Financial Statements

From time to time, VTB reviews the results of its operations in its reports. The Bank discloses information on its achievements and plans for the future in its annual reports and financial statements, which are prepared in accordance with International Financial Reporting Standards (IFRS) and published on its web site. These reports are designed for regulatory bodies, shareholders, investors and counterparties. They contain information on VTB Group, its priority areas of operations, the Bank's charitable and sponsor activities, and include IFRS presentations, final accounting balance sheets, reference and other information which requires periodic graphic presentation.

VTB's annual reports are subject to mandatory audit. Auditors conduct independent reviews and present their findings for information purposes. Audits help the Bank to identify risk areas which affect the reliability of its financial statements prepared in accordance with Russian Accounting Standards (RAS) as required by the current legislation of the Russian Federation. JSC VTB Bank General Shareholders Meeting approved CJSC Ernst & Young Vneshaudit as the Bank's auditor, while JSC VTB Bank Supervisory Council approved new membership of the Audit Committee of the JSC VTB Bank Supervisory Council.

Opinions, estimates and projections of the auditors with respect to VTB's financial results are expressions of their individual viewpoints, and do not represent the opinions, estimates or projections of VTB.