Approval of the decision on additional bond issue

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

2.2.1. The issuer’s governing body that approved an issue of securities, the method of decision approval and the form of voting (joint presence or voting in absentia):

Board of Directors of Bank Vozrozhdenie

Form of voting — joint presence

2.2.2. Date and location of the meeting held by the issuer’s governing body, where the additional issue of securities was approved:

August 15, 2007; 7/4 Luchnikov pereulok, bldg. 1, Moscow

2.2.3. Date and number of the minutes of the meeting, where the additional issue of securities was approved:

August 15, 2007; Minutes No2.

2.2.4. Quorum and voting results of the meeting of the authorized governing body of the issuer where the decision on the securities issue was made.

Total number of members of the Board of Directors of Bank Vozrozhdenie participated in the meeting: 11 from 12 members. The quorum was in place. 11 members of the Board of Directors participated in the voting. The decision was made unanimously.

2.2.5. Category (type), series and other identification characteristics of securities issued:

Interest-bearing non-convertible secured documentary bonds of series 02 payable to bearer with obligatory centralized keeping without option of early redemption and maturity of 1097 (one thousand ninety seven) days from the initial date of issue.

2.2.6. Maturity (for bonds and options):

The maturity of the bonds is 1 097 (one thousand ninety seven) days from the initial date of issue

2.2.7. The number of securities to be issued and nominal value of each security to be issued (if availability of nominal value is stipulated by the Russian law):

5,000,000 (Five million) pieces of RUB 1000 (one thousand) nominal value each.

2.2.8. Method of securities placement:

Open subscription

2.2.9. Price for securities issued or procedure of its defining.

The price for securities issued was determined by the decision of the Board of Directors of Bank Vozrozhdenie at 100% of the nominal value of bonds.

Starting from the second day of bonds issue a buyer while purchasing bonds shall pay accrued coupon income (NKD), that is calculated from the initial date of issue as follows:

NKD = C(1) * Nom * (T-T(0)) / (365*100%), in rubles, where

Nom — nominal value of 1 bond in rubles

C(1) — interest rate of first coupon, per cent per annum

T — current date

T(0) — initial date of issue

T-T(0) — number of days from the initial date of issue till the current date.

Accrued coupon income per one bond is calculated with approximation to 1 kopek (approximation is made according to the mathematic rules to the closest whole number).

2.2.10. Term (opening and closing dates) of issuing securities and order of its definition.

Initial date of bond issue

The Initial date of bond issue is determined by the Board of Directors of the Bank. The Bank shall publish information on the date of bond issue initiation according to the order and terms settled in the paragraph 14 of the Decision on bond issue and the paragraph 2.9. of the bond issue prospectus.

The Initial date of bond issue shall not be earlier than two weeks after publishing the information on state registration of the issue in “Izveztia” newspaper.

Starting from the date of publishing the information on state registration of the issue all potential purchasers shall be entitled to get acquainted with a copy of the decision and a copy of the bond issue prospectus at the following address: 7/4 Luchnikov pereulok, bldg. 1, Moscow, 101000, Russia, tel. + 7 495) 620-18-61, or on the web-site of the Bank: www.vbank.ru

Date of bond issue closing

The Date of bond issue closing is determined as the earliest of two dates:

a) 5 (fifth) business day after the Initial date of bond issue;

b) date of placement the last bond of this issue, but not later than 1 year from the date of state registration of this issue of securities.

2.2.11. Other terms and conditions of securities issue, specified by the decision on securities issue There shall be no other terms of security issue.

2.2.12. Providing the shareholders of the issuer and other persons with preemptive rights.

There shall be no preemptive rights for purchasing the securities.

2.2.13. The issuer shall be obliged to disclose information after each step of procedure of securities issue if registration of the prospectus is made at the issuer’s discretion.

Bank Vozrozhdenie shall register the Bond issue prospectus and disclose information after each step of procedure of securities issue according to the legislation of the Russian Federation.