9M’2018 Results

November 8, 2018

Dmitry PyanovSenior Vice President, Head of Finance Department

Leonid VakeyevHead of Investor Relations

29M’2018 Results | 08-Nov-18

Forecast2018

1.9

70

4.2

7.5

1.6

71

3.4

7.5

Current indicators

GDP, %

Oil price (Urals, avg), $

CPI, %

CBR key rate (eop), %

9m

9m

Sep 18 /Sep 17

MACRO & MARKET ENVIRONMENT

(1) Source: GDP, oil price - Ministry of Economic Development, CPI – Rosstat, market growth – the Bank of Russia.

Market growth9M’2018 A

8.6

16.4

10.3

3.6

9m

9m

9m

Corporate loans, %

Retail loans, %

Corporate deposits, %

Retail deposits, %

9m

Market growth2018 F

9-11

21-22

10-11

6-8

9m

Current estimation

39M’2018 Results | 08-Nov-18

GOOD PROGRESS IN DELIVERING FY 2018 RESULTS

Tangible improvement

of profitability

Enhanced cost efficiency

+1.2% YoY

-6.7 ppt YoY

Costs growth

Cost / Income ratio 39.1%

Costs growth

Cost / Income ratio 38.5%

ROE 12.9%

Net profit 139.7 RUB bn

+5.9 ppt YoY

+86% YoY

9M’18

ROE 11.2%

Net profit 41.2 RUB bn

+137% YoY

+6.4 ppt YoY

3Q’18

+0.3% YoY

-10.3 ppt YoY

9M’18 3Q’18

Robust business growth +13.7% YTD

+5.4% YTD

Corporate loans 8,306 RUB bn

Corporate deposits 5,820 RUB bn

+11.4% QoQ

+6.8% QoQ

9M’18 3Q’18

+14.7% YTD

+13.6% YTD

Retail loans 2,663 RUB bn

Retail deposits 3,920 RUB bn

+0.8% QoQ

+2.2% QoQ

Corporate loans 8,306 RUB bn

Corporate deposits 5,820 RUB bn

Retail loans 2,663 RUB bn

Retail deposits 3,920 RUB bn

Starting from 3Q’18, Post Bank is

accounted as JV

49M’2018 Results | 08-Nov-18

75.3

343.7

67.0-6.6

404.2

-118.2

-185.0

-25.6 -0.1139.7

358.6

69.4

50.9

478.9

-111.4

-187.3

-40.5

-

Net profitNet interest income

Net fee and commission income

Other income Net operating income

Provision charge (1) Income taxStaff and administrative

expenses

9M’17 9M’18

NIM

4.1% 4.0%

ROE

7.0%12.9%

4%

4%

9x18%

6%

1%

58%

86%

COR

1.6%1.5%

NCM

0.7% 0.7%

CIR

39.1%

ETR25.3%

9M’18 KEY DRIVERS OF NET PROFIT GROWTH

(1) Provision charge for credit losses and other provisions.

RUB

bn

45.8%

22.5%

59M’2018 Results | 08-Nov-18

39.1%45.8%

113.9110.8

73.474.2

187.3185.0

9M'189M'17

38.435.839.7 44.4 34.9

24.225.823.4 31.5

27.5

62.661.663.175.9

62.4

3Q'182Q'181Q'184Q'173Q'17

96% 96% 96% 96%95%

4% 4% 4% 4%

5%

97,522 96,957 96,062 96,610

78,133

30-Sep-17 31-Dec-17 31-Mar-18 30-Jun-18 30-Sep-18

Staff costs and administrative expenses RUB bn

Cost / Income ratio

Cost / Avg. assets

Staff costs (1)

Administrative expenses

Number of employees

Core business

Non-core business

(1) Including pensions.

38.5%37.6%41.3%40.3%48.8%

1.8%1.8%2.0%2.3%1.9%

1.9%2.0%

Effect of consolidation of Post Bank as JV:

c. 21,000 employees

Including c. 5,750 employees of VTB Insurance

flat

+1%

-20%

ENHANCED COST EFFICIENCY

69M’2018 Results | 08-Nov-18

3,451 3,613 3,834 3,920

3,622 3,819 4,064

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

2,322 2,370 2,493 2,663

2,534 2,599 2,749

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

5,523 5,514 5,775 5,820

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

7,307 7,354 7,4588,306

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

Loans to legal entities RUB bn

Deposits of legal entities RUB bn Deposits of individuals RUB bn

Loans to individuals RUB bn

BUSINESS GROWTH

+1% +1% +11%

flat +5% +1%

+5% +6% +2%

+2% +5% +7%

+5%

+14% ytd

+5% ytd

+9%Banking sector growth:qoq ytd

+7% +16%Banking sector growth:qoq ytd

+0% +4%Banking sector growth:qoq ytd

+4% +10%Banking sector growth:qoq ytd

+14% 9M ytd

+15% 9M ytd

Post Bank accounted as JV

Post Bank accounted as JV

Post Bank contribution

Post Bank contribution

% change adjusted for Post Bank

% change adjusted for Post Bank

79M’2018 Results | 08-Nov-18

1.5%

1.4%

9M'18 9M'18

PROFORMA EFFECT OF POST BANK DECONSOLIDATION

Deposits of individuals RUB bn

3,4523,920

01-Jan-18 30-Sep-18

14%

Loans to individuals RUB bn

2,322 2,663

01-Jan-18 30-Sep-18

15%

CoR %NIM % CIR %

Post Bank accounted as JV

As reported Post Bank accounted as JV

Post Bank accounted as JVROE %

12.9%

13.0%

9M'18 9M'18

4.0%

3.8%

9M'18 9M'18

39.1%

36.8%

9M'18 9M'18

As reported Post Bank accounted as JV As reported Post Bank accounted as JV

As reported Post Bank accounted as JV

89M’2018 Results | 08-Nov-18

FY’2018 GUIDANCE

Initial guidance

Loans to legal entities

Loans to individuals

Actual 9M’18

CIR CoR NIM Net profit

growth 40 % 1.5 % 4 %market growthgrowth 170

RUB bn

39.1 % 1.5 % 4.0 % 140RUB bn

Updated guidance 40 % 1.5 % 170

RUB bn4 %market growthmarket growth

growth

market growth

growth

15%*

market

16%

* Post Bank accounted as JV.

9%

market

14%

2018

9M’2018 FINANCIAL APPENDIX

109M’2018 Results | 08-Nov-18

92% 92%

8% 8%

795.2 764.6

9M'17 9M'18

Yield on total interest bearing assets

Interest income and average yields RUB bn

Customer loans (gross)

Other interest bearing assets

Interest income on loans and advances to customers

Interest income on other interest bearing assets

Yield on customer loans

Average interest bearing assets RUB bn

-2%

-4%

INTEREST INCOME AND AVERAGE YIELDS

+9%

10.3%9.2%

9.5%8.6%

92% 94% 92% 92% 93%

8% 6% 8% 8% 7%

265.3 261.0 248.2 255.2 261.2

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

10.1% 10.0%9.4% 9.3% 9.0%

9.3% 9.1% 8.7% 8.7% 8.4%

+6%

85% 85% 86% 86% 87%

15% 15% 14% 14% 13%11,281 11,366 11,534 11,764

12,280

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

85% 86%

15%14%

11,151 11,859

9M'17 9M'18

119M’2018 Results | 08-Nov-18

74% 81%

26% 19%

451.5406.0

9M'17 9M'18

76% 78% 81% 83% 79%

24% 22% 19% 17% 21%

148.7 144.5 131.9 133.4 140.8

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Interest expense and cost of interest bearing liabilities RUB bn

Average interest bearing liabilities RUB bn

Customer deposits

Other interest bearing liabilities(1)

Interest expense on customer deposits

Interest expense on other interest bearing liabilities (1)

Cost of total interest bearing liabilities

Cost of customer deposits

(1) Including debt securities in issue, subordinated debt, interbank (incl. LORO and other borrowed funds).

+11%

INTEREST EXPENSE AND COST OF FUNDS

5.6% 5.3% 4.9% 4.8% 4.8%5.8%

4.8%

+7%

-10%

-5%

83% 85% 85% 86% 85%

17% 15% 15% 14% 15%10,603 10,749 10,821 11,117 11,710

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

79%85%

21%15%

10,481 11,216

9M'17 9M'18

5.1%4.9%

4.7% 4.6% 4.5%

5.4%

4.6%

129M’2018 Results | 08-Nov-18

116.6 116.5 116.3 121.8 120.5

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

343.7 358.6

9M'17 9M'18

Net interest margin(1)

(1) Calculated as net interest income (adjusted for payments to deposit insurance system) divided by average interest earning assets, which include gross loans and advances to customers, due from other banks (gross), debt securities and correspondent accounts with other banks.

Net interest income RUB bn

-20 bp

NET INTEREST INCOME AND NIM

+3%

+4%

-10 bp

9M'17 9M'18

4.1% 4.0%4.1% 4.1% 4.1% 4.2%

3.9%

139M’2018 Results | 08-Nov-18

23.324.221.928.323.9

3Q'182Q'181Q'184Q'173Q'17

Fee and commission income breakdown RUB bn

Net fee and commission income

Net fee and commission income/ avg assets (net)

Net fee and commission income RUB bn

Insurance products distribution and other agency services

Settlement, trade finance and cash transactions

Other

Guarantees and other credit related commitments

Operations with securities and on capital markets

FEE AND COMMISSION INCOME

69.467.0

9M'189M'17

68%68%65%65%62%

9%8%8%

8%10%

6%6%7%

10%7%

12%15%14%

12%17%

5%3%5%

5%4%

35.635.031.0

36.533.3

3Q'182Q'181Q'184Q'173Q'17

67%63%

9%11%

6%8%

14%15%

4%3%

101.693.1

9M'189M'17

+7%

+9%

-3%

+4%

0.7%0.9%

0.7% 0.7% 0.7% 0.7% 0.7%

149M’2018 Results | 08-Nov-18

2.1% 2.0%

1.5% 1.3%

9M'17 9M'18

79.5 72.5

35.6 41.1

113.6115.1

9M'17 9M'18

Provision charge for impairment of loans RUB bn

Provision charge for credit losses on loans to individuals

Provision charge For credit losses on loans to legal entities

Cost of risk breakdown

Cost of risk (1)

Loans to individuals

Loans to legal entities

(1) Provision charge for credit losses divided by average gross loans and advances to customers.

PROVISION CHARGE AND COST OF RISK

1.6%1.5%

33.8 26.58.8

39.424.3

8.99.9

12.0

14.5

14.6

38.9

53.9

20.8 36.4

42.7

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

1.8% 1.5%0.9%

2.2%1.5%

1.5%

1.6%1.9%

2.2%2.0%

1.9%

1.5%

0.5%

2.2%

1.3%

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

159M’2018 Results | 08-Nov-18

Stage 2: LECL

6.9% 6.9%

97% 94%

1%2%

2%4%

10,9699,841 9,630

30-Sep-18

680 752

0.3%

4.1%

9M'18

Purchased or originated

credit impaired 01-Jan-18 30-Sep-18

NPLs RUB bn

Loans at amortised cost RUB bn

by ECL stagesBy measurement approach RUB bn

Stage 1

Stage 2

Pass Watch Sub-standard

Allowance ratio: 0.7%

Allowance ratio: 7.3%

NPL ratio

Stage 1: 12 month ECL

Stage 3:LECL credit-impaired Stage 3

POCI

Doubtful NPLs

Allowance ratio: 48.3%

Allowance ratio: 29.3%

Provision charge by ECL stages

Loans at amortised costLoans at fair value through P&LLoans at fair value through OCI

113.6 10,645

82.8%

1.1%

12.6%

3.5%

96%

2% 2%

32%

9%59%

46%

2%

52%

42%

16%0,3%

42%655

6.8%

01-Jan-18 30-Sep-18

GROSS LOAN PORTFOLIO BREAKDOWN UNDER IFRS 9

+14%+11%

Post Bank accounted as JV ( X )

Post Bank accounted as JV ( X )

33.5%

75.7%

169M’2018 Results | 08-Nov-18

Data as reported

655 674 743 752

680 705 773

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

6.9% 7.1% 7.6% 6.9%

692 705 751 770

734 745 790

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

107.9% 105.8%102.3% 102.5%

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

7.5% 7.5% 7.7% 7.0%

LOAN BOOK QUALITY

Coverage ratio Loan write-offs RUB bn

NPLs (90+) RUB bnNPL ratio(1)

NPLs

Provision for loan impairment RUB bn

Allowance for loan impairment / Total gross loans

Allowance for loan impairment

(1) The Group defines non-performing loans (NPL) as lifetime expected credit losses (ECL) credit-impaired loans with contractual principal and or interest payments overdue more than 90 days and purchased or originated credit impaired (POCI) loans with principal and or interest payments becoming overdue more than 90 days after the date of initial recognition.

-540 bp

40.4

67.2

17.3 31.2 36.6

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Post Bank accounted as JV

Post Bank contribution

% change adjusted for Post Bank

Post Bank contribution

Post Bank accounted as JV% change adjusted for Post Bank

7.2% 7.3% 7.5%

Proforma of historical data adjusted for changes in Post Bank accounting treatment

+2%

+11% 9M ytd+6% +3%

6.8% 6.9% 7.5%

+3%

+15% 9M ytd+10% +1%

105.8% 104.7% 101.0% 102.5%

Data as reported

Proforma of historical data adjusted for changes in Post Bank accounting treatment

7.0% 6.9%

Data as reported

Proforma of historical data adjusted for changes in Post Bank accounting treatment

-330 bp

179M’2018 Results | 08-Nov-18

74% 74% 73% 76%

26% 26% 27% 24%

10,969 10,2069,9539,841

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

66%

34%

65%

35%

60% 59% 59% 60%

40% 41% 41% 40%

9,740 9,839 9,333 9,145

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

99.6% 98.7% 95.7% 104.7%

Loans and advances to customers RUB bn Customer deposits RUB bn

Loans and advances to customers by industry

Loans / Deposits (LDR)

Loans and deposits by currency %

Net loans and advances to customers Customer deposits

RUBFX

30-Sep-18

RUBFX

01-Jan-18

LOAN PORTFOLIO AND CUSTOMER DEPOSITS

Individuals Legal entities

Customer deposits / total liabilities

+11%

9,630

79% 80% 80%77%

+7%

30-Sep-18

01-Jan-18

Individuals Legal entities

+14%

8,975

+9%

71%

29%

70%

30%

(adjusted for Post Bank)

9,724 9,950

24%

76%

25%

75%

24%

76%

38%

62%

+7% +10% -1% +1%

9,6109,127

40%

60%

40%

60%

24%

12%

10%

7%

7%

8%

5%

6%

4%

4%

3%

4%

6%

24%

14%

10%

8%

7%

5%

5%

6%

5%

4%

3%

3%6%

IndividualsOil and Gas

Building constructionMetals

ManufacturingGovernment bodies

TransportTrade and commerce

EnergyChemical

FinanceTelecommunications and media

Other

Post Bank accounted as JV( X ) Post Bank accounted as JV( X )

Data as reported

Proforma of historical data adjusted for changes in Post Bank accounting treatment

99.6% 98.8% 95.7%104.7%

189M’2018 Results | 08-Nov-18

7,307 7,354 7,458 8,306

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

75% 76% 81% 80%

25% 24% 19% 20%

5 ,820 5,7755,5145,523

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

Deposits of legal entities RUB bnLoans to legal entities RUB bn

Yield on loans and cost of deposits Market shares(1)

Current / settlement deposits

Term deposits

+14%

BUSINESS WITH LEGAL ENTITIES

21.5% Deposits of legal

entities

18.4% Loans to legal

entities

Cost of deposits of LEYield on loans to LE

(1) The market share is calculated using VTB’s methodology with data from the Bank of Russia based on RAS statements.

+11%+5%

+160 bp YTD -160 bp YTD

+1%

8.7% 8.6% 8.0% 7.9% 7.6%

5.3% 5.1% 4.5% 4.5% 4.4%

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

199M’2018 Results | 08-Nov-18

14.3% 14.0% 13.4% 13.2% 12.7%

4.8% 4.6% 4.9% 4.8% 4.6%

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

75% 76% 74% 74%

25% 24% 26% 26%

3,9204,064 3,819 3,622

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

Current / settlement depositsCash loans and otherMortgage loansCar loans

Deposits of individuals RUB bnLoans to individuals RUB bn

Credit cardsTerm deposits

BUSINESS WITH INDIVIDUALS

Cost of deposits of Individuals

Yield on loans to individuals

Yield on loans and cost of deposits

13.2% Deposits of individuals

17.2% Loans to

individuals

(1) The market share is calculated using VTB’s methodology with data from the Bank of Russia based on RAS statements.

Market shares(1)

+5% +8%

43% 43% 43% 47%

4% 4% 4% 4%5% 5% 5% 5%

48%48% 48% 44%

2,534 2,599 2,749 2,663

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

+10 bp YTD +120 bp YTD

+15%

2,322

+14%

3,451

44%

5%

4%

47%

44%

5%

4%

47%

43%

5%

5%

47%

2,370 2,493

-3% +7%

-3% +2%

3,834

Post Bank accounted as JV ( X ) Post Bank accounted as JV ( X )

Post Bank accounted as JV

3,613

25%

75%

23%

77%

25%

75%

209M’2018 Results | 08-Nov-18

Other assets Securities portfolio

Loans to customers

Due from other banks

Cash and mandatory reserves

Assets structure RUB bn Assets by currency %

RUBFX

30-Sep-18

RUBFX

01-Jan-18

+1% +4%

ASSET STRUCTURE

+3%

13% 12% 14% 14%

70% 70% 69% 72%

9% 7% 6% 4%4% 5%4% 4%

7% 5% 7% 8%12,947 13,109 13,683 14,068

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

68%

32%

69%

31%

+9%

219M’2018 Results | 08-Nov-18

2% 2% 2% 2%3% 2% 2% 2%

6% 6% 7% 3%

79%80% 80%

77%

<1% <1% <1% 3%10% 9%

9% 13%11,529 11,640 12,244 12,605

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

1,283 1,334 1,305 1,329

182 181 182 162 1,465 1,515 1,487 1,491

01-Jan-18 31-Mar-18 30-Jun-18 30-Sep-18

Other liabilities

Subordinated debt

Debt securities issued

Customer deposits

Due to banks and other borrowed funds

Collateralised funding from the CBR

Liabilities structure RUB bn Liabilities by currency %

LIABILITIES AND CAPITAL STRUCTURE

RUBFX

30-Sep-18

RUBFX

01-Jan-18

Total CARTier I ratio

Tier I

Total capital

Basel capital RUB bn

+1% +5% +3%

+9%

64%

36%

67%

33%

2%

12.6% 12.7%12.2% 12.0%

14.4% 14.5%13.9% 13.4%

229M’2018 Results | 08-Nov-18

Key financial ratios

Income statement key indicators RUB bn

9М’18 9М’17 Change 3Q’18 3Q’17 Change

Net interest income 358.6 343.7 4.3% 120.5 116.6 3.3%

Net fee and commission income 69.4 67.0 3.6% 23.3 23.9 -2.5%

Net other income 50.9 (6.5) -883.1% 18.8 (12.7) -248.0%

Operating income before provisions 478.9 404.2 18.5% 162.6 127.8 27.2%

Provision charge for credit losses and other provisions (111.4) (118.2) -5.8% (42.4) (42.2) 0.5%

Staff costs and administrative expenses (187.3) (185.0) 1.2% (62.6) (62.4) 0.3%

Profit before tax 180.2 101.0 78.4% 57.6 23.2 148.3%

Income tax expense (40.5) (25.6) 58.2% (16.4) (5.7) -187.7%Profit after tax from subsidiaries acquired exclusively with a view to resale

- (0.1) - - (0.1) -

Net profit 139.7 75.3 85.5% 41.2 17.4 136.8%

9М’18 9М’17 Change 3Q’18 3Q’17 Change

NIM 4.0% 4.1% -10 bp 3.9% 4.1% -20 bp

CoR 1.5% 1.6% -10 bp 1.5% 1.8% -30 bp

Cost / Assets 1.9% 2.0% -10 bp 1.8% 1.9% -10 bp

CIR 39.1% 45.8% -670 bp 38.5% 48.8% -1030 bp

ROE 12.9% 7.0% +590 bp 11.2% 4.8% +640 bp

VTB GROUP FINANCIAL HIGHLIGHTS: P&L AND KEY RATIOS

239M’2018 Results | 08-Nov-18

30-Sep-18 30-Jun-18 QoQ01-Jan-18

IFRS 9YTD

Gross loan portfolio 10,968.8 10,206.2 7.5% 9,841.1 11.5%

Loans to legal entities 8,305.7 7,457.6 11.4% 7,307.4 13.7%

Loans to individuals 2,663.1 2,748.6 -3.1% 2,533.7 5.1%

Total assets 14,068.0 13,683.3 2.8% 12,947.4 8.7%

Customer deposits 9,740.1 9,839.2 -1.0% 9,144.7 6.5%

Deposits of legal entities 5,819.8 5,775.3 0.8% 5,523.1 5.4%

Deposits of individuals 3,920.3 4,063.9 -3.5% 3,621.6 8.2%

Total liabilities 12,604.6 12,243.7 2.9% 11,529.2 9.3%

Total shareholders' equity 1,463.4 1,439.6 1.7% 1,418.2 3.2%

(1) The Group defines non-performing loans (NPL) as lifetime expected credit losses (ECL) credit-impaired loans with contractual principal and or interest payments overdue more than 90 days and purchased or originated credit impaired (POCI) loans with principal and or interest payments becoming overdue more than 90 days after the date of initial recognition.

Balance sheet key indicators RUB bn

30-Sep-18 30-Jun-18 QoQ01-Jan-18

IFRS 9YTD

NPL ratio (1) 6.9% 7.6% -70 bp 6.9% 0bp

LLR ratio 7.0 % 7.7% -70 bp 7.5% -50bp

Tier I CAR 12.0% 12.2% -20 bp 12.6% -60 bp

Total CAR 13.4% 13.9% - 50 bp 14.4% -100 bp

VTB GROUP FINANCIAL HIGHLIGHTS: BALANCE SHEET

Key asset quality & capital ratios

Post Bank accounted as JV

Post Bank accounted as JV

249M’2018 Results | 08-Nov-18

This presentation has been prepared by VTB Bank (PJSC) (“VTB”) and has not been independently verified. This presentation does not constitute or form part or all of, and should not be construed as, any offer of, or any invitation to sell or issue, or any solicitation of any offer to purchase, subscribe for, underwrite or otherwise acquire, or a recommendation regarding, any shares or other securities representing shares in, or any other securities of VTB, or any of its subsidiaries, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or any commitment whatsoever or any investment decision. Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of VTB and its subsidiaries (together with VTB, the "Group"). Forward-looking statements are statements that are not historical facts. They include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of VTB. Such forward-looking statements are based on numerous assumptions, beliefs and expectations regarding the Group's present and future business strategies, financial conditions, targets and the operating environment. We caution 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 materially differ 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 assume no obligation to update or revise these statements whether as a result of new information or for any other reason or to make them conform to actual results. Certain numbers and ratios contained herein, related to past dates and periods, might have been restated in accordance with the latest financial statements issued, and hence differ from the ones presented in the previous communications. Figures shown in this presentation are based on figures disclosed in the annual and interim financial statements of the Group. However, figures used in this presentation might have been rounded, which could result in slight differences in percentage changes compared to those provided in such financial statements.

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