The bank reported good operating performance in the challenging first quarter of 2009. While net profit decreased 43% due to higher loan loss provisions, operating income grew 39% and operating expenses fell 13% due to cost control efforts. The bank maintained a strong capital position with an 18.5% capital adequacy ratio and liquidity ratios remained healthy despite a contracting loan portfolio and rising unemployment and inflation in Russia during the quarter.

1. Q1 2009 IFRS Results
Good operating performance in first challenging quarter
Conference Call
May 27, 2009

2. Contents
• Macroeconomic overview
• Highlights of financial results
• Risk management
• Recent developments
• Q2 2009 expectations
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3. Macroeconomic Overview
Industry Growth, % YoY Main factors that influenced Bank’s activity
120%
115%
- Russia Q1 2009 GDP growth was negative – 9,5%.
110%
New official FY2009 GDP forecast by the Ministry of
105%
Economic Development - 6% decline.
101%
100%
95% 91% 90%
- At the Q1 end quarter inflation amounted to 5,4%.
90%
87%
86% Currently trend slowed down resulted in reduction
84%
85% CBR refinancing rate from 13% to 12,0%
80%
01.02.08 01.05.08 01.08.08 01.11.08 01.02.09
- Situation in labour market deteriorated significantly.
Unemployment up to 9,5% as Russian companies
Unemployment and Income
continued to cut stuff. This is 2,4% higher than year
Unemployment,% (left axis)
10%
Real Disposable Income, % YoY (right axis)
9,50% 115,0 ago.
109,2 110,0
8% 107,6
105,0 - Manufacturing reduction in March resulted from
6%
7,10% 7,00% 105,0 domestic slowdown and export deceleration.
99,9
5,40%
5,80%
100,0
Index of Manufacturing in Q1 2009 amounted to
4% 93,9 85,7% YoY.
95,0
2%
90,0 - Banks’ loan books shrank during Q1 2009 and
pushed up NPL growth in corporate and retail
0% 85,0
01.03.08 01.06.08 01.09.08 01.12.08 01.03.09 sectors to 3,5% and 4,7% respectively
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4. Q1 2009 Financial highlights
Q1 2009 Q1 2008 Change YoY
Total Deposits 90 062 87 503 +2.9%
Total Net Loans 93 027 81 317 +14.4%
Loan to Deposit ratio 110.3% 99.5% 10.4 p.p.
Total Operating Income 3 617 2 606 +38.8%
Total Operating Costs - 1 390 - 1 589 -12.5%
Net Profit 386 681 -43.3%
Cost to Income ratio 38.4% 61.0% -22.4 p.p.
Capital Adequacy Ratio 18.5% 15.9% +2.6 p.p.
ROE 10.1% 22.3% - 12.2 p.p.
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5. Core revenues are still resilient
+43%
+4,5%
Interest Income
Interest Expenses - Re-pricing of corporate loan
Interest portfolio as a result of adverse
market conditions allowed us to
Income and 3,9 4,4 4,6 increase Q/Q interest income by 5%
3,3 despite loan portfolio contraction
2,9
Interest
Expenses, -1,2 - 22% increase of funding costs
-1,4 -1,7 -1,8 -2,2
RUB bln resulted from retail deposits rates
growth and relatively high cost of
+22% CBR funding
+83%
Q1’08 Q2’08 Q3’08 Q4’08 Q1’09
+0,9pps
- Net interest margin decreased by
0,8 pps Q/Q pressured by rising
7,5% deposits rates.
6,4% 6,7% 6,7%
5,8%
NIM
evolution
Q1’08 Q2’08 Q3’08 Q4’08 Q1’09
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6. Tight control over expenses
Net Interest income Other Income
+38%
Net Fees Operating expenses
0,3 - Q/Q contraction of client transaction
0,1 1,2 0,4
0,2 due to more then 10 holidays during
1,1 0,9
Operating 0,1 1,0 quarter and overall slowdown of
0,8 business activity resulted in - 25%
Income and 2,0 2,3 2,6 2,3
net fee income, but it’s still more
1,7 then in Q1 2008
Expenses,
- Operating expenses 30% Q/Q
RUB bln -1,6 -1,8 -1,7 -2,0
-1,4
decrease was mainly supported by
personnel and administration
-30%
expenses cuts
-13%
Q1’08 Q2’08 Q3’08 Q4’08 Q1’09
-22,6pps
- Cost-to-Income ratio reduced by
61,0%
54,7% 22,6 pps as a result of strategic cost
47,8% 50,0% reduction program. Target 2009 -
Cost to focus on cost management with key
38,4%
Income area of saving – staff costs.
before
provisions,%
Q1’08 Q2’08 Q3’08 Q4’08 Q1’09
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7. Net profit decrease caused by higher charges to provisions
+120% - Operating profit before provisions
Operating profit before provisions
+10% grew by 10% QoQ and by 120%
Operating Provisions YoY.
profit and 1,5 1,8 2,0 2,2
1,0 - Above-plan Q1 profit allowed us to
provisions, -0,1 -0,3 apply conservative provisioning for
-0,6
-1,2 loan impairment. Charges grew by
RUB bln -1,6
16 times YoY
Q1’08 Q2’08 Q3’08 Q4’08 Q1’09
-43%
Net profit - Net profit was 33% less than in Q4
2004 due to significant charges to
Net profit, -33% provisions for loan impairment
RUB bln 0,9 1,0
0,7 0,6
0,4
Q1’08 Q2’08 Q3’08 Q4’08 Q1’09
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8. Credit Quality Management
NPL growth Distribution of exposure remains well-diversified
Provisions, % of Total Loans 6,4% Other
NPL, % of Total Loans * Industry
of them impaired, % of Total Loans Transport 13%
5,0% 5,9%
4,8%
State 10% 24%
3,6% 3,5% 4,7%
organizations
3,4% 5% RUB
81,351
2,5% 2,2% Finance 4% Construction
1,8%
mln.
1,4%
13%
0,6%
Wholesale & 26% 5%
2005 2006 2007 2008 Q1 2009
retail trade
* NPL includes the whole principal of loans at least one day
Agriculture
overdue (either principal or interests)
Retail over-due loans* Corporate loans breakdown by number
6,0% Up to 30 mln
Overdue loans on credit cards 30-100 mln
More than 90% of
5,0% Overdue car and consumer loans 100-750 mln 1% loans are less
Overdue mortgages/mortgage portfolio 11%
4,0%
more than 750 mln than
RUB 100 mln
3,0% 16%
1509
2,0% borrowers
1,0%
72%
0,0%
01.01.06 01.07.06 01.01.07 01.07.07 01.01.08 01.07.08 01.01.09
* Over-due includes the whole principal of loans at least 30 day overdue
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15

9. Credit quality breakdown
Large SMEs Mortgages Other Total % of
corporate retail total
as of 01.04.2009 loans
Gross loans, including 22 726 58 625 8 924 9 146 99 421 100.0%
Current loans 22 224 54 323 8 425 8 579 93 551 93.4%
NPL, of them 502 4 302 499 567 5 870 5.9%
past-due less than 30 - 580 244 145 1 387 1.4%
days
past-due over 30 days - 60 184 5 438 0.4%
Impaired 502 3 662 71 417 4 652 4.7%
Provisions - 1 176 - 4 480 - 271 - 467 - 6 394 6.4%
Net Loans 21 150 54 145 8 653 8 679 93 027 -
Restructured loans FY2008 Q1 2009
(at the end of reported 44 loans 2,7% of 65 loans 3,7% of
period) corporate loans corporate loans
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10. Prepared for economy deterioration
Strong liquidity position Recovery of retail deposit base
RUB bln RUB bln
141 Cash &
137 138 141
equivalents 137 138 Retail deposits
132 132
18 29
16 30 Retail accounts
117 1 Due from 117 40
8 other 43 44
10 2 banks 41 Corporate
18 0,2
11 accounts
8 20 10
5 38 Corporate
Securities 12
8 18 19 17 deposits
13 10
13
17 Securities
22
issued
12 21
Retail loans 26
27 Due to other
banks
17
24 15
83 Syndicated
6 5 loans
75 76 76 22
Corporate 20
64 loans 13 21 Other Liabilities
19
7
7 8
3 2
3 3 3 3
3 2 5 Subordinated
4
Other 3 4 loans
assets 13 14 15 15
13
5 5 7 5 5 Equity
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009
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11. Monthly balance sheet changes (under RAS)
Slightly lower loan book during the quarter Decreasing share of CBR funding
RUB bln RUB bln
141 143 143 138 138 141 143 143 138 138
6% 4% 5% 5% 5% Cash & equivalents
2% 2% 2% 13% 13% 12% 12% CBR loans
4% 3% 14%
1% 1%
15% 15% 1% 1%
12% 17% 16% Budget accounts
Accounts w ith CBR
8% 8% 7%
7% 7% Retail clients accounts
Due from banks 36% 37% 38% 39% 38%
13% 13%
13% 13% 12% Current accounts
Securities
Corp clients deposits &
veksels
15% 13% 13% 14% 15%
Retail lending Bonds
54% 55% 53% 56% 51%
16% 16% 15% 15% 14% Due to banks
Corporate lending
2% 2% 2% 2% 2%
4% 5% 5% 4% 4% Other liabilities
2% 2% 2% 2% 3%
Other assets
11% 11% 11% 12% 11% Equity
3% 3% 3% 3% 5%
01.01.09 01.02.09 01.03.09 01.04.09 01.05.09 01.01.09 01.02.09 01.03.09 01.04.09 01.05.09
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12. Currency and capital management
No mismatch in currency structure Capital adequacy
Data as of May 01, 2009
Assets Foreign currency assets CAR
Tier 1 Tier 1 + Tier 2
USD under CBR rules
- Correspondent accounts (H1)
18%
- Cash 18,5%
Other
- Eurobonds of best 17,34%
8% 16,5%
RUB Russian corporates 15,8%
74% 15,0%
14,4% 14,4%
Moderate 12,9% 12,6%
12,0% MIN
influence on CAR 11,7%
11%
Liabilities
Foreign currency liabilities (less capital)
- Retail deposits USD
18%
- Corporate funds
Other
RUB 8%
63% Equity
Trend for conversion 11%
stopped in Feb’09
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 01.05.09
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13. Retail funds trends
Retail deposits, 2006-2009 Card accounts, 2006-2009
’000 acc. RUB bn
RUB bln 1220 17
50 Credit turnovers, rub bln
1160 16
RUB Balances, rub bln
RUB 43.7 bln 1100 Active accounts,'000 15
43.4 bln
1040 14
40
980 13
920 12
We managed to 860 11
achieve initial level of
30 deposits in February, 800 10
2009 (in ruble terms). 740 9
680 8
620 40,2 7
20
560 126 6
Oct08 Dec08 Jan09 Feb09 500 5
89
Vbank -12.9% +9.1% +4.3% +1.9% 440 4
10
Sector -6.0% +6.9% +3.5% +1.7% 380 66 3
320 2
260 1
0 200 0
2006 2007 2008 2006
2006 2007
2007 2008
2008 2009
2009
Source - CBR, estimates - Vozrozhdenie
13

14. Interest rates management
Rates on loans Rates on funding
Credit cards, RUB Consumer loans, RUB Retail, RUB 1 year Retail, USD 1 year
25 Mortgages, RUB Corporate loans 25 Corporate, RUB 1 year Corporate, USD 1 year
20
20
15 15
10 10
5 5
01.10.07 01.01.08 01.04.08 01.07.08 01.10.08 01.01.09 01.04.09 01.10.07 01.01.08 01.04.08 01.07.08 01.10.08 01.01.09
Yield and cost of funding Spread
Yield Cost of funding 17,3%
15,9%
14,1%
12,3% 13,0% 10,1% 10,1%
8,1% 8,6%
7,5%
7,2%
5,6% 5,8%
4,8% 4,9%
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009
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15. First results of work on cost efficiency
Assets per employee growth Change of headcount
RUB mln
+2.3%
+18.9%
-1%
6183 6260 6322 6414 6348
22,0
21,6
21,2
20,2
18,5
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009
Staff costs per employee reduction Income per employee growth
Operating Income before provisions, RUB mln
Staff costs, RUB mln 190
Monthly Operating Income per Employee (RHS), rub '000
Monthly staff costs per employee (RHS), rub '000
1500 70 4200 220
140
1250 56.9 65 3500 200
42.7
1000 60 2800 180
750 55 2100 160
500 50 1400 140
250 45 700 120
0 40 0 100
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009
15

16. What we expect in Q2 2009
Continuing credit quality deterioration
Very conservative provisioning
Positive operating results
Cost efficiency
16

17. Questions and answers
Julia Vinogradova Andrei Shalimov
Advisor to the Chairman Member of the Management Board
+7 495 705 91 44 Head of Treasury
Yu.Vinogradova@voz.ru A.Shalimov@voz.ru
investor@voz.ru http://www.vbank.ru/en/investors
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