Moscow, June 30, 2006. Bank Vozrozhdenie Annual General Meeting of Shareholders.

The Annual General Meeting shareholders of Vozrozhdenie held today reviewed the results of 2005 activities.  The financial results demonstrate the positive and dynamic development of the business. In 2005, the bank’s assets grew 60% to 49 billion rubles. The return on capital was 24%. Market capitalization increased by 8 times and by January 1^st, 2006 was $550 million. The capital of the bank increased by 27% and reached 4,2 billion rubles, according to Russian Accounting Standards.

Vozrozhdenie specializes in providing banking products and services; banking transactions, savings and financing, for small and medium enterprises and individual clients. Credit to clients makes up more than 70% of the bank’s assets, 88% of the credit portfolio is to corporate clients. The share of credits to individuals increased by three times during the last year to 11% of the credit portfolio of the bank. During 2006 individuals’ proportion should rise to 17%. On the liability side more than 50% of funds are provided by deposits and current accounts of individuals. The bank is among the top 10 banks ranked by individual deposits. Vozrozhdenie is one of leaders in plastic cards transactions with more than 700,000 accounts and provides payroll services to more than 2,500 commercial clients through its debit cards in 19 regions of the country. In 2005, Vozrozhdenie was one of the ten leading banks in providing mortgages to individuals.

“Our priority, and the fastest growing part of our business, is credit for individuals”, said Dmitry Orlov, President of Vozrozhdenie Bank. “Development of our mortgage business is a confirmation of our slogan, ‘the bank that is always with you’. We work to give our clients the opportunity to improve the quality of their life today. Our task is to be closer to our clients and to understand their problems better. For this reason, it’s important for us to continue to expand our branch network.  During 2006 we plan to open 20 new sales offices and to expand the ATM network to 500 automated teller machines.”

The annual report submitted by the Management Board, the annual financial statements including the report on profits for 2005 and distribution of the profit, and also the report of the Supervisory Council were accepted. Revisions to the bank’s Charter and internal corporate documents also were approved.

The General Meeting approved payment of dividends for ordinary shares at a rate of 5% of nominal value and on preferred shares at a rate of 20% of nominal value. The nominal value of both classes is 10 rubles and the total sum of dividends declared is therefore about 12 million rubles.

Shareholders elected members of the Supervisory Council and the Audit Committee of the bank, as well as reappointing PricewaterhouseCoopers as auditor of the bank for the next year.

For more detailed information please visit our website: www.vbank.ru

Anna Chernyakhovskaya,
Corporate communications
chern_anna@comail.voz.ru
+7 (495) 777—0888