Severnaya Kazna Chairman Andrei Volchik reduced his share in the bank’s authorized capital from 5.413% to 4.534%, selling .879% of his shares. Mr. Volchik has numerously reduced or raised the number of his shares before; the last such change took place on June 29, 2007 when his share dropped from 8.413% to 5.413%, or by 3%.

On June 14, 2007 Andrei Volchik’s shareholding went up by .73% (from 7.691% to 8.413%). Mr. Volchik also reduced his share from 7.995% to 7.044%, or by .951%, in May 2007 and from 10.024% to 7.995% on April 25, 2007.

This information was published in compliance with the demand that an issuer and/or a joint stock investment fund must promptly reveal any information that could influence its stock price.