The Audit Committee of the Board of Directors of Bank Vozrozhdenie held its regular meeting in the form of absentee voting

18 September 2009

In the course of its meeting the Audit Committee considered Bank’s 6M 2009 IFRS results and recommended the Board of Directors to accept Bank’s IFRS results as satisfactory.

Due to alterations made in the legislation regulating the internal control in credit organizations, the Audit Committee considered a new edition of the Rules of organization of Bank Vozrozhdenie system of internal control as well as a new edition of the Regulation on Internal Control and Audit Service of Bank Vozrozhdenie and recommended the Board of Directors to approve aforementioned Rules and Regulations.

The Consolidated Report on stress-testing carried out in Bank Vozrozhdenie as of July 1, 2009 was considered for purposes of the risk management system improvement. The Audit Committee recommended the Board of Directors to approve the scenarios for carrying out stress-testing and to mandate the Bank’s Management Board to take into account the results of such stress-test while implementing measures on risk management.

In addition the Audit Committee considered a draft Agreement with CJSC PricewaterhouseCoopers Audit, the Bank’s external auditor. The Committee recommended the Board of Directors to approve the price announced by PricewaterhouseCoopers for its annual audit services.

Standard & Poor’s Ratings Services Changed Bank Vozrozhdenie Long-Term Rating to ’B+’, outlook “stable”
The Board of Directors of Bank Vozrozhdenie held its regular meeting in the form of absentee voting