1. BESP SYSTEM Main features and recent statistics Vladimir Kulipanov 7 th IRSF, ICAP, London April 14, 2010

2. 2 General characteristics of BESP Banking Electronic Speedy Payments (BESP) = RTGS of the Bank of Russia National-wide coverage (11 time zones) Complete electronic technology Built-in liquidity saving mechanisms (bilateral and multilateral limits, offsetting of queuing payments, etc)

3. V. Kulipanov7 IRSF, London, Apr 14, 2010 3 Options of membership Special participation Direct participation Associated participation CBR Head Office BESP system CBR Branches

4. V. Kulipanov7 IRSF, London, Apr 14, 2010 4 Options of membership Special participation Direct participation Associated participation CBR Head Office BESP system CBR Branches Bank DP

5. V. Kulipanov7 IRSF, London, Apr 14, 2010 5 Options of membership Special participation Direct participation Associated participation CBR Head Office BESP system CBR Branches Bank DP Bank AP Non-bank AP

6. Quantity of Participants 6

7. Value moved via BESP 7

8. BESP share* in Bank of Russia payment system 8 * In terms of RUR value for the Q4, 2009

9. 9 Three phases of BESP business day 08-0009-00 21-0021-30 Preliminary phase Regular phase Final phase Moscow time (GMT+3)

10. V. Kulipanov7 IRSF, London, Apr 14, 2010 10 Views on liquidity Entire liquidity of DP Available line of overnight credit Account balance Total liquidity Liquidity in BESP Liquidity in Local PS AcBlnc+OvnLnBESP+LocalPS

11. V. Kulipanov7 IRSF, London, Apr 14, 2010 11 Liquidity bridge between BESP and Local payment system Liquidity in BESP Liquidity in Local PS

12. V. Kulipanov7 IRSF, London, Apr 14, 2010 12 Liquidity in BESP Liquidity in Local PS Liquidity bridge between BESP and Local payment system

13. 13 Information on the Web (www.cbr.ru/today/BESP/) – in Russianwww.cbr.ru/today/BESP/ (www.cbr.ru/eng/today/BESP/) – in Englishwww.cbr.ru/eng/today/BESP

14. This is the end of PART 1 QUESTIONS PLEASE!

15. 15 Anticipated steps in near future 2010 year - all Russian credit institutions are in the BESP; 2010 year - the directory of correlation between SWIFT’s and CBR’s BIC codes will be introduced by CBR; 2010 year - 2-P Regulation will be adopted; 2010 year - New payment order will be introduced; 2011 year – additional access to the BESP system via SWIFT transport; 2011 year - extending BESP operating hours (midnight – 8 p.m. MSC TmZn) ; ~2015 year~ – CLS membership.

16. New development in payment regulation Vladimir Kulipanov 7 th IRSF, ICAP, London April 14, 2010

17. 17 Full membership in BESP On August 6 th, 2010 all domestic non-BESP banks will automatically become Associated BESP members. Nothing needs to be done on their side.

18. 18 Directory of correlation between SWIFT’s and CBR’s BIC codes CBR will introduce the Directory of correlation between SWIFT & CBR BIC codes. That will enable automatic conversion of Bank IDs from SWIFT messages to CBR formats and vice versa.

19. 19 News in 2-P Regulation If the originator of the payment instruction is non RF resident (client or bank), then the correspondent RF resident Beneficiary Bank will be allowed at its own discretion and its own risk to neglect the discrepancies between the text field “Beneficiary Name” and the true name of the Beneficiary. This opportunity should be put in the Banking Account Contract between the Beneficiary and the Beneficiary Bank in advance. By the end of 2010…

20. 20 New form of payment order New form of payment order will be introduced in addition to existing one. The usage is voluntary. This form will enable indication of intermediary banks (up to 3) in addition to Originator Bank and Beneficiary Bank. This form and the mapping fields allow 100% STP conversion from SWIFT MT103 and SWIFT MT202 to CBR formats and vice versa. By the end of 2010…

21. 21 CLS membership work plan The CBR Chairman decided to start the process of joining CLS system. The internal work plan is now being drafted.

22. Thank you for attention!