The meeting of the Audit Committee of the Board of Directors of Bank Vozrozhdenie

16 July 2007

The first meeting of the Audit Committee of the Bank’s Board of Directors took place on July 16, 2007. The Committee was established by the Board of Directors of the Bank on July, 2007 and the following members of the Board of Directors were elected to the membership of the Committee: Alexander N.i Zhizhaev, Nikolai S.i Zatsepin, Valentina V.i Kabanova.

As a result of the meeting Alexander N.i Zhizhaev was elected as a Chairman of the Audit Committee of Bank Vozrozhdenie and the action plan of the Audit Committee for 2H 2007 was approved. It’s planned to hold 5 meetings of the Audit Committee to fulfill the tasks of the Committee set for the period till December 31, 2007.

The Board of Directors held the 1st meeting in a new membership
Bank Vozrozhdenie assets increased by 13.7% during the Q2, 2007