VTB prices EUR 1 billion issue

Not for public distribution, directly or indirectly, in or into the United States, Australia, Canada, or Japan

On June 18, 2008, VTB priced its Regulation S Eurobond offering of EUR1 billion (the “Offering”) under its Programme No.2 for the Issuance of Loan Participation Notes (the “Notes”).

In the Offering, EUR1 billion of 8.25% Notes due 2011 will be issued at par value by VTB Capital S.A. , Luxemburg. The Notes will be listed on the Irish Stock Exchange.

Deutsche Bank and BNP Paribas were the Joint Lead Managers (“JLMs”) of the Offering.

The order book was in excess of 150 orders.

Chief Financial Officer Nikolai Tsekhomsky said: “This was the first EUR denominated issue by a CIS borrower and the largest EUR denominated issue by an emerging market financial institution since the beginning of 2008. There was strong interest from international investors, which demonstrates the confidence that international investors have in the strength of VTB.”

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 or any of its subsidiaries, 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 or any of its subsidiaries.

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, as amended (the “Securities Act”).

These Notes have not been, and will not be, registered under the 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 US persons (as defined in Regulation S under the Securities Act (“Regulation S”)).. The Notes will be offered and sold only outside the United States to non-US persons (within the meaning of Regulation S) outside the United States in compliance with Regulation S. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.

This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This document is an advertisement for purposes of applicable measures 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. The Notes have not been and will not be registered in Russian Federation and are not intended for “placement” or “circulation” in Russia.

NOTES TO EDITORS
About VTB

VTB is a leading Russian universal banking group offering a wide range of banking services and products across Russia, certain CIS countries and selected countries in Western Europe, Asia and Africa. VTB is focused on providing banking products and services to Russian and CIS clients through its domestic and foreign operations and to foreign clients doing business primarily related to, or in, Russia and the CIS through its foreign banking subsidiaries and representative offices.

Latest News “UkrSibbank” places C type bonds issue of LLC “Karavan” retail operator for the amount of UAH 130 mln The Bank of Moscow has registered the results of additional issue of shares of the Bank of Moscow VTB announces terms of compulsory buyout offer to VTB North-West shareholders TransCreditBank Arranges the Debut Bond Issue of Kraiinvestbank TransCreditBank Co-arranges a Bond Issue of Promtractor Group SB Bank made coupon yield on its bonds of series 02 in the amount of 47.37m RUR. SB Bank made coupon yield on its bonds of series 01, the yield amounts to 73.68m RUR. The Bank of Moscow to launch offering of Rub 10 bln of 01 series bonds on August 1, 2008 The Bank of Moscow has fully placed the bonds issued by the OAO Commercial Bank "MIA" The Bank of Russia Registered Report on Results of TransCreditBank's Additional Stock Issue

The Mutual investment funds of Management Company of the Bank of Moscow "Trubnaya Square - Russian Metallurgy" and "Trubnaya Square - Russian Oil" are again among the Top-5 best mutual funds in terms of annual yield From the 2 nd quarter of 2007 until the end of the 2 nd quarter of 2008, "Trubnaya Square — Russian Metallurgy" fund made its investors 42.63% (the second highest on the market), while "Trubnaya Square — Russian Oil" yielded 28.70%. [Read...]