VTB Bank offers agency services for the sale, exchange and disposal of fund shares managed by JSC VTB Capital Asset Management.

JSC VTB Capital Asset Management has been operating on the market since 1996. Since 2003, the company has been one of 55 management companies authorized by the Ministry of Finance of the Russian Federation to conclude a fund management agreement with the Pension Fund of the Russian Federation pension savings. Since October 2006, the company has been part of the VTB Group.

The funds of JSC VTB Capital Asset Management are managed by licensed professionals with many years of experience in the financial markets. Their names are included in the lists of the best financial managers in Russia.

JSC VTB Capital Asset Management has a license from the Federal Financial Markets Service of Russia dated March 6, 2002 No. 21-000-1-00059 to carry out activities related to the management of investment funds, mutual funds and non-state pension funds, without limitation of validity period; has a license professional participant market valuable papers to carry out trust management activities.

Terms of Service

• The minimum amount for the first purchase is RUB 5,000,
  subsequent purchases – 1000 rub.
• The premium is 0% for all funds, except for the VTB - Moscow Exchange Index fund, where it is 1%
• Discount – depends on the period:
  • less than 180 days – 2%;
  • from 180 to 365 days – 1.5%;
  • from 365 days or more – 1%.
• Shares of any VTB Capital Asset Management fund are exchanged for shares of its other funds, with the exception of exchange for shares of the RFI Open Investment Fund “VTB - Moscow Exchange Index”.
• The exchange of shares of one fund for another is carried out without surcharges or discounts.

The value of investment shares may increase and decrease, past investment results do not determine future income, and the state does not guarantee the return on investments in mutual funds. Before you buy investment share, you should carefully read the rules trust management fund.

Open-ended mutual investment fund of market financial instruments “VTB – Mixed Investment Fund”

This Fund is for clients who are ready to invest funds for a period of at least 1.5 years. Those expecting a significant increase in undervalued, including low-liquidity, assets.

Additional information can be obtained from the Management Company by calling (495) 589–10–00 or 8–800–700–44–04.

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VTB Bank (PJSC) (VTB Bank). General license of the Bank of Russia No. 1000. License of a professional participant in the securities market to carry out brokerage activities No. 040–06492–100000, issued: 03/25/2003. Information about VTB Bank is included in single register investment advisers by decision of the Bank of Russia dated December 24, 2018.
Further

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Review of mutual investment funds (UIFs) offered by management companies "VTB Capital Asset Management": a brief description of, profitability, risks of price fluctuations, investment strategies.

Management company: VTB Capital Asset Management.

Address: 123317, Moscow, emb. Presnenskaya, 10.

License issue date: 03/06/2002.

License number: 21-000-1-00059.

Open-end mutual investment funds (UIFs) offered by VTB Capital Asset Management:

• VTB – Treasury Fund
• VTB - Share Fund
• VTB – Eurobond Fund
• VTB – Bond Plus Fund
• VTB – Balanced Fund
• VTB - Prospective Investment Fund
• VTB - MICEX Index
• VTB - Global Dividend Fund
• VTB – Oil and Gas Sector Fund
• VTB - Consumer Sector Fund
• VTB - Fund of Enterprises with State Participation
• VTB – Telecommunications Fund
• VTB – Electric Power Fund
• VTB – Metallurgy Fund
• VTB - BRIC
• VTB - Fund Money market
• "Square of victory"

Interval mutual funds:

• VTB - Fund Precious metals
• "Kuznetsky Most"

Brief description of the mutual fund of VTB Capital Asset Management

The minimum amount for the initial acquisition of shares of any mutual fund in JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Banca Intesa is 5,000 rubles, for subsequent purchases - 1,000 rubles.

The minimum amount for the initial purchase of shares of any mutual fund in PJSC VTB 24 is 150,000 rubles, for subsequent purchases - 150,000 rubles.

The minimum amount for the initial acquisition of shares of any mutual fund in PJSC CB Vostochny, JSC OTP Bank is 50,000 rubles, for subsequent purchases - 25,000 rubles.

The minimum amount for the initial purchase of shares of any mutual fund in JSC CB Citibank is 50,000 rubles, for subsequent purchases - 5,000 rubles.

Premiums and discounts when exchanging shares - not specified in the agreement.

The possibility of remote purchase/sale of shares is provided (through the “Client Account”).

Name of the Foundation	Minimum amount for initial purchase/subsequent purchase	Surcharge	Discount	Management company remuneration (total, no more)	Investment objects
Treasury	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles.	0%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	3,5%	State and corporate bonds, deposits, other money market instruments with fixed income
Shares	PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Fundamentally undervalued shares with a focus on “blue chips” – shares of the largest and most stable Russian enterprises with a sufficient level of market liquidity. Up to 30% of the portfolio can be invested in the most attractive 2nd tier stocks
Eurobonds	PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	3,1%	Eurobonds of Russian issuing companies.
Bonds plus	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	4,0%	Eurobonds of developing countries issuing companies
Balanced	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,0%	Shares of Russian companies and state, subfederal and corporate bonds
Promising investments	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Undervalued shares of Russian issuers that have significant potential for growth in market value over a long horizon. In the absence of sufficient attractive market opportunities, up to 50% of the portfolio can be invested in attractively priced blue chips
MICEX Index	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	3,7%	Shares of companies included in stock index MICEX (50 companies)
Global dividends	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 50,000/5,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles.	1% except JSC VTB Capital Asset Management - 0% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1%	4,9%	Ordinary and preferred shares of Russian and foreign companies with a capitalization of $5 billion or more, paying high and stable dividend income or having the potential to increase dividend payments. The fund's strategy involves investing 30% of the portfolio in Russian shares and 70% in shares of foreign issuers.
Oil and gas sector	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Shares of Russian oil and gas companies
Consumer sector	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Shares of companies that produce products or provide services aimed at retail consumers
Enterprises with state participation	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Shares of enterprises where the Russian state acts as the main shareholder
Telecommunications	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Shares of companies in the telecommunications, media and IT sectors
Electric power industry	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Ordinary and preferred shares of Russian companies in the electric power industry
Metallurgy	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles. JSC CB "Citibank" - 50,000/5,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	Ordinary and preferred shares of Russian companies related to the metallurgical and mining industries
BRIC	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Banca Intesa, JSC CB Citibank - 50,000/5,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles.	0% except for JSC CB Citibank: up to RUB 1,000,000. — 1.5%; over 1,000,000 rubles up to 5,000,000 rubles. — 1.25%; over 5,000,000 rub. - 1% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1% for JSC Citibank: 3%	5,5%	ETF (Exchange Traded Funds) for country indices, shares of individual issuers of China, India, Brazil, Russia and South Africa
Money market	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles.	0% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 92 days: 1.5% over 92 days: 0%	3,2%	Market for fixed income instruments: cash, including in foreign currency, deposits, bonds, money market units
"Square of victory"	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles.	0% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1%	5,6%	Shares of Russian companies in the metallurgy, pipe industry, mechanical engineering, and construction sectors
Precious metals	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles.	0% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1%	3,3%	Precious metals
"Kuznetsky Most"	JSC VTB Capital Asset Management, PJSC VTB Bank, JSC Bank Intesa - 5,000/1,000 rubles. PJSC "VTB 24" - 150,000/150,000 rubles. PJSC CB "Vostochny", JSC "OTP Bank" - 50,000/25,000 rubles.	0% except for JSC Banca Intesa: up to RUB 300,000. — 1.5%; over 300,000 to 1,000,000 rub. - 1%; over 1,000,000 rub. — 0.5%	up to 6 months: 2% from 6 to 12 months: 1.5% more than 12 months: 1%	3,8%	Russian stocks and bonds stock market

Profitability of mutual fund management company "VTB Capital Asset Management"

Name of mutual fund	Profitability, %
	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
Treasury Fund	20,8	12,9	7,2	7,6	1,0	21,2	29,8	9,0	8,1	10,8	2,8	14,4	15,6	14,4
Equity Fund	—	—	—	—	—	-8,3	29,7	21,2	4,3	-5,9	5,5	27,2	35,2	10,2
BRIC	-2,6	26,1	35,9	11,5	-18,3	-15,7	34,0	-4,1	-0,1	-3,3	27,9	25,0	17,9	13,2
Global Dividend Fund	8,5	17,6	22,6	7,3	-10,3	-6,4	28,5	12,2	4,3	1,3	20,8	41,0	4,3	6,7
Money Market Fund	—	—	—	—	—	9,1	8,7	4,6	4,9	4,7	4,2	8,3	8,8	7,7
Eurobond Fund	—	—	—	—	—	-15,5	37,8	-4,8	-13,0	-14,8	12,9	87,7	16,8	-3,4
Metallurgy Foundation	—	—	—	—	—	-39,3	47,5	7,2	-30,8	-27,0	13,6	68,9	12,4	19,5
MICEX Index	—	30,9	95,7	10,8	-18,4	-18,0	23,2	14,9	-5,4	-3,1	5,6	25,7	19,7	5,8
Oil and Gas Fund	—	—	—	—	—	-6,3	5,7	14,6	15,3	-10,1	13,9	21,7	12,1	1,9
Bond Fund Plus	—	—	—	—	—	16,3	25,4	11,8	9,0	8,5	0,4	10,2	9,6	-2,3
Prospective Investment Fund	—	—	—	—	—	-35,4	62,4	5,9	-9,3	-7,5	9,2	23,6	43,9	18,1
Square of victory	—	—	—	—	—	-6,8	37,8	-22,6	-16,7	-5,3	-4,4	24,2	56,3	26,5
Consumer Sector Fund	—	—	—	—	—	-14,5	57,1	-5,4	-7,1	14,5	10,3	32,7	41,6	10,7
Fund of Enterprises with State participation	—	—	—	—	—	-7,5	43,1	14,9	3,6	-12,2	-3,9	17,9	64,1	18,8
Fund Balanced	—	—	—	—	—	-0,5	26,1	17,7	5,7	-0,3	1,8	17,9	23,7	11,0
Telecommunications Foundation	—	—	—	—	—	-21,1	72,1	24,7	-4,5	18,1	9,7	16,3	3,4	6,2
Electric Power Fund	—	—	—	—	—	-15,9	79,5	-27,3	-29,5	-24,1	-18,8	-0,8	68,9	35,7
Kuznetsky Most	18,5	36,3	47,1	31,2	-11,1	-19,4	31,3	7,4	-12,0	0,3	15,2	34,7	28,9	22,6
Precious Metals Fund	—	—	—	—	—	—	23,3	47,0	-9,1	-5,4	-0,7	36,9	9,4	-7,8

The yield is calculated as the increase in the value of the share at the beginning of September of each year.

The average annual return of the mutual fund of VTB Capital Asset Management is shown in the diagram.

The average annual return is calculated as the increase in the value of the share from the moment the fund was created to September 2017, expressed annually.

Risks of fluctuations in the value of units and correlation between mutual funds

For objective assessment the effectiveness of investing in a mutual fund is not enough to determine the profitability of the instrument; the risk of fluctuations in the value of the shares should also be taken into account.

Risk is calculated as the standard deviation of monthly return as a percentage. The higher the risk, the more difficult it is to predict the future value of the share. For conservative and long-term strategies, high-risk mutual funds are undesirable for inclusion in the portfolio.

To identify the correlation between mutual funds, we will create a correlation matrix.

The higher the percentage, the greater the dependence in the dynamics of the value of shares in a pair of funds. I will highlight the most noticeable combinations of correlated mutual funds:

1. Group investing primarily in the Russian stock market:
   • Equity Fund
   • MICEX Index
   • Oil and Gas Fund
   • Prospective Investment Fund
     
   • Fund of Enterprises with State Participation
     
   • Fund Balanced
2. Group investing in foreign companies:
   • BRIC
   • Global Dividend Fund

The Precious Metals Fund, the Treasury Fund and the Bond Plus Fund behave independently of other mutual funds. The management company managed to form a number of funds that invest money in similar financial assets, and at the same time achieve a relatively low correlation between them, mainly due to a wide range of financial instruments.

Average correlation coefficient between mutual funds management company equal to 58.6%. I specifically cite this indicator because the lower it is, the greater the variety of funds offered. Let me explain, a management company can create several dozen funds investing in the same financial assets. This is done for marketing purposes, but for us, as investors, this range is of no interest. Because, firstly, the profitability of all funds of the same type will be approximately the same, and secondly, the dynamics of their value will always be unidirectional, which creates additional risks. Thus, by investing money simultaneously in several correlated funds, we will not receive a significant increase in profitability, but the risks of price fluctuations increase significantly.

Strategies for investing in mutual funds of VTB Capital Asset Management

1. Buy and hold strategy

The “buy and hold” strategy is suitable for medium- and long-term investment of money, usually several hundred thousand rubles, in one of the most profitable and least risky mutual funds for a period of more than 3 years. For these purposes, the following funds are optimal:

• VTB - Treasury Fund with an average annual return of 12.3% and a risk of 2.0%
• Kuznetsky Most with a yield of 14.7% and a risk of 6.0%
• VTB - Balanced Fund with a yield of 11.1% and a risk of 4.4%.

2. Speculative strategy

The ability to remotely carry out purchase/sale transactions and exchange of shares, as well as the absence of premiums and discounts for exchange, allows the use of a speculative investment strategy. You can read more in the article. The most suitable funds for these purposes are VTB - Stock Fund or VTB - MICEX Index for the period of stock market growth and VTB - Treasury Fund, VTB - Bond Plus Fund and VTB - Money Market Fund for the period of recession.

3. Portfolio strategy

A portfolio strategy involves distributing an invested amount of money among several funds in order to obtain the maximum return for a given level of risk. Traditionally, according to the level of risk, a portfolio is divided into conservative, balanced and aggressive. This strategy is suitable for investing amounts of money over 1 million rubles for a long period. Let's apply Markowitz's portfolio theory to create a portfolio.

1) Conservative— estimated return of 10.9% per year with a minimum risk of 1.7%.

2) Balanced— estimated return of 12-15% per year with moderate risk.

Estimated return - 13.2%, risk - 3.0%.

The estimated return is 13.7%, risk is 2.9%.

3) Aggressive— estimated return 15.6% per year, risk — 4.9%.

4. Using mutual funds to insure currency risks

The advantage of VTB Capital Asset Management is that a number of the funds offered are already quite well diversified. The portfolio structures of mutual funds include not only Russian enterprises and government bonds, but also foreign, which allows you to protect capital from currency risks. First of all, such mutual funds include:

• VTB – Eurobond Fund
  
• VTB – Bond Plus Fund

One of the attractive ways to make a profit is by investing your savings in investment shares. They are under the patronage of VTB Capital Asset Management. Mutual funds are available for purchase not only at the branches of the bank and its partners, but also on the website.

VTB Capital - login to the client’s personal account

A mutual fund was created for the purchase and management of assets Personal Area VTB Capital, which you can enter via the link:

VTB Capital company structure

The organization has been part of the VTB Group since 2006 and has been providing the population with investment services since 1999.

Main areas of work:

• financial management of private mutual funds;
• work with pension savings of individuals;
• Trusted management of funds for individual entrepreneurs, individuals and companies.

The VTB Capital Asset Management organization includes 19 open mutual funds, including various funds.

List of open-type mutual funds:

• not industry-specific;
• bonds and shares;
• mixed;
• index;
• monetary.

In addition, this company also manages closed-type mutual funds, the number of which reaches 120 items. Entrance to them is not available to everyone, only by special offer. Investment will require at least several million rubles.
The list of partners includes not only large financial organizations (“ Eastern Express", VTB Group, Intesa, UBRR), as well as reputable brokers, analytical agencies and investment funds.

Closed-type mutual funds make long-term and venture investments, invest in real estate, etc.

You can get information about mutual funds, get acquainted with their composition, investment strategy, profitability and size of assets, and also clarify the amount of the contribution to enter - on the website https://www.vtbcapital-am.ru.
It is offered to purchase and pay for a share of mutual funds not only in the branch of the management company or in any of the branches of VTB Group banks, but also from various partners (more than 1000 places). In advance, you can familiarize yourself with the terms of operations with shares (purchase, sale, ownership, exchange), as well as with the methods of payment. Using the investment calculator, which is also available on the website, you can calculate future profits.

With the help of mutual funds, it is possible to receive income in the range of 20-50% per year. At the same time, negative dynamics were observed only in a single case.

Types and profitability of mutual funds

For more information about the types of mutual funds offered and their profitability, see the page.

How to buy shares? Sale and exchange

In order to purchase shares of various mutual funds that are controlled by a management company, several documents are required.

List of documents:

• passport;
• statement indicating account details for receiving profit.

You can make the first payment for an investment unit after opening an account in the list of shareholders of the desired fund. You will need to visit the company’s office and fill out a special form and application.
In the future, when performing various transactions with shares (purchase, sale, exchange) you will not need to fill out additional documents, you can use the client account on the company website.

After drawing up the required documents, the entrance to the client’s account will be opened in order to perform various actions with shares remotely.
The initial payment of shares must be made through any bank to the company's account. Within 5 days, the funds will be transferred to the selected fund. It will be possible to obtain the right to own shares the next day after they are credited to the mutual fund account. A notification about this will be sent by email. mail or phone. In the future, it will be possible to purchase additional shares of various funds online.

Procedure for purchasing shares through your personal account:

• log in to Telebank;
• in the main menu find “Payments and transfers”;
• select VTB Capital “Asset Management”;
• make payment for mutual funds online or indicate the received account details.

In the account you can not only purchase, but also make an accelerated exchange of shares that are controlled by this organization.

In order to sell shares, you must submit an application to the company indicating the details for enrollment Money.

What is the minimum amount you can invest from?

Upper threshold for replenishment:

• 50 thousand rubles. – for Global Dividend, BRIC, Eurobond funds;
• 5 thousand rubles. – for other funds.

Lower threshold for replenishment:

• 5 thousand rubles. – for Global Dividend, BRIC, Eurobond funds;
• 1 thousand rub. – for other funds.

In order to choose a specific investment fund, you first need to familiarize yourself with information about the profitability of mutual funds and establish the most appropriate investment period. The recommended period for holding funds in a mutual fund is usually more than 1-2 years, and for certain areas - more than 3 years.
Good returns can be obtained on individual funds (index or sector) only if there is a rising market, and if it falls, the shares will have a lower value. These features should be taken into account when creating an investment plan.

Conclusion

Mutual funds provided by VTB Capital Asset Management provide an opportunity to receive significant additional income. Before purchasing shares, it is recommended to pay attention to reviews. Experienced investors give advice on a competent strategy for entering and exiting a fund. When calculating profitability, you must take into account existing taxes and commissions.

Joint Stock Company VTB Capital Asset Management is the management company of the PJSC VTB24 LLC group. It began its activities in 2008 and today boasts stunning results.

Many clients served by the bank of the same name call VTB Capital their key partner. The company successfully operates in all types of markets, regardless of their affiliation with any country.

The main activity of VTB Capital is managing the funds of clients and mutual funds on a professional basis. Since its existence, the organization has managed to directly participate in 820 transactions.

With the assistance of VTB Capital, the economy of the Russian Federation and the CIS countries was enriched by $290 billion through raised funds.

VTB Capital Management Company is highly valued not only in our country, but also abroad. The company occupies the top positions in various rating lists, on par with foreign colleagues:

• According to the questionnaire Institutional Investor– the most professional team involved in the sale of shares on the stock exchange.
• Magazine's Best Investment Financial Institution Global Finance.
• According to the results of a survey of depositors, VTB Capital has the best staff of analytical staff.

And this is not a complete list of achievements. VTB Capital has been repeatedly recognized as the best domestic financial institution, working in the field of investments. This opinion was expressed by influential foreign thematic publications.

The central office is located in the capital of our country. In addition, operations are carried out in subsidiaries located in Frankfurt am Main, Vienna, Hong Kong, Sofia, London, Zug.

Main goals

The main task of VTB Capital is to maintain its leading position in the Russian investment market. The organization is not going to stop there, striving to gain recognition in other countries. VTB Capital provides only high-quality service, changing for the better the lives of people who entrusted their money to it.

Among the values ​​important for VTB Capital are the following:

• Loyalty to the team.
• Leadership in entrepreneurship.
• Impeccable reputation.
• Cooperation with international companies.

It is important to know! VTB Capital shares its success with many foreign organizations, opening up for them the opportunities and delights of the domestic stock market.

Merits of the company

VTB Capital has the highest reliability rating that can be awarded to a management company - A++. Based on this, the organization was assigned a “stable” outlook rating. VTB Capital annually confirms its rating, without falling lower, which indicates the high quality of the services it provides.

VTB Capital also annually wins various awards. In 2018, the company received a large number of valuable awards in various spheres of influence:

• Capital Awards.
• M&A.
• VTB Capital Investment Management Rankings.
• Global Banking.

List of managed mutual funds

VTB Capital has taken under its wing numerous funds, the object of investment in which are bonds and shares. Mutual funds can be open, closed, interval. The list of the most significant includes:

• BRIC.
• Treasury Fund.
• Electric Power Fund.
• Fund of Enterprises with State Participation.
• Long-Term Investment Fund.
• MICEX index.
• Eurobond Fund.
• Drag Foundation. metals
• Equity Fund.

Almost all mutual funds whose assets are managed by JSC VTB Capital have positive dynamics, increasing the funds invested in them. On the company's official website you can find a comparison of mutual fund profitability with payback analytics and an assessment of possible risks.

Note! As of October 31, 2018, the value of UNIT and NAV is 10,935 and 864 million rubles, respectively.

Services provided

VTB Capital provides a full range of services in the field of professional investment of funds. Namely:

• Performs various operations (purchase, sale) on all types of exchanges.
• Provides investment banking services.
• Manages investments.
• Performs analytics.

Trading operations

VTB Capital provides assistance in conducting trading operations on the fixed income market and the stock market. In the first case we are talking about the following types of markets:

• Foreign exchange
• Commodity and raw materials.
• Percent.
• With credit instruments.

The list of services provided by VTB Capital in the stock market is as follows:

• Providing direct electronic access to exchanges.
• Direct investments in social projects.
• Financing infrastructure development.
• Financing of various structures.

Important! VTB Capital conducts transactions with the currencies of the BRIC countries, the CIS, Asia, as well as illiquid types of currencies.

Investment banking services

The Investment Banking Department provides a range of financial services in global markets:

• Financing of infrastructure development projects.
• Consulting on acquisitions and mergers.
• Issue of debt instruments on various types of exchanges.
• Organization of public and private placements of funds.

On the list VTB clients Capital can be found in many of the largest corporations, financial institutions and the government of the Russian Federation.

Investment management

Today, VTB Capital manages the assets of 44 funds, the total volume of which exceeds RUB 594 billion. The company is ready to offer a large selection of products that are suitable for both local and international investors.

Among the clients who have entrusted the management of their funds to VTB Capital, you can find:

• Wealthy individuals.
• Endowment funds.
• Firms providing insurance services.
• Pension funds.
• Charity organizations.
• Self-regulating structures.

Most of the companies whose assets are managed by VTB Capital are registered in the Russian Federation, Luxembourg, and the Cayman Islands.

Analytics

The company provides professional analytical services in the field of investment. This applies to the economic, corporate sector, in relation to sovereign debt. VTB Capital is an expert whose opinion is recognized in the following areas:

• Central Europe.
• Africa.
• Eastern Europe.
• Near East.

Every year, analysts publish about 2.5 thousand articles covering the activities of 110 organizations. In them, experts analyze current financial data and important events that can have a direct impact on the welfare of the mutual company being reviewed. Without the participation of the analytical department, not a single strategically important decision is made concerning all banks included in the VTB 24 Group.

Contact details

Learn more about the work of VTB Capital Broker, find out latest news, there are several ways to obtain information about current products.

In eight offices of OTP Bank you can purchase shares of 19 open-end mutual investment funds managed by JSC VTB Capital Asset Management:

Open-end mutual funds

Open-end mutual investment fund of market financial instruments "VTB - Share Fund"

Investment goal

The purpose of investment is long-term capital growth by investing in shares of Russian issuers.

Investment strategy

The fund's assets are placed in fundamentally undervalued shares with a focus on "blue chips" - shares of the largest and most stable Russian enterprises with a sufficient level of market liquidity. Up to 30% of the portfolio can be invested in the most attractive 2nd tier stocks. Achieving an adequate level of diversification is an important criterion when determining portfolio structure. During the management process, bets may be periodically placed on short-term market fluctuations of individual instruments, as well as arbitrage opportunities that arise in various markets may be used. The investment process is based on an analysis of the prospects of economic sectors and issuers and an understanding of ongoing macroeconomic processes in the world and in Russia.

Open-ended mutual investment fund of market financial instruments “VTB – Balanced Fund”

Investment goal

The goal of investing is to achieve a compromise between long-term capital appreciation and the need to limit the level of risk.

Investment strategy

Fund portfolio management involves periodic redistribution of investments between the stock and bond markets based on an assessment of their relative potential, as well as the general economic situation. The base allocation is 50% of the portfolio to the stock market, 50% to the fixed income market. When choosing stocks, the fundamental potential and current market trends, while high market liquidity is an important selection criterion. In the fixed income market, the fund's assets are placed in government, subfederal and corporate bonds. The investment process is based on an analysis of the prospects of economic sectors and issuers and an understanding of ongoing macroeconomic processes in the world and in Russia.

Open-ended mutual investment fund of market financial instruments “VTB – Treasury Fund”

Investment goal

The purpose of investing is to place the fund's assets on the fixed income market with a focus on ensuring the safety of the invested capital.

Investment strategy

The fund's assets are placed in state, subfederal and corporate bonds of predominantly high credit quality. When managing the fund's portfolio, the manager seeks to improve the risk-return ratio for the fund's clients through credit expertise and active duration management, depending on the manager's opinion regarding the future development of market interest rates. The investment process is based on careful credit analysis issuers and understanding of ongoing macroeconomic processes in Russia and the world.

Open-end mutual investment fund of market financial instruments "VTB - Moscow Exchange Index"

Investment goal

The purpose of investment is to ensure financial result as close as possible to the return of the Moscow Exchange index at any time.

Investment strategy

The structure of the portfolio's assets corresponds as closely as possible to the internal structure of the Moscow Exchange stock index. The management strategy of this fund involves the acquisition of ordinary and preferred shares, depositary receipts for shares on which the Moscow Exchange Index (50 companies) is calculated, which makes it possible to display the movement of the Russian stock market with a high degree of approximation.

Open-ended mutual investment fund of market financial instruments “VTB – Emerging Markets Eurobond Fund”

Investment goal

The purpose of the investment is to place the fund's assets on the fixed income market with a focus on ensuring the safety of the invested capital.

Investment strategy

Investments are made in Russian government, municipal and corporate bonds denominated in rubles, which have the potential for growth in market value, and in shares of the largest Russian issuers (up to 20% of the value of assets)

Open-ended mutual investment fund of market financial instruments “VTB – Fund of Small and Medium Capitalization Companies”

Investment goal

The purpose of investment is long-term capital growth by investing in shares of the most promising 2nd tier issuers.

Investment strategy

When managing the fund, the most undervalued shares of Russian issuers are selected, which have a significant potential for growth in market value over a long horizon. The market liquidity criterion is not a significant priority. In the absence of sufficient attractive market opportunities, up to 50% of the portfolio may be invested in attractively priced blue chips. Achieving an adequate level of diversification is an important criterion when determining portfolio structure. The investment process is based on an analysis of the prospects of economic sectors and issuers and an understanding of ongoing macroeconomic processes in the world and in Russia.

Open-ended mutual investment fund of market financial instruments “VTB – Oil and Gas Sector Fund”

Investment goal

The purpose of investment is long-term capital growth by investing in shares of companies in the largest industry of the Russian economy.

Investment strategy

The fund's assets are invested in shares of Russian oil and gas companies. The choice of these instruments leads to a level of profitability comparable to the profitability of the market for Russian oil and gas, petrochemical and service shares.

Open-end mutual investment fund of market financial instruments “VTB – Metallurgy Fund”

Investment goal

The purpose of investment is long-term capital growth by investing in shares of companies in the metallurgical industry.

Investment strategy

The fund's assets are invested in ordinary and preferred shares of Russian companies related to the metallurgical and mining industries, including those involved in the production of ferrous and non-ferrous metals, pipe products and coking coals.

Open-ended mutual investment fund of market financial instruments “VTB – Electric Power Fund”

Investment goal

The investment goal is long-term capital growth by investing in shares of electric utility companies.

Investment strategy

The fund's assets are invested in ordinary and preferred shares of Russian companies in the electrical energy industry, which are engaged in the production, distribution and sale of electrical and thermal energy.

Open-end mutual investment fund of market financial instruments “VTB – Fund of Enterprises with State Participation”

Investment goal

The purpose of investment is long-term capital growth by investing in shares of companies with a significant share of state participation.

Investment strategy

The fund's assets are invested in shares of enterprises where the Russian state acts as the main shareholder. Investment objects are shares of Russian companies operating in various sectors of the economy, including the oil, gas, electric power industries, as well as the banking sector and transport.

Open-ended mutual investment fund of market financial instruments “VTB – Consumer Sector Fund”

Investment goal

The investment goal is long-term capital growth by investing in shares of companies in the consumer sector.

Investment strategy

The fund's assets are invested in shares of companies that produce products or provide services aimed at retail consumers.

Open-end mutual investment fund of market financial instruments “VTB – Eurobond Fund”

Investment goal

The purpose of investment is to preserve and increase capital in US dollars due to coupon income and growth in the exchange rate value of issuers' bonds and to obtain a return that exceeds the rates bank deposits in US dollars.

Investment strategy

The fund's assets are placed in Eurobonds of Russian issuing companies.

Open-end mutual investment fund of market financial instruments "VTB - BRIC"

Investment goal

The purpose of investing is to obtain long-term capital growth, which is realized through investing in the markets of the BRIC countries (Brazil, Russia, India, China).

Investment strategy

Investment of client funds is based on an internal rating model for assessing the relative potential of the stock markets of the BRIC countries. To achieve an acceptable level of diversification, the portfolio includes not only ETFs (Exchange Traded Funds) for country indices, but also shares of individual issuers.

Open-end mutual investment fund of market financial instruments “VTB – Future Technologies Fund”

Investment goal

The investment goal is long-term capital growth and portfolio returns at or above the technology index.

Investment strategy

The fund's assets are invested in shares of companies in the global technology sector - one of the most dynamic, innovative and fast-growing segments of the world economy. The business of the companies included in the portfolio is related to the development and implementation of innovative technologies.

Open-ended mutual investment fund of market financial instruments “VTB – Mixed Investment Fund”

Investment goal

The purpose of investing is to achieve long-term capital growth, which is realized by investing in stocks with growth potential with elements of a balanced approach, which involves partial investment in bonds with a stable interest income. The interval nature of the fund gives greater flexibility in management, not available to others mutual funds, including low-liquidity securities, while the resulting risk is compensated by investing in bonds with stable interest income. Recommended investment period

At least 1.5 years.

Open-end mutual investment fund of market financial instruments "VTB - Precious Metals Fund"

Investment goal

The purpose of investing is to diversify the risks of the stock market by investing in precious metals - gold, silver, platinum and palladium - a convenient and time-tested method of investing for the purpose of long-term preservation purchasing power savings.

At least 1 year.

Open-end mutual investment fund of market financial instruments "VTB - Infrastructure Companies Share Fund"

Investment goal

The purpose of investment is long-term capital growth by investing in shares of companies that are focused on investment demand and have good growth prospects in the coming years, which will allow them to outpace export-oriented commodity companies in dynamics. Among the industries that will benefit from the expansion of investment demand are the sectors of metallurgy, pipe industry, mechanical engineering, construction, etc.

At least 1.5 years.

Open-ended mutual investment fund of market financial instruments “VTB – Money Market Fund”

Investment goal

The purpose of investment is to place the fund's assets on the fixed income market with a focus on ensuring the safety of capital. The manager seeks to improve the risk-return profile for the fund's clients through credit due diligence and short duration management, depending on the manager's opinion regarding the dynamics of short-term market interest rates.

At least 1 year.

Open-ended mutual investment fund of market financial instruments “VTB – Global Dividend Fund”

Investment strategy

Investments are made in ordinary and preferred shares of Russian and foreign companies with a capitalization of $5 billion or more, paying high and stable dividend income or having the potential to increase dividend payments. The fund's strategy involves investing 30% of the portfolio in Russian shares and 70% in shares of foreign issuers, which can significantly reduce the “country” risk of investing in the Russian stock market.

Conditions

Minimum investment amount via points OTP sales Jar:

• 50,000 rubles for persons who are not owners of investment units of the fund;
• 25,000 rubles for owners of investment shares of the fund.

The premium for purchasing shares of investment funds is 0%.

Discount on redemption

• 2% when submitting an application for redemption of investment units of the fund within a period of less than 180 days;
• 1.5% when submitting an application for redemption of investment units of the fund within a period of 180 to 365 days;
• 1% when submitting an application to redeem investment units of the fund within a period of 365 days or more.

Rates

With tariffs according to non-cash transfer funds transferred from an account in Russian rubles opened with JSC OTP Bank for payment of investment shares of mutual funds managed by JSC VTB Capital Asset Management, you can find out from your personal manager.

JSC VTB Capital Asset Management (license of the Federal Financial Markets Service of Russia dated March 6, 2002 No. 21-000-1-00059 to carry out activities related to the management of investment funds, mutual funds and non-state pension funds, without limitation of validity period). Open-end mutual investment funds managed by JSC VTB Capital Asset Management: Open-ended mutual fund of market financial instruments “VTB – Share Fund” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0968-94131582); Open-end investment fund of market financial instruments "VTB - Balanced Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0962-94131346); Open-end mutual fund of market financial instruments “VTB – Eurobond Fund of Emerging Markets” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0958-94130789); Open-end mutual fund of market financial instruments “VTB – Fund of Small and Medium Capitalization Companies” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0959-94131180); Open-end investment fund of market financial instruments "VTB - Fund of Enterprises with State Participation" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0966-94131263); Open-end investment fund of market financial instruments "VTB - Electric Power Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0965-94131501); Open-end investment fund of market financial instruments "VTB - Future Technologies Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0967-94131429); Open-end investment fund of market financial instruments "VTB - Metallurgy Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0961-94131104); Open-end investment fund of market financial instruments "VTB - Eurobond Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0963-94130861); Open-end investment fund of market financial instruments "VTB - Oil and Gas Sector Fund" (Fund rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0960-94131027); Open-end mutual fund of market financial instruments "VTB - Consumer Sector Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on September 13, 2007, No. 0964-94130944); Open-end mutual fund of market financial instruments "VTB - BRIC" (Fund Rules registered by the Federal Commission for Securities of Russia on August 11, 1997, No. 0012-46539678); Open-end investment fund of market financial instruments "VTB - Global Dividend Fund" (Fund Rules registered by the Federal Securities Commission of Russia on February 26, 2003, No. 0090-59893176); Open-end investment fund of market financial instruments "VTB - Treasury Fund" (Fund rules registered by the Federal Securities Commission of Russia on February 26, 2003 No. 0089-59893097); Open mutual fund of market financial instruments "VTB - Moscow Exchange Index" (Fund rules registered by the Federal Commission for the Securities Market of Russia 21. 01.2004 No. 0177-71671092), open-end mutual fund of market financial instruments “VTB - Money Market Fund” (Fund rules registered by the Federal Financial Markets Service of Russia on September 25, 2007, No. 0997-94132239); Open-end investment fund of market financial instruments “VTB – Infrastructure Companies Share Fund” (Fund Rules registered by the Federal Financial Markets Service of Russia on September 25, 2007, No. 0998-94132311); Open-end investment fund of market financial instruments "VTB - Mixed Investment Fund" (Fund Rules registered by the Federal Commission for Securities Market of Russia on March 05, 2003, No. 0092-59891904), Open-end investment fund of market financial instruments "VTB - Precious Metals Fund" (Fund Rules registered by the Federal Financial Markets Service of Russia on March 31, 2009, No. 1407 -94156211). The value of investment shares may increase and decrease, past investment results do not determine future income, and the state does not guarantee the return on investments in mutual funds. Before purchasing an investment share, you should carefully read the rules of trust management of the fund. Receive information about the Funds and familiarize yourself with the Rules of Trust Management of the Funds and other documents provided for Federal law"About investment funds" And regulations in the field financial markets, can be found at the address: 123112, Moscow, emb. Presnenskaya, 10, floor 15, room. III, by phone 8-800-700-44-04 (for free long-distance and mobile communications), at agent addresses or on the Internet at www.vtbcapital-am.ru.