May 17, 2007

Shareholders of the National Clearing Center (joint-stock commercial bank) held their annual general meeting on 16 May.

Shareholders approved the annual report of the National Clearing Center for 2006 and the NCC▓s annual financial reports. The general meeting of shareholders decided to omit dividends for the year 2006 and allot the NCC▓s net profit, for the amount of 1.261.653 rubles 32 kopecks, to the NCC▓s reserve fund, which secures the financial reliability of the Center.

Shareholders appointed Deloitte & Touche CIS auditor of the National Clearing Center in 2007 financial year.

The general meeting of shareholders elected the Audit Commission of the National Clearing Center and adopted the Statute of the NCC▓s Audit Commission. The general meeting approved the transactions of purchase and sale of foreign currency, which the National Clearing Center may conclude with interested persons in future in the course of the its regular economic activities.

Shareholders appointed the Supervisory Council of the National Clearing Center till the next annual general meeting of shareholders. The 6 members of the Supervisory Council are: Alexander I. Potemkin (President of the MICEX);

Vadim N. Subbotin (Vice President and Member of the MICEX Executive Board);

Nikolai V. Yegorov (Director of the NDC, Senior Vice President and Member of the MICEX Executive Board);

Yri V. Dubin (Director of Sberbank▓s Depository);

Andrei A. Yumatov (Member of the Executive Board of International Moscow Bank);

Viktor S. Utkin (Chairman of the Executive Board of the National Clearing Center).

At the first meeting of the Supervisory Council, held 16 May, Alexander I. Potemkin, President of the MICEX, was elected Chairman of the Supervisory Council.