The Board of Directors of Bank Vozrozhdenie held its regular meeting

7 August 2009

On August 7, 2009 the Board of Directors held its regular meeting in the form of absentee voting. Directors reviewed the Report on activity of Bank Vozrozhdenie Internal Control and Audit Service in H1 2009 and recognized its activity as satisfactory. Also the Board of Directors considered the reports on Bank’s reviews held by the Central Bank which were received by the Board of Directors during Q2 2009.

The Board of Directors reviewed the Report of the Controller over Bank Vozrozhdenie activity at the securities market in Q2 2009 and 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 in Q2 2009. All abovementioned issues were preliminary discussed by the Audit Committee of the Board of Directors.

The Board of Directors also approved Alterations No. 10 to the Articles of Association of Bank Vozrozhdenie with regard to closing the Representative office in Kaluga as well as another internal regulation within the scope of its authority.

The EBRD is considering an SME Senior loan to Bank Vozrozhdenie
Bank Vozrozhdenie will publish its Q2 2009 IFRS results