CORRESPONDENT RELATIONS OF CENTRAL DEPOSITORIES AND OPENING OF CORRESPONDENT “DEPO” ACCOUNTS Valentina Timoshenko Director of the Central Securities Depository of the Republic of Belarus

The Republican Unitary Enterprise "Republican Central Securities Depository" was established in Since 1998 it has been a governmental instrument and it has been run by the Ministry of Finance of the Republic of Belarus. The activities of the Republican Central Securities Depository are aimed at solving the fundamental issue of the depository system of the Republic – provision of centralized storage of the securities registered as prescribed by law and approved for circulation on the territory of the Republic, and recording of rights to these securities. INFORMATION ON OWNERSHIP AND MANAGEMENT OF THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUS

Depository activities in the Republic of Belarus are regulated by: Law of the Republic of Belarus of July 9, 1999 No «On depository activities and Central Securities Depositary in the Republic of Belarus». Decree of the President of the Republic of Belarus of April 28, 2006 No 277 “On some issues of regulating the securities market.” Decree of the Ministry of Finance of the Republic of Belarus of April 9, 2009 No 110 "On some issues of the establishment of correspondent relations by the Central Securities Depository in the Republic of Belarus", etc. LEGAL FRAMEWORK

CORRESPONDENT RELATIONS OF THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUS As of October 1, 2011 the Central Securities Depository has established correspondent relations with 41 depositories, of which: 41,5% - organization departments of the banks of the Republic of Belarus; 44% - non-bank professional securities market participants of the Republic of Belarus ; 14,5% - foreign depositories.

National Cadastral Agency JSC «Byelorussian Currency-Stock Exchange» Securities Department Ministry of Finance National Bank Level 2 depositories (41) Of which 6 are foreign depositories Level 2 depositories (41) Of which 6 are foreign depositories Central (Settlement) Securities Depository Customer INTERRACTION PATTERN OF PARTICIPANTS OF THE SECURITIES MARKET OF THE REPUBLIC OF BELARUS

TOTAL OF SECURITIES IN THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUS Securities in Custody, USD Billion

FOREIGN DEPOSITORIES Minsk Central Depository CJSC UniCredit Bank JSC “Central Securities Depository” JSC Specialized Depository “INFINITUM” CJSC DCC JSC “ SEB Bank” CJSC NSD Moscow St. Petersburg Almaty

REQUIREMENTS FOR FOREIGN DEPOSITORY ON ESTABLISHMENT OF CORRESPONDENT RELATIONS WITH THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUS: Implementation of depository activities by a non-resident depository for at least 3 years; Availability of the special permission (license) for implementation of depository activities. The license expires no earlier than one year from the date of the conclusion of the contract for the provision of services in recording of the rights to securities which issues have been stored in the Central Securities Depository of the Republic Belarus (if registration is provided by the law of the State where the non-resident depository is registered); Availability of permanent office of non-resident depository in the State where the non-resident depository is registered

TRANSFER OF SECURITIES OF BYELORUSSIAN ISSUERS TO CORRECPONDENT “DEPO” LORO ACCOUNTS OF FOREIGN DEPOSITORIES TRANSFER OF SECURITIES OF BYELORUSSIAN ISSUERS TO CORRECPONDENT “DEPO” LORO ACCOUNTS OF FOREIGN DEPOSITORIES Central Depository of Belarus Central Depository of Belarus Central Depository of Belarus Central Depository of Belarus Foreign Correspondent Depository Foreign Correspondent Depository Foreign Correspondent Depository Foreign Correspondent Depository Foreign Depository Bonds Shares Foreign Correspondent Depository Foreign Correspondent Depository

ENTERING INTO AGREEMENTS FOR CUSTODY SERVICE OF BYELORUSSIAN ISSUERS BY FOREIGN CORRESPONDENT DEPOSITORIES Bond Issuer Share Issuer Foreign Correspondent Depository

Central (Settlement) Securities Depository Foreign Correspondent Depository Foreign Correspondent Depository Securities Department Customer Securities Issuer Republican Organs of Public Administration TRANSFER OF SECURITIES OF BYELORUSSIAN ISSUERS TO CORRECPONDENT “DEPO” LORO ACCOUNT OF NON- RESIDENT DEPOSITORY agreement allowancetransfer

Mailing Address Republic of Belarus, Minsk, Melnikajte str. 2 Telephone number/Fax +375 (17) Web-sitewww.centraldepo.by CONTACT INFORMATION

Thank you for your attention!