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New $1.25 billion Eurobond Issue by VTB

26 February 2010

On February 25, 2010, VTB successfully priced its Eurobond offering of U.S.$1.25 billion (“Offering”) under Programme No.2 for the Issuance of Loan Participation Notes.

U.S.$1.25 billion of 6.465% Notes due 2015 will be issued by VTB Capital S.A., Luxembourg and listed on the Irish Stock Exchange. Deutsche Bank, JP Morgan and VTB Capital are Joint Lead Managers for the Offering.

Deputy Chairman and CFO of JSC VTB Bank Herbert Moos said: “This issue is the largest offering from a financial institution from the CIS and CEE regions in 2010. It is a breakthrough for VTB. Despite aggressive pricing the transaction generated strong global interest and enjoyed a high quality order book with more than 350 orders resulting in a tightening of the VTB secondary curve. The transaction attests to the confidence that international investors have in the strength of the VTB’s credit.”

Disclaimer at end of press release:

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 securities of VTB or any of its subsidiaries, 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 or any of its subsidiaries.

This document 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 the Russian Federation. This document 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, as amended (the “Securities Act”). VTB does not intend to register the securities or conduct a public offering in the United States.

These Notes have not been, and will not be, registered under the Securities Act and subject to certain exceptions, may not be offered or sold within the United States. The Notes will be offered and sold only (A) outside the United States in compliance with Regulation S; or (B) to U.S. Persons (within the meaning of Regulation S) who: (1) are “Qualified Institutional Buyers” (within the meaning of Rule 144A) in reliance on the exemption from the registration requirements provided by Rule 144A and (2) are “Qualified Purchasers” (within the meaning of section 3(c)(7) of the Investment Company Act of 1940, as amended). Any failure to comply with this  restriction may constitute a violation of U.S. securities laws.

This communication is being distributed to and 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) (a) to (d)  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.

This document is an advertisement for purposes of applicable measures implementing Directive 2003/71/EC.

This announcement is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation."

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