BANK VTB (ARMENIA) OFFERS POPULATION BETTER TERMS ON TIME DEPOSITS

ARKA
December 17
Yerevan

Bank VTB (Armenia) started accepting time deposits from citizens on
improved terms on December 15.

Apart from this, names of the current six time deposits were changed
as follows: VTB-Prospects+, VTB-Prospects, VTB-Comfort, VTB-Income,
VTB-Target and VTB-Social, the press service of VTB (Armenia) closed
joint stock company reported. The bank welcomes all time deposits on
the new terms at all the branches as from December 15 this year.

Back in November the bank had introduced two new time deposits for
individuals – Prospects and Prospects+ with up to 11% and up to 11.5%
annual interest rates respectively.

According to the report, maximum duration for VTB-Prospects+ and
VTB-Prospects is one year. Interest is paid to depositors at the end of
the period for VTB-Prospects+ and every month in case of VTB-Prospects.

Maximum annual interest year for replenishment of VTB-Target is raised
to 11% with interest paid on monthly basis.

Terms on other deposits, including the special deposit for pensioners
(VTB-Social), are considerably improved. From now on, the deposit
is taken at a rate of 10% p.a. with interest paid every month. The
depositor has an opportunity to replenish the amount and draw out
money from the deposit during the period of the deposit agreement,
says the report.

Upon request, the bank is providing a free VTB-VISA plastic card with
free servicing, encashment of interest on deposit with no commission
fee and with no card remainder limits set.

Time deposit terms are democratized under the program of expansion of
retail banking services to the population of Armenia and reflects the
real situation on the financial market, General Director of Bank VTB
(Armenia) Valery Ovsiannikov said.

Deposits with improved terms are intended for a larger target group –
all individuals, both residents and non-residents.

Under the current conditions, these deposits are most competitive,
convenient and profitable products for depositors. The country’s
legislation and the high status of VTB brand make these products
guaranteed and reliable, Ovsiannikov said.

According to the report, VTB is to offer depositors two completely new
and interesting products – "VTB-Ruble and VTB-New Year time deposits.

Bank VTB (Armenia) (Armsavingsbank before June 20 2006) joined the
VTB Group in April 2004. Currently the bank VTB is the full owner of
Bank VTB (Armenia) closed joint stock company.

As of October 31 2008, the total capital of Bank VTB (Armenia) was
23.2bln Drams, assets 98bln Drams and liabilities 74.8bln Drams.

According to the information of ARKA Agency, as of the end of Q3 Bank
VTB (Armenia) was the second among Armenian banks in terms of total
capital, credit investments and ranked the third in terms of share
capi tal. The bank had the fourth largest assets, liabilities and
profit gained in January-September 2008. ($1=308.55Drams).