The Board of Directors of Bank Vozrozhdenie held its regular meeting

31 March 2009

On March 30, 2009 the Board of Directors of Bank Vozrozhdenie held its regular meeting.

In the course of this meeting the Board of Directors reviewed Bank Vozrozhdenie 2008 IFRS results. The Board of Directors highlighted the growth of the Bank’s key performance indicators comparing to the previous year.

In order to improve corporate governance the Board of Directors approved a new edition of Bank Vozrozhdenie Corporate Conduct Code. The new edition of the Corporate Conduct Code is supplemented with the new issues related to resolution of corporate conflicts, prevention of conflicts of interests, as well as dividend policy.

The Board of Directors reviewed 2008 Report “On Bank Vozrozhdenie credit risk analysis” made by the Credit Risk Control Department of Bank Vozrozhdenie and recognized the work of the Credit Risk Control Department in 2008 as satisfactory. The board of Directors mandated the Bank’s management Board to control implementation of the Bank’s risk management strategy.

In order to improve the Bank’s risk management the Board of Directors approved a new edition of the Regulations on market risk calculation in Bank Vozrozhdenie.

The Board of Directors has approved the financial plan (budget) of Bank Vozrozhdenie for 2009 which was preliminarily discussed by the Board of Directors on its previous meeting.

Vozrozhdenie Bank 2008 IFRS Profit of 3,137 million rubles, changed by 65% comparing to 2007 result
Bank Vozrozhdenie executives to give conference call for investors