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National Settlement Depository (NSD) is the central securities depository of the Russian Federation
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              5. Service fee
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              Service fee of the MICEX Stock Exchange Securities Market

              Amount of the Service fee for the Trading members of the CJSC MICEX Stock Exchange Securities Market (hereinafter referred to as Service fee) by results of the transactions in securities on the MICEX Stock Exchange Securities Market  within a calendar quarter is calculated as per the following formula:

              Service fee = 60,000 — (Trading fee + Clearing fee + ITS fee)

              where:
              trading fee is the total amount of the trading fee of CJSC MICEX Stock Exchange for execution of trades, including repo trades, on the Securities Market, that was paid by the Trading member over the calendar quarter;
              clearing fee is the total amount of the clearing fee paid by the Trading member for execution of trades, including repo trades, on the Securities Market over the calendar quarter, including VAT;
              ITS fee is the total amount of the fee as per the Agreement on Integrated Technological Services charged for execution of trades in securities, including repo trades, on the CJSC MICEX Stock Exchange Securities market over the calendar quarter, including VAT.

              The Service fee shall be paid as per the following procedure:

              1. The Trading member shall pay the Service fee by results of the quarter as per the following procedure:
                • The Service fee is charged on the Trading member that is the Clearing participant in CJSC JSCB National Clearing Center (NCC) and that has a trading account registered with NCC and intended for payment of compensation and the Service fee on the first business day of the next quarter. In case of termination of admission to trading during the quarter, the Service fee is charged on the next business day following the day of the termination, the fee shall be paid on the day following the day of termination of admission to trading  in the order set forth in the internal documents of the clearing house.
                • The Trading member that is not the Clearing participant in CJSC JSCB National Clearing Center (NCC) and that does not have the trading account registered with NCC intended for payment of compensation and the Service fee shall pay the Service fee based in an invoice issued by CJSC MICEX Stock Exchange. CJSC MICEX Stock Exchange shall dispatch the invoice with courier within 10 (ten) business days upon the end of the quarter for which the Service fee is paid. In case of termination of admission to trading during the quarter, the invoice is dispatched by the Exchange within the 10 (ten) business days following the day of termination.
                • the Trading member shall pay the Service fee on the basis of the invoice issued by the Exchange within 5 (five) bank working days since the invoice was sent by the Exchange.
              2. If the total of the trading fee, clearing fee and ITS fee paid by the Trading member within a calendar quarter exceeds RUB60,000, no Service fee is applied.