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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
                    One of only two liquid Russian banking stocks
Investment
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                 Africa and Asia
Position

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

                     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 P oland, Czech Republic, Slovakia, Serbia, Croatia,           18
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: Future      Reorganization. Simplification of the procedures to reorganize credit institutions
      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 Broad
           2
               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:
                            BBB+/Stable                         BBB+/Stable                                                      160

                           Individual: C/D                                                                                      120
                                                                                                                                                         VTB $ 7.5% due 2011       VTB $ 6.25% due 2035
                                                                                                                                       VTB $ 6.875%
                                                                                                                                 80      due 2008

                           Foreign Currency                   Foreign Currency                                                 40               VTB $ LTII
                                                                                                                                               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

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




                                                                                                                                                                                Total Consideration
 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 th e 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 Gro up now owns 58.9% of VTB Georgia.
                                                Confidential - Not For Distribution - Working Draft, 15 March 2007

                           Extensive Distribution Network with Broad
                       2
                           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

                  Extensive Distribution Network with Broad
                  Coverage
             2



                                        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 retail banking and small
                                              All Russian businesses excluding
                                               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

           Extensive Distribution Network with Broad
       2
           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
                                                               –    VTB Capital (Namibia) PTY Ltd. in Namibia
                                           Associates


               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                      29.6%
                                                                               #2

  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



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

                       E. M. Grevtsev                 58       [       ]          [   ]          [ ]
Banking Group
 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



   [VTB                                                       Euromoney Awards of Excellence
                                                                 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                                       Outcome
                                   Benefits from Shareholder Support


                         Controlling shareholder through
   Relationship                                                            Stable management team
                          the Federal Property Agency
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
                         VTB in October 2002                              Innovative investments
   with CBR
                        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
    Total                       2,628
                                                                                                      55%
                                                                                                                             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


               Aggressively Grow Market Share in Attractive
           2
               Russian Retail Banking Sector


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


                                      4   Expand International Presence


                                                        Continue Integration and Improve Operating
                                                    5
                                                        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
                                                                             –    Ukraine, Georgia and Armenia
                cooperation with Russia
     CIS                                                                     –    [296] branches in CIS region and [430,000] CIS
               Become a leader in corporate and retail
                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
                                                                                  international financial services and international
 Europe         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
                    management and IT                                     improvements

                   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
                    needs of Russian clients                              representative offices or branches or external
                                                                          growth setting up JV’s with local players

                                                                                                                       46
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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
  settlement services, trade and export finance                                       Corporate
                                                                                         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
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                             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)
                         Special purpose accounts such as payment accounts used to settle obligations with Russian
Settlement 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,
                          Power Machines, Alrosa, Suel, Gazprom and TNK-BP)
 Trade and Export
                         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
                         Licensed to provide full range of custody services with respect to both Russian and foreign corporate and
 Custody Services         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
                                                                                                Government
   Securities portfolio dominated by debt                                  Bonds
                                                                                                Eurobonds
    instruments [ ]% as of December 31, 2006
   Streamlined investment decision                                               DUMMY NUMBERS
    procedures                                                        Corporate

   Strong balance sheet of the Group supports                        Eurobonds
                                                                                                  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
                     underwriting of securities offerings, project financing and advisory services, merger and acquisition
Products and
                     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

                       VTB trades precious metals (primarily gold), exports and sells gold, provides short- and medium-term
Precious Metals         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

                       In 2006, VTB participated in M&A financing with a total transaction amount of approximately $800m
    M&A and             – Arrangement of leveraged buyout financing for the acquisition of Corbina Telecom and as buy-side
Advisory Services           advisor to Baring Vostok Capital Partners in the acquisition of Bank Caspian

    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 Portfolio,
     VTB24‟s predecessor, Guta Bank, was acquired in                                                                            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
                                                   US$[ ]m in retail deposits as of 31-Dec-2006
                             Deposit 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
                                                    years
                             Consumer 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                                                 Belarus
                              Armenia                                                                    Turkmenistan 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
               Corporate / retail deposits,       64 thousand retail clients
Ukraine                                                                                    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
                                                   119 thousand retail clients              Georgian customers
               18 banks in the market



                                                   # [ ] 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

   Existing platform of six European subsidiaries as                                                Europe

    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 Kingdom                  VTB France 87.0%                  Dec-2005
VTB Germany 83.5%                 Dec-2005                                                          Total 2006 assets [ ]
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 Europe        syndicated lending arrangements, credit lien note programmes, Eurobonds and securitization
                           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
                           management, transactions in promissory notes and fiduciary operations.
         VTB Austria
                          Additionally conducts securities trading and investment operations, money and foreign exchange
                           markets, and engages in repo transactions with Russian government and corporate debt securities.
Europe




                          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
                          Provide trade finance and trade related banking services (including export credit agency loans and
         VTB 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
                              Russia
Asia




                             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.
                             VTB owns 66% of Banco VTB Africa SA
          Banco VTB
                             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                                                                    Audit Committee
                                                        • 9 members (a) [including] 2 independent non-executives
                                                                                                                          • [ ] 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.
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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 for employees at all levels
Training Program
                      [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


           Risk Management Commission                                               Asset and Liability Committee               Internal Control 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.
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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.
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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                                         []         []        []          []         []        []
                                                                                                                   [Comments to come]
Liabilities
                                                                                                                   [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
                       Group level                                                     Reduce time and costs of preparation of consolidated
Central Databank
                      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
                      Centralization of VTB customer information                      Increase cross sales
Integrated Group-     In the future, might create centralized CRM system for          Improve interaction between VTB business unites
wide CRM System        information relating to all customers of all Group‟s banks      Maximize utilization of potential offered by the product
                                                                                        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
  Due from Other Banks
                                                          1,752            3,096            3,973             76.7              28.3
                                                                                                                                                             [ 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)                                              [–]                     [–]                       [–]
                                                                                                                                                               [ Comments to come]
Return on Average Assets (a) (b)                                                            [–]                     [–]                       [–]

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
                  1,600                                                                                  70%
                                                                         1,444                                       59.0%
                  1,400                                 85%                                                                                                     51.4%
                                                                           218              15.1%        60%                                51.4%
                  1,200
                                                                           281              19.5%        50%
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
                                                                                         % Growth
                                                                                                              [Comments to come]
                           Other
                           Due From Other Banks                   43%
                                                                            52,490     ‟04-‟05   ‟05-‟06
                  50,000   Securities                                        5,972      113%       11%
                                                                                                              [Comments to come]
                           Loans and Advances to Customers
                                                                             6,463      105%       56%
                  40,000                                36,723
                                          106%
                                                                                        135%       29%        [Comments to come]
US$ in millions




                                                                             9,371
                                                         5,366

                  30,000                                 4,141
                                                                                                              [Comments to come]
                                                         7,291
                  20,000        17,810
                                 2,515                                                    96%      54%
                                                                             30,680
                                 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 &
     Commerce
                                     15%                                              15%                                                17%
                                                                                                                                                                              [Comments to come]
               (c)
  Manufacturing                                     32%                                     20%                                         16%


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


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

                           Financial assets:                                                                                                     Other         International Moscow
                                                                                                                   Eurobonds of the Russian      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
                                                                                                  % Growth                                    Total: $1,279m        16.9%
                  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]
                                                                           9,313
                            Debt Securities Issued      31,452                          104%      40%
                                                108%
                            Customer Deposits            719
                                                                                                                      [Comments to come]
US$ in milllions




                   30,000                                                                                         
                                                        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%
                                                                                                                                                           [Comments to come]
                                                                                                                 5%
    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
                    3,000                     2,839
                                                                          16%
                                                                                 15.6%       15.1%                                    [Comments to come]
                    2,500                                                                                12.4%
  US$ in millions




                              2,022                                       12%                                           CBR
                    2,000
                                                                                                                     Requirement

                    1,500                                                 8%
                                                                                                                       (10%)          [Comments to come]
                    1,000
                                                                          4%
                     500
                                                                                                                                      [Comments to come]
                        0                                                 0%
                              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




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                   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]




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




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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



               Supervisory Council (1/3)                                                 [To update with INEDs once
                                                                                                 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
                        Committee of Resources and Land Use of the Nizhny Novgorod Region. Mr. Aratsky has served as a member of the
Dmitry B. Aratsky       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.
                          Mr. Savatyugin has been a Director of Finance Policy Department in the Ministry of Finance of the Russian Federation
Alexey L. Savatyugin       since 2004. From 1992 to 2004, he held the positions of faculty assistant and senior teacher at St. Petersburg State
                           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
                        Sergei A. Storchak (born Federationserved as a member of the Supervisory Council of VTB since December 2004.
                         President of the Russian 1954) has in 1996 with a Ph.D. in sociology.
                        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
                         held the positions of Deputy Head of the Department and Chief of the Branch for the Ministry of Finance of Russia.
Sergei A. Storchak       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
                         Foundation Institute for Problems of an Economy in Transition. From 1998 to 1999 he was Deputy Director of the
Alexei V. Ulyukaev       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 First      From 1997 to 2002, he was the Deputy Chairman of Vnesheconombank. From 1994 to 1997, he was Head of
                           Department, Deputy Manager and Manager of the St. Petersburg branch of the joint-stock bank Imperial. Mr. Levin is
 Deputy Chairman           currently the Chairman of the Supervisory Council of VTB Armenia, member of the Supervisory Councils of
                           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.
                          From 1991 to 2001, he held several positions at the Moscow Regional Office of Sberbank of the Russian Federation,
Soldatenkov Deputy         including Chairman, Deputy Chairman of the Board and Vice-President. Mr. Soldatenkov is currently Deputy Chairman
     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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                 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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                  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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                  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.
                        From 2002 to 2005, Mr. Tsekhomsky worked as Vice-President and CFO for OAO Mobile Telesystems. From 1999 to
Nikolai Tsekhomsky       2002, Mr. Tsekhomsky served as the Head of the Finance Department at Renaissance Capital. Mr. Tsekhomsky is
                         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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