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1. December 2008

2. VAB Bank. Overview • Short name VAB Bank (formerly known as VABank) • Established 2nd July 1992, Kyiv • Member of VAB Group • Auditor Ernst&Young • Ratings • Moody’sLocal Currency Deposits: B2 Foreign Currency Deposits: B2 Outlook: Stable • Fitch Foreign Currency: Long-Term IDR: B– Short-Term IDR: B Outlook: Negative

3. Kardan N.V. Kardan Financial Services B.V. TBIHFinancial Services Group N.V. Shareholders • 50/50 strategic partnership between international institutional investor and local business • Kardan N.V. is an international investment company based in the Netherlands with total assets of €5 bn as of 1H2008 and listed on Euronext Amsterdam and the Tel-Aviv Stock Exchange • In December 2007 Israel Discount Bank purchased 11% of Kardan Financial Services B.V. Israel Discount Bank agreed to provide KFS with EUR 225 million of credit facilities. • TBIF Financial Services is a subsidiary of Kardan N.V. focusing on retail and SME banking, consumer finance, leasing, mortgages and asset management. • Vienna Insurance Group (Wiener Stadtische) is the #1 insurer in Austria and #3 foreign insurer in the CEE region as of YE2007 Currently operating in 20 countries, incl. Ukraine where it is a partner in VAB insurance and pension business through TBIH Financial Services Group N.V. • Mr. Sergey Maksimov is a local entrepreneur and the main shareholder of the Bank since 1995 with excellent local market knowledge and proven track record. His other businesses include port management, pharmaceuticals development and distribution, retail trading, insurance and construction. 60% 11% 80% 40% 90.4% MAKSIMOV FAMILY 48,9% 48,9%

4. VAB Group • VAB Bank. Comprehensive banking coverage (est. 1992) • VAB Express.Provision of consumer loans (est. 2006) • VAB Leasing.Provision of leasing services (est. 2005) • VAB Pension.Administration of private pension funds (est. 2004) • VAB Insurance.Provision of insurance services (est.2002) • VAB Life.Provision of life insurance services (est. 2004) • VAB Asset Management.Provision of asset management services (est. 2006) • VAB Capital.Professional activities in the capital market, including brokerage, dealing, underwriting and portfolio management services (est. 2006)

5. VAB Bank. Strategic Goals • To develop VAB as a full-service bank with strong franchise in retail and SME • To have strong distribution: • to strengthen front office (sales) • to grow the network to 250 branches and outlets by YE2010 • to diversify sales channels • To continue to develop both the Bank's human resources and information technology systems Key Financial Targets

6. Strong Management Team

7. Branches and ATMs | Number| Sales Points Distribution Network • Network coverage in all regional centers of Ukraine • Number of sales points will remain unchanged for 2008, several of them will be relocated to improve performance • Rebranding and new sales orientated concept introduced in 2006 ensuring competitive benefits for VAB Bank • Facilitates cross-selling • Cost and capital effectiveness • Higher sales per square meter

8. Assets and Capital Dynamics Assets, YE Total Capital, YE | in US$ millions | | in US$ millions | Growth Dynamics Growth Dynamics YoY YoY YoY YoY +34% +41% +27% +66% +1% +40% • Total assets growth is constrained by the challenging market environment • Profit for the 3Q2008 amounted to USD 3.1 million (USD 1.8 million for the entire last year) • Total capital of the Bank increased by USD 49 million and reached USD 191 million at the end of 3Q2008 • Total Capital Adequacy Ratio strengthened to 18.4%as of 3Q2008 (15% as of YE2007) • The shareholders are committed to maintain CAR at the level of minimum 12%

9. Corporate Portfolio by Industries Loan Portfolio, YE | in US$ millions | | 1H2008| Corporate Loan Portfolio Growth Dynamics YoY YoY +13% +36% +77% Loan Portfolio | 3Q2008| Breakdown by Customer Segments • Lending policy: conservative risk assessment, fast decision making • VAB Bank’s share in the lending market stood at 1% as of 3Q2008 • Over 90% of the loan portfolio is collateralized Total Loan Portfolio ANNUAL SALES Largest >$100m Large$50-100m Medium$5-50m Small$1-5m Retail SMEs <$1mio SME 56%

10. Retail Portfolio by Products Corporate Loans, YE | in US$ millions | |3Q2008| Private Customers Corporate Customers YoY YoY YoY YoY YoY +31% +7% +146% +61% +27% +48% Loans to individuals, YE | in US$ millions | Private Customers Loan Portfolio • Concentration of the loan portfolio is further decreasing with top-10 Borrowers reaching 13.8% as of 3Q2008, down from 16.2% as of YE2007 and 22.9% as of YE2005 • The Bank issued 553 thousand payment cards as of 3Q2008

11. Funding Composition Customer Deposit Portfolio | percent| | in US$ millions| Total Funding Funding YoY YoY +25% -2% +50% Funding • The main funding sources for 2008 are local bonds and parent funding • Deposits provide a stable source of funding on the background of the international market squeeze • VAB Bank has a strategic commitment to further diversify its funding base and reduce its cost of funding • No material foreign debt repayments due before 2010 924 721 738 492

12. Funding. Capital Market Loans • Amount: US$30,000,000 • Tenor: 7 years • Facility Date: Dec 2006 • Lenders • Amount: US$51,000,000 • Tenor: 1year • Facility Date: Apr 2007 • Mandated Lead Arrangers • Amount: US$15,000,000 • Tenor: 14 months • Facility Date: Feb 2006 • Mandated Lead Arranger • Amount: US$10,000,000 • Tenor: 11 months • Facility Date: Jun 2006 • Mandated Lead Arranger • Amount: US$20,000,000 • Tenor: 10 years • Margin: LIBOR + 4.5% • Facility Date: Oct 2007 • Lender Bilateral Loan Syndicated Loan Syndicated Loan Subordinated Loan Syndicated Loan

13. Amount: US$125,000,000 • Tenor: 3 years ▲ • Coupon: 10.125% • Format: Reg S • Issue Date: June 2007 • Lead Managers Breakdown by Geography Breakdown by Investor Type | percent| | percent| Investor Base Investor Base Eurobonds Issue Funding. Eurobonds Debut Issue “…Bookrunners’ comment: …In all the time I’ve been doing emerging markets bonds, I’ve not seen a book like this for a credit of this type…” “…Reactions had been very positive, with investors impressed by both strong management team and the bank’s strategy…” “…Spencer Maclean (Deutsche Bank) stressed the high participation rate of investment grade and crossover accounts in the book, in addition to the traditional high-yield and dedicated EM funds...”

14. Credit Ratings • VAB Bank cooperates with Moody’s and Fitch since 2003 and 2006 respectively • In June 2008 Moody's confirmed the bank’s B2 long-term local and foreign currency deposit and debt ratings and assigned the stable outlook • In June 2008 Fitch affirmed VAB Bank’s foreign currency long-term issuer default rating and outlook at B- (stable). In November 2008 Fitch changed the outlook from “stable” to “negative” in light of the sharp depreciation of the Ukraine’s national currency “…The rating derives from the bank’s current market standing, relatively advanced for Ukrainian bank corporate governance and risk management practices and the expected strengthening of the bank’s retail franchise following the execution of the strategy, supported by expansion of the branch network together with enhancing the infrastructure and IT systems...” “…The bank’s further franchise expansion, accompanied by declining business concentrations, may put upward pressure on the ratings. Funding base diversification and a strengthening of liquidity should be also positive for the bank’s financial standing…“

15. Summary • Strong, supportive, long-term strategic investors with sufficient financial resources and experience to ensure success • Top quality senior management team with extensive international experience • Strong branch network coverage • Unique customer service approach and well-developed brand. Brand awareness increased from 18% in 2006 to 47% in January 2008 • High capitalization level with 18.4%Basel Capital Adequacy Ratio as of 3Q2008 • International standard risk management systems with proven capability to manage rapid growth • High standards of corporate governance and transparency: ranking the 3rd among the most transparent banks in Ukraine according to Standard & Poor's survey in Nov 2008staying among the leaders for the third consecutive year

16. Contact Details 5 Zoolohichna Street, Kyiv 04119, Ukraine Tel.: (38 044) 481-33-48 Fax: (38 044) 481-33-49 e-mail: fi@vab.ua ir@vab.ua Telex: 631048 VABNK UX S.W.I.F.T. BIC: VABA UA UK REUTERS: VABK Please seewww.vabbank.com.ua for more details about VAB 01/09/2014 20:14