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Supervisory Council of Vneshtorgbank holds a meeting

27 December 2005

Supervisory Council of Vneshtorgbank at the meeting held on December 27, 2005, decided to convene an extraordinary general meeting of the Bank`s shareholders. On top of the agenda is the issue of approving amendments to Vneshtorgbank`s Charters related to an increase in the Bank`s authorized capital resulting from the supplementary issue of the Bank`s shares.

In light of Vneshtorgbank`s acquisition of the Bank of Russia`s participations in the Russian-owned banks abroad, the Supervisory Council also considered an issue of comfort letters to be delivered from VTB to regulatory bodies of the countries involved. It is a standard practice to deliver such comfort letters when there is a change in a major shareholder of a bank with foreign participation. The Supervisory Council approved of comfort letters to be delivered to regulatory authorities of the United Kingdom of Great Britain and Northern Ireland, the Republic of Singapore, French Republic, the Republic of Austria, and the Federal Republic of Germany, as well as to the Bank of Russia.

Besides, the Supervisory Council decided to launch new branches of Vneshtorgbank in Vladikavkaz and Makhachkala. It also discussed some issues related to current activities.

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