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

9 August 2007

The regular meeting of the Audit Committee of the Board of Directors of Bank Vozrozhdenie was held on August 9, 2007.

At the meeting the Audit Committee discussed 4 issues. As a result of the meeting the Committee recommended the Board of Directors to consider the following issues:

  1. the quarterly report of the controller for Bank Vozrozhdenie activity as a professional member of the stock market for Q2 2007;
  2. information of the acts of Bank Vozrozhdenie audit prepared by supervisors of the territorial offices of the Bank of Russia and forwarded to the Board of Directors during the Q2 2007;
  3. the report of the Internal Control and Audit Service of the Bank for H1 2007.

At the meeting the Audit Committee also considered the draft contract with ZAO PriceWaterhouseCoopers Audit, the official Auditor of the Bank according to the decision of the General Meeting of shareholders, and worked out recommendations on the amount of payment for audit services to be rendered by ZAO PriceWaterhouseCoopers Audit.

Vozrozhdenie Bank reports First Half 2007 Net Income of 674 million rubles, under International Financial Reporting Standards
Bank Vozrozhdenie opened its 160th office