Investor Presentation...Strengthening recovery momentum combined with solid credit profile . Source: Rosstat . ... Broad corporate client base Well established relationships with leading

© VTB 2011 1

Investor Presentation September 2012

© VTB 2012 2

Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of JSC VTB Bank ("VTB") and its subsidiaries (together with VTB, the "Group"). Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and other important factors that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. These forward-looking statements speak only as at the date of this presentation and are subject to change without notice. We do not intend to update these statements to make them conform with actual results.

© VTB 2012 3

Why VTB?

Russia

Banking sector

• Prominent opportunity – fundamentally strong and high growth economy

• Why now? – stable political leadership and stable macroeconomic situation vs. global uncertainties

• Proxy for the economy – diversified exposure to Russia investment case

• Long term potential – solid opportunities for banking business development

• Attractive valuation – intrinsic value is not reflected in the market valuation

• Unique business model in Russia – universal banking platform incorporating corporate and retail banking, IB and other financial services

• Potential to unlock value – significant value can be extracted from the existing franchise

• Value creation through new initiatives − Insurance, Pension Fund, Light Bank

• International presence – basis for capturing new business opportunities outside Russia

© VTB 2012 4

Why Russia? 5

Why a Russian bank? 7

Why VTB? 9

© VTB 2012 5

Why Russia?

© VTB 2012 6

Russia: prominent opportunity – fundamentally strong and high growth economy

Source: Rosstat, EIU, Bloomberg

Source: CBR

Prudent approach to government spending Commentary

Clean sovereign balance sheet Efficient and flexible exchange rate policy

One of the largest FX reseres globally

Budget surplus / (deficit) as % of GDP (2011)

Top countries by FX reserves, USD bn (2011)

20

30

40

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

USD/RUB (inverted) Basket/RUB (inverted)

The introduction of new refinancing enables the switch to floating FX rate that preserves

interest rate stability

0

10

20

30

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

%

CPI, % YoY CBR refinancing rate, % MIBOR, O/N

9.9%

(15.7%)

6.0% 8.3%

1.5%

(3.5%)

5.2% 4.2% 5.2%

(7.8%)

4.3% 4.3%

2008 2009 2010 2011

Investment in fixed capital, %YoY Real wages, %YoY Real GDP, %YoY

3,203

1,258

540 454 386 350

China Japan Saudi Arabia Russia Taiwan Brazil

0.8%

(1.4%) (1.6%) (2.1%) (2.3%)

(4.5%) Russia Turkey Poland BIC CEE EU

Prudent approach to government spending

One of the largest FX reserves globally

Real economy gathers momentum

Efficient and flexible exchange rate policy

Government debt as % of GDP (2011)

9.8%

29% 42% 48% 52%

86%

Russia BIC Turkey CEE Poland EU

Clean sovereign balance sheet

Strengthening recovery momentum combined with solid credit profile

Source: Rosstat

© VTB 2012 7

Why a Russian bank?

© VTB 2012 8

Long Term Potential – Solid Opportunities for Banking Business Development

Growth potential driven by low penetration

Commentary

Secure funding base enhances stability

Decreasing NPL levels (1.5 times coverage)

Loans as % of GDP (FY’2011) Retail loans as % of GDP (FY’2011)

Overdue loans and loan loss provisions as % of gross Russian banking sector loan portfolio

Source: For Russia CBR and VTB Capital analysis; for other countries Fitch, ECB, EBA, E&Y, Swiss Re BIC stands for Brazil, India, China

Loans / Deposits (FY’2011)

77% 147%

55% 55% 45% 43%

BIC * EU * CEE * Poland Turkey Russia

62%

34% 31% 28%

16% 10%

Poland Turkey Russia

112% 110% 105% 91%

63%

Poland Turkey Russia

NPL LLP

Growth potential driven by low penetration

Secure funding base enhances stability

Retail is an important source of growth and margin

Decreasing NPL levels

93%

* VTB Capital estimations for EY’11

EU * BIC * CEE *

EU * CEE * BIC *

Russian banking sector: growth supported by quality fundamentals

6.3% 5.7% 5.1% 5.0%

11.6% 10.5% 8.6% 8.6%

2009 2010 2011 1Q’2012

© VTB 2012 9

Why VTB?

10 © VTB 2012

VTB: Successful Growth Story – through Organic Growth and M&A

Establishment & development

Breakthrough strategy

Focus on operating efficiency and ROE

7.3 11.2 17.8 36.7

52.4 92.6

125.8 119.4 140.8

210.9 219.9

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q'2012

(US

D b

n)

Total assets

Acquisition of

Armsberbank (now VTB Armenia) Guta-Bank (now VTB24)

Acquisition of

ICB (later VTB North-West) MNB (now VTB Capital plc) BCEN-Eurobank (now VTB France) Donau-Bank (now VTB Austria) OWH (now VTB Germany) UGB (now VTB Georgia)

In the past 10 years, VTB Group demonstrated over 30-fold increase in total assets

Acquisition of Mriya (now PJSC VTB Bank (Ukraine)

Acquisition of Slavneftebank (now VTB Belarus)

Acquisition of

TransCreditBank

Acquisition of

Bank of Moscow

30x

1990-2001 2002-2009 2010-YTD In 2002, the Russian Government became VTB’s

major shareholder, acquiring from the CBR its participation in VTB’s capital.

A new management team headed by Andrei Kostin joined VTB with the goal to turn it into the country’s leading banking institution.

In 2005, VTB launched the most successful project of a specialised retail bank in Russia, VTB24.

In 2007, VTB became the first Russian bank to launch its initial public offering.

In 2008, VTB Capital, the investment business of VTB Group, was established and become one of the Group’s strategic business areas.

The Bank for Foreign Trade (Vneshtorgbank) was established in October 1990 to service Russia’s foreign economic transactions and encourage the country’s integration in the world economy.

In 1997, the Government decided to transform VTB into an open JSC. The CBR became the largest Bank’s shareholder, with a 99.9% stake in the Bank’s capital.

Under the financial crisis of 1998, the bank was among a few Russian credit institutions which continued a full-scale banking activity.

VTB enhanced its positions in all segments of the

Russian banking market and became #2 bank in Russia in terms of assets.

In 2010, VTB has launched a strategy of efficient growth and business structure improvement aimed at steady growth of the Group’s capitalisation and sustainable financial performance.

In 2010-2011, VTB completed the integration of its corporate and investment banking businesses building a new major business line – CIB.

The integration allowed the Group to take advantage of synergies arising from combined product and service offerings in key business areas.

VTB corporate history

11 © VTB 2012

VTB in a Snapshot

Second largest universal banking group in Russia with RUB 6.5 trl / USD 220 bn in assets and competitive product range

Largest banking group by corporate liabilities in Russia

Market capitalisation at US$17 bn

Highly professional and international senior management team

Presence in 22 countries across the globe

China

Vietnam Dubai

Belarus Germany

China

Vietnam Dubai

Cyprus

Georgia Azerbaijan

Kazakhstan

Angola

India

Armenia

Austria

Russia

UK

Singapore

France Ukraine

Italy Bulgaria Serbia

New York

Leading player in Russia Strong distribution footprint

over 1,700 branches across Russia, CIS and Europe

Solid client base - c.16 mln active retail and corporate customers

Corporate loans

Retail loans

Corporate deposits

Retail deposits

8.9%

2nd

13.6%

18.2% 19.7%

2 1

2 2

1Q’12 RUB bn

1Q’12

USD bn FY’11

RUB bn FY’11

USD bn Total assets 6,450.5 220 6,789.6 210

Net loans 4,252.8 145.0 4,301.6 133.6

Net profit 23.3 0.8 90.5 2.8

BIS CAR, % 13.7% 13.0%

NIM, % 3.8% 5.0%

Leverage ratio 9.3х 9.9х

LTD ratio, % 124.1% 119.6%

Key Financial Indicators Ranking and Market Share in Russia (1)

(1) VTB’s estimates based on CBR data (including TransCredit Bank and the Bank of Moscow) as of March, 31, 2012.

12 © VTB 2012

Unique business model – universal banking platform incorporating corporate and retail banking, IB and other financial services

■ Strong franchise ■ Full range of

investment banking services

■ VTB Capital, the Group’s investment bank –the leader in the Russian Investment banking industry

■ Significant scale and

strong market position ■ Broad corporate client

base ■ Well established

relationships with leading Russian companies across all economic sectors

■ The Group’s retail banking business focuses on deposits, lending and certain ancillary services to individuals and small businesses.

■ The Group conducts its retail business primarily through VTB24, the Group’s specialised retail banking subsidiary, as well as through retail divisions of other Group members, such as the Bank of Moscow and TCB.

■ The Group is the second-largest Russian retail bank by loans and deposits as of March 31, 2012.

■ Extensive distribution network, with broad coverage throughout the Russian Federation.

A separate transaction banking unit established to grow the Group’s commission-based income by increasing sales of existing transaction-related products and services

Retail banking Corporate-investment banking

The Group offers factoring and ancillary

services, incl. the management and collection of receivables and credit management, to

corporate clients through its factoring company VTB Factoring

VTB Insurance provides individuals and institutions with a full range of services:

property insurance, civil and professional liability insurance, and personal

insurance (excluding life insurance)

FACTORING INSURANCE

VTB Leasing is today one of the leading Russian leasing companies, offering a broad range of services, with regional

offices across Russia and subsidiaries in the CIS and Europe

LEASING

Retail banking

Non-banking financial businesses

Investment banking Corporate banking Transaction banking

http://www.bm.ru/en/�

http://www.bm.ru/en/�

© VTB 2012 13

Unique corporate franchise with focus on rationalisation

Potential to unlock value – significant value can be extracted from the existing franchise. Corporate banking

Corporate liabilities Corporate loan portfolio

+47%

-2%

(RU

B b

n)

Term deposits Current accounts

+35%

-12%

(RU

B b

n)

3,690 3,766 3,666

2,668 2,508

31-Mar-12 31-Dec-11 30-Sep-11 30-Jun-11 31-Mar-11

1,403 1,786 1,875

1,232 1,084

740 649 597

540 508

2,143 2,435 2,472

1,772 1,592


(1) Calculated excluding the effect of provision releases at TransCreditBank and the Bank of Moscow. (2) Calculated based on CBR data (for Russian corporate loan market) and Rosstat data (for loans provided to Russian companies from abroad). Numerator represents VTB Group’s consolidated corporate loan portfolio (under IFRS). (3) 1Q’12 data adjusted for promissory notes (equal to RUB 95.2 bn) that according to management view, can be classified as customer deposits.

Average yield and cost of funds

Average cost of corporate deposits and current accounts

Average yield on corporate loans

4.6% 3.9% 3.1% 2.8% 3.0%

8.5% 10.1%

8.6% 8.8% 9.0%

8.5% (1)

1Q'12 4Q'11 3Q'11 2Q'11 1Q'11

Market shares and ranks in Russia

Corporate loan market share (2) 1

Corporate deposit market share(3)

18.2% 18.7%

12.0% 12.1%

20.4% 21.1%

15.0%

12.7%

31-Mar-12 31-Dec-11 31-Dec-10 31-Dec-09

2 2

2 1

2

2

2

2

1

© VTB 2012 14

Potential to unlock value – significant value can be extracted from the existing franchise. Investment banking and GTB

Rus

sia

&

CIS

DC

M

Investment Banking – key developments in 1Q’12

Global banking ■ DCM: 23 transactions closed. Key deals – 3 tranche ECP for Alrosa

(USD 1.3 bn), Russian Federation sovereign Eurobond issue (USD 7 bn) ■ M&A: Nord Gold spin-off for USD 2.7 bn

Global markets ■ Launch of equities business on MENA markets and trading operations

in Turkey and Poland, active development of US and Asian client base

Investment management ■ VTB Capital Private Equity and Special Situations (PESS) successfully

placed part of its minority stake in the leading CIS software developer EPAM Systems, Inc during its IPO at NYSE

GTB – key developments in 1Q’12

Product developments ■ SWIFT services for corporate clients launched ■ Time deposits terms optimised ■ Electronic Banking platform functionality improved, including

new fraud analysis applications and letters of credit module

Sales development ■ c.1,500 new clients attracted ■ Complex and customised cash management solutions established

and sold to 30 large groups of companies (74 legal entities), bringing more than RUB 160 mn in new revenue

■ Cash management sales pipeline reached more than RUB 1 bn ■ Trade finance deals closed with 57 groups of companies

(268 legal entities) ■ GTB product sales teams put in place in top 20 cities

Rus

sia

& C

IS M

&A

# Lead Manager Amount, (USD mn) # of deals

1 Deutsche Bank 4,676 5

2 VTB Capital 4,083 4

3 Citi 3,532 2

4 Rothschild 1,582 1

5 Nomura 1,582 1

# Lead Manager Amount, (USD mn) # of deals

1 VTB Capital 5,636 23

2 Citi 2 318 5

3 Gazprombank 2,005 4

4 Sberbank 1,581 3

5 Troika Dialog 1,297 4 Rus

sia

& C

IS D

CM

2.8 3.5

1Q'11 1Q'12

(RU

B b

n)

GTB net fee and commission income

+25%

© VTB 2012 15

Success story with the best returns among Russian peers

Potential to unlock value – significant value can be extracted from the existing franchise. Retail banking

948 907 881 702 643

242 255 198

160 138

1,190 1,161 1,079

862 781


Retail loan portfolio

Average yield and cost of funds

Term deposits Current accounts

Retail deposits

Mortgage loans Car loans Consumer loans & other

+52% +55%

(RU

B b

n)

(RU

B b

n)

+2% +5%

Average cost of retail deposits and current accounts

Average yield on loans to individuals

Market shares and ranks in Russia

15.9% 15.9% 16.6% 16.8% 15.9%

5.0% 5.0% 5.7% 5.9% 6.0%

1Q'12 4Q'11 3Q'11 2Q'11 1Q'11

312 309 281 220 213

79 76 70 60 54

470 439 412

329 289

861 824 763

609 555


Retail loan market share

Retail deposit market share

2

2

2 2

2 2

2 2

2 2

2

2

2

13.6% 13.7%

12.2%

10.2%

8.9% 9.0%

7.2%

6.0%

31-Mar-12 31-Dec-11 31-Dec-10 31-Dec-09

2

2

2

2

2

2

2

2

© VTB 2012 16

Profit pool structure by products in Russia (2016, excl. captive business)

(US

D b

n)

Russian insurance market GWP Russian insurance market profit pool

Other

Motor

Accident

Property

Other

Motor

Voluntary Medical Insurance

Property

Retail Corporate

VTB Insurance1 GWP

(US

D b

n)

(US

D b

n)

VTB Insurance1 2011 GWP structure

(1) in 2011 includes MSK insurance company.

Source: FSSN, analytical reports.

Value creation through new initiatives. Insurance

11.5x

2.0x

25%

30% 19%

19%

6% 4% MTPL

MOD

Property and liability

Personal accident

Voluntary medical insurance

Other

11%

25%

34%

30%

35%

25%

9%

31%

22.0

44.7

2011 2016

3.1

6.6

2011 2016

0.1

1.0

2008 2011

Successful start up – Top 8 market position in 3 years Product strategy is focused on profitable segments

We operate on the market with high growth potential…

…and large profit pools… …we target the most profitable market segments

2.1x

Insurance business represents a good example of VTB’s non-banking expansion opportunities carrying significant potential revenue and profit upside

© VTB 2012 17

14 10 14 20 33

84

188

12 20

2007 2008 2009 2010 2011 … 2015 … 2020

(RU

B th

sd)

Value creation through new initiatives. Pension Fund

Pension assets to GDP (%) (1) Average pension account in Russia

Market experience more than 25 years

Market experience more than 12 years

average 75%

86.6 72.6 67.0

15.8 14.6 11.5

3.4

UK USA Chile Poland Hungary Kazakhstan Russia

(1) Presented as of YE’2010. Kazakhstan data – as of YE’2009.

average 14%

2005 – 2011 CAGR 23.5%

2011 – 2020 CAGR 20.7%

Source: OECD, VTB Capital Source: FCSM, Investfunds.ru, analysts estimates

Russian pension market

Less than 5 years of active growth

Low penetration in comparison with other financial market segments

Significant amount of the pension accounts under management of the Pension Fund of the Russian Federation

Average size of the pension account doesn’t exceed average monthly wage

VTB Pension Fund #8 in terms of total assets (mandatory pension insurance market))

Obligatory pension insurance

Strong market growth of 20-30% per annum during next 15-20 years due to:

mandatory type of insurance accounts transformation from the state fund to non-state funds

Non-obligatory pension insurance

Voluntary pension contributions: captive market small size of the market low client base volatility

Asset growth of 10-15% per annum during next 15-20 years

Very young industry with:

Non-state pension fund

State pension fund

© VTB 2012 18

Value creation through new initiatives. Light Bank

ROE accretive for the Group

VTB plans to enhance its retail banking franchise by launching a new “light bank” business under the VTB Express brand

Focus on point-of-sale service (product line: cash non-collateralised loans, credit cards, payments and transfers, etc)

Targeted client base – mass and low-mass segments (6 mln new clients in 5-7 years)

Targeted branch network size –1,000 branches (in 4-5 years) mainly in "non-capital" regions

Pilot operations are planned to start in 2012 with a full launch in 2013

Project highlights

13% 38%

17% 17%

32% 36%

38% 36% 37%

41% 43% 44%

49% 42%

50% 48% 48%

50% 49% 50%

62%

Moscow St. Petersburg

Surgut Norilsk

Ekaterinburg Ufa

Khabarovsk Tolyatti Perm

Samara Vladivostok Novosibirsk

Omsk Tumen Kazan

Rostov-on-Don Nizhni Novgorod

Krasnodar Chelyabinsk Krasnoyarsk

Other regions

In the majority of Russia's regions mass & low-mass client segments account for 30-50% of total personal income

Source: BCG Source: VTBC analysis

189

156 129

110 83

2015F 2014F 2013F 2012F 2011

Cash loan market in Russia

+18% CAGR

(US

D b

n)

© VTB 2012 19

International presence – basis for capturing new business opportunities outside Russia

Our global presence is generally set. Focus on value extraction

Build-out of small but highly-focused Asia team

New York office opens

Sofia office opened with leading Bulgarian IB team joining VTB Capital

New CEO Asia appointed from Merrill Lynch

Ex Merrill Lynch banker hired as Head of Telecoms, Media & Technology

Hong Kong office opened

New Head of Central & Eastern Europe appointed from Morgan Stanley

New Head of Global Banking and Client Coverage appointed from Merrill Lynch

On-going

Apr 2012

Mar 2012

Jan 2012

Dec 2011

Nov 2011

Oct 2011

Sep 2011

VTB Capital is strengthening its international franchise International presence

15 subsidiary banks across CIS, Europe, Georgia and Africa 2 branches in China and India 4 branches of VTB Capital in USA, Singapore, Dubai and Hong Kong

© VTB 2012 20

Attractive valuation – intrinsic value is not

reflected in the market valuation

Unique business model in Russia – universal banking platform

Potential to unlock value – significant value can be extracted from the existing franchise

Value creation through new initiative

International presence – basis for capturing new business opportunities outside Russia

: an attractive investment opportunity

wide branch network throughout Russia commercial and investment banking

services other financial services, inc. insurance,

leasing, factoring, etc.

Corporate banking: transaction banking, branch reform, expanding mid corporate segment, increase efficiency through cross sell, renewal of the loan portfolio IB: #1 across all products locally, international

expansion in focus Retail banking: best in class, high potential

for future profitable growth

insurance

pensions and asset management

light bank

international expansion based on existing platform

investment banking to drive international expansion

© VTB 2012 21

Attachments

1. VTB Group financials 20

2. Cost optimisation program 27

3. History of integration 29

© VTB 2012 22

Attachments

1. VTB Group financials

© VTB 2012 23

(23.2) (20.1)

52.7 47.1

27.9

59.6

45.8

22.6

Operating income before

provisions

Provision charge

Operating income after provisions

Staff costs & administative

expenses

Segment result (PBT)

(RU

B b

n)

(5.6) (13.8)

Performance of Corporate and Investment Banking – financial result

(1) Represents gains less losses arising from financial instruments and foreign currencies. (2) Operating income before provisions is calculated before provisions for impairment of debt financial assets.

1Q’2011 1Q’2012

+146%

(2)

30.9

4.7

14.2

2.9

52.7

30.1

5.1

20.7

3.7

59.6

Net interest income

Net fee and commision

income

Net result from financial

instruments

Other operating income


provisions

(RU

B b

n)

(1)

1Q’2011 1Q’2012

+9% +46% +13%

Operating income before provisions Profit before taxation

© VTB 2012 24

21.1

19.0

7.4

34.2

27.6

10.9


provisions

Provision charge

Operating income after provisions

Staff costs & administative

expenses

Segment result (PBT)

(RU

B b

n)

(6.6)

(2.1)

(16.7) (11.6)

Retail Banking performance – financial result

(1) Operating income before provisions is calculated before provisions for impairment of debt financial assets.

Operating income before provisions

16.5

3.8 0.8

21.1 26.0

6.3 1.9

34.2

Net interest income

Net fee and commission

income



provisions

(RU

B b

n)

+58% +66% +62% +214%

(1)

Profit before taxation

1Q’2011 1Q’2012 1Q’2011 1Q’2012

© VTB 2012 25

4.4% 4.3% 4.2% 4.4%

5.1%

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12

8.9% 9.0% 9.0%

10.1%

9.0%

9.0% (2)

4.8% 4.9% 4.9% 5.6%

3.8%

4.3%(2)

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12

Solid operating income; NIM under pressure

(1) Net interest income divided by average interest earning assets, which include gross loans and advances to customers, due from other banks (gross), debt securities and correspondent accounts with other banks. (2) Calculated excluding the effect of provision releases at TransCreditBank and the Bank of Moscow. (3) Calculated including Gains less losses arising from financial instruments at fair value through profit or loss, Gains less losses from available-for-sale financial assets, Gains less losses / (losses net of gains) arising from

extinguishment of liability, Net recovery of losses / (losses) on initial recognition of financial instruments, restructuring and other gains / (losses) on loans and advances to customers, Gains less losses arising from dealing in foreign currencies and Foreign exchange translation losses net of gains.

(4) Operating income before provisions is calculated before provisions for impairment of debt financial assets and impairment of other assets, contingencies and credit-related commitments.

Operating income Net interest margin (1) and spread


Net interest income before provisions

Net fee and commission income

Net result from financial instruments (3)

+31%

Net interest margin

Average yield on interest earning assets

Average cost of interest bearing liabilities

3.9% 4.6%

72.9 80.1

56.9

76.7

95.4

Operating income before provisions (4)

3.7 5.5 13.0 5.8 8.2 15.2 15.6

(19.3) (19.1)

22.9

46.0 49.1 54.0 77.9

54.0 8.0 9.9 9.2

12.1 10.3

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12

(RU

B b

n)

© VTB 2012 26

Staff and administrative expenses – costs remain under control

Russia Europe CIS and other

Number of employees Staff and administrative expenses

Staff costs (1) Administrative expenses

Cost / Income ratio

(1) Including pensions.

44,567 45,459

54,570 56,800 58,338 727 809

900 941 980

8,017 8,338

10,215 10,171 10,085

53,311 54,606

65,685 67,912 69,403

31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12

19.9 19.4 8.9

26.4 22.7 13.1 14.9

14.6

24.3 19.8

33.0 34.3 23.5

50.7 42.5

45.3% 42.8% 41.3%

66.1%

44.5%

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12

(RU

B b

n)

+30%

BoM

2.8 4.4 7.2

© VTB 2012 27

Asset quality – more conservative countercyclical provisioning policy adopted

Сost of risk up 60 bps y-o-y to 1.7% …

… with NPL ratio (1) at a stable level …

Provision charge for loan impairment / Average gross loan portfolio

Provision charge for impairment of debt financial assets

(1) Non-performing loans (NPLs) represent impaired loans with repayments overdue by over 90 days. NPLs are calculated including the entire principal and interest payments. Ratio is calculated to total gross loans including financial assets classified as loans and advances to customers pledged under repurchase agreements.

… loan loss reserves up 30 bps YTD …

… resulting in the increase of NPL coverage ratio

8.9% 8.6%

6.6% 6.3% 6.6%


Allowance for loan impairment / Total gross loans

8.2% 7.7%

5.9% 5.4% 5.5%


109.2% 111.8% 110.7% 111.3%

118.4%


7.7 9.6 8.0 6.3

20.4

1.1% 1.2% 0.9%

0.5%

1.7%

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12

(RU

B b

n)

© VTB 2012 28

Healthy balance sheet structure

Asset quality

Assets structure

Liabilities structure

(1) Includes debt and equity securities, assets pledged under REPO, securities classified as due from other banks and loans to customers, and derivatives. (2) Includes investment in associates, premises and equipment, investment property, intangible assets and goodwill, deferred tax assets and others. (3) 1Q’12 data adjusted for promissory notes (equal to RUB 95.2 bn) that according to management view, can be classified as customer deposits. (4) Other borrowed funds include bilateral and syndicated bank loans, secured and unsecured financing from central banks.

Customer loans / customer deposits

Tier II less deductions

Other assets (2)

Securities portfolio (1)

Loans to customers (net)

Due from other banks

Cash and mandatory reserves

Other liabilities

Subordinated debt

Debt securities issued (3)

Customer deposits (3)

Due to banks and other borrowed funds(4)

BIS Group capital

Tier I Total capital adequacy ratio Tier I ratio

570 566 512 509 513

100 101 224 224 223 670 667 736 733 736

15.5% 14.1% 13.2% 13.0% 13.7%

13.2% 12.0% 9.2% 9.0% 9.6%


(RU

B b

n)

5% 5% 4% 4% 4% 4% 4% 4% 4% 4% 15% 13% 12% 11% 13%

62% 64%

62% 58% 59% 14%

14%

18% 23% 20%

3,848 4,123

5,712 6,165 5,821


(RU

B b

n)

124.1% (3)

119.6% 116.6% 113.7% 117.6%


12% 12% 10% 10% 10%

63% 63% 65% 63% 66%

9% 6%

6% 6% 6%

10% 13%

13% 14% 12%

6% 6%

6% 7%

6%

4,448 4,720

6,337 6,790

6,451


(RU

B b

n)

© VTB 2012 29

Attachments

2. Cost optimisation program

© VTB 2012 30

VTB Group cost management strategy for 2012-2014

41% 42% 45%

28% 28% 28%

FY'12 FY'13 FY'14

Cost / Income Staff costs / Income Administrative expenses / Income

40%

30%

20%

10%

Supplier and procurement process management

Premises and equipment management

Outsourcing of selected services

Labour automation and other areas

13% 14%

17%

Targeted ratios Sources of cost savings

© VTB 2012 31

Attachments

3. History of integration

© VTB 2012 32

Track record of successful acquisitions

■ Strengthening the Group’s relatively weak market position in the city of Moscow and Moscow region through: - Strong brand of Bank of Moscow - Long-term business cooperation with the City government and

participation in key strategic and infrastructure projects - Wide BoM point-of-sales network

■ Strengthening the Group’s positions in retail business due to large client base, advanced technologies, and participation in unique projects for the public

■ Considerable growth of corporate client base (>100K clients)

■ ROE accretive deal (P/BV 1.5)

■ Additional upside from recoveries of legacy portfolio

■ Effective capital utilisation due to an acquisition of a highly profitable asset

■ Development of long-term partnership with Russian Railways and other railways-industry enterprises

■ Access to >2M retail clients

■ Widening of point-of-sales network in Russian regions – 290 branches

■ Synergies’ realisations due to new cross-sale opportunities and improvement of funding base (new clients’ deposits and current accounts)

■ VTB participated in bailout of Guta-bank

■ On the basis of existing retail platform business has grown 30 times in 2004-11 with VTB24 becoming clear #2 retail player

■ VTB24 is one of the most efficient entities of VTB Group with ROE over 25%

■ ROE accretive deal

■ Created critical market share in Saint Petersburg and North-West part of Russia (market share boosted from 5% to 12%)

■ Smooth integration allowed to keep client base and gain market share from (12.0% in 2005 to 15.1% in 2011)

(1) Later VTB North-West, merged into VTB in 2011

(1)

© VTB 2012 33

BoM and TCB – proven value accretion

1Q’2012 corporate actions

Average Yield and Cost of Funds

Share issue (February 2012) – VTB Group purchased shares of the additional issue at RUB 22.69 per share and increased its share in TCB to 77.86%

Mandatory offer to the shareholders of the Bank of Moscow (March 2012) – VTB Group share up 0.03% to 94.87%

Source: Management accounts

Profile

1Q’2012 highlights 1Q’2012 highlights

One of the core subsidiaries servicing some of the Group's target client segments

Sufficiently capitalised – all capital adequacy indicators above the standards set by the BIS and the CBR

Adequately provisioned under IFRS

1Q’2012 corporate actions

Meets all KPIs in terms of growth and profitability High asset quality (NPL ratio at 2.4%) Actively integrated into VTB Group Growth driver for VTB Group

Loan portfolio (net) + 19% YTD

Net interest income + 35% Y-o-Y

Loan portfolio (net) + 7% YTD

Net interest income + 40% Y-o-Y

ROE 11% ROE 26%

ROA 1.9% ROA 2.1%

Documents

Investor Presentation...Strengthening recovery momentum combined with solid credit profile . Source: Rosstat . ... Broad corporate client base Well established relationships with leading