Presentation

July 2009

Overview

2

3

OverviewBank of Moscow’s Key Strengths and Investment Highlights

3rd place by volume of retail deposits* provides

reliable and stable funding base

Moody’s: Baa1Fitch: BBB-

5th largest bank in Russia in terms of total assets*

Well-diversified and solid client base of large corporate, SME and

retail clients

Extensive distribution network in Moscow and

key Russian regions

*Source: magazine Kommersant Dengi (№11) figures as of 1 January, 2009

Strong risk profile

Track record of strong support from the City of Moscow – the

largest shareholder

Shareholder Structure

4

Shareholder Structure

The City of Moscow has been the largest shareholder of the Bank since the Bank was established in 1995

Companies of the Capital Insurance Group hold 15.28% of the Bank’s share capital. Capital Insurance Group is controlled by the City of Moscow and the Bank of Moscow Group.

Mr. Andrey Borodin, Chairman of the Management Board, and Mr. Lev Alaluiev, Deputy Chairman of the Board of Directors, indirectly jointly control 21.18% of the Bank’s share capital.

Since 2004 Bank’s shares are traded on MICEX.

The recently completed 13th share issue is under registration with the CBR to boost the capital by RUB 20 bn

Controlled by

the City of

Moscow

5

48,11%

15,28%

21,18%

8,15%3,59%

3,69%

Property Department of the City Moscow Government

OJSC Capital Insurance Group

Beneficial Ownership of Mr.Borodin and Mr.Alaluiev

LLC "GSM"

OJSC "GSM Investments"

Others

Controlled by GCM Russia Opportunities Fund (Cayman Islands)

Business Overview

6

Business Overview

Current and deposit accounts

Loan services

Mortgages

Debit and credit cards

Money transfers

Internet and telephone banking

Internet trading (“Mos-broker”)

Corporate lending

Syndicated loans

Trade finance and guarantees

Foreign trade and exchange operations

Debt Capital Markets (Local and International)

Payment and account services

Securities trading

Precious metals

Depositary services

Underwriting

Research

Private asset management services

Fund management services

Mutual and pension funds

Private Banking

Business Lines

7

Corporate and Investment BankingRetail Banking

Asset Management & Private Banking

Business Overview

Emphasis on the further increase of risk management efficiency Rigorous control over the asset quality Credit risk diversification and strengthening of underwriting standards

Prudent Risk Management Policy

Retail Banking

Increase and diversify the customer base Maintain high quality of the loan portfolio coupled with a rise in cross selling Provide flexible services and solutions to customers to address the current market

environment

Corporate Business

Increase and diversify the customer base Maintain high quality of the loan portfolio Provide flexible services and solutions to customers to address the current market

environment

PRESERVE ASSET QUALITY AND EFFICIENCY AND MAINTAIN CURRENT MARKET POSITION

Business Efficiency and

Market Positions

Offer services to wealthy individuals in line with international standardsPrivate Banking

8

Business Strategy

Branch Network Retain positions in the regions Use the regional network to diversify client and risk concentration

Increase business efficiency Maintain leading positions in the national banking industry Tighten control over the quality of all business processes, costs and expenses

Top Russian Banks by Capital (US$, bn*)

Bank of Moscow’s Market Position*

* Source: magazine Kommersant Dengi (№20) figures as of April 1, 2009Exchange Rate RUB/USD 33,9032 (Source: Central Bank of Russia) as of April 1, 2009

33,76

Top Russian Banks by Net Assets (US$, bn*)203,35

9

Business Overview

91,29

Top Russian Banks by Retail Deposits (US$, bn*)

Top Russian Banks by Loan Portfolio (US, $bn*)

10,81

160,25

104,76

Ratings Reflect the Credibility of the Bank*

Business Overview

A2

A3

Baa1

Baa2

Baa3

Ba1

Ba3

A

A-

BBB+

BBB

BBB-

BB+

BB

BB-

B+

Ba2

10* Senior Unsecured Eurobond Ratings

Business Overview

No. 3 retail deposit taker in Russian Federation* US $5.1 bn of term deposits and current accounts as of 31 December 2008** Approved by CBR to participate in the Deposit Insurance System Authorised bank of the Deposit Insurance Agency to manage retail accounts of the banks with

withdrawn licences

Over 9.6 mn retail customers as of 31 December, 2008 compared to 8.2 mn as of 31 December, 2007***

As of 1 January, 2009, 11 mn plastic cards issued compared to 8.6 mn as of 1 January, 2008*

Total retail loan portfolio – US $ 3.85 bn as of 31 December, 2008**

Variety of deposit accounts designed for different categories of retail customers

Wide range of services targeted at the inhabitants of the City of Moscow, including Muscovite Social Cards issued in partnership with VISA International. The Muscovite Social Card is a Visa Electron integrated plastic card that is a combination of a bank debit card, an identification card, an insurance identification card and Moscow public transportation travel card

Self-service zones inside retail locations and offices throughout the country to allow customers to get services from ATMs such as credit payments, transfers, deposits, utility and mobile communication payments, etc.

Advanced Internet and Telephone banking

All underwriting operations and credit procedures are centralized to be processed at the Head office

Retail Banking

11* Source: Kommersant Dengi (№20) figures as of April 1, 2009**Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008)*** Source: Bank of Moscow as of December 31, 2007

* USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

Business Overview

Over 105 000 corporate and public sector customers as of 31 December, 2008*

Focus on stable sectors of Russian economy

Corporate banking dominates the asset side of the balance sheet*: gross corporate loan portfolio of US $11.9 bn

(RUB 349.3 bn) as of 31 December, 2008** involved in financing key City of Moscow projects

Developing banking products and services targeted at SME clients

Increasingly active in trade financing

Provides payment services to commercial and public sector clients through branch network

Corporate and Investment Banking

12* Source: Bank of Moscow as of December 31, 2008**Source: Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008)

The Bank offers a variety of investment banking services, including: underwriting debt issuance research asset management

Starting from 2004 the bank has issued bonds for 145 issuers reaching a total of RUB 434 bn (USD $18.5bn)*

* USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

Business Overview

133 outlets and 471 desks at postal offices in Moscow and Moscow Region *

64 regional branches and 184 sub-branches*

With total 394 outlets throughout the country - presence in 52 regions of Russian Federation *

Foreign subsidiaries in Belarus, Latvia, Estonia, Ukraine, Serbia and Representative office in Frankfurt

Moscow-based with Wide Geographical Reach

United Statesof America

13* Source: Bank of Moscow as of 1 June, 2009

Estonia Petrozavodsk

Arkhangelsk

Kaliningrad

Vyborg

St. Petersburg

Vologda

Kirov

Yaroslavl

Tula

Kursk

Rostov-on-Don

KrasnodarSochi

Vladikavkaz Astrakhan

Orsk

Orenburg

Samara

Saratov

Voronezh

Nizhny NovgorodCheboksary Berezniaki

Perm

Izhevsk

Yekaterinburg

Tyumen

Moscow

Omsk Tomsk

Kemerovo

Novosobirsk

Novokuznetsk

Kransnoyarsk

IrkutskUlan-Ude

Vladisvostok

Khabarovsk

Yuzhno—Sakhalinsk

Petropavlovsk—Kamchatsky

“Moscow-Minsk” (Minsk)

“Zarechye”(Kazan)

“Latvian Businessbank”(Riga)

Poland

Byelorussia

Latvia

Finland

Norway

Ukraine

Turkey

Iran

Kazahkstan

China

Japan

United Statesof America

Russian Federation

Regional Branches

Subsidiary and Affiliate Banks

“BM Bank” (Kiev)

Barnaul

Maykop

Belgorod

Stavropol

“Eesti Krediidipank”(Tallin)

Orel

Volgograd

UfaYakutsk

Velikiy Novgorod

LipetskKazan

SyktyvkarKovrov

Chelyabinsk

Business Overview

Based on recommendations and requirements of CBR, Basel Committee and auditors Single borrower/economic group limits Product type/geographic/industry concentration limits Ongoing monitoring of borrower’s condition and collateral Strengthening of underwriting standards to address the crisis

Conservative Credit and Market Risk Policies in Place

14

Credit Risk

Limited open foreign currency position, stop-loss, borrower limits Centralised control over exchange rates in currency operations In accordance with CBR regulations, currency risk exposure cannot exceed 20% of the Bank’s aggregate capital

in all currencies Currency position is controlled by the CBR on a daily basis

Currency Risk

Managed with the aid of scenario analysis, simulative, optimising and predictive modelling Strict CBR controls on instant (N2) and current (N3) liquidity standards Monitored on a daily basis

Liquidity Risk

Measured via gap and interest rate sensitivity models Also employ stress testing and scenario analysis techniques

Interest Rate Risk

Business Overview

Eurobonds:

US$250,000,000 Eurobonds due 2009

RUR 5,000,000,000 Eurobonds due 2009

US$300,000,000 Eurobonds due 2010

CHF 250,000,000 Eurobonds due 2011

US$500,000,000 Eurobonds due 2013

LT2 Debt:

US$300,000,000 Subordinated Eurobonds due 2015

US$400,000,000 Subordinated Eurobonds due 2017

Local Bonds:

RUR 10,000,000,000 Bond due 2011

RUR 10,000,000,000 Bond due 2013

Bank of Moscow in International and Local Capital Markets

5 senior Eurobonds issued over the last three years and 2 LT2 Eurobond issue

2 placements on the local debt market

4 syndicated Term Loans outstanding

In 2008 the Bank of Moscow raised approximately US$1.45 bn from international and local markets

15

Syndicated Loans:

US$220,000,000 Syndicated Term Loan due 2009

US$105,000,000 Syndicated Term Loan due 2010

US$600,000,000 Syndicated Term Loan due 2010

US$30,000,000 & EUR105,000,000 Syndicated Term Loan due 2011

Financial Overview*

16 * USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464;

2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

69

2 16

58

26

04

45

34

14

5

23

9

25

6

40

1 0

35

1 4

11

5 5

96

9 7

24

14

32

5

17

58

2

2 0

90

1 2

05

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

2005 2006 2007 2008

Cash and equivalentsMandatory cash balances with central banksTrading securitiesLoans to customers

16,9%

4,5%

2,4%

65,3%

9,4%1,4%

0,1%

Cash & cashequivalents

Mandatory cashbalances w ith centralbanks

Financial Assets atFair Value

Premises andequipment

Loans to customers

Due from other banks

Other assets

Financial Overview

Asset Composition (2008) Assets in 2005 – 2008 (US$ million)

Overview of Assets*

17* Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008)

100% = US$27 276 mn

* USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

10,2%

3,2%

4,4%

3,1%

21,1%

21,4%

4,0%5,3%

2,3%

11,8%

13,1%

Retail Financial & other services

Manufacturing Construction

Trade Fuel & Energy

State Agencies Food Industry

Metallurgy Transport & Communications

Others

Financial Overview

Increasing geographic and sectoral diversification

53% of the Bank’s gross loan book are concentrated in regions**

Focus is on fast growing sectors of the Russian economy

As of December 31, 2008, related party lending accounted for 1.5 % of the gross loan portfolio of the Bank compared to 2.6% as of 31 December 2007 **

Bank of Moscow’s Loan PortfolioLoan Portfolio Breakdown by Industry Sectors (2008)*

18* Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008)** Source: Bank of Moscow as of December 31, 2008

* USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

Retail Loan Portfolio Breakdown (2008) Retail Loan Portfolio 2005 – 2008 (US$ million)

3 629

524

1 390

3 040

2005 2006 2007 2008

Retail loan portfolio grew by 19.3% since the end of 2007 in USD terms

19

Financial Overview

13,9%

50,6%

27,4%

5,1% 3,0%

Scoring Loans Car Loans Consumer Loans

Mortgages Credit Cards

Bank of Moscow’s Loan Portfolio (Cont’d)

* Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008) * USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

Financial Overview

Overdue Loans and Allowance for Loans Losses Client Concentration: Twenty Largest Borrowers

Bank of Moscow’s Loan Portfolio (Cont’d)

20

Overdue loans comprised 1.13 % of the Bank’s gross loan portfolio as of December 31, 2008

Overdue loans are covered 2.15 times by provisions as of December 31, 2008

375%

214%

256%

215%

0,50%

0,61%0,33%

1,13%

0%

100%

200%

300%

400%

500%

2005 2006 2007 2008-0,1%

0,2%

0,5%

0,8%

1,1%

1,4%

1,7%

2,0%

2,3%

2,6%

2,9%

3,2%

3,5%

3,8%

4,1%

4,4%

4,7%

5,0%

Allowance for loan losses / overdue

BoM: Overdue / gross loans

14 412

18021

5 6669 778

25308

16947

10289

28,0%

21,70%

24,9%

20,3%

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

2005 2006 2007 2008

20%

25%

30%

Total LoansCollateralTOP 20 Client Concentration

33 699

Diversified loan portfolio with a 21.7% concentration of top 20 borrowers in the total loan portfolio, which has increased due to slowdown of the economy Loan portfolio is collateralized by 1.9 times

* Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008) * USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

1 4472 836

5 855

9 856

14 285

13 837

1 923

735

7 315

1 010

3 121

2 280

127

700

115

81

0

5 000

10 000

15 000

20 000

25 000

2005 2006 2007 2008

Due to other banks Due to customers Debt securities issued Other

29,3%

55,4%

12,5%

1,3% 1,5%

Due to other banks Due to Customers

Debt securities issued Other liabilities

Financial Liabilities at Fair Value

Financial Overview

Liability Composition (2008) Liabilities in 2005 – 2008 (US$ million)

Overview of Liabilities

21

100% = US$24 973 mn

Strong deposit base is one of the key advantages of the Bank, especially in the recent global liquidity crisis

* Source: Bank of Moscow, IFRS Consolidated Financial Statements (31 December, 2008) * USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

13 837

5 855

9 856

14 285

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

2005 2006 2007 2008

Financial Overview

38,4%

61,6%

Current / DemandAccounts

Term Deposits

Growth in Deposits (US$ million) Composition of Client Deposit Portfolio (2008)

Deposit Base

22

Continued diversification of deposit base with the following sources of funding available: funds of state-owned corporations, City of Moscow and CBR funding

By Deposit Type

By Customer Type

37,2%

23,2%

6,6%

33%

Individuals

Federal Budgets +Regional Funds

State Ow nedOrganisations

Other Commercial +Legal Entities

* Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008) * USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

Financial Overview

Profit and Loss Income (US$ million)*

Profit & Loss Highlights

23

2,0%

0,9%

1,8%2,0%

5,5%

4,5%

4,7%4,3%

10,9%

20,4%

18,7%

22,2%

0%

1%

2%

3%

4%

5%

6%

2005 2006 2007 20080%

5%

10%

15%

20%

25%

Return on Assets Net I nterest Margin

Return on Equity

Selected Profitability Ratios*

78% 77% 77% 83%

6% 5% 6%

16% 18% 17% 17%

2005 2006 2007 2008Net commission incomeNet income from trading operationsNet interest income

Cost/Income Ratio* Operating Income*

1035

415

694

1016

49,29%

46,11%

49,24%

49,94%

0

200

400

600

800

1000

2005 2006 2007 2008

40%

45%

50%

55%

I ncome Cost/ I ncome

* Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008) * USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464; 2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825

748

1 112

1 554

3 094

2 71913,90%

13,3%

14,80%

15,7%

18,0%

0

500

1 000

1 500

2 000

2 500

3 000

3 500

2004 2005 2006 2007 2008

0,0%

5,0%

10,0%

15,0%

20,0%

Total capital

Total capital ratio

Financial Overview

As of the end 2008, the Bank’s total capital position was sound with a total capital ratio of 13.9%.

This is well above the 10% minimum limit set by the CBR

Core capital (Tier 1) of RUB 62bn (US$2 516mn)

High quality of capital: Tier 1 ratio of 9.5%

In August 2008, the 12th share issue for RUB 8.3 bn was finalized.

A new share issue has been completed to increase the Tier I capital by RUB 20 bn (approx. USD 650 mn)

Capital Base (US$ million)Capital Adequacy

CBR requirement

Capital Adequacy

24* Source: Bank of Moscow, IFRS Consolidated Financial Statements (December 31, 2008) * USD\RUB exchange rates of CBR – 2008 USD1 = RUB 29,3804; 3Q 2008 USD1 = RUB 25,2464;

2007 USD1 = RUB 24.5462; 2006 USD1 = RUB 26.3311; 2005 USD1 = RUB 28.7825