On 20 May, 2003 there was held annual meeting of Center-invest Bank shareholders. There was made a decision of dividend payment 2002: for common equities 5% to value, for cumulative preference share 20% to value. The total sum amounts to 32 323 875 rubles. In anniversary 2002 Center-invest Bank confirmed its reputation as one of the most successful and rapid-growing regional banks.

Chairman of Executive Board A. Cherenkov payed attention in his annual report 2002 that the fourth year in succession the bank doubles its credit portfolio, selects thoroughly its customers, trains them to work in the new conditions, supports them to develop their business-plans and investment projects.

As a result of this mutual creative coordination customers of the bank became the more dynamic and efficiently developing enterprises. Clientele has increased in past year in 1,5 times.

Growth in 2002 reflected the new quality - cooperation with international financial institutions: IFC, EBRD, USAID, HERMES, World Bank. They have granted credit and guarantee lines for the amount of over USD 15 mln.

Fulfillment all of requirements of western partners that is confirmed by international standards auditing 2002 (PriceWaterhouseCoopers) allows to expect in a current year doubling of credit and warranty limits opened in 2002 by international financial organizations for Center-invest bank.

Center-invest Bank keep leadership in output of plastic card for population in its region. For today there are more than 43 000 plastic cards are output.

Access to the new financing sources gave new impulse to the bank's traditional policy of steady innovations. The bank has started plastic cards settlement project on full scale, introduced the new forms of natural persons' lending (mortgage lending, vehicle-purchase lending), developed the new types of long-term investments with the purpose to re-equip small and medium-sized enterprises in various economy sectors.

In 2002 additional offices of Center-invest Bank started their operations in the cities Shakhty, Tsimlyansk, Millerovo, Kamensk-Shakhtinsk. Great preparation arrangements for new branches in Krasnodar were done. Center-invest has become first of Rostov banks in the year of 2002 to purchase in ownership the land it stands on.

Bank's activity growth was accompanied by implementing of actual corporate management principles in accordance with new Russian Federation civil law and recommendations of international organizations (In particular Dasel committee for banks regulations).

Annual stockholders' meeting has made required amendments to the Charter and Management Board Regulations with purpose to make its activity more open to shareholders and customers.

There was increased responsibility of members of Directors board for development of banks' s strategy, auditing and risk control, shareholders and customer relations. Chairman of auditing and risk control committee T. Vysokova described Directors Board enforcement to control executive board work on completing business-plans, budget and risk control.

At the same time the bank has brought its administrative structure to conformity with its developed standards and new management technologies.

Chairman of the shareholders relations committee professor V. Zolotarev noted that Center-invest Bank has been always providing principles of openness of its own activity, providing in time information of Bank' s activities, plans, projects and arrangements.

Center-invest Bank' s level capitalization (ratio of shareholders' funds to assets) in 2002 exceeded 20 % (regulatory mark of Bank of Russia 10%, international financial organizations - not lower than 12%).

Ft the same time with the growth of capitalization it managed to provide increase of share capital return and return on equity. Return on share capital got to 20%, on shareholders' funds - 10%. It has allowed Directors Board to make a decision of dividend payment 2002: for common equities 5% to value, for cumulative preference share 20% to value. The total sum amounts to 32 323 875 rubles.

Total number of 14th issue cumulative preference share - 123 125 units each value 4 rubles, Total number of 20th issue cumulative preference share - 90 000 units each value 1000 rubles, common equities 28 450 750 units each value 10 rubles. The beginning of payments - 2 June 2003.

Chairman of Directors board of Center-Invest bank, Professor V. V. Vysokov in a conclusion of his speech to shareholders noted that the bank remains faithful to its chosen and approved strategic object: rendering of high quality banking services to its customers according to international standards and actual banking technologies.