News and Press Releases

4 May 2009

OJSC “VTB-Leasing” Announces 2008 Results

Unaudited financial statements for 12 months ending December 31, 2008 published
Moscow, April 30, 2009 – OJSC “VTB-Leasing” announces unaudited financial results of its operations (under IFRS, International Financial Reporting Standards) as of December 31, 2008

Assets increased by 14% to US$ 4 bn (at the end of 2007 assets stood at US$ 3.5 bn)
Revenue from core operations increased by 88% compared to 2007 and reached US$ 451 mn
Net income for 2008 is US$ 16.6 mn
The company’s capital at end 2008 was US$ 125 mn.

Consolidated leasing portfolio (total amount of clients’ obligations under leasing contracts less leasing payments already made), including leasing deals by both OJSC “VTB-Leasing” and its subsidiary companies as of end 2008 was US$6.1 bn.

The key sectors in the industry breakdown of the company’s leasing portfolio (as of the end of 2008) were:
Railroad rolling stock and equipment – 37.8% of total (US$ 2.3 bn)
Aviation equipment – 26.0% of total (US$ 1.6 bn)
Oil production and processing equipment – 14.9% of total (US$ 0.9 bn)
Power generation and machine-building equipment – 11.4 of total (US$ 0.7 bn)

Taking into account the growing risks stemming from the evolution of the global financial crisis and its impact on various sectors of the economy and operations of the company’s lessees, OJSC “VTB-Leasing” created in 2008 significant provisions for impairment of assets in the amount of US$ 24.1 mn.

According to the results of 2008  OJSC “VTB-Leasing” maintains its leadership positions by leasing portfolio volume among the leasing companies of the Russian Federation. The Company also is Russia’s largest by amount of leasing payments received in 2008 and by amount of asset acquisitions. Expert RA ratings agency recognized “VTB-Leasing” as the best leasing company in the “Aircraft leasing” nomination.

Mr. Andrey Konoplev, General director and member of the board of directors of OJSC “VTB-Leasing”, announced: “Based on our 2008 results the Company maintained its leadership positions in the leasing services market of the Russian Federation. We must admit that the decline in production volumes and financial performance indicators has affected all our clients without exception. If we look at our distressed and non-performing leasing contracts and compare our numbers to the average data for the Russian market, we will see that “VTB-Leasing” has some of the lowest percentages due to the fact that our main clients are leaders in their respective industries. Our objectives for 2009 are to maintain a high-quality leasing portfolio, start providing our services to new clients from industries that we did not serve before and expand our geographic coverage both in the Russian Federation and in the CIS countries.”

Public Relations department:
Tel.: +7 (495) 514-16-51

Information on VTB Leasing
OJSC “VTB-Leasing” is a universal leasing company.
VTB Leasing is the leader in the leasing services market and maintains its strong competitive positioning in the main segments of services provided.
VTB Leasing was established in June 2002. JSC Bank VTB is the sole shareholder in the company.
Charter capital of “VTB-Leasing” is 620 mn rubles. Currently the company is expanding its charter capital by 1.6 bn rubles through an additional issue of shares in VTB Leasing.

VTB Leasing is presently one of the leading Russian leasing companies offering a broad range of leasing services and covering both the territory of the Russian Federation and foreign countries.

Liability Disclaimer
Certain information items contained in this press release may contain forecast indicators or other forward-looking statements relating to future events of future financial activities of OJSC “VTB-Leasing” (“VTB-Leasing”). Forward-looking statements can be identified by the presence of terms “expect”, “assume”, “plan”, “evaluate”, “intend”, “will/shall”, “possibly”, “may”, “probably”, presence of those terms expressed in the negative or presence of other terms and expressions of similar meaning. Such statements are of an exclusively forecasting nature; actual events or performance indicators may materially differ from those referred to in forward-looking statements. “VTB-Leasing” does not intend to amend or correct such statements in order to reflect events and circumstances arising after the date of this press release or the occurrence of unforeseen events. There is a multitude of factors individually capable of materially changing actual performance results from our assumptions or forecasts. Such factors include (but are not limited to) general economic conditions, our competitive environment, risks related to doing business in Russia, rapid technological and market changes in our areas of activity as well as multiple other risks specifically relating to “VTB-Leasing” and its operations.
This document is not an offer to sell of an invitation to sale or issue of securities or to any offer to sell or subscribe to any securities of OJSC “VTB-Leasing” or its subsidiaries and regional branches and does not represent a part of such an offer; this document, any part thereof or the fact of this document’s publication cannot be relied upon with regard to any agreement or investment decision; this document is not a recommendation on securities issued by “VTB-Leasing”, its subsidiaries and regional branches.
This press release is not a public offer or an advertisement of securities in the territory of the Russian Federation, is not an offer to sell or an invitation to make an offer for purchase of any securities in the territory of the Russian Federation.


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