OREANDA-NEWS. November 24, 2011. In connection with the Forbes publication of the salary rating including the salary of Mr. M. Kuzovlev, President — Chairman of the Board of the Bank of Moscow, the Bank feels it necessary to give the following explanations:

The information regarding the amount of compensation paid by the Bank of Moscow to Mikhail Kuzovlev is not accurate. The Press Office of the Bank preparing the given publication and being guided by the principle of utmost openness, arranged a meeting between Mikhail Kuzovlev and Elena Berezanskaya, Forbes columnist, at which the President — Chairman of the Board of the Bank of Moscow explained the principles underlying his employment contract.

The information received at the meeting was ignored by the Forbes journalists and the rating was based on the market expert opinion. None of the HR agency representatives who took part in the rating formation had anything to do with the employment of Mikhail Kuzovlev by the Bank of Moscow and the signing of his employment contract.

Today the Bank of Moscow materially changes its approach to the formation of its employees labour remuneration system on the basis of the best corporate practices.

The Bank’s employees are paid solely in accordance with their employment contracts and the current regulatory documents. The new motivation system of the Bank of Moscow is expected to be approved in 2012. It suggests verification of the income structure of the Bank’s employees so that the major part of their income depended on the results of their work. Today the "Temporary Provisions on Remuneration of the Employees of the Bank of Moscow" apply. From Q3 of 2011 additional compensation to the Members of the Bank’s Board for their time on the Board was cancelled as well.

The conditions of remuneration of the President — Chairman of the Board of the Bank of Moscow are approved by the Chairman of the Board of Directors of the Bank of Moscow.