NSD Introduces New Service – Withholding Tax relief at Source on Foreign Issuers' Securities

27 September 2011
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MOSCOW - National Settlement Depository (NSD), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, has introduced a new service providing an opportunity to reduce a withholding tax rate on foreign issuers' securities (in compliance with international agreements on avoidance of double taxation ) according to the terms and conditions of the service provided by international settlement and clearing organizations Euroclear Bank S.A./N.V. and Clearstream Banking S.A.

NSD services 694 foreign issuers' securities using its accounts with Euroclear Bank S.A./N.V. and Clearstream Banking S.A. 120 of them are taxable in compliance with the legislation of the countries of origin of the securities.

Relief-at-source  withholding tax rate on foreign issuers' securities allows NSD's depositors to receive additional income timely in compliance with international standards of securities servicing.

About NSD

National Settlement Depository (NSD) is the largest settlement depository in Russia, a part of the MICEX Group, servicing on-exchange and OTC transactions with all types of debt and equity securities of Russian issuers and providing settlement services to participants in financial markets of the Russian Federation.

NSD provides storage of global certificates and depository accounting for 99% of corporate bond issues, sub-federal and municipal bond issues. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 99% of transactions conducted in the corporate and regional bond markets, the majority of transactions with equities and also services UIT units and securities of foreign issuers.

In accordance with agreements concluded between NSD and the Bank of Russia, NSD acts as a settlement center for the organized securities market.

NSD is Russia's national numbering agency and the substitute numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.

For further information about NSD: www.nsd.ru , or NSD Public Affairs Division: +7 495 232 0910,

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