On June 27, 2003, Vozrozhdenie Bank held the regular Annual General Meeting of Shareholders to determine the business results of year 2002

30 June 2003

The business statement of Vozrozhdenie Bank was represented by Dmitriy Lvovich Orlov, the President of Board. The report of the Supervisory Council of the Bank was also heard.

The General Meeting of Shareholders approved the distribution of profit gained in 2002. In accordance with the planned development prospective, more than one half of the gained profit in the amount of 160 million roubles, by the resolution of shareholders, was assigned to the fund for business development of the Bank.

The General Meeting of Shareholders approved the proposal of the Supervisory Council to pay the dividends for all the categories of shares of the Bank. The amount of dividends will be 20 per cent nominal value of each share for the preferential shares with the fixed dividend rate and 5 per cent nominal value of each share for the ordinary and preferential convertible shares.

The General Meeting of Shareholders approved the report of the Supervisory Council. With respect to changes in the current laws, the General Meeting of Shareholders considered and approved the relevant amendments and additions to the Articles of Association. All of them have the editing and refining nature.

The General Meeting of Shareholders elected the new members of the Supervisory Council and Auditing Commission.

PricewaterhouseCoopers, a prominent international auditing company, was elected as the external auditor of the Bank.

Regular annual Shareholders’ Meeting of Vozrozhdeniye Bank took place on June 23rd 2003
New state registration numbers attributed to the preferential shares of Vozrozhdenie Bank (Open Joint-Stock Company).