On Results of the General Meeting of Participants in Not-for-Profit Partnership "The National Depository Center" (NDC)

14 May 2005
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On 14 May 2005, the General Meeting of Participants in Not-for-Profit Partnership "The National Depository Center" (NDC) was held. The Attendees of the Meeting formed the Board of Directors of NDC and elected the members of the Revision Board (Auditing Board) of NDC, the Budget Committee of NDC, the Committee for Depository Servicing of NDC, and the Risk Management Committee of NDC. The Meeting considered the Report of the NDC CEO on the activities of the Partnership in 2004 and other related matters.

To the Board of Directors 12 members were elected, representing the Bank of Russia, MICEX, Sberbank of Russia, Vneshtorgbank, ING Bank (Eurasia), JP Morgan Bank International, and Gazprombank.

Andrey Kozlov, the First Deputy of the Chairman of the Bank of Russia was elected the Chairman of the Board of Directors of NDC.

The Meeting Attendees approved the resolution on admission of ING Bank (Eurasia) ZAO, OOO Deutsche Bank and CB Gazprombank (Commercial Bank Gazprombank ZAO) into the Partnership.

The proposal from ING Bank and Deutsche Bank on paying their entrance fee to the Partnership with their shares in ZAO DCC allow NDC to successfully continue its policy for consolidation of assets and building up of the joint depository, settlement and clearing infrastructure of the Russian securities market.1 Thus the biggest foreign custodial banks, such as ING Bank and Deutsche Bank have chosen NDC as their principal partner.

Admission to the Partnership of Gazprombank, which enters the shares of ZAO Settlement-Depository Company (a settlement depository which services the organized securities market of OAO GAZPROM equities) as its admission fee to the Partnership, will allow NDC and the Settlement-Depository Company to co-ordinate their joint work for development of the settlement solutions for transactions with GAZPROM equities within the liberalization period of the securities market for this shares, and afterwards.

The Participants of the Meeting considered the results of work of NDC and Capco, the Project Consultant, on choosing a software developer of NDC’s technological platform from a number of companies, such as OMX Technology, Tata Consulting Services, Computershare, CMA-Percival, SIA and other.

The Meeting delegated the charges to NDC Managers to hold negotiations on the software business solutions with the chosen vendors: OMX Technology Ltd. and Tata Consulting Services, as well as with such business-integrators as Accenture and Hewlett-Packard to optimize organizational, cost-effective, time-effective and technological parameters of their participation in the follow-up stages of further upgrading of NDC’s technological platform.

NDC Managers were charged with the powers to report on their proposals as to the choice of the vendor and the business-integrator at the meeting of the Board of Directors of NDC and at the next General Meeting of the members of the Partnership. Implementation of this Project will enable NDC to create the advanced functional technological platform in accordance with the international requirements for the central securities depositories (CSDs).

[1] ING Bank and Deutsche Bank have left DCC, having transferred their shares in DCC to NDC. Thus, as result of the General Meeting of the Partnership, NDC owns a 36.95% share in ZAO DCC.

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