The new Board of Directors of Bank Vozrozhdenie held its first session

30 June 2008

Moscow, June 30, 2008. A newly reelected Board of Bank Vozrozhdenie Directors held its first session following the General Shareholders’ Meeting of the Bank, on June 30, 2008.

The shareholders at the Annual General Meeting elected the following people to the Board of Directors: Yury M. Marinichev, Chairman of the Council of Moscow Regional Union of Consumer Cooperation; Dmitry L. Orlov, Chairman of the Bank’s Management Board; Lyudmila A. Goncharova, Deputy Chairman of the Bank’s Management Board; Alexander V. Dolgopolov, Deputy Chairman of the Bank’s Management Board; Robert B. Willumstad, Managing Partner of Brysam Global Partners; Alexander N. Zhizhaev, General Director of Mostransavto Moscow Region Transport Enterprise; Valery P. Zhigulich, General Director of the S А. Zverev Krasnogorsk Federal Scientific Manufacturing Company; Nikolay S. Zatsepin, General Director of CJSC Mozhaisk Wholesale and Retail Company; Otar L. Margania, Senior Vice-President of Bank VTB; Nikita S. Mikhalkov, Film Director; Vladimir G. Panskov, Professor of the All-Russian Financial and Economic Institute; Yuri V. Poletaev, former head of Moscow Narodny Bank in London.

At the first session of the new Board, Yury M. Marinichev was elected Chairman and Alexander V. Dolgopolov was elected Secretary of the Board. The Board of Directors confirmed its schedule for the following year.

Two committees were established; Audit and HR and Compensation. Vladimir G. Panskov, former auditor of the Russian Audit Chamber, will head the Audit Committee. Robert B. Willumstad, Managing Partner of Brysam Global Partners, will head the HR and Compensation Committee.

Vozrozhdenie Bank has a good reputation for its high level of corporate governance and continues to follow best practices in this area. Vozrozhdenie has been considered as the most transparent bank from a shareholders perspective by Standard and Poor’s for the past three years. At the beginning of 2008, the Bank was ranked as one of the five best governed listed companies by Troika Dialog in a survey of governance in Russian publicly traded companies. The Bank considers that clear separation of authorities in daily transactions, a comprehensive internal control regime and information and financial transparency are central to its good governance. The Bank has had an effective Corporate Governance Code since 2004.

“The successful development of any business is impossible without access to investment capital. An increasing number of investors are ready to pay higher price for shares of well managed companies adhering to the best practice standards in corporate governance and which transparently disclose financial information,” said Yury Marinichev, Chairman of Vozrozhdenie’s Board of Directors. “We now have six independent directors in the new Board structure. I am confident that the newly elected Board of Vozrozhdenie will make our corporate governance even better.”

Vozrozhdenie Bank, a community bank for companies and individuals, was founded in 1991. (General License from the Central Bank of the Russian Federation # 1439, March 24, 2003.) Among the Top 30 Russian Banks in the Central Banks rating, its network includes 168 offices and 575 ATMs in 20 regions of Russia. The Bank provides more than 1,150,000 individual and 49,000 corporate clients with a range of services, from savings accounts, payment handling, payroll management, to mortgages, bank cards and business and consumer loans. Vozrozhdenie is considered by Standard and Poor’s as the most transparent Russian bank from a shareholder’s perspective. According to the results of a 2007survey the Bank was recognized as “Company of the Year” in the category “Reputation and Confidence”.

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