The Board of Directors held its final meeting

22 June 2007

On June 22, 2007 the meeting of the Board of Directors was held. The Board of Directors considered and approved the report of the Audit Committee.

The Audit Committee met 4 times in the past year and discussed the issues of the Board of Directors control over the Bank’s external auditor, over the Internal Control and Audit Service, over the completeness and quality of bank’s reporting and over the compliance of the Bank with the Russian legislation and with the requirements of state regulatory bodies.

The Board of Directors approved the work of the Audit Committee for the reporting period.

Also the Board of Directors approved the restructuring of the Bank’s Internal Control and Audit Service planned for the second half of 2007.

The Board of Directors approved amendments to the Corporate Governance Code and the Regulations on information policy in order to bring them in line with current versions of other internal documents.

The Audit Committee of the Board of Directors held its final meeting
Bank Vozrozhdenie Annual General Shareholders’ Meeting