OREANDA-NEWS. May 11, 2007. This document is not a prospectus. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus.
VTB announces pricing of Global Offering at 13.60 kopecks, US$0.00528 per Share and US$10.56 per GDR

JSC VTB Bank (“VTB”) today announces the pricing of its Global Offering of ordinary shares (“Shares”) and Global Depositary Receipts (“GDRs”):
The Global Offering has been priced towards the top of the indicative price range at 13.60 kopecks, US$0.00528 per Share and US$ 10.56 per GDR with each GDR representing 2,000 Shares.
A total of 1,513 billion newly issued Shares were allocated in the Global Offering, representing 22.5% of VTB’s enlarged share capital, implying a post money market capitalisation of VTB of US$ 35.5 billion.
The total offer size is approximately US$ 8.0 billion, making the VTB Global Offering the world’s largest IPO this year to date.
Strong, high quality institutional demand was received across all regions in which the Shares and GDRs were offered in addition to significant demand from Russian retail investors.
Over 131,000 retail investors in Russia applied for Shares with a total value of approximately US$ 1.6 billion, which has been allocated in full, making it the most successful Russian retail offer to date by number of applicants and value of demand.
VTB will receive all of the net proceeds of the Global Offering, which it intends to use primarily to support the ongoing expansion of its business, including the expansion of its Russian retail banking operations.
Conditional dealings will commence on the London Stock Exchange at 09:00 today. Admission of GDRs to the Official List of the UK Listing Authority (“Admission”), and dealing of the GDRs on the London Stock Exchange under the symbol “VTBR”, is expected to take place at 08:00 on May 17, 2007. Dealing in the Shares on the MICEX and RTS in Moscow, Russia, under the symbol “VTBR” will start once the placement report has been registered with the CBR.
Citi, Deutsche Bank and Goldman Sachs International were Joint Global Coordinators for the Global Offering and, together with Renaissance Capital, were Joint Bookrunners.

Comment

Andrei Kostin, President - Chairman of the Management Board of VTB, said today:

“The strength of demand for our shares reflects investor appetite for the high quality exposure to the fast growing Russian banking market that VTB offers and is a clear endorsement of our strengths and growth strategy”.