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New Record Eurobond Issue by VTB
On May 20, 2008, VTB successfully placed its largest Eurobond offering of U.S.$2 billion («Offering») under Programme No.2 for the Issuance of Loan Participation Notes («LPNs» or «Eurobonds»).

This offering was record breaking for VTB due to the following reasons:

• Transaction announced and priced within a day;
  
• First benchmark public rule 144A/Reg S bond offering of a Russian bank in the international capital markets since the beginning of 2008;
  
• Largest single tranche debt instrument offering in the history of VTB;
  
• Largest single tranche offering in the international capital markets by any financial institution from the CIS and CEE region;
  
• Largest single tranche offering by a CEEMEA borrower in 2008 year-to-date.

In the Offering, U.S.$2 billion of 6.875% Notes due 2018 with a 5 year put option were issued by VTB Capital S.A. , Luxemburg, at a nominal value and listed on the Irish Stock Exchange.

Deutsche Bank and JP Morgan are Joint Lead Managers («JLMs») for the Offering.

The deal was over 3 times oversubscribed, with the order book in excess of 200 orders.

The transaction generated strong global interest, which in the current market conditions, attests to the confidence that international investors have in the strength of the VTB’s credit.

This document does not constitute or form part of any offer or
invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any securities of VTB, nor shall any part
of it nor the fact of its distribution form part of or be relied on in
connection with any contract or investment decision relating thereto,
nor does it constitute a recommendation regarding the securities of
VTB.

This document is not for distribution, directly or indirectly, in or
into the United States (including its territories and dependencies,
any State of the United States and the District of Columbia),
Australia, Canada, Japan or the Russian Federation. This document is
not an offer for sale of any securities in the United States.
Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S.
Securities Act of 1933.

These Notes have not been, and will not be, registered under the
United States Securities Act of 1933, as amended («Securities Act»)
and subject to certain exceptions, may not be offered or sold within
the United States or to, or for the account or benefit of a «U.S.
Person» (within the meaning of Regulation S under the Securities Act,
as amended «Regulations S»). The Notes will be offered and sold only
(A) outside the United States to non-U.S. Persons in Compliance with
Regulation S; or (B) to U.S. Persons who: (1) are «Qualified
Institutional Buyers» (within the meaning of Rule 144A under the
Securities Act («Rule 144A»)) in reliance on the exemption from the
registration requirements provided by Rule 144A under the Securities
Act and (2) are «Qualified Purchasers» (within the meaning of
section 3(c)(7) of the Investment Company Act of 1940, as amended).
Any failure to comply with this restriction may constitute a
violation of U.S. securities laws.

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have professional experience in matters relating to investments
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communicated, falling within Article 49(2) (a) to (d) of the Order
(all such persons together being referred to as «relevant persons»).
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implementing Directive 2003/71/EC.

This announcement is not a public offer or advertisement of securities
in the Russian Federation, and is not an offer, or an invitation to
make offers, to purchase any securities in the Russian Federation.