TRUST Investment Bank & National Bank TRUST

TRUST Investment Bank & National Bank TRUST

1st Half 2007 Results and Business Strategy

20 September 2007

2

This presentation has been prepared and issued by National Bank TRUST and TRUST Investment Bank (collectively and jointly known as “TRUST”). This publication is intended for professional and institutional customers. Any information in this presentation is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by TRUST with regard to the accuracy of the data. The opinions and estimates contained herein constitute our best judgment at this date and time, and are subject to change without notice. This presentation is for information purposes, it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of any of the securities or issues mentioned in this presentation. TRUST and/or its subsidiaries may use the information in this presentation prior to its publication to its customers. TRUST or its employees may also own or build positions or trade in any such securities, issues, and derivatives thereon and may also sell them whenever considered appropriate. TRUST may also provide banking or other advisory services to interested parties. TRUST accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation.

Disclaimer

3

4 Group Strategy

5 Group Business Overview

2 Rationale for Merger

3 Group History & Structure

1 Executive Summary

6 Group Risk Management

7 Group Financial Forecasts

8 Group Merger Implementation Plan

4

Executive Summary

• The shareholders of Investment Bank TRUST (“IBT”) and National Bank TRUST (“NBT”) announced the merger of the two banks on July 17th, 2007

• The merger will optimise both the capital and asset structure of the merged bank

• Although the merged bank will be a universal bank, the focus of growth will be on the retail and SME portfolios

• The branch expansion plan will be largely completed by the end of 2008 allowing management to greater focus on achieving higher ROAE targets

• Including the announced and funded RUB3.4bn capital increase of NBT, the merged bank will have sufficient capital for at least 24 months and will be in the top 20 financial institutions in Russia by capital and assets

5

Executive Summary: NBT’s Stand Alone ProfileWhat We Are:

NBT provides full range of commercial banking services to corporate and private clients. Bank primarily focuses on Retail and SME loans to corporate and individual customers and federal / municipal governmental entities. NBT is a member of Deposit Insurance System.

Key Clients:

Mass Retail segment, Trade and Service Industries, SME

Current Geographical Coverage:

Strong presence in cities with population of over 100,000 and satellite towns of large cities

Strategic Goal:

In the next two years to become a TOP 5 Russian retail and SME bank in Russian regions with high growth potential based on• Size of assets• Number of clients• Coverage of branch network

NBT in Figures:

1H 2007 IFRS (RUB mln.)• Total Assets: 54,977• Net profit (6 month): 145• Shareholders’ equity: 5,497• Loan portfolio: 32,676

Branch Network as of 20 September, 2007:171 offices in 118 cities of Russia and in process of opening 42 offices by the end 2007

Employees: 6,357

Ratings:“B1”, outlook “Positive” by Moody’s“B-” , outlook “Positive” by Fitch

6

Executive Summary: TIB’s Stand-Alone ProfileWhat We Are:

TIB provides a full range of investment banking services to corporate and institutional clients. The Bank’s primary focus is to act as an intermediary between second and lower tier corporate Russia and domestic and international investors. Key products include DCM, ECM, Hybrids, Securitizations, Real Estate, Corporate Finance, Investment Banking and Principal Investments.

Key Clients:

Primary: Second and lower tier Russian & Ukrainian corporates with an appropriate size within the next 18 months to be seen as a qualified issuer of debt or equity to investors.

Investors: Global Hedge Funds, International and Domestic Banks, Insurance Companies, Pension Funds, Private Clients and Asset Managers

Location:

Moscow based with FSA registered office in London with plans of expansion to Asia (licensed office in Hong Kong) within next 12 months.

Strategic Goal:

In the next two years:• Remain in top 3 domestically owned banks in fixed income

credit product (CLNs, Eurobonds, Hybrids)• Move into top 3 domestically owned banks participating in

IPOs, by number of deals • Retain research leadership in Fixed Income and Second Tier

Equity

TIB in Figures:

H1 2007 IFRS (RUB mln.)• Total Assets: 43,647• Net loss (6 month): (36)• Shareholders’ equity: 6,633

2007 YTD League Tables:1st Qtr 2007, #2 CLNs (37.5%)1st Qtr 2007, #2 Domestic Owned Bank, Eurobonds (1.3%), #17 overall1H 2007: #1 Domestic owned Bank, Eurobonds and CLN1H 2007: #3 Domestic Owned Bank, IPOs

Employees: 409

Ratings:“B1”, outlook “Positive” by Moody’s

7

4 Group Strategy



3 Group Structure

1 Executive Summary




8

Rationale for Merger• Focus remains to grow branch network to cover all cities with population greater than 100,000

people. However the management recognises that the expansion plan will discontinue by the end of 2008

– Further asset growth and diversification, namely across retail and SME

• ROAE is forecasted to start to pick up in 2007 and normalize during 2008

• Release app. $150mln of capital from Investment Bank TRUST by optimising asset structure through spin-off of the proprietary position to an asset management structure – needed in 12 months time (including current capital increase)(1)

• Yukos deposits no longer represent a material component of the group balance sheet (2)

• Become one of the top 20 Russian banks and reduce cost of funding

– For every 50bp improvement to overall effective funding rate the earnings of the merged bank will increase by approximately $13mln leading to an improved ROE of additional app. 2.1%

• Recognised cost synergies of at least $7.5mln per year; headcount reduction of 80 people

• Merger advisors: Merrill Lynch as exclusive financial advisor, Allen & Overy as legal counsel and KPMG as auditors and financial advisors

(1) See page 47 for further information(2) See page 55 for further information

9

Group Strategy

Group Business Overview

Rationale for Merger

Group History & Structure

Executive Summary

Group Risk Management

Group Financial Forecasts

Group Merger Implementation Plan

10

NBT’s History

1995–2002 2005 20062003–2004

• NBT (AKB “Menatep SPb”) was founded as a 50/50 JV between Yukos (Menatep) and Gazprom

• Servicing Menatep and Gazprom

• In 2002 Menatep purchased Gazprom’s stake

• 2003 IBT management takes over management of NBT

• May 2004 - Management Buyout (IBT management)

• Re-branding of TRUST: The Two Banks

• Hired professional retail banking team

• May 2005 – MBO fully paid

• Branch Network & Product Expansion

• Hired team from one of the top SME banks’ in Russia

• Continue Branch Network & Product Expansion

• Leading Retail and SME Bank

“New Era”

• March 2005 – First Auto Loan• April 2005 – First Cash Loan• July 2005 – Retail loan program available at

all branches

• March 2006 – First SME Loan• April 2006 – Credit Cards program launched• October 2006 – First Mortgage Loan

2005-present

11

TIB’s History

1998–2003 2006 – 1H2007 Beyond2003–2004

• Bank was founded by Group Menetep

• Leading Fixed Income and Investment Bank in Russia

• May 2004 - Management Buyout (IBT management)

• Re-branding of TRUST: The Two Banks

• September 2006, hired new CEO

• Restructured institution to meet the demands of clients and investors

• Built equity platform (trading, research, sales)

• Opened regulated sales office in London

• Execution of broader product range

• Derivatives platform (JV)• Expanded distribution with

non-exclusive relationships with international banks and funds

• Alternative Investments (Private Equity, Hedge Fund and Asset Management)

• Open regulated sales office in Asia

“New Era”

• Summer 2006 – Institutional Investor Ranked Research Team

• Sept. 2006 – TIB $150m, Reg S Eurobond placed. First Capital Markets Transaction post the MBO

• Dec 2006 – First Subordinated CLN placed (BSP)

• Jan 2007 – Announced Bank restructuring and staff upgrade program

• April 2007 – First non-group Eurobond lead manger role• May 2007 – First Official IPO role (Nutritec & Dixy)

2H2006 to Present

12

Management company TRUST (Russia)


National bank TRUST (Russia)National bank TRUST (Russia)

TRUST Investment Bank (Russia)TRUST Investment Bank (Russia)

68,10%

68,38%99,35%

Current Shareholding Structure

Yurov Ilia – 18,1699%Beliaev Sergei – 3,8225%Fetisov Nikolai – 1,1589% Terzyan Artashes – 1,031%


Beliaev Sergei

Beliaev Sergei

Othershareholders

Othershareholders

YurovIlia

YurovIlia

Terzyan Artashes

Terzyan Artashes

Fetisov Nikolai

Fetisov Nikolai

Othershareholders

Othershareholders

0,55%

Other shareholders

Other shareholders

7,44%

TIB Holdings Limited (Cyprus)


21,55%16,44% 21,55% 32,33%8,12%

Beliaev SergeiBeliaev Sergei

Fetisov NikolaiFetisov Nikolai

Yurov IliaYurov Ilia

Neaspal Investments

Limited (Cyprus)

Neaspal Investments

Limited (Cyprus)

Winsala Investments

Limited (Cyprus)

Winsala Investments

Limited (Cyprus)

100% 100%

Zaploma Investments

Limited (Cyprus)

Zaploma Investments

Limited (Cyprus)

100%

13,66%9,12%9,12%

YurovIlia

YurovIlia

0,1% 24,18%

13



National bank TRUST (Russia)National bank TRUST (Russia)

68,10%

89,24%

Pro-forma Post Merger Shareholder Structure



Beliaev Sergei

Beliaev Sergei

Othershareholders

Othershareholders

YurovIlia

YurovIlia

Terzyan Artashes

Terzyan Artashes

Fetisov Nikolai

Fetisov Nikolai

Othershareholders

Othershareholders

2,8%



21,55%16,44% 21,55% 32,33%8,12%

Beliaev SergeiBeliaev Sergei

Fetisov NikolaiFetisov Nikolai

Yurov IliaYurov Ilia

Neaspal Investments

Limited (Cyprus)

Neaspal Investments

Limited (Cyprus)

Winsala Investments

Limited (Cyprus)

Winsala Investments

Limited (Cyprus)

100% 100%

Zaploma Investments

Limited (Cyprus)

Zaploma Investments

Limited (Cyprus)

100%

13,66%9,12%9,12%

7,96%

Calculation based on the following numbers•NBT BV multiple = 2.5 X IBT multiple•Total equity NBT, thousand RUR 5492425•Total equity IBT, thousand RUR 6651134

14

Merged Bank Organisational StructureBoard of Directors

Chairman: Yurov

CEO & Chairman ofManagement Board

Eggleton

Retail

SME

Network

Origination

Markets

Research

Sales & Syndicate

Asset Management

PresidentFetisov

Management CommitteeChairman: Fetisov

CRO COOCFO Treasury HRRetail Bank

Investment & Corporate

Bank Committee Chairman: Eggleton

CIO

15

Group Management Structure (Post Merger)

Board of DirectorsChairman: Yurov

RetailRisk

Commitments CommitteeTechnology Committee

ProductsCommittee

Corporate Risk

SME Risk

Investment &Corporate Banking

CommitteeChairman: Eggleton

Management CommitteeChairman: Fetisov

ALCO CommitteeChairman: Eggleton

Credit CommitteeChairman: Yurov

16

Biographies – Shareholders and CEOName Biography

Ilya Yurov (Chairman of the Board of Directors)

Mr Yurov has been the Chairman of NBT and IBT’s Board of Directors since 2003. Previously, he was the Chairman of IBT’s Management Board, where he was responsible for the general management of IBT’s activities. Prior to that, Mr Yurov worked for Bank MENATEP (Moscow) and for a French investment company, Compagnie Parisienne de Re´escompte S.A. Mr Yurov graduated from the Moscow Institute of Aviation in 1993 and TRESOFI Business School (France) in 1995

Sergey Belyaev (Member of the Board of Directors)

Mr Belyaev has been a member of NBT and IBT’s Board of Directors since 2003. He has been working at the banks since 1999. Previously, he worked for Rosestbank and AvtoVAZbank. Mr Belyaev graduated from Samara State University in 1992

Nikolay Fetisov (Member of the Board of Directors, President and Chairman of the Management Committee)

Mr Fetisov has been a member of NBT and IBT’s Board of Directors since 2003. He has been working at the banks since 2001. Prior to that, Mr. Fetisov worked for Cargill Financial Markets, DLJ International, and Credit Suisse First Boston Ltd. Europe. Mr Fetisov graduated from the Moscow Institute of Engineering and Physics in 1992 and has an MBA from the University of Minnesota

Artashes Terzyan (Member of the Board of Directors)

Mr Terzyan has been a member of NBT and IBT’s Board of Directors since 2003. He has been working at the banks since 2001. Prior to that, Mr Terzyan worked for Royston Investments Limited, Chase Manhattan Bank, Tokai Bank Europe, DLJ International and Commerzbank. Mr Terzyan graduated from Yerevan State University in 1982 and has a PhD in Computational Mathematics which he received from the Moscow State University in 1988

Michael Eggleton (Member of the Board of Directors, CEO and Chairman of the Management Board)

Mr Eggleton joined NBT and IBT as the member of the Board of Directors in September 2006. He has over 15 years of banking experience with 14 years of direct experience in Emerging Markets (including living in Russia for 10 out of the past 14 years). From June 2004 until August 2006, he was Managing Director, member of the European Operating Committee and Head of Emerging Markets (CEEMEA) at Merrill Lynch. Prior to this he was a Managing Director at Credit Suisse First Boston where he was responsible for various Emerging Markets regions, including CIS, CEE, Turkey and Israel. During his tenure, he has lived in Russia, Turkey, Egypt and London and was the Chairman and General Manager of CSFB in Moscow, Turkey and Egypt. Mr Eggleton holds an undergraduate degree from the University of San Diego and a graduate degree from the San Diego State University

17

4 Group Strategy




1 Executive Summary




18

Group Strategy• Upon the completion of the merger, become and remain one of top 20 Russian banks based on capital,

assets, number of clients and branch network in Russian regions with long term recurring ROAE of >20%

– In top 5 banks by full city coverage by end of 2008– In top 5 banks by portfolio and number of retail clients within 3 years– In top 5 SME banks by loan portfolio by the end of 2007 – In top 2 Russian-owned banks league table for CLNs and Eurobond – In top 3 Russian-owned banks league table for IPO by 2009 – At least 2 Institutional Investor ranked team members

• Continue to provide a full range of banking and investment services to its existing corporate clients, but primarily focus on the retail and SME clients in order to grow the balance sheet while remaining a leader of financial intermediation of Russian corporate sector to international and domestic investors

• Reduce leverage and absolute MTM securities portfolio across both banks by spinning off IBT proprietary position into asset management JV with internationally recognised partner

• Focus on ROAE growth through deceleration of branch expansion by the end of 2008 and increased product penetration through the network

• Utilise the experience of the management and sales department, the large regional network and cross-selling opportunities to increase the scope and depth of its banking business

• Continue to introduce new risk management systems to make operations within the retail and SME sectors of the business more efficient

19

4 Group Strategy




1 Executive Summary




20

SME

Integrated Multi-Product Platform

CORPORATERETAIL

• Auto loans

• Cash loans

• Consumer loans

• Credit cards

• Savings products

• Current accounts

• Funds transfer

• Safe custody

• Debit cards

• Focus on car loans, cash loans and mortgage lending

• Micro loans

• Medium loans

• Small loans

• Overdrafts

• Factoring

• Payments and cash management


• Diversify and standardise product lines

• Working capital facilities

• Collateralised loans

• Overdrafts

• Trade finance

• Export-import finance

• Payments and cash Management

• Treasury products


• Reclassify loans less than RUB 30mln to SME, and focus corporate business on loyal client base

• Further reclassify loans less than RUB 75mln to SME in 2008

• Asset management

• Commercial banking

• Debt products

• Equity products

• Hybrid and structured products

• Fixed income

• Equities

• Derivatives

• Corporate finance

• Broaden the product and services base

• Focus on mid-cap companies

CAPITALMARKETS

Investment and Corporate Banking

21

Retail Banking

• Enter TOP 5 by portfolio and number of clients within 3 years

• Offer the widest and most flexible product lines

• Focus on mass market segment of clients living in the Russian regions

• Serve clients in all cities with the population of over 100,000

Number of Clients in Portfolio (‘000)

Net Retail Portfolio Size (RUB bn)

Retail Deposits (RUB bn)

Retail Strategy

CAGR: 48%

66.094.0 112.0

157.019.023.0

27.0

29.0

85.0

128.0

234.0

48.0

19.0

11.0

158.0

1Q 06 2Q 06 3Q 06 4Q 06

183.0

30.0

281.0

68.0

1Q 2007

Cash Auto Cards

211.0

33.0

341.0

97.0

2Q 2007

2.3 3.2 3.4 3.42.2

4.18.3 8.94.5

7.3

11.7 12.3

2004 2005 2006 1Q 07

4.3

17.5

21.8

3.1

12.7

15.8

07B 08E

Call Deposits Term Deposits

3.5

10.0

13.5

2Q 07

3.4 4.7 4.6 6.5 7.91.93.2 5.1

5.2 5.35.38.1

10.012.2

0.50.3

0.2

0.0513.9

1Q 06 2Q 06 3Q 06 4Q 06 1Q 07

24.4

7.7

2.8

1.6

5.7

1.1

40.6

14.2

6.7

23.6

0.8

07B 08E

Cash Auto Cards Mortgage

10.3

5.7

16.9

0.6

2Q 07

0.1

22

SME Banking

• Hired professional team from one of the top Russian SME banks in 2005

• At 30.06.2007 SME loans accounted for 13.5% of NBT’s total loan portfolio

• Even though SME lending was launched in March 2006, in 2006 NBT was ranked 9th among Russian banks by loan portfolio

• Number of clients at the end of June 2007 reached 8,207 comparing to 3,842 at the end of 2006. It is expected to reach 15,000 by the end of 2007.

• Factoring business is expected to reach RUB6bn by the end of 2007 and RUB10bn by the end of 2008

SME Loans Classification as of 2Q07

SME Portfolio Size (RUB mln)

Type Loan Size, USD ‘000

Duration, Months

Yield, %

Average Loan size, USD ‘000

Micro up to 50 up to 24 up to 28 16.7

Small 50 - 250 up to 36 up to 20 83.6

Medium 250 - 1,000 up to 36 up to 18 395.8

SME Strategy

Overview

• Diversify SME loan portfolio

• Increase the range of banking services to SME clients

• Standardise the products

• Increase service efficiency

• Be in top 5 SME bank by loan portfolio by the end of 2007

(1) Doesn’t include factoring (2) Off balance sheet factoring of RUB 3.3bn as of 2Q 2007 , currently RUB3.5bn

(1)

(2)

4,1349,386

11,372

20,12718,144

2,638

5,187

34,700

2007B 2008E

1,73422 296

66948 540718 2,274

1Q2006 2Q2006 3Q2006 4Q2006

512,376

858

3,285

1Q2007

Micro Small & factoring Medium

1562,890

1,353

4,399

2Q2007

(2)

23

Pro- forma Corporate Banking

• Number of corporate clients as of 31 July 2007 was c.13,400 (compared to 13,800 corporate customers as of 31 December 2006)

• Reorganization: focus on relationship with medium-sized clients (up to RUB 5bn annual turnover), interested in multiple value-added banking services, while small clients are redirected to SME banking

• Cross-sell opportunities for capital market products to regional customer base

• Approximately $300mln higher yielding structured deals (collateralised) to be retained on Balance Sheet as support to distribution, however this business is not active through the end of the 2nd quarter.

• Widening of existing product range

Net Corporate Loans (RUB bn)

Corporate Deposits (RUB bn)

Overview

(1) Expected budget due to withdrawal of Yukos-related deposits during 2007

CAGR: 8%

7.9

17.7 13.1

2004 2005 2006

14.4

1Q 07

18.723.8

07B 08E

14.0

2Q 07

16.819.9 21.1

1.0

10.5 9.6

17.8

30.730.4

2004 2005 2006

21.6

9.7

31.3

1Q 07

(1)

11.8

20.6

10.1

12.1

32.7

21.9

07B 08E

Call Deposits Term Deposits

16.2

13.1

29.3

2Q 07

(1)

24

Capital Markets

• The Bank provides various services including:

– Lending and structured lending

– Private placements

– Corporate finance

– Capital markets (ECM and DCM)

– Client flow trading

– Research

– Sales

– Asset management

• National and international presence through:

– 450 international clients

– 400 domestic clients

• Institutional Investor ranked research team members

StrategyOverview

• Diversify revenue stream and investor base by expanding products and services

• Focus on mid-cap companies providing bridge to global capital markets

• Focus on origination to distribution model

• $13.5m of risk free origination income, including $11.2mln of fee income for 1H 2007 vs. less than $7mln for all 2006. Adjusted Target $25mln for full year 2007

25

DEAL FLOW

Investment & Corporate Banking Committee

CAPITAL MARKETS OVERLAY

Origination Markets Sales

Fixed Income & Equity

ProductsInvestment

Banking and Structured

Solution

Origination DistributionStructured Solutions

Prinicpal Investments

Real Estate

Financial Institutions

Corporate

TRUST INTERNATIONAL Global Syndication & IBT

Alternative Investment Products

IBSS Legal Counsel

Transaction Management

Group

Domestic Syndication

Research

Macro & Quantitative

Analysis

Fixed Income

Equity

DCM & Private

Placements

Corporate Finance and Investment Banking

Real Estate

Cap

ital

Mar

kets

Securitization

ECM, Hybrids & Private

Placements

DCM & Private Placements

Sales & Distribution

• Proprietary (Asset Management JV)

• Client Flow

• Repo

• Derivatives (negotiating JV)

• Corporate Book (Lending & Structured Credit) Fixed Income

• Primary/Secondary

• Flow

Equity

• Primary/ Secondary

• Flow

Treasury

• Funding

• Treasury Products

• Alternative Investments

Head of International Sales

Coordination

Head of Domestic Sales

Coordination

26

Nationwide Branch Network (Domestic Distribution)

Network Expansion Targets

Source: NBT estimates

* - at the end of December 2006 with the exception of NBT

Critical Regional Indicators (as of September 20, 2007)

The bank owns app. 80% of the branches

The average branch reaches break-even at app. 2 years

As of 2005

As of 2006

As of 20/09/07

As of 2007

(planned) As of 2008 (planned)

Regions 47 50 55 59 70

Cities 74 77 118 150-160 220

Sales offices 125 128 171 190-200 300

NBT Branch Network

-255075

100125150175200225250275300325350

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Em

plo

yees

City Coverage

Full Branches

Total Branches

Employees

MBO Today

Top 10 Banks in RF Cities as of September 20, 2007

Target area of regional expansion

No Bank # of Cities

1 Sberbank 938

2 Russian Agricultural Bank 268

3 Rosbank 220

4 Russky Standard 175

5 VTB 118

6 National bank Trust 1187 Uralsib 104

8 Vozrozhdenie Bank 74

9 VTB Retail 73

10 Investsberbank 73

*

27

Established and Recognised Global Platform (International Distribution)

Israel

Chile

USA

USA

South Africa

SpainGreece

UK

Portugal

Germany

Luxembourg

Latvia

Switzerland

Italy

Thailand

Singapore

Philippines

Hong Kong

KazakhstanFrance

EstoniaSweden

Denmark

Turkey

28

4 Group Strategy




1 Executive Summary




29

Group Risk Management Architecture

ALCO

Risk Management Decision Mechanism

Board of Directors

Management Committee Credit Committee

Risk Management Monitoring and Reporting Groups

Trader Support

Middle Office

Back Office

Accounting

Corporate Risk

SME Risk

Retail Risk

Independent Risk

Financial Direction

Internal Audit

Compliance

DAKS

ALCO

Risk Management Decision Mechanism

Board of Directors

Management Committee Credit Committee

Risk Management Monitoring and Reporting Groups

Trader Support

Middle Office

Back Office

Accounting

Corporate Risk

SME Risk

Retail Risk

Independent Risk

Financial Direction

Internal Audit

Compliance

DAKS

30

Risk Management StrategyRisk type Specific Areas Focus

Credit Risk

Retail lending

SME lending

Corporate lending

Origination strategies, scoring systems, portfolio management

KYC, close monitoring of payments, score based approach

Conservative approach, internal rating systems

Liquidity Risk

Business lines

Treasury

Structural liquidity

Growing deposit base, increasing its stability and diversification

Gap management, securities portfolios, short-term liquidity

Securitisation, eurobonds

Market Risk

Interest rate risk

Foreign exchange

Proprietary trading

Overall for the whole balance sheet with Funds Transfer Pricing

Minimised, managed on a daily basis

Within established limits

Operational Risk (incl.

Compliance)

Operational risk

Compliance

Basel 2 standardised method

All CBR regulations

31

Pro-forma Credit Portfolio Diversification

Priv olz hs k y j

13.1%

Siberia

9.6%

Central

20.9%

Ural

10.4%

North-Wes t

9.1%

South

17.7%

Wes t

14.5%

Far Eas t

4.7%

Loan Portfolio Regional Breakdown as of 2006YE

Central19.5%

West17.7%

South17.4%

Privolzhskyj11.1%

Siberia8.4%

Ural7.3%

North-West17.1%

Far East1.5%

Far Eas t3%

West12%

Central55%

Ural7%

South5%

North-West1%

Siberia6%

Privolzhskyj11%

Privolzhskyj15.6%

Siberia6.0% West

24.6%

South7.9%

North-West21.2%

Ural3.9%

Central20.8%

Privolzhskyj13.2%

Siberia12.2%

Far East2.5%

West16.2%

South14.0%

North-West8.6%

Ural11.2%

Central22.0%

Retail SME Corporate

Loan Portfolio Regional Breakdown as of 2Q 2007

Central53.8%

West12.3%South

6.9%

Privolzhskyj9.0%

Siberia7.8%

Ural5.5%

Far East2.0%

North-West2.7%

32

Top 10 Credit Concentration - NBT

Credit Portfolio Diversification (Cont’d)Industry Breakdown as of 2006YE

52.1%

13.6%

7.4%

5.0%

4.4%3.6%0.3%

1.4%1.7%

4.6%5.2%

0.6% 0.1% Trading Enterprises

Financial Intermediaries

Manufacturing

Engineering and Metal Processing

Construction

Energy

Chemicals and Petrochemicals

Oil and Gas

Transport

State Administrations

PharmaceuticalsOther

Individuals

Industry Breakdown as of 2Q 2007

Trading Enterprises

Financial Intermediaries

Manufacturing

Engineering and Metal Processing

Construction

Energy

Chemicals and Petrochemicals

Oil and Gas

Transport

State Administrations

PharmaceuticalsOther

Individuals

* Fully repaid as at 30.06.2007 (total amount is RUR 1 945 mln)

Top 10 Credit Concentration - IBT

58,4%

14,8%

5,5%

5,5%

2,5%1,7%

0,7%

1,4%0,6%

5,0%3,7%

0,1%0,1%

33

Credit Portfolio QualityNon-Performing Loans / Total Loans (%) Provisions / Non-Performing Loans (%)

Retail NPL / Total Loans (%) SME NPL / Total Loans (%) Corporate NPL / Total Loans (%)

3.80%

6.67% 6.98%

5.23% 5.16%

2005 2006 2Q 2007 2007B 2008E

62.85%61.33%

70.20% 72.23%77.12%

4.19% 4.28%3.62% 3.70%

5.12%

2005 2006 2Q 2007 2007B 2008E

Provision / NPL Provision / Gross Loans

11.33%11.68%

10.60%

10.00%

2006 2Q 2007 2007B 2008E

Auto 25.7% 24.9% - -

Cash 35.8% 33.6% - -

Eff

ecti

ve

Inte

rest

Rat

e

Blended - - 28.0% 21.75%

Small 21.0% 19.7% - -

Micro 23.4% 22.8% - -

Blended - - 18.38% 16.38%

- - - -

- - - -

Blended 13.6% 11.5 % 16.50% 16.25%

0.25%0.33%

0.54%

1.30%

2006 2Q 2007 2007B 2008E

1.80%

2.22% 3.00%2.50%

2006 2Q 2007 2007B 2008E

34

Managing Retail Credit Risk

Risk management targets:

1. Probability of default – 11%

2. Expected losses – 5%-7%

3. Risk based pricing

4. Further diversification of the portfolio

Measures applied in 2006/2007

• The reorganisation of retail risk management department was completed.

• “Welcome calls” were introduced in order to identify frauds at the earliest possible stage.

• Anti-fraud training and equipment were provided to the retail banking employees to improve their capabilities of spotting fraudulent customers.

• Credit products were modified or eliminated to avoid high risk combinations, for instance 0% equity auto loans. Credit documentation requirements were standardised and clarified.

Auto Cash Level of defaulted loans

AUTO CASH

0%

2%

4%

6%

8%

10%

12%

14%

16%

06.2005 12.2005 06.2006 12.2006 06.2007

Credit cards

0%

2%

4%

6%

8%

10%

12%

14%

06.2005 12.2005 06.2006 12.2006

FPD, first payment default rate

TPD, third payment default rate

SPD, second payment default rate

0%

5%

10%

15%

20%

25%

06.2005 12.2005 06.2006 12.2006 06.2007 06.2007

35

4 Group Strategy




1 Executive Summary




36

NBT - Financial Overview

by IFRS 2004 2005 2006 1Q07Actual

(unaudited)

1H07Actual

(reviewed)

Capital 3,545 4,193 4,337 4, 419 5, 497

Assets 29,715 39,360 44,669 48,057 54,977

Loans (gross) 9,553 17,262 25,934 29,117 34,136

Loan / total assets, % 32% 44% 58% 61% 62%

Amount due to customers 22,257 30,564 34,868 38,349 38,787

Net operating income 2,319 3,615 4,284 1,234 2,290

Pretax profit 856 847 303 125 116

Net interest margin 9.2 8.3 9.8 11,5 11,4

ROAA 1.1 0.8 0.5 0,7 0,7

ROAE 9.3 7.5 4.5 7,4 6,6

Cost / Income before provisions

87.3 68.1 77.4 74.0 81.2

Cost / Income 70.3 74.4 91.7 88.0 94.9

CAR 24.1 17.0 14.2 14.7 19.2

Key indicators, RUR mln

Key financial ratios, %

Headcount 2,698 3,505 5,529 5,860 6,357

37

IBT-Financial Overview by IFRS 2004 2005 2006 1Q07

Actual (unaudited)1H07Actual

(reviewed)

Capital 5,808 6,233 6,669 6,683 6,633

Assets 23,101 28,347 47,396 49,541 43,646

Financial assets at fair value 9,982 13,888 34,528 35,119 31,441

FA at FV / total assets, % 43% 49% 73% 71% 72%

Payables under repurchase agreements

2,432 7,013 21,842 24,277 18,333

Net operating income 2,027 2,262 1,784 293 707

Pretax profit 265 938 265 14 (36)

Net interest margin 5.8 4.4 3.2 2.1 1.9

ROAA 1.1 2.8 0.5 0.1 -0.2

ROAE 9.3 12.1 2.8 0.8 -1.1

Cost / Income before provisions 87.3 53.0 73.0 93.1 100.5

Cost / Income 70.3 58.5 85.1 95.4 100.4

Key indicators, RUR mln

Key financial ratios, %

Headcount 537 436 475 387 409

38

Timeline: Convergence of Expense to Revenue Generation Capacity

Branch Expansion Versus Employee Growth Analysis of Expense Mismatch

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

FY03 FY04 FY05 1Q06 1H06 3Q06 FY06 1Q07 1H07 M807 3Q07E FY07E FY08E

% C

han

ge

fro

m M

BO

Change in Branches from MBO Change in employees post MBO

MBO Today

"Negative ROE effect"

This is one of the main profitability drivers of the bank.

39

Total assets & loan portfolio. RUR mln.

Cash and cash equivalents

11.3%

Loans to customers74.3%

Other assets1.6%

Financial assets through prof it and loss

8.9%

Property, equipment and intangibles

3.9%


28.2%

Loans to customers59.5%

Other assets2.8%

Property, equipment and intangibles

4.8%

Financial assets through prof it and loss

4.8%

2006

Other Assets

3.0%Cash and cash

equiv alents

23.2%Property , equipment

and intangibles

4.4%

Loans to customers

55.6%

Financial assets at

f air v alue through

prof it and loss

13,8%

Increasing loan portfolio in assets structure 2006 vs.1Q07

2007 Budget2Q 2007

NBT – Total assets and Loan portfolio

40 06954 977

16 248

32 705

37.2%

101.3%

10 000

20 000

30 000

40 000

50 000

60 000

1H2006 1H2007

Total assets Total loan portfolio (net)

44 669

67 193

24 847

49 918

50.4%

100.9%

10 00020 00030 00040 00050 00060 00070 00080 000

2006 2007B

Total assets Total loan portfolio (net)

40

Natinal Bank TrustReturn on Interest Bearing Assets

19.1%

10.9%

13.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Y05 Q106 Q206 Q306 Q406 Q107 Q207 MJul07MAug07 Q307E Q407E

Period

Ret

urn

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

45,000,000

50,000,000

Inte

rest

Bea

rin

g A

sset

s (R

UR

)

Annualized EIR (period) Annual EIR Interest Bearing Assets

Reduction ofYukos-Related

Deposits

41

NBT Net Interest Margin less LLP

National Bank TRUSTNet Interest Margin less Loan Loss Provisions

9.3%

7.6%

6.5%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

Y05 Q106 Q206 Q306 Q406 Q107 Q207 Q307E Q407E

Annualized NIM less LLP (period) Annual NIM less LLP

Reduction ofYukos-Related

Deposits

42

Retail

51.8%

Corporate

34.7%

SME

13.5%

Retail52.6%

SME22.1%

Corporate25.3%

Corporate

71.3%

Retail

28.7%

Retail50.0%

Corporate41.3%

SME8.7%

NBT - Loan portfolio structure

Changes in loan portfolio structure

20062005 2Q07

93% of retail and SME business is conducted in the Regions

2007 Budget

43

NBT – Deposit Analysis (Corp and Retail)

NBT Deposit Analysis (rur)Jan'07 Jan'07 Jan'07 Feb'07 Feb'07 Feb'07 Mar'07 Mar'07 Mar'07 Apr'07 Apr'07 Apr'07 May'07 May'07 May'07 Jun'07 Jun'07 Jun'07 Jul'07 Jul'07 Jul'07 Aug'07 Aug'07 Aug'07 Dec'07

Act Budget % of Act Budget % of Act Budget % of Act Budget % of Act Budget % of Act Budget % of Act Budget % of Act Budget % of Budget

Retail Budget Budget Budget Budget Budget Budget Budget BudgetTerm deposistsMoscow 2,029,694,197 2,029,694,197 100% 2,027,473,221 2,027,473,221 100% 2,050,499,301 2,050,499,301 100% 2,084,516,287 2,084,516,287 100% 2,253,365,001 2,117,711,898 106% 2,369,922,081 2,189,174,211 108% 2,425,895,920 2,260,636,524 107% 2,572,783,242 2,332,098,836 110% 2,617,948,087Other regions 6,568,762,278 6,568,762,278 100% 6,678,353,319 6,678,353,319 100% 6,838,993,106 6,838,993,106 100% 6,996,130,222 6,996,130,222 100% 7,181,070,462 7,604,405,411 94% 7,501,397,898 7,927,185,116 95% 7,991,457,271 8,260,667,727 97% 8,475,337,781 8,594,608,297 99% 9,936,217,036Total 8,598,456,475 8,598,456,475 100% 8,705,826,540 8,705,826,540 100% 8,889,492,407 8,889,492,407 100% 9,080,646,509 9,080,646,509 100% 9,434,435,463 9,722,117,310 97% 9,871,319,979 10,116,359,327 98% 10,417,353,191 10,521,304,251 99% 11,048,121,023 10,926,707,133 101% 12,554,165,123

Call depositsMoscow 1,532,049,342 1,517,918,434 101% 1,586,595,662 1,572,750,589 101% 1,574,895,905 1,558,570,377 101% 1,493,021,289 1,474,165,686 101% 1,523,295,347 1,887,586,125 81% 1,579,452,536 1,887,586,125 84% 1,421,082,682 1,887,586,125 75% 1,439,830,157 1,887,586,125 76% 1,887,586,125Other regions 1,618,242,828 1,314,441,850 123% 1,666,405,555 1,373,831,984 121% 1,785,869,503 1,419,623,012 126% 1,846,910,301 1,383,856,851 133% 1,814,991,409 1,347,664,946 135% 1,938,557,718 1,347,664,946 144% 1,893,632,025 1,347,664,946 141% 1,918,613,554 1,347,664,946 142% 1,347,664,946Total 3,150,292,170 2,832,360,284 111% 3,253,001,217 2,946,582,573 110% 3,360,765,408 2,978,193,389 113% 3,339,931,590 2,858,022,537 117% 3,338,286,756 3,235,251,071 103% 3,518,010,254 3,235,251,071 109% 3,314,714,707 3,235,251,071 102% 3,358,443,711 3,235,251,071 104% 3,235,251,071

Total Retail 11,748,748,645 11,430,816,759 103% 11,958,827,757 11,652,409,113 103% 12,250,257,815 11,867,685,796 103% 12,420,578,099 11,938,669,046 104% 12,772,722,219 12,957,368,381 99% 13,389,330,233 13,351,610,398 100% 13,732,067,898 13,756,555,322 100% 14,406,564,734 14,161,958,204 102% 15,789,416,194MOM Change 210,079,112 291,430,058 170,320,284 352,144,120 616,608,014 342,737,665 674,496,836in USD 8,238,397 11,428,630 6,679,227 13,809,573 24,180,706 13,440,693 26,450,856

CorporatesTerm deposistsMoscow 2,411,423,936 2,372,300,000 102% 2,913,597,772 2,383,422,727 122% 2,905,392,501 2,395,245,455 121% 3,168,818,596 2,414,768,182 131% 3,143,894,648 2,432,190,909 129% 4,010,340,686 2,485,713,636 161% 5,223,812,743 2,582,474,044 202% 5,368,967,628 2,527,603,773 212% 2,438,609,867Other regions 2,847,525,414 3,567,940,000 80% 3,001,861,228 3,597,280,909 83% 3,127,068,499 3,819,621,818 82% 3,314,970,404 3,815,962,727 87% 3,376,000,352 3,925,803,636 86% 4,001,558,314 4,103,244,545 98% 4,139,273,257 4,260,735,617 97% 4,254,291,877 4,305,651,821 99% 5,080,546,515Total 5,258,949,350 5,940,240,000 89% 5,915,459,000 5,980,703,636 99% 6,032,461,000 6,214,867,273 97% 6,483,789,000 6,230,730,909 104% 6,519,895,000 6,357,994,545 103% 8,011,899,000 6,588,958,182 122% 9,363,086,000 6,843,209,661 137% 9,623,259,505 6,833,255,593 141% 7,519,156,382

Call depositsMoscow 8,286,786,767 14,237,800,000 58% 8,285,744,504 13,710,527,272 60% 8,173,445,713 11,715,354,544 70% 7,828,104,731 10,004,381,816 78% 7,613,211,801 7,707,609,088 99% 7,883,137,198 7,735,899,996 102% 6,825,999,674 6,239,441,401 109% 8,545,192,913 6,248,368,689 137% 6,256,439,744Other regions 11,956,586,129 4,261,200,000 281% 13,061,595,496 4,243,472,728 308% 11,149,175,287 4,206,045,735 265% 7,117,694,269 4,237,011,546 168% 5,799,613,946 4,255,912,846 136% 5,812,537,802 4,393,615,868 132% 5,443,203,326 4,455,703,801 122% 6,814,126,093 4,508,241,832 151% 5,211,608,773Total 20,243,372,896 18,499,000,000 109% 21,347,340,000 17,954,000,000 119% 19,322,621,000 15,921,400,279 121% 14,945,799,000 14,241,393,362 105% 13,412,825,748 11,963,521,933 112% 13,695,675,000 12,129,515,864 113% 12,269,203,000 10,695,145,202 115% 15,359,319,006 10,756,610,521 143% 11,468,048,517

Total Corporate 25,502,322,246 24,439,240,000 104% 27,262,799,000 23,934,703,636 114% 25,355,082,000 22,136,267,552 115% 21,429,588,000 20,472,124,271 105% 19,932,720,748 18,321,516,479 109% 21,707,574,000 18,718,474,045 116% 21,632,289,000 17,538,354,863 123% 24,982,578,511 17,589,866,114 142% 18,987,204,898MOM Change 1,760,476,754 (1,907,717,000) (3,925,494,000) (1,496,867,252) 1,774,853,252 (75,285,000) 3,350,289,511in USD 69,038,304 (74,812,431) (153,940,941) (58,700,677) 69,602,088 (2,952,353) 131,383,902

TOTAL Deposits 37,251,070,891 35,870,056,759 104% 39,221,626,757 35,587,112,749 110% 37,605,339,815 34,003,953,348 111% 33,850,166,099 32,410,793,317 104% 32,705,442,967 31,278,884,860 105% 35,096,904,233 32,070,084,443 109% 35,364,356,898 31,294,910,185 113% 39,389,143,244 31,751,824,318 124% 0 34,776,621,093MOM Change 1,970,555,866 (1,616,286,942) (3,755,173,716) (1,144,723,132) 2,391,461,266 267,452,665 4,024,786,346in USD 77,276,701 (63,383,802) (147,261,714) (44,891,103) 93,782,795 10,488,340 157,834,759

RetailTerm deposistsMoscow 24% 24% 100% 23% 23% 100% 23% 23% 100% 23% 23% 100% 24% 22% 110% 24% 22% 111% 23% 21% 108% 23% 21% 109% 21%Other regions 76% 76% 100% 77% 77% 100% 77% 77% 100% 77% 77% 100% 76% 78% 97% 76% 78% 97% 77% 79% 98% 77% 79% 98% 79%

Call depositsMoscow 49% 54% 91% 49% 53% 91% 47% 52% 90% 45% 52% 87% 46% 58% 78% 45% 58% 77% 43% 58% 73% 43% 58% 73% 58%Other regions 51% 46% 111% 51% 47% 110% 53% 48% 111% 55% 48% 114% 54% 42% 131% 55% 42% 132% 57% 42% 137% 57% 42% 137% 42%

CorporatesTerm deposistsMoscow 46% 40% 115% 49% 40% 124% 48% 39% 125% 49% 39% 126% 48% 38% 126% 50% 38% 133% 56% 38% 148% 56% 37% 151% 32%Other regions 54% 60% 90% 51% 60% 84% 52% 61% 84% 51% 61% 83% 52% 62% 84% 50% 62% 80% 44% 62% 71% 44% 63% 70% 68%

Call depositsMoscow 41% 77% 53% 39% 76% 51% 42% 74% 57% 52% 70% 75% 57% 64% 88% 58% 64% 90% 56% 58% 95% 56% 58% 96% 55%Other regions 59% 23% 256% 61% 24% 259% 58% 26% 218% 48% 30% 160% 43% 36% 122% 42% 36% 117% 44% 42% 106% 44% 42% 106% 45%

YUKOS RELATED COMPANY AUCTION EFFECT

44

1H2006 to 1H2007 2006 to 2007

Cash and cash

equivalents0.5%

Loans to customers

21.2%

Other3.4%

Financial assets

through profit and loss74.8%

Financial

assets

through profit

and loss

72.9%

Other

8.5%Loans to

customers

6.7%

Cash and

cash

equivalents

12.0%

TRUST Investment Bank - Assets structure

2007 Budget1H072006

32 581

43 647

21 629

31 441

34.0%

45.4%

10 000

20 000

30 000

40 000

50 000

1H2006 1H2007

Total assets Financial assets at fair value

47 39641 973

34 52827 285

-11.4%

-21.0%

10 000

20 000

30 000

40 000

50 000

2006 2007B

Total assets Financial assets at fair value

Financial assets through profit and loss

72.0%

Other10.9%

Loans to customers

6.2%


10.9%

45

NBT – 1H07 Effective Interest Rates

Effective interest rates (month to date)July 2007 June 2007 May 2007 April 2007 March 2007 Jan-Feb 2007 Dec 2006

Corporate customers (both banks)Corporate customers 11.5% 11.2% 11.2% 11.6% 12.3% 11.5% 11.3%

Small/Medium/MicroSmall 19.3% 19.1% 18.0% 19.4% 21.3% 21.0% 21.0%Medium 15.0% 15.5% 15.2% 15.6%Micro 22.7% 22.7% 22.8% 22.8% 22.9% 22.8% 23.4%

RetailAuto 23.7% 24.3% 24.3% 24.5% 24.0% 26.1% 25.7%Cash 32.8% 33.0% 33.0% 33.0% 32.5% 35.1% 35.8%CreditCards 39.3% 38.2% 38.5% 38.9% 38.6% 40.8% 39.4%Mortgage 12.7% 12.8% 12.3% 12.6% 12.9% 12.2% 13.8%

Corporate, time deposits 7.6% 7.9% 8.4% 8.0% 9.0% 8.2%

Individuals, time deposits 10.4% 10.8% 10.4% 10.8% 10.3% 10.5%

Corporate, current accounts* 0.9% 0.7% 1.2% 1.5% 1.1% 1.4%

Individuals, current accounts 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%

Debt securities issued 9.1% 9.1% 9.2% 9.3% 9.3% 9.3%

Eurobond 9.8% 9.9%

Subordinated loans 11.3% 11.3% 6.7%

* Decrease in May is related to Yukos outflow

46

Corporate debt

securities

43%

OFZ

36%

Eurobons of RF

0%

Other

21%

Corporate debt

securities

60%

OFZ

5%

Eurobons of RF

20%

Other

15%

Corporate debt

securities

58%OFZ

17%

Eurobons of RF

11%

Other

14%

TRUST Investment Bank - Financial assets at fair value structure

Changes financial assets at fair value structure

20062005 1H07

47

Rating breakdown of Securities Portfolio - IBT

Currency bonds portfolio rating breakdown

52%

1%

3%

7%

16%

9%

2%

2% 8%

BBB+/Baa1 (incl.sovereign)

BBB/Baa2

BB+/Ba1

BB/Ba2

BB-/Ba3

B+/B1

B/B2

B-/B3

No rating

Ruble bond portfolio rating breakdown

21%

0%

1%

1%

19%

1%6%4%3%

44%

BBB+/Baa1 (incl.sovereign)BBB/Baa2

BBB-/Baa3

BB+/Ba1

BB/Ba2

BB-/Ba3

B+/B1

B/B2

B-/B3

No rating

Ruble bond without rating portfolio breakdown

2%

18%

2%

1%

37%

9%

13%

18%

Banks

Electric utilities

Municipality

OFZ Futures

Private enterprises

State enterprises

Subfederal financialinstitutions

Subfederalgovernments

48

TRUST Investment Bank - Liabilities structure

Payables under

REPO

53%

Customer accounts

19%

Short term interbank

10%

Long term financing

8%

Other

10%

Payables under REPO

49%

Customer accounts

21%


12%

Long term financing

10%

Other8%

Funding structure

1H072006 2007

Payables under REPO

66%

Customer accounts

9%


6%

Long term financing

12%

Other7%

49

Pro-forma Key Ratios; Merged Bank Targets

2007B 2008E 2009E

ROAA 1.4% 2.4% 2.5% ROAE 10.2% 17.5% 20.3% Cost / Income ratio (pre-provisions) 65.0% 56.0% 52.2% CAR 20.6% 18.2% 16.1% Total assets growth 20.0% 35.0% 33.0% Net interest margin 5.4% 6.1% 5.7% Average loans / Average deposits 107.5% 169.7% 189.8% Operating costs / Average assets 6.2% 6.1% 5.3%

Number of cities present 150 220 220

Total Headcount 8,200 9,100 9,500

3 year plan has not been amended due to current market conditions

50

Pro-forma Trading Securities (RUB mln) - Proprietary

Pro-forma Securities Portfolio – Optimising for the Future

Pro-forma Trading Securities (RUB mln) – Client Flow Business

• In order to optimise the asset structure of the bank and allow the expansion of the retail and SME business, the bank has decided to reduce its position in trading securities to 10% of total assets by the end of 2009

% of total assets

19,691 35,688

11,57516,215

16,258

5,799941

1,6901,525

1,376

2005 2006

36,181

17,089

15,434

2,3961,262

1Q 2007

17,704 10,575

Treasury and Asset Management

6,3022,227

6,302

2,228

6,120

5,100

2007B 2008E

Government and municipal bonds Corporate bonds

Equities Asset Management & Other

1,494 4,974 4,948

1,357

4,604

370

137

2%

5%

2005 2006

4,422

526

5%

1Q 2007

6,056 7,650

5,4836,885

765

574

5%

5%

2007B 2008E

Total

Equities

Corporate bonds

27,897

11,016

12,949

2,4201,512

2Q 2007

6,181

6%

2Q 2007

6,181

51

Pro-forma Funding Structure

Increasingly Diversified Funding Structure

2006 2007 Budget 2008E

2006 2Q 2007 2008E 2009E

• $400-500mln funding from securitisation

• $150-300mln new Eurobonds issued

• $100mln raised in syndicated loans (new)

• $50-100mln of other securities issued (new)

3Q-4Q 2007

• $400-500mln funding from securitisation

• $350mln new Eurobonds issued

• $100mln raised in syndicated loans

• $50-100mln of other securities issued

• €150-200mln securitisation bond

• $100mln private placement

• $100mln one year syndicated loan

• $20mln NBT sub-debt (Mar)

• $50mln NBT CLNs (Apr)

• $200mln NBT Eurobond (May)

• €150mln funding from securitisation (May)

• $100mln CLN by NBT (Dec)

• $150mln Eurobond by IBT (Sep)

2Q 2007

Amounts due to

customers

47%

Funding from

securitisation

1%

Payables under

repurchase

agreements

19%

Amounts due to

credit institutions

6%

Shareholdes '

equity

12%

Other l iabil i ties

3%

Debt securities

12%

52

Total Shareholders Equity (RUB mln)

Pro-forma Capital Structure

• Management estimates that after the merger,

National Bank TRUST would reach TOP 20

Russian banks in terms of assets

• 1.5bln of 3.4bln of announced capital increase

has been provided. The remaining 1.9bln will

be provided by the end of October

• Significant room to overperform asset growth

targets in model

• RUB 7bln capacity for tier 2 subdebt issuance

Capital Adequacy Ratio

Tier 1 Ratio Total Capital Ratio

BIS Requirements (8%) Central Bank (10%)

Comments

CAGR: 29%

12,130

23,367

19,057

15,997

2Q 2007 2007B 2008E 2009E

20.6%

18.2%16.1%16.0% 15.3%

17.6%16.89%

13.16%

2Q 2007 2007B 2008E 2009E

14.73%12.24%

1Q 2007

53

Investment Banking Optimal Asset Structure as Department in Merged Bank

USD Mln Risk Weighting

Corporate bonds - client flow trading 300 130%

Asset management 200 100%

Corporate bridges 150 100%

Structured corporate loans 300 100%

Total assets 950 1,040

Total shareholders equity (current) 279

Tier 1 capital (current) 305

Tier 1 CAD 29%

Required CAD 15%

Excess CAD 14%

Excess capital to be transferred to NBT 149

IBT Asset Structure

NBT

54

Pro Forma Related Party Transactions

Transactions with related parties:

• Carried out on an arm's-length basis

• Subject to the same approval procedures and limits as transactions with unrelated parties

Amounts Due to RP Customers Loans to RP

1120

248

722

374

4.00%

0.66%

1.69%

0.80%

2004 2005 2006 1H2007

728

543647 610

6.03%

2.62%

2.31%1.72%

2004 2005 2006 1H2007

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Pro-forma Employee Structure

• Post merger, the group expects a minimal impact to its headcount due to different business operations of the banks being merged; however due to spin-off of proprietary and alternative investments combined with synergies and back office redundancy will lead to savings of at least $7.5mln a year

• Expected redundancies of appr. 80 people due to merger (23 front office, 57 back/middle office)

• In light of the bank’s network expansion plans, management anticipates to have approximately 3,000 new employees to grow the business in 2007 and 2008. The new employees will receive introductory training to ensure that high standards are maintained

• Headcount not due to increase significantly after 2009

Employee Structure

Total: 5,631 Total: 6,766 Total: 8,200 Total: 9,100

2006 2Q 2007 Pro-Forma 2007 Pro-Forma 2008

82%94%

18%6%

6,357409

IBT NBT

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4 Group Strategy




1 Executive Summary




57

Indicative Timetable: Expected Completion in 2Q 2008

Announced Merger to market, staff and regulators on 17 July 2007

Engaged A&O as legal counsel

Finalizing Capital Increase of National Bank TRUST by late October 2007

Informal Discussions with regulator on Merger

Official request will be filed with CBR during October 2007

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APPENDIX

59

Yukos Deposits

60

Yukos Related Deposits

NBT and Yukos RD (Rub bln and % )

0

5

10

15

20

25

30

0%

10%

20%

30%

40%

50%

60%

Corporate Current Account Non Restricted Yukos Restricted Yukos All current accounts

% YRD vs Corp C/Acs % All YRD vs All Current

TRUST Group and Yukos RD (Rub bln. and % )

0

5

10

15

20

25

30

35

0%

10%

20%

30%

40%

50%

60%

70%

Corporate Current Account Non Restricted Yukos Restricted Yukos

All current accounts % YRD vs Corp C/Acs

% All YRD vs All Current

Post Yukos related company auctions the Unfrozen Yukos-Related deposits have effectively

been reduced to zero

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Historical Financials of NBT and IBT

62

Balance Sheet (RUB mln)

NBT IBT

2005 22006 2Q 2007 2005 22006 2Q 2007

Cash and cash equivalents 13,970 11,147 16,326 5,350 5,696 4,774

Amounts due from credit institutions 15 15 15 1,891 1,320 519

Trading securities 7,302 6,150 2,655 13,887 34,529 31,441

Net loans to customers 16,379 24,847 32,676 4,381 3,166 2,695

Total retail loans 4,691 12,715 - - -

Corporate 11,688 9,891

SME - 2,241 - - -

Property, equipment and intangibles 1,203 1,965 2,633 417 604 582

Tax and other assets 484 546 672 2,421 2,081 3,635

Total Assets 39,360 44,670 54,977 28,347 47,396 43,646

Amounts due to credit institutions 2,875 1,126 1,423 3,959 3,983 4,395

Payables under repurchase agreements - - - 7,013 21,842 18,333

Amounts due to customers 30,564 34,868 38,787 7,235 7,899 7,637

Retail 7,299 11,886 176 - -

Corporate 23,265 22,867 7,059

SME - - - - - -

Funding from securitisation - - - - - - Obligations to return securities received as

collateral - - - 846 1,885 2,092

Debt securities issued 1,002 3,713 8,640 2,714 4,914 4,312

Tax and other liabilities 726 625 630 348 204 244

Total Liabilities 35,167 40,333 49,480 22,114 40,727 37,013

Shareholders' Equity 4,193 4,337 5,497 6,233 6,669 6,633

16,93411,343

4,399

13,48225,305 7,899 7,637

4,381 3,166 2,695

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Income Statement (RUB mln)

NBT IBT

2005 22006 2Q 2007 2005 22006 2Q 2007

Interest income 2,726 4,622 3,337 1,354 2,383 1,558

Due from credit institutions 208 321 243 145 290 143

Debt securities and other financial instruments 615 679 179 555 1,581 1,126

Reverse repurchase agreements - - 117 117 62

Loans to customers 1,904 3,622 2,915 440 395 226

Interest expense (788) (1,373) ( 1,140) (659) (1,439) ( 1,077)

Due to credit institutions (73) (27) (26) (125) (237) (153) Repurchase agreements - - - (301) (739) (617)

Deposits by customers (634) (1,247) (870) (109) (225) (116)

Debt securities issued (81) (99) (244) (123) (238) (153)

Net interest income 1,938 3,249 2,197 695 944 481

Provision for impairment (304) (665) (417) (238) (295) 7

Net interest income after provisions 1,634 2,584 1,780 457 649 488

Fee and commission income 876 925 461 187 318 290

Fee and commission expense (163) (159) (96) (51) (45) (27)

Net Fees and commissions 713 766 365 136 274 263

Total operating income 3,310 3,619 2,290 2,262 1,784 707

Operating expense (2,463) (3,317) ( 2,174) (1,324) (1,518) (748)

Salaries and benefits (1,318) (1,855) (1,288) (828) (946) (442)

Administrative expenses (815) (1,148) (687) (359) (426) (256)

Depreciation and amortization (153) (165) (115) (77) (95) (40)

Other expenses (178) (148) (84) (61) (51) (10)

Profit before taxation 847 303 116 938 265 (41)

Income tax expense (558) (111) 29 (213) (87) 5

Net income 288 192 145 726 178 (36)

-

64

Russian Banking Sector Overview

65

533

339257

19013010585

52.8%

45.1%42.1%42.3%

38.3%35.3%

32.3%

0

100

200

300

400

500

600

2000 2001 2002 2003 2004 2005 2006

0%

10%

20%

30%

40%

50%

60%

Total Assets Asset/GDP

Russian Banking Sector: Summary

• Retail lending is increasingly the focus for banks and, despite explosive growth in consumer credit, Russia still lags behind emerging market peers. There is potential for several years of further strong growth in credit card, auto credit, as well as mortgage lending as personal income levels rise

• Mortgages, although quickly becoming a mass product, still account for only 0.75% of GDP vs. 5.3% in Kazakhstan and 7.3% in Poland and amid enormous demand for new housing, still make up only c.10% of total retail loans

• Mortgage lending is forecasted to grow by 80% in 2007• There is increasing emphasis on providing banking services in the under-banked

regions as economic wealth spreads into the regions responsible for much of Russia's industrial output

• The key constraints for all Russian banks are capital and funding. With some of the leading private banks growing at over 100% per annum, sourcing capital is challenging

• VTB successfully listed in May 2007 and several other banks have IPO in the pipeline

• In 2006, total NPLs of the banking system has increased by 2.5x from $765m as of January 2006 to $2.0bn whereas lending to individuals rose by 75% in 2006

Banking Sector Summary Total Assets

Total Deposits

Source: RosStat, CBR

Key Banking Statistics

2002 2003 2004 2005 2006

Assets GDP 38.3% 42.3% 41.9% 45.1% 52.8%

Loans GDP 16.6% 20.3% 22.8% 25.2% 30.2%

Retail loans GDP 1.3% 2.3% 3.6% 5.5% 7.8%

Retail loans / total Income 2.1% 3.4% 5.6% 8.7% 12.3%

Deposits GDP 19.6% 22.7% 24.4% 26.9% 31.8%

Retail deposits GDP 9.5% 11.5% 11.6% 12.7% 14.2%

Retail deposits / total income 15.1% 17.1% 18.0% 20.4% 22.5%

Capital /Assets 14.0% 14.6% 13.3% 12.7% 12.1%

With the fast growth of retail lending, an increasing number of banks

face capital constraints as the capital ratio decreases to the minimal level acceptable by the CBR

144 96 7152322216

178

10678

47343026

31.8%26.9%

24.4%22.7%19.6%17.7%16.0%

0

50

100

150

200

250

300

350

2000 2001 2002 2003 2004 2005 2006

0%

5%

10%

15%

20%

25%

30%

35%

Retail Deposits Corporate Deposits Deposits/GDP

$bn %

$bn %

66

Source: Deutsche Bank Equity Research (20-Sep-06) and Merrill Lynch Research (23-May-06)

Total Deposits MortgagesTotal Banking Assets

Russian Banking Sector: Forecasts by Product

Car Loans Corporate LoansCredit Cards

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Note: Total banking assets, loans and deposits data as of 31 December 2005 unless otherwise statedSources: European Banking Federation, Bank of Ukraine, Economist Intelligence Unit and broker research(1) Includes Bulgaria, Czech Republic, Hungary, Poland, Romania, Slovakia and Ukraine(2) Includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Norway, Netherlands, Portugal, Spain, Sweden, Switzerland and the United Kingdom

Total Loans in % of GDP Total Deposits in % of GDPBanking Assets in % of GDP

Russian Banking Sector: Benchmarking (1

)

(1)

(1)

(2)

(2)

(2)

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Top Russian BanksMain Financial Indicators of Top 20 Banks, as at April 1, 2007

Source: Interfax(1) Includes capital increase of RUB 3.4bn

TRUST Investment Bank & National Bank TRUST

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