1. V. Kulipanov5 IRSF, London, Apr 28, 2009 1 BESP payment system Recent developments and progress report Central Bank of Russian Federation 5 IRSF, London, April 28, 2009

2. V. Kulipanov5 IRSF, London, Apr 28, 2009 2 The new participants 70 regional branches of Federal Treasury have become associated settlement participants (ASP) in BESP.

3. V. Kulipanov5 IRSF, London, Apr 28, 2009 3 The new participants MICEX Settlement House (DSP); 21 Branches of VTB (DSP); 1 Branch of Gazprombank (DSP); 27 Branches of Promsvyazbank (DSP); 1 Branch of Uralsib (ASP);

4. V. Kulipanov5 IRSF, London, Apr 28, 2009 4 The new participants NOMOS Bank (DSP); 13 Branches of TransCreditBank (DSP); Citibank Russia (DSP); 3 Branches Ak Bars Bank (DSP).

5. V. Kulipanov5 IRSF, London, Apr 28, 2009 5 BESP in figures Quantity of Direct, Associated and Special participants.

6. V. Kulipanov5 IRSF, London, Apr 28, 2009 6 BESP in figures Volume and total Value of payments.

7. V. Kulipanov5 IRSF, London, Apr 28, 2009 7 BESP in figures Starting from mid April, 2009 Central Bank of Russia shifted a small quantity of its market operations from VER payment system to BESP. This migration, although not finally completed, resulted in dramatic increase of value being moved through BESP. BESP system accounts for 25% of the entire daily RUR value processed by national payment system. It is estimated that in April 2009 the monthly value will reach 3 Trl RUR (100 Bln$).

8. V. Kulipanov5 IRSF, London, Apr 28, 2009 8 What’s next? anticipated and discussed steps More Central Bank operations migrating to BESP; Extending the schedule to enable almost non-stop operations during the business week; Introduction of obligatory membership; Introduction of Max cap of payment for local Payment Systems; Tariff policy encouraging the use of BESP.

9. V. Kulipanov5 IRSF, London, Apr 28, 2009 9 CBR migration plan 1 stage: Own operations of Central Bank at MICEX; 2 stage: Direct OTC REPO; 3 stage: Lending and repayment of uncollateralized loans; 4 stage: Own operations of CBR at EUR-RUB primary trading session; 5 stage: Own operations of CBR at USD-RUB primary trading session; 6 stage: Own operations of CBR at the national securities market; 7 stage: Elimination of artificial trading schemes, used to complete settlement EUR-RUB and USD-RUB at present time.

10. V. Kulipanov5 IRSF, London, Apr 28, 2009 10 Where we are? Over April, 2009 BESP system has become one of the systemically important national payment arrangements.

11. V. Kulipanov5 IRSF, London, Apr 28, 2009 11 Thank you for attention! Questions welcome!