The Board of Directors of Bank Vozrozhdenie held a regular meeting_

25 September 2008

The regular meeting of the Board of Directors of Bank Vozrozhdenie held in the form of absentee voting took place on September 19, 2008.

The Board of Directors discussed IFRS results of Bank Vozrozhdenie for 6M 2008 and highlighted the growth of the main indicators of Bank activities comparing to the indicators of the similar period of the previous year.

The Board of Directors analyzed the Report on Bank’s activity revisions held by the Central Bank in Q2 2008.

The Board of Directors approved the cost of PricewaterhouseCoopers Audit annual audit services.

The Board of Directors approved Bank Vozrozhdenie Corporate Ethic Code. The main goal of the Code is to establish corporate behavior of the Bank’s employees complying with ethical standards, aimed at improving profitability, financial stability and efficiency of the Bank. The Code defines fundamental corporate values of the Bank as well as ethical obligations of the Bank to various groups of stakeholders in the course of its business.

The HR and Compensation Committee of Bank Vozrozhdenie Board of Directors held a regular meeting
Standard & Poor’s affirmed long-term counterparty credit rating of Bank Vozrozhdenie