Transferring Stock Market Clearing Functions to NCC

with introduction of Central Counterparty at T+0

CJSC JSCB National Clearing Centre

CJSC JSCB National Clearing Centre was established in October 2005, and since December 2007 it has been performing CCP functions in the MICEX currency exchange market

It specializes in rendering clearing services to financial market participants

Shareholders‘ equity structure: CJSC Moscow Interbank Currency Exchange – 100% Authorized capital:

Authorized capital - 4,435 mln. roubles (as of June 01, 2011 ~ 109 mln. euro) Equity - 8,727 mln. roubles (as of June 01, 2011 ~ 215 mln. euro)

Average daily trading volume in the foreign exchange market in 2010 ~ 10 bn. US dollars Licenses :

for banking operations; professional securities market participant’s license for clearing activities

www.nkcbank.ru

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From November 2011, NCC will become a clearing organization and central counterparty in the MICEX stock market

At the first stage, centralized clearing is introduced at the T+0 and 100% margin deposit terms The change of the clearing organization will not fundamentally alter the nature of the

participant’s risks due to preservation of the NSD settlement system on the DVP terms

Clearing

Settlements

in securities

in roubles

Transactions registration

Current scheme Target scheme

MICEX (without central counterparty)

MICEX stock market

NCC (central counterparty)

NSD

MICEX stock market

NSD

The stock market clearing functions will be transferred from CJSC MICEX to CJSC JSCB NCC on November 01, 2011

01.11.2011

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Transactions with NCC are concluded on the following terms:

Market participants – all trading participants Listed securities – all securities permitted for circulation in the Principal Trading Mode Settlement terms - T+0 with 100% margin deposit The terms of order acceptance for execution and trade execution will not change Fees will not change as compared to the T+0 market without CCP Commission will be charged on the trade execution date Methods of calculation of VWAP and current prices, and the trading suspension

procedure will not change

The transactions of the clearing participants who did not conclude contracts for clearing services with NCC, entered into prior to the transfer of clearing functions and scheduled for execution after the transfer of clearing functions will mature from T-1 after the clearing transfer date

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NCC transaction settlements

Transactions without Central Counterparty Allocations – P0 Repurchase – T0

Transactions with Central Counterparty Upon conclusion

Principal mode and RPS (ex-Т0) – F0 RPS (ex-Z0) – A0 Only upon execution RPS – B0…B30 REPO – S0…S2 (1st and 2nd sections) REPO – Z0, Rb (2nd section)

Standard clearing

Codes have not changed

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The transfer of the stock exchange clearing functions to NCC has significant advantages

NCC MICEXCompliance with international business organization practice

Control by the Bank of Russia

Control by Federal Financial Market Service (FSFR)

Access to the Bank of Russia’s refinancing system

Access to interbank market

… Efficient internal audit*

REPO with CCP

Partially secured trading

Diversification of assets included in collateral

Combination of clearing functions in the stock exchange, currency exchange and forward markets within a single organization

Reduction of clearing participants’ costs and increasing efficiency of exchange operations

The preconditions for implementation of new products and services are created:

* - NCC Supervisory Board has been significantly expanded (to 15 people), comprising treasury representatives and risk management divisions of the leading Russian banks 6

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The project for transfer of stock market clearing functions to NCC is implemented in the following sequence:

Stage Timeframe

NCC clearing rules Effective from June 20

Participant consulting and support From June 15 to project launch

Provision by the participants of the set of necessary documents and conclusion of contracts for clearing services From June 15 to September 01

Preparation of information materials and holding training seminars for participants September - October

Discussion of project implementation progress at CJSC MICEX user committees September - October

Readiness of exchange’s hardware and software for testing with trading participants October

Project launch November 01, 2011

- to become the participant of the NCC EDT Subsystem- to become the NCC clearing participant - to conclude an addendum to the Integrated Technological Service Agreement

www.nkcbank.ru

MICEX’s single Call Center: +7 (495) 363-32-32

www.nkcbank.ru

Starting November 01, 2011, CJSC MICEX will cease clearing of MICEX stock market transactions.

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In order to continue using clearing services in the MICEX stock market on and after November 01, 2011, an organization has to do the following: