Not-for-Profit Partnership “The National Depository Center” (NDC), Russia's only settlement depository servicing the full range of Russian securities and belonging to the MICEX Group, announced today that a general meeting of its members held 17 June decided to acquire additional common registered non-documentary shares of Depository Clearing Company CJSC (DCC), which services RTS securities. The company's Board of Directors had previously recommended approval of the move. Thus NDC maintains its share in DCC's authorized capital at not less than 36.96%. NDC's Director was authorized to take all necessary measures in order to acquire the additional DCC shares.
The general meeting approved the income and expenditures budget for 2008, and a new version of the company's investment budget for 2008. The members also reviewed the report on fulfillment of the company's income and expenditures for 1Q 2008. The meeting recognized NDC's financial results for 1Q 2008 as satisfactory.
The members have also reviewed materials related to NDC's reorganization from not-for-profit partnership to a joint stock company, including a plan of activities prepared by a working group on reorganization. According to the plan, the working group is to propose and discuss with NDC members the terms of the company reorganization by October 2008.
Sergei Lykov, Chairman of the Board of Directors, NDC, said: ''The Board of Directors is consistently working on improvement of NDC’s corporate governance system and its services. We are confident that we are forming an efficient organization working in accordance with international corporate governance standards and providing a high level of service quality for our clients.''
About NDC:
Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of equity securities of Russian issuers. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 95% of transactions conducted in the corporate and regional bond markets, and stock exchange share transactions. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, and 95% of sub-federal and municipal bond issues. The international rating agency Thomas Murray has assigned NDC an A+ rating as a central depository. For 1Q 2008 the value of assets in storage was more than RUR4.2 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numbering agency, the substituting numbering agency for the CIS, authorized to assign the international ISIN and CFI codes. It is also a member of the international accounting infrastructure, providing settlements on the global financial markets using direct accounts at Clearstream Banking S.A. and Euroclear Bank. It also holds accounts at the Central Depository of the Republic of Kazakhstan and the NDC of the Republic of Azerbaijan.
Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property of NDC are 46.7% and 39.3% respectively, and in the votes 50.2% and 42.3% respectively). Members include GPB OJSC (Gazprombank), Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, UniCredit, Deutsche Bank, and Sberbank. The Partnership also has a stake in Depository Clearing Company CJSC (36.96 %) and in Settlement Depository Company CJSC (28.54%).
For further information about NDC: www.ndc.ru, or NDC Public Affairs Department: +7 495 232 0910, .