On 14 April 2008, JSC VTB Bank sent to OJSC VTB Bank North-West ("VTB North-West") a public offer to purchase VTB North-West shares ("statutory offer"). Thus, VTB Bank acts in compliance with the law, according to which a person who purchased more than 75% of shares is to make a public offer to the shareholders owning the remaining shares to purchase their securities.
Under VTB statutory offer, VTB North-West shareholders will be able to execute necessary documents for selling VTB North-West shares at face value 1 Rouble for 45 Roubles per one ordinary registered share till 23 June 2008.
This price is fixed in compliance with the existing legislation and corresponds to the highest price for one share, according to which the Bank and its affiliates acquired/undertook an obligation to acquire VTB North-West shares within six months prior to the statutory offer is made. The price exceeds the weighed average price determined as a result of all auctions held by trade institutions over the specified period.
In addition to an application, a shareholder shall submit to VTB North-West office a transfer order required to perform obligations of transferring shares to VTB Bank's account in the Registrar (ZAO TsOR). The deadline for a transfer order is 8 July 2008.
Payment of shares will be made within 15 days once a corresponding credit entry is made to VTB Bank account, but not later than 23 July 2008. The funds will be transferred to the bank's details specified by shareholders in the application.
The selling procedure is most simplified. The agreements will be executed in VTB North-West offices. There are 5 offices in St.Petersburg, one - in Moscow and Yekaterinburg each, which were selected for this purpose as the most popular and best located for shareholders. During the final 2 weeks all offices will have extended operating hours. One visit to VTB North-West office will be enough to sign an agreement. Individuals should have identification document, while corporates are to present constituent documents and authority to make a deal. In case a shareholder has no opportunity to attend VTB North-West office, he may send the filled in documents by mail.
A special telephone inquiry service is organized for shareholders. Hot line is available at: 8 (800) 200-7799, toll free in Russia.
Further information about this offer, addresses and operating hours of the offices where execution of documents will take place is available on VTB website www.vtb.ru, to be further specified in the offices or by telephone inquiry service.
The announcement will not influence the integration of VTB North-West business into VTB Group. VTB will continue its specialization in corporate business in the North-West Federal Constituency.