Ten years of success

We are celebrating the 10th Anniversary

Contents

During 10 years presence оn the market we have successfully demonstrated our advantages and gained one of the leading positions оn the market of leasing services.

We regard the challenges facing us as an opportunity for change, further development and a chance to discover new aspects of perfection. We are inspired by achievements of our partners. We are convinced we can find solutions to overcome all the difficulties.

OJSC VTB Leasing* Chief Executive’s letter

4

2012 Russian leasing market trends overview

8

Company overview

18

Development strategy

22

Risk management

24

Corporate governance

30

Directors’ report

36

Excerpt from the Audited Consolidated Financial Statements under IFRS

38

Contact Information

42

*OJSC VTB Leasing (hereinafter referred to as VTB Leasing, or Company)

OJSC VTB Leasing Annual Repor t 2012

4

OJSC VTB Leasing Chief Executive’s letter

OJSC VTB Leasing Chief Executive’s letter

5

Dear clients and partners! In 2012 we celebrated the 10th Anniversary of OJSC VTB Leasing. During 10 years on the market presence OJSC VTB Leasing has demonstrated successful development and became one of the three major financial institutions providing leasing services in Russian Federation. VTB Leasing managed to win clients’ trust and establish its reputation as a reliable partner providing services on a level with the highest worlds standards. By the end of 2012 leasing portfolio reached of RUR 277,7 bn. That means that despite adverse economic conditions and lowering market demand, our portfolio remained at the level of 2011. The contribution of the new business to the total volume of the portfolio was RUR 70,2 bn. VTB Leasing reached the goals indicated in its 2010–2012 development strategy in respect of its financial indices.

The performance was strong for all the business segments of OJSC VTB Leasing. Freight and passenger cars segments as well as the segment of special purpose machinery made significant progress. All these business segments are important for the further strategic development. We plan to further develop operational leasing for transport segment introducing the full service cycle, extensively expanding the presence and increasing the share of oil and gas equipment and aviation machinery. In the reported period OJSC VTB Leasing and Transaero Airlines signed a 10-years lease contract for 4 new Boeing 787 Dreamliner aircrafts. The shipment of the aircrafts will start in 2014. In 2012 VTB Leasing and EXIM China signed a 5-years cooperation agreement. According

to the achieved arrangements EXIM bank of PRC will provide USD250 mn. credit limit. It’s planed to allocate these funds to support Russian companies engaged in international trade and purchasing machinery and equipment from PRC. Looking ahead we aim to increase quantitative indicators constantly enhancing leasing portfolio quality and improving our risk models. Our focus is to develop the strategy for a changing environment and to use new market potential the Russian growing national economy represents in order to guarantee consistent company development. As a conclusion we would like particularly to thank our employees who have shown commitment and loyalty. We remember the debt of gratitude we have – to our clients and partners. We thank you for your support and wish you all the best in 2013!

OJSC VTB Leasing Chief Executive Officer A.Yu. Konoplev

OJSC VTB Leasing Annual Repor t 2012

8

2012 Russian leasing market trends over view

2012 Russian leasing market trends overview Overview of the Macroeconomic Situation in Russia The year of 2012 was marked by gradual change of development trends in the Russian economy. For the first time, after the active reviving post-crisis growth in 2010–2011,

9

GDP growth rates slowed down and reached 3.4% against 4.3% in 2011. It was caused mainly by actual exhaustion of key recovery stimulus (this process started in the second half of 2011). In the second half of 2012 the deceleration of economic growth increased (against the corresponding period of the previous year).

In 2012 Russian economical environment was characterized by lowering investment and consumer demand while increasing adverse global economic conditions and declining foreign demand. The key factor of economic growth in Russia was domestic demand for goods and services supported by growth of real earnings, volume of bank loans and number of people employed in the Russian economy.

Major indicators of economic development (in % compared to the same period of previous year) Indicators

2011 IIQ

IIIQ

104.3

104.9

104.5

103.9

(for the year, by the end of previos year)

106.1

101.5

103.2

105.2

106.6

106.6

Industrial production index 2)

104.7

104.0

102.3

102.5

101.7

102.6

Manufacturing production index 3)

106.5

104.4

104.7

104.5

102.8

104.1

Agricultural production index

123.0

104.0

104.3

94.0

89.4

95.3

Investments into equity

108.3

116.6

112.6

for construction products

108.0

100.8

Residential buildings commissioning

106.6

Real household disposable income Real carnigs

GDP 1)

IVQ

2012 Year

IQ

103.4

Consumer price index

Under the unfavorable weather conditions caused the partial loss of grain yield and accelerated price surge for food products, growth rates of real earnings and consumer expenses were slowed down. For the purpose of curbing the inflation, in September 2012 the Bank of Russia raised the refinancing rate that led to slowed growth of the number of loans and lowered investment demand from enterprises. Another important factor

110.3

106.7

4

106.7 4

102.1

103.0

100.9 1

106.9 4

105.7

98.7

104.2

107.1

104.7

100.4

101.6

104.1

104.6

105.34

104.2 5

of 2011 Ministry for Economic Development and Trade of Russia.

102.8

110.3

111.3

106.3

104.2 4

107.8 4

2.

Summary index of prices

Average monthly wage accrued, rubles

1.

2010, I, II, III quarters of 2011, 2011 – assessment of the

Federal State Statistics Service of the Russian Federation; IV quarter

In 2012 Russian economical environment was characterized by lowering investment and consumer demand while increasing adverse global economic conditions and declining foreign demand.

Aggregate production index on such activities as “Extraction

24 407.0

26 547.0

26 127.0

29 702.0 4

26 690.0 4

Retail turnover

107.0

107.6

107.0

104.8

104.5

105.9

dynamics of the most important goods-representatives

Volume of paid services to households 6)

103.0

104.9

103.5

102.7

103.1

103.5

(in real or value terms). The structure of gross value added (GVA)

6.6

6.5

5.5

5.3

5.3 5

5.7 5

Export of goods, bn US dollars 1)

522.0

131.7

131.8

125.7

141.5

530.7

3.

Allowance for informal activities.

Import of goods, bn US dollars 1)

323.8

73.0

82.1

87.3

93.0

335.4

4.

Assessment of the Federal State Statistics Service

109.3

117.1

106.5

109.1

109.1

110.5

Unemployment level to economically

of power energy, gas and water” based on the data production

by types of economic activities of the basis 2008 is used as form

Average price for oil Urals, US dollars/barrel

In production sphere in 2012, the growth of GDP was a result of high dynamics of financial activity (15% in 2012 against 3.6% in 2011) and trade (6.5% in 2012 against 3.3% in 2011). In general, in 2012 industrial production increased by 2.6% as compared to 2011, including mineral resources extraction – by 1.1%, manufacturing production – by 4.1%, and production and distribution of power energy, gas and water – by 1.2%.

of minerals”, “Manufacturing activities”, “Production and distribution 23 369.0 5

active population (in average for the period)

of economic dynamics decline in 2012 was negative effect of the high base in the second half of 2011, underpinned by high yield of a number of agricultural crops and skyrocketing growth of investment demand mainly from gas sector.

of measurement. Allowance for informal activities.

of the Russian Federation.

Source: the Ministry for Economic Development of the Russian Federation

5.

Preliminary data.

6.

Data of current reporting.

According to the Federal State Statistics Service of the Russian Federation, in December after the five-month decline, agricultural production growth revived by 1.4% to reach the level of 2011. However, under the unfavorable weather conditions the volume of agricultural production reduced by 4.7% over the whole 2012.

OJSC VTB Leasing Annual Repor t 2012

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In 2012, after the soaring growth of investments into fixed assets in 2011, there was a tendency of slowing down accompanied by decrease of investment goods production (machine building, construction materials). Annual results for 2012 show that investment demand was mush lower as compared to the 2011 indicators, in particular, gross savings increased only by 5.3% (22.6% – in 2011), gross fixed capital formation slowed to reach 6.0% against 10.2% in 2011. Company inventories stopped growing (as industrial production normalized) – and this was the constraining factor for growth of investment demand. Lowered investment demand was accompanied by considerable capital outflow, with net capital outflow amounting to US 56.8 dollars in 2012.

In 2012 consumer demand decreased due to cessation of growth of governmental final consumption expenditures, which resulted into overall final consumption expenditures amounting to 4,8% (4,9% in 2011)

In 2012, the dynamics of consumer demand declined also due to stopped growth in expenses for final consumption of the government. As a result, the expenses for final consumer demand in general amounted up to 4.8% (as compared to 4.9% in 2011).

2012 Russian leasing market trends over view

rates of lending to households as compared to the real sector (39% against 12.7%). The volume of financing from the banks amounted to 72.1% of the total portfolio.

Leasing operations market

Top-10 leading market segments by share of new business, in % 2010

2011

2012

Buses and minibuses

1.7

1.3

1.4

Equipment for machine building and metalwork

1.6

2.7

2.1

Equipment for oil extraction and processing

2.6

1.4

2.2

Road construction machinery

3.4

2.6

3.0

10.5

7.5

8.7

Construction machinery

4.5

5.0

4.5

Power engineering equipment

2.0

0.7

3.2

Passenger vehicles

7.1

6.2

8.5

Freight motor vehicles

8.4

9.5

11.2

39.1

48.6

41.3

Segment

Aircraft

In 2012, overall decline in the growth of investment demand had a negative impact on leasing market in the second half of 2012. The data provided by the Expert rating agency confirm the reduction of market in real terms started in III Q of 2012. The volume of new business in leasing segment increased only by 1.5%, and if excluding VEB-Leasing, the largest marker player, it declined by 5%. In 2012, the volume of new business in absolute terms amounted to RUR 1.32 tn, total leasing portfolio as of 31 December 2013 increased up to RUR 2.53 tn (growth of 36% vs. 57% over the previous year). Negative trends in the leasing market were mainly caused by lower activity levels in railway segment that was a major source of growth for the company in prior years.

Railway machinery Source: “Expert RA”

Owing to high level of consolidation of the Russian leasing market and dominant role of large leasing companies in forming large-scale contracts, even without any global recessions in the economy, decline of investment activity of large corporations in major segments (mainly in railway rolling stock) led to downturn of the whole market.

Lack of liquidity remained the main problem (mostly for medium-sized leasing companies) that aggravated in 2012 (first of all due to growth of loan rates and changes in the banking regulation). However, decline of demand and number of potential clients exceeded the reduction of the resource base of the leasing companies.

Indicators of Russian leasing market development Indicators

2007

2008

2009

2010

2011

2012

Volume of new business, bn rubles

997.5

720.0

315.0

725.0

1 300.0

1 320.0

growth rates, %

149.6

-27.8

-56.3

130.2

79.3

1.5

Volume of leasing payments received, bn rubles

294.0

402.8

320.0

350.0

540.0

560.0

growth rates, %

116.2

37.0

-20.6

9.4

54.3

3.7

Volume of funds financed, bn rubles

537.0

442.0

154.0

450.0

737.0

640.0

growth rates, % Leasing companies Total portfolio, bn rubles growth rates, % Nominal GDP of Russia, bn rubles 1

167.0

-17.7

-65.0

192.2

63.8

-13.2

1 202.0

1390.0

960.0

1 180.0

1860.0

2 530.0

126.8

15.6

-31.0

22.9

57.60

36.0

33 247.5

41 276.8

38 807.2

46 321.8

55 798.7

62 356.9

3.0

1.7

0.8

1.6

2.3

2.1

Share of Leasing in GDP, % 1

Data: the Federal State Statistics Service of the Russian Federation

Source: “Expert RA”

According to 2012 year results, total portfolio of the borrowed funds extended to enterprises and households increased up to RUR 27,708.5 bn or by 19.1% (by 28.8% in 2011). The year of 2012 was marked by the exceeded growth

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OJSC VTB Leasing Annual Repor t 2012

12

2012 Russian leasing market trends over view

Volume of new business, bn rubles New business growth rates (as compared to the previous year) 2005 2006 2007 2008 2009

2010

2011

2012

Volume, billion

226

399

997

720

315

725

1 300

1 320

Rate,%

40%

77%

150%

-28%

-56%

130%

79%

1.5%

Source: “Expert RA”

The trend of reducing a number of segments, making the major volume of market, continued during the first three quarters of 2012. However, in IVQ 2012 the situation changed radically due to an abrupt decline of activity levels in railway segment. Some key segments decreased their share of total business, in particular, railway machinery went down to 41.3% in total volume of new business, and construction machinery was down to 4.5%. On the other hand, owing to a range of large transactions conducted in 2nd half of 2012, aviation, truck and passenger car segments increased their shares up to 8.7%, 11.2% and 8.5% correspondingly. It is also worth noting that there were more power engineering equipment transactions conducted (3.2%). The shares of other segments do not exceed 3% and over the past years they show highly volatile positions in the ranking, that doesn’t have significant impact on the leaders. With the fact, that market concentration in transport segments was kept high (total share of all transport segments – automobile, aviation, railway and sea transport) and accounted for 69.7% in total volume of transactions as of the 2012 year results (against 71.8% in 2011), the share distribution among leaders became more even, almost at the level of 2010. In total volume of leasing portfolio the share of transport was 71.9%. Thus 2012 witnessed no considerable changes in development strategies of leasing companies

against the previous year (concentration on equipment with maximum liquidity, tendency to minimize own risks in the conditions of reduced demand for leasing services from first-class customers).

and regional market), other sectors (mainly, truck and automobile transport, and construction machinery) saw growing interest towards representatives of small and mediumsized businesses, whose share in leasing transactions grew in 2012 to 34.8% against 28.5% in 2011, for the first time since 2009. According to 2012 full-year results, large companies accounted for 64.3% of new transactions (vs. 70.0% in 2011). In terms of geographical distribution Moscow region remained a leader in new transactions volume contribution.

Market outlook 2012 was characterized by the intensive search for new highly stabile markets with large potential volumes. The main new market segment is the segment of motor vehicles

2012 was characterized by the intensive search for new highly stabile markets with large potential volumes. The main new market segment is the segment of motor vehicles Along with the changing market situation in 2nd half of 2012 there were considerable changes in leasing companies’ requirements to potential customers that resulted in increased number of potential lessees. If railway transport transactions were mainly conducted with large companies (leading companies of the corresponding federal

of commercial motor vehicles segment that will become driving forces for market growth. In this case, the growth of new transaction volume could be up 7% to 10% (new business volume up to RUR 1.4–1.45 tn.). At the same time searching for new reliable customers and raising funds will continue being the most relevant issues for most of the companies.

In terms of geographical distribution Moscow region remained a leader in new transactions volume contribution.

According to Expert RA market growth will depend mainly on development in railway transport segment, as well as dynamics of bank rates By 2014 Russian leasing market may face local and investment activity in the economy. If current ‘ceiling’ at the level of 2.5–3% of the GDP negative trends increase, there will be a risk (RUR 1.6–1.8 tn. of new business). To overcome of transferring from slowed growth to stagnation. the difficulties the market will need large-scale In case of positive dynamics at macroeconomic structural changes, including: level, leasing market growth rates in 2013 will • improved regulatory base and law enforcement be insignificant owing to high comparison base and instability in European economies practices; (Europe is the major importer of products • growth of investments in the spheres of the largest Russian corporations). The ban on the use of old rolling stock that previously were left out of the process and carriages with unreliable components of equipment renovation (housing and public can be a significant support factor for the market. utilities, river-going vessels etc.); The worst-case scenario (continuing decrease • changes in management and operating of rent rates of the rolling stock will result in growth of non-payments, market consolidation, procedures of leasing companies (risk and lowered liquidity) implies new business management, computerization of work growth in railway segment of below 10% processes and distribution of responsibility). and overall on the market – 0% to 3% (new transactions totaling RUR 1.36 tn.). Positive scenario assumes acceleration of investments (due to growth in oil and gas sector) after a slowdown in 2012, price stabilization (or partial rebound of prices) for railway machinery, continued growth

13

OJSC VTB Leasing Annual Repor t 2012

14

Company’s position in the industry According to Expert RA, in 2012 the same companies remained as the top three leaders by volume of new transactions. The companies are OJSC VEB-Leasing, OJSC VTB Leasing and CJSC Sberbank Leasing. For the second year in a row the same companies make the top three – and they even kept their last year’s positions in the ranking. The aggregate market share of these companies was about 37% of total volume of new business (vs. 43% in 2011, and 41.1% in 2010).

2012 Russian leasing market trends over view

Leasing market structure in terms of participants, in %

12.8

In terms of amount of transactions

2.3 0.8

In 2012, the Company focused on business lines in which it had gained leadership positions in 2010–2011. The key area of business was freight railway rolling stock segment that accounted for RUR 61.7 bn. of new transactions as of the result of the 9 months of 2012 (80.4% from the total volume).

5.3 54.9 1.5 0.6

In order to implement the most complex projects the Company used opportunities provided by international financial markets (Western Europe, CIS countries and others), access to long-term funding in Russia and abroad as well as VTB Group’s former practices.

14.3 7.5

4.7

In terms of volume

2.2 3.9 1.8

A particular attention was paid to the development of the regional subsidiaries of the Company leading to the development of VTB Leasing as a universal leasing company with a focus on large clients and implementing leasing projects on the most territory of Russia as well as Ukraine and Belarus.

26.9 1.6

A particular attention was paid to the development of the regional subsidiaries of the Company leading to the development of VTB Leasing as a universal leasing company with a focus on large clients and implementing leasing projects on the most territory of Russia as well as Ukraine and Belarus. In order to implement the most complex projects the Company used opportunities provided by international financial markets (Western Europe, CIS countries and others), access to long-term funding in Russia and abroad as well as VTB Group’s former practices.

0.3 11.4 47.2

Foreign private owners Foreign producers Foreign funds of direct investments Foreign banks

Among other main segments there were aircraft, equipment for extraction and processing of mineral resources, power engineering and machine building equipment, as well as road construction equipment.

Domestic other owners

In 2012 the share of transactions conducted by state-owned leasing companies (including subsidiaries of state-owned banks) amounted to 47.2% (against 59% in 2011). In the reporting year in terms of current leasing portfolio, VTB Leasing was ranked second, after OJSC VEB-Leasing. However, it remained the first by volume of leasing payments received, and retained the second place by lease financing provided and by volume of new business.

Domestic producers

Top leasing companies in leasing market in 2012

Domestic funds of direct investments Domestic private banks State-owned companies

Source: 2012 “Expert RA” data

Position in 2012

In terms of current leasing portfolio

In terms of new business

1

VEB-Leasing

VEB-Leasing

VTB Leasing

2

VTB Leasing

VTB Leasing

VEB-Leasing

3

Sberbank Leasing

Sberbank Leasing

Gaztechleasing

4

Transfin-M

Transfin-M

Sberbank Leasing

5

Gaztechleasing

Gazprombank Leasing (GL)

Baltic Leasing Group of Companies

Source: “Expert RA”

In terms of leasing payments received

15

OJSC VTB Leasing Annual Repor t 2012

18

Company over view

Company overview

Overall performance indicators

19

Regional distribution of leasing portfolio in terms of transactions throughout the Russian Federation, %

Distribution of VTB Leasing consolidated portfolio by country, %

39.1

VTB Leasing amounts due from lessees amounted to RUR 277.7 bn. in 2012, the volume of new business totaled RUR 70.2 bn.

6.2

10.0

3.1 2.7

1.4 19.3

85.3

2.5

2012

0.8

3.3

0.7

2.2

Volume of new business, bn. Rubles

0.3

Central Federal District

26.8 93.3 190.2 70.2

North-West Federal District

Russia

2009

Volga Federal District

Ukraine

2010

Siberia Federal District

Belarus

2011

Urals Federal District

Others

2012

Leasing portfolio, bn. Rubles 155.1

2009 197.5

2010 277.95

2011

277.7

2012

In 2012, as in the previous years, the volume of new transactions accounted for largest and industrially developed regions of Central and North-West Federal Districts.

1.4 1.2

9.2

0.1

21.1

2011

3.6

4.9

In total as of 31 December 2012 there were 1589 active lease agreements with 1060 signed in 2012.

62.5 2011 85.0

27.2 6.8

Leasing portfolio structure in terms of types of property, %

56.8 25.7 7.4 4.0

Far-East Federal District

2.6

South Federal District

As for isolated divisions and subsidiaries the distribution of transactions didn’t experience any crucial changes. The amount of Russian domestic transactions amounted to 85%, the same as the year before. Subsidiary companies accounted for approximately 15% of transactions (by volume) in consolidated leasing portfolio of VTB Leasing.

2012

During the last several years the largest single segment (by transaction volume) in the Company’s portfolio was railway equipment (rolling stock). As of 2012 year results, their share decreased slightly and reached 56.8% triggered by the stagnation in leasing market, mainly in railway transport. In the reporting period, VTB Leasing entered passenger car leasing market: this resulted in increased share of passenger vehicle, truck and special purpose machinery segment up to 4% (vs. 3.1% in 2011).

1.2 0.8 0.4 0.6 0.5

Railway transpor t Aviation machiner y Oil and gas production and processing Passenger vehicles, truchs Real estate Power engineering equipment Machine building equipment Telecommunication equipment Equipment for extraction of other mineral resources Other equipment

OJSC VTB Leasing Annual Repor t 2012

20

Company over view

Breakdown of the current leasing portfolio by terms of leasing agreement also changed. During the year the Company entered into a significant number of agreements with leasing terms of up to 7 years. This led to increased percentage of transactions in the portfolio of up to 7 years and their share exceeded 60% (vs. 34.6% in 2011). The development in passenger vehicle, truck and special purpose machinery segment resulted in increased amount of agreements with the term of up to 3 years to reach 4.6% as compared to 1.9% in 2011.

Currency structure of leasing portfolio, % 0.9

In 2012 there were no changes in credit ratings of the Company 2011

Standard and Poor`s 66.8 2012

0.6

Fitch Ratings 62.6

Sources of funding OJSC VTB Leasing activity in 2012, mln Rubles

20 520.88

4,0 9 799.03 6.3

2012

2 308.8

33.3 41.5 14.3

Own funds (char ter capital + retained earnings) Shor t-term loans Long-term loans

4.6

Other sources (including advances)

Over 10 years From 7 to 10 years From 5 to 7 years From 3 to 5 years Up to 3 years

According to 2012 full-year results, the currency structure of leasing portfolio saw insignificant changes. The amount of transactions in Russian rubles decreased from 67% to 63%, and the amount of transactions in US dollars increased from 32% to 37%. These changes were a result of new leasing agreements (over 50% from new business) signed in dollar equivalent.

ruAAA

in foreign and national currencies

BBB

National rating

AAA (rus)

USD

6 102.06

1.9

BBB

National rating

EUR

48.8 28.7

in foreign and national currencies

Long-term international credit rating

36.8

RUR

2011

VTB Leasing Long-term international credit rating

32.3

Distribution of leasing portfolio by term of agreement, % 16.6

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Ratings Credit ratings are used to assess the capability and readiness of the issuer to meet its liabilities fully and timely. Credit ratings reflect valid and competent opinion and help adequately assess recoverability of invested funds, enhances the company’s access to debt funding and other sources of capital, which improves financial flexibility of the issuer. VTB Leasing credit ratings match the rating of VTB Bank and the sovereign rating of the Russian Federation.

• “February, 29 – International Day In accordance with the international scale in foreign currency The Company’s ratings of Rare Diseases”. On that day employees (international ratings scale, in foreign currency) devoted to collecting charity funds indicate that it is capable of meeting its financial to be allocated for purchasing medicines liabilities timely and in full; however negative and providing medical care to people changes in the situation or economic environment with rare diseases. can – with a high degree of probability – lead to a downgrade of ratings presently assigned. • “Warm Autumn”. In October, VTB Leasing employees participated in charity campaign ruAAA rating (national scale) shows high ability “Warm Autumn” aimed at supporting to meet financial obligations timely and in full Bereznyakovsky nursing home for the aged as compared to other Russian issuers. and people with limited capabilities located in the Perm Territory. The funds were allocated to purchase medical equipment required for Social report the aged people, in particular, blood pressure monitors and physical therapy devices. In the reporting period VTB Leasing implemented a number of charity projects aimed at supporting • “New Year Fairy Tale”. Before the New Year vulnerable strata of population. the Company traditionally participated in charity campaigns. In the reporting year the funds were In 2012 Company’s employees collected over collected and allocated to purchase and install RUR 360,000. These donations were used purchase shower cabins and kitchen appliances household appliances and medical equipment. in Specialized (Corrective) comprehensive boarding school (type VIII) in Krasnoarmeysk Assistance campaigns under the charity project urban district, Moscow region. “From Kind Heart with Love”: Corporate sport continued its active • “Another Person’s Life – Now It Is Not a Trifle” development. Company employees play regular In May VTB employees took part in All-Russian training games of mini-football, volleyball, spring charity campaign called “Another basketball and paintball. The IV mini-football Person’s Life – Now It Is Not a Trifle” under tournament for VTB Cup held among the teams “Line of Life” program aimed at saving children of VTB divisions, brought VTB Leasing with life-threatening illnesses. the “Best Cheerleading Team Cup”.

OJSC VTB Leasing Annual Repor t 2012

22

Development strategy

Development strategy

VTB Group approved the development strategy for 2010–2013, envisaging significant increase of profits alongside with qualitative improvement of its structure and higher business efficiency.

One of the key tasks of the subsidiaries is to build efficient, diversified and profitable business including diversification by customer industry and category, development of sales channels and regional networks.

VTB Leasing competitive advantages: • Reliability and stability guaranteed by the Company’s shareholder; • Implementation of the projects of any scale in the whole territory of the Russian Federation with the help of VTB Group branch network; • Opportunities to implement leasing transactions with foreign counterparties (international leasing); • Implementation of long-term projects on profitable terms;

23

Development prospects

Development strategy aims to increase business volumes and diversify it in terms of customers, • To develop operating leasing in oil servicing industries and structures. equipment and aviation machinery; • To diversify sales channels: partnership with manufacturers, suppliers and dealers, active sales in VTB Group banks, vigorous regional development;

The Company operates in strict compliance with the Development Strategy approved by the Board of Directors and aspires to perform according to milestones set in the Strategy.

• Openness and transparency of business to render leasing services;

One of the key tasks of the subsidiaries is to build efficient, diversified and profitable business including diversification by customer industry and category, development of sales channels and regional networks. The Group is also aimed at international expansion, with effective business development in foreign markets being among the core tasks. The CIS is a key region for the Group and the Company, where their goals are to strengthen its positions in the market, and to increase network efficiency and business processes.

• Staying “as close as possible” to the customer – this enables us to better meet customer needs; • Solid reputation and professional level of the Company’s personnel.

• To develop operating leasing of motor vehicles providing full servicing;

The highest-priority lines of development of VTB Leasing business include: • To further expand large business segment, in particular, maintaining leadership positions in aircraft and railway transport, developing power engineering and industrial equipment, oil and gas extraction equipment and sea-going vessels. • To achieve leadership positions in medium-sized business, including motor vehicles (passenger cars, trucks and special purpose machinery);

• To extend regional sales.

The Company operates in strict compliance with the Development Strategy approved by the Board of Directors and aspires to perform according to milestones set in the Strategy.

OJSC VTB Leasing Annual Repor t 2012

24

Risk management

Risk management

Risk management strategy has clear objectives to minimize the risk that the Company is exposed to (such as credit, market, capital, liquidity, operational risks and the risk of leased asset value fluctuation), to stimulate sustainable development and increase efficiency of the Company.

Risk management strategy has clear objectives to minimize the risk that the Company is exposed to (such as credit, market, capital, liquidity, operational risks and the risk of leased asset value fluctuation), to stimulate sustainable development and increase efficiency of the Company.

Complex risk management system created in the Company is based on integrated approach to identify, assess, analyze, monitor, and control the volume and structure of the risks taken by the Company taking into account the applied risk minimization instruments. Risk management covers all stages of the Company’s active operations. In particular, publication of internal documents regulating business processes and operations (creation and improvement of the Company’s system of internal policies and procedures);

25

making management decisions, risk level control and adherence to leasing technologies; analysis of leasing portfolio and setting its lines of optimization, monitoring the financial standing of counterparties and leasing property. Policies and procedures of risk management are constantly improving. They adapt to the Company’s development strategy, and changes of market and economic environment, and aimed at increasing efficiency and providing correspondence of the Company’s activity to the legislation requirements as well as high standards of VTB Group. 2012 brought the Company solid growth of new business against the overall slowdown in the market and deceleration of investment demand. Under these conditions conservative and coherent policy of risks undertaking ensured high quality of leasing portfolio. VTB Leasing was ranked first among Russian leasing companies by volume of leasing payments received. This fact proves our stable development. In 2012, the Company continued the process to unify risk management systems in the Company and in VTB Group. It covered information exchange, process coordination and risk management improvement with the participation of collegial bodies in VTB Group (including Risk Management Committee), in particular, Risk Management Commission, VTB Group Credit Committee, Risk Escalation Committee).

As for upgrading the methodology and risk management systems, the Company was a member of the unified system controlling industrial and country risks. It also calculated Capital at Risk and its allocation by types of risks, and participated in VTB Group consolidated limits in terms of joint groups of related-party lenders. In 2012, the Company conducted systematic work aimed at improving the applied methodology to create the reserves for possible losses under the IFRS, close to unified standards and requirements within VTB Group.

Credit risk is the most critical for the Company. That is the risk of suffering financial loss should the Company’s customers or clients fail to fulfill their contractual obligations. That is why a particular attention is paid to the management of this type of risk.

Credit Risks Credit risk is the most critical for the Company. That is the risk of suffering financial loss should the Company’s customers or clients fail to fulfill their contractual obligations. That is why a particular attention is paid to the management of this type of risk.

Assessment of credit risk to the customer is detailed and overall analysis of fundamental characteristics of the customer’ business, financial and operational activities and leasing project to be implemented. It is held by Risk Analysis and Control Division, an independent body. To determine the counterparties’ probability to fulfill the liabilities to the Company and to assess credit risks the Company used counterparties’ ranking methods. In compliance with the requirements of IRB-approach the internal credit risk system ensures differentiated assessment of counterparties’ probability to fulfill the liabilities. It is based on analysis of quantitative (financial) and qualitative credit risk factors. In 2012 the available technologies were applied that proved to be accurate and adequate. The assessment of credit risk has a direct impact on the decision to participate in the leasing project and accept counterparties’ risks, further structuring the leasing transaction and applied monitoring procedures. The issues related to credit risks approval are considered by the collegiate bodies, as well as the Finance and Risk Management Committee with regard to their authorities. In addition to complex risk assessment system at the stage of leasing transaction approval, the main procedures of credit risk management include:

OJSC VTB Leasing Annual Repor t 2012

26

• To make and set credit risk system to counterparties; • To make and set credit risks system to certain leasing operations, including control of industrial and country limits in the portfolio; • To monitor the risks of the largest lessees and risk concentration; • To monitor the financial standing of the counterparties; • To make industrial analysis to determine major development trends and risk factors; • To make assessments of expected and hidden losses of the leasing portfolio, to form the reserves on financial assets in compliance with the IFRS; • To analyze and monitor all risk factors of the leasing transaction during its implementation with the participation of different divisions of the Company within its authority.

The company enhances the number of instruments to minimize credit risks in the structure of the transaction. Such measures are as follows: • Additional security including guarantees of related corporate and individual customers; • Mechanism of financial covenants allowing the Company to control the level of important indicators of the lessee’s activity thus increasing the influence from the leasing companies.

Large transactions under consolidated risk management system are to be approved by VTB Group Credit Committee.

Risk management

Effective and consistent risk management strategy is crucial for the Company’s long-term and sustainable development.

Property Risks Property risks are the risks related to the uncertain asset price (leasing property) inflicting loss of property price in the process of leasing transaction, as well as risk of purchasing property at overstated price leading to impossibility of closing the transaction without losses while realizing leasing property in the secondary market.

Effective and consistent risk management strategy is crucial for the Company’s long-term and sustainable development.

The most important method of property risks minimization is to control the price of the purchased leasing property and to regulate the amounts of advanced payments while approving the transaction. Cost of leasing property and its liquidity at the stage of transaction approval are assessed by specialized subdivision under Risk Control and Analysis Division. Among the priority projects for the Company are those with forecasting price of the leasing property exceeding the lessor’s risks at all stages of the leasing transaction. For the projects with high risk of unrecovered cost the Company ensures additional risk protective measures.

To monitor leasing property the Company has a special division (Maintenance and Monitoring of Leasing Units Division) that ensures measures to constant identification and location of property. It also holds regular and planned inspections with regard to execution of lessees’ liabilities to keep leasing property in proper condition, and make necessary current, planned and overhaul property repairs. Leased assets must be insured – this is a mandatory condition of the leasing agreement. In compliance with the insurance agreements signed the subject of insurance can be a wide range of asset-related risks (including destruction or damage of leased asset). Insurance coverage is obtained from reliable insurance companies.

Liquidity Risks

Operational Risks Operational risk management is aimed to minimize the negative impact resulting from human factors, inadequate internal processes and external events.

Operational risk management is aimed to minimize the negative impact resulting from human factors, inadequate internal processes and external events.

These procedures include: • Limitation and/or non-acceptance of risks;

• Creating and updating the company’s internal Liquidity risk is managed in order to maximize policies and procedures system; the Company’s revenues while maintaining liquidity resources that are sufficient in amount • Preliminary, current and further internal to satisfy the customers and maintaining market and external control; confidence. • Management information and reporting; Liquidity risk management includes setting • Development of technologies. the current payment position of the Company on a daily basis, making daily payments to counterparties, forecasting currency flows Risk management system also includes internal for a short-term, mid-term and long-term and external control over operating risks. prospective. Internal control comprises the procedures carried out by the Company’s employees at different levels of operations Liquidity risk is managed in order to in order to reveal errors while observing maximize the Company’s revenues the technologies.

while maintaining liquidity resources that are sufficient in amount to satisfy the customers and maintaining market confidence.

External control envisages the control procedures carried out by independent divisions of the Company, of OJSC VTB Bank, as well as counterparties and independent auditors.

27

OJSC VTB Leasing Annual Repor t 2012

30

Corporate governance

Corporate governance

31

Board of Directors

Herbert Moos

Stanislav N. Belov

Yuri A. Soloviev

Deputy President and Chairman of VTB Bank Management Board.

Senior Vice President – Head of Consolidated Risk Analysis Division, OJSC VTB Bank Risk Department.

First Deputy President and Chairman of VTB Bank Management Board. Joined the Bank in 2008.

Mr. Moos joined the Bank in October 2009. Since November 2009 – Deputy President and Chairman of VTB Bank Management Board.

Previous positions:

Previous positions:

2008–2011 – Senior Vice President, OJSC VTB Bank; President of VTB Capital;

2009 – OJSC VTB Bank, Senior Vice President; 2008–2009 – CEO at VTB Capital plc, London;

2006–2008 – Head of Investment Segment, First Deputy Chairman of Deutsche Bank Management Board; 2002–2006 – Deutsche Bank AG, Director, Head of Operations in Eastern Market Department, London; 1996–2002 – Bank Lehman Brothers, London, Analyst, Executive Director of Developing Markets Division; 1994–1996 – INCOMBANK, Dealer, Senior Dealer of Operations in International Capital Market Unit, Monetary and Financial Operations Division. Born in 1970 in the city of Ulan Bator, Mongolia. Graduated in 1994 from the Plekhanov Russian University of Economics majoring in International Economic Relations. MBA (2002) from the London Business School.

2007–2008 – CFO at Lehman Brothers Asia-Pacific, Hong-Kong; 2004–2007 – Treasure at Bank Lehman Brothers, Asia-Pacific, Hong-Kong; 2002–2004 – Head of Asset and Liability Management Division at Bank Lehman Brothers, Tokyo; 1995–2002 – Debt Management, Capital Planning, and Asset and Liability Management Divisions, Lehman Brothers Bank, London. Born in 1972. Graduated with honors in 1993 from the Kiev State Economic University majoring in Finance and Credit. Graduated in 2002 from the London Business School with a Master’s Degree in Finance.

Since 2012 – Vice President of the Bank of Moscow, combined job. Previous positions: 2007–2011 – Vice President – Head of Consolidated Risk Analysis Division, OJSC VTB Bank Risk Department. Born in 1973. Graduated from the Plekhanov Russian University of Economics majoring in International Economic Relations.

2009–2010 – OJSC VTB Bank, Vice President – Head of OJSC VTB Bank Financial Subsidiary Companies Division; 2008–2009 – OJSC VTB Bank, Head of OJSC VTB Bank Financial Subsidiary Companies Division; 2006–2008 – McKinsey & Company, Ink FSU, Moscow representative office, Consultant. Born in 1974. In 1997 graduated from the Saint Petersburg State University of Aerospace Instrumentation majoring in Radioelectronic system.

Mikhail L. Yakunin

In 2000 graduated from the Saint Petersburg State University majoring in Marketing Management.

Head of OJSC VTB Bank Financial Subsidiary Companies Development Division, Senior Vice President.

MBA (2004) from the Warwick Business School.

Joined VTB Group in 2008. Since 2012 – Head of OJSC VTB Bank Financial Subsidiary Companies Development Division, Senior Vice President.

Mikhail V. Kuzovlev

Previous positions: 2011–2012 – VTB Factoring Ltd, General Director;

Mr. Kuzovlev joined VTB Group in 2002.

2010–2011 – OJSC VTB Bank, Vice President – Head of OJSC VTB Bank Financial Subsidiary Companies Development Division;

President and Chairman of the Bank of Moscow Management Board.

Previous positions: 2008–2011 – First Deputy Chairman of VTB Bank Management Board; 2005–2008 – Executive Managing Director of the Russian Commercial Bank (Cyprus) Ltd;

OJSC VTB Leasing Annual Repor t 2012

32

2004–2005 – President and Chairman of the Management Board of Guta Bank (later renamed VTB24); 2002–2004 – Vice President of Vneshtorgbank; 1997–2002 – Head of Financial Operations, Deputy Chairman of the Management Board, Senior Vice President of Probusiness Bank; 1994–1996 – Vice President of Probusiness Holding. 1990–1994 – Vice President, First Deputy Director of Probusiness Foreign Economic Centre. Born in 1966 in Krasnogorsk town, Moscow Region. Graduated in 1989 from the Moscow State Institute of International Relations of the USSR Ministry of Foreign Affairs.

Andrei Yu. Konoplev Chief Executive Officer of OJSC VTB Leasing. Joined VTB Group in 2003. Previous positions: Since September 2008 – Chief Executive Officer of OJSC VTB Leasing; Since August 2008 – Member of the Board of Directors of OJSC VTB Leasing; Since July 2008 – First Deputy of Chief Executive Officer of OJSC VTB Leasing; 2006–2008 – Deputy Head of Russian Commercial Bank representative office (Cyprus) in the Russian Federation. 2003–2006 – Advisor to the Problem Loans Division at OJSC Vneshtorgbank.

Corporate governance

1996–2003 – Deputy Head of Financial Operations Division at Probusiness Bank. Born in 1966. Graduated in 1991 from the Bauman Moscow State Technical University majoring in mechanical engineering. Members of the Board of Directors hold no shares in the company. No transactions involving acquisition or transfer of the shares during the reporting period were performed. The decision with regard to remuneration payable to the Members of the Board of Directors is approved at General Shareholders Meeting of the Company. In 2012 no decision in this respect was made. CEO holds no shares in the company. No transactions involving acquisition or transfer of the shares during the reporting period were performed by the CEO of the Company. In 2012 based on the results of the work performed by the CEO in compliance with the staff list, the salary was paid to the Chief Executive Officer. Moreover, in 2012 other bonuses were paid in compliance with the general principles of motivation and labor remuneration adopted in the Company.

Andrei Yu. Konoplev Chief Executive Officer of OJSC VTB Leasing Mikhail V. Kuzovlev First Deputy Chairman of VTB Bank Management Board Herbert Moos Deputy President – Chairman of OJSC VTB Bank Management Board Dmitry I.Timokhin Vice President – Head of Subsidiary Financial Institutions Development Division, Strategy and Corporate Development Department, OJSC VTB Bank Yuri A. Soloviev First Deputy President – Chairman of OJSC VTB Bank Management Board

In June 2012, Yuri A. Soloviev was elected Chairman of the Board of Directors (Minutes No.73 as of 25.06.2012). In December 2012, Yuri A. Soloviev was elected Chairman of the Board of Directors (Minutes No.78 as of 20.12.2012). The term of office of the CEO Andrei Yu. Konoplev was extended up to September 2013.

Mikhail V. Kuzovlev President and Chairman of the Bank of Moscow Management Board Andrei Yu. Konoplev Chief Executive Officer of OJSC VTB Leasing Herbert Moos Deputy President – Chairman of OJSC VTB Bank Management Board Yuri A. Soloviev First Deputy President – Chairman of OJSC VTB Bank Management Board Mikhail L. Yakunin Head of OJSC VTB Bank Financial Subsidiary Companies Development Division, Senior Vice President Management of the Company

Andrei Yu. Konoplev Chief Executive Officer of OJSC VTB Leasing Kirill Yu. Aladyshev Financial Director of OJSC VTB Leasing Nadezhda V. Fomenko Deputy Chief Executive Officer of OJSC VTB Leasing Anatoly A. Voronetsky Deputy Chief Executive Officer of OJSC VTB Leasing

(Minutes No.75 as of 28.08.2012).

Galina T. Komrakova Chief Accountant of OJSC VTB Leasing Board of Directors as of 1 January 2012 (Resolution No.51 as of 30.06.2011):

Board of Directors as of 31 December 2012 (Resolution No.54 as of 04.12.2012):

Stanislav N. Belov Senior Vice President – Head of Consolidated Risk Analysis Division, OJSC VTB Bank Risk Department

Stanislav N. Belov Senior Vice President – Head of Consolidated Risk Analysis Division, OJSC VTB Bank Risk Department

33

OJSC VTB Leasing Annual Repor t 2012

36

Directors’ Repor t

Directors’ Report

Key events of Company’s performance In May 2012, the decision concerning profit distribution for 2011 was made by the sole shareholder as follows: 78,383,944.75 rubles to be allocated to the Reserve Fund of the Company, 489,121, 620.32 rubles to be allocated to dividend payments (taking into account payment of interim payments as of the results of 9 months of 2011 totaling RUR 1,000,109.888). The dividends were paid to the full extent. Ernst & Young was approved as the Company’s External Auditor for 2012. In June 2012, the Board of Directors approved key indicators of VTB Leasing efficiency for 2012, and also Business plan for 2012. In July 2012, VTB Leasing Board of Directors approved acquisition of the share of regional oil and servicing company as well as VTB Leasing participation in the joint enterprise producing drilling rigs in the town of Ishimbay, the Republic of Bashkortostan. In 2012 no transactions considered to be large in accordance with the Federal Law on JointStock Companies, were not conducted. At the same time, in June, the company entered into a transaction with a large Russian credit institution to raise financing to the tune of RUR 16 bn for a two-year period. In November 2012, the Board of Directors approved alterations

37

of the conditions of the related party transactions amounting to RUR 9 bn. In October 2012, VTB Leasing received “Autopark of 2012” award in “Leasing Companies” nomination. *

Information on the volume of energy resources (in physical and monetary terms) used by VTB Leasing in the reporting period Amount of resources used

Office premises

Under the framework of “Leasing in Russia – 2012”, the annual professional conference, VTB Leasing was rewarded in the following nominations **: “Leadership positions in railway rolling stock segment – 2012”; “Leadership positions in aircraft segment – 2012”. In 2012 no interested party transactions requiring Company’s management bodies’ approval in compliance with the Federal Law on Joint-Stock Companies, were signed. * Business Petersburg ** Expert RA

Value

kW

for 2012, rubles.

liters

rubles

477 013

1, 757, 461.12

30, 058.43

758, 736.90

Code of Corporate Conduct Code of Corporate Conduct is based on respect of the rights and legal interests of its shareholders; the Code facilitates efficient business operations of the Company. The company is governed in strict accordance with the Charter of Conduct, which is well designed to support rights and interests of the shareholders of the Company. Company’s corporate management is the system of business relations between the shareholder, Board of Directors, CEO, employees and state authorities. This cooperation is based on management, accountability, supervision and responsibility. Company’s shareholder has a real opportunity to exercise its rights with regard to participation in the Company’s activity.

The company is governed in strict accordance with the Charter of Conduct, which is well designed to support rights and interests of the shareholders of the Company.

Fuel and oils,

Electricity,

Strategic management of the Company and control over its business activity are entrusted to the Board of Directors that reports to the shareholder. All the current activities of the Company are solely managed by its Chief Executive Officer. All the necessary conditions are created

Value for 2012,

for shareholders to obtain full and accurate information, including information on the Company’s financial standing, results of operations, management, and substantial facts with regard to Company’s performance.

All the current activities of the Company are solely managed by its Chief Executive Officer.

Presently, the Company is able to ensure reliable accountability of ownership rights, the right to participate in Company’s management through making decisions on the most important issues, the possibility to participate in Company’s profit allocation, the right to timely obtain full and accurate information about the Company, and the right to equally treat shareholders regardless the number of shares they hold. The integral part of the Company’s effective performance is to observe the rights and interests of its employees, and provide them with incentives for their performance.

OJSC VTB Leasing Annual Repor t 2012

Financial Statements

Excerpt from the Audited Consolidated Financial Statements under IFRS 38

39

Independent Auditor’s Report To the Shareholder and Board of Directors of OJSC VTB Leasing We have audited the accompanying consolidated financial statements of OJSC VTB Leasing (the «Company») and its subsidiaries (hereinafter jointly referred to as the «Group»), which comprise the consolidated statement of financial position as at 31 December 2012, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year 2012, and a summary of significant accounting policies and other explanatory information. Audited entity's responsibility for the consolidated financial statements Management of the audited entity is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility Our responsibility is to express an opinion on the fairness of these consolidated financial statements based on our audit. We conducted our audit in accordance with the Federal Standards on Auditing effective in the Russian Federation and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The audit procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal

control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management of the audited entity, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of OJSC VTB Leasing and its subsidiaries as at 31 December 2012, and their financial performance and cash flows for the year 2012 in accordance with International Financial Reporting Standards.

Ildar Safiulin, Partner Ernst & Young LLC

18 April 2013

OJSC VTB Leasing Annual Repor t 2012

40

Financial Statements

OJSC VTB Leasing Consolidated Statements of Financial Positions аs at 31 December 2012

OJSC VTB Leasing Consolidated Loss and Profit Statements аs at 31 December 2012

(Millions of Russian Rubles)

(Millions of Russian Rubles) 2012

2011

Assets

Finance leases

1 215

1 195

Amounts due from credit institutions

7 538

887

127 262

129 838

583

86

Equipment purchased for leasing purposes

6 408

8 498

Advances issued to leasing equipment suppliers

3 768

4 014

Interest expense

VAT receivable

2 790

2 647

Current income tax assets

1 063

676

18

277

21 703

21 048

Other assets

9 423

8 488

Total assets

181 771

177 654

Loans receivable

Deferred income tax assets Property and equipment

2012

2011

17 904

13 336

47

276

Interest income

Cash and cash equivalents

Net investment in leases

41

Loans receivable Amounts due from credit institutions

351

74

398

350

18 302

13 686

Amounts due to credit institutions

(6 664)

(5 906)

Debt securities issued

(3 560)

(2 716)

Other borrowed funds

(432)

(185)

(10 656)

(8 807)

7 646

4 879

(1 936)

(1 703)

5 710

3 176

Net interest income (Charge)/reversal of provision for impairment of interest-earning assets Net interest income after impairment of interest-earning assets

Liabilities

Commission expense

(40)

(39)

(27)

(155)

2 365

(346)

115 998

102 526

Net gains from trading securities

Debt securities issued

36 321

55 388

Net gains from foreign currencies:

Other borrowed funds

7 055

5 447

– conversion transactions

Advances received from lessees

1 403

1 060

– translation differences

50

7

Operating lease income Other operating income

3 973

3 863

Other non-interest income

6 428

8 691

Personnel expenses

(751)

(729)

Other operating expenses

(6 644)

(4 375)

Other impairment and provisions

(1 542)

(1 596)

(8 937)

(6 700)

Amounts due to credit institutions

Current income tax liabilities

764

832

Other liabilities

7 455

2 186

Total liabilities

169 046

167 446

Deferred income tax liabilities

Capital Share capital

14 820

14 820

Other non-interest expense

Retained earnings

(2 076)

(4 445)

Gain on net monetary position

(19)

(167)

Currency translation differences Total equity Total equity and liabilities

General Director Konoplev A. Y.

Chief Accountant Komrakova G. T.

12 725

10 208

181 771

177 654

(2 159)

85

2 277

5 244

166

212

3 328

5 340

Income tax (expense)/benefit

(509)

(1 812)

Profit for the year

2 819

3 528

Profit before income tax expense

OJSC VTB Leasing Annual Repor t 2012

42

Contact information

Headquarters

Subsidiaries

10, 2nd Volkonskiy pereulok, 107078, Moscow, Russia Tel.: +7 (495) 514-16-51 Fax: +7 (495) 514-16-50

Ukraine Kiev Tel.: +380 (44) 206-84-34 Fax: +380 (44) 206-84-33

Regional subdivisions

Republic of Belarus Minsk Tel.: +375 (17) 200-68-43 Fax: +375 (17) 200-68-43

Yekaterinburg Tel.: +7 (343) 379-90-17 Fax: +7 (343) 379-90-17 Krasnodar Tel./ fax: +7 (861) 210-27-70 Tel./ fax: +7 (861) 210-27-71 Krasnoyarsk Tel.: +7 (391) 258-15-24 Fax: +7 (391) 258-15-27

Republic of Cyprus Nicosia Tel.: +357 (22) 503-132 Fax: +357 (22) 503-001 Ireland Dublin Tel.: +353 (86) 602-95-75 Fax: +353 (1) 234-24-94

Novosibirsk Tel.: +7 (383) 362-06-73 Fax: +7 (383) 362-06-74 Samara Tel.: +7 (846) 337-53-33 Fax: +7 (846) 337-44-44 St. Petersburg Tel.: +7 (812) 327-16-08 Fax: +7 (812) 327-16-37 Khabarovsk Tel.: +7 (4212) 41-37-28 Fax: +7 (4212) 70-33-57

www.vtb-leasing.com