Under this issue 1,294,505 preferred registered documentary shares with a fixed dividend and a face value of 10 rubble per share have been placed. The share issue has been conducted through consolidation of the preferred registered documentary shares with a fixed dividend (state registration number 10201439B) that were placed before. As a result of the consolidation, ten preferred registered documentary shares with a fixed dividend and a face value of 1 ruble have been converted into one preferred registered documentary share with a fixed dividend and a face value of 10 ruble (state registration number 10401439B).

Fractional shares having been formed in the process of consolidation are circulated equally with the whole shares. A fractional share shall provide its shareholder (its owner) with the rights being granted by a preferred registered documentary share with a fixed dividend in the volume corresponding to its whole share.

Shares of the sixteenth issue were placed among holders of preferred registered documentary shares with a fixed dividend in accordance with the shortlist of shareholders made on the basis of the Bank's shareholders' register as of March 25th, 2002.

Total authorized capital of the MJSCB "Vozrozhdeniye" has not changed upon completion of the sixteenth share issue and amounted to RUR 145,431,990. The Bank's shareholders can get information about the report on the 16th share issue results by the following address: Luchnikov per., 7/4 -6, Moscow (Shareholders Department); tel. (095) 929-18-61.