Investor Presentation. August 2013

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1 Investor Presentation August 013 1

2 Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of JSC VTB Bank ("VTB") and its subsidiaries (together with VTB, the "Group"). Such forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group will operate in the future. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and other important factors that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. These forward-looking statements speak only as at the date of this presentation and are subject to change without notice. We do not intend to update these statements to make them conform with actual results.

3 Macroeconomic Environment and Russian Banking Sector 3

4 Macroeconomic Environment and Outlook Russia: growth slowdown coming to an end Inflation path: strong disinflation ahead Key economic indicators, % Headline CPI, % YoY % 9% 8% 7% 6% 5% 4% VTBC forecast F 014F GDP, real Retail sales Real wages Fixed capital investment 3% Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-1 Mar-1 May-1 Jul-1 Sep-1 Nov-1 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Clean sovereign balance sheet sheet Source: Rosstat, VTB Capital Research One of the largest FX reserves globally Source: Rosstat, VTB Capital Research Government debt as % of GDP, FY 01 Top countries by FX reserves, USD bn (1) 68% 65% 3% 9% 36% 47% 3,31 1, India Brasil China Russia Turkey CEE median China Japan Saudi Switzerland Russia Taiwan Arabia Source: Ministry of Finance of the Russian Federation, IMF, Eurostat Source: IMF, CIA (1) Data as of: China - Dec 01, Japan - Feb 013, Saudi Arabia - Dec 01, Russia - Dec 01, Switzerland - Jan 013, Taiwan - Dec 01. 4

5 14.0% 1.0% 10.0% 8.0% 6.0% 4.0%.0% 0.0% 90% 80% 70% 60% 50% 40% 30% 0% 10% 0% Long Term Potential Solid Opportunities for Banking Business Development Commentary Growth potential driven by low penetration Gross loans as % of GDP (1H 01) Retail is an important source of growth and margin Retail loans as % of GDP (1H 01) 118% 51% 49% 47% 59% 56% 8% 3% 6% 19% 9% 11% China India Brasil Russia CEE median Turkey China India Brazil Russia CEE median Turkey Strong Secure capital funding base base enhances enhances stability stability Decreasing NPL levels Equity as % of total assets (1H 01) 1.6% 8.9% 7.3% 6.3% 10.5% 1.5% Overdue loans and loan loss provisions as % of Russian banking sector gross loan portfolio 11.6% 10.5% 8.6% Overdue loans LLP 7.6% 6.3% 5.7% 5.1% 4.5% Russia Brasil India China CEE median Turkey Russian banking sector: growth supported by quality fundamentals Source: National banks and banks regulators. 5

6 VTB Group an attractive equity story 6

7 VTB: Successful Growth Story through Organic Growth and M&A VTB corporate history Establishment and recognition Development and growth Efficient growth strategy Established in October 1990 VTB Bank joined the top 5 largest banks in Russia 005: Launched VTB4 007: VTB became the 1st Russian bank to launch its IPO 008: Launched VTB Capital 010: Launched its new strategy based on efficient growth Targeting above market growth for retail and efficiency for CIB In the past 10 years, VTB Group demonstrated over 30 times increase in total assets Acquisition of Acquisition of ICB (later VTB North-West) MNB (now VTB Capital plc) BCEN-Eurobank (now VTB France) Donau-Bank (now VTB Austria) OWH (now VTB Germany) UGB (now VTB Georgia) Acquisition of Slavneftebank (now VTB Belarus) Bank of Moscow Acquisition of TransCreditBank 6,790 7,416 Acquisition of Armsberbank (now VTB Armenia) Guta-Bank (now VTB4) Acquisition of Mriya (now PJSC VTB Bank (Ukraine) 1,057 1,380,73 3,697 3,611 4,

8 VTB: Unique Business Model Universal Banking Platform Incorporating CIB, Retail Banking and Other Financial Services Corporate-investment banking Retail banking Retail banking Corporate banking Transaction banking Investment banking Significant scale and strong market position Broad corporate client base Well established relationships with leading Russian companies across all economic sectors A separate transaction banking unit established to grow the Group s commission-based income by increasing sales of existing transaction-related products and services Strong franchise Full range of investment banking services VTB Capital, the Group s investment bank the leader in the Russian Investment banking industry The Group is the second-largest Russian retail bank by loans and deposits as of March 31, 013. Extensive distribution network, with broad coverage throughout the Russian Federation. Non-banking financial businesses LEASING INSURANCE FACTORING VTB Leasing is today one of the leading Russian leasing companies, offering a broad range of services, with regional offices across Russia and subsidiaries in the CIS and Europe VTB Insurance provides individuals and institutions with a full range of services: property insurance, civil and professional liability insurance, and personal insurance (excluding life insurance) The Group offers factoring and ancillary services, incl. the management and collection of receivables and credit management, to corporate clients through its factoring company VTB Factoring 8

9 40,000 35,000 30,000 5,000 0,000 15,000 10,000 5,000 30,000 5,000 0,000 15,000 10,000 5, % 14.0% 1.0% 10.0% 8.0% 6.0% 4.0%.0% 0.0% 5.0% 0.0% 15.0% 10.0% 5.0% 0.0% Corporate-Investment Banking Corporate loan market in Russia VTB Group corporate loan portfolio VTB corporate loan market share in Russia +3% 13.0% 1.% 13,163 14, % 14.7% 14.7% 18,803 1,508 1,648 3, % 3,696 3,75 3,965 4, Dec Dec Dec Dec-1 31-Mar Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 Corporate deposit market in Russia VTB Group corporate liabilities VTB corporate deposit market share in Russia 1.1% 18.4% 18.% 15.0% 1 1.7% 15,36 15,48 10,893 13,694 9,358 Term deposits, ,403 Current accounts +3%,13, ,448 1,430, ,318 -%, , Dec Dec Dec Dec-1 31-Mar Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 Corporate loans to GDP (1) VTB average yield and cost of funds 90% Average yield on corporate loans Average cost of corporate deposits and current accounts 4% 36% 6% 33% 37% 8.6% 4.0% 9.0% 9.0% 9.6% 9.3% 5.0% China India Russia Brazil CEE median Turkey 4.6% 4.5% 4.5% 4.3% 4.3% 1Q'1 (1) Data as of 1H 01. Source: National banks and banks regulators. () 1H 1 data adjusted for promissory notes (equal to RUB 95. bn) that according to management view, can be classified as customer deposits. Q'1 3Q'1 4Q'1 1Q'13 9

10 1,000 10,000 8,000 6,000 4,000, ,000 0,000 15,000 10,000 5, % 13.0% 11.0% 9.0% 7.0% 5.0% 3.0% 9.0% 7.0% 5.0% 3.0% 1.0% -1.0% -3.0% Retail Banking Retail loan market in Russia VTB Group retail loan portfolio VTB retail loan market share in Russia +39% +7% 13.7% 13.3% 13.6% 1.1% 10.% 7,737 8,098 5,551 3,574 4, Dec Dec Dec Dec-1 31-Mar Mar Jun-1 1, Sep-1 1, Dec-1 1, Mar-13 Cash & credit card loans & other Car loans Mortgage loans Retail deposit market in Russia VTB Group retail deposits VTB retail deposit market share in Russia 9.0% 8.7% 9.0% 7.% 6.0% 14,739 11,638 14,51 7,503 9,730 1, % 1, ,050 1, ,061 1, ,17 +7% 1, ,59 Current accounts Term deposits 31-Dec Dec Dec Dec-1 31-Mar Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 Retail loans to GDP (1) VTB average yield and cost of funds 8% 3% 6% 19% 15.9% Average yield on loans to individuals 15.7% 16.6% Average cost of retail deposits and current accounts 17.6% 15.8% 9% 11% 10.9% 10.6% China India Brazil Russia CEE median Turkey 5.0% 5.3% 5.3% 5.% 5.% 1Q'1 Q'1 3Q'1 4Q'1 1Q'13 (1) Data as of 1H 01. Source: National banks and banks regulators. 10

11 Value Creation through New Initiatives. Launch of Leto Bank in 01 Segment-oriented approach in servicing retail customers VIP Affluent Mass affluent Upper mass Dedicated communication channels: premium branches, separate web platform and call-center Dedicated personal relationship managers Package product offering (banking, insurance, asset management) Tailor-made pricing and product offering Dedicated service sectors in all branches Exclusive conditions for banking products Non-financial services (e.g. advisory) Cost optimisation strategy with focus on high quality service Special pricing on banking products Leto Bank new retail mass market initiative Oriented on the mass and lower-mass retail segments Offers high-demand services such as cash loans and POS loans 01 branches and 13 thsd POS opened as of 1H 013 POS loan market in Russia % Established as an organic addition to VTB Group's retail business to help its long-term and continued success in Russia s banking market +18% % F 013F Mass Lower mass Standard product offering Focus on maximum standardisation and cost optimisation Cash loan market in Russia +45% +9% Customers not using banking products +7% 1,606 1,93,768 4,004 5, F 013F 11

12 VTB: Strong Investment Opportunity Leading player in Russia National champion Leading Russian bank with strong and consolidated positioning in all key segments # by assets and all key banking metrics Russia represents c. 75% of total assets Successful growth story Strong and rapidly expanding positioning in a growth economy Supported by acquisitions VTB4, Promstroybank, TransCreditBank, Bank of Moscow Rank Market share % 14.7% 18.% 1,057 1,380,73 3,697 3, % 9.0% Assets Corporate loans Corporate deposits Retail loans Retail deposits Strong asset growth CAGR (FY 001 1Q 013) 43% 4,91 6,790 7,416 7, Q'013 Well established universal banking model Well diversified revenue mix (1) Diversified business model Successful expansion of retail franchise: In 1Q 013, VTB Group retail loans grew 7% YTD and comprise 3% of total book VTB is the leading investment bank in Russia 31% 44% 8% 10% Retail Loans & Deposits and Transaction banking 8% Investment banking Treasury Other Superior growth in retail Strong domestic IB Russia and CIS M&A: #1 (8 deals) () Russia and CIS DCM: #1 (34 deals) () Russia and CIS ECM: #4 (1 deal) () With focused international presence Globally connected to significant trade flows / interests with Russia Operating in countries, servicing about 16 million customers Well positioned to support Russian businesses abroad Austria Germany UK France Italy Russia Belarus Kazakhstan Ukraine Georgia Kyrgyzstan Azerbaijan Cyprus Armenia India Dubai Singapore China Vietnam New York c. 1,900 branches across Russia, CIS and Europe Solid client base - c.16 mln active retail and corporate customers Angola (1) Calculated based on revenues from external customers (1Q 013). () As of 31 March, 013. Source: Dealogic. 1

13 Attachments 1. VTB Group Financials 14. VTB Group Public Debt Instruments 13

14 VTB Group Financials 14

15 VTB Group 1Q 013 and FY 01 Financial Highlights: P&L and Key Ratios Income Statement Key Indicators (in RUB bn) 1Q 013 1Q 01 y-o-y FY 01 FY 011 y-o-y Net interest income before provisions % % Net fee and commission income % % Net result from financial instruments (1) (1.5).9 n/a 37. (7.6) n/a Operating income before provisions () % % Provision charge for loan impairment (.0) (0.4) 7.9% (59.4) (31.6) 88.0% Staff costs and administrative expenses (49.) (4.5) 15.8% (191.6) (141.5) 35.4% Net profit % % Key Financial Ratios (in RUB bn) 1Q 013 1Q 01 y-o-y FY 01 FY 011 y-o-y Net interest margin (3) 4.5% 3.8% 70 bps 4.% 5.0% -80 bps Cost of risk (4) 1.6% 1.7% -10 bps 1.% 0.9% 30 bps Cost / Assets.6%.6% -.8%.7% 10 bps ROE 8.1% 14.9% -680 bps 13.7% 15.0% -130 bps ROA 0.8% 1.4% -60 bps 1.3% 1.7% -40 bps (1) Calculated including income from securities, FX, gains arising from extinguishment of liability, net recovery of losses on initial recognition of financial instruments, restructuring and other gains on loans and advances to customers. () Operating income before provisions is calculated before provisions for impairment of debt financial assets and impairment of other assets, contingencies and credit-related commitments. (3) Net interest income divided by average interest earning assets, which include gross loans and advances to customers, due from other banks (gross), debt securities and correspondent accounts with other banks. (4) Represents provision charge for impairment of debt financial assets to the average gross loan portfolio. 15

16 VTB Group 1Q 013 and FY 01 Financial Highlights: Balance Sheet Balance Sheet Key Indicators (in RUB bn) 31-Mar Dec-01 YTD 31-Dec Dec-011 y-o-y Gross loan portfolio 5,9.7 5, % 5, , % - corporate loans 4, , % 3, , % - retail loans 1,19.6 1, % 1, % Total assets 7,60.8 7, % 7, , % Customer deposits 3,77.9 3, % 3,67.8 3, % - corporate deposits,198.6, %,38.7, % - retail deposits 1,59.3 1, % 1, , % Total liabilities 6, , % 6, , % Total shareholders equity % % Key Asset Quality Ratios (in RUB bn) 31-Mar Dec-01 YTD 31-Dec Dec-011 y-o-y NPL ratio (1) 5.4% 5.4% - 5.4% 5.4% - LLR ratio () 6.5% 6.4% 10 bps 6.4% 6.3% 10 bps (1) Non-performing loans (NPLs) represent impaired loans with repayments overdue by over 90 days. NPLs are calculated including the entire principal and interest payments. Ratio is calculated to total gross loans including financial assets classified as loans and advances to customers pledged under repurchase agreements. () Loan-loss reserve ratio represents allowance for loan impairment to total gross loan portfolio including financial assets classified as loans and advances to customers pledged under repurchase agreements. 16

17 VTB Group 1Q 013 Segment Analysis Corporate Investment Banking 1Q 01 1Q 013-1% Segment result (profit before tax) % % % 10. Net interest income Net fee and commision income Net result from financial instruments Treasury result allocation and other Operating income before provisions 1Q 01 1Q 013 Retail Banking +31% 1Q 01 1Q % 49.1 Segment result (profit before tax) % % Net interest income Net fee and commission income Treasury result allocation and other Operating income before provisions 1Q 01 1Q

18 Strong Core Banking Income Supported by Stable NIM Operating income before provisions (1) and Net interest margin () 4.6% 4.1% 4.1% 4.5% 3.8% (8.5) (1.5) 1Q'1 Q'1 3Q'1 4Q'1 1Q'13 Net interest spread Net interest margin Net fee and commission income Net interest income before provisions Net result from financial instruments (3) Other operating income Cost of funds (4) Average yield on interest earning assets Average cost of interest bearing liabilities Subordinated debt Debt securities issued Customers deposits Due to banks and other borrowed funds 9.0% 9.3% 9.5% 9.9% 9.6% 7.8% 8.0% 7.7% 7.7% 7.9% 3.9% 4.6% 4.5% 5.8% 6.6% 6.% 7.3% 6.% 4.9% 4.8% 5.0% 5.0% 5.0% 5.1% 5.1% 5.% 5.3% 5.1% 4.8% 4.3% 4.8% 4.7% 4.7% 1Q'1 Q'1 3Q'1 4Q'1 1Q'13 1Q'1 Q'1 3Q'1 4Q'1 1Q'13 (1) Operating income before provisions is calculated before provisions for impairment of debt financial assets and impairment of other assets, contingencies and credit-related commitments. () Net interest income divided by average interest earning assets, which include gross loans and advances to customers, due from other banks (gross), debt securities and correspondent accounts with other banks. (3) Calculated including income from securities, FX, gains arising from extinguishment of liability, net recovery of losses on initial recognition of financial instruments, restructuring and other gains on loans and advances to customers. (4) Represent annualised average rates (expense for the period divided by average balance). 18

19 Staff and Administrative Expenses Staff costs and administrative expenses 45.4% 66.7% 49.4% 51.4% 53.0% Q'1 Q'1 3Q'1 4Q'1 1Q'13 Cost / Income ratio Administrative expenses Staff costs (1).6%.7%.7% 3.1%.6% Cost / Assets 1Q'1 Q'1 3Q'1 4Q'1 1Q'13 Number of employees Staff and administrative expenses per employee () CIS and other Europe Russia +5% -8% 69,403 71,60 10,085 10, ,007 76,58 9,68 1,07 84,764 80,860 9,68 9,715 1,103 1, ,338 60,381 65,873 70,075 73,894 (RUB mln) 31-Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 1Q'1 1Q'13 (1) Including pensions. () Staff costs and administrative expenses per average employee (annualised). 19

20 Asset Quality Сost of risk 1.7% % 1.0% 1.1% 1.6%.0 Provision charge for loan impairment / Average gross loan portfolio Provision charge for impairment of debt financial assets 1Q'1 Q'1 3Q'1 4Q'1 1Q'13 NPL and loan-loss reserves NPL coverage ratio 6.6% 6.8% 6.6% 6.4% 6.5% 5.5% 5.6% 5.6% 5.4% 5.4% % 117.0% 110.6% 11.4% 115.4% 31-Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 Allowance for loan impairment NPLs Allowance for loan impairment / Total gross loans NPL ratio (1) 31-Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 (1) Non-performing loans (NPLs) represent impaired loans with repayments overdue by over 90 days. NPLs are calculated including the entire principal and interest payments. Ratio is calculated to total gross loans including financial assets classified as loans and advances to customers pledged under repurchase agreements. 0

21 Balance Sheet Structure Assets structure Customer loans / customer deposits 6,858 7,185 6,451 6% 9% 6% 15% 15% 1% 6% 6% 4% 7,416 7,603 9% 9% 13% 13% 5% 3% Cash and mandatory reserves Securities portfolio (1) 17.6% 15.9% 16.7% 19.6% 13.7% 66% 63% 6% 64% 65% 10% 10% 10% 9% 10% Due from other banks Loans to customers (net) Other assets () 31-Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 Liabilities structure BIS Group capital 5,81 0% 6,9 3% 6,501 6,650 4% 4% 6,80 4% Due to banks and other borrowed funds (3) 13.7% 9.6% 1.8% 1.9% 8.9% 9.3% 14.6% 14.5% 10.3% 10.% 57% 55% 54% 55% 55% 14% 14% 14% 14% 14% 4% 5% 4% 4% 4% 4% 4% 3% 4% 3% 31-Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 Customer deposits Debt securities issued Subordinated debt Other liabilities (1) Includes debt and equity securities, assets pledged under REPO, securities classified as due from other banks and loans to customers, and derivatives. () Includes investment in associates, premises and equipment, investment property, intangible assets and goodwill, deferred tax assets and others. (3) Other borrowed funds include bilateral and syndicated bank loans, secured and unsecured financing from central banks Total capital adequacy ratio Tier I ratio Mar-1 30-Jun-1 30-Sep-1 31-Dec-1 31-Mar-13 Tier II less deductions Tier I 1

22 VTB Group Public Debt Instruments

23 VTB Group Public Debt and Hybrid Capital instruments VTB Group public debt instruments outstanding (1) VTB Group public debt instruments outstanding Borrower Equivalent amount (USD, mn) Instrument Maturity Date/Put or Call Option Coupon 013 VTB 435 Series 9 CHF EMTN Aug % Bank of CHF Public debt 381 Moscow instrument Sep % VTB 163 Series 11 CNY EMTN Dec-13.95% Subtotal VTB 38 Series 13 SGD EMTN Jun % VTB 3,130 Loan repayment Jul-14 Subtotal 3, Bank of Moscow 750 Public debt instrument Mar % VTB 1,50 Series 7 EMTN Mar % VTB 693 Series 6 EMTN 1 (put option) Jun % VTB 318 Series 17 SGD EMTN Jul % VTB () 400 Subordinated Debt Sep % VTB 36 Series CNY EMTN Oct % VTB 36 Series 14 CHF EMTN Nov-15 5% Bank of Moscow 300 Public debt instrument Nov % Subtotal 4, VTB 58 Series 9 EUR EMTN 1 Feb % VTB,000 Loan repayment Apr-16 VTB 65 Series 19 CHF EMTN Sep % Subtotal, VTB,000 Series 15 EMTN Apr % Bank of Moscow 400 Subordinated debt (call option) May % VTB 476 Series 3 AUD EMTN Dec % Subtotal,876 Borrower Equivalent amount (USD, mn) Instrument VTB Group debt maturity profile VTB Group debt maturity profile Maturity Date/ Put or Call Option Coupon 018 VTB 750 Series 1 EMTN Feb % VTB 1,701 Series 4 EMTN May % Subtotal, VTB 1,000 Series 10 EMTN Oct % Subtotal 1,000 0 VTB 1,500 Series 1 EMTN 6.95% Oct- Subordinated Debt Subtotal 1,500 Perpetual US$ million VTB,50 Subtotal,50 Total 1, , ,130 4, ,393 Tier 1 Perpetual Eurobond (call option) (4), ,000, ,400,451 Dec- (call option) USD AUD EUR CHF SGD CNY 1,000 1, % (3) Source: VTB s website (1) Exchange rates published by the CBR are as of June 0, 013. Note: In addition to international debt, VTB Group currently has RUB 18 bn outstanding domestic bonds. () As the result of the reorganisation of JSC Bank VTB North-West and its merger with JSC VTB Bank, March 18, 011, JSC VTB Bank has assumed the rights and obligations of JSC Bank VTB North-West as the Borrower. (3) Fixed until the first call date, then reset on 6th Dec 0 and every 10th year thereafter. (4) The Instrument meets CBR requirement for Additional Tier 1 Capital, however the instrument was partially allocated to Tier Capital under CBR in view of limited current capacity for Additional Tier 1 Capital under CBR standards. 3

24 VTB Group International Public Debt Instruments Issued in Borrower Date of issue Amount (mln) Instrument Maturity date Coupon/rate VTB April 01 USD,000 Series 15 EMTN April % VTB July 01 SGD 400 Series 17 EMTN July % VTB August 01 USD,50 Tier 1 Perpetual Loan Participation Notes December 0 (call option) 9.5% VTB September 01 CHF 600 Series 19 EMTN September % VTB October 01 USD 1,500 Series 1 EMTN LT Subordinated Debt October % VTB October 01 CNY,000 Series EMTN October % VTB December 01 AUD 500 Series 3 EMTN December % VTB April 013 USD,000 Syndicated loan April 016 LIBOR+1.5% Total (USD equivalent) (1) USD 9,557 (1) Exchange rates published by the CBR are as of April 9, 013 4

25 Hybrid Tier I Perpetual Bond In August 01, VTB Bank issued USD 1 bn 9.5% Perpetual Loan Participation Notes In November 01, VTB Bank issued an additional issuance of USD 1.5 bn 9.5% Perpetual Loan Participation Notes Key features Full equity treatment under IFRS Included in VTB s Tier 1 Capital under CBR Regulatory Capital (1) and Basel Tier 1 Capital on a consolidated basis Non-dilutive capital adequacy increase tool Amendment provisions for future compliance with Tier 1 сapital requirements for possible transition of Russian regulations to Basel III Equity сredit from rating agencies Coupon payments are tax deductible lowering cost Coupon payments are not included into Interest Expenses but treated as quasi dividend; no impact on NIM is expected (1) The Instrument meets CBR requirement for Additional Tier 1 Capital, however the instrument will be partially allocated to Tier Capital under CBR in view of limited current capacity for Additional Tier 1 Capital under CBR standards. 5

26 Investor Relations Tel: +7 (495)

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