National Bank TRUST

1st Quarter 2007

Status Update

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Disclaimer

This presentation has been prepared and issued by National Bank 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 National Bank 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. National Bank TRUST and/or its subsidiaries may use the information in this presentation prior to its publication to its customers. National Bank 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. National Bank TRUST may also provide banking or other advisory services to interested parties. National Bank 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.

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NBT’s profileProducts:

Full range of commercial banking services to corporate and private clients with primary focus on Retail and SME loans to corporate and individual customers as well as to federal and municipal governmental entities in Russia,

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:

31/03/07 IFRS (RUB mln.) unaudited Total Assets: 48.057 Net profit: 81 Shareholders’ equity: 4,419 Loan portfolio: 27,834

Branch Network as of 1st of April, 2007

133 offices in 81 cities of Russia

Current work in progress on 44 offices, with 15 planned to open by July 2007

Employees: 5,860

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

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Ist Quarter 2007 SnapshotFinancials

Raised sub-debt by issuance of 5.5 year CLN for Usd 20 million Achieved all major budget targets for the quarter

People Hired 331 people Implemented SAP-HR system branch-wide, for HR Management and

remote learning Trained 823 staff, mainly in sales

Systems Upgrades implemented for Front Office retail products Systems enhanced in readiness for securitisation Automation of Mortgage back office process under testing

Network Expansion Opened 6 Offices in Armavir, Kovrov, Nizhny Tagil, Komsomolsk-na-

Amure, Kursk and Kazan

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Financial Overview

by IFRS 2004 2005 2006 1Q07Actual (unaudited)

1Q07Budget

Capital 3,545 4,193 4,337 4, 419 4, 544

Assets 29,715 39,360 44,669 48,057 41,781

Loans (gross) 9,553 17,262 25,934 29,117 27,987

Loan / total assets, % 32% 44% 58% 61% 67%

Amount due to customers 22,257 30,564 34,868 38,349 34,444

Net operating income 2,319 3,615 4,284 1,234 1,396

Pretax profit 856 847 303 125 100

Net interest margin 9.2 8.3 9.8 11,5 12,6

ROAA 1.1 0.8 0.5 0,7 0,7

ROAE 9.3 7.5 4.5 7,4 6,8

Cost / Income before provisions 87.3 68.1 77.4 74.0 73.2

Cost / Income 70.3 74.4 91.7 88.0 91.1

CAR 24.1 17.0 14.2 14.7 17.8

Key indicators, RUR mln

Key financial ratios, %

Headcount 2,698 3,505 5,529 5,860 6,173

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2004 2005 2006 1Q07 Target 2007 (Post-capital injection)

ROAA 1.1 0.8 0.5 0,7 1,0

ROAE 9.3 7.5 4.5 7,4 9,8*

Cost / Income 70.3 74.4 91.7 88.0 85.0

CAR 24.1 17.0 14.2 14.7 16.8

Key financial ratios, %

* - 12,6% pre-capital injection

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2006Other Assets

3.0% Cash and cash equivalents

23.2%Property, equipment and

intangibles

4.4%

Loans to customers

55.6%

Financial assets at fair value through

profi t and loss

13,8%

1Q07Other Assets

3.5% Cash and cash equivalents

21.5%Property, equipment and

intangibles

4.5%

Loans to customers

57.9%

Financial assets at fair value through

profi t and loss

13,8%

Assets structure

29,715

48,057

39,36044,669

2004 2005 2006 1Q07

27,834

9,005

16,379

24,847

2004 2005 2006 1Q07

Increasing loan portfolio in assets structure 2006 vs.1Q07

Total assets. RUR mln. Loan portfolio. RUR mln.

2007 Budget

68,566

2007 Budget

53,220

Cash and cash equivalents

4.5%

Loans to cus tom ers

77.6%

Financial assets through profit

and loss14.5%

Property, equipm ent and

intangibles3.3%

2007 Budget

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Retail52.6%

SME22.1%

Corporate25.3%

Retail

50.9%

Corporate

37.7%

SME

11.4%

Retail28,7%

Corporate71,3%

Retail50.0%

Corporate41.3%

SME8.7%

Loan portfolio structure

Changes in loan portfolio structure

20062005 1Q07

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

2007 Budget

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Corporate current accounts

18.9%

Individual current accounts

4.7%

Long term f inancing

29.1%

Short term interbank

12.5%

Corporate term deposits13.4%

Individual term deposits21.4%

Liabilities structure

17.823.3 23.0 25.3

19.5

4.5

7.311.8

12.4

15.9

2.73.2

17.6

0

10

20

30

40

50

60

2004 2005 2006 1Q07 2007 budget

RU

R b

ln

Long term Financing

Individual accounts

Corparate accounts

Long term f inancing

7.7%

Corporate term deposits14.4%

Individual term deposits21.5%

Corporate current accounts

46.1%

Individual current accounts

8.0%

Short term interbank

2.2%

Funding structure

1Q07 2007 Budget

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4Q063Q06

85 128168

234281

1966

112394

1927

122

4829

157

6830

183

Retail Banking

Retail deposits, RUR bln.

Retail portfolio size (RUR bln.)

Number of clients in portfolio (thousand)

1Q06 2Q06 1Q07

1Q06 2Q06 3Q06 4Q06 1Q07

Term depositsCall deposits Cards CashAuto

Cash Auto Cards Mortgage

0.20.3

0.4

1.93.4

3.2

4.7

5.1

4.6 6.5

5.45.38.1

1012.4

0.050.55.4

7.7

13.7

2007B

2004 2005 2006 1Q2007 2007B

2.3

2.2

4.5

3.2 3.4 3.3

4.1

7.3

8.38.8

12.111.8

15.8

13.0

2.8

4.51.5

8.2

15.2

29.4

2007B

319

44

190

553

First Quarter Developments:

• Planned volume numbers achieved

• Launch of Application Credit Cards and open market Cash Loans in whole network

• Implementation of motivation system for senior level sales staff

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Micro34,94%

Small43,42%

Medium21,64%

SME Banking

Type Loan Size, US$ thsd

Duration mths

Yield, % Average Loan size US$ thsd

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 portfolio size (RUR mln.)

SME Loans structure as 1Q2007

30571

1,403

3,842

5,988

10,977

1Q06 2Q06 3Q06 4Q06 1Q07 2007B

21.8 295.2716.9

2,282.63,397.3

12,320.9

1Q06 2Q06 3Q06 4Q06 1Q07 2007B

Number of clients

Micro72,63%

Small25,83%

Medium1,54%

1Q2007 2007 budget

First Quarter Developments:

• Planned budget numbers achieved

• Issued first “Medium” Loan

• Increased sales to 53 offices (49 in Dec 06)

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Corporate Banking

First Quarter Developments:

• As planned, loan portfolio stable

• Focus on new segmentation

• Cross sold 2 deals with IBT

Corporate loans (RUR bln.)

Corporate deposits (RUR bln.)

Term depositsCall deposits2004 2005 2006 1Q2007

17.8

23.1 23.0

27.3

1.0

16.8

6.9

16.3 16.6

6.4

5.9

21.3

2007B

7.9

12.511.7 11.8

2004 2005 2006 1Q07 2007B

11.5

7.5

19.0

14.1