Corporate Communications

Interview of Yuri Soloviev, President and Global CEO of VTB Capital, to Reuters. Extracts

21 April 2009

London, April, 21, 2009

”<….> Everyone would enjoy a chance to tap the markets… When the market is there and the spreads are right, the prise is right, than we would definitely consider this opportunity,” Yuri Solovyev, head of investment banking at VTB, said when asked if the state-owned lender would issue a Eurobond in 2009.

<…> Solovyev made a gloomy forecast for the global economy and Russia’s export oriented economy. “There will be another leg of testing the commercial banking system,” he said.

“(Banks) will be facing a big growth in NPLs (non-performing loans), in bad loans, which will particularly hit commercial banks. Corporates will have to restructure their debt and banks will have to live with that.”

Solovyov said investment banks will suffer less at this next stage of the crisis. He added that VTB Capital, VTB’s investment bank, is trading profitably and continues hiring.

“We had a tremendous beginning of this year, primarily in fixed income,” he said.



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