Q1 2014 IFRS Results

Flexibility adds value

Conference Call

May 28, 2014

2

12 13 13 13 12

149 150 155 156 158

11 12 14 12 7 6,4 1 1

1 1 1 37 40 33 29 26

210 216 217 211 211

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Cash andequivalents

Due from banks

Invest. securitiespledged under repos

Securities

Net loans

Other assets

IEA 80%

IEA 82%

Assets and liabilities

Interest-earning assets grew to 82% of balance sheet Diversified funding structure

Liquid assets share at a comfortable level L/D ratio up as client funds replaced by CBR financing

RUB bln RUB bln

RUB bln

21 21 22 22 23 7 7 5 4 4 3 1 1 4 1

7 9 9 10 14

163 169 171 162 153

5,5 8

8 9 9 10 210 216 217 211 211

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Due to other banks

Borrowed funds fromrepos with CBR

Client funds

Securities issued

Other liabilities

Subordinated loans

Equity

164 167 173 168 172 163 169 171 162 153

101% 99% 102% 104%

112%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Gross loans Customer funds L/D

29 26

5 5

6,9

1,7

6,4

19,4% 18,3%

Q4 2013 Q1 2014

Securities pledged underrepos with CBR

Investment securitiesavailable for sale

Trading securities

Cash and cash equivalents

3

26 26 25 24 20

35 36 37 31

29

60 62 62

55

49

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Corporate deposits Corporate accounts

Customer funds - corporate

Corporate client funds continues dropping… … but not due to clients loss

RUB bln

Key points

30,7 31,9 30,4 26,4 26,2

33 32 33 32 32

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Average balances on corporate current accounts, Rub mln

Number of accounts, thousand

FX structure

91%

7%

2%

Rub 48.6

billion

Rouble

US Dollar

Euro

We are reluctant to raise corporate deposits, a volatile

funding source, due to fierce competition and heightened

market rates.

A decline in corporate accounts resulted from lower

average balances across the whole client base that

reflected customers’ search for diversification and growing

needs of their own businesses in working capital.

Share of FX corporate funds grew from 7% to 9 % QoQ on

the devaluation effect.

-12.3%

4

Customer funds - retail

Retail client funds Credit turnover on card accounts growing

RUB bln

84 87 91 87 89

18 20 18 19 16

103 107 109 106 104

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Retail deposits Balances on card accounts RUB bln

Key points

73%

19%

8%

Rub 104,5

billion

Rouble

US Dollar

Euro

0

5

10

15

20

25

30

FX structure

2012 2013 2014

RUB bln

Q1 2012

38.9

Q1 2013

40.3

Q1 2014

41.4

The decline in retail funds was reasoned by seasonal

outflow from card accounts during long New Year and

Christmas holidays. However, the credit turnover in Q1

2014 improved by 2,7% YoY.

FX deposits were in clients’ demand with the proportion in

total retail funds growing to 27%.

Excluding revaluation effect, retail FX deposits grew by

3,4%.

-1.5%

5

Loan portfolio

Corporate portfolio free of uncollectable NPLs Retail portfolio with mortgages leading the way

RUB bln RUB bln

46,1 50,8 52,0 51,4 51,6

83,4 78,4 80,0 73,3 75,6

1,2 0,9 0,7 0,9 0,5

131 130,2 132,6

125,6 127,8

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Large corporates SMEs Administrations

59%

+1,7%

22,8 24,9 27,6 29,5 30,6

8,7 9,8

10,7 11,0 11,2

2,1 2,1

2,2 2,1 2,1

33,6 36,8

40,5 42,6 43,9

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

MortgagesConsumer and car loansCredit cards

The 3rd mortgage

securitization deal

on RUB3,45 billion

was successfully

closed in March

2014

70%

+2,8%

FX structure *

90%

7%

3%

Rub 171,6

billion

Rouble

US Dollar

Euro

As of April 1, 2014

20%

41% 18%

10%

11%

Moscow Other regions

South

Regions

North-West

Regions

Moscow Region

As of April 1, 2014

Rub 171,6

billion

Regional diversification of loan portfolio *

*Loan portfolio before provisions for impairment

6

7 772 7 939 8 671 3 518 3 882

9,8% 10,6%

11,1%

5,3% 5,3% 9,2% 10,0% 10,8%

4,7% 5,1%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

SMEs

8 098 8 229 8 135 7 517 7 517

13,3% 14,1%

15,2%

14,8% 16,1%

17,6% 16,2%

15,6%

14,6% 14,6%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Large corporates

NPLs, Rub mln Provisions, % of total portfolio NPLs, % of total portfolio

1 009 1 102 1 810 1 350 1 730

3,6% 3,7% 3,2%

1,9% 2,0%

3,0% 3,0%

4,5% 3,2%

3,9%*

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Retail

Credit quality management

15

2,10%

0,57%

3,11% 3,12%

2,46% 2,10%

2,30%

2,90% 2,79% 2,46%

Q1 2014Q4 2013Q3 2013Q2 2013Q1 2013

Charges to provisions to avg gross loans, QoQ

Charges to provisions to avg gross loans, YtD

+Rub 553 mln new NPLs

-Rub 149 mln recoveries

-Rub 40 write-offs

+Rub 776 mln new NPLs

-Rub 396 mln recoveries

14 102 16 879 17 270 18 616 12 385 13 129

9,40%

9,54% 10,13% 10,46%

7,36% 7,70%

9,02%

10,28% 10,35% 10,75%

7,36% 7,65%

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

NPLs, Rub mlnProvisions, % of total portfolioNPLs, % of total portfolio

*

no new NPLs

no recoveries

NPLs categorization

Annualized cost of risk NPLs dynamics*

* 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

*2,0% of which is overdue less than 30 days

7

Credit quality

As of 31.03.2014 Large

corporates SMEs Mortgages Other

retail Total

Gross loans, including 51,573 76,178 30,622 13,233 171,606

Current loans 85.4% 94.9% 97.0% 93.9% 92.3%

Past-due but not impaired, including - 0.3% 2.4% 1.8% 0.7%

Less than 90 days - 0.1% 2.3% 1.7% 0.6%

Over 90 days - 0.2% 0.1% 0.1% 0.1%

Impaired, including 14.6% 4.8% 0.6% 4.3% 6.9%

Less than 90 days - 0.8% 0.1% 0.5% 0.4%

Over 90 days 14.6% 4.0% 0.5% 3.8% 6.5%

Total NPLs 14.6% 5.1% 3.0% 6.1% 7.7%

Provisions -16.1% -5.3% -0.9% -4.6% -7.7%

Net Loans 43,274 72,151 30,338 12,630 158,393

Provisions to

NPLs Ratio

101%

Provisions to

90 days+ NPLs

116%

Rescheduled

Loans

6.5%

NPL - the whole amount of loans with principal overdue for more than 1 day as well as loans with any delay in

interest payments.

RUB mln

8

Financial highlights

As of 31.03.2014 1Q14 4Q13 1Q13 YoY QoQ

Interest income 5,063 5,005 4,451 13.7% 1.2%

Interest expense (2,472) (2,359) (2,271) 8.9% 4.8%

Fee and commission income 1,101 1,148 1,222 -9.9% -4.1%

Fee and commission expense (185) (208) (115) 60.9% -11.1%

Other operating income 138 96 203 -32.0% 43.8%

Total operating income b.p. 3,645 3,682 3,490 4.4% -1.0%

Operating expense (2,187) (2,417) (2,091) 4.6% -9.5%

Provisions for loan impairment (893) (244) (985) -9.3% x3.7

Provisions for impairment of other assets (9) (121) 21 - -92.6%

Taxation (128) (176) (102) 25.5% -27.3%

Net profit 428 724 333 28.5% -40.9%

RUB mln

9

Target on NIM achieved

Net interest income evolution NIM decomposition

Recent changes of retail deposit rates Spread dynamics

4,5 4,6 4,9 5,0 5,1

-2,3 -2,4 -2,5 -2,4 -2,5

2,2 2,2 2,4 2,6 2,6

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

RUB bln

+0,15% -0,09% -0,17% +0,07%

Loans Deposits Other Base effect

4,2% 4,2% 4,5%

4,9% 4,9%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

6,4% 6,4% 6,7% 6,9% 6,6%

11,2% 11,5% 11,8% 11,8% 11,9%

4,8% 5,0% 5,1% 4,9% 5,3%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Spread (net)

Yields on earning assets (net)

Cost of funds6 Months

RUB

1,5-year

RUB

6 Months

FX

1,5-year

FX

Sep’13 - -0,25 pps

Feb’14 - - -0,5 pps –

-0,6 pps

-0,5 pps –

-0,6 pps

Mar’14 - +0,5 pps –

+1 pps

-0,1 pps –

-0,3 pps

-0,1 pps –

-0,3 pps

10

1 107 1 215 1 247

940 916 1 058

1 137 1 145 1 169

1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014

Net fee incomeNet fee income with corrected gradual accruals of one-off reclass

-1,0 -1,3 -1,3 -0,4 -0,9

1,4 1,5 1,7 1,3 1,5

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Provisions Operating profit before provisions and taxes

2,2 2,2 2,4 2,6 2,6

1,1 1,2 1,2 0,9 0,9 0,20 0,22 0,14 0,10 0,14

-2,1 -2,1 -2,1 -2,4 -2,2

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Net interest income Net fees Other income Operating Expenses

Operating results

Net profit Operating profit under provisions pressure

Stable operating result Net fees

RUB bln

RUB bln RUB mln

333 188 247

724

428

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Net profit RUB mln

-1.0%

+15.3% -40.9%

-21.6%

+4.2%

+4.4%

+28.5%

-13.4%

11

11,9% 11,7% 11,4% 12,0%

8,8% 9,7%

14,9% 14,6% 13,2%

13,8%

11,2% 11,6%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q4 2013 Q1 2014

Tier 1Tier 1 + Tier 2

Total regulatory capital (Н1.0)

Common equity Tier 1 (Н1.1)

Efficiency indicators

Operating efficiency Capital adequacy

Cost-to-Income ratio, %

ROA, % ROE, %

Basel I

Basel III

26,7% 28,8%

31,2%

23,0% 25,8%

6,3% 3,5% 4,6%

13,2% 7,6%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Operating profit before provisions and taxation / Average equity

ROE

2,7%

2,9% 3,1%

2,4% 2,8%

0,6% 0,4% 0,5%

1,4% 0,8%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Operating profit before provisions and taxation / Assets

ROA

59,9% 58,2% 56,0%

65,6%

60,0%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

12

Questions and answers

investor@voz.ru

http://www.vbank.ru/en/investors

Elena Mironova

Deputy Head of IR

+7 495 620 90 71

E.Mironova@voz.ru

Andrey Shalimov

Deputy Chairman of

the Management Board

A.Shalimov@voz.ru

13

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.