Recommendations given by the Board of Directors concerning dividends to be paid

1. General Data

1.1. Full corporate name of the issuer

1.2. Abbreviated corporate name of the issuer:

1.3. Location of the issuer:

1.4. State Registration number of the Issuer:

1.5. Identification tax number of the issuer:

1.6. Unique code of the issuer, assigned by the registration body:

1.7. Internet site used by the Issuer for publishing messages:

2.Content of the Message

2.1. Date of holding the meeting of the Board of Directors: May 3, 2007.

2.2. Date and number of the minutes of the Bank Vozrozhdenie’s Board of Directors meeting: May 3, 2007, Minutes # 13.

2.3. The summary of decisions taken by the Board of Directors:

2.3.1. To propose at the General Shareholders’ Meeting to allocate (from the Bank’s net profit results of 2006) the amount of RUB 12,963,357.00 to pay dividends.

2.3.2. To propose at the General Shareholders’ Meeting to approve the following amount of dividends, calculated per share:

• for ordinary non-documentary registered shares with a nominal value of RUB10 each - 5% of the nominal value or RUB 0.5 per share;
• for preference non-documentary registered shares with fixed dividend and nominal value of RUB 10 each – 20% of the nominal value or RUB 2 per share.

2.3.3 To establish the list of persons eligible for annual dividends at the same date as establishment of the list of persons entitled to take part in the Annual General Meeting of Shareholders – at 10 a.m. Moscow time on May 10, 2007.

2.3.4. Dividend payments shall be executed from August 20 to August 28, 2007 by bank transfer according to the banking details kept in the holding recording system of the Register of the Bank Vozrozhdenie’s shareholders. In case banking details are not available dividend payments to individual shareholders shall be made through cash offices of the Bank’s branches beginning on August 20, 2007.