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Standard & Poor's rated Vneshtorgbank

5 May 2004

Standard & Poor`s, reputable international rating agency, assigned Vneshtorgbank credit ratings for counterparty and deposit certificates such as the long-term rating at "ВВ+" and the short-term rating at "В". Outlook is stable.

Moreover, Standard & Poor`s issued the long-term credit rating at "ВВ+" for Vneshtorgbank`s Eurobonds being placed subject to the medium-term debt issue programme totalled US$2 billion.

The ratings assigned to Vneshtorgbank at so high level, besides the grading cautious enough for Standard & Poors to give for Russian economy general exposures, reflects strategic role VTB plays in the Russian banking community and a great deal of support of the Bank from the Russian Government as the major shareholder. In issuing ratings, Standard & Poor`s also took into account positive financial performance record of VTB and its high capitalisation level.

As Vneshtorgbank`s top competitive advantages, Standard & Poor`s distinguished leadership positions VTB commands in handling foreign trade payments of Russian companies and broad opportunities in making considerable long-term financing for the Russian economy, including, through an access to international financial markets. Standard & Poor`s made a high estimate of the liquidity level and sustained funding sources of Vneshtorgbank, as well as its development capabilities bearing in mind adopted plans of further expansion to new segments of the banking market, including, retail banking, mortgage and consumer lending, loans to small and medium-size businesses.

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