On June 24th2005 annual General Meeting of Shareholders of Bank Vozrozhdeniye was held.

Press release

ANNUAL GENERAL MEETING OF SHAREHOLDERS OF BANK VOZROZHDENIYE

The activities results for the year 2004 were summarized on June 24th at annual general meeting of shareholders of Bank Vozrozhdeniye.

The summary results substantiate the Bank's dynamic development. The Bank's net assets totaled RUR 30.5 billion. The Bank's capital reached RUR 3.3 billion. Profit for 2004 amounted to nearly RUR 318 ml. By January 1st 2005, the Bank's loan portfolio topped RUR 23.6 billion. It basically covers real sector businesses. Dynamic development features are manifested among other key operational parameters as well. In particular, profitability of assets and capital has increased, the number of territorial offices grown, the ATM network and its functional possibilities have extended.

In 2004, current account balances of retail and corporate customers grew up to RUR 25 billion, where retail deposits increased nearly 1.5 times. The client base has been enhanced significantly. So, over the reported year, the number of depositors reached 780,000, and the number of corporate clients grew to 37 200.

During the reported period, development and introduction of new services continued. In the first place, it related to the new high technology banking products, such as bankcards, electronic payments through "Client-Bank" system and high information technology based projects. By the end of the year 2004, the number of cards totaled over 550,000 (at the moment they total 597,000), and the volume of bankcard operations also has grown significantly. The number of ATMs in the Bank's network topped 312 units by the end of 2004 (at the moment this figure increased to 353 units). The priority program of bankcard introduction and developing their service infrastructure in the Moscow Region - strategic region for the Bank - has been successfully carried out.

The General Meeting has approved the submitted annual report, annual accounting reporting, profit and loss statement for the year 2004, profit distribution plan and the report of Supervisory Council. The General Meeting of Shareholders has taken decision to pay dividends on ordinary shares in the amount of 5% of the share nominal value and on preference shares - in the amount of 20% of the share nominal value. The total amount of the paid dividends will make about RUR 12 ml.

Shareholders also considered some organizational and legal issues. In accordance with the occurred changes in the effective legislation the respective changes have been introduced into the Charter and internal documents of the Bank. The new wording of Regulation on Revision commission of Open joint-stock company Bank "Vozrozhdeniye" was also approved at the General Meeting.

Shareholders elected members of Supervisory Council and Revision Commission of the Bank.

General Meeting of shareholders approved the Bank's auditor - closed joint-stock company "PricewaterhouseCoopers Audit".

PRESS RELEASE of the BANK