MISREPRESENTING FACTS UNBECOMING ACT, VTB BANK STATES

ARKA
Oct 15, 2008

YEREVAN, October 15. /ARKA/. Armenia’s press has recently published
reports on the VTB Bank (Armenia) based not on facts, but on "figments
of imagination" of Armenia’s former premier Hrant Bagratyan, reports
the press service of the VTB Bank (Armenia).

The banks officially refutes the information on any problems with
liquidity and is surprised at Mr. Bagratyan’s irresponsible statements.

"Mr. Bagratyan is supposed to be informed of the fact that the VTB
Bank (Armenia) CJSC is a universal daughter bank forming part of the
VTB Group, but not a branch of the VTB bank as he claims it to be,"
the bank’s press service reports.

The bank also refutes Bagratyan’s comments on a $250mln worth credit
transaction between VTB Bank and the Teghut CJSC (Bagratyan must have
inadvertently called it the Vallex Company). The Teghut Company has
no problems with repaying the credit, VTB Bank’s press service reports.

The articles contain other misrepresentations, and VTB Bank is sorry
to have to refute ungrounded claims.