According to the official press release of Severnaya Kazna, the bank’s authorized capital has recently experienced some share-ownership changes. Chairman of the Board of Directors Vladimir Frolov raised his share in the bank’s authorized capital through acquiring some ordinary shares from Chairman of the Supervisory Board Andrei Volchik on February 16, 2007. This means Mr. Frolov now has a 22.313% share holding (against the 21.313% one he owned up to February 15, 2007); Mr. Volchik’s share dropped from 1.687% to .687%.

This is the third time over the last few months the bank’s stockholders have re-distributed their share holdings. Member of the Board Leonid Bratsev reduced his share from 1.839% to .812% and Mr. Volchik increased his by 1.027% on January 25, 2007. Member of the Board Semen Matochkin (Director of Yekaterinburg Bread-Baking Company) sold his entire share holding to Mr. Frolov on Janaury 24, 2007. Both Mr. Bratsev and Mr. Matochkin have sold their shares twice in the last six months. As the bank announced on October 26, 2006, the former decreased his share in the bank’s authorized capital by refusing to support the additional share issue of Severnaya Kazna.

The bank’s press officer gave no comments on the recent transactions; nor was Mr. Matochkin able to explain why he had given up his share holding.