- Net income surged 59.1% YoY to RUB 1,787 million in 9M 2012 driven by strong growth across key metrics including assets, loans, and client funds. - Credit quality remained stable with NPLs at 9.41% and provisions covering over 100% of overdue loans. - While economic growth slowed, the company maintained a robust balance sheet with high liquidity and balanced currency and maturity structure. - Net interest income was flat QoQ as interest income and expense growth offset each other, resulting in a slight NIM decline due to a higher asset base.

1. 9M 2012 IFRS Results
Core business strength fully intact
Conference Call
November 21, 2012

2. 9M 2012 Highlights
Net income surged to RUB 1,787 mln, up 59,1% YoY
Assets up 5.9% YtD to RUB 194,709 mln
Corporate portfolio up 6.3% YtD to RUB 120,109 mln
Retail portfolio up 28.8% YtD to RUB 31,376 mln
Client funds up 4.0% YtD to RUB 150,982 mln
NPLs came to 9.41%
1day+ overdues covered by 101%, 90days+ overdues – by 153%
Net interest income was up 27,1% YoY to Rub 6,664 mln,
Net fees up 8,2% from 9М’11 to RUB 3 737,
NIM was up to 4,7% versus 4,0% in 9М’11
Cost to income decreased 876 b.p. to 56,4% for 9M’12
ROE improved to 12,3% up from 8,6% in 9М’11
Capital adequacy (tier 1 + tier 2) increased to14,2%, capital adequacy (tier 1) – 12,1%
2

3. Macroeconomic tailwinds in Q3
GDP growth of just 2.9% YoY in Q3 versus 4% in Q2
Retail trade growth slowed to 4.4% YoY in September from 7.3% in H1’12
Inflation accelerated to 6.7-6.8% in October, but failed to support consumer
Despite deterioration spending
of growth trends in Ruble exchange rate appreciated by 6% in Q3
the economy… Investments declined 1.3% YoY in September, given 7.2% fall in housing
construction
Capital outflow continued with $58 bln Ytd figure
Refinancing rate up 25 bps to 8.25% to cool down retail growth
Liquid assets maintained above 23%, while their structure shifted to more
profitable one
Corporate portfolio decline (-3% QoQ) offset by retail boost (+11% QoQ)
…fortress balance
Balanced currency and maturity structure of assets and liabilities with prevailing
sheet provides
Rouble-nominated instruments
flexibility for decent
Net interest income flat QoQ at Rub 2.3 bln, but non-interest income up 7.3%
performance QoQ to Rub 1.6 bln, supporting revenue growth
Operating efficiency improved with expenses down by 4.1% QoQ amid tight
cost management
3

4. Assets
Reliable assets structure… …with high level of liquid instruments
RUB bln
22% 23%
194 195 Cash and
184 183 equivalents
177 6,0% Securities
6,1%
34 35 Due from
27 40 29 banks
0 14 12 12
17 19 Securities
25 27 30
21 23 Correspondent
Retail loans 9,5% accounts
11,0%
Corporate
103 101 106 111 107 loans
Cash and Equivalents,
Other
assets
6,7% Obligatory Cash
6,0%
Balances with the CBRF
9 10 10 10 10
Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q2 2012 Q3 2012
IEA made up 77% of total assets LTD ratio at optimal levels
RUB bln
Cash and Other assets Gross loans
equivalents Customer funds
Due from other L/D ratio
5%
banks 18%
99% 101% 100% 100%
95%
0%
Securities 6%
16% 55%
Corporate loan
Retail loan 137 138 137 145 144 143 152 152
151 151
portfolio
portfolio
Q3'11 Q4'11 Q1'12 Q2'12 Q3'12
4

5. Loans
SMEs are key growth driver in corporates… …consumer and mortgages – in retail
Rub bln
SME Individuals Administrations Large corporates
Mortgages Consumer and auto loans Credit cards
+10,8% +39,8%
-0,5%
+11%
42,7 41,1 2,1
38,1 41,2 2,1
40,2
3,4 1,8 2,2 8,4
3,9 3,3 2,2 7,6
2,7 28,3 31,4 2,3 6,8
22,5 24,4 25,9 6,8
6,5
18,5 20,8
72,3 70,1 73,6 78,0 77,2 15,4 17,0
13,6
Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12
Balanced presence in all regions of interest Breakdown by industry
*as of 30.09.2012 Other *as of 30.09.2012
Moscow Oblast Transport
(40%) 9%
Agriculture 5%
59 801 6%
27% Manufacturing
Construction
7% RUB
RUB
Other 1% 151,485
151,485 regions(42%)
63 842 mln
mln
23%
Wholesale & 21%
27 842
retail trade 1% Individuals
Moscow (18%)
Administrations
5

6. Credit quality management
NPLs dynamics Annualized cost of risk
NPLs, RUB mln * Charges to provisions to avg
Provisions, % of total portfolio gross loans, QoQ
NPLs, % of total portfolio Charges to provisions to avg
9,52% gross loans, YtD
9,44% 2,86%
9,25% 9,09%
9,26% 2,24%
2,14% 1,92%
9,41%
1,02% 2,06%
8,40% 8,68% 8,08%
7,70% 1,77%
14 251
1,65%
11 488 10 576 12 490 12 297 1,71%
1,02%
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
* NPL includes the whole principal of loans at least one day overdue either on
principal or interest as well as not overdue loans with signs of impairment
NPLs categorization: deterioration in large corps, while absolute improvement in SME
SMEs + Rub 581 mln new NPLs Large corporates Retail RUB mln
- Rub 860 mln recoveries + Rub 2,156 mln new NPLs
+ Rub 304 mln new NPLs
11,3% 11,5% 11,1% - Rub 111 mln recoveries
- Rub 116 mln recoveries
10,4% 10,5% 13,2% 6,2%
11,1% 10,7% 10,8% 10,0% 10,1% 12,2% 4,4% 4,3%
9,9% 8,7% 8,9% 5,0% 3,6% 3,5%
7,6% 3,4% 3,2%
8,3% 8,0% 2,7%
4,9% 5 445 3,1%
8 464 7 769 8 263 8 120 7 841 4,3% 3 400 3 400
1 980 1 399 827 827 777 965
1 625
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
NPLs, RUB mln Provisions, % of total portfolio NPLs, % of total portfolio
6
15

7. Credit quality
Large SMEs Mortgages Other Total % of total
as of 30.09.2012 corporates retail loans
Gross loans, including 41,116 78,993 20,807 10,569 151,485 100.0% Provisions to
NPLs Ratio
Current loans 35,671 71,152 20,363 10,048 137,234 90.6% 101%
Past-due but not 0.3%
impaired, of them - 32 260 105 397
Less than 90
days - 32 230 97 359 0.2%
Over 90 days - - 30 8 38 0.1% Provisions to
90 days+
Impaired, of them 5,445 7,809 184 416 13,854 9.1% NPLs
Less than 90
3,726 706 7 36 4,475 2.9% 153%
days
Over 90 days 1,719 7,103 177 380 9,379 6.2%
Total NPLs 5,445 7,841 444 521 14,251 9.4%
Provisions (5,006) (8,321) (541) (554) (14,422) 9.5% Rescheduled
Loans
36,110 70,672 20,266 10,015 137,063
Net Loans - 4.6%
the whole amount of loans with principal overdue for more than 1 day as well
NPL - as loans with any delay in interest payments.
7

8. Liabilities and capital
Funding grows in line with assets… … driven mostly by client funds
RUB bln Retail deposits Corporate deposits Retail deposits RUB bln
Retail accounts Corporate accounts
194 195 Retail accounts
184 183 +9,2%
177 -0,6%
Corp. accounts
Corp. deposits 32 30
77 78 33 31
72 72 32 32%
71 Securities issued 18
19
16 20 18
19 18 Due to other banks
16 20 18
31 32 30
32 33 72 77 78
Other Liabilities 71 72
22 24 25 Subordinated
19 20
6 8 8 8 loans
9 87 7 7 8 Equity
4 4 4 4 5
18 18 19 20 20 19 20 22 24 25
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
FX structure matched Capital position exceeds the requirements
Data as of September 30, 2012 Tier 1 Tier 1 + Tier 2 CAR
under CBR rules
Assets Liabilities 14,2% (N1)
13,4% 13,8% 13,4% 13,2%
11,6% 11,9% 11,8% 11,6% 12,1% 11,6%
RUB
RUB 80% 11%
80% MIN
USD EUR;
13% 7%
EUR USD
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2013 30.09.12
7% 13%
8

9. Financial highlights
9M’12 9M’11 Q3’12 Q2’12
Interest income 12 150 10 265 4 263 4 118
Interest expense (5 486) (5 022) (2 010) (1 856)
Fee and commission income 4 029 3 746 1 424 1 387
Fee and commission expense (292) (292) (104) (96)
Other operating income 649 433 302 220
Total operating income b.p. 11 050 9 130 3 875 3 773
Operating expenses (6 231) (5 948) (2 051) (2 138)
Provisions (2 271) (1 646) (1 083) (830)
Provisions on non-core assets (316) (133) (2) (1)
Tax (445) (280) (156) (126)
Net profit 1 787 1 123 583 678
9

10. Net interest income impacted by growth on both sides
of the balance sheet
Flat net interest income QoQ… …with NIM slightly down due to higher base…
+18.7% +3 bps
NIM
Interest Expenses +3.5%
Interest Income -16 bps
3,7 3,8 4,1 4,3
3,6
4,6% 4,9% 4,7% 4,8% 4,6%
-1,6 -1,5 -1,6 -1,9 -2,0
+8.3%
+28.1%
Q3’11 Q4’11 Q1’12 Q2’12 Q3’12 Q3’11 Q4’11 Q1’12 Q2’12 Q3’12
…amid surging interest rates environment
Interest Spread
Yield on earning assets (net)
Cost of funds
10,74% 10,82% 11,16% 11,37%
10,40% 0,30% 0,30%
0,01%
0,14%
7,13% 6,93% 6,72% 6,69%
6,38%
4,80%
4,64%
4,44% 4,68%
4,02% 3,61% 3,88%
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q2 NIM Loans Deposits Other Base Q3 NIM
effect effect effect
10

11. Decent operating results from strong non-interest
revenues
Solid operating revenues… … supported by well-diversified net fees
RUB bln
+13.1% RUB mln
Settlements Cash transactions Other Cards
+2.7% +5.1%
Net interest income Net fees Other income
+2.2%
0,2 0,2 0,3 1 368 1 291 1 320
0,1 0,1 1 256
364 1 126
348 360 364
1,4 1,3 1,3 325
1,3 1,1
253
245 250 265
219
337 300
310 304
256
2,0 2,2 2,1 2,3 2,3
353 414 326 377 391
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Strongest net fee margin among peers Segment breakdown of non-interest income
Q3 2012 Q2 2012
Share of non-interest vbank
income in total operating Other Corporate Other
peer 1
business
income b.p. 42% peer 2 4% 4%
peer 3
31% Cards Cards
23% 24%
25%
55% 55%
13%
12%
18% 17%
Net fee margin
0,0% 1,0% 2,0% 3,0% 4,0% Corporate
* Vbank data as of 3Q’12, Peer1, Peer2, Peer 3, Peer 4 – 2Q’12
Retail business Retail business business
11

12. Cost efficiency in focus
Operating expenses breakdown Consistent improvement of quarterly CIR
RUB mln Personnel expenses Personnel expenses
Non-personnel expenses Other expenses
-0.4% -+7.2 pps
-4.1% 64%
60% 60%
57%
1 053 53%
835 784 878 815
36%
36% 37% 34% 32%
1 224 1 352 1 258 1 260 1 236
24% 28% 23% 23% 21%
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Cost efficiency project Key points
1. Concept development of new operating model
Define format of branches, IT requirements for
Operating expenses were under strict control
New motivation system
geography and headcount of centralization (systems, development throughout 2012, year-on-year dynamics of 4.6% was
centralized back-office processes, infrastructure)
below inflation growth
Decline in Q3’12 was partially attributable to cut in
2.Preparative process and pilot project staff costs and continued optimization of
Amendments to internal Implementation of IT Staff coaching, KPIs administrative costs
documents, launch of pilot solutions for automation and introduction, working groups
projects centralization of the project
Personnel expenses remained the key contributor
with the share of 60% in OPEX. Decrease in Q3 was
3. Application of new operating model for the whole bank due to lower average headcount. Earned fees cover
Transfer of supporting processes to the
centralized back-office from branches
Testing and launch of automated and
centralized support systems
staff costs by 107%
12

13. Net profit affected by elevated provisioning
High provisions partially offsets strong operating
Net profit development
performance
+33.4% +41.8%
Operating profit before provisions and taxes +11.6% Net profit -14%
Provisions
1,6 1,8
1,4 1,4 1,4
0,678
0,526 0,583
-0,4 0,411 0,471
-0,7 -0,7 -0,8
-1,1
Q3’11 Q4’11 Q1’12 Q2’12 Q3’12 Q3’11 Q4’11 Q1’12 Q2’12 Q3’12
ROE, % ROA, %
Operating profit before provisions and taxation/Average equity Operating profit before provisions and taxation / Assets
ROE 36,6% ROA
33,9%
30,8% 29,7% 29,0%
3,75%
3,47%
3,12% 3,00% 2,96%
14,0%
10,4% 11,2% 11,7%
9,3% 1,44%
1,05% 1,15% 1,20%
0,94%
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
13

14. Key takeaways of Q3 2012
Flexible assets structure… …on the back of reliable funding
Strengthened capital position due to
Liquid assets maintained above 23%
subordination
Good opportunities for growth in retail and SME
High share of interest-free funds
Improving yields across the portfolio
Limited exposure to market funding
Solid core operating results … …with all eyes on efficiency
Particular focus on efficiency improvement
Increased funding costs are gradually passing lead to decline of Cost-to-Income ratio
on to the borrowers Strict control over operating expenses
Strong non-interest income supports revenues Project on operating efficiency is expected to
Key target – to maintain margins bring fruits going forward
14

15. Questions and answers
Elena Mironova Andrey Shalimov
Deputy Head of IR Deputy Chairman of the Management
+7 495 620 90 71 Board
E.Mironova@voz.ru A.Shalimov@voz.ru
investor@voz.ru http://www.vbank.ru/en/investors
15

16. Disclaimer
Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the
future financial performance of Bank Vozrozhdenie (the Bank). Such forward-looking statements are based on numerous assumptions
regarding the Bank’s present and future business strategies and the environment in which the Bank will operate in the future.
The Bank cautions you that these statements are not guarantees of future performance and involve risks, uncertainties and other important
factors that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have
expressed or forecasted in the forward-looking statements. These forward-looking statements speak only as at the date of this presentation
and are subject to change without notice. We do not intend to update these statements to make them conform with actual results.
The Bank is not responsible for statements and forward-looking statements including the following information:
- assessment of the Bank’s future operating and financial results as well as forecasts of the present value of future cash flows and related
factors;
- economic outlook and industry trends;
- the Bank’s anticipated capital expenditures and plans relating to expansion of the Bank’s network and development of the new services;
- the Bank’s expectations as to its position on the financial market and plans on development of the market segments within which the
Bank operates;
- the Bank’s expectations as to regulatory changes and assessment of impact of regulatory initiatives on the Bank’s activity.
Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially
from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include:
- risks relating to changes in political, economic and social conditions in Russia as well as changes in global economic conditions;
- risks related to Russian legislation, regulation and taxation;
- risks relating to the Bank’s activity, including the achievement of the anticipated results, levels of profitability and growth, ability to create
and meet demand for the Bank’s services including their promotion, and the ability of the Bank to remain competitive.
Many of these factors are beyond the Bank’s ability to control and predict. Given these and other uncertainties the Bank cautions not to
place undue reliance on any of the forward-looking statements contained herein or otherwise.
The Bank does not undertake any obligations to release publicly any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable laws.
16