JSC "Bank VTB North-West" elects not to exercise call option on US$400,000,000 6.20 per cent Loan Participation Notes due 2015 with interest rate step-in 2010

Issuer: Or-ICB S.A. Amount: US$400,000,000 Issue Date: 29 September 2005 Maturity Date: 29 September 2015 Call Date: 1 October 2010 Coupon: 29 September 2005 to 1 October 2010: 6.20% 1 October 2010 - 29 September 2015: 150bp above the Treasury Rate and 226bp Listing: Irish Stock Exchange JSC VTB Bank hereby notifies you that JSC "Bank VTB North-West" has decided not to exercise its early redemption option to call the Notes. JSC "Bank VTB North-West" values its relationship with the holders of the Notes as important stakeholders in its business and it will continue to monitor market conditions until the redemption date of the Notes. JSC "Bank VTB North-West" believes that it is in the best interests of its shareholders and that the appropriate balance of constituent interests is served by not calling the Notes.

• Status
  redeemed
• Country of risk
  Russia
• Redemption (put/call option)
  *** (***)
• Amount
  400,000,000 USD
• М/S&P/F
  — / — / —