The Audit Committee of the Board of Directors held its final meeting

15 June 2007

On June 15, 2007 the Audit Committee of the Board of Directors, the advisory body ensuring the effective work of the Board on management and control over the Bank’s business, held its last meeting before the Annual General Meeting.

The current membership of the Audit Committee was elected by the Board of Directors on December 8, 2006 (the Minutes of the Bank Vozrozhdenie Board of Directors meeting #5 dated December 18, 2006).

The Audit Committee was set up with 3 members. Mr. Alexander Zhizhaev, Mr. Nikolai Zatsepin and Mrs. Valentina Kabanova were elected as the Audit Committee members with Mr. Alexander Zhizhaev as Chairman (the Minutes of the Bank Vozrozhdenie Board of Directors Audit Committee meeting #1 dated December 28, 2006).

At the final meeting the Committee completed its work from the December 2006. Current membership of the Committee held 4 meetings where 11 questions were discussed. Among them were the issues of ensuring the Board of Directors control over the qualification and independence of the external auditor, over the Bank’s Internal Control and Audit Service work, over the completeness and quality of bank accounting and financial reporting and over the compliance of the Bank with Russian legislation and with the requirements of state regulatory bodies.

The report of the Audit Committee was sent for consideration at the Board of Directors meeting.

Bank Vozrozhdenie executives to give conference call for investors
The Board of Directors held its final meeting