VTB Bank Independent Auditor

To audit and confirm the compliance of its financial statements, the Bank appoints a professional audit firm – an independent auditor – on an annual basis..

As a result of such audit performed by the independent auditor, an opinion is formed and passed to the Audit Committee for a preliminary review. Then the opinion is submitted to the Bank’s Supervisory Council and later – to the Bank’s annual General Shareholders Meeting.

In general, an independent auditor of the Bank is elected by tender to be further approved by the Audit Committee and recommended by the Bank’s Supervisory Council for a final approval by an annual General Shareholders Meeting.

In full compliance with the above, on 19 March 2007 VTB Bank announced a tender to select an audit firm for a statutory audit of VTB Bank for the year 2007.

CJSC Ernst & Young Vneshaudit, a Russian subsidiary of one of the largest international auditing companies, was appointed as VTB Bank`s external auditor for 2008.