A new Board of Directors of the Bank Vozrozhdenie holds its first meeting upon completion of the General meeting of the Bank shareholders on June 27, 2008

Chairman and Secretary of the Board of Directors were elected at the first meeting of new Board of Directors. Yury Marinichev was elected Chairmen of the Board of Directors. Aleksander Dolgopolov was elected Secretary of the Board of Directors.

The Auditing Committee and the Personnel and Remuneration Committee were formed at the meeting. Vladimir Panskov, who previously was an auditor of the Counting Chamber of the Russian Federation, was elected Chairman of the Auditing Committee of the Board of Directors. Robert Brus Willumstad, Managing Partner of Brysam Global Partners Fund was elected Chairman of the Personnel and Remuneration Committee.

The Board of Directors approved the working program for the year ahead.