the Rules for performance of clearing activities by the Joint-Stock Commercial Bank “National Clearing Centre” (closed joint-stock company) at the Unified Trading Session of interbank currency exchanges, we ask you to conduct netting of clearing obligations under the transactions concluded at the Trading Sessions in the EUR/RUB, USD/RUB and EUR/USD segments, which are to be completed on “__” ______ 20__. (if there is a need to use the option “return”)(if there is a need to use the option “return”), and also to return balances of previously posted cash after performance by our Organization of UTS clearing obligations by remitting the relevant cash to the correspondent account(s) specified by our Organization in the Payment Details Schedule submitted to CJSC JSCB National Clearing Centre., and also to return balances of previously posted cash after performance by our Organization of UTS clearing obligations by remitting the relevant cash to the correspondent account(s) specified by our Organization in the Payment Details Schedule submitted to CJSC JSCB National Clearing Centre.(Director) __________________ / Name, surname, patronymic / (Chief accountant) __________________ / Name, surname, patronymic / L.S. “____” ___________ 200 “____” ___________ 200 Prepared by: Name, surname, patronymic, phone number _________________

12 Notice form Notice Hereby CJSC JSCB National Clearing Centre certifies performance by ______________________, (settlement code of the Clearing Participant:____ ) (full name of the Clearing Participant) of clearing obligations under the transactions concluded at the Trading Sessions in the EUR/RUB, USD/RUB and EUR/USD segments, which were completed on “__” _________ 20__. (Authorized representative of CJSC JSCB National Clearing Centre) __________________ / Name, surname, patronymic /

13 Notice form Notice Hereby CJSC JSCB National Clearing Centre notifies ___________________________ (full name of the Clearing Participant) (settlement code of the Clearing Participant: __________ ) about non-performance by your Organization of clearing obligations under the transactions concluded at the Trading Sessions in the EUR/RUB, USD/RUB and EUR/USD segments, which were completed on “__” _________ 20__, due to insufficiency of cash amounts on NCC’s accounts, with the following amounts required: USD: EUR: RUB: (Authorized representative of CJSC JSCB National Clearing Centre) __________________ / Name, surname, patronymic /

14 Service flowsheet. Standing order. (Beginning) 1.The Participant submits to NCC the Standing Order for netting, indicating the date, starting which NCC must perform daily netting of UTS clearing obligations. 2.NCC, before 15:40 Moscow time (before 14:40 for participants conducting settlements via RSC), performs netting of obligations, taking into account the amounts due to the Participant in accordance with the clearing results under EUR/RUB, USD/RUB and EUR/USD transactions. 3. If the cash amount is sufficient, before 15:40 Moscow time (before 14:40 for participants conducting settlements via RSC), NCC submits to this Clearing Participant a notice of its performance of UTS clearing obligations. 4. If the cash amount is insufficient, NCC, before 15:40 Moscow time (before 14:40 for participants conducting settlements via RSC), submits to this Clearing Participant a notice of its non-performance of UTS clearing obligations, indicating the cash amount insufficient for performance of UTS clearing obligations.

15 Service flowsheet. Standing order. (Continued) 5.The Participant remits the required cash amounts to NCC’s accounts before 16:30 Moscow time (before 15:30 for participants conducting settlements via RSC). 6.Before 16:40 Moscow time (before 14:40 for participants conducting settlements via RSC), NCC performs netting of obligations, taking into account the amounts due to the Participant in accordance with the clearing results under EUR/RUB, USD/RUB and EUR/USD transactions and credited to NCC’s accounts before 16:40 Moscow time (before 15:40 for participants conducting settlements via RSC). 7. If the cash amount is sufficient, NCC, before 16:40 Moscow time (before 15:40 for participants conducting settlements via RSC), submits to this Clearing Participant a notice of its performance of UTS clearing obligations. 8.If the cash amount is insufficient, NCC, before 16:40 Moscow time (before 15:40 for participants conducting settlements via RSC), submits to this Clearing Participant a notice of its non-performance of UTS clearing obligations, indicating the cash amount insufficient for performance of UTS clearing obligations.

16 Service flowsheet. Standing order. (Continued) 9.If, before 16:30 Moscow time (before 15:30 for participants conducting settlements via RSC), the Participant does not remit the deficient cash amount, then for NCC this means that the Participant will perform its UTS clearing obligations to NCC in the amounts indicated in the exchange certificates, and within the time period set forth in the Clearing Rules. 10.In case of non-observance of obligation performance dates by the Participant, NCC IS ENTITLED to hold Additional Sessions in RUB/USD, RUB/EUR and USD/EUR segments with such Participant. 11.If the Participant chooses the option “return” in the Standing Order, and if NCC submits to the Participant a report on its performance of UTS clearing obligations, then the Clearing Participant will be repaid the cash amounts remaining after netting of UTS clearing obligations, less the amounts of posted cash accounted for calculation of trading limits.

17 Form of standing order STANDING ORDER for netting of UTS clearing obligations (To be issued on the corporate letterhead) (To be issued on the corporate letterhead)_____________________________________________________________________________________, (full name of the Clearing Participant) settlement code of the Clearing Participant: _______________________ Pursuant to the Rules for performance of clearing activities by the Joint-Stock Commercial Bank “National Clearing Centre” (closed joint-stock company) at the Unified Trading Session of interbank currency exchanges, we ask you, starting from “__” ______ 200_*, to conduct an ongoing netting of UTS clearing obligationsPursuant to the Rules for performance of clearing activities by the Joint-Stock Commercial Bank “National Clearing Centre” (closed joint-stock company) at the Unified Trading Session of interbank currency exchanges, we ask you, starting from “__” ______ 200_*, to conduct an ongoing netting of UTS clearing obligations (if there is a need to use the option “return”)(if there is a need to use the option “return”) and also, on an ongoing basis, to return balances of previously posted cash after performance by our Organization of clearing obligations by remitting the relevant cash to the correspondent accounts specified by our Organization in the Payment Details Schedule submitted to CJSC JSCB National Clearing Centre.and also, on an ongoing basis, to return balances of previously posted cash after performance by our Organization of clearing obligations by remitting the relevant cash to the correspondent accounts specified by our Organization in the Payment Details Schedule submitted to CJSC JSCB National Clearing Centre. This order shall be valid until it is cancelled in writing.This order shall be valid until it is cancelled in writing.(Director) __________________ / Name, surname, patronymic / (Chief accountant) __________________ / Name, surname, patronymic / L.S. «____» ___________ 200 «____» ___________ 200 Prepared by: Name, surname, patronymic, phone number _________________ * Standing order for cash return will be accepted for execution by the Clearing Centre beginning from the first business days following the order date.

18 Our address: 13 Bolshoy Kislovsky Lane, Moscow, Russia Phone:+7 (495) http: //