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VTB refutes information published by Forbes Magazine

19 November 2012

Information on remuneration of  Andrey Kostin, published by Forbes Magazine, is completely incorrect. A non-transparent method of calculations has forced the magazine to make groundless speculations and assumptions. It can be even stated that the remuneration figure has been pulled out of a hat. According to the group’s 2011 annual report, the entire VTB management board, headed by Andrey Kostin, has received almost 608 million rubles.

According to Forbes’ assumptions, members of VTB management board have to pay extra for the opportunity to work with Mr. Kostin.

According to VTB Group’s IFRS report, all the group’s top managers (including the management and senior executives of the majority of the group’s subsidiaries) in 2011 earned 5.7 billion rubles, including pension payments. Forbes journalists are likely to think that Andrey Kostin and Mikhail Kuzovlev have jointly earned the sum equal to a quarter of the overall remuneration of the rest of their colleagues all together.

That assumption is completely incorrect in terms of both calculation methods and most important — common sense.

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