OREANDA-NEWS. July 15, 2008. VTB Bank announced the results of its Annual General Meeting held in St. Petersburg, reported the press-centre of VTB Group.

The shareholders approved the Bank’s 2007 Annual Report, and its annual financial statements, including the profit and loss statement (JSC VTB Bank profit and loss account) for the year 2007. The meeting also approved the profit allocation for  the 2007 performance as follows:

Net profit to be allocated, total  RUR 17,977,992,166.02

Payment to the Reserve Fund  RUR 144,450,637.33

Dividend payment allocation   RUR 9,010,345,602.09

Retained net profit  RUR 8,823,195,926.60

The shareholders decided to pay a 2007 dividend in the amount of 0.00134 per each VTB Bank outstanding ordinary registered share and approved the procedure for payment as follows:

the dividends shall be paid out in cash, either by direct credit to shareholder bank accounts, or in cash at the JSC VTB Bank Branch in St. Petersburg at 30 Bolshaya Morskaya Ul., St. Petersburg;

the amount of dividends per each JSC VTB Bank share shall be fixed to the nearest kopeck. Fractions of a kopeck will be rounded up or down to the nearest full kopeck; and the dividends shall be paid within 60 (sixty) days after the decision of JSC VTB Bank Annual General Meeting.

The  following 11 members of VTB Bank Supervisory Council were re-elected from nominees proposed by the Russian Federation:

1. Arkady V. Dvorkovich - Head of the Experts’ Directorate of the Russian President;

2. Anton V. Drozdov – Director of the Economic and Financial Department of the Russian Government;

3. Andrei L. Kostin - President-Chairman of VTB Bank Management Board;

4. Alexei L. Kudrin - Deputy Chairman of the Russian Government – Minister of Finance of the Russian Federation;

5. Yuriy M. Medvedev - Deputy Head of the Federal Agency for Federal Property Management;

6. Anna V. Popova - State Secretary/Deputy Minister of the Ministry of Economic Development of the Russian Federation;

7. Alexey L. Savatyugin – Director of the Financial Policy Department of the Ministry of Finance of the Russian Federation;

8. Anton G. Siluanov - Deputy Minister of Finance of the Russian Federation; and
9. Alexei V. Ulyukaev - First Deputy Chairman of the Bank of Russia;

from nominees proposed by VTB Bank Supervisory Council in compliance with Clause 7 Article 53 of the Joint Stock Company Federal Law:

10. Matthias Warnig – Managing Director of Nord Stream AG (Switzerland) was re-elected and

11. Nikolai M. Kropachev – Rector of St.Petersburg State University elected for the first time.

In addition, the AGM approved the membership of JSC VTB Bank Statutory Commission, which includes 5 persons. CJSC Ernst & Young Vneshaudit was reappointed Auditor to JSC VTB Bank for 2008 Russian accounting standards. The shareholders also approved remuneration for the independent members of JSC VTB Bank Supervisory Council.

Addressing the shareholders, Andrei Kostin, VTB President-Chairman of the Management Board said: “I would like to thank all the shareholders who attended the Annual General Meeting, their opinion is of utmost importance for us. I believe that through our joint efforts we are sure to succeed and make VTB a still stronger participant in the global financial market”.