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A Formal Letter from VTB Bank to CEO of the Publishing House Axel Springer Russia

 
28 November 2011

CEO of the Publishing House
Axel Springer Russia
Regina von Flemming


Dear Ms. von Flemming,

Following the message of VTB Press Office regarding inclusion of Yury Soloviev, First Deputy President-Chairman of VTB Bank Management Board, in the Forbes salary rating published in November, we would like to add the following information.

As reported by the Forbes, Yury Soloviev had an income of USD 25 million in 2011, equivalent to over RUB 775 million at the current exchange rate of the Bank of Russia.

As an open joint stock company VTB publishes remuneration amounts paid to members of its Management Board in the quarterly Issuer’s Report. Such reports are available to general public.

According to the latest report, VTB top-managers received remuneration amounting to RUB 535,166 million for 9 months of 2011. By performing simple arithmetic calculations one can understand that if the salary level published by the Forbes was true all the other VTB top-managers received not a penny of remuneration and even had to pay Mr. Soloviev extra money for the opportunity to work with him within a team.

As you can see, the official report refutes figures of the Forbes rating. It is to be regretted that the journalists of a recognized and respective magazine disregarded open information sources when preparing this news item.


Yours faithfully,

Alexander Budberg
Adviser to President-Chairman of VTB Bank Management Board


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