April 3, 2007

Brussels and Moscow, 3 April 2007 — Euroclear SA/NV and The National Depository Center (NDC) of Russia have recently signed a Memorandum of Understanding (MoU) laying the foundation for information sharing and potential future co-operative initiatives.

Under the terms of the non-binding agreement, the NDC and Euroclear have agreed to explore opportunities for collaboration in the field of clearing and settlement in the Russian market.

In particular, both organisations agree to transfer market- and infrastructurebased knowledge through a series of technical workshops, to be scheduled later this year. The purpose of these educative sessions is to further the awareness of operational processes in Russia, and for the NDC to gain a better understanding of the post-trade processing methods employed in other European markets.

Although non-exclusive, the agreement formalises the intention for both

the NDC and Euroclear to pursue common business objectives in furthering settlement efficiency and cost effectiveness.

Nikolay Egorov, Chief Executive Officer of the NDC, commented: ⌠The Memorandum of Understanding between Euroclear and NDC is the basis for future co-operation in the field of clearing and securities settlement.

This will enhance the efficiency of cross-border securities transactions and stimulate further development of the Russian capital market.■

Martine Dinne, Executive Director of Euroclear SA/NV, said: ⌠Having recently accepted the Russian Rouble as a settlement currency in Euroclear Bank to support the issuance of eurobonds, we are prepared to explore, with the NDC, how we can work more closely to meet the needs of our respective clients. The MoU is an important initial step towards greater co-operation; further detailed consultation will continue during the course of the year.■