1. Syndicated loans market in current economic environment April 2011

2. Speaker Andrey Y. Beliakov Managing Director Syndications, Trade & Structured Finance JSC VTB Bank Tel: +7 495 783 2125 Fax: +7 495 956 30 91 Email: yf01@msk.vtb.ruyf01@msk.vtb.ru

3. Contents  2010 Results  Main Current Trends  Outlook for 2011

4. 2010 Results – Global Syndicated Market  Global syndicated loan volume reached $2.92tr in 2010, up 57% on the $1.86tr recorded during 2009. 4Q 2010, at $860.2bn, was the largest quarterly volume since 2Q2008 ($873.2bn).  Global syndicated loan revenue reached $11.3bn in 2010, up 138% compared with $4.8bn during 2009 with 31% of the annual total coming in the fourth quarter.  Corporate loan volume reached $2.46tr in 2010, an increase of 57% on 2009. 4Q 2010 totaled $749.0bn, up 79% and 23% on 4Q 2009 ($419.1bn) and 3Q 2010 ($610.7bn) respectively. The 57% increase in corporate loans exceeded that of both corporate DCM and ECM which were down 16% and up 13% respectively on 2009.  Global average loan maturities climbed to four years and one month during 2010, up from three years and four months in 2009. The biggest increase in proportion came from loans with a tenor of 3-5 years which accounted for 40% of global loans, up from only 17% in 2009. Source: Dealogic; Loanradar; VTB

5. 2010 Results – Finance sector  2010 saw banks increase in confidence in lending to commodity firms, at competitive margins, which is attributable mainly to rising raw material prices and extensive global reach these companies enjoy. As such, banks have queued up to lend to the likes of commodity traders Evraz, EuroChem, Lukoil; and Ukrainian soft commodities group Kernel, to name but a few.Kernel  Banks also stepped up lending to the CIS region during the year for both corporate and financial institutions International lenders in particular - which retreated from their non-domestic markets throughout 2009 - have been coming back to the market and supporting borrowers in Russia.  Previously, banks would only lend on secured pre-export financing facilities. Now, lenders are prepared to finance unsecured deals at tighter pricing.  On secured pre-export financing facilities signed in 2009-2010 lenders agreed to tighten the pricing agreed previously Source: Dealogic; Loanradar; VTB

6. 2010 – CIS region – Corporate sector  The largest deals of the CIS region in 2010 have been the USD2bn self-arranged funding for Russian oil and gas company Tatneft, and the blowout USD1.5bn pre-export finance facility for Russian oil giant Gazprom Neft.TatneftGazprom Neft  With Tatneft, not only was the deal substantially oversubscribed and pricing reverse-flexed, but more interestingly, the facility also boasted a seven-year tranche in addition to maturities of three- and five-years.  In addition, lenders have been particularly keen to back secured trade finance transactions, such as the USD150m loan for Russian coal exporter SDS Ugol and the USD2.25bn oil revenue-backed deal for BP Caspian.SDS UgolBP Caspian  The only companies in this sector which struggled slightly to get deals away were Russian metals and coal producer Mechel, and fellow coal producer SUEK. Despite their strong results for 2010, lenders still remained cautious as to the large levels of debt at both companies.MechelSUEK Source: Dealogic; Loanradar; VTB

7. 2010 Results – Russia – Financial Institutions  In the CIS activity in the FI market has been dominated by deals done for Russian banks.  With the improved conditions in the Russian banking sector and the economy in general, a flurry of private Russian banks made a comeback to the loan market in 2010. These include UralSib, TransCreditBank, Credit Bank Moscow, Nomos Bank, Bank St Petersburg, Bank Zenit, Locko Bank, Promsvyazbank and Transcapitalbank.UralSib TransCreditBankCredit Bank MoscowNomos BankBank St PetersburgBank ZenitLocko Bank PromsvyazbankTranscapitalbank  The most recently signed, and the largest deal for a Russian FI in 2010, is the three-year USD2bn term loan for Baa1/BBB (Moody's/Fitch)-rated state-controlled Sberbank, which set a new benchmark for Russian FI borrowers with its pricing of 150bpsSberbank  Comparatively, fellow Gazprombank, whose rating is a couple of notches below Sberbank's, at Baa3/BB (Moody's/S&P), paid 250bps on its three-year deal, signed in September.Gazprombank Source: Dealogic; Loanradar; VTB

8. Main Current Trends - Global Market  Syndicated lending to Central and Eastern European borrowers stands at $7.2bn in 2011 YTD, up 15% on 2010 YTD but still down 76% on the record $29.3bn reached in 2008 YTD  Russian volume stands at $4.8bn and accounts for 67% of total syndicated loan volume from the CEE in 2011 YTD, up from 49% in 2010 YTD  Russian state-owned VEB is in talks with banks to arrange a three- year $2bn club-style loan facility. The loan is rumored to pay a margin of LIBOR+130bps. In addition to VEB other Russian FIs including VTB and Alfa Bank are looking to tap the loan market.  The Oil & Gas sector accounts for 46% ($3.3bn) of all CEE loan volume in 2011 YTD, up from just 7% ($427m) in 2010 YTD  On 11th March, two borrowers from Kazakhstan announced loans; NC KazMunaiGas ($1bn) and Eurasian Natural Resources Corp- ENRC ($500m)  Average pricing on CEE loans has fallen to 316 bps from 352 bps in 2010 YTD, the lowest level since 2008 YTD (182 bps) Source: Dealogic; Loanradar; VTB CEE Syndicated Loan Volume at Highest YTD Level Since 2008

9. Outlook for 2011 - expectations CIS – MAIN BORROWERS Azerbaidjan – high oil prices will benefit the budget which appeals to foreign investors; Belarus – lower activity of international lenders because of current turmoil; Kazakhstan – mainly corporates from commodities sector; Russia – high demand for both corporate and good FI risk; yields contracting slowly because of increased IRR requirements of international banks; Ukraine – predominantly corporate risk, very FI few names (like Ukrexim) will have access to the international syndicated loan market.