CORRESPONDENT RELATIONS OF CENTRAL CORRESPONDENT RELATIONS OF CENTRAL DEPOSITORIES AND OPENING OF DEPOSITORIES AND OPENING OF CORRESPONDENT “DEPO” ACCOUNTSCORRESPONDENT “DEPO” ACCOUNTS

Valentina TimoshenkoDirector of the Central Securities Depository of the Republic of Belarus

The Republican Unitary Enterprise "Republican Central Securities Depository" was established in 1995.

Since 1998 it has been a governmental instrument and it has been run by the Ministry of Finance of the Republic of Belarus.

The activities of the Republican Central Securities Depository are aimed at solving the fundamental issue of the depository system of the Republic – provision of centralized storage of the securities registered as prescribed by law and approved for circulation on the territory of the Republic, and recording of rights to these securities.

INFORMATION ON OWNERSHIP AND MANAGEMENT OF THE INFORMATION ON OWNERSHIP AND MANAGEMENT OF THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUSBELARUS

Depository activities in the Republic of Belarus are regulated by:

Law of the Republic of Belarus of July 9, 1999 No 280-3 «On depository activities and Central Securities Depositary in the Republic of Belarus».

Decree of the President of the Republic of Belarus of April 28, 2006 No 277 “On some issues of regulating the securities market.”

Decree of the Ministry of Finance of the Republic of Belarus of April 9, 2009 No 110 "On some issues of the establishment of correspondent relations by the Central Securities Depository in the Republic of Belarus", etc.

LEGAL FRAMEWORKLEGAL FRAMEWORK

CORRESPONDENT RELATIONS OF THE CENTRAL SECURITIES CORRESPONDENT RELATIONS OF THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUSDEPOSITORY OF THE REPUBLIC OF BELARUS

As of October 1, 2011 the Central Securities Depository has established correspondent relations with 41 depositories, of which:

41,5% - organization departments of the banks of the Republic of Belarus;

44% - non-bank professional securities market participants of the Republic of Belarus ;

14,5% - foreign depositories.

National Cadastral Agency

National Cadastral Agency

JSC «Byelorussian Currency-Stock Exchange»

JSC «Byelorussian Currency-Stock Exchange»

Securities DepartmentSecurities Department

Ministry of Finance

Ministry of Finance

National BankNational Bank

Level 2 depositories (41)Of which 6 are foreign depositories

Level 2 depositories (41)Of which 6 are foreign depositories

Central (Settlement) Securities Depository

Central (Settlement) Securities Depository

Customer

Customer

INTERRACTION PATTERN OF PARTICIPANTS OF THE SECURITIES INTERRACTION PATTERN OF PARTICIPANTS OF THE SECURITIES MARKET OF THE REPUBLIC OF BELARUSMARKET OF THE REPUBLIC OF BELARUS

TOTAL OF SECURITIES IN THE CENTRAL SECURITIES TOTAL OF SECURITIES IN THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUSDEPOSITORY OF THE REPUBLIC OF BELARUS

Securities in Custody, USD Billion

FOREIGN DEPOSITORIESFOREIGN DEPOSITORIES

Minsk

Central Depository

CJSC UniCredit Bank

JSC “Central Securities Depository”

JSC Specialized Depository

“INFINITUM”

CJSC DCC

JSC “ SEB Bank”

CJSC NSD

Moscow Moscow Moscow

Moscow Moscow

St. Petersburg

Almaty

REQUIREMENTS FOR FOREIGN DEPOSITORY ON ESTABLISHMENT OF REQUIREMENTS FOR FOREIGN DEPOSITORY ON ESTABLISHMENT OF CORRESPONDENT RELATIONS WITH THE CENTRAL SECURITIES CORRESPONDENT RELATIONS WITH THE CENTRAL SECURITIES DEPOSITORY OF THE REPUBLIC OF BELARUS:DEPOSITORY OF THE REPUBLIC OF BELARUS:

Implementation of depository activities by a non-resident depository for at least 3 years;

Availability of the special permission (license) for implementation of depository activities. The license expires no earlier than one year from the date of the conclusion of the contract for the provision of services in recording of the rights to securities which issues have been stored in the Central Securities Depository of the Republic Belarus (if registration is provided by the law of the State where the non-resident depository is registered);

Availability of permanent office of non-resident depository in the State where the non-resident depository is registered

TRANSFER OF SECURITIES OF BYELORUSSIAN ISSUERS TO TRANSFER OF SECURITIES OF BYELORUSSIAN ISSUERS TO CORRECPONDENT “DEPO” LORO ACCOUNTS OF FOREIGN CORRECPONDENT “DEPO” LORO ACCOUNTS OF FOREIGN DEPOSITORIESDEPOSITORIES

Central Depositoryof Belarus

Central Depositoryof Belarus

Central Depositoryof Belarus

Central Depositoryof Belarus

Foreign Correspondent

Depository

Foreign Correspondent

Depository

Foreign Correspondent

Depository

Foreign Correspondent

Depository

Foreign Depository

Foreign Depository

Foreign Depository

Foreign Depository

Bonds Bonds

Shares Shares

Foreign Correspondent

Depository

Foreign Correspondent

Depository

ENTERING INTO AGREEMENTS FOR CUSTODY SERVICE OF BYELORUSSIAN ISSUERS BY FOREIGN CORRESPONDENT DEPOSITORIES

Bond

Issuer

Share

Issuer

Foreign Correspondent

Depository

Foreign Correspondent

Depository

Central (Settlement) Securities Depository

Central (Settlement) Securities Depository

Foreign Correspondent Depository

Foreign Correspondent Depository

Securities Department

Securities Department

CustomerCustomerSecurities IssuerSecurities Issuer

Republican Organs of Public Administration

Republican Organs of Public Administration

TRANSFER OF SECURITIES OF BYELORUSSIAN ISSUERS TO TRANSFER OF SECURITIES OF BYELORUSSIAN ISSUERS TO CORRECPONDENT “DEPO” LORO ACCOUNT OF NON-CORRECPONDENT “DEPO” LORO ACCOUNT OF NON-RESIDENT DEPOSITORYRESIDENT DEPOSITORY

agreement

allowance transfer

Mailing Address 220004 Republic of Belarus,

Minsk, Melnikajte str. 2

Telephone number/Fax

+375 (17) 306-32-20

E-mail info@centraldepo.by

Web-site www.centraldepo.by

CONTACT INFORMATION

Thank you for your attentionThank you for your attention!!