Board of Directors of Vozrozhdenie Bank has adopted recommendations with regard to Promsvyazbank’s MTO

27 January 2016

Today Vozrozhdenie Bank has held a meeting of the Board of Directors to consider the mandatory tender offer (MTO) from Promsvyazbank on acquisition of 11,226,239 ordinary non-documentary registered shares of Vozrozhdenie Bank in accordance with the Federal Law “On Joint-Stock Companies”.

Following the meeting results, the Board recommends to shareholders owning ordinary shares of Vozrozhdenie Bank to accept MTO of Promsvyazbank to acquire shares. To avoid conflict of interests, members of the Board of Directors affiliated with Promsvyazbank did not take part in voting on the agenda.

The Board also stated that the MTO price (533 rubles 00 kopecks per share) is reasonable. It is determined as not less than the average weighted price, as per the trading results on CJSC MICEX Stock Exchange for the six months prior to sending of the MTO to the Bank of Russia, and according to the information provided by Promsvyazbank in the MTO, not less than the maximum price per share, at which Promsvyazbank and its affiliates acquired shares of Vozrozhdenie Bank within six months prior to sending MTO to V.Bank.

The Board also recommends taking into account that the market price of V.Bank ordinary shares as of the date of receipt of the MTO is below the MTO price.

The Board of Directors acknowledges that the market value of Vozrozhdenie Bank securities acquired may change, including due to decrease of the free float, actions taken within the MTO, change of the bank’s performance, general economic conditions and market environment, change of legislation of the Russian Federation and other events.

The MTO of Promsvyazbank and recommendations of the Board of Directors will be sent to shareholders — owners of Vozrozhdenie Bank ordinary shares in the order and terms stipulated by the applicable legislation.

Vozrozhdenie Bank Board of Directors has held a meeting
Vozrozhdenie Bank forwards its shareholders Mandatory Tender Offer of Promsvyazbank and recommendations of the Board of Directors