This document provides an earnings report for H1 2012. Key highlights include: - Net income surged 69.1% to RUB 1,204 million compared to H1 2011. Assets grew 5.9% and client funds increased 6.2%. - Net interest income increased 37% to RUB 4,411 million driven by a rise in net interest margin to 4.7% from 3.7% in H1 2011. - Non-performing loans fell to 8.08% of total loans and provisions covered overdue loans by 113%. Return on equity improved to 12.7%.

1. H1 2012 IFRS Results
Balanced growth across the board
Conference Call
August 22, 2012

2. H1 2012 Highlights
Net income surged to RUB 1,204 mln, up 69,1%YoY
 Assets up 5.9% for the quarter to RUB 193,908 mln
 Corporate portfolio rose to RUB 124,002 mln, up 5.1% from Q1’12
 Retail portfolio was RUB 28,274 mln, up 9.1% for the quarter
 Client funds soared to RUB 151,827 mln, up 6.2% from Q1’12
 NPL fell 60 bps to 8.08%; 1day+ overdues covered by 113%
 Net interest income was Rub 4,411 mln, up 37% from H1’11
 Net fees grew to RUB 2,417 mln, up 10% from H1’11
 NIM was up to 4.7% versus 3.7% in H1’11.
In Q2’12 it reached 4.8%, up 12bps from Q1’12
 ROE improved to 12.7% up from 8.3% in H1’11.
In Q2’12 it was 14% - highest since 2008
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3. Assets
Balanced assets structure… …contributes to higher yields on IEA
RUB bln RUB bln
194 Net interest-earning assets
184 183 Cash and Yield on net IEA, %
174 177 equivalents
34 Due from
27 40 28 banks 10.8% 11.2%
30 12 10.6% 10.4% 10.7%
0 14 Securities
14 17 9 27
21 23 25
19
Retail
loans
Corporate 150
102 103 101 106 111 loans 135 141 134 145
Other
assets
9 9 9 10 10
Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12
Liquid assets stood at 22% of total assets LTD ratio at optimal levels
RUB bln
Cash and Other assets Gross loans Customer funds
equivalents L/D ratio
Due from other
5%
banks 17%
98% 99% 101% 100%
95%
0%
Securities 6%
14%
58%
Corporate loan
Retail loan 133 135 137 138 137 145 144 143 152 152
portfolio
portfolio
Q2'11 Q3'11 Q4'11 Q1'12 Q2'12
3

4. Loans
SMEs are key growth driver in corporates… …consumer and mortgages – in retail
Rub bln
SME Individuals Administrations Large corporates
Credit cards Consumer and auto loans Mortgages
+14,7% +40,5%
+5,8% +9,1%
2.1
42.7 2.2
38.1 40.2 41.2 2.2
35.1 2.3 7.6
3.4 6.8
5.5 3.9 2.7 3.3 2.2 6.8
25.9 28.3
20.1 22.5 24.4 6.5
5.8
17.0 18.5
72.0 72.3 70.1 73.6 78.0 13.6 15.4
12.1
Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12
Balanced presence in all regions of interest Breakdown by industry
*as of 30.06.2012 Other *as of 30.06.2012
Transport
Moscow Oblast
(41%) Agriculture 11%
4%
63,062 6% Manufacturing
Construction 27%
8% RUB
RUB
Other 1% 152,276
152,276
63,099 regions(41%) mln
mln
Wholesale & 22% 19%
26,115 retail trade 2% Individuals
Moscow (18%)
Administrations
4

5. Credit quality management
NPLs dynamics Annualized cost of risk
Charges to provisions to
NPLs, RUB mln * avg gross loans, QoQ
Provisions, % of total portfolio Charges to provisions to
NPLs, % of total portfolio avg gross loans, YtD
2.14% 1.92% 2.24%
9.26% 9.44%
9.25% 9.09%
9.09% 1.78%
1.71% 1.02% 1.65%
8.40% 8.68% 1.77%
8.31% 7.70% 8.08%
11,488 12,490
11,030 1.48%
10,576 12,297
1.02%
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 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: absolute improvement across all business segments
SMEs Large corporates Retail RUB mln
+ Rub 248 mln new NPLs
No changes + Rub 138 mln new NPLs
- Rub 391 mln recoveries
11.5% 10.1% - Rub 188 mln recoveries
11.3% 11.1% 6.9%
11.0% 8.9%
10.4% 8.7% 6.2%
11.1% 10.8% 7.6%
10.7% 7.0% 8.3% 8.0%
10.4% 4.4% 4.3%
10.0% 4.9% 5.3% 3.6%
5.0% 3.4% 3.2%
8,464 4.3% 3,400 3,400
8,025 7,769 8,263 8,120 4.6% 2.7%
1,379 1,399
1,980 827 827 777
1,626 1,625
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
NPLs, RUB mln Provisions, % of total portfolio NPLs, % of total portfolio
5
15

6. Credit quality
Large SMEs Mortgages Other Total % of total
as of 30.06.2012 corporate retail loans
Gross loans, including 42,673 81,329 18,542 9,732 152,276 100.0% Provisions to
NPLs Ratio
Current loans 39,273 73,209 18,268 9,229 139,979 91,9% 113%
Past-due but not 0.2%
impaired, of them - 92 79 65 236
Less than 90
days - 92 51 56 199 0.2%
Over 90 days - - 28 9 37 0.0% Provisions to
90 days+
Impaired, of them 3,400 8,028 195 438 12,061 7.9% NPLs
Less than 90
2,558 413 15 62 3,048 2.0% 153%
days
Over 90 days 842 7,615 180 376 9,013 5.9%
Total NPLs 3,400 8,120 274 503 12,297 8.1%
Provisions (4,327) (8,488) (481) (548) (13,844) 9.1% Rescheduled
Loans
38,346 72,841 18,061 9,184 138,432
Net Loans - 4.5%
the whole amount of loans with principal overdue for more than 1 day as well
NPL - as loans with any delay in interest payments.
6

7. Liabilities and capital
Funding base grows in line with assets… … driven mostly by client funds
RUB bln Retail deposits RUB bln
194 Corporate accounts Retail accounts
184 183 Retail accounts Retail deposits Corporate deposits
174 177
Corp. accounts +12.2%
+6.2%
Corp. deposits
72 77 32
69 71 72
Securities issued 30 32 33 31 34%
18 19
19 Due to other banks 17 16 20
17 16 20 18
33 31 32
30 32 77
Other Liabilities 69 71 72 72
20 19 20 22 24 Subordinated
6 8 8
8
8 9 87
4
7
4 7
4
loans
4 4 Equity
18 18 18 19 20 20 19 20 22 24
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
FX structure remains matched Capital position exceeds the requirements
Data as of June 30, 2012 Tier 1 Tier 1 + Tier 2 CAR
under CBR rules
Assets Liabilities 14.1% (N1)
13.6% 13.4% 13.8% 13.4% 13.2%
12.0% 11.8% 11.6% 11.9% 11.8% 11.6% 11.4%
USD
13% 11%
USD,
12%
MIN
RUB, EUR,
81% EUR, 7%
7% RUB
80% Other,
Other, 0%
0% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 30.06.12
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8. Financial highlights
H1’12 H1’11 Q2’12 Q1’12
Interest income 7 887 6 674 4 118 3 769
Interest expense (3 476) (3 453) (1 856) (1 620)
Fee and commission income 2 605 2 382 1 387 1 218
Fee and commission expense (188) (184) (96) (92)
Other operating income 347 285 220 127
Total operating income 7 175 5 704 3 773 3 402
Operating expenses (4 180) (3 889) (2 138) (2 042)
Provisions (1 188) (926) (830) (358)
Provisions on non-core assets (314) 2 (1) (313)
Tax (289) (179) (126) (163)
Net profit 1 204 712 678 526
8

9. Solid interest income offsets funding costs pressure
+16.7% - Interest income added up 9.3% for the quarter
supported by higher rates on corporate loans
+9.3%
Interest Expenses
Interest Interest Income
and healthy volumes of issuance. Yields on
interest-earning assets were up 35 bps QoQ to
Income and 11.2%, highest level since 2010.
Interest 3.5 3.6 3.7 3.8 4.1
Expenses, - Interest expenses grew by 14.6% reflecting
higher rates across the deposit base filtering
RUB bln -1.7 -1.6 -1.5 -1.6 -1.9 through the P’n’L. However, pricing of retail
deposits remained stable since March 2012.
+14.6%
+11.1%
Q2’11 Q3’11 Q4’11 Q1’12 Q2’12
+54 bps
NIM
+12bps
- After a moderate decline in Q1 2012 net
NIM interest margin on total average assets picked
up 12 bps to 4.8% supported by strong
evolution 4.3% 4.6% 4.9% 4.7% 4.8% interest income. NIM for H1 2012 of 4.7%
significantly improved from 3.7% in H1 2011.
Q2’11 Q3’11 Q4’11 Q1’12 Q2’12
9

10. NIM gains on repricing of loans and deposits
Loan yields surged forward… …outpacing cost of deposits
Yields on corporate loans
Yields on retail loans Corporate term deposits
Yields on securities Retail term deposits
Current accounts
15.8% 15.7%
15.7% 14.8% 14.9%
6.1% 7.2%
5.6% 5.1% 6.3%
10.4% 10.2% 10.3% 10.3% 10.8%
6.0% 5.7% 5.7%
5.3% 6.1% 5.3% 5.8%
4.1% 4.1% 3.4% 0.2% 0.2% 0.2% 0.1% 0.1%
Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12
Spread dynamics NIM decomposition
Interest Spread
Yield on earning assets (net)
Cost of funds
-0,46%
0.74% -0,05%
11.2% -0,11%
10.6% 10.4% 10.7% 10.8%
7.1% 6.9% 6.8%
6.3% 6.4%
4.68% 4.80%
4.3% 4.0% 3.6%
3.9% 4.3% +12 bps
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
Q1 NIM Loans Deposits Other Base effect Q2 NIM
effect effect
10

11. Operating efficiency benefits from strong revenues
and costs discipline
Net interest income Net fees
Other income Operating Expenses
+19.2% - All components of operating income
+10.9% demonstrated positive dynamics with net
Operating 0.1 0.1
0.2
0.1 0.2 interest income up 5.3% and net fees up
14.7% on the back of strong business activity.
1.4 1.1 1.3
Income and 1.2 1.3
- Conservative trading portfolio preserves the
2.0 2.2 2.1 2.3 bank from significant losses during financial
Expenses, 1.9
markets turmoil, while gains from trading in
RUB bln -2.1 -2.1 -2.4 -2.0 -2.1
foreign currency on the back of turbulent
exchange rate brought trading income up
+4.7% 25%.
+2.2%
- Development of operating expenses in Q2’12
Q2’11 Q3’11 Q4’11 Q1’12 Q2’12
(+4,7% compared to Q1’12) fully complies
with the bank’s focus on cost control in 2012
-9.4 pps – personnel costs were almost flat QoQ. On a
Personnel expenses YoY basis operating expenses in Q2’12
Other expenses
increased just 2.2% mostly driven by
66% 64%
Cost to 60% 60% 57%
expenses on IT infrastructure.
Income 40% 36%
36% 37% 34% - Continued improvement of cost efficiency and
before stronger revenues supported the recovery of
cost to income ratio to 56.7% in Q2 2012 from
provisions,% 26% 24% 28% 23% 23% 66.1% for the same quarter of 2011.
Q2’11 Q3’11 Q4’11 Q1’12 Q2’12
11

12. Fees and commissions
Strongest non-interest income among peers Net fee income distribution
Cards Other Cash transactions Settlements RUB mln
Share of non-interest
income in total operating +8.3%
income b.p. vbank +14.7%
1,368
39% peer 1
1,192 1,256 364 1,126
1,291
peer 2 335 348 360
24% 25% 325
20% peer 3 253
250
226 245
219
19% 337 304
291 310 256
340 414 377
Net fee margin 353 326
0.0% 1.0% 2.0% 3.0% 4.0% Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
* Vbank data as of 1Q’12, Peer1, Peer2, Peer 3, Peer 4 – FY2011
Non-interest income breakdown by segments Key points
Q2 2012 Q1 2011 Non-interest revenues were solid in Q2 2012,
supported by positive trading gains despite turbulent
Financial Corporate Financial market environment
business
5% 4%
Net fee income grew by 14,7% QoQ on the back of
Cards Cards strong business activity. Income from settlements
24%
54%
26%
53% grew by 16%, cash transactions – by 19% and banking
cards business – by 11%
17%
17%
54% of non-interest income 54% was delivered by
Retail business corporate business, bank cards business contributed
Retail business
Corporate 24% and 17% came from the retail
business
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13. Costs
Operating expenses breakdown Earned fees fully cover personnel expenses
RUB mln Personnel expenses
Non-personnel expenses Net fee income / Personnel expenses
+2.2%
+4.7% 103%
101% 102%
1,053
820 835 784 878
94%
90%
1,271 1,224 1,352 1,258 1,260
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
Cost-to-Income ratio Costs summary
Operating expenses were under strict control in H1
72.5% 2012, fully in line with the bank’s plans for the year
62.7% 64.8%
58.3% Long-term operating efficiency project is ongoing on
52.7% the phase of building IT infrastructure to centralize
48.7%
back-office operations
Personnel expenses remained almost flat on a
quarterly basis and are again fully covered by earned
fees and commissions
2007 2008 2009 2010 2011 H1 2012
Cost to income ratio for H1 2012 declined from 68.2%
for H1 2011 to 58.3% closer to normalized levels
13

14. Continued improvement of performance despite
conservative provisioning
+52.2%
+20.2% - Operating profit before provisions
Operating Operating profit before provisions
Provisions
demonstrated visible improvements both on
the quarterly (+20.2%) and year-on-year basis
profit and (+52.2%), driven by solid revenue base and
moderate controlled expansion of operating
provisions, 1.4 1.4 1.4
1.6 costs.
1.1
RUB bln - Significant hike of provisioning in Q2’12 to Rub
-0.6 -0.7 -0.7 -0.4 -0.8 830 mln on contrast to quite low charges of the
previous quarter brought cost of risk for H1
2012 to 1.65% - comfortable level in a view of
Q2’11 Q3’11 Q4’11 Q1’12 Q2’12 uncertain market conditions.
+71.6%
+28.9%
Net profit - Net profit gains momentum for the 10th
Net profit, consecutive quarter, bringing ROE to 14% in
Q2’12. Thus, the bottom line grew by 72% YoY
RUB bln and 29% QoQ.
0.678
0.471 0.526
0.395 0.411
Q2’11 Q3’11 Q4’11 Q1’12 Q2’12
14

15. Earnings generation capability
ROE, % ROA, %
14.0%
11.2%
10.4% 1.44%
9.1% 9.3%
1.15%
1.05%
0.91% 0.94%
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
Value generation Key points
* % of average assets
Profitability is on track – strong cost efficiency and
3.21% 1.76%
optimal structure of assets and liabilities contributed to
2.67% further improvement of ROE – it reached 14% in Q2 2012
4.80%
The bank is taking advantages on continued repricing
1.9%
on both sides of the balance sheet due to careful A&L
0.27% management. Still conservative on provisioning,
1.44%
operating efficiency is to add up value going forward
NIM Non-interest Provisions HR costs Non-HR Tax Net profit
income costs
15

16. Key takeaways of Q2 2012
Well-managed assets …supported by robust
structure… funding…
 Sharpened focus on profitable SME and retail
 Benefits from wide client base – ability to
supported by healthy loan demand
attract funding at reasonable rates
 Strong liquidity position maintained
 Retail deposits – main contributor of growth
 Conservative securities portfolio defends from
 High share of interest-free funds
significant losses
 Loans-to-Deposits at optimal 100%
 Positive NPLs dynamic
…leads to revenues …to further benefit from
boost… operating efficiency
 Strong focus on efficiency improvement lead
 Visible NIM expansion to decline of Cost-to-Income ratio
 Higher yields on loan portfolio offset increased  Strict control over operating expenses
funding costs  Future benefits from operating efficiency
 Strong fees support revenue base project:
- centralization of back-office
 10 consecutive quarters of mounting net profit - focus on remote channels
- shift to front-office operations
16

17. 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
17

18. 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.
18