1

Presentation

October 2010

Overview

2

Investment grade credit ratings that are

among highest for Russian banks

Diversified business model spanning corporate, retail,

private banking and asset management

Improving outlook for Russian economy and

banking sector with long-term growth story intact

Extensive distribution network in Moscow and

key Russian regions

Strong risk profile and balance sheet with relatively

low NPLs, conservative provisioning, high collateral and high capital adequacy

Track record of strong support from the City of

Moscow – the Bank’s largest shareholder and

Russia’s wealthiest municipality

Solid earnings generation with

positive profitability sustained even through crisis

Leading and progressively

strengthening Russian banking franchise: #5 by

net assets and loan portfolio, #3 by retail

deposits*

3

Key Investment Highlights

* Source: Kommersant Dengi Magazine(№37) figures as of July 1, 2010

4* Source: Bank of Moscow IFRS Consolidated Financial Statements as at June 30, 2010** Source: Kommersant Dengi Magazine(№37) figures as of July 1, 2010

Top-5 Russian bank by net assets, capital and loan portfolio**

Top-3 deposit taker**

Controlled and historically supported by the City of Moscow

Wide range of banking services, including corporate and retail lending and deposit services, private banking, investment banking and asset management

The Bank serves more than 9.5 mn retail and more than 100,000 corporate and public sector customers

Ratings Moody’s S&P Fitch

Bank of Moscow

Baa1 (Negative)

n/aBBB-

(RWN)

Russia Sovereign

Baa1 (Stable)

BBB (Stable)

BBB (positive)

Key Performance Indicators*(RUB bn, %) FY 2007 FY 2008

FY2009 H12010

Assets 528,086 801,385 825,144 852,689

Equity 48,595 67,650 86,596 92,583

Deposits 350,646 406,541 428,029 489,900

Net Loans 351,622 516,564 534,490 572,188

Tier I CAR 10.4% 9.5% 12.8% 12.3%

Total CAR 14.8% 13.9% 18.9% 17.8%

Net Profit 10,046 6,978 717 6,027

ROE (%) 22.6% 11.8% 0.9% 13,5%

ROA (%) 2.0% 1.0% 0.1% 1,4%

Bank of Moscow at a Glance

Moscow-based with Wide geographical reach 136 offices and sub-offices and 474 desks at postal offices in Moscow and Moscow Region* As at June 30, 2010 the Group operates 70 regional branches which supervise a further 69 full-

service sub-branches and 112 sub-branches providing retail services and 6 cash offices located in the territory of Russia*

With total 393 outlets throughout the country – presence in 60 regions* Foreign subsidiaries in Belarus, Latvia, Estonia, Ukraine, Serbia and Representative office in

Frankfurt

United Statesof America

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

KemerovoNovosobirsk

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

* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2010

5

Branch Network

6

Macroeconomic and Industry Environment

GDP Growth, Fiscal and Monetary Position

1 7

65

1 5

87

1 2

29

1 6

60

76

5

98

9

1 2

94

4,8%4,0%

(7,9)%

5,6%8,1%7,7%

6,4%

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2005 2006 2007 2008 2009 2010E 2011E(10,0)%

(8,0)%

(6,0)%

(4,0)%

(2,0)%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

Nominal GDP (US$ bn) Real GDP Growth (%)

461,2478,8

426,3 439,5

182,2

303,7

74,961,978,572,7

65,454,4

97,7

0

100

200

300

400

500

600

2005 2006 2007 2008 2009 2010H1 2011E0

20

40

60

80

100

Russia's Foreign Reserves, end of period, US$ bnOil price (Brent, US$/b)

Economy and Growth Real GDP Growth vs. Peer Countries

Oil Price and Foreign Reserve Monetary Indicators

Source: CBR historical data for Foreign Reserve, Economist Intelligence Unit other indicators

7

29,0

31,230,229,428,8

26,3 24,5

7,75%7,0%

8,8%

13,0%

10,0%

11,0%12,0%

6,5%4,4%

8,8%

13,3%11,9%

10,9%9,0%

0

5

10

15

20

25

30

35

2005 2006 2007 2008 2009 H12010 2011E0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

US$/RUB Exchange Rate, end of periodCentral Bank Refinancing Rate, end of periodConsumer Price I nflation (%),end of period

3,3%

0,8%

2,8%

8,7%

(7,9)%

(4,9)%

(1,8)%

6,8%

(2,4)%

(4,9)% (5,2)%

1,2%

7,8%9,9%

6,3%4,8%

(12,0)%

(8,0)%

(4,0)%

0,0%

4,0%

8,0%

12,0%

Russia China India Brazil Ger-many

USA UK Japan

2009 2010E

Business Overview

8

Top Russian Banks by Capital (RUB, bn)

Bank of Moscow’s Market Position

Source: Kommersant Dengi Magazine(№37) figures as of July 1, 2010

1136

Top Russian Banks by Total Assets (RUB, bn)

7552

9

4048

Top Russian Banks by Retail Deposits (RUB, bn)

Top Russian Banks by Loan Portfolio (RUB, bn)

5 278

Business Overview

Bank of Moscow is among the highest rated in the Russian banking sector

A2

A3

Baa1

Baa2

Baa3

Ba1

Ba3

A

A-

BBB+

BBB

BBB-

BB+

BB

BB-

B+

Ba2

10 Source: Senior Unsecured Eurobond Ratings

Business Overview

Business Overview

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

Combined stake of the City of Moscow in the Bank’s share capital is 63.8%, including 46.48% stake of the Property Department of the City of Moscow and 17.32% stake of Stolichnaya Strakhovaya Gruppa, which in turn is controlled by the City of Moscow and the Bank of Moscow Group

The City has participated in all of the Bank’s 14 equity issues

Mr. Andrey Borodin, Chairman of the Management Board, and Mr. Lev Alaluev, Deputy Chairman of the Board of Directors, indirectly jointly control 20.32% of the Bank

Controlled by

the City of

Moscow

11

Shareholder Structure

Property Department of

the City Moscow

46.48%

OJSC Stolichnaya Strakhovaya Gruppa

17.32%

Beneficial Ownership of Mr. Borodin and Mr.

Alaluev

20.32%

Goldman Sachs International 3.88%

Source: Bank of Moscow

LLC “GSM” 3.25%

OJSC “GSM Investments”

3.16%

Credit Suisse International 2.77%

Others 2.82%

40,9

121,6

66,8

90,9

12,3%

13.3%

14,8%

18,9%

13,9%

17,8%

12,8%

9,5%10,4%10,2%

0

20

40

60

80

100

120

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 30-J une-105%

10%

15%

20%

Total capital Total capital ratio Tier 1 ratio

128 BoM has a strong capital position

As of June 30, 2010 the Bank’s total capital ratio (Basel 1 Accord) was 17.8%, and Tier 1 ratio was 12.3%*

The Bank has been proactively increasing its capitalisation:

On July 26 2010 14th issue was successfully registered with the CBR and boosted the capital of the Bank by RUB 21.7bn.

Well honored Goldman Sachs and Credit Suisse Group AG have acquired stakes respectively in the Bank of Moscow. The value of both shares was about RUB 12bn.

In July 2009 BoM raised RUB 20bn in its 13th additional share issue

On October 15, 2009 Vnesheconombank (VEB) extended a 10-year subordinated loan to the Bank for RUB 11.1bn

Capital Base* (RUB bn, %)Capital Adequacy

Capital Adequacy

12

min 8% (Basel 1 Accord)

* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2010

Business Overview

Main Business Lines

13

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

Corporate and Investment Banking

Business Overview

Private asset management services

Fund management services

Mutual and pension funds

Private Banking

Current and deposit accounts

Loan services

Mortgages

Debit and credit cards

Money transfers

Internet and telephone banking

Internet trading (“Mos-broker”)

Retail Banking

Asset Management & Private Banking

FOCUS ON MAINTAINING LEADING POSITION AS TOP 5 RUSSIAN BANK AND IMPROVING EFFICIENCY, PROFITABILITY AND CURRENT FRANCHISE

14

Business and Operating Strategy

Bu

sin

es

se

s

Focus on acquiring new customers and developing relations with existing ones Continue servicing all client segments, yet pay particular attention to strengthening presence in SME

segment Build customer relationships and increase cross-selling, including investment banking products

Corporate & Investment Banking

Retail Banking Leverage strong retail brand and branch network Continue developing lending and deposits products

Target high net worth individuals, while seeking to provide product diversity and service quality in line with best international practices

Private Banking & Asset Management

Business Overview

Emphasis on raising effectiveness of risk management Control over the quality of the loan and securities portfolios Credit risk diversification and strengthening of underwriting standards

Prudent Risk Management Policy

Op

era

tio

na

l

Business Efficiency andMarket Positions

Increase business efficiency Maintain leading positions in the national banking industry Maintain tight control over costs and expenses

Branch Network

Retain and strengthen positions in the regions Use the regional network to diversify client and risk concentration Short-term focus on efficiency improvement of existing network, over medium-term potentially resume

network organic growth

173,0224,0

302,9 255,3

2006 2007 2008 2009 H12010

Other Legal EntitiesState-owned OrganisationsFederal and Regional Budgets and Funds

14,9%

34,5%

50,6%

45,7%46,9%

26,5%

Over 100,000 corporate clients*

Focus on strategically important sectors of Russian economy

Corporate banking dominates the asset side of the balance sheet

SME – strategically important sector

Involvement in financing of the key projects of the City of Moscow

Increasingly active in trade financing

Developing of investment banking services, including underwriting, debt issuance, research

The amount of Deposits and Accounts of legal entities total for RUB 302,9bn as of June 30, 2010**

Corporate and Investment Banking

15* Source: Bank of Moscow ** Source: Bank of Moscow IFRS Consolidated Financial Statements as of June 30, 2010

Loan Portfolio to Legal Entities**

Business Overview

213%183% 197% 199% 187%

2006 2007 2008 2009 H12010

Gross Loans, RUB bn Collateral/Gross Loans, %Provision/ Gross Loans, %

7.0%

222.8281.5

416.4

489.5 541.6

281.5 416.4

Deposits and Accounts of Legal Entities** (RUB bn)

46.6%

7.7%

45.7%

44.0%

9.1%

46.9%

36.9%

10.5%

52.6%

17.9%

55.6%

250,6

0.8%1.5%

6.1%0.9%

68,599,1

121,4144,1 153,218,0

27,5

29,8

33,3 27,7

86,5

126,7

151,2

177,4 186,9

2006 2007 2008 2009 H12010

Term Deposits Current Accounts

Business Overview

No. 3 retail deposit taker in Russia* RUB 186.9 bn of term deposits and current accounts as of June 30,

2010** Approved by CBR to participate in the Deposit Insurance System,

authorized bank of the Deposit Insurance Agency to manage retail accounts of the banks with withdrawn licenses

Over 9.5 mn retail customers as of September 1 , 2010*** 14.4 mn plastic cards as of September 1, 2010 RUB 82.8 bn – retail loan portfolio (gross) as of June 30, 2010** Wide range of retail services, including Muscovite Social Cards - a

combination of a bank debit card, an ID, an insurance identification card and public transportation travel card for Muscovites

As at September 1, 2010, BoM had 1,845 ATMs in operation Advanced Internet and Telephone banking

Retail Banking

16* Source: Kommersant Dengi (№37) figures as of June 30, 2010**Source: Bank of Moscow IFRS Consolidated Financial Statements as of June 30, 2010*** Source: Bank of Moscow

Retail Loan Portfolio** (RUB bn)

Retail Loan Portfolio Breakdown** (H12010)

Overview

Retail Deposits and Accounts** (RUB bn)

Consumer Loans

49,1%

Mortgages

31,6%

Scoring loans 1,4%Credit cards 7,8%

Car Loans 9,8%

88,3 82,9

113,1

74,6

36,6

104,3%

111%90%

108%89%

2006 2007 2008 2009 H12010

Gross Loans, RUB bn Collateral/Gross Loans, %Provision/Gross Loans, %

17,6%

3,8% 2,9% 5,7%

15,4%

Business Overview

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

Over 50% of the Group’s loan book is concentrated in Moscow and the Moscow region

Related-party lending, which includes lending to municipal entities of the City of Moscow, accounted for 5.8% of the Group's gross loan portfolio as at June 30, 2010*

Loan portfolio is dominated by loans in local currency. Loans in foreign currencies account for 34.2% of total loans to customers**

Bank of Moscow’s Loan Portfolio

17

Loan Portfolio Breakdown by Currency* (1H2010)

• * Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2010• ** Source: Bank of Moscow

Overview Loan Portfolio Breakdown by Industry Sectors*

RUB 65,8%

USD 26,0%

EUR 4,4% Other 3,8%

Corporate Loans 88%

Construction 13,7%

Others 6,4%

Financial & OtherServices 26,2%

Manufacturing10,0%

Trade 8,0%

Individuals 13,3% Transport & Comms 5,1%

Fuel& Energy 8,6%

State Agencies 3,6%

Metallurgy 2,4%

Food Industry 2,3%

Agriculture and fishing 0,4%

Overdue Loans and Allowance for Loans Losses Client Concentration: Twenty Largest Borrowers (RUB bn)

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

18

As of June 30, 2010 the provisions totalled RUB 52.2 bn, As of June 30, 2010 LLPs comprised 8.4% of the loan portfolio

compared to 7.5% as of December 31, 2009 NPLs accounted for 4.2% of the Group’s gross loan portfolio The NPLs are 2.0 times covered by provisions

201,3%190,3%187,1%186,8%

4,2%

0,7%

1,3%

3,9%

0%

100%

200%

300%

400%

500%

2007 2008 2009 20100%

1%

2%

3%

4%

5%

LLP/NPL NPL/Gross loans

The Bank’s loan portfolio increased by over 8% Concentration of top 20 borrowers in the total loan

portfolio is 26.7% as at June 2010 The loan portfolio 1.76 times over-collateralised as at

June 30, 2010

Source: Bank of Moscow, IFRS Consolidated Financial Statements as of December 31, 2009 and June 30, 2010

Business Overview

529,5577,8 624,4

259,4356,1

1096,7990,1

621,2

446,2

1 074,2

24,9%

27,5%

20,2%21,8%

26,7%

0

200

400

600

800

1 000

1 200

1 400

2006 2007 2008 2009 1H201020%

22%

24%

26%

28%

30%

Total LoansCollateralTOP 20 Client Concentration

Conservative Credit and Market Risk Policies in Place

19

Credit Risk

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

Group’s equity 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

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 conditions and collateral Centralisation of underwriting standards to address the crisis

Vertically integrated risk management system implemented throughout the Bank, including regional branches, with the CRO reporting directly to the Bank’s CEO and the Management Board

Credit Committee, Small Credit Committee and Mortgage Committee are authorised to make independent lending decisions

Centralized decision making on issuance of retail loan products and SME

Business Overview

20

IssuedMay-2005

US$300mn

Due 2010

IssuedMar-2008

CHF 250mn

Due 2011Issued

May-2006

US$500mn

Due 2013

IssuedMar-2007

US$105mn

Due 2010Issued

Nov-2007

US$600mn

Due 2010

IssuedJan-2009

US$30mn&€105mn

Due 2011Issued

Dec-2009

US$350mn

Due 2011

IssuedNov-2005

US$300mn

Due 2015

IssuedMay-2007

US$400mn

Due 2017

IssuedAug-2008

RUB 10,000mn

Due 2011

IssuedFeb-2008

RUB 10,000mn

Due 2013

Within 5 years (2006-2010) the Bank of Moscow raised equivalent of USD 4.6bn and RUB 25bn from the international and local capital markets

Repaid

International and Local Capital Markets Funding History

Business Overview

IssuedNov-2006

US$500mn

Due 2008

Eurobonds

LT2 Debt (Subordinated Eurobonds)

Local Bonds

Syndicated Loans

Issued May-2006

US$400mn

Due 2009

Issued May-2008

US$220mn

Due 2009

Issued Sep-2004

US$250mn

Due 2009

Issued Nov-2006

RUB 5,000mn

Due 2009

IssuedMar-2010

US$750mn

Due 2015Issued

Sep-2010

CHF 350mn

Due 2013

Financial Overview

21

Financial Overview

Strong and relatively stable deposit base has always been one of the key advantages of the Bank

As of June 30, 2010, customers accounts comprised 64.4% of the Bank’s liabilities

Customer accounts increased approximately 14.5% for the first half of 2010

Reliance on wholesale financing is currently low

Access to variety of liquidity facilities

Assets Financial Assets (RUB bn)

Overview of Assets and Liabilities

22Source: Bank of Moscow, IFRS Consolidated Financial Statements as of June 30, 2010.

215143

260351

407 428490

56

100

226

38 70

92 78

51

3

2

72127

0

200

400

600

800

2006 2007 2008 2009 1H2010

Due to other banks Due to customersDebt securities issued Other

760

Liabilities Liabilities (RUB bn)

Assets well-balanced in terms of risk-return profile

Portfolio of securities mostly issued by federal and municipal government agencies and leading Russian corporate in accordance with conservative risk policy

Fixed-income instruments dominate trading securities portfolio

Over-collateralized loans to customers portfolio

572

76 37

517 535

256352

64

44

133

51

35 119

37

132

6

6

51

5

0

200

400

600

800

2006 2007 2008 2009 1H 2010

746

350

480

734 739

343

473

686 735

Loans to customers Cash and equivalents

Mandatory cash balances with CBR Trading securities

428

259,5

350,6

406,5

2006 2007 2008 2009 1H2010

489,9

Financial Overview

Diversified deposit base including funds of federal budget, regional and municipal funds, funds of legal entities and individuals

The Bank is authorised to tender for budget funds of the City of Moscow along with several other banks

Composition of Client Deposit Portfolio

23

By Customer Type*

* Source: Bank of Moscow, IFRS Consolidated Financial Statements as of 30 June, 12010

Current / Demand Accounts

29,8%

Term Deposits70,2%

Individuals38,2%

Funds of Federal budget, municipal and regional funds, funds of legal entities and

individuals

State-ownedorganisations

9.2%

Other commercial

legal entities 31.3%

Growth in Deposits*(RUB bn)

Financial Overview

24,9

30,424,918,3

46,3

28,8%

51,2%

46,1%

49,3%

30,9%

05

1015

202530

3540

4550

2006 2007 2008 2009 1H201020%

25%

30%

35%

40%

45%

50%

55%

Operating Income Cost/Income

24,9

1,0%0,1%

1,4%1,8%2,0%

5,2%

4,6%

5,2%

5,0%5,3% 11,8%

20,4%22,6%

0,9%

13,5%

0%

1%

2%

3%

4%

5%

6%

2006 2007 2008 2009 1H2010

0%

5%

10%

15%

20%

25%

Return on Assets Net Interest MarginReturn on Equity

Operating Income (RUB bn)

24

Cost to Income Ratio* (RUB bn, %) Selected Profitability Ratios*

*Source: Bank of Moscow IFRS Consolidated Financial Statements as of June 30, 2010

28,4 31,3

(3,7)

9,55,8

5,5

19,1 20,2

1,6 2,24,3 2,5

2007 2008 2009 1H2010Net commission incomeNet income from trading operations and other incomeNet interest income

2007

2008 2009 1H2010 1H2009

Net interest income 19.11 28.4 31.3 20.2 13.5

Net fee and commission income

4.3 5.8 5.5 2.5 3.8

Gains less losses arising from trading securities & exchange operations

1.6 (3.7) 9.5 2.2 2.3

Provisions charge for loan impairment

(2.5) (9.0) (30.4) (9.0) (11.4)

Profit before taxation and minority interest

13.2 8.2 1.3 8.4 1.1

Net profit 10.0 7.0 0.7 6.0 0.66

Basic earnings per share (EPS)

69.18 50.76 4.81 38.09 4.73

Operating Income (RUB bn)