Moody’s Investors Service has upgraded Ratings of Bank Vozrozhdenie

8 May 2007

Moody’s Investors Service has upgraded Bank Financial Strength Rating of Bank Vozrozhdenie to D- from E+. The Local Currency Deposit Ratings was assigned at Ba3/NP. The Foreign Currency Deposit Ratings has been upgraded to Ba3/NP from B1/NP and the long term National Scale Rating — to Aa3.ru from A1.ru. The outlook on all of the bank’s ratings is Stable.

Moody’s Investors Service published the rating results for Russian banks including Bank Vozrozhdenie as part of the application of its refined joint default analysis (JDA) and updated bank financial strength rating (BFSR) methodologies.

Price set for 3 million share issue of Vozrozhdenie Bank
Vozrozhdenie Bank places 3 million share issue, raising $177 million