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State Registration of the Placement Report for the Newly Issued Ordinary Shares of JSC VTB Bank

25 May 2007

On 24 May 2007, the Central Bank of Russia registered the placement report with regard to the newly issued ordinary Shares of JSC VTB Bank.

A total of 1,513,026,109,019 newly issued Shares at RUR 0,01 per Share were allocated in the Global Offering. The total offer size is 22.5% of VTB's enlarged share capital, amounting to RUR 67,241,385,090,19. A total of RUR 57,684,788,950.35 and USD 5,749,250,755.20 were raised in the Global Offering.

The VTB Retail Offering has become the largest "public" IPO in Russia. The number of applications made and paid was 131,000 with a total value exceeding RUR 40 billion. Almost half of the applicants were from Russian regions. The average application value was over RUR 300,000.

Summing up the IPO results, Andrey Kostin, President and CEO of VTB Bank, said "The success achieved in the Global Offering proves the investors' confidence in the Russian banking sector and is also a high appraisal of VTB activities and its potential for development. Besides, the VTB IPO releaved that today, not only ordinary Russian citizens in Moscow and St. Petersburg, but also people nationwide are ready to get professionally involved in the country's economic life. Together with our new shareholders we will go on working to make VTB the best Russian bank and a world size financial institution, both in the scale and business standards".

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of VTB. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. VTB does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in VTB's projections or forward-looking statements, including, among others, general economic conditions, VTB's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to VTB and its operations.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of VTB, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of VTB.

This press release is not for distribution, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia), Australia, Canada, Japan or Russia. This press release is not an offer for sale of any securities in the United States.  Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933.  VTB has not registered and does not intend to register any portion of any offering of securities in the United States or to conduct a public offering of any securities in the United States.
This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons").  Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.

Information contained in this document is not an offer or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia. The GDRs have not been and will not be registered in Russia and are not intended for "placement" or "public circulation" in Russia.

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