Second debt issue

15 August 2007

Bank Vozrozhdenie Board of Directors made a decision to place the 2nd bond issue.

It will be a 5 billion ruble, 3 year (1097 days), fixed rate domestic bond. The bonds will be issued at par under open subscription. First coupon period will lasts 187 days, further coupon periods — 182 days. Coupon rate for the first coupon period to be determined at an auction. Coupon rates for other coupon periods will be equal to the rate fixed for the first coupon period.

Gazprombank and Citibank were mandated as lead—managers of the issue that will be listed and traded on MICEX. The Bank plans to issue bonds during the Q4, 2007.

Regular meeting of the Board of Directors of Bank Vozrozhdenie
State registration of the second bond issue