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					                          Confidential - Not For Distribution - Working Draft, 15 March 2007




                            Syndicate Research
                            Analyst Presentation




[Moscow, 23 March 2007]
                                                                                                     Confidential - Not For Distribution - Working Draft, 15 March 2007



                                           Disclaimer
The materials contained herein (the ―Materials‖) are for use at this analyst presentation only and not for further distribution by you or any other person. Furthermore, the Materials are not directed to, or
intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would
be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

The Materials do not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue, any solicitation of any offer to purchase or subscribe for, any shares in JSC VTB Bank
(―VTB‖) or any of its subsidiaries (together with VTB, the ―Group‖). Neither the Materials, nor anything contained herein, shall form the basis of, or be relied on in connection with, any contract to purchase or
subscribe for any securities of the Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

The Materials have been prepared solely for use in connection with the possible offering of ordinary shares and global depositary receipts representing shares in the Group (the ―Offering‖). The information
contained in the Materials has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness or correctness of the information or the opinions in the Materials. None of VTB or the Group or any of their respective affiliates, advisors or representatives shall have any liability whatsoever
(in negligence or otherwise) for any loss howsoever arising from any use of the Materials or their contents or otherwise arising in connection with the Materials.

The Materials are only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are not Relevant Persons (as defined below).
Solicitations resulting from the Materials will only be responded to if the person concerned is a Relevant Person.

The Materials are not for distribution, directly or indirectly, in or into the United States (including territories and dependencies, any State of the United States and the District of Columbia) or to U.S. Persons
(as defined in Regulation S under Securities Act of 1933, ―Regulation S‖ and the ―Securities Act‖, respectively), or in Australia, Canada, Japan or Russia. The Materials are not an offer for the sale of
securities in the United States or to U.S. Persons. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The Group has
not registered and does not intend to register any portion of the Offering in the United States or to conduct a public offering of any securities in the United States.

The Materials are made to and directed only at (i) persons outside the United Kingdom, (ii) qualified investors or investment professionals falling within Article 19(5) and Article 49(2) (a) to (d) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ―Order‖), and (iii) high net worth individuals, and other persons to whom it may lawfully be communicated, falling within
Article 49(2)(a) to (d) of the Order (such persons collectively being referred to as "Relevant Persons").

The Materials are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person, whether or not such person is a Relevant Person.
Failure to comply with this restriction may constitute a violation of applicable securities laws. If you have received the Materials and you are not a Relevant Person you must return them immediately to VTB.
The Materials do not constitute a recommendation regarding the securities of VTB or the Group.

The Materials are not a public offer or advertisement of securities in the Russian Federation and are not an invitation to make offers to purchase any securities in the Russian Federation.

The Materials may include forward-looking statements. These forward-looking statements are statements regarding the Group‘s intentions, estimates, forecasts, projections, beliefs or current expectations
concerning, among other things, the Group‘s results of operations, financial condition, liquidity, prospects, growth, strategies and the banking industry. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Group cautions you that forward-looking statements are not guarantees of
future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those expressed, implied or
suggested by the forward-looking statements contained in the Materials. In addition, even if the Group‘s results of operations, financial condition and liquidity and the development of the industry in which it
operates are consistent with the forward-looking statements contained in the Materials, those results or developments may not be indicative of results or developments in future periods. Neither VTB nor the
Group undertake to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of the Materials.

The information and opinions contained in the Materials are provided as at the date of this presentation and are subject to change without notice.

All information not separately sourced are from Group data.




                                                                                                                                                                                                                              2
                                                               Confidential - Not For Distribution - Working Draft, 15 March 2007



                              Overview of Presenters [VTB to confirm presenters]

                              Andrey L. Kostin
                              CEO and Chairman
      Photo
                              Member of Supervisory Council, Management Board (Chairman) and Banking Group Management
                               Committee (Chairman)

                              Mikhail Zadornov

      Photo                   President and Management Chairman of VTB 24

                              [Member of Banking Group Management Committee]


                              Yulia G. Chupina
      Photo                   Head of Corporate Development

                              Member of Management Board and Banking Group Management Committee

                              Nikolai Tsekhomsky

      Photo                   Chief Financial Officer

                              Member of Banking Group Management Committee


INFO REQUIRED: VTB TO PROVIDE PICTURES;
 VTB TO PROVIDE NAMES OF PRESENTERS IN
           PRESENTING ORDER
                                                                                                                           3
                                         Confidential - Not For Distribution - Working Draft, 15 March 2007



              Agenda [To Be Discussed with VTB]

Topic                                                       Presenter                          Time
I.    Transaction Overview                                   [JGC Banker]                     [9.00am]
II.   Key Investment Highlights                              [Andrey L. Kostin]               [      ]
III. Russia and CIS Market Growth Opportunities              [Andrey L. Kostin]               [      ]
IV. Overview of VTB Franchise                                [Andrey L. Kostin]               [      ]
V. VTB Strategy                                              [Yulia G. Chupina]               [      ]
VI. Corporate Banking                                        [Vadim O. Levin]                 [      ]
VII. Investment Banking                                      [Vadim O. Levin]                 [      ]
VIII. Retail Banking                                         [Mikhail Zadornov]               [      ]
IX. CIS Operations                                           [Yulia G. Chupina]               [      ]
X. European and Other Banking Operations                     [Yulia G. Chupina]               [      ]
XI. Group Management Structure                               [Yulia G. Chupina]               [      ]
XII. Risk Management                                         [Nikolai Tsekhomsky]             [      ]
XIII. Information Technology                                 [Nikolai Tsekhomsky]             [      ]
XIV. Financial Review                                        [Nikolai Tsekhomsky]             [      ]
XV. Wrap-Up and Conclusion                                   [Andrey L. Kostin]               [      ]
Q&A
                                                                                                     4
Confidential - Not For Distribution - Working Draft, 15 March 2007




  I. Transaction Overview
      [JGC Banker - TBD]
                                                                             Confidential - Not For Distribution - Working Draft, 15 March 2007



                            Transactions Highlights
                                                          JSC Vneshtorgbank (VTB(a)), an open joint stock company incorporated under the
                    Issuer
                                                           laws of the Russian Federation

              Offering Size                               [Up to 22.5% of enlarged share capital of VTB]

            Use of Proceeds                               Strengthen capital base to support the ongoing expansion of the business

                                                          100% primary
                                                          International tranche via GDRs listed on the London Stock Exchange
                                                           – GDRs offered under Rule 144A and Reg S
                 Structure                                Domestic tranche via ordinary shares linked on RTS and MICEX
                                                           – Ordinary shares offered in the Russian Federation and outside the US under Reg
                                                               S and in the US under Rule 144A
                                                          The domestic tranche will include a Russian retail offering
                  Lock-up                                 [Company and pre-IPO shareholders: [180 days]]

           Expected Pricing                               Week of [10] May 2007

                   Listing                                London Stock Exchange, RTS, MICEX

    Joint Global Coordinators                             Citigroup, Deutsche Bank, Goldman Sachs International

                                                          Citigroup, Deutsche Bank, Goldman Sachs International,
          Joint Bookrunners                                Renaissance Capital

(a) VTB refers to the VTB Group throughout this presentation unless otherwise stated.
                                                                                                                                              6
                                     Confidential - Not For Distribution - Working Draft, 15 March 2007



           Offer Timetable
Date       Action/Item
23 March    Syndicate Analyst Presentation
28 March    Questions to be submitted by analysts
2 April     Publication of final FY2006 audited financials
              – [Conference call with analysts]
4 April     First draft of research submitted
11 April    Research publications, research blackout commences
            Announcement of intention to float
            Pre deal investor education commences
26 April    Price range announcement
            Publication of pathfinder prospectus
            Management roadshow commences
10 May      Pricing

                                                                                                 7
                                     Confidential - Not For Distribution - Working Draft, 15 March 2007



             Research Contacts and Guidelines

                                                Linklaters

                                  Jason.Manketo@Linklaters.com
Submission of
                                     Lara.Still@Linklaters.com
   Drafts
                                   Arwen.Joyce@Linklaters.com

    Draft research in full and redacted form should be sent to the Linklaters‟
      contacts above, who will forward redacted versions to VTB, Latham &
                                Watkins and the JGCs

Distribution or use of research reports by syndicate members must strictly comply with
 the guidelines set forth in the final version of the memorandum on Preparation and
       Distribution of Pre-deal Research Reports by Syndicate Members from the
                                underwriters‘ legal counsel



                                                                                                 8
Confidential - Not For Distribution - Working Draft, 15 March 2007




  II. Key Investment
      Highlights
        [Andrey Kostin]
                                        Confidential - Not For Distribution - Working Draft, 15 March 2007



              Key Investment Highlights

                    Favourable Russian macroeconomic environment
                     – Average real GDP growth of 6.2% p.a. since 2001
  Market            Attractive Russian banking sector
Opportunity          – Growing by [38]% per year…
                     – … but still under penetrated…
                     – … with particular high growth opportunities in retail segment and Russian regions

                    Second largest bank in Russia
  Strong            Superior growth and profit potential
Competitive         Leading franchise and established customer base
Advantages          Experienced management team with extensive experience
                    Recognised and trusted brand


  Unique
Investment          One of only two liquid Russian banking stocks
Opportunity         First Russian bank with a GDR listing




                                                                                                     10
                                                              Confidential - Not For Distribution - Working Draft, 15 March 2007



                   Overview of VTB

                     Leading Russian universal banking group                                  [525] branches/outlets in 62 out of 88
                      with full range of banking products and                                   Russian regions
                      services                                         Distribution            [296] branches / outlets in CIS
 Profile
                                                                        Network                Nationwide branch network that is
                                                                                                significantly larger than those of most
                                                                                                competitors
                     Second largest bank in Russia by assets,                                 Very strong position in Russia‘s regions
 Market               loans and deposits                                                       Complementary operations in Europe, CIS,
                                                                         Regions
Position                                                                                        Africa and Asia


                     Corporate Banking                                                        Russia-related businesses locally and
Business             Retail Banking                                                            internationally
                                                                          Clients
  lines              Investment Banking                                                       Russian individuals


                Total Asset Growth ($m)                                                   Net Income Growth ($m)
                                                   [52,486]                                                                    [1,218]
                                      +[42.9]%
                             36,723                                                                         +[144.1]%

            +106.2%
                                                                                                        499
      17,810
                                                                                      +143.4%
                                                                               205


       2004                   2005                  2006                       2004                     2005                    2006

                                                                                                                                          11
                                                Confidential - Not For Distribution - Working Draft, 15 March 2007

                          Development of VTB into the Second Largest
                          Russian Banking Group
                1990              2002                  2005                     2006              2007


                                   Three Distinct Phases in VTB History
        Phase 1: 1990 – 2002               Phase 2: 2002 – 2005                  Phase 3: 2006 Onwards
            Formation                     Accelerated Expansion                  Growth and Profitability
 1990: Incorporated as Bank       2002: New management team                  2006: Re-branding of entities
  for Foreign Trade                 appointed, including current CEO,           to VTB ―From a Group of
 1998: VTB continued full          Mr. Kostin                                  Banks to a Bank Group‖
  payments and settlements         2002: Decision to pursue new               2006: Re-organisation of
  during Russian financial          strategy and develop VTB as                 European subsidiaries
  crisis                            universal banking group                    2006: Focus on building out
 1998-2003: CBR provided          2004: Acquisition of Guta Bank(a)           VTB24 as the Group retail
  VTB with additional liquidity     (following Guta liquidity crisis) – and     business
                                    formation of retail expansion              2007: IPO
                                    strategy
                                   2005: Acquisition of 75% stake in
                                    ICB – and expansion into North-
                                    West Russia
                                   2005: Acquisition of CBR‘s Western
                                    European banking businesses – and
                                    thus creation of European franchise
(a) Later rebranded as VTB24
                                                                                                                12
                                                        Confidential - Not For Distribution - Working Draft, 15 March 2007



                       VTB Investment Opportunity [TBU]


Ranking                By Total Assets (2006)                      #1                                     #2

Market Share                                                    Shrinking                          Rapidly Increasing
Development
                      Total Assets (2004 – 6M 2006)              31.9%                                  86.4%
Growth (p.a)
                      Net Income (2004 – 6M 2006(a))             145.2%                                208.0%

                      Total Assets (6M 2006)                    $108.3bn                               $45.3bn
Key Financials        Net Income (6M 2006)                      $1,339m                                 $554m
                      Cost Income Ratio (6M 2006)                54.6%                                  41.2%

                      Branches (Russia)                          20,151                                  [525]

Franchise             International Operations                    None                         CIS, Europe, Africa, Asia

                      Employees                                 235,116(b)                             28,466(c)

                      S&P                                       Not Rated                            BBB+/Stable

Rating                Moody‟s                                  Baa2/Stable                           Baa2/Stable
                      Fitch                                    BBB+/Stable                           BBB+/Stable
                                                        State: [55]%                           State: [77.5]%
Ownership                                               Free Float - Moscow Stock Exchange:    Free Float - London and Moscow
                                                         [45%]                                   Stock Exchanges: [22.5%]

[Source: ]
— Annualised                                                                                                                      13
— As of 31-Dec-2005
— As of 31-Dec-2006
Confidential - Not For Distribution - Working Draft, 15 March 2007




  III. Russia and CIS Market
       Growth Opportunity
         [Presenter: Andrey Kostin]
                                                            Confidential - Not For Distribution - Working Draft, 15 March 2007

                           Favourable Macroeconomic Environment in
                           Russia

                    Nominal GDP (US$bn)                                           Real GDP Growth (%)
                                                           979
                                                                                        7.3%     7.2%
                                                                                                         6.4%    6.7%
                                                    764
                                            592                         5.1%    4.7%
                                    432
     307            345




     2001          2002            2003    2004    2005    2006         2001    2002     2003    2004    2005    2006


                              Inflation (%)                          Annual Consumer Income per Capita (US$)
   18.6%                                                                                                 3,404
                 15.1%                                                                           2,670
                                   12.0%   11.7%                                         2,022
                                                   10.9%
                                                           9.0%                 1,511
                                                                        1,260


                                                                                                                  N/A

     2001          2002            2003    2004    2005    2006         2001     2002    2003    2004     2005    2006


Source: State Statistics Service                                                                                         15
                                                                          Confidential - Not For Distribution - Working Draft, 15 March 2007



                          Strong Momentum in Russian Banking Sector

                              Comments                                                       Total Banking Assets (US$bn)
 The Russian banking sector has been                                                                                                                57%
                                                                                                                                                           533.4
  demonstrating tremendous growth over the                                                                                             32%

  last years (CAGR 2001-2006 - 38%)                                                                                      35%                 338.8
                                                                                                           46%       `         257.2
                                                                                             24%                 190.1
                                                                                                   130.4
                                                                                     104.7

 Corporate banking drove growth of the
  Russian banking sector in the past                                                 2001          2002          2003          2004          2005          2006

                                                                                    Loans: Split Between Corporate & Retail
                                                                                      7%           8%            10%           14%           19%           24%
 Retail banking is its growth engine in the
  present and is expected to be in the future
                                                                                                                 `
                                                                                     93%           92%           90%           86%           81%           76%




                                                                                     2001          2002          2003          2004          2005          2006

                                                                                                                 Corporate        Retail

Source: CBR (based on unconsolidated Russian statutory financial statements)                                                                                       16
                                                                          Confidential - Not For Distribution - Working Draft, 15 March 2007

                            Retail Segment Driving Growth of Russian
                            Banking Sector
                        Retail Loans (US$bn)                                                     Retail Deposits (US$bn)

                                                                        78.4                                                        144.1

                                                                                                                         95.7
                                                           41.0                                                  71.3
                                             22.3                                                        51.5
                                                                                     22.9     32.9
                                 10.2
    3.1           4.5


   2001          2002           2003         2004         2005          2006         2001     2002       2003    2004    2005       2006



                        Housing loans (US$bn)                                                        Retail Bank Cards (m)
                                                                                                                                     74.6
                                                                         13.3
                                                                                                                             54.5

                                                                                                                  35.0
                                                           4.4                                            23.9
                                                                                               15.4
                                             2.0                                      10.5
   n/a            n/a            n/a

                                                                                                                                      (a)
   2001          2002           2003         2004         2005          2006          2001     2002       2003    2004       2005    2006
Note: CAGR for the period of 2004 – 2006



Source: CBR (based on unconsolidated Russian statutory financial statements)                                                                17
                                                                           Confidential - Not For Distribution - Working Draft, 15 March 2007

                           Significant Growth Potential: Underpenetrated
                           and Fragmented Banking Sector
                                                                                                            Data on BRIC and US to be Added

                    Total Banking Assets / GDP (%)                                                       Total Banking Assets per Capita (US$)
Developed Economies                          Developing Economies                          Developed Economies                                Developing Economies
    [•]       484%        311%         [•]      49.9%        52.5%      89.2%                   [•]     188,414       108,885           [•]        3,428     1,459      8,679




   US          UK      Germany       BRIC       Russia       CIS         CEE                   US         UK         Germany       BRIC          Russia      CIS       CEE
                                                           average     average                                                                             average   average

      Russian, CIS and CEE Banking Penetration Rates                                                  Total Banking Assets (Unconsolidated) (%)(a)
 Retail Deposits/GDP (%)                        Retail Loans/GDP (%)
  13.2%      12.1%       28.4%                   7.4%       10.1%       19.2%                    37%           37%              40%              38%        38%          37%



                                                                                                 20%           18%              18%              17%        19%          20%
                                                                                                                                `



                                                                                                 43%           44%              43%              45%        44%          43%


 Russia        CIS          CEE                 Russia       CIS         CEE
             average      average                          average     average                   2001          2002             2003             2004       2005         2006
                                                                                                                          TOP5         TOP20    Others
Source: IMF, statistics prepared by Central Banks of respective countries (YE 2006 except for Poland (Aug 2006), Serbia (Sept 2006) and Ukraine (1H2006))
Note: CIS averages include data on Armenia, Belarus, Georgia, Kazakhstan, Moldova and Ukraine. CEE averages include data on Poland, Czech Republic, Slovakia, Serbia,           18
Croatia, Hungary
(a) Based on unconsolidated statutory data
                                                 Confidential - Not For Distribution - Working Draft, 15 March 2007


                Regulatory Environment
                              Banking Sector Reforms Increase Confidence

                       Currently the CBR closely oversees and regulates the Russian banking system
  Background           Significant progress has been made by the CBR over the last years to strengthen its regulative
                        function and ensure smooth development of the Russian banking system


                       Deposit Insurance. Since 2004, deposits up to $7,000 are guaranteed by the Government. In
                        2007 the limit may rise to US$15,200

Recent Reforms:        IFRS reporting. Starting from 2005, banks in Russia have to produce IFRS financial statements
Significant Steps       and have them audited
    Forward            Credit Bureaus. Starting from 2005, banks have to select a credit bureau and provide information
                        about their borrowers to this bureau. Currently, 22 credit bureaus are in operation nationwide



                       Stability. Multiple reforms designed to increase transparency and confidence

Reform Strategy:       Reorganization. Simplification of the procedures to reorganize credit institutions
Future Direction       Basel II. Development of prudential regulation system based on Basel II principles
                       AML. Continuation of active work aimed at prevention of money-laundering




                                                                                                                         19
Confidential - Not For Distribution - Working Draft, 15 March 2007




  IV. Overview of VTB
      Franchise
            [Andrey Kostin]
                                                                                Confidential - Not For Distribution - Working Draft, 15 March 2007



                              Overview of VTB Group – Key Operations

                                                                                      VTB Group


                                                                    Banking Group Management Committee


                          Russia                                                Europe                                     CIS                            Asia / Africa
                      Assets: $[*]bn                                        Assets: $[*]bn                            Assets: $[*]bn                       Assets: NM
                     Revenue: $[*]bn                                       Revenue: $[*]bn                           Revenue: $[*]bn                      Revenue: NM
                    Net Income: $[*]m                                     Net Income: $[*]m                         Net Income: $[*]m                    Net Income: NM
                                                                         VTB Europe, London                                                             VTB Representative
                             VTB                                                                                  JSCB Mriya, Ukraine(c)
                                                                           (Headquarters)                                                                 Office in India
                          VTB24,                                                                                       VTB-Ukriane,                     VTB Representative
                                                                         VTB France, Paris(b)
                          Moscow                                                                                        Ukraine(c)                        Office in China
                            ICB,                                              VTB Austria,                             VTB Armenia,                 Vietnam-Russia Joint Venture
                      St. Petersburg(d)                                        Vienna(e)                                 Armenia                           Bank, Vietnam

                           VTB                                                                                            VTB                              VTB Africa SA
                                                                      VTB Germany, Frankfurt(b)
                      Broker, Chita(a)                                                                               Georgia, Georgia                      Banco, Angola

               Novosibirskvneshtorgbank,                           Russian Commercial Bank Ltd,                    VTB Representative                  VTB Europe branch in
                     Novosibirsk(a)                                          Zurich                                 Office in Belarus                       Singapore

                                                                      Russian Commercial Bank                                                               VTB Capital,
                                                                        (Cyprus) Ltd, Cyprus                                                                 (Namibia)
                                                                    VTB Representative Office in
                                                                              Italy

Note:   All figures date to 31 December 2006
(a)     Currently under consideration to be converted into VTB branches.
(b)     Being transferred to VTB Europe and will ultimately be converted into VTB Europe branches in 2007.
(c)     In process of being merged (completion expected in 2007).                                                                                                             21
(d)     Following the merger with VTB which is expected to be completed in late 2007 or early 2008, ICB will cease to exist as a separate entity.
(e)     Will be transferred to VTB Europe in 2009.
                                           Confidential - Not For Distribution - Working Draft, 15 March 2007



               VTB Competitive Strengths

    Significant Scale and Leading Market
1
    Position

              Extensive Distribution Network with
          2
              Broad Coverage


                   3 Broad Corporate Client Base

                               Leading Provider of Retail Banking
                           4
                               Services


                                   5 Experienced Management Team


                                             6 Recognised and Trusted Brand


                                                            7 Superior Growth with Strong Returns


                                                                                                      22
                                                                               Confidential - Not For Distribution - Working Draft, 15 March 2007

                                                                                                                 VTB/JGCs to discuss market shares
                           1
                               Significant Scale and Leading Market Position

                    Assets ($bn)                                                  Loans ($bn)                                                 Deposits ($bn)
                                               Market                                                         Market                                                         Market
                                              Share (%)                                                      Share (%)                                                      Share (%)

     Sberbank                              116.5   30.8%          Sberbank                            85.9     31.5%             Sberbank                            91.8     38.4%


         VTB                        47.3           12.5%               VTB                     31.8            11.7%                 VTB                      21.4              9.0%


Gazprombank                 24.3                    6.4%      Gazprombank               14.2                    5.2%         Gazprombank               11.4                     4.8%


                                                    3.5%                                                        4.4%             Bank of
    Alfa-Bank        13.3                                         Alfa-Bank            11.9                                                          9.5                        4.0%
                                                                                                                                 Moscow
     Bank of                                        3.2%           Bank of
                    12.2                                                          8.9                           3.3%            Alfa-Bank            9.1                        3.8%
     Moscow                                                        Moscow

       Uralsib     10.0                             2.6%           Rosbank       6.7                            2.4%               Uralsib       6.3                            2.6%


     Rosbank       8.8                              2.3%             Uralsib     5.9                            2.2%             Rosbank         6.3                            2.6%


         MMB      7.4                               2.0%     Raiffeisenbank      5.8                            2.1%        Raiffeisenbank     3.9                              1.6%


    MDM Bank      7.4                               1.9%          MDM Bank      5.3                             2.0%            MDM Bank       3.8                              1.6%


Raiffeisenbank    7.1                               1.9%               MMB      5.0                             1.8%                 MMB       3.7                              1.5%




                                   Second largest banking group in Russia by total assets, total loans and total deposits

  Note: Market shares are calculated on the basis of Russian Accounting Standards‟ consolidated financial statements of top-100 Russia-based banks (Interfax, as of 1 October
  2006). Russian accounting data differs from IFRS financials.                                                                                                                     23
                                                                           Confidential - Not For Distribution - Working Draft, 15 March 2007


                       1
                            Significant Scale and Leading Market Position
                                                       Ratings and Funding Cost Advantages


                                                                                                                                                 Funding Costs
                          Foreign Currency                Foreign Currency                                              360                                           Russia Federation
                           Bank Deposit:                    Debt:
                           Baa2/Stable                      Baa2/Stable                                                   320

                          Bank Financial                  Foreign Currency                                                                                            Other Large Russian Banks




                                                                                            Mid Spread to Midswaps (bp)
                                                                                                                          280
                           Strength: D-(a)                  Bank Deposits:
                                                            Baa2/Stable                                                   240

                          Issuer Default                  Issuer Default                                                200
                           Rating:                          Rating:
                                                                                                                          160
                           BBB+/Stable                      BBB+/Stable
                          Individual: C/D                                                                                120
                                                                                                                                                  VTB $ 7.5% due 2011       VTB $ 6.25% due 2035
                                                                                                                                VTB $ 6.875%
                                                                                                                          80      due 2008

                                                                                                                                           VTB $ LTII
                          Foreign Currency                Foreign Currency                                              40
                                                                                                                                        6.315% due 2015
                           Ratings:                         Ratings:                                                                                      VTB € 4.25% due 2016

                           BBB+/Stable                      BBB+/Stable                                                    0
                                                                                                                                0        2         4         6        8         10                 12
                                                                                                                                         Modified Duration (Options Adjusted) (Yrs)




                       VTB has maximum ratings possible for a Russian company and resulting very low funding costs

[Source: Credit agencies and Bloomberg]
(a)    Moody‟s Bank Financial Strength is currently under review as the rating agency is implementing a new methodology.                                                                           24
                                                                             Confidential - Not For Distribution - Working Draft, 15 March 2007


                         1
                              Significant Scale and Leading Market Position
                                                      M&A Strategy – Accomplished Acquisitions

                                                                Overview of Acquisitions
                                                                 Target                  Stake                   Ownership Post                Purchase
Date                         Target                             Country                 Acquired                  Acquisition(a)                Price   Goodwill
March-2006            Mriya (now VTB Ukraine)                    Ukraine                   98.0%                         98.0%                       66                [ ]

December-2005 ICB(b)                                              Russia          50.0% plus two shares        75.0% plus three shares             480                 336




                                                                                                                                                                             Total Consideration
December-2005 MNB (now VTB Europe)                                  UK                     88.9%                         89.1%                     249                   -

December-2005 BCEN-Eurobank (now VTB France)                      France                   87.0%                         87.0%                     151                   -




                                                                                                                                                                                   $[459]m
December-2005 Donau-Bank (now VTB Austria)                        Austria                  15.0%                         100.0%                      12                  -

December-2005 EWUB(c)                                          Luxembourg                  15.0%                         50.7%                        5                  -

December-2005 OWH (now VTB Germany)                              Germany                   51.6%                         83.5%                       42                  -

January-2005          UGB (now VTB Georgia)(d)                   Georgia           50.0% plus one share          50.0% plus one share                 7                [ ]

July-2004             Guta Bank (now VTB24)                       Russia                   85.8%                         85.5%                        0                71

April-2004            Armsberbank (now VTB Armenia)              Armenia                   70.0%                         70.0%                        9                [ ]

                 Info required: VTB to confirm purchase prices +
      aggregate consideration for European banks + confirm goodwill numbers

(a)    Amounts represent ownership of voting securities.
(b)    In March 2005 the Group acquired a 25% plus one share stake in ICB for c. $97m recognizing negative goodwill of $(30)m for the acquisition.                           25
(c)    The Group sold a 19.0% interest in EWUB in 2004 and 2% interest in 2006 to an unrelated party. VTB now owns 48.7% of EWUB.
(d)    In March 2006 the Group acquired a further 8.3% stake in VTB Georgia for $5m and in April 2006 a 0.6% stake for $1m. The Group now owns 58.9% of VTB Georgia.
                                                Confidential - Not For Distribution - Working Draft, 15 March 2007


                      2
                          Extensive Distribution Network with Broad
                          Coverage
    525 branches across Russia                              Presence in 62 of 88 Russian regions
     – [] branches located in Moscow and the                [163] VTB24 branches
        Moscow region                                        [ ] other retail branches of ICB in Russia
     – c.[2,679] ATMs




                                VTB
                                VTB24
                                ICB




Note: As of 31 December 2006.                                                                                                  26
                                                                      Info required: VTB to provide # of branches per region
                                                                Confidential - Not For Distribution - Working Draft, 15 March 2007


             2
                  Extensive Distribution Network with Broad
                  Coverage
                                        VTB Distribution Network - Russian Business


Current
                  Full range of corporate, retail and            Full range of corporate, retail and        Retail operations
                   investment banking operations                   certain investment banking services        163 branches located in more than []
                  [205] branches located in more than []        157 branches as of 31-Dec-2006,             regions in Russia
                   regions in Russia                               primarily located in the North-West        VTB24‘s corporate client relationships
                  In August 2005 began transferring the           regions                                     (except small businesses) are being
                   retail and small business operations           Intention to combine the corporate and      transferred to VTB
                   along with selected assets and liabilities      investment banking operations into
                   to VTB24                                        VTB while transferring the retail
                  [Other Russian operations: VTB Broker           operations to VTB24
                   (Chita) and Novosibirskvneshtorgbank]




Future
Model
(End 2007)                                    All Russian businesses excluding               All retail banking and small
                                               retail and small business banking               business banking operations
                                                                                              146 ICB branches to be
                                                                                               transferred by 2008


                                                                                                Info required: confirm # branches and regions     27
                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007


       2
           Extensive Distribution Network with Broad
           Coverage
                           VTB Distribution Network – International Business
                                                            Western Europe:
                                                             –    Currently controls six banks in Western Europe
                                                             –    Subsidiary banks in the UK, France, Germany, Austria, Switzerland
                                                                  and Cyprus. Representative office in Italy
                                                             –    VTB Europe (based in London) is the holding company of VTB
                                                                  France and VTB Germany. Process of converting both into
                                                                  branches has started in 2007
                                                             –    VTB Austria is expected to be transferred to VTB Europe and
                                                                  converted into a branch in 2009-2010
                                                            CIS:
                                                             –    Banking subsidiaries in Armenia, Georgia and Ukraine
                                                             –    [296] branches and [121] ATMs
                                                             –    Representative office in Belarus
                                                             –    Further CIS expansion is planned
                                                            Asia:
                                                             –    Branch of VTB Europe in Singapore
                               CHINA
                INDIA
                                                             –    Representative offices in India and China, which will be transferred
                                                                  into branches in 2007
                            VIETNAM                          –    Presence in Vietnam with 49% ownership in Vietnam-Russia Joint
                                                                  Venture Bank
                                                            Africa:
                          SINGAPORE
                                                             –    Banco VTB Africa SA in Angola
Subsidiaries      Representative offices   Associates        –    VTB Capital (Namibia) PTY Ltd. in Namibia


               VTB is the only franchise able to serve Russian businesses on an international scale


                                                                                                                                     28
                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007


                         3
                             Broad Corporate Client Base

                             Key Highlights                                    Corporate Loans

 Strong working relationships with leading Russian
  companies across all sectors of the Russian                             #2
                                                              29.6%
  economy

                                                                         8.8%
                                                                                       4.6%          4.0%          3.5%
 #2 in Russian corporate banking with [8.8]% and
  [9.0]% market shares in corporate lending and              Sberbank    VTB        Gazprom-         Alfa         Bank of
  corporate deposit respectively                                        Group         bank           Bank         Moscow


                                                                           Corporate Deposits
 Currently provides banking services to more than
  60% of large sized Russian corporate entities                          #2



                                                              17.3%
         –     Approximately [27,700] large and medium
                                                                         9.0%          7.4%
               size companies in Russia                                                              4.2%          3.2%


                                                             Sberbank    VTB        Gazprom-         Alfa         Bank of
                                                                        Group         bank           Bank         Moscow



Source: Bank of Russia                                                    Info required: VTB to provide market shares       29
                                                 Confidential - Not For Distribution - Working Draft, 15 March 2007


                     4
                           Leading Provider of Retail Banking Services

                            Key Highlights                                        Retail Deposits

 Top 5 retail player in Russia with more than [ ]          57.1%       #2

  retail customers as at 31-Dec-2006                                    4.5%


 Leading Russian market position in retail deposits                                 2.4%        2.2%        1.9%           1.8%
  (#2), mortgage loans (#2) and total retail loans (#5)

 Particular focus on the upper mass and affluent          Sberbank     VTB        Bank of      Raiffei-   Rosbank      Uralsib
  market segment                                                       Group       Moscow      senbank


                           Mortgage Ranking                                         Retail Loans

 [To come]                                                 37.7%
                                                                       8.7%

                                                                                                             #5

                                                                                    4.1%
                                                                                                2.6%
                                                                                                            2.0%        1.9%



                                                           Sberbank   Russian     Rosbank      Raiffei-     VTB        Uralsib
                                                                      Standard                senbank      Group
                                                                        Bank

  Source: Bank of Russia                                                      Info required: VTB to provide market shares          30
                                                                    Confidential - Not For Distribution - Working Draft, 15 March 2007


                            5
                                Experienced Management Team
   Senior management team has extensive experience in the financial services sector
   On average more than 12 years of relevant experience
                        Name                          Age Years at VTB Years in Industry Responsibility
                       Andrei L. Kostin*              50            5         [    ]      Chairman and CEO
                       Vadim O. Levin                 43            5          [   ]      [ ]
                       Alexei I. Akinshin*            47            4          [   ]      [ ]
    Management Board




                       Gennadi V. Soldatenkov         54            6          [   ]      [ ]
                       Igor N. Zavyalov               47            5          [   ]      Head of Corporate Business
                       Yulia G. Chupina*              36            2          [   ]      Head of Corporate Development
                       Vasiliy V. Kirpichev*          35            2          [   ]      [ ]
                       Konstantin G. Kozhevnikov      39            2         [    ]      Head of Non-Financial Assets Dept.
                       Erkin N. Norov*                53            5          [   ]      Head of Loan Transactions and Risk Control
                       Vasily N. Titov                46            3          [   ]      Head of PR and Marketing
Banking Group




                       E. M. Grevtsev                 58        [       ]      [   ]      [ ]
 Management
  Committee




                       Nikolay Kuznetsov              42        [       ]      [   ]      [ ]
                       Andrey Puchkov                 29        [       ]      [   ]      [ ]
                       Nikolay Tsekhomsky             32        [       ]      [   ]      CFO


* Also member of Banking Group Management Committee                                        Info required: VTB to complete              31
                                                                        Confidential - Not For Distribution - Working Draft, 15 March 2007


                        5
                                 Experienced Management Team
                                                              Awards and Achievements
                                                       2005                                                           2006



                                                              Euromoney Awards of Excellence
   [VTB                                                          2005: Best Bank in Russia
                                                                                                          Andrey Kostin (CEO) named "The
to review]    EBRD award for participation in the                                                            Banker of the Year" (Itogi
               Trade Facilitation Program as 'The                                                             Magazine, Fitch Ratings)
             Most Active Bank-Issuer in developing
             economies of Europe, Asia, Africa and
                          Middle East'

                                                              Certificates of distinction in Trade
                                                               Financing (American Express
                                                                             Bank)                         Bond Deal of the Year 2006 in
                                                                                                           EEMA (International Financing
                                                                                                                 Review Journal)

               Best clearing bank of Russia in the
              correspondent network of JP Morgan                                                            Finance New Europe
               Chase Bank (fifth consecutive time)                 Recognized as the best                         Journal
                                                               commercial bank in Russia, best
                                                              Russian underwriting bank (Global             Best bank of Russia in 2006
                                                                     Finance Magazine)




              Best Russian clearing bank amongst
             the clearing operators included in Bank          Recognized as a ‗Superbrand' of               Eastern European Financial
                of New York correspondent bank                    Russian banking sector                  Institution Bond Deal of the Year
                             network                            (Superbrands International)                 2006 (EuroWeek Magazine)




                      [Permission to use logos?]                                                                                              32
                                                              Confidential - Not For Distribution - Working Draft, 15 March 2007


                6
                      Recognised and Trusted Brand

                 Key Highlights                                                            Brands

 More than 16 years of operations in
  the Russian banking market


 Recent rebranding exercise and
  launch of VTB24 accelerated already
  strong reputation


 Brand recognition



  Info required: VTB to provide quotes on brand recognition


                                                                                                                         33
                                              Confidential - Not For Distribution - Working Draft, 15 March 2007


             6
                   Recognised and Trusted Brand

                                 Description
                                Benefits from Shareholder Support                 Outcome



                       Controlling shareholder through
  Relationship
                        the Federal Property Agency                    Stable management team
with the Russian
   Federation          Supervisory Council                            Recognised and trusted brand
                        representatives
                       [Independent decision making]


                      One of the founding shareholders                History of funding support,
                       which transferred its interests in               including for strategic decisions
 Relationship
  with CBR             VTB in October 2002                             Innovative investments
                      Supervisory Council                             Acquisition of CBR‘s interests in
                       representatives                                  European Banks


                   Russian Government as majority shareholder enhances reputation
                         for financial strength and customer trust in the brand


                                                                                                            34
                                                                           Confidential - Not For Distribution - Working Draft, 15 March 2007


                       7
                       7   Superior Growth with Strong Returns
                                             VTB is one of the fastest growing Russian banks…

                                                                                                                         Russian Banking
                                                                  VTB                                                       Sector(a)

                              2004                       2005                    2006                     CAGR 2004–2006
                                                                                  [52,489]              72%
    Total                                                 36,723
                                                                                                                               44%
                              17,810
   Assets

                                                                                  [6,314]
                                                          4,920                                         55%
    Total                     2,628                                                                                            37%
   Equity


                                …while increasing profitability and efficiency over the same period
                              2004                        2005                    2006
                                                                                                                 Continuous growth in net
                                                                                  [1,218]
                                                                                                                  income
     Net
   Income                                                   499                                                  2006 RoAE of [ • ]% vs
                                205                                                                               2004 RoAE of 8.2%


(a) CBR (based on unconsolidated Russian Statutory Financial Statements)
                                                                                                                                           35
Confidential - Not For Distribution - Working Draft, 15 March 2007




  V.        VTB Strategy
            [Yulia Chupina]
                   Confidential - Not For Distribution - Working Draft, 15 March 2007



  Our Overall Goal




   Strengthen our market position as a leading
provider of banking services to Russian customers
  and leverage our unique international position
              among Russian banks




                                                                              37
                                           Confidential - Not For Distribution - Working Draft, 15 March 2007



               VTB Strategy

1   Consolidate Existing Leading Position in
    Russian Corporate Banking


          2   Aggressively Grow Market Share in
              Attractive Russian Retail Banking Sector


                        Increase Cross-selling of Investment
                    3
                        Banking Products to Corporate Clients


                                   4   Expand International Presence


                                                    Continue Integration and Improve
                                                5
                                                    Operating Efficiencies


                                                             Centralise and Upgrade IT Systems and
                                                         6
                                                             Infrastructure


                                                                                                      38
                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007

              1   Consolidate Existing Leading Position in
                  Russian Corporate Banking

                                                 Strategy
    Aim to grow faster than the overall Russian banking market through 2010
    Focus on cross-selling of products, expanding customer base, enhancing client services,
     diversifying loan portfolio and promoting new products

               Current Initiatives                                                    Impact

 Segmentation of client base into large,                         Increase in the Group‘s market share both in
  medium-size and small clients in order to                        terms of the number of customers and the
  provide more focused, tailored services                          volume of operations

 Dedicated client manager for each large client                  Increase in number of large corporate clients
                                                                   from [*] to [*] from 31-Dec-2005 to 31-Dec-
 Creation of a division fully focused on medium-                  2006
  sized clients
                                                                  Increase in number of medium-sized
 Enhance cross-selling of additional products                     corporate clients from [*] to [*] from 31-Dec-
  and services to existing customers (including                    2005 to 31-Dec-2006
  investment banking products)
                                                                  Diversification of loan portfolio



                                                                                                                    39
                                                   Confidential - Not For Distribution - Working Draft, 15 March 2007

               2   Aggressively Grow Market Share in Attractive
                   Russian Retail Banking Sector

                                                        Strategy
     Aim to become second largest Russian retail bank
     Become the provider of choice for banking services to small businesses and individuals in particular in the
      affluent and upper mass retail segments
     Expansion of VTB24 network in Russia to more than 500 branches by end of 2008
     Ultimate goal is to operate branches in all Russian cities with populations of more than 150,000 people
     Development of other distributions channels (ATM, telephone and internet banking), diversification of product
      range and improvement of operational efficiency
     Develop retail business in Ukraine and other CIS countries


                Current Initiatives                                                       Impact

 Expansion plan through VTB24 brand                                  Creation of [ ] new branches in 2006
                                                                       (excluding migrated branches) and [ ] new
 Expand branch network by opening new                                 branches to date in 2007
  branches and migrating branches from ICB
                                                                      Diversified offering of deposits services and
 Enhance and develop product line                                     lending products such as consumer loans,
                                                                       mortgages, auto loans, credit cards and
 Small business corporate clients served                              services to small businesses
  through VTB24 network



                                                                                                                       40
                                                       Confidential - Not For Distribution - Working Draft, 15 March 2007

               3
                   Increase Cross-Selling of Investment Banking
                   Products to Corporate Clients

                                                Strategy
     Increase market share in selected products and services by leveraging strong corporate
      customer relationships, expanding the range, improving the quality and intensifying the sale of
      products
     Increase fee income by emphasising role as arranger and adviser alongside the role of principal
      creditor
     Use VTB Europe as platform to consolidate investment banking operations


                Current Initiatives                                                       Impact

 Shift focus from proprietary activities to client-                   Current investment banking services include
  orientated services                                                   arrangement and underwriting of securities
                                                                        offering, project financing, M&A financing
 Assemble an experienced investment banking
                                                                        and advisory services as well as proprietary
  team
                                                                        trading activities
 Expand range of products
                                                                       Established leading positions in selected
 Focus on growing retail investment products                           products, e.g. #2 underwriter of Russian
  such as asset management and brokerage                                domestic corporate and regional bonds
  services
                                                                       Launch of VTB Asset Management in
                                                                        September 2006

                                                                                                                    41
                                                      Confidential - Not For Distribution - Working Draft, 15 March 2007



              4
                  Expand International Presence
                                                 Strategy
     Expand international presence to support the needs of corporate clients, principally Russian and
      CIS
     CIS banking market is priority for expansion due to attractive growth profile
      – Organic growth and selected acquisition opportunities
     Become retail and corporate leader in targeted CIS countries
      – Current focus on Ukraine, Georgia and Armenia
      – Possible acquisitions in Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, and Uzbekistan
     Continue to build a broad platform in Europe and expand into selected countries in Asia and
      Africa

                  Current Initiatives                                                         Impact
               Expand in strategic countries which are               Present in 3 CIS countries
                involved in active trade and economic
                cooperation with Russia                                –    Ukraine, Georgia and Armenia
     CIS
               Become a leader in corporate and retail                –    [296] branches in CIS region and [430,000] CIS
                segments in each country VTB has or plans to                clients
                have a presence                                       Present in 7 Western European countries
               Build an integrated platform to service
 Western                                                               –    Ability to offer Russian clients easier access to
                Russian clients in Europe and European
 Europe                                                                     international financial services and international
                corporate clients with business interests in
                                                                            capital markets
                Russia and CIS
               Expand into selected countries in which                –    Ability to serve European corporate clients with
Africa/Asia     investments by Russian corporate clients are                business interests in Russia and CIS
                expected e.g Vietnam, Namibia, Angola

                                                                                                                                 42
                                                        Confidential - Not For Distribution - Working Draft, 15 March 2007

                 5   Continue Integration and Improve Operating
                     Efficiencies
                                                Strategy
     Continue to integrate and streamline organisational structure to maximise operational efficiency
      across business lines and geographies
     Includes merger of ICB, continued migration of corporate and retail banking business between
      VTB and VTB24 and consolidation of European subsidiaries
     Gradually implement uniform management practices, internal control systems, liquidity
      management systems and risk management policies in line with international best practices

                 Current Initiatives                                                          Impact
 Further development and integration of financial, internal            Simplified structure with greater focus across
  controls and IT systems                                                business lines
 Launched a process of integrating risk management                     Clear strategy
  across the Group following recent acquisitions                        Unified group procedures and systems by [ ]
 Implementation of a matrix management model to
                                                                        Restructuring of Russian operations to be
  manage subsidiaries
                                                                         substantially completed by August 2007
 Creation of the Banking Group Managing Committee in
  2006, an interbank coordination and management body                   Creation of a broad platform throughout Western
  which includes VTB‘s and subsidiary banks‘                             Europe
  representatives                                                       VTB24‘s corporate relationships are being
 In the process of integrating within VTB24 the Russian                 transferred to VTB
  retail and small business banking operations of VTB, ICB
  and VTB24

                                                                                                                           43
                                                         Confidential - Not For Distribution - Working Draft, 15 March 2007

                  5   Continue Integration and Improve Operating
                      Efficiencies
                               Rebranding - “From a Group of Banks to a Bank Group”




 Launched global rebranding in October 2006 to unite separate brands of the Group under a unified brand globally

 Most of the Group‘s CIS and European operations have been rebranded under the VTB brand

 In Russia, the Group still operates under three different brands (VTB, ICB and VTB24). Ultimate goal is to operate two brands
  once the integration of ICB into VTB is completed

      –    VTB for Corporate Banking and Investment Banking

      –    VTB24 for Retail Banking


                                                                                                                                  44
                                                 Confidential - Not For Distribution - Working Draft, 15 March 2007

               6   Centralise and Upgrade IT Systems and
                   Infrastructure

                                                  Strategy
     Rationalise and strengthen IT systems to meet the needs of growing business
     Upgrade several of the existing multiple IT systems, installations and support teams across the
      Group into a new Group-wide integrated IT system


             Current IT systems                                                   Objective
 Each banking subsidiary has a separate IT                  Coordinate activities and establish a single
  system managed on an independent basis, with                corporate reporting framework
  little or no functional integration between banks           – Gradual process to simplify, rationalise and
  other than VTB and VTB24                                      synchronise the different IT systems to
 Legacy systems across CIS and European banks                  support access to and comparability of the
  are sufficient to support banking operations in               information that comes from the subsidiaries
  those jurisdictions                                        Unified application packages with ―best-in-class‖
 For financial reporting purposes, local GAAP data           functionality for key business areas
  is collected and consolidated regularly by the              – Automatisation of core customer information
  Group, and transformed to IFRS financials                     management, accounting, oversight,
                                                                reporting, etc.



                                                                                                               45
                                                 Confidential - Not For Distribution - Working Draft, 15 March 2007



               Use of IPO Proceeds
                               Development Plans                                       Preferred Route

                   Capital base for ongoing organic growth
                   Investments in systems including risk                Organic led growth and business
Overall                                                                   improvements
                    management and IT

                   Development of retail operations, including
                    – Expansion of branch network
                                                                         Organic led growth building on the VTB and
                    – IT and operational improvements
Russia                                                                    VTB24 franchises, brands and networks
                   Consolidate #2 position in corporate banking         Potential for selected acquisitions
                   Diversify product offering and gain market share
                    in selected investment banking niches
                   Priority focus due to attractive growth profile
                   Key CIS markets are Ukraine, Georgia and             Organic led growth in Ukraine, Georgia and
                    Armenia                                               Armenia where VTB has significant presence
CIS                Additional CIS markets such as Azerbaijan,           Possible selected acquisitions in
                    Belarus, Kazakhstan, Kyrgyzstan and Uzbekistan        Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan
                   Selected acquisitions in countries where presence     and Uzbekistan
                    is deemed economically viable

                   Continue to build a broad platform across key        Europe: Organic led growth building upon
                    countries in Europe                                   rationalised and unified VTB Europe platform
Europe/Other                                                             Other: Organic led growth via VTB
Countries          Expand international presence to support the
                                                                          representative offices or branches or external
                    needs of Russian clients
                                                                          growth setting up JV‘s with local players

                                                                                                                       46
Confidential - Not For Distribution - Working Draft, 15 March 2007




  VI. Corporate Banking
             [Vadim Levin]
                                                         Confidential - Not For Distribution - Working Draft, 15 March 2007



                           Corporate Banking - Overview
                               Highlights                           As % of Total Loans to Customers, 2006

 Broad range of commercial banking services
  and products to corporations, financial
  institutions and government agencies
 Services include lending, deposits and
                                                                                         Corporate
  settlement services, trade and export finance                                             93%
  and custody services
 Majority of clients operate in largest sectors of
  the Russian economy, such as manufacturing,
  retail and wholesale trade, construction,
                                                                          As % of Total Revenues, 2006
  transport, oil and gas, production, energy, etc.
 More than [2,000](a) large clients and more
  than [25,660](a) medium size clients in Russia
  as at 31-Dec-2006
                                                                                         Corporate




                                                                                     DUMMY NUMBERS
[Source: ]
(a)    Net of overlapping clients between ICB and VTB.                                                              48
                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007



                   Corporate Banking – Solid Growth [TBU]

                 Corporate Loans ($bn)                                   Corporate Deposits ($bn)



                                         $[ ]bn
                       $18.7bn                                                                      $[ ]bn


                                                                                  $7.8bn


       $10.6bn

                                                                $3.9bn




         2004            2005            2006                    2004              2005             2006


                    Corporate banking remains the main source of revenue for VTB Group


[Source: ]                                                                                                   49
                                                             Confidential - Not For Distribution - Working Draft, 15 March 2007



                           Corporate Banking – Client Base
 From 2003 to 2005, VTB implemented a number of measures aimed at strengthening position, including
                      tailoring products and services according to client profile



                            Large Clients                                                Medium-Size Clients
 Defined as companies that have annual revenues exceeding                Defined as companies that have annual revenues of between
  $100m or revenues that are at least 1% of the aggregate industry         $3m and $100m
  revenue                                                                 More than 25,660(a) medium size clients as of 31-Dec-2006
 Client relationships with large Russian companies in all industries
  important to the Russian economy
 More than [2,000](a) large customers as of 31-Dec-2006



 Created industry divisions at the head office and launched industry-    A dedicated service model for medium size clients that focuses
  based business development programs to provide industry-specific         on providing standard product packages at VTB‘s Moscow sub-
  and customised services                                                  branches and branches located in economically significant
 179 large customer client managers at the head office supported by       Russian regions
  190 regional client managers as of 31-Dec-2006                          Developed simplified credit approval procedures for medium
 Strategic partnership frameworks with 130 major clients as of 31-        size clients
  Dec-2006                                                                Special unit to coordinate branch efforts aimed at expanding
                                                                           medium size client business by implementing such measures
                                                                           as standardised products and the creation of a database of
                                                                           existing and potential clients


(a) Net of overlapping clients between ICB and VTB.                                    Info Required: confirm # clients                 50
                                                 Confidential - Not For Distribution - Working Draft, 15 March 2007



                Corporate Banking – Products & Services
                      Loans in Rubles, US Dollars, Euros and certain other foreign currencies
                      Portfolio of medium term (1-3 years) and long-tem (over 3 years) corporate loans which generally have
                       some form of collateral
    Lending           Other credit products include loan guarantees, performance guarantees, advance guarantees, payment
                       guarantees, custom guarantees and bid bonds
                      Started to offer more complex credit products, such as financial leasing and refinancing of investment
                       portfolios for specialised financial entities

                      Current or settlement deposit accounts and term deposit accounts in Rubles and in certain other foreign
  Deposit and          currencies (predominantly US Dollars and Euros)
  Settlement          Special purpose accounts such as payment accounts used to settle obligations with Russian
   Services            counterparties and accounts used for transactions involving foreign currency payments
                      Payment and settlement services

                      Letter of credit and import and export settlement services (clients include Technopromexport, Rosneft,
Trade and Export       Power Machines, Alrosa, Suel, Gazprom and TNK-BP)
                      Pre-export financing and acts as a currency control agent
    Finance           Import financing using funds from foreign banks and export credit agencies that are currently unwilling to
                       assume direct credit risk of Russian companies

                      One of the largest custodian banks in Russia with AuM of $[ ]bn
Custody Services      Licensed to provide full range of custody services with respect to both Russian and foreign corporate and
                       governmental securities
                      Primary depository and paying agent for MinFin bonds
                      Leading arranger and lender on syndicated loans to corporations and financial institutions in Russia and
  Syndicated           other CIS countries
    Loans

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              Corporate Banking – Outlook and Strategy

   Consolidate #2 position by growing faster than overall Russian market through
    2010 and accordingly achieve substantial market share increase in lending and
    deposits

   Increase cross-selling of additional products and services to existing customers

   Focus on the growing needs of medium-size corporate customers to increase
    customer base

   Continue to improve customer service and streamline decision-making processes
    and procedures

   Continue to diversify loan portfolio

   Promote new products




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  VII. Investment Banking
              [Vadim Levin]
                                                    Confidential - Not For Distribution - Working Draft, 15 March 2007



                  Investment Banking – Overview
                   Highlights                                 Securities as Percentage of Total Assets, 2006
   Investment banking products currently
    offered to large corporate clients in Russia
    (via VTB and ICB) and Western Europe
                                                                                     DUMMY NUMBERS
   VTB is leveraging off the existing corporate
                                                                                                      Securities
    customer relationships to cross sell
    customized investment banking product
    and services
   The leading position on the Russian bond
    underwriting market
   Securities portfolio represents [ ]% of total               Breakdown of The Securities Portfolio, 2006
    assets as of December 31, 2006                                           Government
                                                                               Bonds               Government
   Securities portfolio dominated by debt                                                         Eurobonds
    instruments [ ]% as of December 31, 2006
   Streamlined investment decision                                                  DUMMY NUMBERS
    procedures                                                           Corporate
                                                                         Eurobonds
   Strong balance sheet of the Group supports                                                       Equities
    opportunity to further develop M&A
    financing                                                                          Corporate
                                                                                        Bonds


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               Investment Banking – Overview


                    Current investment banking services include, proprietary securities trading, arrangement and
Products and         underwriting of securities offerings, project financing and advisory services, merger and acquisition
                     financing and advisory services
  Services
                    Intention to enter the asset management, brokerage, asset securitization and derivatives market


                    Currently Investment Banking services being rendered to large Russian corporate clients
                    Client relationship and business origination from Russia, with certain products developed by the
                     European subsidiaries
  Platform          Leading Russian bond underwriter
                    Significant potential for development in SME segment and outside of the Group‘s client base
                    Proprietary trading – the key revenue stream for the business

                    Become a leader in select investment banking products and services
                    Use VTB Europe as a platform for Investment Banking development
Outlook and
                    Enhance the Investment Banking product range
 Strategy
                    Strengthen current positions in retail products: asset management, brokerage services
                    Increase of level of commission income




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                  Investment Banking – Products and Services
                     Historical focus on proprietary trading in Russian government securities, federal loan bonds and
  Proprietary         Russian Federation Eurobonds, and derivatives transactions
   Activities        Market maker in the Russian fixed income market. Significant player in repo and reverse repo securities
                     The Group‘s income from proprietary activities was $[●] million in 2006
                     Arrangement and underwriting of debt securities offerings of Russian companies on the domestic market
 Debt Capital
                     In 2006, VTB arranged 32 domestic corporate and municipal bond offerings totaling approximately [$1.8bn]
   Markets            in 2006

Precious Metals      VTB trades precious metals (primarily gold), exports and sells gold, provides short- and medium-term
                      financing and hedging products to gold producers
  Operations         Clients include 75 gold producers, the CBR, domestic and international banks

                     Debt and equity financing for development projects, on a recourse or a non-recourse basis
Project Finance      In 2006, VTB provided approximately $650m in funds for projects, including construction of a new long-
                      distance oil-products pipeline, acquisition financing for aircrafts and construction of a business center

   M&A and           In 2006, VTB participated in M&A financing with a total transaction amount of approximately $800m
   Advisory           – Arrangement of leveraged buyout financing for the acquisition of Corbina Telecom and as buy-side
                          advisor to Baring Vostok Capital Partners in the acquisition of Bank Caspian
   Services
   Asset             Platform in place to develop asset management business through CJSC ―Prospect – Montes Auri‖
 Management          Business currently in start-up phase
                     Brokerage services on MICEX and RTS and the over-the-counter markets
    Other            Investment advisory and market making services on securities (primarily Russian debt securities)
                     Research on the Russian fixed income and equity markets

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                                 Investment Banking – Established Franchise

           Russian Bond Issues Underwritten                           Selected Transactions – [VTB to update]
                                                                                                                                April 2004/ May 2005
Ranking                   1          1        2            [ ]                May 2005


Total number
of issues                19          25      32           [ ]                                          City of Moscow                    MGTS
                                                                         EAST LINE Group
                                                                                                        Underwriter                     Arranger
                                                                              Arranger                and Market-maker
                                            1,820                                                                                       4th and 5th
                                                                      2nd Issue of Rouble bonds       Issuance of bonds              of Rouble Bonds
                                                                             RUR 3 billion                                           RUR 3.5 billion
                                    1,544
                                                                             May 2005               April 2004/ April 2005              July 2005




                       1,104                                                                           Government of                Perm Motors Group
                                                                           Home Credit                 Moscow Region
                                                                         and Finance Bank
                                                                                                   Arranger and Underwriter
                                                                                                                                        Arranger
                                                                               Arranger                  4th and 5th
                                                                      2nd Issue of Rouble Bonds    Issues of Rouble Bonds     1st   Issue of Rouble Bonds
                                                                             RUR 3 billion             RUR 21.6 billion               RUR 1.2 billion
            US$m




                                                                            August 2004           February 2003 – June 2005           February 2004




                                                                                                           Avtovaz
                                                                                                                                        Gazprom
                                                                       Bank Russian Standard       Arranger and Underwriter
                                                          [ ]                                           Paying Agent
                                                                            Co-Arranger                                                Underwriter
                       2004        2005     2006    April [ ], 2007                                        1st- - 3rd
                                                                      3rd Issue of Rouble Bonds    Issues of Rouble Bonds     3d Issue of Rouble Bonds
Note: Combined for VTB and ICB                                               RUR 2 billion              RUR 9 billion               RUR 10 billion
Source: Cbonds Rating Agency



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                Investment Banking – Platform [VTB to confirm the
                breakdown of products offered in Russia and Europe]

                            Russia                                        Europe


                                                                       European subsidiaries for certain
                          Predominantly by Russian                     foreign clients moving to Russia
  Origination              based client managers                       Servicing Russian corporate clients
                                                                        moving into European capital markets

                          Proprietary activities                      Structured and trade finance
                          Russian debt capital markets                Syndicated lending
                          Precious Metals Operations                  Loan securitization
                          Project Finance                             Clearing and settlement
                          Asset management                            Money markets
Product Offering          M&A and Advisory Services                   Trade finance
                          Tailored products for SME                   International debt capital markets
                           clients                                     Fixed income research
                                                                       Brokerage
                                                                       Proprietary activities



     Commitment to significantly expand the investment banking with focus on selected products

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               Investment Banking – Outlook and Strategy

 Become a leader in selected investment banking products and services

 Improving coordination between the corporate and investment banking businesses
   – Leverage off its existing corporate customer relationships to cross-sell investment banking
     products
   – Design customized and new investment banking products and services

 Use VTB Europe as the platform for consolidating the Group‘s investment banking operations

 Strengthen current positions in retail products: asset management, brokerage services

 Reduce earnings volatility coming from significant income from proprietary trading

 Increase fee income by shifting its focus from the role of a principal creditor to a role of
  arranger and adviser

 Introduce a system of proprietary securities portfolio management at the Group level



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  VIII. Retail Banking
             [Mikhail Zadornov]
                                                                                   Confidential - Not For Distribution - Working Draft, 15 March 2007



                                Retail Banking – Overview
                                Highlights                                                              As % of Total Loans to Customers, 2006

     VTB retail business services include among
      others, deposits and lending to individuals and
      small businesses(a)                                                                                                                     Retail
     Leading Russian market position in retail deposits                                                                                       7%
      (#2), mortgage loans (#2) and total retail loans
      (#5) as of 31 December, 2006 - TBD
     In process of combining Russian retail and small
      business banking operations in VTB24, the
      specialized retail banking subsidiary in Russia                                                        Breakdown of Retail Banking Loan
     VTB24‘s predecessor, Guta Bank, was acquired in                                                                Portfolio, 2006
      2004                                                                                                                                   Small
                                                                                                                                            Business
     Aim at becoming a leading retail bank in Russia                                                                     Auto Loans         Loans
     Successful retail banking operations in Ukraine,
      Georgia, Armenia to be further enhanced with
                                                                                                                                  DUMMY NUMBERS
      VTB24 product expertise is used


                                                                                                                           Consumer         Mortgages
                                                                                                                            Loans


    (a)   For the purpose of this presentation, statistics presented hereafter is based on products to individuals only
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               Retail Banking – Impressive Recent Growth

         Retail Loans (US$bn)                                     Retail Deposits (US$bn)
2,500                                                 8,000                                    [7,327]
                                         [2,249]
                                                      7,000
2,000
                                                      6,000
                                                                                      5,180
1,500                                                 5,000

                                                      4,000
1,000                           851                   3,000
                                                                           2,111
                                                      2,000
 500                                                              988
                     130                              1,000
         34
   0                                                       0
        2003        2004       2005       2006                   2003       2004      2005      2006


              Expansion of the retail division is a key strategic priority for the VTB Group


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                   Retail Banking – History
               2004                                       2005                                    2006-2007

 Acquisition of Guta Bank in Russia    In order to capture the market growth,     Rebranding of Guta Bank to VTB24
  – Wide branch network                  VTB decides to concentrate all retail      Further transfer of retail assets and
     throughout Russia                   banking operations in Russia in a           liabilities to VTB24. Restructuring to be
  – Developed retail infrastructure,     separate banking subsidiary - Guta          completed by the end of 2007
     including front office,             Bank                                       Assimilation of ICB‘s retail operations
     processing center and internet     Acquisition of ICB to develop corporate     into VTB24, interfacing the banks‘
     banking                             and retail banking presence in the          ATMs and standartizing the terms of
  – Significant retail client base       North-West region                           the offered products. Full integration to
 Acquisition of Armsberbank in          – [Leading position in the North-West       be completed after merger with ICB is
  Armenia                                    region]                                 finalized
  – Armenian subsidiary of               – [more than xx individual clients as      Acquisition of Mriya Bank in Ukraine
     Sberbank until 1993                     of 31 December, 2006]                   – Full rang of retail products
  – [The leading branch network]        Acquisition of United Georgian Bank             throughout Ukraine via 171
                                         – Third largest bank in Georgia                 branches of which 63 specialize in
  – [Largest retail client base]                                                         serving retail customers
                                         – Full rang of retail products in major
                                             cities as well as more remote areas     – [xx retail customers as of 31
                                             through [28] branches                       December, 2006]



                        Focus on retail banking in Russia and CIS is critical for growth
                          VTB24‟s goal is to become a leading retail bank in Russia

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               Retail Banking – Summary
                    4.6 million individual and 154 thousand small business clients in Russia
Client Base         Additional 421 thousand individual and 16 thousand small business clients in the other growing
                     CIS markets

                    Direct distribution model no products are sold through partnerships or third-parties
                    [525] branches throughout Russia
Distribution
                    2,679 ATMs in Russia
                    Platform for retail roll-out in other CIS countries: 296 branches and 121 ATMs

                    Services include deposit accounts, lending, small business loans, consumer loans, mortgages,
                     auto loans and credit cards
                    Strategic focus on small business loans segment with currently low competition
Products and
                    Leading mortgage player, with total mortgage portfolio outstanding of USD [ ] mn, representing a
  Services           10% market share in Russia
                    Catch-up position on the auto loan market
                    [ ] credit cards issued

                    Become a leading retail bank in Russia
                    Increase the market share in products offered to upper mass and affluent market segments and
Outlook and
                     small businesses
 Strategy           Expand VTB24 branch network to more than 500 branches by 2008
                    Ultimately operate branches in all Russian cities with populations of more than 150,000 people



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              Russian Retail Banking – Client Base [TBD]
                Comments                                Number of Individual Customers

 More than 4.6 million retail customers in
  Russia in VTB, VTB24 and ICB                                      DUMMY NUMBERS
                                                                                            4.6

 Migration of client to VTB24 to provide
  additional momentum for further growth,
  given VTB24 specialised focused on retail              2004             2005             2006
  services rendered to individuals and small
  businesses
                                                                Number of Cards Issued
 Standardized and well tailored product
  offering to become available to existing
  client
                                                                    DUMMY NUMBERS
 Focused on affluent client base

 [ ] card issued                                        2004             2005             2006




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            Russian Retail Banking – Distribution
            (Branch Based Model)
       Distribution Network: Branches                                                                    Russian Banks‟ Network, 2006
                                                     730             20,151

           DUMMY NUMBERS
                                                                                       582
                                                                                                        [525]    494       450

                                                                                                                                     232       222       216         211         185




                                                                                                         VTB




                                                                                                                                               Ak Bars
                                                                         Sberbank




                                                                                                                                                         Impexbank




                                                                                                                                                                                 Gazprombank
                                                                                                                                     Moscow
                                                                                                                 Rosbank
                                                                                        Rosselhozbank




                                                                                                                           Uralsib


                                                                                                                                     Bank of




                                                                                                                                                                     Uniastrum
2004                    2005                         2006
         Retail       Hybrid (Corporate & Retail)




                                                                    Source: RBC Ratings
                  Number of ATMs                                                                                Distribution Highlights

                                                    2,679                          Key distribution channels include branches, sub-branches, outlets and ATMs,
                                                                                    telephone and internet banking
          DUMMY NUMBERS                                                            Total of [525] branches as of 31 December, 2006 of which [272] were purely
                                                                                    retail oriented
                                                                                   VTB24 retail network consisted of 163 branches as of December 31, 2006.
                                                                                    Further [557] branches to be migrated to VTB24 in the near future
                                                                                   [ ] branches in Moscow and Moscow region
                                                                                   Presence in 62 of [ ] Russian macro regions
                                                                                   The first Russian bank to offer internet banking
2004                   2005                         2006
                                                                                   Plans to maintain branches in all Russian cities with populations greater than
                                                                                    150,000 inhabitants


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                                     Russian Retail Banking – Products and
                                     Services
                                                 Competitive array of products
                                Deposit          US$[ ]m in retail deposits as of 31-Dec-2006
                               Accounts          Offers fixed term, open-add term, flexible term and current settlement deposits
                                                 Salary accounts for corporate clients employees
                                                 Simplified credit approval procedures for companies with annual turnover of less than US$3m
                             Small Business
                                                 Approximately 154 thousand small business customers mostly located in the regions
                                Loans
                                                 Total portfolio of [ ] as of December 31, 2006
Branch-Based Banking Model




                                                 VTB24 has approximately [3,200] mortgage loan customers. Majority located in Moscow
                               Mortgages         Fixed interest rate products. Plans to offer floating rates and home equity credit lines in the future
                                                 Total portfolio of [ ] as of December 31, 2006
                                                 84% of total portfolio is unsecured lending. The term of the total portfolio is from six month to 5
                               Consumer           years
                                Loans            Approximately 50% of total loans originated in the Moscow region
                                                 Total consumer loan portfolio of [ ], as of December 31, 2006 with average size of [ ]
                                                 Standard auto loans of up to US$50,000 for a term of 1-5 years
                                                 Express auto loans of up to US$25,000 offered for 1-4 years. Approved faster than standard but
                              Auto Loans          tighter credit procedures and higher interest rates
                                                 Approximately 78% of total loans originated in Moscow
                                                 Total auto loan portfolio of [ ] as of December 31, 2006
                                                 VTB24 issues VISA, Mastercard and Diners‘ Club debit and credit cards
                              Credit Cards       As of 1-Apr-2007, VTB24 had issued [ ]mn VISA and Mastercard cards and ICB had issued [ ]mn

                                           Product range in place to leverage the expanding branch network

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                  Retail Banking – Outlook and Strategy

   Substantially increase retail lending and retail deposit market shares in Russia, in particular in products
    offered to high-growth and significantly profitable market segments

   Become the provider of choice of banking services to high-growth and significantly profitable market
    segments, in particular the upper mass and affluent market segments and small businesses

   Successfully complete the migration of the Group‘s Russian retail business to VTB24 to leverage best
    practices

   Expand the retail network of VTB24 to more than 500 branches in Russia by the end of 2008
    – Operate branches in all Russian cities with populations of more than 150,000 people

   Develop sales through other distribution channels, including ATM network, telephone and internet banking

   Introduce new products

   Streamline business processes and credit procedures and focus on customer service improvements

   Improve credit scoring system and collections to protect credit portfolio quality




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  IX. CIS Operations
              [Yulia Chupina]
                                                 Confidential - Not For Distribution - Working Draft, 15 March 2007



                   Overview of the CIS Operations
                   Highlights                                  As % of Total Group‟s Assets, 2006

   CIS is a priority task to continue VTB rapid
    development                                                              DUMMY NUMBERS
   The Group aims to become a significant player on                                          CIS
    the CIS markets servicing local and Russian
    clients as well as trades between the regions
   Under-banked CIS markets to become an
    important factor of further growth
   First Russian bank to meaningfully enter the CIS
    market                                                    As % of Total Group‟s Revenues, 2006
    – Approximately 430,000 local clients as of 2006
   Intend to roll-out corporate and retail banking
    services in the region to local client base
   Additional restructuring and integration                                DUMMY NUMBERS
    opportunities, including proposed merger of                                              CIS
    subsidiary banks in Ukraine by the end of 2007




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                                       CIS Footprint
                               Ukraine                                                                                                              Georgia
        2005: GDP - $83bn                                                                                                        2005: GDP - $[ ]bn
        GDP per capita                                                                                                           GDP per capita – 1,497
        CPI – 14%                                                                                                                CPI – 6.2%

        Subsidiary        % controlled           Acquired in                                                                     Subsidiary     % controlled    Acquired in
        JSCB Mriya        98%                    2006                                                                            VTB Georgia 58.9%              2005
        Total 2006 assets [ ]                                                                                                    Total 2006 assets [ ]
        Total 2006 net profit [ ]                                                                                                Total 2006 net profit [ ]

        VTB Ukraine 100%                         2005(a)
        Total 2006 assets [ ]
                                                                                                   Russia
        Total 2006 net profit [ ]

        (a) Received a banking license in 2005                             Belarus
                                                                             Ukraine
                                                                   Moldova                                     Kazakhstan

                                                                                   Georgia
                                                                                                       Uzbekistan Kyrgyzstan
                                                                                    Armenia Azerbaijan
                                                                                               Turkmenistan                                         Belarus
                             Armenia                                                                               Tajikistan
    2005: GDP - $4.9bn                                                                                                          2005: GDP – []
    GDP per capita – [ ]                                                                                                        GDP per capita – [ ]
    CPI – 0.6%                                                                                                                  CPI – []

    Subsidiary          % controlled            Acquired in                                                                     Type                           Opened in

    VTB Armenia 70% + 1 share                   2004                                                                            Representative Office          []
    Total 2006 assets [ ]
    Total 2006 net profit [ ]

Note:      Total assets and net profit for the CIS subsidiaries indicated Prior to intercompany eliminations                                                                  71
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              Market Positions vs. Market Characteristics
          Market Characteristics -
                   TBU                           VTB Market Position                           Comments
                                                                                         Retail banking products developed
             Corporate / retail loans,          172 branches of which 63
                                                                                          on the basis of extensive Mriya‘s
              2005: $18bn / $6.4bn                specialize in serving retail
                                                                                          regional network which covers
             2003 – 2005 CAGR [] / []            customers and 75 ATMs
                                                                                          virtually all regions of Ukraine
                                                64 thousand retail clients
Ukraine       Corporate / retail deposits,                                               Corporate banking developed on
              2005: $13bn / $13.2bn              One thousand corporate                  the basis of well-capitalized VTB
             [160] banks in the market           clients                                 Ukraine
                                                 # [ ] market position                  Merger of two subsidiary banks in
                                                                                          2007

             Total loans: $0.92bn               # [ ] market position                   Full range of retail products
             Total deposits:$1.15bn             28 branches and 32 ATMs                 Additional corporate products
Georgia      2003 – 2005 CAGR [] / []            across the country                       for selected Russian and
             18 banks in the market             119 thousand retail clients              Georgian customers



                                                 # [ ] market position                   Full range of banking
             Total loans: $[ ] bn
                                                 96 branches and 14 ATMs                  services to commercial and
             Total deposits:$[ ] bn
Armenia                                           throughout Armenia                       retail customers
             2003 – 2005 CAGR [] / []
                                                 254 thousand retail clients             Restructuring of branch
             [ ] banks in the market                                                      network
                                                 15 thousand corporate clients


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               Outlook and Strategy
              Become a leader in corporate and retail segments in each country of presence
              Continue restructuring efforts and further improve efficiency
                – Complete the merger of Ukrainian subsidiaries by the end of 2007
                – Implement Group-wide risk management and control systems
Existing
                – Integrate IT solutions into Group-wide IT architecture
Markets
              Review and optimise existing distribution network
              Maximise local client retention and volume of business via new processes and
               products
              Optimise product offering, leveraging VTB Corporate and VTB24 expertise



              Further expand to the fast growing CIS countries of strategic interest which are
               actively involved in trade and economic cooperation with Russia
 New
Markets       Review organic growth or acquisitions alternatives on the markets of
               Kazakhstan, Belarus, Azerbaijan, Uzbekistan and Kyrgyzstan



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  X.        European and Other
            Banking Operations
              [Yulia Chupina]
                                                    Confidential - Not For Distribution - Working Draft, 15 March 2007

                     Overview of the European and Other Banking
                     Operations
                     Highlights                                   As % of Total Group‟s Assets, 2006
   Build an integrated platform to service European
    corporate clients with business interests in Russia
    and CIS and vice versa                                                      DUMMY NUMBERS
                                                                                                 Europe
   Existing platform of six European subsidiaries as
    a result of several acquisitions
    – includes most recently the acquisition of the
      CBR‘s participation interest in the number of
      banks in the end of 2005
   VTB is in process of restructuring the European              As % of Total Group‟s Revenues, 2006
    operations under one umbrella to increase
    profitability, decrease operating expenses,
    optimize the capital structure within the Group and
    improve corporate governance
                                                                               DUMMY NUMBERS
   Established business in Asia and Africa to service                                          Europe
    Russian corporate client‘s needs


                                                                                   DUMMY NUMBERS



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                  Overview of European Banking Operations
            United Kingdom                                                                                        Austria

Subsidiary % controlled           Acquired in                                                    Subsidiary % controlled           Acquired in

VTB Europe 89.1%                  Dec-2005                                                       VTB Austria 100%                  []
Total 2006 assets [ ]                                                                            Total 2006 asset s [ ]
Total 2006 net profit [   ]                                                                      Total 2006 net profit [   ]



                                                                                                                   France
                 Germany
                                                                                                 Subsidiary % controlled           Acquired in
Subsidiary % controlled           Acquired in
                                                                  United                         VTB France 87.0%                  Dec-2005
VTB Germany 83.5%                 Dec-2005                                                       Total 2006 assets [ ]
                                                                  Kingdom
Total 2006 assets [ ]                           Luxembourg            Germany                    Total 2006 net profit [   ]
Total 2006 net profit [ ]                                                    Austria
                                                                   Switzerland
                                                               France
                                                                       Italy

                                                                                                                 Switzerland
                  Cyprus
                                                                                                  Subsidiary % controlled           Acquired in
Subsidiary % controlled           Acquired in
                                                                                                  RKB Zurich 99.9%                  1992
RCB Cyprus 100%                   [2003 ]                                            Cyprus       Total 2006 assets [ ]
Total 2006 assets [ ]
                                                                                                  Total 2006 net profit [      ]
Total 2006 net profit [       ]


                                                                            Italy

                                                             Type                    Opened in

                                                             Representative Office    []


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                              Restructuring and Integration of European
                              Banking Operations

                      2006                                               2007                                                2009

                                                   VTB France and VTB Germany transferred to        Integration of VTB Austria under VTB Europe only
         Establish VTB Europe as the hub           branches under VTB Europe subject to relative     in 2009-2010
         Transfer VTB‘s interest in VTB France     regulatory approvals
                                                                                                     RCB-Cyprus and RKB-Zurich will remain 100%
          and VTB Germany to VTB Europe            Allows better control and cost reduction          owned subsidiaries of VTB [to be confirmed]
         Rebranding of several European           Remaining interest in EWUB (49%) is              Will allow VTB to adequately capitalize VTB
          subsidiaries under VTB name in            expected to be sold to MBRD during 2007           Europe and to allow VTB Austria to fully utilize its
          November 2006                             [TBC]                                             deferred tax assets prior to the restructuring




                                                                       Results
                        VTB                             Increase the profitability
                                                        Decrease operating expenses by centralizing the middle-and back-office functions

 VTB            VTB           RCB –     RKB –           Optimize the capital structure within the Group and improve corporate governance
Austria        Europe         Cyprus    Zurich          Easier access to international financial services and international capital markets for
                                                         the Russian clients

       VTB            VTB                               Offer additional products, including trade finance, trade-related payment and
      France        Germany                              settlement services and lending services to Russian and foreign clients


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                   Description of the International Banking
                   Activities
                       Established in October 1919 in London, United Kingdom, as ―Moscow Narodny Bank.‖, rebranded in 2006
                       Provides corporate and investment banking services, including structured trade finance operations,
          VTB
                        syndicated lending arrangements, credit lien note programmes, Eurobonds and securitization
         Europe         transactions
                       Has a branch in Singapore and representative offices in Beijing

                       Established in 1974 in Vienna, Austria as Donau-Bank, rebranded in 2006
                       Specializes in syndicated lending operations, credit and settlement services. Other services and activities
                        include structured trade finance, trade-related documentary transactions, international account
          VTB           management, transactions in promissory notes and fiduciary operations.
         Austria       Additionally conducts securities trading and investment operations, money and foreign exchange
Europe




                        markets, and engages in repo transactions with Russian government and corporate debt securities.
                       Mostly wholesale funded
                       Established as Ost-West Handelsbank in November 1971, rebranded in 2006
                       Principal activities include clearing and settlements, syndicated lending, money market and foreign
           VTB          exchange trading. Additionally provides pre-export and post-export financing and accounts receivable
                        factoring
         Germany
                       Extensive correspondent bank network throughout Western Europe, Russia and the CIS
                       Primarily client deposits funded

                       Established in 1921 in Paris, France as BCEN-Eurobank, rebranded in 2006
          VTB          Provide trade finance and trade related banking services (including export credit agency loans and
         France         documentary products)
                       Mostly wholesale funded


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                          Description of the International Banking
                          Activities (continued)
                             Formerly a branch of Vneshekonambank, became a separate bank in 1995
                             Mostly fee-based products, including back-to-back lending, secured lending, securities and currency trading, accounts
         RCB Cyprus           receivable factoring, deposit taking and trade finance
                             Funded by interbank loans from VTB and third parties as well as client deposits and market borrowings
Europe




                             Established in 1992
                             Primary activities include trade and project finance, payment and settlement services, arranging syndicated loans, brokerage
          RKB Zurich          services, trust and fiduciary services and consulting services
                             RKB-Zurich also engages in transactions in securities, foreign exchange and precious metals
                             Primarily client deposits funded, but also obtains funding via interbank and syndicated loans markets
                             Vietnam-Russia Joint Venture Bank (or VBR) was established November, 2006
                             Parties participating in VRB include Bank for Investment and Development of Vietnam (51% of legal capital) and VTB (49% of
                              legal capital). Initial share capital of $10 million
             VBR
                             Services include primarily transaction processing and financing services for commercial operations between Vietnam and
Asia




                              Russia
                             Opened its first branch in the city of Vungtau in March 2007
         Branches and        Representative office in India and China
         representative      VTB Europe branch in Singapore
             offices
                             Banco VTB Africa SA (Angola) was incorporated with the Banco National de Angola in February, 2007.
          Banco VTB          VTB owns 66% of Banco VTB Africa SA
                             Initial share capital of $10 million
         Africa, Angola
Africa




                             Banco VTB Africa SA‘s current focus is on providing international settlement services and loans and trade financing to Russian
                              and African clients
         VTB Capital,        [To come]
           Namibia


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                     Outlook and Strategy

European Operations

   Integrate subsidiaries under VTB Europe, followed by transformation of other banks to its branches

   Make additional products available to Russian corporate client and facilitate trade finance of European clients with Russian
    counterparties

   Increase efficiency of European operations through cost-cutting and prudent capital management

   Implement unified corporate governance standards, improve management and control



Operations in Asia and Africa

   Launch operations in India and China

   Develop business in Vietnam, Angola and Namibia

   Service foreign trade operations of Russian companies in Asia and Africa and provide international settlements operations

   Participate in project and trade finance (joint investment projects with participation of Russian capital)



VTB will follow its corporate clients‘ international expansion



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  XI. Group Management
      Structure
            [Yulia Chupina]
                                                        Confidential - Not For Distribution - Working Draft, 15 March 2007



                            Corporate Governance Structure

     VTB is the Group‘s holding company                            Shareholders Meeting

     Each banking subsidiary has its own
      corporate bodies and is subject to banking                     Supervisory Council
      regulation and supervision in its respective      • 9 members (a) [including] 2 independent non-executives
                                                                                                                      Audit Committee
                                                                                                                          • [ ] members (a)
      jurisdiction                                                    •Chaired by Alexei L. Kudrin
                                                                                                                   • Chaired by [Yves-Thibault de
                                                                  • Oversees general management
                                                                                                                                Silguy]
                                                                     • Establishes VTB‘s strategy
     VTB maintains:

      – Control over banking subsidiaries                             Management Board
        through majority representation on                                   • 10 members (a)
                                                                       •Chaired by Andrei L. Kostin
        subsidiaries‘ boards                                        • VTB‘s collective executive body

      – Administrative and organisational
        supervision through a matrix
                                                        Banking Group Management Committee
        management model                                                     • 11 members (a)
                                                                      •Chaired by Andrei L. Kostin
                                                                     • Interbank coordination body
                                                          • Responsible at Group level for strategy, approval of
                                                         business plan, alignment policies, overseeing corporate
                                                                governance and forming unified culture
                                                                      (matrix management model)

(a) Please see appendices A,B,C for full biographies.                                                                                    82
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                           Employees Statistics
                                                                                     Number of Employees
Region                                            Entity/Country                    as of 31 December 2006                              % of Total

                                                      VTB                                9,983
                                                      VTB24                              7,163
                    Russia
                                                      ICB                                5,195
                                                      Other                              1,822

Total Russia                                                                            24,163
                                                                                                                                            84.8%
                                                      Mriya                              1,818
                                                      VTB Ukraine                           83                                      12.9%
                     CIS
                                                      VTB Georgia                          845
                                                      VTB Armenia                          923
                                                      Other                                  4
Total CIS                                                                                3,673

                                                      Great Britain                        219                                           2.2%
                                                      France                               141
                    Europe                            Germany                               84
                                                      Cyprus                                75
                                                      Austria                               63
                                                      Other                                 31
Total Europe                                                                              613                                             0.1%


Rest of the World                                                                           17

Total Group                                                                            28,466

   As of 31 December 2006, VTB had [28,466] employees, [24,163] of which were based in Russia, [3,673] in the CIS, [613] in Europe and [17] in the rest
    of the world
   Growth mainly driven by retail branch network expansion


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              Overview of Employee Policy

                      Aim to develop a skilled, highly productive staff that is successful in conducting business
     Policy
                      Recognition that the Russian market of qualified financial institutions personnel, especially for
                       junior and middle management, is highly competitive
                      Commitment to a [performance based] corporate culture and belief in its importance for
                       business development
                      To foster such a culture we organise:
    Culture            – Regular seminars during which senior managers share their experiences with other
                           employees
                       – Seminars and roundtable discussions for mid-level managers
                       – Working groups aimed at developing separate business segments
                      Comprehensive training program which provides both internal and external professional
Training Program       training for employees at all levels
                      [Corporate university offering professional development training to junior and mid-level
                       managers]

                      Staff costs and defined contribution pension expense accounted for [X]% of the Group‘s
 Compensation          operating expenses for 2006
                      We believe that the current defined contribution pension expense compensation package is
                       generally comparable to that offered by other major Russian banks

                      A number of VTB‘s Russian employees belong to a trade union
 Trade Unions         Most employees of foreign banks also belong to trade unions
                      To date we have not experienced any strikes, work stoppages, labour disputes or actions that
                       have had a material effect on our operations

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  XII. Risk Management
            [Nikolai Tsekhomsky]
                                                                            Confidential - Not For Distribution - Working Draft, 15 March 2007



                           Risk Management Overview
     Main risks in the Group‘s business are credit risk, market risks (interest rate, currency and securities portfolio), liquidity risk
      and operational risk
     Risk is managed at each entity that forms the VTB Group on a independent basis
     Furthermore, the VTB Group has established a number of Group-wide bodies, to manage risk on a Group-wide basis, as
      illustrated in the following diagram:

               Credit                                     Market (a)                                Liquidity (a)                   Operational

                                                                                                                                  Internal Control
         Risk Management Commission                                          Asset and Liability Committee
                                                                                                                                    Commission
     Oversees credit and market risk management                         Implementing policies and supervising Group          Internal control of all
      Group wide                                                          banks with respect to currency, liquidity and         subsidiaries through individual
                                                                          interest rate risks                                   audit committees in each
     Includes chief risk officers of all Group banks,
                                                                                                                                subsidiary
      VTB risk managers, Treasury managers and an                        Group funding
      audit officer from VTB‘s Internal Control
                                                                         Financial risk transfers within the Group           Anti-Money Laundering
      Department
                                                                                                                                   Commission
                                                                                                                               Prevention of money
                                                                                                                                laundering and terrorist
                                                                                                                                financing
                                                                                                                               Sharing of blacklists
                                                                                                                               Supervision of implementation
                                                                                                                                of unified policies and
                                                                                                                                procedures

     Membership of the committees outlined above is formed with senior representatives from most of the Group banks which,
      together with the matrix management model, ensures that policies and procedures are adopted and adhered across the Group

(a) Treasury performs centralised liquidity and market risk management functions.                                                                            86
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                            Risk Management and Controls
                             Limits for single borrowers, groups of borrowers, industries, regions and countries established
                                – Limits are reviewed regularly and comply with the exposure limits established by the CBR for Russian
                                   banks
       Credit                VTB Group conducts thorough investigation of each prospective borrower
                                – Procedures for corporate loans include analyzing the borrower‘s business prospects, purpose of the
                                   loan and valuation of any collateral
                                       – Letters of credit, guarantees and other commitments are subject to same rigorous credit review
                                – Procedures for retail loans are based on an internally-developed scoring system
                             Securities risk monitored on a daily basis by using a VaR methodology
                                 – As at December 31, 2006, VTB‘s VaR for its securities portfolio (a) was $122 million (including $62
                                    million attributable to EADS shares) [VaR calculation at a Group level?]
                             Currency risk managed by matching currency of assets and liabilities on a currency by currency basis
      Market
                              within certain limits
                                 – Position is hedged with options, swaps and forwards
                                 – Currency position limits are [ ]
                             Interest rate risk: monitored on a 10-day basis through monthly interest rate sensitivity analysis

                               Liquidity risk is managed by assessing maturity profile of assets and liabilities at least every 10 days
                               Majority of funding comes from deposits and debt funding in capital markets
     Liquidity
                               Debt securities protfolio provides additional liquidity if required
                               Group‘s total cumulative liquidity gap as of December 31, 2006 was $[ ] million

                             Internal Control Department and Legal Department monitor compliance with internal policies and
                              procedures through audit of all bank operations and transactions
  Operational
                             Anti-money laundering prevention includes ―know-your-customer‖ procedures including detailed
                              verification of customers
(a) Calculated using the historic simulation method on a 1-day basis and 99% confidence level.                                             87
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                           VTB Credit Policies and Procedures – Corporate

     Origination                       Interest Rate                   Assurance /                      Exposure                         Credit
      Analysis                         Determination                    Collateral                       Limits                         Approval
  Loan application                   CRCD sets the               In general, all loans          Assessment of                 Approval required at
   with information on                 appropriate interest         are fully collateralized        borrower‘s financial           appropriate committee
   the customer and                    rate based on:              Collateral is valued by         condition and likely           based on loan size:
   purpose of the loan                    – Minimum                 third party appraisers          credit needs based on             – Small credit
  Initial investigation                    interest rates         Collateral value is             internal rating system              committee for <
   by client manager                        established by          discounted depending           Exposure per                        RUR 300 million
  Further review by                        the ALCO                on liquidity of asset           borrower established              – Credit committee
   other departments                      – Risk premium                                            for on- and off-                    for > RUR 300
   industry, legal,                         attributed to                                           balance sheet                       million and < RUR
   security, CRCD                           the customer                                            exposures                           1.5 billion
                                                                                                   Additional limits by              – Management
                                                                                                    sector, region, country             board > 1.5 billion




                                Monitoring                                                            Problem Loan Recovery
  Monitoring of the borrower‘s (and the guarantor‘s) financial condition            Problem loans initially handled at branch level
   throughout the life of the loan                                                   When payments are at least due for 30 days, loan transferred to the
  Ongoing monitoring of value of collateral (including on-site                       LRD
   inspections of property, if applicable)                                           LRD contacts the borrower and attempts restructuring of the loan
                                                                                          –    If the loan is restructured, LRD monitors compliance with
                                                                                               terms of restructured loan
                                                                                          –    If loan cannot be restructured, VTB commences legal action

Note: “CRCD” = Credit and Risks Control Department.
      “ALCO” = Asset and Liabilities Committee.                                                                                                         88
      “CC” = Credit Committee
      “LRD” = Loan Recovery Division.
                                                          Confidential - Not For Distribution - Working Draft, 15 March 2007



                    VTB Credit Policies and Procedures – Retail
   Credit origination and analysis:
    – Standard loan application form filled at the branch by customer
    – VTB24 conducts further investigations on prospective borrowers:
       – Personal interviews with the customer
       – Review of supporting documentation provided by the customer
       – Review of public information sources for evidence of criminal activities
       – Information from national credit bureaus (when available)
    – Lending limits for consumer and car finance products established by an internally-developed scoring system
       – Fully automated for consumer loans
       – Case-by-case within given parameters for car finance products
       – Credit scoring system assigns a grade of ―yes‖, ―no‖ or ―requires further analysis‖ to the loan application
   Interest rate is set by the scoring system based on the minimums established by the asset and liability commission, the credit
    standing of the borrower and the purpose and currency of the loan
   Collateral (which might be in the form of real estate, personal property, securities, automobiles and other liquid assets) is
    valued by third party appraisers
   Approval:
    – Mortgage loans for individuals require authorization by loan officer and a risk manager
    – Non-mortgage loans for individuals receiving a ―yes‖ from the credit scoring system may be authorised by a loan officer
       acting alone
    – All other non-mortgage loans for individuals require authorisation by a risk manager and a loan officer
    – Small business loan applications are authorised by the credit committee (level of authorisation required depends on size of
       the loan, type of loan and type collateral)



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                               VTB Group Currency Exposure
                                                                             Other
                                                  USD   RUR       EURO                  Total             Comments
(As of December 31, 2006; in $ million)                                    currencies
A




Assets
 Customer loans and advances, net                 []    []          []         []        []       [Comments to come]
    Securities portfolio                          []    []          []         []        []       [Comments to come]
    Cash and short term funds                     []    []          []         []        []       [Comments to come]
    Due from other banks, net                     []    []          []         []        []
    Premises and equipment                        []    []          []         []        []
    Intangible assets                             []    []          []         []        []
    Assets of disposal group held for sale        []    []          []         []        []
    Investment property                           []    []          []         []        []
    Investments in associated banks               []    []          []         []        []
    Other assets                                  []    []          []         []        []

Total Assets                                      []    []          []         []        []

Liabilities
                                                                                                  [Comments to come]
  Customer deposits                               []    []          []         []        []
                                                                                                  [Comments to come]
    Debt securities issued                        []    []          []         []        []       [Comments to come]
    Due to other banks                            []    []          []         []        []
    Other borrowed funds                          []    []          []         []        []
    Subordinated debt                             []    []          []         []        []
    Other liabilities                             []    []          []         []        []
    Liabilities of disposal group held for sale   []    []          []         []        []
Total Liabilities                                 []    []          []         []        []
Net balance sheet position                        []    []          []         []        []

Off-balance sheet credit related commitments      []    []          []         []        []
Net derivative position                           []    []          []         []        []

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                                VTB Group Liquidity Position
                                                      On      From 1      From 6                 Overdue
                                                  demand &     to 6      months to   > 1 year    maturity   Total         Comments
(As of December 31, 2006; in $ million)           < 1 month   months      1 year                undefined
A




Assets
                                                                                                                     [Comments to come]
 Customer loans and advances, net                    []         []          []          []         []        []      [Comments to come]
    Securities portfolio                             []         []          []          []         []        []      [Comments to come]
    Cash and short term funds                        []         []          []          []         []        []
    Due from other banks, net                        []         []          []          []         []        []
    Premises and equipment                           []         []          []          []         []        []
    Intangible assets                                []         []          []          []         []        []
    Assets of disposal group held for sale           []         []          []          []         []        []
    Investment property                              []         []          []          []         []        []
    Investments in associated banks                  []         []          []          []         []        []
    Other assets                                     []         []          []          []         []        []

Total Assets                                         []         []          []          []         []        []

Liabilities
                                                                                                                     [Comments to come]
                                                                                                                     [Comments to come]
  Customer deposits                                  []         []          []          []         []        []
                                                                                                                     [Comments to come]
    Debt securities issued                           []         []          []          []         []        []
    Due to other banks                               []         []          []          []         []        []
    Other borrowed funds                             []         []          []          []         []        []
    Subordinated debt                                []         []          []          []         []        []
    Other liabilities                                []         []          []          []         []        []
    Liabilities of disposal group held for sale      []         []          []          []         []        []
Total Liabilities                                    []         []          []          []         []        []
Net liquidity gap                                    []         []          []          []         []        []

Cumulative liquidity gap                             []         []          []          []         []        []


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  XIII. Information
  Technology
            [Nikolai Tsekhomsky]
                                                        Confidential - Not For Distribution - Working Draft, 15 March 2007



                    Information Technology Overview
   The development and implementation of the VTB‘s IT strategy is carried on a group-wide basis by the Banking
    and Information Technologies Committee (―BITC‖)
    – The BITC includes representatives of VTB, VTB24 and ICB and coordinates IT strategy at the Group level
    – Monitors implementation of approved IT projects
    – Proposes new IT-related initiatives in response to feedback from Group subsidiary banks
                 Current IT systems                                                          Objective
 Each banking subsidiary has a separate IT system                  Coordinate activities and establish a single corporate
  managed on an independent basis, with little no functional         reporting framework
  integration between banks other than VTB and VTB24                      –    Gradual process to simplify, rationalize and
                                                                               synchronize the different IT systems to support
 Legacy systems across CIS and European banks are                             access to and comparability of the information
  sufficient to support banking operations in those                            that comes from the subsidiaries
  jurisdictions
                                                                    Unified application packages with ―best-in-class‖
 For financial reporting purposes, local GAAP data is               functionality for key business areas
  collected and consolidated regularly by the Group, and
  transformed to IFRS financials                                          –    Automatization of core customer information
                                                                               management, accounting, oversight, reporting,
                                                                               etc.

   IT expenditure in 2006 was $[ ] million, of which $[ ] million was allocated to maintenance of IT systems and
    $[ ]m was allocated to capital expenditure
   [Can we quantify / discuss expected synergies]


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                      Information Technology Strategy
                                            Initiative                                                  Impact
                        Storage and consolidation of analytical information at the     Improve access to up-to-date information
Central Databank         Group level                                                    Reduce time and costs of preparation of consolidated
                        Include customer data and financial reports on banking          analytical and mandatory reports
                         subsidiaries

                        Start by co-locating VTB‘s and VTB24‘s IT systems to           Increase efficiency
                         two joint hubs in Moscow and St. Petersburg                    Creation of integrated IT system for the Group‘s Russian
IT Infrastructure
                        Followed by migration of regional IT systems to                 banks
Co-location and          centralized system
Consolidation in        Finally, set up joint organizational structures to optimize
     Russia              management of IT application design and tracking across
                         the Group‘s Russian Banks
                        ICB integration to start as soon as merger is completed

Integrated Group-  Centralization of VTB customer information                          Increase cross sales
                   In the future, might create centralized CRM system for              Improve interaction between VTB business unites
    wide CRM
                    information relating to all customers of all Group‘s banks          Maximize utilization of potential offered by the product
     System                                                                              specialties of the Group‘s European banks

                        Implementation of a single Automated Banking System in         VTB: discontinue the use of multiple non-integrated
                         VTB and another in VTB24                                        systems
  Centralized           For VTB, support core business functions and accounting              –    Improve quality of products and services
                         operations                                                           –    Reduce operating risks
  Automated
                        For VTB24, implementation in all its branches of a             VTB24: replace legacy system
Banking Systems          centralized retail business management system                        –    Facilitate rapid growth of VTB24 retail
                        Selection of external IT provider and implementation of                   business
                         the systems will be coordinated between VTB and VTB24



                Implementation of core projects of IT strategy expected to be completed by 2010

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  XIV. Financial Review
              [Nikolai Tsekhomsky]
 [All 2006 financials are currently estimates or
  extrapolations of 9M06 financials. All 2006
 numbers need to be updated when available]
                                                                         Confidential - Not For Distribution - Working Draft, 15 March 2007



                             Comparability of Historical Financial Information
      The Group has entered into a number of material acquisitions since the beginning of 2004, which impact the
       comparability of financial information between historical periods
(US$ in millions)
                                                                                                 Ownership Post
Date        Target                                   Country            Stake Acquired            Acquisition (a)         Purchase Price    Total Intangibles
Jul-2004    Guta Bank (now VTB24)                    Russia                  85.8%                      85.8%                     0                71
Mar-2005    ICB                                      Russia           25.0% plus one share       25% plus one share              97               (30)
Dec-2005    ICB                                      Russia           50.0% plus two shares     75% plus three shares          480                336
Dec-2005    MNB (now VTB Europe)                     UK                      88.9%                      89.1%                  249                  –
Dec-2005    BCEN-Eurobank (now VTB France)           France                  87.0%                      87.0%                  151                  –
Dec-2005    OWH (now VTB Germany)                    Germany                 51.6%                      83.5%                    42                 –


      Difficulties in comparability of historical financial information includes:

                                                     Profit and Loss                                                     Balance Sheet
                                 Full-year contribution from VTB Europe, VTB France and VTB            No material comparability issues
    2006 versus                   Germany in 2006 versus immaterial contribution in 2005
       2005                      Full year contribution of the additional 50% plus two share
                                  stake in ICB in 2006 versus immaterial contribution in 2005

                                 Full contribution from Guta Bank (now VTB24) in 2005 versus           Includes impact of acquisitions of VTB Europe, VTB
    2005 versus                   part-year contribution in 2004                                         France, VTB Germany and 75% plus 3 shares stake in
       2004                                                                                              ICB in 2005 versus no impact in 2004



(a) Represents ownership of voting securities.
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                                                                                                              [2006 Figures are estimates]


                           Summary Income Statement
                                                 For years ended Dec. 31,                 % Growth
(US$ in millions)                       2004              2005               2006     „04–‟05   „05–‟06
Interest Income                        $1,049            $1,759             $3,743     67.7%    112.8%      [ Comments to come]
Interest Expense                         (475)             (920)            (2,126)    93.7     131.1
Net Interest Income                      574                839              1,617     46.2      92.7
Provision for Loan Impairment            (196)             (103)              (313)    (47.4)   203.9
Net Interest Income after provisions     378                736              1304      94.7      77.2       [ Comments to come]
Gains from securities                       4               332               573       NM       72.6
Net Fee and Commission Income            106                168               372      58.5     121.4
FX Translation Gains                     114                 (8)              281       NM        NM
                                                                                                            [ Comments to come]
Other Non-Interest Income                327                325               218       (0.6)    (32.9)
Operating Income                         929              1,553              2,748     67.2      76.9
Operating Expenses                       (628)             (850)            (1,299)    35.4      52.8
Profit Before Tax                        301                703              1,449    133.6     106.1       [ Comments to come]
Income Tax Expense                        (93)             (195)              (230)   109.2      18.2
Profit from Discontinued Operations         0                 3                NA         –          –
Minority Interest                          (3)              (12)               NA         –          –
                                                                                                            [ Comments to come]
Net Profit After Tax                    $205               $499             $1,219    143.6%    144.1%


Notes (Pre Tax)
Gains on disposal of Kamaz shares          –                  –              $117                           [ Comments to come]
Gains on disposal of IMB shares             –                 –               301




                                                                                                                                 97
                                                                                   Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                                [2006 Figures are estimates]


                               Summary Balance Sheet
                                                                    As of Dec. 31,                               % Growth
  (US$ in millions)                                      2004           2005               2006            „04–‟05      „05–‟06
  Gross Customer Loans                                 $10,722          $20,533          $30,680              91.5%             49.4%
  Allowance for Loan Impairment                           (553)            (608)           (1,220)             9.9             100.7                         [ Comments to come]
  Net Customer Loans                                     10,169           19,925          29,460              95.9              47.9
  Securities Portfolio                                    3,103            7,291            9,371           135.0               28.5
  Cash and Short-term Funds                               1,752            3,096            3,973             76.7              28.3
  Due from Other Banks
                                                                                                                                                             [ Comments to come]
                                                          2,023            4,141            6,463           104.7               56.1
  Premises and Equipment                                    321              832            1,024           159.2               23.1
  Intangible Assets                                         102              451              291           206.8                4.8
  Other Assets                                              340              987            1,908           229.9               63.4                         [ Comments to come]
 Total Assets                                          $17,810          $36,723          $52,490            106.2%              42.9%



  Customer Deposits                                      $6,024         $12,765          $20,136            111.9%              57.7%                        [ Comments to come]
  Debt Securities Issued                                  3,948            7,241          11,240              83.4              55.2
  Due to Other Banks                                      3,254            6,629            9,313           103.7               40.5
  Other Borrowed Funds                                    1,729            2,937            2,577             69.9             (12.3)                        [ Comments to come]
  Subordinated Debt                                           –            1,161            1,351              NM               16.4
  Other Liabilities                                         146              719           1,078            392.5               49.9
 Total Liabilities                                       15,101           31,452          45,695            108.3               45.3
  Shareholders‘ Equity                                    2,628            4,920            6,314             87.2              28.3                         [ Comments to come]
  Minority Interest                                         81              349              481            330.9               37.8
 Total Liabilities and Equity                          $17,810          $36,723          $52,490            106.2%              42.9%


 Risk Weighted Assets (a)                              $21,092          $41,839             TBD
 Average Interest Earning Assets    (b)                  12,329           19,202            TBD
 Average Interest Bearing Liabilities     (b)            10,992           18,128            TBD
(a) Represents the Group‘s risk weighted assets calculated in accordance with the Basel Accord and assuming IFRS accounting. Currently each bank subsidiary is regulated by the banking
regulator in the respective jurisdiction and based on local accounting standards.                                                                                                         98
(b) Average represents quarterly average for 2005 and 2006 and semi-annual average for 2004. For 2005, average excludes impact of consolidation of acquired subsidiaries in December
2005, as the impact on the income statement was not material.
                                                                                 Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                              [2006 Figures are estimates]


                             Key Financial Ratios
                                                                                      2004                     2005                      2006

Profitability Indicators
                                                                                                                                                               [ Comments to come]
Net Interest Margin (a)                                                                      4.7%                    4.4%                     3.8%

Fee & Commission Income to Operating Income                                                11.5                    11.1                      13.5

Non-Interest Income to Operating Income                                                    59.1                    51.4                      52.5              [ Comments to come]
Cost-to-Income                                                                             67.9                    56.1                      47.3
Return on Average Shareholders‘ Equity (a) (b)                                              [–]                     [–]                       [–]
Return on Average Assets (a) (b)                                                            [–]                     [–]                       [–]
                                                                                                                                                               [ Comments to come]
Capital Adequacy Indicators – BIS

Tier 1 Ratio                                                                                [–]                     [–]                      11.8%             [ Comments to come]
Total Capital Ratio                                                                        12.0                    14.1                      12.0

Asset Quality
                                                                                                                                                               [ Comments to come]
Overdue Loans as % of Gross Customer Loans                                                   0.8%                    0.3%                     [–]

Overdue & Rescheduled Loans as % of Gross Customer Loans                                     3.4                     1.4                      [–]

Non-Performing Loans as % of Gross Customer Loans                                           [–]                     [–]                       [–]              [ Comments to come]
Allowances as % of Overdue & Rescheduled Loans                                           151.5                    211.8                       [–]




(a) Average represents quarterly average for 2005 and 2006 and semi-annual average for 2004. For 2005, average excludes impact of consolidation of acquired subsidiaries in December
2005, as the impact on the income statement was not material.                                                                                                                          99
(b) Net profit after minorities and shareholders‘ equity excluding minorities.
                                                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007



                                  Net Interest Income
                             Net Interest Income pre Provisions                                            Net Interest Spread & Margin

                                       Net Interest Income   Provisions                                    Net Interest Spread          Net Interest Margin

                  2,000                                                                       6%
                                                               93%
                                                                          1,617                         4.7%
                                                                                              5%                                 4.4%
                  1,500                                                   313                                                                          3.8%
                                                                                                                                                       []
US$ in millions




                                           46%                                                4%
                                                                                                        4.2%                     4.1%

                  1,000                                                                       3%
                                                      839                                                                                               []
                                                                                                                                                       3.2%
                                                      103
                                 574                                      1,304               2%
                   500           196
                                                      736                                     1%
                                 378
                      0                                                                       0%
                                2004                 2005                 2006                          2004                     2005                  2006


                         [Comments to come]                                                      [Comments to come]

                         [Comments to come]                                                      [Comments to come]

                         [Comments to come]                                                      [Comments to come]




                                                                                                                                                              100
                                                                                             Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                                            [2006 Figures are estimates]


                                                 Analysis of Change in Net Interest Income
                                       Increase in Interest Income due to Changes in Volume                                      Increase in Interest Income due to Change in Rate
                                       Increase in Interest Expense due to Change in Volume                                      Increase in Interest Expense due to Changes in Rate
                                 750                                                            710                  175                                                445
                                           604                              30                   53                  53                                                 106
                                                            6               22                                                          57
2006 vs 2005




                                           17              48                                                        122
               US$ in millions




                                                                                                                                                          213
                                 500
                                                                                                   DUMMY                                                     147                  339
                                           587                                                  657 CHART                                                    66
                                 250
                                                                                                                                                                                                      265
                                  0
                                        Customer        Securities    Due from Other       Total Interest        Customer         Debt Securities      Due to Banks (2) Total Interest           Net Interest
                                         Loans                            Banks               Income             Deposits             Issued            and Other         Expense                  Income
                                                                                                                                                         Borrowed
                                                                                                                                                          Funds

                                       Increase in Interest Income due to Changes in Volume                                      Increase in Interest Income due to Change in Rate
                                       Increase in Interest Expense due to Change in Volume                                      Increase in Interest Expense due to Changes in Rate
                                 750                                                            710                 175                                                 445
                                           604                              30                  53                   53                                                 106
                                                            6
2005 vs 2004




                                           17                               22                                                          57
                                                           48                                                       122
               US$ in millions




                                                                                                                                               (a)        213
                                 500
                                                                                                                                                             147                  339
                                           587                                                  657                                                          66
                                 250
                                                                                                                                                                                                      265
                                  0
                                        Customer        Securities    Due from Other       Total Interest        Customer         Debt Securities      Due to Banks (b) Total Interest           Net Interest
                                         Loans                            Banks               Income             Deposits             Issued            and Other         Expense                  Income
                                                                                                                                                         Borrowed
                                                                                                                                                          Funds
         (a) For debt securities issued, the Increase due to volume was $142 and the decrease due to rate was $85 for 2005 vs 2004.
         (b) Including subordinated debt.                                                                                                                                                                 101
         Note: Changes in volume are calculated as the change in volume multiplied by the interest rate in the previous period, while changes in rate is calculated as the change in average rate multiplied
         by the previous period‘s volume. Changes caused by both volume and rate are allocated between volume change and rate change at the ratio each component bears to the relative total change.
                                                                         Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                        [2006 Figures are estimates]


                                   Net Interest Income Components (2006)
                                           Interest Income                    Interest Expense                   Net Interest Income

                     4,000                                               3,743                                                             2,126
                                                             336                          831

                     3,500                504

                              2,902                                                                     637
                     3,000


                     2,500
   US$ in millions




                                                                                                                        658

                     2,000
                                                                                                                                                          1,617
                     1,500

                     1,000


                      500


                        0
                             Customer   Securities   Due from Other   Total Interest   Customer    Debt Securities Due to Banks        Total Interest   Net Interest
                              Loans                      Banks           Income        Deposits        Issued       and Other            Expense          Income
                                                                                                              (a)
                                                                                                                     Borrowed
                                                                                                                      Funds

 Average                       [ - ]%      [ - ]%            [ - ]%        [ - ]%         [ - ]%        [ - ]%           [ - ]%             [ - ]%          [ - ]%
  Rate
Change from                    [ - ]%      [ - ]%            [ - ]%        [ - ]%         [ - ]%        [ - ]%           [ - ]%             [ - ]%          [ - ]%
   2005

 (a) Including subordinated debt.
                                                                                                                                                               102
                                                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                                                          [2006 Figures are estimates]


                                       Provisioning & Asset Quality
                                          Provisioning                                                                                                 Asset Quality and Coverage

                             Provisions (LHS)                                                                                                                                Overdue Loans
                             Provisions as % of Average Gross Loans (RHS)                                                                                                    Overdue + Rescheduled Loans
                                                                                                                                                                             Allowance for Impairment
                   400                                                         4%                                                          8%
                                                                                                                                                        152%             212%                   [ ]%
                                                                                                                                           7%          Coverage         Coverage              Coverage




                                                                                    As % of Average Gross Loans(a)
                                                                 313




                                                                                                                     As % of Gross Loans
                   300        2.6%                                             3%                                                          6%
                                                                                                                                                              5.2%
 US$ in millions




                                                                                                                                           5%
                              196
                   200                                                         2%                                                          4%          3.4%
                                                                                                                                                                                   3.0%
                                                                                                                                           3%
                                                103
                   100                                                         1%                                                          2%                               1.4%
                                                       0.8%
                                                                                                                                                0.8%
                                                                                                                                           1%                        0.3%
                                                                        []
                                                                       0.0%
                    0                                                          0%                                                          0%
                              2004              2005            2006                                                                                   2004                 2005                 2006


                            [Comments to come]                                                                                                [Comments to come]

                            [Comments to come]                                                                                                [Comments to come]

                            [Comments to come]                                                                                                [Comments to come]


(a) Average represents quarterly average for 2005 and 2006 and semi-annual average for 2004. For 2005, average excludes impact of consolidation of acquired subsidiaries in December
2005, as the impact on the income statement was not material.
                                                                                                                                                                                                            103
                                                                                                Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                       [2006 Figures are estimates]


                                         Non-Interest Income
                               Evolution of Non-Interest Income                                                    Contribution of Non-Interest Income

                                                                           (a)                                               Non-Interest Income to Operating Income
                    Fee & Commission Income           Securities Gains
                                                                                            %                                Fee & Commission Income to Operating Income
                    FX Translation Gains              Other Non-Interest Income
                                                                                        Breakdown        70%
                  1,600                                                                                              59.0%
                                                                         1,444
                  1,400                                 85%                                                                                                     51.4%
                                                                                                         60%                                51.4%
                                                                           218              15.1%
                  1,200
                                                                                            19.5%        50%
                                                                           281
US$ in millions




                  1,000                43%
                                                    779                                                  40%
                   800
                               546                  325                    573              39.7%        30%
                   600
                                                          (8)
                   400                                                                                   20%         12.8%                                       12.5%
                               327                                                                                                         12.5%
                                                    332
                   200         114                                         372              25.8%        10%
                               106 4                168
                     0                                                                                    0%
                               2004                2005                   2006                                       2004                   2005                 2006

                             [Comments to come]                                                                  [Comments to come]

                             [Comments to come]                                                                  [Comments to come]

                             [Comments to come]                                                                  [Comments to come]




          (a) Represents gains less losses arising from financial assets through profit and loss.                                                                          104
                                                                              Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                       [2006 Figures are estimates]


                                            Operating Expenses
                                Evolution of Operating Expenses                                Breakdown of Operating Expenses (2006)

                                                                                                                   Total: US$ 1,299m
                                Other Expenses
                                                                                                        Other
                                Leasing & Rent Expeses                                                                                    Staff Cost
                        1,500                                                                         Expenses
                                Administrative Expenses
                                                                      1,299                             27%                                 41%
                                Non-Banking Activities Expenses
                                                                53%
                        1,250   Staff Costs                            93


                        1,000                35%                                                   Pension             DUMMY
      US$ in millions




                                                       850            541                         Expenses
                                                                                                                       CHART
                                                                                                     2%
                         750        628                233                                        Leasing &
                                                        48                                          Rent
                                    137                94
                         500                                                                      Expenses                              Non-Banking
                                    34
                                    107                111                                           6%                                   Activities
                                                                      665                                  Administrative
                                    114                                                                                                  Expenses
                         250                                                                                 Expenses
                                                       364                                                                                  13%
                                    236                                                                        11%

                           0
                                   2004               2005            2006

Operating Expenses                  [x] %             [x] %           [x] %                    [Comments to come]
to Operating Income

Operating Expenses                                                                             [Comments to come]
to Operating Income                 [x] %             [x] %           [x] %
     (Excluding                                                                                [Comments to come]
    Provisions)



                                                                                                                                                         105
                                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                [2006 Figures are estimates]


                                  Total Asset Growth

                  60,000
                           Other                                                          % Growth
                                                                                                               [Comments to come]
                           Due From Other Banks                    43%
                                                                             52,490     ‟04-‟05   ‟05-‟06
                  50,000   Securities                                         5,972      113%       11%
                           Loans and Advances to Customers                                                     [Comments to come]
                                                                              6,463      105%       56%
                  40,000                                36,723
                                          106%                                                                 [Comments to come]
                                                                                         135%       29%
US$ in millions




                                                                              9,371
                                                         5,366

                  30,000                                 4,141
                                                                                                               [Comments to come]
                                                         7,291
                  20,000        17,810
                                 2,515
                                                                              30,680
                                                                                           96%      54%
                                 2,023
                                 3,103
                  10,000                                 19,925

                                 10,169

                      0
                                 2004                    2005                 2006




                                                                                                                                  106
                                                                                           Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                                      [2006 Figures are estimates]


                                        Gross Loan Portfolio Concentration
                             Total: US$ 10,722m                        Total: US$ 20,533m                                 Total: US$ 30,680m

                                     2004                                          2005                                               2006
                                                                                                                                                                              [Comments to come]
              (a)
       Finance                          16%                                                19%                                                 23%

              (b)
      Trade &
                                      15%                                             15%                                                17%
     Commerce                                                                                                                                                                 [Comments to come]
               (c)
  Manufacturing                                     32%                                     20%                                         16%


     Building
                         3%                                                                                                      8%
                                                                                                                                                                              [Comments to come]
                                                                               8%
   Construction


     Individuals        1%                                               4%                                                    7%
                                                                                                                                                                              [Comments to come]
     Oil, Gas &
                                  11%                                         7%                                              6%
      Energy


   Government                5%                                           5%                                                4%


          Other                         17%                                                     22%                                          19%


                   0%          10%      20%   30%         40%     0%          10%         20%         30%   40%      0%        10%       20%       30%       40%


 Top 10 Customer                     2004                                           2005                                              2006
Loans as % of Gross                  34.6 %                                        19.7 %                                             18.0 %
  Customer Loans


     (a) Includes loans made for acquisition finance, to insurance and leasing companies, to non-bank investment companies, and financial arms of Russian industrial groups.
     (b) Includes businesses in the retail, wholesale goods and services industries.                                                                                                     107
     (c) Includes all manufacturing industries including without limitation machine building, automotive and ship building.
                                             Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                  [2006 Figures are estimates]


             Gross Loan Portfolio Breakdown
      Loan Portfolio By Currency (2006)                                   Loan Portfolio By Maturity (2006)

                 Other Euro                                                                    < 1 Month
                  3%    4%                                                                         12%




       US$                                                             > 1 Year                            1-6 Months
       48%                           RUR                                  44%                                  26%
                                     45%




                                                                                                6-12
                                                                                               Months
                                Total Gross Customer Loans: US$ 30,680m (2006)                  18%




   [Comments to come]                                            [Comments to come]

   [Comments to come]                                            [Comments to come]

   [Comments to come]                                            [Comments to come]




                                                                                                                        108
                                                                            Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                 [2006 Figures are estimates]

                                                                                             [Discussion required on
                                      Securities Portfolio                                breakdown of financial assets
                                                                                                   categories]

                           Financial assets:                                                                     Eurobonds of the Russian
                                                                                                                                               Other         International Moscow
                                                                                                                                               9.3%          Bank Shares(a) 26.0%
                             Held to maturity                                                                    Federation 5.2%
                                                                                                                 Other Equity                            10% stake in ALROSA (b)
                             Available for sale                                                                  Investments 8.7%                                - 24.4%
                                                                                                                 Russian Corporate                       Bonds Issued by Foreign
                             Pledged under repurchase agreements and loaned financial assets                     Eurobonds 9.5%                           Companies and Banks
                                                                                                                                            Total: $1,279m        16.9%
                                                                                                 % Growth
                  10,000     At fair value through P&L              33%         9,419
                                                                                               ‟05-‟06 ‟06-‟07   Russian Corporate Eurobonds 3.6%
                                                                                                                                                                 Other 3.9%
                                                                                  5                              Equity Securities 4.0%
                                                                                1,279      250%          92%     Promissory Notes 5.6%
                                                                                                                 Foreign Government                              4.9% stake in
                   8,000                                  7,075                                                  Bonds 13.1%                                     EADS – 47.7%
                                                           7                                                     Bonds Issued by Foreign
                                                                                                                 Companies and Banks
                                                          665                   2,465      298%          82%     22.2%                   Total: $2,465m
                                            128%
US$ in millions




                   6,000                                 1,352
                                                                                                                                     [ Split to come]
                                                                                           172%         (31%)

                   4,000            3,103
                                      7
                                    190                                         5,670
                                    340                  5,267
                   2,000                                                                                                                    Total: $5,670m


                                    2,566


                      0                                                                                          [ Comments to come]
                                    2004                 2005                   2006


                                                                                                                                                                                 109
                                                                   Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                              [2006 Figures are estimates]


                                  Total Liabilities Growth

                   50,000                                                  45,694         % Growth
                                                                 45%                   ‟04-‟05   ‟05-‟06           [Comments to come]
                            Other Liabilities                              1,078
                            Subordinated Debt & Other                      3,928       137%       (4%)
                            Borrowed Funds
                   40,000   Due to Banks                                                                           [Comments to come]
                            Debt Securities Issued                         9,313
                                                        31,452                         104%      40%
                                                108%
                            Customer Deposits            719
US$ in milllions




                   30,000                                                                                          [Comments to come]
                                                        4,098
                                                                           11,240       83%      55%
                                                        6,629
                                                                                                                   [Comments to come]
                   20,000
                                   15,101
                                    146                 7,241
                                   1,729
                                   3,245
                   10,000                                                  20,136      112%      58%
                                   3,948
                                                        12,767
                                   6,024
                       0
                                   2004                  2005              2006




                                                                                                                                110
                                                                                     Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                                     [2006 Figures are estimates]


                                       Customer Deposits Concentration
                            Total: US$ 6,024m                             Total: US$ 12,765m                    Total: US$ 20,136m

                                   2004                                              2005                                   2006
                                                                                                                                                          [Comments to come]
    Individuals                                      35%                                       41%                                         41%



 Manufacturing                     16%                                         17%                                           18%                          [Comments to come]


      Finance                    12%                                           16%                                          16%
                                                                                                                                                          [Comments to come]
    Oil, Gas &
                       3%                                           6%                                               8%
     Energy

     Trade &
                                 13%                                5%                                          5%
                                                                                                                                                          [Comments to come]
    Commerce


  Government                8%                                      5%                                          3%



         Other                   13%                                     10%                                          10%


                  0%    10%        20%         30%   40%   50% 0%   10%        20%    30%    40%     50%   0%    10%        20%    30%   40%   50%



Top 10 Customer                    2004                                              2005                                   2006
Deposits as % of                       [x] %                                         [x] %                                   [x] %
 Total Customer
    Deposits

                                                                                                                                                                       111
                                                       Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                          [2006 Figures are estimates]


                  Customer Deposits
                  By Client (2006)                                                        By Maturity (2006)


     Current Account (38%)    Term Deposit (62%)
                                                                                          >1 Year
                                                                                           9.5%
      Corporate                      Corporate
         26%                            21%                                6–12 Months
                                                                              11.3%




Individuals                                                                                                      <1 Month
    7%                                   Individuals                                                               52.0%
         State                               21%                             1–6 Months
          5%                                                                    27.2%

                      State
                       20%               Total Customer Deposits: US$ 20,136m (FY2006)




      [Comments to come]                                                  [Comments to come]

      [Comments to come]                                                  [Comments to come]

      [Comments to come]                                                  [Comments to come]




                                                                                                                            112
                                                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                    [2006 Figures are estimates]


                                         Debt Securities & Subordinated Debt
                                              Growth                                                              Breakdown (2006)
                                                                                                                   Total: US$ 12,591m

                                Debt Securities Issued     Subordinated Debt
                  14,000                                                                                   Subordinated                 Promissory
                                                              49.9%      12,591                                Debt                       Notes
                                                                                                   Debentures 13.8%
                  12,000                                                 1,351                                                            20.7%
                                                                                                     1.9%

                  10,000                 112.8%                                                     Deposit
                                                    8,402
US$ in millions




                                                                                                   Certificates
                   8,000                            1,161
                                                                                                      3.4%                DUMMY
                                                                                                                          CHART
                   6,000
                                                                         11,240
                                 3,948
                   4,000
                                                    7,241

                   2,000         3,948                                                                                    Bonds
                                                                                                                          60.2%
                      0
                                 2004               2005                 2006



                              [Comments to come]                                                 [Comments to come]

                              [Comments to come]                                                 [Comments to come]

                              [Comments to come]                                                 [Comments to come]



                                                                                                                                                      113
                                                                    Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                              [2006 Figures are estimates]


                              Segmental Analysis – By Geography
                               Total Assets (2006)                                        Shareholders‟ Equity (a) (2006)
                                      - US$ 52,482m -                                                 - US$ 6,314m -
                                                                                                19.0%
                              23.9%


                                                                                             1.7%

                            2.2%




                                                            73.9%
                                                                                                                        79.3%


                                   Russia     CIS    Europe                                         Russia     CIS    Europe

                              Total Revenue (2006)                                                   Net Profit (2006)
                                          - US$ [ ]m -                                                - US$ 1,219m -
                                          7.2%                                                               7.2%
                                   1.4%                                                               1.4%




                                       DUMMY
                                       CHART


                                                    91.4%                                                             91.4%

                                   Russia     CIS    Europe                                          Russia     CIS    Europe


(a) Excluding minorities.
                                                                                                                                                114
                                                                                Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                            [2006 Figures are estimates]


                                       Overview of the Group‘s Equity

                  7,000   Minorities                                                                                       [Comments to come]
                          Retained Earnings
                          Revaluation Reserve                                    20%
                          Unrealized Gains & FX Translation Difference
                  6,000
                          Share Capital & Share Premium
                                                                         5269                                              [Comments to come]
                  5,000                                                  349

                                                                         660
                                                94%
                                                                         72                                                [Comments to come]
US$ in millions




                  4,000                                                  175
                                                                                                             2006
                                                                                                         Shareholders
                                                                                                           ‟ Equity:
                  3,000             2709                                                                                   [Comments to come]
                                           81                                                             US$6,314m
                                     199
                                     242
                  2,000                                                  4013



                  1,000             2187




                     0
                                    2004                                 2005               2006




                                                                                                                                              115
                                                                               Confidential - Not For Distribution - Working Draft, 15 March 2007
                                                                                                                                      [2006 Figures are estimates]


                                       Overview of Regulatory Capital Position
                    CBR Capital (VTB Standalone, RAS)                           CBR Capital Adequacy Ratio

                                                                 2,958            15.6%
                    3,000                    2,839
                                                                         16%                 15.1%                                   [Comments to come]
                    2,500                                                                                12.4%
  US$ in millions




                             2,022                                       12%
                    2,000                                                                                              CBR
                                                                                                                    Requirement
                    1,500                                                8%
                                                                                                                      (10%)          [Comments to come]
                    1,000
                                                                         4%
                     500

                        0                                                0%
                                                                                                                                     [Comments to come]
                             2004             2005               2006              2004       2005       2006



                       BIS Capital (Tier I and Tier II)                         BIS Capital Adequacy Ratio                           [Comments to come]

                              Tier I   Tier II Less Deductions
                    8,000                                                16%                  14.1%
                                                             6,597
                                             5,898                                12.0%       2.3%       12.0%
US$ in millions




                    6,000                                    1,597       12%
                                             971
                                                                                                                      BIS &
                    4,000                                                8%                                         Covenants
                             2,540                                                                                    (8%)
                                                                                  12.0%       11.8%      12.0%
                                             4,927           5,000
                    2,000                                                4%


                       0                                                 0%
                             2004            2005                2006              2004       2005           2006




                                                                                                                                                        116
                                                  Confidential - Not For Distribution - Working Draft, 15 March 2007



                   Financial Outlook
   Russian banking market continues to exhibit strong conditions

    – Strength of Russian macro-economic environment underpins positive outlook for banking sector as a whole

   VTB Group‘s significant scale and leading market position support the expectation that it will grow faster than
    the market through 2010

   2007 is expected to be a year of substantial investment for the Group due to:

    – Aggressive expansion of distribution network in Russia

    – Strategy to grow retail banking market share

    – Ongoing efforts to integrate and enhance operating efficiencies

   [Need to have detailed discussion on what we feel we should infer / indicate]




                                                                                                                 117
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  XV. Wrap-Up and
      Conclusion
              [Andrey Kostin]
                                        Confidential - Not For Distribution - Working Draft, 15 March 2007



              Key Investment Highlights

                    Favourable Russian macroeconomic environment
                     – Average real GDP growth of 6.2% p.a. since 2001
  Market            Attractive Russian banking sector
Opportunity          – Growing by [38]% per year…
                     – … but still under penetrated…
                     – … with particular high growth opportunities in retail segment and Russian regions

                    Second largest bank in Russia
  Strong            Superior growth and profit potential
Competitive         Leading franchise and established customer base
Advantages          Experienced management team with extensive experience
                    Recognised and trusted brand


  Unique
Investment          One of only two liquid Russian banking stocks
Opportunity         First Russian bank with a GDR listing




                                                                                                    119
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                            Q&A
Confidential - Not For Distribution - Working Draft, 15 March 2007




       [VTB to review biographies]


  Appendix A – Supervisory
  Council
                                                     Confidential - Not For Distribution - Working Draft, 15 March 2007


                                                                                         [To update with INEDs once
               Supervisory Council (1/3)                                                         confirmed]

                       Alexei L. Kudrin (born 1960) has served as the Chairman of the Supervisory Council of VTB since July 2002.
                       Mr. Kudrin has been the Minister of Finance of Russia since 2004. From 1997 to January 1999 and from June 1999 to
                        May 2000, he served as First Deputy Minister of Finance of Russia. From January to June 1999, he was the First
Alexei L. Kudrin        Deputy Chairman of the Management Board of RAO UES of Russia. From 1996 to 1997, Mr. Kudrin was the Deputy
   Chairman             Head of the Russian Federation President Administration and Chief of the General Accounting Office of the Russian
                        Federation. Mr. Kudrin has served as Chairman of the Supervisory Council of CJSC АК ALROSA, Chairman of the
                        Board of Directors of SC Deposit Insurance Agency and a member of the Supervisory Council of JSC Sberbank.
                       Mr. Kudrin graduated from Leningrad State University (now St. Petersburg State University) in 1983 with a Ph.D. in
                        economics.
                       Dmitry B. Aratsky (born 1964) has served as a member of the Supervisory Council of VTB since December 2004.
                       Mr. Aratsky has been the Deputy Head of the Federal Property Agency since 2004. From 2000 to 2004, he was the
                        First Deputy Prime Minister of the Federal Property Agency. From 1997 to 2000, Mr. Aratsky was the Chairman of the
Dmitry B. Aratsky       Committee of Resources and Land Use of the Nizhny Novgorod Region. Mr. Aratsky has served as a member of the
                        Supervisory Councils of OJSC Mortgage Housing Crediting Agency, OJSC Rosselkhozbank and JSC Russian Bank
                        Development.
                       Mr. Aratsky graduated from the Gorky State University (now the Nizhny Novgorod State University) in 1986 and the
                        Volgo-Viatsky State Service Academy in 1997 with a Ph.D. in technical sciences and a doctorate in economics.

                       Anton V. Drozdov (born 1964) has served as a member of the Supervisory Council of VTB since 2002.
                       Since 2004, Mr. Drozdov has been the Head of the Economic and Financial Department of the Government of the
                        Russian Federation. From 2003 to 2004, he was the Deputy Head of the Economic and Financial Department of the
Anton V. Drozdov        Government of the Russian Federation. From 1999 to 2003, he was Head of Departments in the Administration of the
                        Government of Russia. From 1994 to 1999, he was Deputy Chief of the Main Department of Federal Treasury of the
                        Ministry of Finance of Russia.
                       Mr. Drozdov graduated from Moscow Finance Academy in 1986 with a specialisation in economics.




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               Supervisory Council (2/3)
                      Arcady V. Dvorkovich (born 1972) has served as a member of the Supervisory Council of VTB since 2002.
                      Since 2004, Mr. Dvorkovich has been the Head of the Expert Office of the President of the Russian Federation. From
                       2000 to 2004, he was the Adviser to the Minister and Deputy Minister of the Ministry Economic Development and
   Arcady V.           Trade of the Russian Federation. From 1994 to 2000, he held the positions of Adviser, Senior Expert, General Director
                       and Senior Scientist of CJSC Economic Expert Group.
  Dvorkovich           Mr. Dvorkovich has served as a member of the Supervisory Councils of OJSC Mortgage Housing Crediting Agency,
                       JSC Sberbank and SC Deposit Insurance Agency and a member of the Board of OJSC Joint Stock Company for Oil
                       Transporting Joint Stock Company Transneft.
                      Mr. Dvorkovich graduated from Moscow State University in 1994.

                      Andrei L. Kostin (born 1956) has served as a member of the Supervisory Council of VTB since 2002. Mr. Kostin has
                       been the Chairman of the Management Board and Chief Executive Officer of VTB since 2002.
                      From 1996 to 2002, Mr. Kostin was the President of Vnesheconombank (formerly Vnesheconombank of the USSR).
                       From 1995 to 1996, he served as First Deputy Chairman of the Board of Commercial Bank National Reserve Bank. Mr.
Andrei L. Kostin       Kostin is the Chairman of the Supervisory Councils of ICB and VTB24, Chairman of the Board of Directors of RCB-
                       Cyprus and a member of the Advisory Committee of VTB Europe. Mr. Kostin has served as Chairman of the Board of
                       OJSC Sovkomflot, a member of the Board of OJSC NK ROSNEFT, President of the All-Russia Public Organisation
                       Federation of Sports Gymnastics of Russia and a bureau member of the Panel of the Russian Engineering Union.
                      Mr. Kostin graduated from Moscow State University in 1979 with a Ph.D. in economics.

                      Alexey L. Savatyugin (born 1970) has served as a member of the Supervisory Council of VTB since 2006.
   Alexey L.          Mr. Savatyugin has been a Director of Finance Policy Department in the Ministry of Finance of the Russian Federation
                       since 2004. From 1992 to 2004, he held the positions of faculty assistant and senior teacher at St. Petersburg State
  Savatyugin           University. Mr. Savatyugin has served as Chairman of the Board of OJSC Rosgosstrakh and member of the
                       Supervisory Councils of OJSC Mortgage Housing Crediting Agency, OJSC Rosselkhozbank, JSC Sberbank and SC
                       Deposit Insurance Agency.
                      Mr. Savatyugin graduated from St. Petersburg State University in 1992.




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               Supervisory Council (3/3)

                        Andrei V. Sharonov (born 1964) has been the Deputy Minister of Economic Development and Trade of Russia since
                         1999.
                        From 1997 to 1999, Mr. Sharonov was the Deputy Minister of the Economy of Russia. From 1996 to 1997, Mr.
Andrei V. Sharonov       Sharonov was the Head of the Department for the Ministry of the Economy of Russia. From 1992 to 1996, Mr.
                         Sharonov was Chairman of the Russian Federation Youth Committee. Mr. Sharonov has served as a member of the
                         Boards of Directors of Oil Transporting Joint Stock Company Transneft, OJSC RZD and OJSC Aeroflot – Russian
                         Airlines.
                        Mr. Sharonov graduated from the Ufa Aviation Institute in 1986 and the Russian State Service Academy under the
                        President of the Russian 1954) has in 1996 with a Ph.D. in sociology.
                         Sergei A. Storchak (born Federationserved as a member of the Supervisory Council of VTB since December 2004.
                        Mr. Storchak has been the Director of the Department for the Ministry of Finance of the Russian Federation since 2004.
                         From 1998 to 2004, he was a Deputy Chairman of Vnesheconombank. From August 1994 to April 1998, Mr. Storchak
Sergei A. Storchak       held the positions of Deputy Head of the Department and Chief of the Branch for the Ministry of Finance of Russia.
                         From 1988 to 1994, Mr. Storchak was the Second Secretary in Ministry of Foreign of Affairs of the USSR and later, the
                         Russian Federation, for Permanent Representation of the USSR to the United Nations and other international
                         organisations.
                        Mr. Storchak graduated from the Moscow State Institute of International Relations, USSR Ministry of Foreign Relations
                         (now the Moscow State Institute of International Relations, Ministry of Foreign Affairs of Russia) in 1981 with a Ph.D. in
                        Alexei V. Ulyukaev (born 1956) has served as a member of the Supervisory Council of VTB since 2002.
                         economics.
                        Since 2004, Mr. Ulyukaev has served as the First Deputy Chairman of the Bank of Russia. From 2000 to 2004, Mr.
                         Ulyukaev was the First Deputy Minister of Finance of Russia. From 1999 to 2000, he was the Deputy Director of the
Alexei V. Ulyukaev       Foundation Institute for Problems of an Economy in Transition. From 1998 to 1999 he was Deputy Director of the
                         Institute for Problems of an Economy in Transition. From 1996 to 1998, he was a Deputy in the Moscow City Duma.
                         Mr. Ulyukaev is a member of the Advisory Committee of VTB Europe and a member of the Supervisory Council of VTB
                         France. He has served as a member of the Supervisory Council of JSC Russian Bank for Development and Deputy
                         Chairman of the Supervisory Council of JSC Sberbank.
                        Mr. Ulyukaev graduated from Moscow State University with a doctorate in economics.




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       [VTB to review biographies]


  Appendix B – VTB
  Management Board
                                                     Confidential - Not For Distribution - Working Draft, 15 March 2007



                Management Board (1/3)
Andrei L. Kostin        Chairman of the Management Board of VTB since June 2002. See ―Supervisory Council‖.

   Chairman
                        Vadim O. Levin (born 1963) has been the First Deputy Chairman and member of the Management Board of VTB since
                         August 2002.
 Vadim O. Levin
                        From 1997 to 2002, he was the Deputy Chairman of Vnesheconombank. From 1994 to 1997, he was Head of
  First Deputy           Department, Deputy Manager and Manager of the St. Petersburg branch of the joint-stock bank Imperial. Mr. Levin is
                         currently the Chairman of the Supervisory Council of VTB Armenia, member of the Supervisory Councils of
   Chairman              Evrofinance, VTB24, ICB and VTB Georgia and a member of the Board of Directors of RCB-Cyprus.
                        Mr. Levin graduated from the Leningrad Financial Economic Institute in 1985 with a Ph.D. in economics.

                        Alexei I. Akinshin (born 1959) has been the Deputy Chairman of the VTB Management Board since December 2004
                         and a member of the Management Board of VTB since July 2003.
                        From 2002 to 2003, he was a Senior Vice-President of VTB. From 1996 to 2002, he held several positions at
Alexei I. Akinshin       Vnesheconombank, including Advisor of the Bank‘s Administrative Department, Head of the Resources Department,
                         Head of the Foreign Currency and Financial Transactions Department and Head of the Directorate of the Foreign
Deputy Chairman          Currency and Financial Transactions. From 1994 to 1996, he was Deputy Chairman of the Management Board and
                         Head of the Credit and Economic Department of Russian-German Trade Bank. Mr. Akinshin is a member of the
                         Supervisory Council of ICB and a member of the Boards of Directors of CJSC MICEX, CJSC FB MICEX and Self-
                         Regulated Organisation National Securities Market Association.
                        Mr. Akinshin graduated from the Moscow Financial Institute in 1982.
                        Gennadi V. Soldatenkov (born 1952) has been a Deputy Chairman and member of the Management Board of VTB
                         since January 2001 and currently serves as President-Chairman with oversight of the Regional Business and the IT
  Gennadi V.             Projects Coordination Department for the VTB Group.
 Soldatenkov            From 1991 to 2001, he held several positions at the Moscow Regional Office of Sberbank of the Russian Federation,
                         including Chairman, Deputy Chairman of the Board and Vice-President. Mr. Soldatenkov is currently Deputy Chairman
Deputy Chairman          of the Supervisory Council of VTB Germany. Mr. Soldatenkov has been a member of the Stock Exchange Board, Non-
                         Commercial Partnership Moscow Stock Exchange.
                        Mr. Soldatenkov graduated from the Moscow Financial Institute in 1975 and the Moscow Higher Party School in 1989.



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                                                       Confidential - Not For Distribution - Working Draft, 15 March 2007



                 Management Board (2/3)
                          Igor N. Zavyalov (born 1960) has been a Deputy Chairman and member of the Management Board of VTB since July
                           2002 and currently serves as Deputy Chairman and Head of the Corporate Business. From 1999 to 2002,
                          Mr. Zavyalov was the Deputy Chairman of Vneshekonombank. From 1998 to 1999, he was the Deputy Chairman of the
                           Management Board of the National Reserve Bank. In 1998, he was Head of the Department for the Development of
 Igor N. Zavyalov          Business with the Engineering Sector for OJSC Joint-Stock Bank Inkombank. Mr. Zavyalov is a member of the
 Deputy Chairman           Supervisory Council of VTB24 and Chairman of the Supervisory Councils of VTB France, VTB Austria, VTB Ukraine,
                           Mriya, Euroleasing Gesellschaft mit Beschrenkter Haftung, OJSC VTB Broker Bank and Chairman of the Boards of
                           Directors of OJSC VTB-Leasing and OOO (LLC) Insurance Company VTB-ROSNO Insurance Company. Mr. Zavyalov
                           has served as a member of the Board of Directors of OJSC KAMAZ.
                          Mr. Zavyalov graduated from Ordzhonikidze Moscow Aviation Institute in 1986.

                          Yulia G. Chupina (born 1970) has been a member of the Management Board of VTB since September 2005. She
                           joined VTB in 2004 and currently serves as Vice-President, Head of Corporate Development and Financial Assets
                           Department.
                          From 1998 to 2003, she worked at McKinsey & Company Inc. FSU as a consultant and project manager. Ms. Chupina
 Yulia G. Chupina          is a member of the Supervisory Councils of VTB24, ICB, VTB Austria, VTB Ukraine, Mriya and OOO (LLC) Insurance
                           Company VTB-ROSNO, a member of the Advisory Committee of VTB Europe and a Deputy Chairperson of the
                           Supervisory Council of VTB France.
                          Ms. Chupina graduated from Moscow State Linguistic University in 1993 and from ESADE, Spain, and Leonard Stern
                           Business School, New York University, United States in 1997 with a joint MBA degree in finance and international
                          management.
                           Vasiliy V. Kirpichev (born 1970) has been a member of the Management Board of VTB since November 2005.
                          From 1998 to 2005, he worked in various positions at Vnesheconombank, including Deputy Chairman. Mr. Kirpichev is
                           a member of the Supervisory Council of OJSC Bank VTB Broker and a member of the Advisory Committee of VTB
Vasiliy V. Kirpichev       Europe. He has served as a member of the Board of Self-Regulatory Organisation National Stock Association and a
                           member of the Board of Directors of ZАО ROSEXIMBANK.
                          Mr. Kirpichev graduated from St. Petersburg University of Economics and Finance in 1995.




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                                                   Confidential - Not For Distribution - Working Draft, 15 March 2007



                Management Board (3/3)
                     Konstantin G. Kozhevnikov (born 1967) has been a member of the Management Board of VTB since July 2005. Mr.
                      Kozhevnikov has worked at VTB since 2004 and currently serves as Senior Vice-President, Head of Non-Financial
                      Assets Department.
                     From 2001 to 2004 he was a Vice-President and Deputy Chairman of the Board of JSB Public Initiatives Support
Konstantin G.         (SOBINBANK). From 1999 to 2001, he was President of the non-commercial partnership Upkeep of Energy
                      Resources. From 1998 to 1999, he was Vice-President of the Economic Policy Foundation. From 1997 to 1998, he was
Kozhevnikov           an administration consultant and Head of the Office of the Deputy Head of the Administration of the President of the
                      Russian Federation. Mr. Kozhevnikov is a member of the Board of Directors of EWUB and ZAO Almaz-Press and
                      Chairman of the Boards of Directors of ZAO Almaz Press and ZAO VTB-Invest. Mr. Kozhevnikov has served as
                      President of the All-Russian Public Organisation Golf Association of Russia and a member of the Board of Directors of
                      OAO Aircraft Engine.
                     Mr. Kozhevnikov graduated from the State Central Institute of Physical Training in 1990 and the Russian Academy for
                     Governmental (born 1954) has been a member of the Management Board of with since July 2002 and currently
                      Erkin R. Norov Service under the President of the Russian Federation in 2000 VTB a Ph.D. in economics.
                      serves as Senior Vice-President, Head of Loan Transactions and Risks Control Department.
                     From 1999 to 2002, he was the Director for Development and Planning Board of Vnesheconombank. In 1999, Mr.
                      Norov was the Head of the Department for Calculation of Tax Basis and Tax Income Planning of the Ministry of the
Erkin R. Norov        Russian Federation on Taxes and Assessments. From 1992 to 1999, he held several positions at JSC AvtoVAZ,
                      including Chairman of the Management Board on the Development of Maintenance, Director on Marketing and Trade,
                      General Director of the Economics and Finance Department, Vice-President – General Director of Finance,
                      Economics, Marketing, Trade and Motor-Car Maintenance Department, and Vice-President – Director of the
                      representative office in Moscow.
                     Mr. Norov graduated from Moscow State University in 1976 and from the Academy of People‘s Economy under the
                      Government of the Russian Federation in 2001 with a Ph.D. in economics.
                     Vasily N. Titov (born 1960) has been a member of the Management Board of VTB since October 2004 and currently
                      serves as Senior Vice-President, Head of PR and Marketing Department.
                     From 1998 to 2002, Mr. Titov was the Deputy Head of Administrative Department and PR Director – Head of
                      Information and External Affairs Department of Vnesheconombank. From 1996 to 1998, he was Deputy General
Vasily N. Titov       Director of АООТ Russian Automobile Alliance. Mr. Titov is a member of the Supervisory Councils of VTB France and
                      Mriya and a member of the Board of Directors of CJSC Almaz-Press. Mr. Titov is a member of the Boards of Directors
                      of OOO Interfax-AKI, ZAO Interfax-China, OAO Avtovaz and OAO Russian Automobile Alliance.
                     Mr. Titov graduated from Leningrad State University in 1983 and from the Finance Academy under the Government of
                      the Russian Federation in 2002.

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       [VTB to review biographies]

  Appendix C – Banking
  Group Management
  Committee
                                                        Confidential - Not For Distribution - Working Draft, 15 March 2007



                 Banking Group Management Committee (1/3)
 Andrei L. Kostin         See ―Supervisory Council‖.

    Chairman

                          See ―Management Board‖.
Alexei I. Akinshin

                          See ―Management Board‖.
 Yulia G. Chupina

                          E.M. Grevtsev (born 1949) has been executive director of VTB Europe‘s Singapore branch since 2001 and is currently
                           Director of VTB Bank Europe Nominees pte Limited (Singapore).
                          From 1994 to 1997, Mr. Grevtsev worked as Vice-President and General Representative in London for Commercial
                           Bank Most-Bank. From 1990 to 1994, he was the Deputy Chairman and Joint General Manager of Moscow Narodny
                           Bank. From 1983 to 1990, he held several positions at the Bank of Foreign Trade of the USSR, including Head of the
                           Crediting of Foreign Economic Relations, Head of the Socialist Countries Crediting and Accounting Department,
  E.M. Grevtsev            assistant to the Chairman of the Board, Vice-Director of the Economy-Planning Department, member of the Board and
                           Head of the Personnel Department. From 1980 to 1983, he was the Commissioner of the Bank of Foreign Trade for the
                           USSR at the USSR Trade Mission in Indonesia and representative of Moscow Narodny Bank‘s Singapore branch.
                           From 1970 to 1979, he was an economist and then a manager of the Planning and Economics Department of the Bank
                           of Foreign Trade of the USSR. Mr. Grevtsev is currently a member of the Board of Directors of VTB Europe.
                          Mr. Grevtsev graduated from Moscow Financial Institute in 1970 with a Ph.D. in economics.

                          See ―Management Board‖.
Vasiliy V. Kirpichev




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                                                    Confidential - Not For Distribution - Working Draft, 15 March 2007



               Banking Group Management Committee (2/3)
                       Nikolay Kuznetsov (born 1964) has been a Senior Vice-President and Head of Subsidiary Bank Liaison of the
                        Corporate Development and Financial Asset Department of VTB since June 2006.
                       From 2005 to 2006, Mr. Kuznetsov acted as Executive Director of JSC Ilyushin Finance Co. From 2003 to 2005, he
                        worked at JSC Power Machines – Turbine Bucket Plant, Leningrad Metallic Plant, Elektrosila, Energomashexport as
                        Deputy General Director on Economics and Finance. From 1999 to 2003, he served as a Deputy General Director for
Nikolay Kuznetsov       Finance and Planning of ОАО Aeroflot – Russian Airlines. From 1996 to 1999, he was Head of Treasury, Executive
                        Vice-President, member of the Management Board and acting Chairman of ОАО BANK MENATEP. He is currently a
                        member of the Supervisory Councils of VTB Armenia, VTB Georgia, VTB Germany, RKB-Zurich and CJSC VTB-
                        Capital.
                       Mr. Kuznetsov graduated from Moscow Management Institute in 1986 and Pierre Mandes University (France)
                        Grenoble Academy in 1994 with a Ph.D. in economics.
                       See ―Management Board‖.
 Erkin R. Norov

                       Andrei Puchkov (born 1977) joined VTB in 2002 and currently serves as Senior Vice-President, Head of the Legal
                        Department.
 Andrei Puchkov        From 1999 to 2002, Mr. Puchkov was a member of the Moscow BAR. He currently serves as a member of the Board of
                        Directors of RCP-Cyprus, Chairman of the Supervisory Council of CJSC VTB-Capital, a member of the Supervisory
                        Councils of VTB Ukraine, Mriya, VTB France, VTB24 and ICB and member of the Advisory Committee of VTB Europe.
                       Mr. Puchkov graduated from Moscow State University in 1998.
                       See ―Management Board‖.
 Igor N. Zavyalov




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                 Banking Group Management Committee (3/3)
                      I.G. Suvorov (born 1948) has been Chairman and Chief Executive of VTB Europe‘s Board of Directors since 1997 and
                       is currently Director of VTB Europe Strategic Investments Ltd. and Director of the VTB Europe Strategic Investments
                       (Russia) Ltd.
                      From 1991 to 1997, he served as Director and General Director of Moscow Narodny Bank‘s Singapore branch. From
                       1987 to 1991, he was the Deputy Head of the Soviet Banking Institutions Abroad Department and the Deputy Head of
  I.G. Suvorov         the Correspondents‘ Relationships Department of the Bank of Foreign Trade of the USSR. From 1980 to 1987, he was
                       Deputy Head of the Soviet Banking Institutions Abroad Department of Moscow Narodny Bank‘s Singapore branch.
                       From 1972 to 1980, he was an economist, senior economist, senior consultant, major expert, the Deputy Head of the
                       Department on Control of Soviet Foreign Banks for the State Bank of the USSR. Mr. Suvorov currently serves as
                       Chairman of the Board of Directors of VTB Europe.
                      Mr. Suvorov graduated from the Moscow Financial Institute in 1972.
                      Nikolai Tsekhomsky (born 1974) has been Senior Vice-President and Head of the Finance Department (CFO) of VTB
                       since October 2005.
    Nikolai           From 2002 to 2005, Mr. Tsekhomsky worked as Vice-President and CFO for OAO Mobile Telesystems. From 1999 to
                       2002, Mr. Tsekhomsky served as the Head of the Finance Department at Renaissance Capital. Mr. Tsekhomsky is
  Tsekhomsky           currently a member of the Supervisory Councils of VTB24, ICB, Mriya, VTB Europe and VTB Austria.
                      Mr. Tsekhomsky graduated from Saint-Petersburg State Academy for Engineering and Economics in 1996 and
                       received a Ph.D. in 1999.

                      Mikhail Zadornov (born 1963) has been the President and Management Chairman of VTB24 since July 2005.
                      From 1999 to 2005, Mr. Zadornov served as a Member of the State Duma, serving on the commission on reviewing
                       federal budget spending on national defense and Russian state security and the committee for budget and taxes. From
                       1997 to 1999, he was Minister of Finance of the Russian Federation and served in several government roles, including
                       member of the Russian Security Council, Deputy Manager from Russia in the International Monetary Fund, First
                       Deputy Chairman of the Russian Government, Special Representative of the Russian President for relations with
Mikhail Zadornov       international financial organisations and advisor to the President of Sberbank of the Russian Federation. From 1993 to
                       1997, he was a member of the State Duma and served as Chairman of the committee on budget, taxes, banks and
                       finances. From 1990 to 1993, he was a member of the State Economy Reform Committee of the RSFSR Council of
                       Ministers. From 1989 to 1990, he was a Junior Scientist and Scientist at the Institute of Economics and Expert of
                       Planning/Budget Commission of the USSR Supreme Soviet and Scientist of Economy Institute of the USSR Academy
                       of Science. From 1986 to 1988, he was a post-graduate student of the Economy Institute at the USSR Academy of
                       Science. Mr. Zadornov currently serves as a member of the Supervisory Council of VTB24.
                      Mr. Zadornov is a graduate of the Moscow Institute of National Economy and has a Ph.D. in economics.
                                                                                                                                          132

				
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