MDM BANK PFD : MDM Bank Announces Election of New Board of Directors

27 June 2013

MDM Bank announces the election of its Board of Directors. On June 26, the Annual General Shareholders Meeting voted to approve a revised Board of Directors, including the election of Mr. Maurice Topiol; the Meeting also accepted the resignation of Mr. Lars Grönstedt from the Board. It is planned that Mr. Topiol will chair the Board's Strategy and Risks Committee and be a member of the Nominations and Remunerations Committee.

Mr. Grönstedt tendered his resignation from the Board due to the heavy workload involved with his other commitments. These competing priorities prevent him from allocating adequate time and attention to discharge his functions as a member of the Board of Directors of MDM Bank.

Mr. Topiol has over 25 years of experience in the financial sphere and brings to the Board significant competences in management, emerging markets operations, strategic planning and interaction with governmental agencies.

Over the last 22 years, Mr. Topiol has served as the Managing Director of the Financial Institutions Group at Rothschild Investment Banking in London. In November 2012, he was appointed the Group's Chief Advisor. In that position, Mr. Topiol was responsible for strategic relationships with financial institutions in the Benelux countries, as well as financial institutions in the Group's Asian operations.

From 2007 to 2011, Mr. Topiol was the Chairman of Rothschild Russia and was responsible for the company's strategy, management and key accounts. During his tenure at Rothschild Russia, Maurice Topiol raised the company's rating from a top 30 level to a top five and tripled the company's revenue.

Mr. Topiol earned his Master's degree in emerging economies from the School of International Affairs at Columbia University and his bachelor's degree cum laude, in political sciences from Harvard University.

"I am glad to welcome Maurice to the Board of Directors of MDM Bank. I am sure that with his participation the Bank will benefit from strong support and fresh development ideas," Oleg Viyugin, the Chairman of MDM Bank's Board of Directors, said. "I also want to thank Lars for his contribution to the Bank's development. We appreciate the period of our joint work in the Bank and his experience, which we drew on to improve our operations. I regret that his intense working schedule prevents him from continuing his work in the Bank's Board of Directors."