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Notes to Tariffs for depositary servicing




  1. The tariffs and commission rates for depositary services are denominated in Russian roubles.
  2. Fees and commission are charged monthly in Russian roubles after the end of the reporting period by issue of an invoice for depositary services, signed by Depositary officials and bearing the Depositary stamp.
  3. The tariffs and commission rates presented do not include direct costs, i.e., fees charged the Depositary by the registrar, the transfer agent or correspondent depositary during performance of depositary operations on the depositor’s instructions. On presentation of documents supporting issue by the registrar (transfer agent or correspondent depositary) to the Depositary of relevant invoices, the depositor pays the Depositary’s costs incurred in fulfilling the depositor’s instructions.
  4. The depositor pays for the Depositary’s services within three banking days of receiving the depositary service invoice.
  5. Depositary services are subject to VAT. The tariffs and commission rates presented do not include VAT, The VAT charged is specified by the Depositary in the depositary service invoice. After payment of the depositary service invoice, the Depositary provides the depositor with a VAT-invoice confirming payment of the invoice.
  6. Commission for recording and storage of securities is calculated on the basis of the daily balance of securities in the depositor’s deposit account. On the basis of the daily balance of securities (units), the monthly balance of securities (units) is calculated and multiplied by the monthly market value of the security. The average monthly balance of securities obtained (in RUB) constitutes the basis for calculating the commission for storing the securities. The average price of bonds and other debt liabilities is understood as their par value. The par value expressed in USD is recalculated into RUB at the exchange rate set by the Bank of Russia on the last working day of the payment month. The average price of a share for a month is calculated as the arithmetic average of the market prices on each working day of the given month according to MICEX and RTS. In the absence of a market price, the par value of the share is used. The par value expressed in USD is recalculated into RUB at the exchange rate set by the Bank of Russia on the last working day of the payment month.
  7. If the monthly payment for recording and storing securities of all types booked in the Depositor’s account is less than 200 (two hundred) roubles, a minimum fee of 200 (two hundred) roubles is charged for the payment month. The minimum fee is charged for recording and storage only if, for at least one full working day, there is a zero balance of securities on the deposit account, the security credit and debit days being counted as one day.
  8. In calculating the commission for storing securities, the credit and debit days are counted as 1 (one) day.
  9. If a deposit account is opened for the Depositor under an Agreement on brokers’ and depositary services in the stock section of MICEX, the commission for depositary services amounts to 1% of the cost of the services rendered by NP National Depositary Centre in performing trading operations for the Depositor on MICEX.
  10. If the tariffs and commission rates do not include fees for services requested by the depositor, the latter is required to reimburse all costs incurred by the Depositary in rendering these services and performing steps taken on the initiative of the Depositary and with the depositors’ consent to protect the latter’s interests.
  11. The Depositary is entitled to make changes to the tariffs and commission rates, to which effect it notifies the depositor as specified in the "General conditions for performance of depositary activities of AK Moscow Municipal Bank — Bank of Moscow".
  12. Since 01 January 2004, the VAT rate has been 18%.

 

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