Reserve Bank decides to withhold dividends for 2005

South Ural Bank of Social Development Reserve JSC decided not to give out the dividends for 2005 in the course of the annual meeting on March 24, 2006. The participating shareholders were the ones having a total of 6,841,199 of voting shares that constitute 97.73% of the total amount needed for a quorum.

The shareholders were presented with the report of the Chairman summing up the company’s success in 2005; they had to confirm the annual report and the annual bookkeeper's record, including the P & L statement for 2005. The company’s net profit, for instance, came to 996,053.49 RUR The shareholders decided to give 5% (49,802.67) to the reserve fund and 95% (946,250.82 RUR) to the accumulation fund. They also agreed to withhold the dividends.

The bank’s Board of Directors comprised 7 members: Deputy Chairman Sergey Kolobov, GD of Aviacon Citotrans Airlines Valeriy Solovyov, Economy and Finance Director of Obrazovaniye unit investment trust Alla Zacharova, Sverdlovsk Legislative Assembly Deputy’s Assistant Olga Naumova, and three executives of ABC Group: Irina Drozdova, Oleg Merkuriev, and Vyacheslav Simbirkin.

Yekaterinburg Auditing Center is to become the company’s Auditor in 2006.

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