Annual Meeting of Shareholders of the Bank

On April 29, 2008 the Bank Saint Petersburg held its General Meeting of Shareholders, which summarized Bank’s results for 2007.

Annual Report of the Bank for 2007, a balance sheet (as of January 1, 2008), an income statement for 2007 and distribution of profits for 2007 were approved by the Meeting.

OJSC “BDO Unicon Severo-Zapad” was approved to be Bank’s auditor of reporting under the Russian accounting standards for the year 2008.

The General Meeting of Shareholders made the decision on payment of dividends for 2007 on ordinary shares in the amount of 14% of such shares’ nominal value and on the preferred shares in the amount of 11% of such shares’ nominal value. Aggregated sum of dividends paid is RUR 41,712 thousand.

The following persons were elected the Supervisory Board members: Sergei B. Eganov, Vladimir A. Gariugin, Andrei T. Ibragimov, Elena V. Ivannikova, Felix V. Karmazinov, Dmitry V. Korzhev, Nina V. Kukuruzova, Indrek Neivelt, Alexander V. Savelyev, Dmitry E. Troitsky, Vyacheslav A. Zarenkov. Vyacheslav A. Zarenkov was elected a member of the Supervisory Board as an independent director. He has an extensive experience in real estate, development and construction projects. Indrek Neivelt war reapproved as a Chairman of the Supervisory Board.

The Chairman of the Management Board, Alexander A. Savelyev commented on the changes to the Supervisory Board structure: “We greatly appreciate Alexander I. Polukeev’s contribution to the Bank’s development. At the same time we realize the workload resulting from responsibility level of the Vice-governor of the City of St. Petersburg, who monitors the sectors of extreme importance for the city - transport, energy sector, housing and private utilities. We perfectly understand and accept his decision to withdraw from the Bank’s Supervisory Board”.