1

PresentationOctober 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: Kommersant Dengi Magazine (№27) figures as of 1 July, 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.

Combined stake of the City of Moscow in the Bank’s share capital is 63.39%, including direct shareholding of the Property Department of the City of Moscow - 48.11% and indirect shareholding of the companies of the Capital Insurance Group - 15.28%. The Capital Insurance Group is, in its turn, 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.

In July 2009, the13th share issue was completed, as a result of which the Bank’s share capital was boosted 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, EFFICIENCY OF BUSINESS AND MAINTAIN THE 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 (RUB, bn*)

Bank of Moscow’s Market Position*

* Source: Kommersant Dengi Magazine(№27) figures as of July 1, 2009

13339

Top Russian Banks by Net Assets (RUB, bn*)

6683,9

9

Business Overview

3242,1

Top Russian Banks by Retail Deposits (RUB, bn*)

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

5425,4

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*

RUB 164.4 bn of term deposits and current accounts as of 30 June 2009*

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 million retail customers as of June 30, 2009**

As of September 1, 2009, 12.3 mn plastic cards issued compared to 11.0 mn as of 1 January, 2009**

RUB 101.9 bn – retail loan portfolio (gross) as of 30 June, 2009***

Variety of deposit products 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. It is a combination of a bank debit card, an identification card, an insurance identification card and Moscow public transportation travel card designed for those Muscovites, who receive pay offs from the City’s budget.

1800 ATMs and 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

Retail Banking

11* Source: Kommersant Dengi (№37) figures as of July 1, 2009**Source: Bank of Moscow*** Source: Bank of Moscow IFRS Consolidated Financial Statements as of June 30,2009

Business Overview

Over 105.4 thousand corporate and public sector customers as of 30 June, 2009*

Focus on stable sectors of Russian economy

Corporate banking dominates the asset side of the balance sheet:

as of 30 June, 2009 corporate loans accounted for 81.5% of the Bank’s gross loan portfolio and stood at RUB 447.6 **

involved in financing the key projects of the City of Moscow

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 ** Source: Bank of Moscow IFRS Consolidated Financial Statements as of June 30, 2009

Variety of investment banking services, including:

underwriting

debt issuance

research

asset management

Strong track records of RUB denominated bond issuances: since 2004 issues totaling RUB 434 bn organized for 145 issuers*

Business Overview

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

68 regional branches and 190 sub-branches*

With total 393 outlets throughout the country - presence in 60 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 September, 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

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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

Vertically integrated risk management system penetrating the Bank, incl. regional branches, with

the CRO reporting directly to the CEO and the Management Board. Credit Committee, Small Credit Committee and Mortgage Committee are authorised to make

independent lending decisions.

Business Overview

Eurobonds:

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

43

,7 63

,9

13

3,3

92

,4

6,3

6,3

1,2

2,0

37

,2

51

,3

256,0

351,6

35

,4

49

,8

525,3516,6

0

100

200

300

400

500

600

2006 2007 2008 1Н2009

Cash and equivalentsMandatory cash balances with central banksTrading securitiesLoans to customers

11,2%

7,8%

2,3%

63,7%

13,6%

1,2%

0,2%

Cash & cashequivalents

Mandatory cashbalances w ith centralbanks

Financial Assets

Premises andequipment

Loans to customers

Due from other banks

Other assets

Financial Overview

Asset Composition (1H2009) Assets in 2006 – 1H2009 (RUB bn)

Overview of Assets*

17* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2009.

100% = RUB 824,0 bn

9,1%

3,1%

5,0%

2,3%

20,1%

18,5%

4,1%4,0%

2,3%

15,4%

16,1%

Retail Financial & other services

Manufacturing Construction

Trade Fuel & Energy

State Agencies Food Industry

Metallurgy Transport & Communications

Others

Financial Overview

Loan portfolio is well diversified by industries and geographically, which is in line with the credit risk management approach.

40% of the Bank’s gross loan book are concentrated in regions*.

Focus is on the stable sectors of the Russian economy.

As of June 30, 2009, related party lending accounted for 3.78% of the gross loan portfolio.**

Bank of Moscow’s Loan PortfolioLoan Portfolio Breakdown by Industry Sectors (1H2009)*

18* Source: Bank of Moscow as of June 30, 2009** Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2009

Retail Loan Portfolio Breakdown (1H2009) Retail Loan Portfolio (Net), RUB bn

91,7

35,2

72,5

106,6

2006 2007 2008 1Н2009

Retail loans decreased 14.0% since the end of 2008 due to the reduction in demand for retail products by individuals on the back of the financial uncertainty and the Bank’s policy not to enhance retail lending in the first half of 2009.

19

Financial Overview

12,9%

50,8%

28,3%

6,2% 1,8%

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 as of June 30, 2009

Financial Overview

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

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

20

In 1H2009 the Bank was steadily increasing its loan loss provisions: as of June 30, 2009 the provisions totalled RUB 24.2 bn, a 88.03% growth from the beginning of 2009.

As of June 30, 2009 LLPs comprised 4.41% of the loan portfolio stood compared to 2.43% as of December 31, 2008.

NPLs accounted for 2.98 % of the Bank’s gross loan portfolio. The NPLs are 1.48 times covered by provisions.

148,14%166,04%164,00%

1,00%

1,47%

2,98%

0,00%

100,00%

200,00%

300,00%

400,00%

500,00%

1H2008 2008 1Н2009-0,1%

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%

LLP/NPL NPL/Gross loans

529,5 549,5

259,4356,1

990,1

621,2

446,2

25,0%

28,04%

20,3%

22,60%

0,0

500,0

1 000,0

2006 2007 2008 1Н2009

20%

25%

30%

Total LoansCollateralTOP 20 Client Concentration

Concentration of top 20 borrowers in the total loan portfolio increased to 28% due to slowdown of the economy Loan portfolio is collateralized by 1.9 times

* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2009

1042,5

69,6

214,9

259,5

350,6

406,5 482,156,0

37,9

175,8

50,5

92,691,7

20,6

5,3

2,1

3,3

0

200

400

600

800

2006 2007 2008 1Н2009

Due to other banks Due to customers Debt securities issued Other

23,2%

63,7%

12,2%0,7%0,2%

Due to other banks Due to Customers

Debt securities issued Other liabilities

Financial Liabilities at Fair Value

Financial Overview

Liability Composition (1H2009) Liabilities in 2006 – 1H2009 (RUB bn)

Overview of Liabilities

21

100% = RUB 755,8 bn

Strong deposit base has always been one of the key advantages of the Bank.

As of June 30, 2009, customers accounts comprised 63.7% of the Bank’s liabilities.

Customer funds increased 18.6% in the first half of 2009.

* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of 30 June, 2009

482,1

259,5

350,6

406,5

0

100

200

300

400

500

600

2006 2007 2008 1Н2009

Financial Overview

30,4%

69,6%

Current / DemandAccounts

Term Deposits

Growth in Deposits (RUB bn) Composition of Client Deposit Portfolio

Deposit Base

22

Continued diversification of deposit base with the following sources of state funding available: CBR funding (unsecured and secured loans, repo transactions), Ministry of Finance and funds of state-owned corporations

Authorised bank to bid for the funds of the City of Moscow placed on a tender basis.

By Deposit Type

By Customer Type

* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2009.

29,7%

12,0%

24,3%

34,1%

IndividualsFederal Budgets + Regional FundsState Ow ned OrganisationsOther Commercial + Legal Entities

Financial Overview

Profit and Loss Income (RUB bn)*

Profit & Loss Highlights

23

1,0% 0,2%1,8% 2,0%

3,3%

4,3%

4,7%4,5%

11,6%

20,4%22,1%

1,9%

0%

1%

2%

3%

4%

5%

6%

2006 2007 2008 1H20090%

5%

10%

15%

20%

25%

Return on Assets Net I nterest Margin

Return on Equity

Selected Profitability Ratios*

77% 77% 83%69%

5% 6%12%

18% 17% 17% 19%

2006 2007 2008 1H2009Net commission incomeNet income from trading operationsNet interest income

Cost/Income Ratio*Operating Income*

30,424,918,3

19,7

49,24%

46,11%

49,29%

36,18%

0

10

20

30

2006 2007 2008 1H2009

30%

35%

40%

45%

50%

55%

I ncome Cost/ I ncome

* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2009.

40,9

66,8

90,995,4

13,90% 15,70%14,80%

13,3%

-10

10

30

50

70

90

110

2006 2007 2008 1Н200910,0%

15,0%

20,0%

Total capital

Total capital ratio

Financial Overview

As of June 30, 2009 the Bank’s total capital position was sound with a total capital ratio (Basel 1 Accord) of 15.7%.

High quality of capital: Tier 1 Capital of RUB 62,4bn with the Tier 1 ratio of 10.3%.

In July 2009, the 13th share issue was completed to boost the capital by RUB 20 bn. As of September 1, 2009 the CAR (CBR N1) stood at 15.94%.** This is well above 10% minimum limit set by the Bank of Russia.

On August 3, 2009 the Supervisory Board of Vnesheconombank (VEB) decided positively on extending a subordinated loan for RUB 11.1 bn to the Bank, which will further strengthen its capitalization.

Capital Base (RUB bn)Capital Adequacy

Capital Adequacy

24• Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2009** Source: Bank of Moscow CRR accounts as of September 1, 2009

min 8%

(Basel 1

Accord)