Statement re Call Option

LONDON STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release

Attention: All holders of the Notes

20 August 2010

JSC "Bank VTB North-West" elects not to exercise call option on US$400,000,000 6.20 per cent Loan Participation Notes due 2015 with interest rate step-in 2010 (the "Notes")

Issuer: Or-ICB S.A.

Amount: US$400,000,000

Issue Date: 29 September 2005

Maturity Date: 29 September 2015

Call Date: 1 October 2010

Coupon: 29 September 2005 to 1 October 2010: 6.20% 1 October 2010 - 29 September 2015: 150bp above the Treasury Rate and 226bp

Listing: Irish Stock Exchange

JSC VTB Bank hereby notifies you that JSC "Bank VTB North-West" has decided not to exercise its early redemption option to call the Notes.

JSC "Bank VTB North-West" values its relationship with the holders of the Notes as important stakeholders in its business and it will continue to monitor market conditions until the redemption date of the Notes.

JSC "Bank VTB North-West" believes that it is in the best interests of its shareholders and that the appropriate balance of constituent interests is served by not calling the Notes.

If you have any queries in relation to this notice or require any further information, please contact Mr. Sergey Ivanov, Investor Relations Desk, e-mail: [email protected], tel. +7-812-3261530, ext. 78489 at JSC "Bank VTB North-West" or Investor Relations tel. +7-495-7832116, e-mail: [email protected] at JSC VTB Bank.