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										<li  class="root-item"><span><a href="/eng/portrait_of_the_bank/" class="root-item">Portrait of the Bank</a></span></li>
			
		
			
	
	
   	
		
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           <h1></h1><a name="top"></a>
 
<h1>Independent Auditor&rsquo;s Report</h1>
 
<p>To the Shareholders and Board of Directors of Bank Vozrozhdenie:</p>
 
<p>The accompanying summarised financial statements have been derived from the financial statements of Bank Vozrozhdenie (hereinafter - &ldquo;the Bank&rdquo;) for the year ended 31 December 2010, prepared in accordance with international financial reporting standards.</p>
 
<h3>Management’s Responsibility for the Summarised Financial Statements</h3>
 
<p>These summarised financial statements are the responsibility of the Bank’s management.</p>
 
<h3>Auditor’s Responsibility</h3>
 
<p>Our responsibility is to express an opinion on whether these summarised financial statements are consistent, in all material respects, with the financial statements from which they were derived.</p>
 
<p>We have audited the financial statements of the Bank for the year ended 31 December 2010, from which these summarised financial statements were derived, in accordance with International Standards on Auditing. In our report dated 28 March 2011 we expressed an unqualified opinion on the financial statements from which the summarised financial statements were derived.</p>
 
<h3>Opinion</h3>
 
<p>In our opinion, the accompanying summarised financial statements are consistent, in all material respects, with the financial statements from which they were derived.</p>
 
<p>For a better understanding of the Bank’s financial position and the results of its operations for the period and of the scope of our audit, the summarised financial statements should be read in conjunction with the financial statements from which the summarised financial statements were derived and our audit report thereon.</p>
 
<p>28 March 2011 
  <br />
 Moscow, Russian Federation</p>
 
<h1>FINANCIAL STATEMENTS</h1>
 
<h5>Summarised International Financial Reporting Standards Financial Statements Derived from the Audited International Financial Reporting Standards Financial Statements</h5>
 
<h4>STATEMENT OF FINANCIAL POSITION</h4>
 
<p> 
  <table class="tab"> 	 
    <tbody> 		 
      <tr> 			<th>In millions of Russian Roubles</th> 			<th> 				 
          <p>31 December 2010</p>
         			</th> 			<th> 				 
          <p>31 December 2009</p>
         			</th> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>ASSETS</b></td> 		</tr>
     		 
      <tr> 			<td>Cash and cash equivalents</td> 			<td> 				 
          <p>32,151</p>
         			</td> 			<td> 				 
          <p>34,101</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Mandatory cash balances with the CBRF</td> 			<td> 				 
          <p>1,072</p>
         			</td> 			<td> 				 
          <p>868</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Trading securities</td> 			<td> 				 
          <p>12,182</p>
         			</td> 			<td> 				 
          <p>9,756</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Due from other banks</td> 			<td> 				 
          <p>5,860</p>
         			</td> 			<td> 				 
          <p>6,363</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Loans and advances to customers</td> 			<td> 				 
          <p>104,046</p>
         			</td> 			<td> 				 
          <p>85,205</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Investment securities available for sale</td> 			<td> 				 
          <p>2,043</p>
         			</td> 			<td> 				 
          <p>1,312</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Premises, equipment and intangible assets</td> 			<td> 				 
          <p>3,132</p>
         			</td> 			<td> 				 
          <p>3,102</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Other financial assets</td> 			<td> 				 
          <p>1,644</p>
         			</td> 			<td> 				 
          <p>1,236</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Other assets</td> 			<td> 				 
          <p>4,028</p>
         			</td> 			<td> 				 
          <p>3,660</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">TOTAL ASSETS</td> 			<td class="blue"> 				 
          <p>166,158</p>
         			</td> 			<td class="blue"> 				 
          <p>145,603</p>
         			</td> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>LIABILITIES</b></td> 		</tr>
     		 
      <tr> 			<td>Due to other banks</td> 			<td> 				 
          <p>7,772</p>
         			</td> 			<td> 				 
          <p>4,368</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Customer accounts</td> 			<td> 				 
          <p>130,334</p>
         			</td> 			<td> 				 
          <p>113,129</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Debt securities in issue</td> 			<td> 				 
          <p>5,794</p>
         			</td> 			<td> 				 
          <p>6,364</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Subordinated loans</td> 			<td> 				 
          <p>4,293</p>
         			</td> 			<td> 				 
          <p>4,578</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Other financial liabilities</td> 			<td> 				 
          <p>611</p>
         			</td> 			<td> 				 
          <p>576</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Other liabilities</td> 			<td> 				 
          <p>494</p>
         			</td> 			<td> 				 
          <p>302</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">TOTAL LIABILITIES</td> 			<td class="blue"> 				 
          <p>149,298</p>
         			</td> 			<td class="blue"> 				 
          <p>129,317</p>
         			</td> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>EQUITY</b></td> 		</tr>
     		 
      <tr> 			<td>Share capital</td> 			<td> 				 
          <p>250</p>
         			</td> 			<td> 				 
          <p>250</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Share premium</td> 			<td> 				 
          <p>7,306</p>
         			</td> 			<td> 				 
          <p>7,306</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Retained earnings</td> 			<td> 				 
          <p>9,227</p>
         			</td> 			<td> 				 
          <p>8,660</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Other reserves</td> 			<td> 				 
          <p>77</p>
         			</td> 			<td> 				 
          <p>70</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">TOTAL EQUITY</td> 			<td class="blue"> 				 
          <p>16,860</p>
         			</td> 			<td class="blue"> 				 
          <p>16,286</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">TOTAL LIABILITIES AND EQUITY</td> 			<td class="blue"> 				 
          <p>166,158</p>
         			</td> 			<td class="blue"> 				 
          <p>145,603</p>
         			</td> 		</tr>
     	</tbody>
   </table>
 </p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h4>STATEMENT OF COMPREHENSIVE INCOME</h4>
 
<p> 
  <table class="tab"> 	 
    <tbody> 		 
      <tr> 			<th>In millions of Russian Roubles</th> 			<th> 				 
          <p>2010</p>
         			</th> 			<th> 				 
          <p>2009</p>
         			</th> 		</tr>
     		 
      <tr> 			<td>Interest income</td> 			<td> 				 
          <p>13,600</p>
         			</td> 			<td> 				 
          <p>16,954</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Interest expense</td> 			<td> 				 
          <p>(8,109)</p>
         			</td> 			<td> 				 
          <p>(8,628)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Net interest income</td> 			<td class="blue"> 				 
          <p>5,491</p>
         			</td> 			<td class="blue"> 				 
          <p>8,326</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Provision for loan impairment</td> 			<td> 				 
          <p>(1,872)</p>
         			</td> 			<td> 				 
          <p>(4,752)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Net interest income after provision for loan impairment</td> 			<td class="blue"> 				 
          <p>3,619</p>
         			</td> 			<td class="blue"> 				 
          <p>3,574</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Fee and commission income</td> 			<td> 				 
          <p>4,295</p>
         			</td> 			<td> 				 
          <p>4,027</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Fee and commission expense</td> 			<td> 				 
          <p>(360)</p>
         			</td> 			<td> 				 
          <p>(298)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Losses less gains/Gains less losses from trading securities</td> 			<td> 				 
          <p>(90)</p>
         			</td> 			<td> 				 
          <p>204</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Gains from trading in foreign currencies</td> 			<td> 				 
          <p>3,139</p>
         			</td> 			<td> 				 
          <p>3,513</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Foreign exchange translation losses</td> 			<td> 				 
          <p>(2,794)</p>
         			</td> 			<td> 				 
          <p>(2,939)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Foreign exchange translation losses less gains</td> 			<td> 				 
          <p>(24)</p>
         			</td> 			<td> 				 
          <p>(3)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Gains less losses from disposals of investment securities available for sale</td> 			<td> 				 
          <p>15</p>
         			</td> 			<td> 				 
          <p>18</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Dividend income</td> 			<td> 				 
          <p>2</p>
         			</td> 			<td> 				 
          <p>1</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Other operating income</td> 			<td> 				 
          <p>225</p>
         			</td> 			<td> 				 
          <p>147</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Administrative and other operating expenses</td> 			<td> 				 
          <p>(7,180)</p>
         			</td> 			<td> 				 
          <p>(6,325)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Provision for impairment of other assets</td> 			<td> 				 
          <p>(121)</p>
         			</td> 			<td> 				 
          <p>-</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Profit before tax</td> 			<td class="blue"> 				 
          <p>726</p>
         			</td> 			<td class="blue"> 				 
          <p>1,919</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Income tax expense</td> 			<td> 				 
          <p>(145)</p>
         			</td> 			<td> 				 
          <p>(702)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">PROFIT FOR THE YEAR</td> 			<td class="blue"> 				 
          <p>581</p>
         			</td> 			<td class="blue"> 				 
          <p>1,217</p>
         			</td> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>Other comprehensive income:</b></td> 		</tr>
     		 
      <tr> 			<td colspan="3">Available-for-sale investments:</td> 		</tr>
     		 
      <tr> 			<td>Gains less losses/(Losses less gains) arising during the year</td> 			<td> 				 
          <p>(5)</p>
         			</td> 			<td> 				 
          <p>26</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Income tax credit/(expense) recorded directly in other comprehensive income</td> 			<td> 				 
          <p>12</p>
         			</td> 			<td> 				 
          <p>(8)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Other comprehensive income for the year</td> 			<td class="blue"> 				 
          <p>7</p>
         			</td> 			<td class="blue"> 				 
          <p>18</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">TOTAL COMPREHENSIVE INCOME FOR THE YEAR</td> 			<td class="blue"> 				 
          <p>588</p>
         			</td> 			<td class="blue"> 				 
          <p>1,235</p>
         			</td> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>Earnings per share for profit attributable to the equity holders of the Bank, basic and diluted (expressed in RR per share)</b></td> 		</tr>
     		 
      <tr> 			<td>Ordinary shares</td> 			<td> 				 
          <p>23</p>
         			</td> 			<td> 				 
          <p>49</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Preference shares with determined dividend amount</td> 			<td> 				 
          <p>25</p>
         			</td> 			<td> 				 
          <p>50</p>
         			</td> 		</tr>
     	</tbody>
   </table>
 </p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h4>STATEMENT OF CHANGES IN EQUITY</h4>
 
<p> 
  <table class="tab"> 	<thead> 		 
      <tr> 			<th>In millions of Russian Roubles</th> 			<th> 				 
          <p>Share capital</p>
         			</th> 			<th> 				 
          <p><strong>Share premium</strong></p>
         			</th> 			<th> 				 
          <p><strong>Other reserves</strong></p>
         			</th> 			<th> 				 
          <p><strong>Retained earnings</strong></p>
         			</th> 			<th> 				 
          <p><strong>Total equity</strong></p>
         				 			</th> 		</tr>
     	</thead> 	 
    <tbody> 		 
      <tr> 			<td class="blue">Balance at 31 December 2008</td> 			<td class="blue"> 				 
          <p>250</p>
         			</td> 			<td class="blue"> 				 
          <p>7,306</p>
         			</td> 			<td class="blue"> 				 
          <p>52</p>
         			</td> 			<td class="blue"> 				 
          <p>7,457</p>
         			</td> 			<td class="blue"> 				 
          <p>15,065</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Total comprehensive income for 2009</td> 			<td> 				 
          <p>&mdash;</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>18</p>
         			</td> 			<td> 				 
          <p>1,217</p>
         			</td> 			<td> 				 
          <p>1,235</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Dividends declared</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>(14)</p>
         			</td> 			<td> 				 
          <p>(14)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Balance at 31 December 2009</td> 			<td class="blue"> 				 
          <p>250</p>
         			</td> 			<td class="blue"> 				 
          <p>7,306</p>
         			</td> 			<td class="blue"> 				 
          <p>70</p>
         			</td> 			<td class="blue"> 				 
          <p>8,660</p>
         			</td> 			<td class="blue"> 				 
          <p>16,286</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Total comprehensive income for 2010</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>7</p>
         			</td> 			<td> 				 
          <p>581</p>
         			</td> 			<td> 				 
          <p>588</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Dividends declared</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>(14)</p>
         			</td> 			<td> 				 
          <p>(14)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Balance at 31 December 2010</td> 			<td class="blue"> 				 
          <p>250</p>
         			</td> 			<td class="blue"> 				 
          <p>7,306</p>
         			</td> 			<td class="blue"> 				 
          <p>77</p>
         			</td> 			<td class="blue"> 				 
          <p>9,227</p>
         			</td> 			<td class="blue"> 				 
          <p>16,860</p>
         			</td> 		</tr>
     	</tbody>
   </table>
 </p>
 
<h4>STATEMENT OF CASH FLOWS</h4>
 
<p> 
  <table class="tab"> 	 
    <tbody> 		 
      <tr> 			<th>In millions of Russian Roubles</th> 			<th> 				 
          <p>2010</p>
         			</th> 			<th> 				 
          <p>2009</p>
         			</th> 		</tr>
     		 
      <tr> 			<td colspan="3">Cash flows from operating activities</td> 		</tr>
     		 
      <tr> 			<td>Interest received</td> 			<td> 				 
          <p>13,199</p>
         			</td> 			<td> 				 
          <p>16,244</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Interest paid</td> 			<td> 				 
          <p>(8,448)</p>
         			</td> 			<td> 				 
          <p>(7,978)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Fees and commissions received</td> 			<td> 				 
          <p>4,267</p>
         			</td> 			<td> 				 
          <p>4,014</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Fees and commissions paid</td> 			<td> 				 
          <p>(360)</p>
         			</td> 			<td> 				 
          <p>(298)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net income received from trading in trading securities</td> 			<td> 				 
          <p>19</p>
         			</td> 			<td> 				 
          <p>47</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net income received from trading in foreign currencies</td> 			<td> 				 
          <p>345</p>
         			</td> 			<td> 				 
          <p>613</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Other operating income received</td> 			<td> 				 
          <p>217</p>
         			</td> 			<td> 				 
          <p>160</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Administrative and other operating expenses paid</td> 			<td> 				 
          <p>(6,575)</p>
         			</td> 			<td> 				 
          <p>(5,840)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Income tax paid</td> 			<td> 				 
          <p>(633)</p>
         			</td> 			<td> 				 
          <p>(580)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Cash flows from operating activities before changes in operating assets and liabilities</td> 			<td class="blue"> 				 
          <p>2,031</p>
         			</td> 			<td class="blue"> 				 
          <p>6,382</p>
         			</td> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>Changes in operating assets and liabilities</b></td> 		</tr>
     		 
      <tr> 			<td>Net increase in mandatory cash balances with the Central Bank of the Russian Federation</td> 			<td> 				 
          <p>(204)</p>
         			</td> 			<td> 				 
          <p>(713)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net increase in trading securities</td> 			<td> 				 
          <p>(2,541)</p>
         			</td> 			<td> 				 
          <p>(484)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net decrease/(increase) in due from other banks</td> 			<td> 				 
          <p>506</p>
         			</td> 			<td> 				 
          <p>(4,338)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net (increase)/decrease in loans and advances to customers</td> 			<td> 				 
          <p>(20,568)</p>
         			</td> 			<td> 				 
          <p>2,114</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net increase in other financial assets</td> 			<td> 				 
          <p>(425)</p>
         			</td> 			<td> 				 
          <p>(340)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net decrease in other assets</td> 			<td> 				 
          <p>148</p>
         			</td> 			<td> 				 
          <p>209</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net increase/(decrease) in due to other banks</td> 			<td> 				 
          <p>3,126</p>
         			</td> 			<td> 				 
          <p>(17,679)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net increase in customer accounts</td> 			<td> 				 
          <p>17,978</p>
         			</td> 			<td> 				 
          <p>21,062</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net (decrease)/increase in debt securities in issue</td> 			<td> 				 
          <p>(333)</p>
         			</td> 			<td> 				 
          <p>416</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net increase in other financial liabilities</td> 			<td> 				 
          <p>26</p>
         			</td> 			<td> 				 
          <p>95</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Net increase in other liabilities</td> 			<td> 				 
          <p>41</p>
         			</td> 			<td> 				 
          <p>10</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Net cash (used in)/from operating activities</td> 			<td class="blue"> 				 
          <p>(215)</p>
         			</td> 			<td class="blue"> 				 
          <p>6,734</p>
         			</td> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>Cash flows from investing activities</b></td> 		</tr>
     		 
      <tr> 			<td>Acquisition of investment securities available for sale</td> 			<td> 				 
          <p>(1,589)</p>
         			</td> 			<td> 				 
          <p>(786)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Proceeds from disposal of investment securities available for sale</td> 			<td> 				 
          <p>876</p>
         			</td> 			<td> 				 
          <p>1,916</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Acquisition of premises, equipment and intangible assets</td> 			<td> 				 
          <p>(511)</p>
         			</td> 			<td> 				 
          <p>(382)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Proceeds from disposal of premises, equipment and intangible assets</td> 			<td> 				 
          <p>8</p>
         			</td> 			<td> 				 
          <p>4</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Income from disposal of non-current assets available for sale</td> 			<td> 				 
          <p>63</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Proceeds from disposal of investment properties</td> 			<td> 				 
          <p>7</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Dividend income received</td> 			<td> 				 
          <p>2</p>
         			</td> 			<td> 				 
          <p>1</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Net cash (used in)/from investing activities</td> 			<td class="blue"> 				 
          <p>(1,144)</p>
         			</td> 			<td class="blue"> 				 
          <p>753</p>
         			</td> 		</tr>
     		 
      <tr> 			<td colspan="3"><b>Cash flows from financing activities</b></td> 		</tr>
     		 
      <tr> 			<td>Receipt of funding from international financial institutions</td> 			<td> 				 
          <p>407</p>
         			</td> 			<td> 				 
          <p>766</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Repayment of subordinated loans</td> 			<td> 				 
          <p>(395)</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Receipt of subordinated loans</td> 			<td> 				 
          <p>91</p>
         			</td> 			<td> 				 
          <p>—</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Repayment of syndicated loans</td> 			<td> 				 
          <p>—</p>
         			</td> 			<td> 				 
          <p>(3,307)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td>Dividends paid</td> 			<td> 				 
          <p>(14)</p>
         			</td> 			<td> 				 
          <p>(14)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Net cash from/(used in) financing activities</td> 			<td class="blue"> 				 
          <p>89</p>
         			</td> 			<td class="blue"> 				 
          <p>(2,555)</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Effect of exchange rate changes on cash and cash equivalents</td> 			<td class="blue"> 				 
          <p>(680)</p>
         			</td> 			<td class="blue"> 				 
          <p>679</p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Net (decrease)/increase in cash and cash equivalents</td> 			<td class="blue"> 				 
          <p>(1,950)</p>
         			</td> 			<td class="blue"> 				 
          <p>5,611</p>
         			</td> 		</tr>
     		 
      <tr> 			<td><b>Cash and cash equivalents at the beginning of the year</b></td> 			<td> 				 
          <p><b>34,101</b></p>
         			</td> 			<td> 				 
          <p><b>28,490</b></p>
         			</td> 		</tr>
     		 
      <tr> 			<td class="blue">Cash and cash equivalents at the end of the year</td> 			<td class="blue"> 				 
          <p>32,151</p>
         			</td> 			<td class="blue"> 				 
          <p>34,101</p>
         			</td> 		</tr>
     	</tbody>
   </table>
 </p>
 
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<p>For a better understanding of the Bank’s financial position and the results of its operations for the year, and of the scope of our audit, these summarised financial statements should be read in conjunction with the financial statements, from which these summarised financial statements have been derived, and audit report thereon. Copies of audited financial statements can be obtained from Bank Vozrozhdenie.</p>
 
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