The Board of Directors of Bank Vozrozhdenie held a regular meeting

22 January 2008

A regular meeting of the Board of Directors of Bank Vozrozhdenie was held on January 22, 2008 in the form of absentee voting. The ballot papers were forwarded by all members of the Board of Directors within the prescribed period.

The Board of Directors approved Amendment #5 to the Articles of Association concerning the change of Saransk branch location and the change of status of Lukhovitsy and Lotoshino branch to additional offices (internal structural divisions).

The Board of Directors approved revised Policies and Procedures to minimize the Bank’s stock market activity risks.

The Board of Directors also considered other questions.

The Board of Directors of Vozrozhdenie Bank held a regular meeting
The Audit Committee of the Board of Directors of Bank Vozrozhdenie held a regular meeting