New Service by NCCNew Service by NCC: : Netting Based on UTS Netting Based on UTS

Clearing ResultsClearing Results

MoscowMoscowDecember December 20092009

CJSC JSCB National Clearing CentreCJSC JSCB National Clearing Centre

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Liquidity management toolsLiquidity management tools for for clearing participantsclearing participants

DocumentDocument EDTEDT SWIFTSWIFT Paper Paper carriercarrier

Submission deadlines, Submission deadlines, Moscow timeMoscow time

Trade limit change requestTrade limit change request + + fromfrom 10:00 10:00 toto 16:45 16:45

Cash posting requestCash posting request ( (CPRCPR)) + + + tilltill 15:30 ( 15:30 (13:15*13:15*))**deadlines for MC via RSCdeadlines for MC via RSC

Cash return requestCash return request ( (CRRCRR)) + + + €€ 17:0017:00 ( (17:00*17:00*))

$ 20:00$ 20:00 ( (20:00*20:00*))

R 20:00R 20:00 ( (17:00*17:00*))

Standing order for cash returnStanding order for cash return + + OnceOnce

Permanent trade limit change Permanent trade limit change requestrequest

+Once Once

Netting order based on clearing Netting order based on clearing resultsresults

+ + tilltill 15:30 (13:15*) 15:30 (13:15*)

tilltill 16:30 (15:30*) 16:30 (15:30*)

Standing order Standing order for netting based for netting based on clearing resultson clearing results

+ + OnceOnce

3

UsingUsing CPR CPR to manage to manage settlement liquiditysettlement liquidity

Pair Pair LiabilitiesLiabilities ClaimsClaims

EUR/RUBEUR/RUB € € 19 300 00019 300 000 RR 841 675 841 675 551,46551,46

USD/RUBUSD/RUB R 320 892 R 320 892 419,62419,62 $$ 10 000 00010 000 000

Repaymen

t

Repayment

R R 320 892 41

9,62

320 892 419,62

CPRCPR

4

UsingUsing CPR CPR to manage to manage settlement liquiditysettlement liquidity

Pair Pair LiabilitiesLiabilities ClaimsClaims

EUR/RUBEUR/RUB €€ 5 658 0005 658 000 R 251 018 486,78R 251 018 486,78

EUR/USDEUR/USD $$ 7 468 345,307 468 345,30 €€ 5 658 0005 658 000

USD/RUBUSD/RUBR 329 702 129R 329 702 129

((free cashfree cash 9393  486 526,78)486 526,78)

$$ 9 874 0009 874 000

CPRCPR

CPRCPR

CPRCPRR

epay

men

t

Rep

aym

ent

R 3

29 7

02 1

29

R 3

29 7

02 1

29

Repayment

Repayment

€€ 5 658 000

5 658 000

Repayment

Repayment

$$ 7 468 345,30

7 468 345,30

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Defects of existing schemeDefects of existing scheme

Significant operational load on the participants within Significant operational load on the participants within

short time periods, i.e. the following actions are to be short time periods, i.e. the following actions are to be

performedperformed::

selecting the obligation(s)selecting the obligation(s);;

calculating the required amount(s) of cash, taking into calculating the required amount(s) of cash, taking into

account the monies booked for participation in UTS trading, account the monies booked for participation in UTS trading,

and remitting the same to NCC’s accountand remitting the same to NCC’s account;;

forming and submitting to NCC up to three cash posting forming and submitting to NCC up to three cash posting

requestsrequests ( (possiblypossibly, , withinwithin 15 15 toto 20 20 minutesminutes).).

Diversion of cash in order to perform clearing Diversion of cash in order to perform clearing

obligations to NCCobligations to NCC, , even if cash receivables are even if cash receivables are

sufficient to perform all clearing obligations arising from sufficient to perform all clearing obligations arising from

transactions with all threetransactions with all three ( (twotwo) ) pairspairs..

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New Service by NCCNew Service by NCC::

Netting Based Netting Based

on UTS Clearing Resultson UTS Clearing Results

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Scope of serviceScope of service “Netting Based on UTS Clearing “Netting Based on UTS Clearing

Results”Results”

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

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Service flowsheet. Single order. Service flowsheet. Single order. (Beginning)(Beginning)

1.1. BeforeBefore 15:30 Moscow time (before 13:15 for regional 15:30 Moscow time (before 13:15 for regional participants)participants),, the Clearing Participant submits to NCC a netting the Clearing Participant submits to NCC a netting order based on the clearing resultsorder based on the clearing results..

2.2. BeforeBefore 15:40 Moscow time (before 14:40 for regional 15:40 Moscow time (before 14:40 for regional participants)participants),, NCC performs netting of obligations of this Clearing NCC performs netting of obligations of this Clearing Participant, taking into account the amounts due to such participant Participant, taking into account the amounts due to such participant in accordance with the clearing results under EUR/RUB, USD/RUB in accordance with the clearing results under EUR/RUB, USD/RUB and EUR/USD transactionsand EUR/USD transactions..

3.3. If the cash amount is sufficient,If the cash amount is sufficient, before 15:40 Moscow time before 15:40 Moscow time (before 14:40 for regional participants)(before 14:40 for regional participants),, NCC submits to this NCC submits to this Clearing Participant a notice of its performance of UTS clearing Clearing Participant a notice of its performance of UTS clearing obligations.obligations.

4.4. If the cash amount is insufficient,If the cash amount is insufficient, beforebefore 15:40 Moscow time 15:40 Moscow time (before 14:40 for regional participants)(before 14:40 for regional participants),, NCC submits to this NCC submits to this Clearing Participant a notice of its non-performance of UTS clearing Clearing Participant a notice of its non-performance of UTS clearing obligations, indicating the cash amount additionally required for obligations, indicating the cash amount additionally required for performance of UTS clearing obligationsperformance of UTS clearing obligations..

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Service flowsheet. Single order. Service flowsheet. Single order. (Continued)(Continued)

5.5. Before 16:30 Moscow time (before 15:30 for regional Before 16:30 Moscow time (before 15:30 for regional participants)participants),, the Clearing Participant can submit to NCC the the Clearing Participant can submit to NCC the netting order(s) and remit the cash amount(s) indicated in the netting order(s) and remit the cash amount(s) indicated in the report on the previous netting order(s)report on the previous netting order(s)..

6.6. Before 16:40 Moscow time (before 15:40 for regional Before 16:40 Moscow time (before 15:40 for regional participants)participants),, NCC performs netting of obligations, taking into NCC performs netting of obligations, taking into account the amounts due to the Participant in accordance with account the amounts due to the Participant in accordance with the clearing results under EUR/RUB, USD/RUB and EUR/USD the clearing results under EUR/RUB, USD/RUB and EUR/USD transactions and credited to NCC’s accountstransactions and credited to NCC’s accounts byby 16:30 Moscow 16:30 Moscow time (time (beforebefore 15:30 for regional participants). 15:30 for regional participants).

7.7. If the cash amount is sufficient,If the cash amount is sufficient, before 16:40 Moscow time before 16:40 Moscow time (before 15:40 for regional participants)(before 15:40 for regional participants), , NCC submits to this NCC submits to this Clearing Participant a notice of its performance of UTS clearing Clearing Participant a notice of its performance of UTS clearing obligationsobligations..

8.8. If the cash amount is insufficient,If the cash amount is insufficient, before 16:40 Moscow time before 16:40 Moscow time (before 15:40 for regional participants)(before 15:40 for regional participants),, NCC submits to this NCC submits to this Clearing Participant a notice of its non-performance of UTS Clearing Participant a notice of its non-performance of UTS clearing obligations, indicating the cash amount insufficient for clearing obligations, indicating the cash amount insufficient for performance of UTS clearing obligationsperformance of UTS clearing obligations..

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Service flowsheet. Single order. Service flowsheet. Single order. (Continued)(Continued)

9.9. If,If, before 16:30 Moscow time (before 15:30 for before 16:30 Moscow time (before 15:30 for regional participants)regional participants),, the Participant does not send the Participant does not send the second netting order AND/OR does not remit the the second netting order AND/OR does not remit the deficient cash amount, then for NCC this means that the deficient cash amount, then for NCC this means that the Participant will perform its UTS clearing obligations to Participant will perform its UTS clearing obligations to NCC in the amounts indicated in the exchange certificates, NCC in the amounts indicated in the exchange certificates, and within the time period set forth in the Clearing Rulesand within the time period set forth in the Clearing Rules..

10.10. In case of nonIn case of non--observance of obligation performance observance of obligation performance dates by the Participantdates by the Participant, , NCC IS NCC IS ENTITLEDENTITLED to hold to hold Additional Sessions in RUBAdditional Sessions in RUB//USDUSD, , RUBRUB//EUR and USDEUR and USD//EUR EUR segments with such Participantsegments with such Participant..

11.11. If the Participant chooses the option “return” in the If the Participant chooses the option “return” in the order, and if NCC submits to the Participant a report on its order, and if NCC submits to the Participant a report on its performance of UTS clearing obligations, then the performance of UTS clearing obligations, then the Clearing Participant will be repaid the cash amounts Clearing Participant will be repaid the cash amounts remaining after netting of UTS clearing obligations, less remaining after netting of UTS clearing obligations, less the amounts of posted cash accounted for calculation of the amounts of posted cash accounted for calculation of trading limitstrading limits..

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Form of single orderForm of single order

ORDERORDER for netting of UTS clearing obligationsfor netting of UTS clearing obligations

(To be issued on the corporate letterhead)(To be issued on the corporate letterhead)_____________________________________________________________________________,_____________________________________________________________________________,

((full name of the Clearing Participantfull name of the Clearing Participant))

settlement code of the Clearing Participant:settlement code of the Clearing Participant: ______________________________________________

• Pursuant to the Rules for performance of clearing activities by the Joint-Stock Commercial 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 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 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, transactions concluded at the Trading Sessions in the EUR/RUB, USD/RUB and EUR/USD segments, which are to be completed on “__” ______ 20__.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 , 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 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 account(s) specified by our Organization in the Payment Details Schedule submitted to CJSC JSCB National Clearing CentreNational Clearing Centre. .

(Director) (Director) __________________ / Name, surname, patronymic /__________________ / Name, surname, patronymic /(Chief accountant)(Chief accountant)__________________ / __________________ / Name, surname, patronymic /Name, surname, patronymic /

L.S.L.S. ““________”” ___________ ___________ 202000

Prepared by: Name, surname, patronymic, phone number _________________Prepared by: Name, surname, patronymic, phone number _________________

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Notice formNotice form

Notice Notice

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

(Authorized representative of (Authorized representative of CJSC JSCB National Clearing Centre) CJSC JSCB National Clearing Centre)

__________________ / Name, surname, patronymic /__________________ / Name, surname, patronymic /

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Notice formNotice form

Notice Notice

Hereby CJSC JSCB National Clearing Centre notifies Hereby CJSC JSCB National Clearing Centre notifies ___________________________ ___________________________

((full name of the Clearing Participantfull name of the Clearing Participant))

(settlement code of the Clearing Participant:(settlement code of the Clearing Participant: __________ ) __________ ) about non-performance by your Organizationabout non-performance by your Organization of clearing obligations under the of clearing obligations under the transactions concluded at the Trading Sessions in the EUR/RUB, USD/RUB and transactions concluded at the Trading Sessions in the EUR/RUB, USD/RUB and EUR/USD segments, which were completed on “__” _________ 20__,EUR/USD segments, which were completed on “__” _________ 20__, due to due to insufficiency of cash amounts on NCC’s accounts, with the following amounts insufficiency of cash amounts on NCC’s accounts, with the following amounts requiredrequired::

USDUSD: :

EUREUR::

RUBRUB: :

(Authorized representative of (Authorized representative of CJSC JSCB National Clearing Centre) CJSC JSCB National Clearing Centre)

__________________ / Name, surname, patronymic /__________________ / Name, surname, patronymic /

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Service flowsheet. Standing order. Service flowsheet. Standing order. (Beginning)(Beginning)

1.1. The Participant submits to NCC the Standing Order for netting, The Participant submits to NCC the Standing Order for netting, indicating the date, starting which NCC must perform daily indicating the date, starting which NCC must perform daily netting of UTS clearing obligationsnetting of UTS clearing obligations..

2.2. NCCNCC,, before 15:40 Moscow time (before 14:40 for before 15:40 Moscow time (before 14:40 for participants conducting settlements via RSC)participants conducting settlements via RSC),, performs performs netting of obligations, taking into account the amounts due to netting of obligations, taking into account the amounts due to the Participant in accordance with the clearing results under the Participant in accordance with the clearing results under EUR/RUB, USD/RUB and EUR/USD transactionsEUR/RUB, USD/RUB and EUR/USD transactions..

3.3. If the cash amount is sufficient,If the cash amount is sufficient, before 15:40 Moscow time before 15:40 Moscow time (before 14:40 for participants conducting settlements (before 14:40 for participants conducting settlements via RSC)via RSC),, NCC submits to this Clearing Participant a notice of NCC submits to this Clearing Participant a notice of its performance of UTS clearing obligationsits performance of UTS clearing obligations..

4.4. If the cash amount is insufficient,If the cash amount is insufficient, NCC NCC,, before 1before 155:40 :40 Moscow time (before 14:40 for participants conducting Moscow time (before 14:40 for participants conducting settlements via RSC)settlements via RSC),, submits to this Clearing Participant a submits to this Clearing Participant a notice of its non-performance of UTS clearing obligations, notice of its non-performance of UTS clearing obligations, indicating the cash amount insufficient for performance of UTS indicating the cash amount insufficient for performance of UTS clearing obligationsclearing obligations..

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Service flowsheet. Standing order. Service flowsheet. Standing order. (Continued)(Continued)

5.5. The Participant remits the required cash amounts to NCC’s The Participant remits the required cash amounts to NCC’s accountsaccounts before 16:30 Moscow time (before 15:30 for before 16:30 Moscow time (before 15:30 for participants conducting settlements via RSC)participants conducting settlements via RSC)..

6.6. Before Before 16:40 Moscow time (before 14:40 for participants 16:40 Moscow time (before 14:40 for participants conducting settlements via RSC)conducting settlements via RSC),, NCC NCC performs netting of performs netting of obligationsobligations, , taking into account the amounts due to the taking into account the amounts due to the Participant in accordance with the clearing results under Participant in accordance with the clearing results under EUREUR//RUBRUB, , USDUSD//RUB and EURRUB and EUR//USD transactions and credited to USD transactions and credited to NCCNCC’’s accountss accounts before 16:40 Moscow time (before 15:40 for before 16:40 Moscow time (before 15:40 for participants conducting settlements via RSC).participants conducting settlements via RSC).

7.7. If the cash amount is sufficient,If the cash amount is sufficient, NCC NCC,, before 16:40 Moscow before 16:40 Moscow time (before 15:40 for participants conducting settlements via time (before 15:40 for participants conducting settlements via RSC)RSC),, submits to this Clearing Participant a notice of its submits to this Clearing Participant a notice of its performance of UTS clearing obligationsperformance of UTS clearing obligations..

8.8. If the cash amount is insufficient, If the cash amount is insufficient, NCCNCC,, before 16:40 Moscow before 16:40 Moscow time (before 15:40 for participants conducting settlements via time (before 15:40 for participants conducting settlements via RSC)RSC),, submits to this Clearing Participant a notice of its non-submits to this Clearing Participant a notice of its non-performance of UTS clearing obligations, indicating the cash performance of UTS clearing obligations, indicating the cash amount insufficient for performance of UTS clearing amount insufficient for performance of UTS clearing obligationsobligations..

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Service flowsheet. Standing order. Service flowsheet. Standing order. (Continued)(Continued)

9.9. If,If, before 16:30 Moscow time (before 15:30 for participants before 16:30 Moscow time (before 15:30 for participants conducting settlements via RSC)conducting settlements via RSC),, the Participant does not the Participant does not remit the deficient cash amount, then for NCC this means that remit the deficient cash amount, then for NCC this means that the Participant will perform its UTS clearing obligations to NCC the Participant will perform its UTS clearing obligations to NCC in the amounts indicated in the exchange certificates, and in the amounts indicated in the exchange certificates, and within the time period set forth in the Clearing Ruleswithin the time period set forth in the Clearing Rules..

10.10. In case of non-observance of obligation performance dates by In case of non-observance of obligation performance dates by the Participant, NCC IS the Participant, NCC IS ENTITLEDENTITLED to hold Additional Sessions in to hold Additional Sessions in RUB/USD, RUB/EUR and USD/EUR segments with such RUB/USD, RUB/EUR and USD/EUR segments with such Participant.Participant.

11.11. If the Participant chooses the option “return” in the Standing If the Participant chooses the option “return” in the Standing Order, and if NCC submits to the Participant a report on its Order, and if NCC submits to the Participant a report on its performance of UTS clearing obligations, then the Clearing performance of UTS clearing obligations, then the Clearing Participant will be repaid the cash amounts remaining after Participant will be repaid the cash amounts remaining after netting of UTS clearing obligations, less the amounts of posted netting of UTS clearing obligations, less the amounts of posted cash accounted for calculation of trading limitscash accounted for calculation of trading limits..

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Form of standing orderForm of standing order

STANDING ORDERSTANDING ORDER for netting of UTS clearing obligationsfor netting of UTS clearing obligations

(To be issued on the corporate letterhead)(To be issued on the corporate letterhead)_____________________________________________________________________________________,_____________________________________________________________________________________,

((full name of the Clearing Participantfull name of the Clearing Participant) ) settlement code 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 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 “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 exchanges, we ask you, starting from “__” ______ 200_*, to conduct an ongoing netting of UTS clearing obligationsobligations

• •((if there is a need to use the optionif there is a need to use the option “ “returnreturn”)”) •and also, on an ongoing basis, to return balances of previously posted cash after performance by our 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 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 Centreby our Organization in the Payment Details Schedule submitted to CJSC JSCB National Clearing Centre. .

•This order shall be valid until it is cancelled in writingThis order shall be valid until it is cancelled in writing. .

(Director) (Director) __________________ / __________________ / Name, surname, patronymic /Name, surname, patronymic /(Chief accountant)(Chief accountant)__________________ / __________________ / Name, surname, patronymic /Name, surname, patronymic /

L.S.L.S. «____» ___________ 200«____» ___________ 200

Prepared by: Name, surname, patronymic, phone number _________________Prepared by: Name, surname, patronymic, phone number _________________* Standing order for cash return * Standing order for cash return will be accepted for execution by the Clearing Centre beginning from the will be accepted for execution by the Clearing Centre beginning from the

first business days following the order date.first business days following the order date.

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Our address: 13 Bolshoy Kislovsky Lane, Moscow, Russia 125009

Phone: +7 (495) 782 97 94

E-mail: info@nkcbank.ru

http: //www.nkcbank.ru