The Board of Directors of Bank Vozrozhdenie held a regular meeting

5 February 2008

A regular meeting of the Board of Directors of Bank Vozrozhdenie in the form of absentee voting was held on February 04, 2008. The ballot papers were forwarded by all members of the Board of Directors within the prescribed period.

As no proposals from shareholders are received, the Board of Directors decided to prepare proposals for agenda of the Annual General meeting of Shareholders, candidates to be nominated to the Board of Directors and Audit Commission. The Board of Directors also approved the membership of the Organizational Committee on preparing and holding the annual General meeting of shareholders and entrusted to the Management Board to work out a schedule for activities on preparing and holding the annual General meeting of shareholders.

The Board of Directors approved the Financial plan of Bank Vozrozhdenie for 2008.

The Board of Directors took into consideration the quarterly report of controller of Bank Vozrozhdenie and recognized the activity of controller in the fourth quarter of 2007 as satisfactory. The Board of Directors also considered the report on the Internal Control and Audit Service activity in 2007 and recognized the activity of the Internal Control and Audit Service as satisfactory.

Information contained in the reports of supervision of Bank Vozrozhdenie received by the Board of Directors in the fourth quarter of 2007, was also taken into consideration.

To improve organizational structure of the Bank’s branch network, the Board of Directors decided to change the status of Kurovsky Branch to inner structural division, the additional office of Noginsk Branch of Bank Vozrozhdenie.

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