1. A participants view of BESP Sergey Romanchuk, Deputy Head Of Treasury SCB Metallinvestbank, President ACI Russia. 7 th Russian Ruble Settlement Forum, London, 14.04.2010

2. ACI Russia: 7th Russian Ruble Settlement Forum, London, 14.04.2010 - affiliated with ACI – The Financial Markets Association, the largest wholesale association on the international financial market, with about 15 000 members from 80 countries, with 68 national associations. - assists Russian banks and other financial institutions to become the part of the international financial market; - conducts seminars, meetings and other events devoted to the problems of the international foreign exchange market, the national economy and the banking system; - provides the network for the technology interchange; - works as gateway to Russian FX&MM for foreign companies. - you could contact ACI Russia on any queries and for the help regarding Russian market: council@aci-russia.ru, www.aci-russia.rucouncil@aci-russia.ruwww.aci-russia.ru

3. Joint Stock Commercial Bank Metallinvestbank: 7th Russian Ruble Settlement Forum, London, 14.04.2010 - is one of the largest operators of the Russian foreign exchange market according to the volume of trading; - serves a lot of correspondent accounts of variety Russian and international banks; - is a market maker for the most of existing electronic platforms where RUB is trading (MICEX, ICAP EBS, CME, RTS) ; - is trying to be on the edge of the technical decisions, providing trading and settlements in rubles; - is consistently working on developing Russian FX and MM, supporting markets initiatives; -is one of the first “participants” of the BESP (July 2007), but is not actually working yet! - contact us rsa@metib.rursa@metib.ru

4. Problems and weaknesses of the BESP application: 7th Russian Ruble Settlement Forum, London, 14.04.2010 - the “critical mass” of the system participants is not enough for the start of the self supporting process; a lot of banks announced as BESP participants are not actually using it; - the were no incentives for the migration to the BESP in the Moscow region; the current shift system is covering most of the customers needs; - The tariffs policy of the BESP is not stimulating; - the costs of the development and support of the two payments systems at the same time in banking software are very high; there are no IT products ready to use; the intraday liquidity is divided between two systems. - BESP participants, currently using it, report technical failures;

5. Tariffs of the shifts system and BESP 7th Russian Ruble Settlement Forum, London, 14.04.2010 I. Shift payments inside the Moscow region - first period of time 5,00 - second period of time 7,60 - third period of time 10,10 - after15,10 III. Payments via BESP 1)Electronic payments of direct market participants urgent payments 30,00 payments on general conditions 25,00 Discounts in the BESP Number pf paymentsDiscount rate, % От 5001 до 100000,1% …… More then 40001 (maximum discount)0,5%

6. Progress on the BESP application: 7th Russian Ruble Settlement Forum, London, 14.04.2010 - there is the Associate Member Participant (AMP) status, which solves some problems: it is easy for implementation, liquidity is on the one account; - all banks will become AMP automatically in the August of 2010, even not doing anything; clients could ask for BESP service from any bank; - The ability to use BESP gives some favors to the participants already (settlements to MICEX) - CBR is thinking about measures to support DMP (Direct Member Participants); - CBR announced that BESP will become the prime system for large interbank transactions; - the payments order’s format will be moved to the form to match SWIFT requirements; the final compatibility is planed on for August 2011; -CBR has a goal to include RUB to the list of CLS currencies;

7. Prospects: 7th Russian Ruble Settlement Forum, London, 14.04.2010 - BESP will be the main settlement system in Russia in 2011 -Prime Brokerage service for FX RUB trading will become available soon - RUB will be CLS currency in the reasonable future - All this will help RUB to become the really international currency