ROSBANK shareholders were informed ofthe results ofthe banks operations in2005, approved the Annual Report, the balance sheet asof January 1, 2006and the profit-and-loss report.

The EBRD isthe lender ofrecord for the full amount ofthe loan and isproviding $50 million ofits own funds (A-Loan).

The shareholders accepted the new wording ofthe banks bylaws, which complies with the Russian and foreign legislation requirements related tothe corporate governance issues.

The upgrade inthe National Long-term rating and the change inrating Outlooks reflect the growth and diversification ofRosbanks business, following the integration with OVK banks, acquired byInterros in2003.