OJSC "VTB-Leasing" announced results of first half of 2008

Unaudited financial results for first six months ending June 30, 2008

Moscow, September 30, 2008  Today OJSC VTB-Leasing announced its unaudited financial results based on IFRS financial statements for the first half of 2008 (up to June 30, 2008).

KEY HIGHLIGHTS:

• Net income of VTB-Leasing increased by 296% to US$ 61 million compared to H1 2007.
• Revenue from core operations increased by 333% and reached US$ 213 million compared to H1 2007.
• Company`s capital was US$ 208.7 (US$ 83.7 at end H1 2007).
• Assets in H1 2008 increased by 120% to US$ 4.2 billion.

Consolidated leasing portfolio including leasing transactions of OJSC `VTB-Leasing` and its subsidiaries grew to over US$ 7.2 billion by end of H1 2008.

Structure of the leasing portfolio in H1 2008 had the following key segments:

• Railroad transportation equipment: 39% or US$ 2.8 billion;
• Aircraft & aviation equipment: 19.7% or US$ 1.4 billion;
• Oil production and refining equipment: 17.1% or US$ 1.2 billion;
• Power generation equipment: 8.9% or US$ 0.6 billion;
• Machine-building equipment: 4.0 % or US$ 0.3 billion.

Subsidiaries and regional companies of OJSC `VTB-Leasing` during H1 2008 have signed deals for a total amount of US$ 74.6 million.

In June 2008 Standard & Poor`s, an international ratings agency, confirmed the BBB+ rating for OJSC `VTB-Leasing` thus confirming the high level of the Company`s reliability.

According to a study published by LEASEUROPE, a European federation of national leasing associations, OJSC `VTB-Leasing` has moved up to the 21^st position in the Top-100 ranking of European leasing companies (based on the results of 2007). A year ago based on the results of 2006 the Company was in the 42^nd place.

In first half 2008 the Federal Service for Financial Markets has registered a prospectus of a bond issue by JSC `VTB-Leasing Finance` for the total amount of 30 billion rubles. This prospectus will be used in H2 2008 currently the Company has scheduled issuance of 5 series of bonds with maturities of 7 years.

Mr. Andrei Konoplev, General Director and Board member of OJSC `VTB-Leasing`, said: `We are continuously developing and expanding our business. In a global economic crisis environment the Company is meticulously fulfilling all its existing obligations. Results of H1 2008 give us reasons to state that OJSC `VTB-Leasing` is a driving force behind the development of the Russian leasing market, providing a full range of leasing services with a high level of professionalism`.