1. NFEA Russian Rates Derivatives 2012. Infrastructure: Trading, Settlement & Repository Danny Corrigan, Managing Director, Ruble, ICAP 13 March 2012

2. Date2000-012006-072008-092010-11 EventNew GovernmentIntl trading of Gazprom shares FX Controls lifted Derivatives ‘not gaming’ RUB bank accounts opened Automated trading, DMA Russian ISDA developed SWIFT open office in Moscow Merger or MICEX-RTS Many more RUB accounts opened RUONIA fixing Feb ‘On Clearing & Clearing Activities’ & ‘ Amending Law’ CLS ‘Kick off’ meeting CurrencyUSDUSD, RUB ProductsEurobonds Domestic Equities ADRs & GDRs Eurobonds Domestic equities ADRs & GDRs Spot FX (small) NDFs (off shore, EMTA fix) Eurobonds Domestic equities ADRs & GDRs Spot FX Forward FX Swaps (CCS, IRS, Basis) Eurobonds Domestic equities ADRs & GDRs (10years of LSE IOB) Spot FX Forward FX Swaps (CCS, IRS, Basis) OIS SettlementEuroclear DTC Domestic Euroclear DTC Domestic Euroclear DTC Domestic Derivatives: USD settled Euroclear DTC Domestic Derivatives: USD & RUB settled Local PresenceFew active. Deal from London More active Deal from London & H.Q Resident international banks re-capitalised. Deal London, H.Q., Moscow Deal Moscow, London, H.Q Russian Financial Markets – Recent History

3. Russian Financial Markets -Future Developments Date2012 20132014 - EventNew Government Central Depository Act & Federal Exchange & On Organised Trading Act Enacted Merger of MICEX-RTS, Single CSD Russian Trade Depository established (June) Close-out netting under master agreements, legal opinions Further adoption of CCP offerings Continuing adoption of SWIFT messaging & protocols Simplification of securities issuance procedure Securitization of financial assets, improvement of mortgage securities legislation Shareholder rights in M&A Disclosure of beneficial equity owners Bond holder rights protected Expand pension products Tax incentives for investments Ruble CLS currency RDRs SettlementAccess by Euroclear & Clearstream to settlement of bonds & equities at NSD Nominee accounts to be opened SEC Reg 17f-7 (Custody with foreign securities depository) DR restrictions modified DevelopmentFurther development of Exchange, Clearing & Settlement infrastructure and at membership level MembershipWTO IOSCO RTGS adopted via BESP CLS

4. Contact details Danny Corrigan, ICAP Europe E-mail: danny.corrigan@icap.comdanny.corrigan@icap.com Tel: +44 207 532 4835 Mob: +44 7587 88 51 10