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Supervisory Council of Vneshtorgbank set a date for its annual shareholders` meeting

 
7 June 2005

Vneshtorgbank`s Supervisory Council made a decision to hold an annual general meeting of the Bank`s shareholder on June 30, 2005. Under the agenda offered by the Council, the shareholders` meeting shall approve Vneshtorgbank`s annual report previously assented by the Council, its financial statements and allocation of profits for the 2004 fiscal year. The Supervisory Council suggested that the General meeting should ratify the profit allocation and set a dividend payment under Vneshtorgbank`s shares amounting to RUR 40.5 per share, which will account for almost 18% of VTB`s net income or more than RUR 1.7 billion.

Also, Vneshtorgbank`s shareholders will consider issues of electing members of the Supervisory Council and Auditing Commission, as well as appointing an auditing company. In its turn, the Supervisory Council suggested approving Ernst & Young Vneshaudit CJSC as an auditing company for Vneshtorgbank, which was selected on the basis of a tender held among auditing companies.

The Supervisory Council also discussed some other issues relating to the current activities of VTB and made a decision to issue interest bearing documentary bonds on the bearer, series 05 and 06. The total face value of the issue will amount to RUR 30 billion, including series 05 bonds worth RUR 15 billion face value with a 2912 day maturity, and series 06 bonds worth RUR 15 billion face value with a 3640 day maturity.


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