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

31 July 2009

On July 31, 2009 the Audit Committee of Bank Vozrozhdenie Board of Directors held its regular meeting in the form of absentee voting. Members of the Committee considered the following documents: the Report on activity of Bank Vozrozhdenie Internal Control and Audit Service in H1 2009, Q2 2009 Report on compliance with the rules of internal control and with internal control programs to combat legalization (laundering) of criminally obtained revenues and terrorist financing, Q2 2009 Report of the Controller over Bank Vozrozhdenie activity at the securities market.

Also the Audit Committee analyzed the reports on Bank’s reviews held by the Central Bank which were received by the Board of Directors during Q2 2009.

The Audit Committee recommended the Board of Directors to accept as satisfactory the activity of the Internal Control and Audit Service, the activity of the Controller over Bank Vozrozhdenie activity at the securities market as well as activity carried out by the bank to comply with the rules of internal control and with internal control programs to combat legalization (laundering) of criminally obtained revenues and terrorist financing.

Bank Vozrozhdenie reported net profit for H1 2009 of Rub 938 mln.
The EBRD is considering an SME Senior loan to Bank Vozrozhdenie