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Comment on Exposure to US Mortgage Market

 
20 August 2007

In light of the current situation regarding US CDO/sub-prime asset backed securities (ABS), Nikolai Tsekhomsky, Member of the Board and CFO of VTB Group has made the following statement:

"VTB Group has no significant exposure to US sub-prime ABS or any CDO exposure in its investment or trading securities portfolios. There is no impact on the quality of our assets from US mortgage based securities.  We are fully committed to executing our strategy by capitalising on the unique strengths of our business in Russia and focusing on growth in the coming months."


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