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           <h1>Dividend policy</h1>
 
<p>The dividend policy aims to maintain a balance between distributing dividends and increasing the Bank’s capitalization by reinvesting in development. Thanks to this, the shareholder value is rising over the long term.</p>
<p>The Bank’s dividend policy envisages annual dividend payments of up to 10% of net profit earned in the previous financial year. Dividends on preferred shares must be 20% of their face value, according to the Articles of Association. All dividends are paid in monetary form, net of taxes, within 60 days of the approval of their payment by the General Meeting of Shareholders.</p>
<p>The text of the Provision on Dividend Policy is available on the Bank’s website: <a href="http://www.vbank.ru/en/investors/cmanagement/internal/">http://www.vbank.ru/en/investors/cmanagement/internal/</a>.</p>
<p>In accordance with a resolution of the General Meeting of Shareholders dated 24 June 2011, shareholders as of the record date on 5 May 2011, at 7 pm Moscow time (the date for establishing the list of persons eligible to participate in the Annual General Meeting of Shareholders), are eligible to receive dividends for 2010.</p>
<p>The Dividends declared for last year were:</p>
<ul>
<li>5% of the face value for ordinary non-documentary shares</li>
<li>20% of the face value for preferred non-documentary shares with fixed dividend</li></ul>
<p>The total amount of accrued dividends was RUB 14,463,357.</p>



 
<h4>Declared and accrued dividends on Bank Vozrozhdenie shares for 2011</h4> 
<table class="tab"> 	 
  <tbody> 		 
    <tr> 			<th></th> 			<th width="170"> 				 
        <p>Declared and accrued dividends, %</p>
       			</th> 			<th width="170"> 				 
        <p>Amount of declared and accrued dividends, RUB ‘000</p>
       			</th> 		</tr>
   		 
    <tr> 			<td>Ordinary shares</td> 			<td> 				 
        <p>5</p>
       			</td> 			<td> 				 
        <p>11,874</p>
       			</td> 		</tr>
   		 
    <tr> 			<td>Preferred shares (fixed dividend)</td> 			<td> 				 
        <p>20</p>
       			</td> 			<td> 				 
        <p>2,589</p>
       			</td> 		</tr>
   		 
    <tr> 			<td>Total</td> 			<td></td> 			<td> 				 
        <p>14,463</p>
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