Price set for 3 million share issue of Vozrozhdenie Bank

3 May 2007

Moscow, May 3, 2007. The Board of Directors of Vozrozhdenie Bank has set the price for its new share issue at $59.00 or 1,520 rubles per share.

This is the 20th issue of shares for Vozrozhdenie and when completed the 3 million new shares to be issued will raise $177 million in new capital to support the rapid organic growth of the bank’s business. “Our business has expanded faster than we expected — about 20% faster than the growth of the banking system as a whole.” said Dmitri Orlov, Chairman of the Management Board of the Bank. “The new capital will allow us to continue to help our customers expand their businesses or, as individuals, to improve their lives when they decide to borrow.”

Existing shareholders had until May 2nd to subscribe for shares under preemptive rights in proportion to their holdings at February 20, 2007. Shares not taken up by pre-emptive rights holders will be issued to investors under an open book subscription arranged with the advice of Troika Dialog, a major Russian investment bank.

The Bank’s shares trade on both the Moscow Inter-bank Currency Exchange and the Russian Trading System under the ticker VZRZ. A small portion, less than 3%, of the bank’s shares also trade on German exchanges in the form of American Deposit Receipts. The bank is widely owned, with more than 7,500 shareholders. Standard and Poor’s ranked Vozrozhdenie Bank first among the top 30 Russian banks in terms of transparency with respect to shareholders in 2006.

The Board of Directors also set the date and agenda for the Annual General Meeting of Shareholders, to be held on June 29, 2007. The Board will recommend to the shareholders meeting to distribute net profit in the amount of 12.96 million rubles for payment of dividends on both ordinary and preference shares, the same level per share as in previous year. The list of shareholders having the right to participate in the general shareholders meeting and to receive dividends will be closed at 10 a.m. Moscow time on May 10, 2007.

For more information see:

Vozrozhdenie Bank, a community bank for companies and individuals, was founded in 1991. (General License from the Central Bank of the Russian Federation # 1439, March 24, 2003.) Among the Top 30 Russian Banks in the Central Banks rating, its network includes over 150 branches in 19 regions of Russia. The Bank provides more than 1,000,000 individual and 45,000 corporate clients with a range of services, from savings accounts, payment handling, payroll management, to mortgages, bank cards and business and consumer loans. According to “Expert” magazine, in 2006, the Bank ranked 6th in terms of both the number of mortgages granted and in payment card business.

Corporate Communications,
Bank Vozrozhdenie
Tel. + 7(495) 620-18-84

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