Recommendations of the Board of Directors concerning dividends

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:

2.1. Date of holding the meeting of the Board of Directors: April 23, 2010.

2.2. Date and number of the minutes of the Bank Vozrozhdenie’s Board of Directors meeting:

April 23, 2010, Minutes No8.

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

2.3.1. To propose to the General Shareholders’ Meeting to allocate (from the Bank’s net profit results of 2009) the amount of RUB 14 463 357.00 for payment of dividends.

2.3.2. To propose to 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 shareholders eligible for annual dividends at the same date as establishment of the list of shareholders entitled to take part in the Annual General Meeting of Shareholders — May 06, 2010 (at 7 p.m. Moscow time).

2.3.4. To pay dividends within the period from August 17 to August 24, 2010 by bank transfer according to the banking details recorded in the Register of Bank Vozrozhdenie shareholders. In case banking details are not available, dividend payments to individual shareholders shall be made through cash offices of the Bank’s branches starting from August 17, 2010.

3.1. Deputy Chairman of the Management Board Bank Vozrozhdenie

3.2.  April 23, 2010