Regular meeting of the Board of Directors of Bank Vozrozhdenie

15 August 2007

The regular meeting of the Board of Directors of Bank Vozrozhdenie was held on August 15, 2007.

As a result of the meeting the Board of Directors of Bank Vozrozhdenie made a decision on placement of the second bond issue of the Bank and determined parameters of the issue. The issue volume will be RUB 5 bln (5 million pieces with the nominal value of RUB 1000 each) with maturity of 3 years (1097 days). The bonds will be placed through the open subscription at a price of the nominal value.

The Board of Directors also considered the quarterly report of the controller for Bank Vozrozhdenie activity as a professional member of the stock market for Q2 2007, materials of audits conducted in Q2 2007 by the authorized representatives of the territorial offices of the Bank of Russia, as well as the report of the Internal Control and Audit Service of Bank Vozrozhdenie for H1 2007. Taking into account the recommendations worked out by the Audit Committee, the Board of Directors considered the work of the controller and the Internal Control and Audit Service as satisfactory.

The Board of Directors determined and approved the amount of payment for annual audit conducted by ZAO PriceWaterhouseCoopers.

The Board of Directors also took decisions within its competence to improve functioning the Bank’s branch network.

Bank Vozrozhdenie opened its 160th office
Second debt issue