International Audit Company PricewaterhouseCoopers has performed an audit of the Bank’s financial statements for the year 2002 and confirmed that they are prepared in accordance with IAS

20 May 2003

To the Supervisory Council of Vozrozhdeniye Bank:

1. We have audited the accompanying balance sheet of Vozrozhdeniye Bank (the “Bank”) as at 31 December 2002, and the related statements of income, of cash flows and of changes in shareholders’ equity for the year then ended. These financial statements are the responsibility of the Bank’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Bank as at 31 December 2002 and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

Moscow, Russia
28 April 2003

Balance Sheet as at 31 December 2002

(in millions of Russian Roubles expressed in terms of the purchasing power of the Russian Rouble
at 31 December 2002 unless otherwise stated)

Cash and cash equivalents1 452
Mandatory cash balances with the Central Bank of the Russian Federation987
Trading securities1 298
Due from other banks1 324
Loans and advances to customers8 694
Investment securities available for sale184
Investment securities held to maturity983
Accrued interest income and other assets262
Premises and equipment1 398
Total assets16 582
Due to other banks1 078
Customer accounts10 882
Other borrowed funds2 722
Accrued interest expense and other liabilities384
15 066
Long-term subordinated loans 492
Exchangeable convertible preference shares recorded as liabilities 112
Total liabilities15 670
Shareholders’ equity
Share capital 4 316
Share premium 675
Accumulated deficit (4 079)
Total shareholders’ equity912
Total liabilities and shareholders’ equity16 582

Signed on behalf of the Board of Directors on 28 April 2003.

President Orlov D.L.
Chief Accountant Novikova A.A.

Statement of Income for the Year Ended 31 December 2002

(in millions of Russian Roubles expressed in terms of the purchasing power of the Russian Rouble
at 31 December 2002 unless otherwise stated)

Interest income1 567
Interest expense(1 036)
Net interest income531
Release of provision/(provision) for loan impairment454
Net interest income after provision for loan impairment985
Gains less losses arising from trading securities175
Gains less losses/(losses less gains) arising from investment securities available for sale45
Gains less losses arising from dealing in foreign currencies87
Foreign exchange translation gains less losses24
Fee and commission income490
Fee and commission expense(29)
Recovery of provision for losses on credit related commitments3
Other operating income55
Operating income1 835
Operating expenses(1 589)
Monetary gain166
Gains resulting from restructuring of other borrowed funds162
Profit before taxation574
Net profit573
Earnings per share (expressed in RR per share)
By the results of the Visa International’s advertising campaign related to the sponsorship of the Russian Federation of Hockey, one of the Bank’s customers won the main prize — a trip to Canada.
Dmitriy Ljvovich Orlov, President of Vozrozhdeniye Bank was awarded with a medal “For Strengthening Combat Commonwealth”