OREANDA-NEWS. JSC VTB Bank (“VTB”) today announces the indicative price range for its planned Global Offering of ordinary shares (“Shares”) and Global Depositary Receipts (“GDRs”).

The indicative price range has been set at 11.30 kopecks to 13.90 kopecks per Share, which equates to $8.77 to $10.79 per GDR, based on the official exchange rate quoted by the CBR of 25.7760 rubles per US dollar on April 25, 2007 and with each GDR representing 2,000 Shares.

Based on the abovementioned exchange rate, the price range reflects an implied market capitalisation for VTB of approximately US$ 22,845 million to US$ 28,102 million, prior to taking into account the proceeds of the Global Offering.

The Shares are also being offered to retail investors in the Russian Federation, the retail subscription period having commenced on April 9, 2007. VTB intends to list the GDRs on the London Stock Exchange.

The Shares have been admitted to trading on the “V” lists of the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System (RTS) under the ticker VTBR.

The Global Offering is comprised solely of newly issued Shares. VTB is currently 99.9% owned by the Russian Government, whose shareholding will be no less than 75% plus one share following the Global Offering.