VTB has successfully placed CNY 1 bln issue

NOT FOR DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

JSC VTB Bank has successfully placed Chinese Yuan 1 billion issue

JSC VTB Bank has successfully placed its debut Chinese Yuan (CNY) 1 billion issue under its Programme No.2 for the Issuance of Loan Participation Notes. VTB is the first Russian issuer of bonds on the Chinese market and the first EM issuer from outside China to place bonds denominated in CNY. The order book of the transaction was significantly oversubscribed with Asian investors covering approximately 90% of the issuance. More then 50% of the total demand came from Hong Kong and 30% from Singapore.

CNY 1 billion 2.95% Notes due 2013 will be issued at par value by VTB Capital S.A., Luxembourg and listed on the Irish Stock Exchange. HSBC and VTB Capital plc are the Joint Lead Managers for the issue.

Deputy Chairman and CFO of JSC VTB Bank Herbert Moos said:

"We are really proud of being the first ever Russian issuer to tap the Chinese currency market. This transaction is consistent with our debt diversification strategy which has a strong specific focus on establishing a new investor base in Asian markets. The deal has been priced through our USD secondary curve which is in line with our strategic practice of optimizing the costs of liabilities and tightening the pricing of our wholesale borrowings. We believe this successful transaction establishes a very important benchmark for Russian issuers on the Chinese market and will support the growth of Asian investors' interest in Russian risk."

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 absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or an exemption from registration under the Securities Act. The issuer 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 applicable measures implementing Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the "Prospectus Directive"). A prospectus prepared pursuant to the Prospectus Directive has been published, which can be obtained from Citibank, N.A. at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.

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 securities 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 securities are not intended for "placement" or "circulation" in the Russian Federation unless and to the extent permitted under Russian law.