OREANDA-NEWS. April 30, 2008. The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, announced today that a meeting of its Board of Directors held 25 April approved the Director’s report on company operations for 2007, the company’s 2007 financial statements and the Audit Committee’s report on the company’s 2007 financial and operating results. The Board has also recommended that the General Meeting of NDC members approve these documents.

NDC’s Board approved implementation of a new RUR100 per operation tariff for the transfer of securities in gross settlement transactions. It was established that payment for the transfer of securities in gross settlement deals should be made by both the transferor and transferee.

The Board also agreed to roll out the trial SSS ("Speed-up Settlement System"), initially deployed with ING Eurasia, and to apply the same settlement tariff.

The Board also considered and recommended for approval by the General Meeting a report on the company’s profit and loss and capital expenditures and investments budgets for 2007. The Board also took into consideration information of an audit of the company’s financial statement for 2007 by Deloitte & Touche CIS CJSC. Amendments to the company’s profit and loss budget for 2008 were approved by the Board and recommended for approval by the General Meeting of members.

The Board also considered a report by NDC’s Internal Audit Department for 1Q 2008.

The Board reviewed information on the course of NDC's reorganization from not-for-profit partnership to joint stock company. It considered candidates for NDC’s Audit Committee, candidates for the Board of Directors of Depository Clearing Company CJSC and a number of other issues.

The Board approved the list of NDC Committee members.

Twenty-two representatives were elected to the company’s Depository Services Committee, 10 became members of the Risk Management Committee, 9 were named to the Technical committee, and 10 were elected to the Budget Committee.

The Board approved new provisions governing the Depository Services Committee mandating a membership rotation starting this year and limiting members to 22 persons. The Board also made provision for absentee voting.

NDC committees are the consultative bodies of NDC’s Board of Directors. They include securities market participants and are designed to collect views on various aspects of the market for further review by the Board.