The Association of Eurasian Central Securities Depositories (AECSD) Introduction for the CCG meeting in Zurich, June 4,

1. The Association of Eurasian Central Securities Depositories (AECSD) Introduction for the CCG meeting in Zurich, June 4, 2010

2. Association Members AECSD was established in 2004 The Association Members 11 Depositories from 10 CIS Countries: The National Depository Centre (Azerbaijan) Central Depository of Armenia Republican Central Securities Depository (Republic of Belarus) Georgian Central Securities Depository National Securities Depository of Moldova Central Securities Depository (Kazakhstan) Central Depository (Kyrgyzstan) State CSD of the Republic of Uzbekistan The National Depository of Ukraine Depository Clearing Company (Russian Federation) The National Depository Center (Russian Federation)

3. Objectives Harmonization of the regulatory framework; Establishment of depository links among the members to support cross-border securities transactions; Standardization of the technologies for the depository operation, procedures for depository transaction processing, and rules and regulations governing the depositories' activities; Adoption of international messaging standards for depository transactions and their use in the national practice; Development of Electronic Document Interchange; Coordination of the Association members’ processes aimed to integration into the global depository system.  

4. Governance Structure General Meeting Chairman • Working Groups • Depository Links • CSD Legal Issues • Development of Electronic Messaging Standards • Administration of the Association Website • Committee on CSD12 organization SecretariatNDC, Russia The Chairman is re-elected annually by AECSD Charter. Valentina Timoshenko, Director of CSD of Belarus, currently occupies the position.

5. Main governing AECSD’s body approves the Association's Annual Report; appoints the Association Board; hears reports presented by the Association's Working Groups and identifies the tasks for the next year; determines the venue and time for holding Annual Meetings for the next 2 years. In 2010the 7th Annual General Meetingof AECSD members will take place in Minsk (Republic of Belarus) on 9-10 September 2010 Annual Meetingsof Association Members • In 2011 the 8th Annual General Meetingof AECSD members will take place in Yerevan (Republic of Armenia)

6. AECSD has gained an observer status inECSDA, AMEDA and ACG AECSD participates in internationalconferences and forums (CSD10, Annual Russian Securities Forum, SIBOSetc.) AECSD has committed to host CSD12 in Russia AECSD organizes and holds seminars and trainingson depository andclearing servicesfor Association members International Activities

7. 11 out of 12 AECSD members took part in the survey (except Kyrgyzstan) Some findings Among the AECSD members, NNA services are offered by five depositories (45 percent)All of them are fully involved in the provision of NNA services upstream to issuers. Two more of the AECSD CSDs are considering the possibility of becoming the NNAs in the future (18 percent) 45 percent out of the AECSD respondents (80 percent of the NNAs) are able to interact with issuers on a direct basis, and one securities depository (9 percent) can do so through intermediaries. Downstream services are mostly provided through intermediaries Comparison of the survey results with ECSDA and ACSDA ones shows that the key areas for AECSD further developments are as follows: Tax Services and Tax Reporting Services; General Meeting Administration Services; Proxy Voting Services; NNA Services; Official Appointed Mechanism (issuers to disclose information (including their regular financial reports) via the central storage of corporate information; Automation of Receipt, Processing and Transfer of Corporate Actions Information. AECSD Members’ Services for Issuers (AECSD’s report, October 2009)

8. Invitation 9-10 September 2010 Minsk, Belarus 7-th International Conference of AECSD “The Role of Central Depositories in Dataware Development of the Stock Market Participants”.

9. Welcome to Belarus TheRepublic of Belarus Capital City: Minsk (1.8 mln est. 2009) Total land area: 207,600 km² Population: 9.7 mln. (2009 est.) GNP $48.9 billion (2009 est.)

10. Capital Market Regulator: The Ministry of Finance of Belarus www.minfin.gov.by Regulated Market: Belarusian Currency and Stock Exchangewww.bcse.by CSD: The Republican Central Securities Depositorywww.centraldepo.by Government debt instrument issuers: National Bank of Belarus www.nbrb.by The Ministry of Finance www.minfin.gov.by

11. Central Securities Depository of the country (since 1995) National Numbering Agency (since 2008) Unitarian Entity Regulator: The Ministry of Finance of Belarus USD 18.605 billion under custody Located: Minsk, Belarus www.centraldepo.by Central Securities Depository of Belarus

12. Services: Depositories interaction assurance Settlement functions Centralized securities custody Shareholders registry services Corporate actions ISIN coding Correspondent relations with domestic and foreign depositories Central Securities Depository of Belarus

13. Membership: Association of Eurasian CSDs (AECSD) Partner of Association of National Numbering Agencies (ANNA) Central Securities Depository of Belarus

14. Contact Information: Post: Melnikajte Str., 2, Minsk 220004, Belarus Web: www.centraldepo.by Email: info@centraldepo.by Central Securities Depository of Belarus

15. Contact Information AECSD Secretary The National Depository Center 13, bldg 1, Mashkova St., Moscow,105062, Russia Tel.: +7 (495) 232-0513  E-mail:aecsd@aecsd.com AECSD Website: www.aecsd.com

16. Thank you for attention!