Issue of Debt

NOT FOR DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE RUSSIAN FEDERATION.

April 5, 2012

New $1.5 billion Eurobond Issue by VTB

On April 4, 2012, VTB priced its Eurobond offering of U.S.$1.5 billion ("Offering") under Programme No.2 for the Issuance of Loan Participation Notes.

U.S.$1.5 billion of 6.00% Notes due 2017 will be issued by VTB Capital S.A., Luxembourg and listed on the Irish Stock Exchange. Citi, ING BANK N.V., London Branch and VTB Capital are Joint Lead Managers for the Offering.

Deputy Chairman and CFO of JSC VTB Bank Herbert Moos said: "The transaction was met with incredibly strong investor demand. The high quality orderbook was around 4.5x oversubscribed with over 370 orders coming from a solid international investor base, well-balanced geographically across US, Europe, Asia and some investors from Middle East. The success of this transaction reaffirms the strength of the VTB Bank credit and its status of a well-known, investment grade issuer in the international debt capital markets."

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 with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). VTB does not intend to register the Notes or conduct a public offering in the United States.

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, a "U.S. Person" within the meaning of Regulation S under the Securities Act ("Regulation S"). The Notes will be offered and sold only (A) outside the United States to non-U.S. Persons in offshore transactions in compliance with Regulation S; or (B) within the United States to "Qualified Institutional Buyers" within the meaning of Rule 144A under the Securities Act ("Rule 144A") who are also "Qualified Purchasers" within the meaning of section 2(a)(51) of the Investment Company Act of 1940, as amended, in reliance on the exemption from the registration requirements provided by Rule 144A. 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 (such directive and amendments thereto, including Directive 2010/73/EU, to the extent implemented in each relevant EEA Member State, together with any applicable implementing measures in the relevant home member state, the "Prospectus Directive"). A prospectus prepared pursuant to the Prospectus Directive, as may be supplemented from time to time, has been published in accordance with the Prospectus Directive and can be obtained from the VTB website. Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus.

In any EEA Member State that has implemented the Prospectus Directive, this document is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in the Russian Federation or to or for the benefit of any Russian person, and does not constitute an advertisement or offering to non-qualified investors of any securities in the Russian Federation. The Notes have not been and will not be registered in the Russian Federation or admitted to public placement and/or public circulation in the Russian Federation. The Notes are not intended for "placement" or "circulation" in the Russian Federation unless and to the extent permitted under Russian law.