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• regular meetings between senior management to increase mutual understanding of business developments;
• understanding their securities markets through exchange of staff and training; and
• conduct joint studies or discussion meetings on topics related to securities clearing and settlement operations.

Mr. Gagan Rai, MD & CEO of NSDL, commented: "The depth and breadth of NDC's experience in both domestic and cross-border transactions is of interest to NSDL and our clients. We place great value in developing a cooperative relationship to further the growth and prosperity of our respective markets."

Mr. Nikolay Egorov, Director of The National Depository Center, said: "We believe that closer cooperation of NDC, the biggest settlement depository in Russia, with NSDL, a critical infrastructure in one of the world's fastest growing economies, will lead to great benefits and enriched knowledge for both parties. Together, we will discover ways to further improve our business operations and service offerings to clients interested in the Indian capital markets."

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 2007 the value of assets in storage was more than RUR4.3 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numerating agency, the substituting numerating 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 (29%).

For further information about NDC: www.ndc.ru, or NDC Public Affaires Department: +7 495 232 0910,