VTB Group 1Q’2012 Results

Herbert Moos CFO, Deputy Chairman of the Management Board

Jyrki Talvitie SVP, Head of Financial Institutions and Investor Relations

July 05, 1 2012

© VTB 2011 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 ("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.

2 © VTB 2012 VTB Group 1Q’2012 Financial Highlights

■ Net profit at RUB 23.3 bn with annualised ROE of 15% and EPS of RUB 0.0022

■ Solid underlying performance demonstrated across all major business lines – CIB and Retail Banking post an operating income before provisions of RUB 59.6 bn (+13% y-o-y) and RUB 34.2 bn (+62% y-o-y), respectively

■ Net interest income reached RUB 54.0 bn, up 17.4% y-o-y

■ Strong net fee and commission income of RUB 10.3 bn, up 28.8% y-o-y

■ More conservative countercyclical provisioning policy adopted – cost of risk up 60 bps y-o-y to 1.7% with NPL ratio at a stable 5.5%, resulting in the substantial increase of NPL coverage (up 710 bps to 118%)

■ Tier I CAR increased to 9.6% from 9.0% as at YE’2011 with stable RWA-to-total assets ratio, demonstrating improved return on RWA

■ Bank of Moscow and TransCreditBank – solid results achieved in first year since acquisition with 1Q’12 ROE of 11% and 26%, respectively

3 © VTB 2012 Performance of Corporate and Investment Banking

Corporate Loan Portfolio Corporate Liabilities

Term deposits Current accounts +47% +35% -2% -12%

3,666 3,766 3,690 2,472 2,435 2,143 2,668 1,772 597 2,508 1,592 649 740 540 508 bn ) bn ) 1,875 1,786 1,403 1,084 1,232 (RUB (RUB

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

Average Yield and Cost of Funds Market Shares and Ranks in

Average yield on Average cost of corporate Corporate loan Corporate deposit corporate loans deposits and current accounts (3) market share (2) market1 share

10.1% 2 8.8% 9.0% 8.6% 8.5% 21.1% 1 20.4% 1 (1) 8.5% 2 2 15.0% 18.2% 18.7% 12.7% 2 2 3.9% 4.6% 3.0% 2 2.8% 3.1% 12.1% 2 12.0%

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 31-Dec-09 31-Dec-10 31-Dec-11 31-Mar-12

(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). 4 (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. © VTB 2012 Performance of Corporate and Investment Banking

Investment Banking – Key Developments in 1Q’12 GTB – Key Developments in 1Q’12

Global Banking GTB net fee and commission income ■ DCM: 23 transactions closed. Key deals – 3 tranche ECP for Alrosa (USD 1.3 bn), Russian Federation sovereign Eurobond issue (USD 7 bn) +25% ■ M&A: Nord Gold spin-off for USD 2.7 bn

3.5 # Lead Manager Amount, (USD mn) # of deals 2.8 1 4,676 5

2 VTB Capital 4,083 4 3 Citi 3,532 2

4 Rothschild 1,582 1 (RUB bn) 5 Nomura 1,582 1 Russia & Russia CIS M&A

1Q'11 1Q'12

# Lead Manager Amount, (USD mn) # of deals CIS DCM Russia & Product Developments 1 VTB Capital 5,636 23 ■ SWIFT services for corporate clients launched 2 Citi 2 318 5 ■ Time deposits terms optimised 3 Gazprombank 2,005 4 ■ Electronic Banking platform functionality improved, including 4 1,581 3 Sberbank new fraud analysis applications and letters of credit module 5 1,297 4

Russia & Russia CIS DCM Troika Dialog Sales Development

Global Markets ■ c.1,500 new clients attracted ■ Complex and customised cash management solutions established ■ Launch of equities business on MENA markets and trading operations and sold to 30 large groups of companies (74 legal entities), in Turkey and Poland, active development of US and Asian client base bringing more than RUB 160 mn in new revenue Investment Management ■ Cash management sales pipeline reached more than RUB 1 bn ■ VTB Capital Private Equity and Special Situations (PESS) successfully ■ Trade finance deals closed with 57 groups of companies placed part of its minority stake in the leading CIS software developer (268 legal entities) EPAM Systems, Inc during its IPO at NYSE ■ GTB product sales teams put in place in top 20 cities

5 © VTB 2012 Performance of Corporate and Investment Banking – Financial Result

Operating Income Before Provisions Profit Before Taxation

1Q’2011 1Q’2012 1Q’2011 1Q’2012

+9% +46% +13% +146%

59.6 59.6 52.7 52.7 47.1 45.8 (5.6) (13.8) 30.9 30.1 27.9

22.6 20.7 (20.1) 14.2 (23.2) 5.1

4.7 (RUB bn) (RUB bn) 2.9 3.7

Net interest Net fee and Net result from Other operating Operating Operating Provision Operating Staff costs & Segment result income commision financial income income before income before charge income after administative (PBT) income instruments (1) provisions (2) provisions provisions expenses

(1) Represents gains less losses arising from financial instruments and foreign currencies. 6 (2) Operating income before provisions is calculated before provisions for impairment of debt financial assets. © VTB 2012 Retail Banking – Steady Growth; Stable Yield

Retail Loan Portfolio Retail DepositsAverage Yield and Cost of Funds

Mortgage loans Car loans Consumer loans Term deposits Current accounts & other +55% +52%

+5% +2%

861 824 1,161 1,190 763 1,079 255 242 609 862 198 555 439 470 781 412 160 138 329

289 76 79 bn ) bn ) 70 881 907 948 60 54 643 702 (RUB (RUB 281 309 312 213 220

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

Average Yield and Cost of Funds Market Shares and Ranks in Russia

Average yield on Average cost of retail deposits Retail loan Retail deposit loans to individuals and current accounts market share market share

16.8% 16.6% 13.7% 2 15.9% 15.9% 15.9% 13.6% 12.2% 2 2 2 2 2 22 10.2% 2 22 9.0% 6.0% 7.2% 2 2 2 2 2 8.9% 5.9% 5.7% 5.0% 5.0% 2 2 2 6.0% 22

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 31-Dec-09 31-Dec-10 31-Dec-11 31-Mar-12

(1) Operating income before provisions is calculated before provisions for impairment of debt financial assets and impairment of other assets, contingencies and credit-related commitments. 7 © VTB 2012 Retail Banking Performance – Financial Result

Operating Income Before Provisions Profit Before Taxation

1Q’2011 1Q’2012 1Q’2011 1Q’2012

+58% +66% +62% +214% 34.2 34.2

27.6 26.0 21.1 21.1 (6.6) 19.0 16.5

(2.1) 10.9 6.3 (16.7) 7.4 3.8

(RUB bn) (11.6) (RUB bn) 0.8 1.9

Net interest Net fee and Other operating Operating Operating Provision Operating Staff costs & Segment result income commission income income before income before charge income after administative (PBT) income provisions (1) provisions provisions expenses

(1) Operating income before provisions is calculated before provisions for impairment of debt financial assets. 8 © VTB 2012 Financial Update Solid Operating Income; NIM under Pressure

Operating Income Net Interest Margin (1) and Spread

+31% 10.1% 95.4 80.1 8.9% 9.0% 9.0% 9.0% 72.9 76.7 56.9 9.0% (2) 4.6% 3.9%

12.1 10.3 5.1% 9.9 54.0 8.0 9.2 4.4% 4.4% 4.3% 4.2%

46.0 49.1 54.0 77.9 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12

22.9 Average yield on interest Average cost of interest (RUB bn) 15.6 15.2 13.0 5.8 8.2 earning assets bearing liabilities 3.7 5.5 (19.3) (19.1) 5.6% 4.9% 4.8% 4.9% 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 3.8%

(2) Net fee and commission Net interest income before 4.3% income provisions

Other operating income Net result from financial 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 instruments (3)

Operating income before provisions (4) Net interest margin

(1) Net interest income divided by average interest earning assets, which include gross loans and advances to customers, due from other (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. 10 © VTB 2012 Staff and Administrative Expenses – Costs Remain under Control

Staff and Administrative Expenses Number of Employees

+30%

67,912 69,403 66.1% 65,685 10,085 10,171 10,215 53,311 54,606 941 980 45.3% 42.8% 41.3% 44.5% 900 8,017 8,338 727 809 56,800 58,338 50.7 54,570 42.5 34.3 BoM 33.0 24.3 44,567 45,459 23.5 19.8 7.2 13.1 14.9 4.4 14.6 26.4 2.8 (RUB bn) 19.9 19.4 22.7 8.9 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12

Staff costs (1) Administrative expenses Russia Europe CIS and other

Cost / Income ratio

(1) Including pensions. 11 © VTB 2012 Asset Quality – More Conservative Countercyclical Provisioning Policy Adopted

Сost of risk up 60 bps y-o-y to 1.7% … … loan loss reserves up 30 bps YTD …

1.7% 1.1% 1.2% 0.9% 8.9% 0.5% 8.6% 20.4 6.6% 6.6%

6.3% 9.6 7.7 8.0 6.3 (RUB bn)

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 Provision charge for loan Provision charge for impairment impairment / Average gross of debt financial assets Allowance for loan impairment / Total gross loans loan portfolio

… with NPL ratio (1) at a stable level … … resulting in the increase of NPL coverage ratio

8.2% 7.7% 118.4%

111.8% 111.3% 5.9% 109.2% 110.7% 5.4% 5.5%

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

(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. 12 © VTB 2012 Healthy Balance Sheet Structure

Assets Structure Customer Loans / Customer Deposits

6,790 6,337 6,451 Cash and mandatory 7% reserves 6% 6% 14% 12% (3) 4,720 13% Securities 124.1% 4,448 6% 6% 6% portfolio (1) 119.6% 6% 117.6% 116.6% 6% 113.7% 10% 13% Due from other 6% 9% banks 65% 63% 66% Loans to customers

63% 63% (net) 31-Mar-11 30-Jun-11 30-Sep-12 31-Dec-11 31-Mar-12 Other assets (2) (RUB bn) 12% 12% 10% 10% 10% 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 Asset quality Liabilities Structure BIS Group Capital

15.5% 14.1% 13.7% 6,165 Due to banks 13.2% 13.0% 5,712 5,821 and other borrowed funds(4) 23% 13.2% 18% 20% 12.0% 4,123 Customer deposits (3) 9.2% 9.0% 9.6% 3,848

14% Debt securities 736 733 736 14% 670 667 issued (3) 100 101 224 224 223 62% 58% 59% 570 566 Subordinated debt (RUB bn) 512 509 513 62% 64% Other liabilities 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 12% 11% 13% (RUB bn) 15% 13% 4% 4% 4% Tier I Total capital adequacy ratio 5%4% 5%4 % 4% 4% 4% 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 Tier II less deductions Tier I ratio

(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. 13 (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. © VTB 2012 BoM and TCB – Proven Value Accretion

Profile  One of the core subsidiaries servicing some of the  Meets all KPIs in terms of growth and profitability Group's target client segments  High asset quality (NPL ratio at 2.4%)  Sufficiently capitalised – all capital adequacy indicators  Actively integrated into VTB Group above the standards set by the BIS and the CBR  Growth driver for VTB Group  Adequately provisioned under IFRS

1Q’2012 Corporate Actions 1Q’2012 Corporate Actions

Mandatory offer to the shareholders of the Share issue (February 2012) – VTB Group purchased Bank of Moscow (March 2012) – VTB Group share up shares of the additional issue at RUB 22.69 per share 0.03% to 94.87% and increased its share in TCB to 77.86%

1Q’2012 Highlights 1Q’2012Average Highlights Yield and Cost of Funds

. Loan portfolio (net) + 19% YTD . Loan portfolio (net) + 7% YTD

. Net interest income + 35% Y-o-Y . Net interest income + 40% Y-o-Y

. ROA 1.9% . ROA 2.1%

. ROE 11% . ROE 26%

14 Source: Management accounts © VTB 2012 Appendix VTB Group Public Debt Instruments

VTB Group Public Debt Instruments Outstanding (1) VTB Group Public Debt Instruments Outstanding

Equivalent Maturity Equivalent Maturity Borrower amount Instrument Date/Put or Coupon Borrower amount Instrument Date/Put or Coupon (USD, mn) Call Option (USD, mln) Call Option 2012 2017 VTB 315 Series 8 SGD EMTN 2 Aug 2012 4.2% VTB 1,500 Series 15 EMTN2 Apr 2017 6.0% VTB 1,054 Series 1 EMTN 2 Oct 2012 6.609% Subordinated debt Bank of Moscow 400 May 2017 6.8075% VTB 922 Series 3 RUB EMTN 2 Nov 2012 6.85% (call option) Subtotal 2,291 Subtotal 1,900 2013 2018 Bank of Moscow 118 SGD public debt instrument Feb 2013 4.25% VTB 750 Series 12 EMTN 2 Feb 2018 6.315% Bank of Moscow 500 Public debt instrument May 2013 7.335% Subtotal 750 Series 4 EMTN 2 VTB 1,706 May 2013 6.875% 2020 (put option) VTB 1,000 Series 10 EMTN 2 Oct 2020 6.551% VTB 421 Series 9 CHF EMTN 2 Aug 2013 4.0% Bank of Moscow 368 CHF Public debt instrument Sep 2013 4.5% Subtotal 1,000 VTB 158 Series 11 CNY EMTN 2 Dec 2013 2.95% Total 16,530 Subtotal 3,271 2014 VTB 236 Series 13 SGD EMTN 2 Jun 2014 3.4% VTB Group Debt Maturity Profile VTB 3,130 Loan repayment Jul 2014 Subtotal 3,366 2015 3,709 USD EUR RUR Bank of Moscow 750 Public debt instrument Mar 2015 6.699% 3,271 3,366 VTB 1,250 Series 7 EMTN 2 Mar 2015 6.465% 316 CHF SGD CNY 158 236 Series 6 EMTN 1 VTB 693 Jun 2015 6.25% 118 3,393 (put option) 2,291 3,130 (2) 789 VTB 400 Subordinated Debt Sep 2015 5.01% 315 1,900 VTB 316 Series 14 CHF EMTN 2 Nov 2015 5% 2,206 Bank of Moscow 300 Public debt instrument Nov 2015 5.967% 922

) 1,000 Subtotal 3,709

mn 750 2016 1,054 VTB 243 Series 9 EUR EMTN 1 Feb 2016 4.25% 243 Subtotal 243 (USD 2012 2013 2014 2015 2016 2017 2018 2020

(1) Exchange rates published by the CBR are as of July 3, 2012. Note: In addition to international debt, VTB Group currently has RUB 175 bn outstanding domestic bonds. (2) As the result of the reorganisation of JSC Bank VTB North-West and its merger with JSC VTB Bank, March 18, 2011, JSC VTB Bank has assumed the rights and obligations of JSC Bank VTB North-West as the Borrower.

16 © VTB 2012

VTB Group International Public Debt Instruments Issued in 2011-2012

Coupon / Borrower Date of issue Amount (mn) Instrument Maturity date rate

VTB February 2011 USD 750 Series 12 EMTN 2 February 2018 6.315%

VTB June 2011 SGD 300 Series 13 EMTN 2 June 2014 3.4%

VTB July 2011 USD 3,130 Syndicated loan July 2014 LIBOR+1.3%

VTB November 2011 CHF 300 Series 14 EMTN 2 November 2015 5.0%

VTB April 2012 USD 1,500 Series 15 EMTN 2 April 2017 6.0%

Total (USD equivalent) (1) USD 5,932

(1) Exchange rates are as of July 3, 2012, CBR data. 17 © VTB 2012