On November 24, 2006 by the decision of the extraordinary meeting of shareholders of LOCKO-Bank the Board of Directors changed as to the entrance of two new Board members representing LOCKO’s international shareholders – International Finance Corporation (IFC) and East Capital Holding AB.

Two Directors were appointed to the Board of Directors of LOCKO-Bank – Mr. ERIC J. RAJENDRA, and Mr. JYRKI P. TALVITIE – representing the new shareholders, IFC and East Capital Holding AB, respectively.

The new Board of Directors is now comprised as follows:

Mr. Stanislav I. Boguslavsky	Chairman of the Board of Directors
Mr. Victor Yu. Davydik	Member of the Board of Directors, President of the Bank
Mr. Dmitry V. Kryukov	Member of the Board of Directors, Chairman of the Executive Board of the Bank
Mr. Eric J. Rajendra	Member of the Board of Directors
Mr. Jyrki P. Talvitie	Member of the Board of Directors

The changes in the Board structure were aligned with the new international shareholders coming to the Bank. In June 2006 the International Finance Corporation (IFC) purchased a 15% stake in the Bank’s equity. In September 2006 Swedish investment group East Capital Holding AB purchased 11.06% stake in the capital of LOCKO-Bank and became its second international shareholder.

To the opinion of the Bank Management, these changes will improve the corporate management system in line with the best international standards and contribute to further promoting the image of LOCKO-Bank as a modern, reliable and transparent financial institution.

Eric J. Rajendra
Born in 1958. Education: M.A.L.D. in International Business from The Fletcher School at Tufts University and B.A. in Economics from Brandeis University - both in Massachusetts, U.S.A. Past work experience: international banker at J.P.M./Chase Bank; partner at McKinsey & Company in financial services; Vice President at Electronic Data Systems and at Capgemini (both in consulting & technology services). Now based in Washington D.C. and serves as a Senior Advisor in Financial Markets at the International Finance Corporation (of the World Bank Group) and provides advice to client banks and serves as Board director in selected IFC investee companies.

Jyrki P. Talvitie
Born in 1966. Education: University of Helsinki, Master of Law, major: International Finance; London Business School, Executive MBA. After working in several Finnish banks, since 1995 worked in the Bank of New York in Moscow as Chief Representative and then in London as Vice President till 2003. Since 2003 was Head of International Business and Chief Managing Director of URALSIB Financial Corporation, Moscow. Starting 2005 is Chief Representative of East Capital Holding AB in Moscow.

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