URSA Bank’s stockholders attended the bank’s annual general meeting on June 20, 2008. In the course of the meeting, the stockholders confirmed the company’s annual report, the annual accounting balance sheet, and the profit and loss statement for the financial year 2007. The shareholders decided to distribute URSA Bank’s profit for 2007 (672,682,293.93 RUR, calculated in accordance with the Russian accounting standards) in the following way: 181,333 RUR and $22.733m will be used for making dividend payments (the latter sum is to be used for making dividend payments on the preference shares of the third type). The rest of the profit is to be directed to the bank’s development fund.

URSA Bank’s Board of Directors now consists of Susan G. Buyske, Andrei A. Bekarev, Kirill V. Brel, Igor V. Kim, Oleg I. Kirillov, Ilya Yu. Mitelman, Alexander A. Taranov, Emirlan T. Toromyrzaev, Arvid Turkner, Ruben K. Vardanyan, and Gueorgui Vassilev.

The AGM attendees decided on Altai Audit Consulting as the bank’s auditor for 2008.