Results of B&N Bank's Annual Meeting of Shareholders dated June 25, 2009

Results of B&N Bank’s Annual Meeting of Shareholders dated June 25, 2009

B&N Bank has announced the results of the Annual General Shareholder’s Meeting held on June 25, 2009 in the Bank’s corporate headquarter.

The shareholders have heard and approved the Annual Report of the Bank for 2008, Annual Financial Statements and Profit and Loss Statement (including dividend payment) according to the results of the 2008 financial year.

In accordance with the Board of Directors proposal, the Shareholder’s Meeting decided to pay out dividends for the full year of 2008. The total amount of dividend payments will make approximately RUB 16 050 500 on the Bank’s 17 075 000 ordinary shares. The amount of dividends per one ordinary share will be RUB 0.94 before income tax.

Shareholders have also approved to allot the Bank’s net profit, after payment of dividends in the amount of 304 285 338 rubles, to the Bank’s Reserve Fund.

The Shareholder’s Meeting has also approved the new structure of the Board of Directors in the following composition:

1) Mikail Shishkhanov

2) Sergey Egorov

3) Sergey Maryin

4) Stanislav Taslitsky

5) Grigory Guselnikov

Likewise, B&N Bank’s Auditing Committee composed of three persons has been elected:

1) Irina Avanesova

2) Aibeniz Gadzhieva

3) Lubov Moskaleva

JSC “Audit firm “Univers-audit” has been approved as the Bank’s auditor for 2009.

Annual Meeting of Shareholder’s has also approved the revised versions of Regulations on the Bank’s Board of Directors and Management Board. Revision of these documents provides for procedures for further development of the Bank’s corporate management practice.

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