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

25 September 2009

According to the approved Schedule of the meetings the Board of Directors reviewed Bank’s 6M 2009 IFRS results and accepted those results as satisfactory.

The Board of Directors approved 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 developed in order to incorporate in them all alterations made in the legislation regulating the internal control in credit organizations recently.

The Board of Directors reviewed the Consolidated Report on stress-testing carried out in Bank Vozrozhdenie for purposes of the risk management system improvement. On the basis of the analysis made it approved the scenarios for carrying out stress-testing and mandated the Bank’s Management Board to take into account the results of such stress-test in the daily risk management activities.

As per recommendations of the Audit Committee the Bank’s Board of Directors approved the price announced by PricewaterhouseCoopers for its annual audit services.

In addition the Board of Directors considered the report on implementation of the Schedule of activities on Bank’s corporate governance improvement approved by the Board of Directors in June 2009.

The Audit Committee of the Board of Directors of Bank Vozrozhdenie held its regular meeting in the form of absentee voting
Bank Vozrozhdenie ranks among the most transparent companies according to Standard & Poor’s