1. Association of Eurasian Central Securities Depositories (AECSD) 2-4 September 2007 The ACG-11 General Meeting Beijing, China

2. AECSD Members 22 December 2004 State Central Securities Depository (Uzbekistan) Depository-Clearing Company (Russian Federation) National Depository Center (Russian Federation) Interregional Stock Union (Ukraine) National Depository (Ukraine) National Securities Depository (Moldova) National Depository Center (Azerbaijan) Republican Central Securities Depository (Republic of Belarus) Central Securities Depository (Georgia) Central Securities Depository (Kazakhstan) Central Depository (Kyrgyzstan) Central Depository (Armenia)

3. Association's Objectives Association's Objectives Harmonization of the regulatory framework Development of an optimal model for the recordkeeping system to be used in the securities market of the member countries 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, 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 Development of harmonized standards for depository recordkeeping and reporting Supporting a coordinated process to enable the Association members to integrate into the global depository system

4. AECSD Functions Information exchange Support of Association’s and members’ interests in international organizations Cooperation with educational and research institutions Support of bilateral and multilateral relations between participants Collection and distribution of information related to activities of Association and its members Representing interests of Association members when interacting with international and national organizations

5. AECSD Structure Association’s Conference Board Board Chairman

6. The Association’s Conference adopts decisions that are binding on its members approves the Association's Annual Report appoints the Association Board hears reports presented by the Association's Working Groups and passes resolutions on the issues addressed in the reports nominates members of the Working Groups and appoints Group leaders identifies the tasks for the Association's Working Groups terminates the activities of the Working Groups discusses the matters of common interest for its Members determines the venue and time for holding the next Conference performs other functions consistent with the Association's objectives

7. Next Association’s Conference The Conference is held once a year and hosted by a country – member, chosen at the previous meeting Key participants of the Conference are AECSD members and guests from other CSD associations IV Conference will be held on 18 -19 October 2007 in Bishkek (Kyrgyzstan Republic) Objectives for the 4 th Association’s Conference - Creation of a new AECSD web-page - Acquaintance to Global CSDs - Acquaintance to Global CSDs - EDI and AECSD participants - EDI and AECSD participants - CSD Functions report - Correspondent relations in AECSD

8. AECSD Board Coordinates the Members' activities Ensures information exchange between the Conference organizer and the Members Coordinates the Conference preparations Drafts the agenda for the Conference Assists and oversees the working groups' activities Performs other required functions during the period between the Conferences

9. Association Board Chairman New Chairman and host country of AECSD are elected each year at the Association’s Conference Chairman: - manages the activities of the Association Board - ensures adherence to the AECSD Resolution - represents the Association in its relationships with third parties Current AECSD Chairman: Erik Taranchiev, President of Kyrgyzstan CSD et@csd.kg et@csd.kg Host country: Republic of Kyrgyzstan

10. Association's Working Groups Depository Links Administration of the Association's Website Development of Electronic Messaging Standards

11. Groups’ tasks: Ensure the performance of the tasks set before them Report to the Conference on the activities to address their tasks Carry out research, prepare materials and conduct any other activities necessary for achieving their tasks

12. Important events DateEvent 22 December, 2004 Constituent Assembly 26 August, 2005 Correspondent relations between NDC (Russia) and Central Securities depository of Kazakhstan 5-6 October, 2005 The second AECSD conference 13 February, 2006 Memorandum of collaboration between Central Securities Depository (Uzbekistan) and National Depository Center (Russia) 9 April, 2007 Memorandum of collaboration between National Depository Center (Russia) and Republican Central Securities Depository (Belarus Republic) 1 June, 2007 National Depository Center –Substitute Numbering Agency for CIS countries

13. Association web page www.aecsd.ru

14. Thank You !!!