JSC VTB Bank prices CHF 600 million issue of notes

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

August 28, 2012

JSC VTB Bank successfully prices CHF 600 million issue of notes

JSC VTB Bank ("VTB") has successfully priced an issuance of CHF 600 million in 3.15% notes due 2016 (the "Notes") to be issued under its Programme No. 2 for the issuance of Loan Participation Notes (the "Offering"). Notes are to be issued at par value by VTB Capital S.A., for the sole purpose of funding a loan to VTB. Application will be made to list the Notes on the SIX Swiss Exchange. BNP Paribas, Credit Suisse and VTB Capital plc are serving as Joint Lead Managers in connection with the Offering.

Deputy Chairman and Chief Financial Officer Herbert Moos said: "This is the fourth issue of Swiss Franc bonds by VTB. This offering was over-subscribed, with strong investor demand reaffirming the reputation of VTB Group both in the Swiss Franc and broader debt capital markets. The new deal continues our successful track record of diversifying our investor base in terms of both geography and currency".

Admission of the Notes to SIX Swiss Exchange Ltd is not to be taken as an indication of the merits of VTB or the Notes. SIX Swiss Exchange Ltd assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement.

This document does not constitute a prospectus according to Art. 652a or Art. 1156 of the Swiss Code of Obligations or Art. 27 et seq. of the SIX Listing Rules. Full information on the Issuer and the Notes is only contained in the relevant Swiss listing prospectus. Potential investors are required to solely rely on the information contained in said Swiss listing prospectus with regard to information on the Issuer and/or the Notes. Copies of such Swiss listing prospectus will be available free of charge in Switzerland at the offices of BNP Paribas (Suisse) SA at 2, place de Hollande, 1204 Geneva, Switzerland during normal business hours on any weekday (Saturdays, Sundays and public holidays excepted).

These materials are not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) absent registration under the Securities Act, or an exemption from registration under the Securities Act. VTB has not registered and does not intend to register any part of the offering in the United States or to conduct a public offering of any securities in the United States.

This document is an advertisement for the purposes of Directive 2003/71/EC (such Directive, and amendments thereto, including Directive 2010/73/EU, to the extent implemented in each relevant Member State, together with any applicable implementing measures in the relevant home Member State under such Directive, the "Prospectus Directive").

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

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (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 Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

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.