Sberbank information (materials)

Energy resources used by the Bank

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14.Energy resources used by the Bank

The table below shows the volume of energy resources used by Sberbank in kind and in monetary terms.

	2011		2010
Energy resources	Amount	Cost, thou. rub.	Amount	Cost, thou. rub.
Electricity, kW-h	829,754,538	3,183,687	720,678,945	2,553,873
Heat energy, Gcal	1,191,541	1,233,107	886,406	906,211
Motor fuel, l	34,375,819	793,017	23,376,530	984,877
Diesel fuel, l	9,833,126	221,374	7,236,423	112,634
Gas cub. m	18,619,647	79,368	17,367,878	56,629
Coal, t	1,161	3,464	1,238	2,033
Wood, cub. m	1,082	708	700	420
Kerosene, l	4,520	102	73,441	1,966
Fuel oil, t	48	116	46	111

15.Development prospects

For the successful implementation of Sberbank of Russia's development strategy to 2014, the Bank has to ensure efficient work in 2012, which will make it possible to bear the expenses from implementing a wide range of strategic projects. This requires that the following important tasks are solved and that key efficiency indicators are achieved.

In the area of finance the Bank plans to ensure its leadership in financial performance on the Russian banking market. This requires increasing the quality of loan portfolios, the recovery of non-performing loans, maintaining the interest margin for all main products and control of operational expenses.

Priority tasks for working with customers:

significantly improve the perception of the Bank and increase the level of satisfaction from private and corporate clients. As part of this task, the Bank is continuing to work on reducing lines and introducing innovative services and products;
increase the share in assets of the Russian banking system by strengthening its position in the main sectors of the financial market.
To improve processes and technology, the Bank plans in 2012 to ensure efficient business development and to increase work productivity, as well as to implement a number of critically vital projects and technologies, including:
complete the transition to a process-functional model for the bank,
ensure centralization, standardization and optimization of operational and support function processes,
continue IT-infrastructure centralization;
continue redesigning the branch network to ensure efficient implementation of business development tasks.
The bank relies greatly on the quality of its management and human resources systems. In 2012, the priorities for this area are:
develop the Bank group as a holding structure, develop a single Group policy for risk management and IT;
form a single Group corporate culture aimed at continual improvement and readiness for changes and innovation;
introduce a comprehensive personnel development system;
increase transparency and efficiency of the management of bank activities by developing a balanced scorecard.

CEO, Chairman of the Management Board of Sberbank of Russia OJSC	/Signature/	H.O. Gref
Chief accountant of Sberbank of Russia - Director of the accounting and reporting department of Sberbank of Russia OJSC	/Signature/	A.V. Kruzhalov

Annual report of the bank for 2011,
compiled in accordance with the
Bank of Russia Instruction
of 08.10.2008 No. 2089-U
On Preparation of Annual Reports
by Lending Institutions

Sberbank of Russia OJSC

Auditor's report

on the annual Report for 2011

March 2012

Auditor's report - Sberbank of Russia OJSC

Contents	Page

Independent auditor's report	3
Appendix
Annual report of Sberbank of Russia for 2011 consisting of:
Balance sheet as of 1 January 2012	6
Profit and loss report for 2011	7
Cash flow statement for 2011	8
Capital adequacy report, volume of provisions to cover doubtful loans and other assets as of 1 January 2012	9
Information on statutory ratios as of 10 1 January 2012	10
Explanatory note	11

Independent
Auditor's report

To shareholders of Sberbank of Russia Joint-Stock Company

Information on audited entity

Name: Joint-Stock Company Sberbank of Russia.

Information on the state registration of the credit organisation by the Central Bank of the Russian Federation: No. 1481 dd. 20 June 1991.

Information on legal entity registration in the Unified State Register of Legal Entities: state registration certificate No. 1027700132195 dd. 16 August 2002.

Address: 19 Vavilova St., Moscow, 117997, Russia

Information on the auditor

Name: ZAO Ernst & Young Vneshaudit

Main state registration number 1027739199333.

Address: Sadovnicheskaya Nab., 77, bld 1, Moscow, 115035, Russia 1.

ZAO Ernst & Young Vneshaudit is a member of the Non Profit partnership Russian Audit Chamber (NP APR). ZAO Ernst & Young Vneshaudit is registered in the register of auditors and audit organizations of NP APR, registration number 3027, and also included in the control copy of the register of auditors and audit organizations, identification number 10301017410.

We have audited the accompanying annual report of the Joint-Stock Company Sberbank of Russia (hereinafter, the Bank), which consists of the balance sheet for 1 January 2012, the profit and loss report for 2011, cash flow statement for 2011, capital adequacy report for volume of reserves to cover doubtful loans and other assets as of 1 January 2011, information on statutory ratios as of 1 January 2012 and an explanatory note.

Responsibility of the audited entity for the annual report

The Bank's management is responsible for the preparation and authenticity of this annual report in accordance with Russian Federation rules for preparing annual reports, and for the internal control system necessary for preparing the annual report which is free from material misstatements due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on the authenticity of this annual report on the basis of our audit.

We conducted our audit in accordance with federal auditing standards and international auditing standards. These standards require that we comply with ethical norms as well as plan and perform the audit in such a way as to obtain reasonable assurance that the annual report is free from material misstatement.

An audit involves performing auditing procedures to obtain audit evidence supporting the amounts and disclosures in the annual report. The choice of audit procedures is subject to our judgment, which is based on the assessment of risk of material misstatements in the annual report, whether due to fraud or error. In making such risk assessment, the auditor examines the internal control system ensuring the preparation and authenticity of the annual report in order to choose appropriate audit procedures, rather than for the purpose of expressing an opinion on the effectiveness of the internal control system An audit also includes evaluating the appropriateness of the accounting policies used and the justification for the estimated figures obtained by the management, as well as evaluation of the overall presentation of the annual report.

We believe that the audit evidence that we have obtained provides sufficient and appropriate basis for expressing our opinion.

Opinion

In our opinion, the annual report reflects, in all material respects, the financial position of the Bank as of 1 January 2012, its financial and business results and cash flow funds for 2011, in accordance with Russian Federation annual report preparation rules.

Other information

As stated in clause 1 of the explanatory note, in accordance with the Instruction of the Central Bank of the Russian Federation dated 20 January 2009 No. 2172-U On Publishing and Submitting Information on the Activity of Lending Institutions and Bank (Consolidated) Groups (hereinafter - Instruction No. 2172-U), the Bank management decided to publish an explanatory note as part of the annual report on the Bank's website (www.sbrf.ru; www.sberbank.ru). The forms of accounting (balance sheet, profit and loss report, cash flow statement, the report on capital adequacy and amount of provisions to cover doubtful loans and other assets and information on statutory requirements) in accordance with Instruction No. 2172-U are openly published on the bank's website as part of the annual report. This audit report on the accompanying annual report should be considered together with all forms of accounting and explanatory notes, which are an integral part of the annual report.

The accompanying annual report does not aim to represent the financial position and results of activities in accordance with accounting principles and methods generally accepted in countries and administrative entities other than the Russian Federation. Accordingly, the accompanying annual report is not intended for persons who are not familiar with the principles, procedures and methods of accounting accepted in the Russian Federation.

/Signature/

/Stamp/: Closed Joint-Stock Company

00139790

Moscow

Ernst & Young Vneshaudit

S.M. Takaev
Partner
ZAO Ernst & Young Vneshaudit
15 March 2012

Bank accounting
OKATO code	Credit organisation code (branch)
OKATO code	OKPO	main state registration number	registration number (serial number)	BIC
45293554000	00032537	1027700132195	1481	044525225

BALANCE SHEET
(disclosure form)
as of 1 January 2012

Credit organisation: Joint-Stock Company Sberbank of Russia
OJSC Sberbank of Russia
Postal address: 19 Vavilova St., Moscow, 117997

OKUD form code 0409806

Quarterly (Annual)
RUB. thousands.

Line number	Item	Data as of reporting date	Data as of the relevant reporting date of the previous year
1	2	3	4
I	Assets
1	Cash	492,880,738	322,302,793
2	Funds of credit organisations with the RF Central Bank	151,196,647	128,924,854
2.1	Mandatory provisions	99,392,457	50,531,690
3	Funds with credit organisations	38,443,527	61,888,479
4	Net securities investments evaluated by fair value through profit or loss	23,528,226	31,509,445
5	Net lending receivables	7,658,870,942	5,714,300,721
6	Net securities investments and other financial assets available for sale	1,140‚033,047	1‚465,068,808
6.1	Investments in subsidiary and related organisations	94‚030‚603	83,813‚528
7	Net investments in securities held to maturity	417‚065,553	354,845,030
8	Fixed assets, intangible assets and material resources	370‚948‚267	317,378,620
9	Other assets	126‚452,216	127‚028,480
10	Total assets	10,419,419,163	8,523,247,230
II	LIABILITIES
11	Credits, deposits and other facilities of the RF Central Bank	565,388,335	300,000,001
12	Funds of credit organisations	477,466,955	291,093,913
13	Funds of non-credit organisation customers	7,877,197,651	6,666,977,736
13.1	Individual deposits	5,522,845,516	4,689,511,661
14	Financial liabilities evaluated by fair value through profit or loss	0	0
15	Issued debt instruments	87,222,883	111,983,441
16	Other liabilities	84,730,144	76,991,753
17	Provisions for possible losses from contingent loan liabilities, other possible losses and transactions with offshore residents	26,770,756	26,313,232
18	Total liabilities	9,118,776,724	7,473,360,076
III	SOURCES OF EQUITY
19	Shareholders’ (members’) capital	67,760,844	67,760,844
20	Treasury shares redeemed from shareholders (members)	0	0
21	Paid-in capital	228,054,226	223,054,226
22	Reserve fund	3‚527,429	3‚527.429
23	Revaluation of securities available for sale at fair value	-26.013,504	15‚835.441
24	Revaluation of fixed assets	84,710,995	81‚713.099
25	Retained profit (uncovered losses) of previous years	632,107,538	479,017,552
26	Retained profit (loss) over the reporting period	310,494,911	173,978,563
27	Total sources of equity	1‚300,642,439	1,049,887,154
IV	OFF-BALANCE LIABILITIES
28	Irrevocable liabilities of the credit institution	2‚057,720,135	1,059,370‚518
29	Warranties and representations issued by the credit organisation	643,334,969	293,025,181
30	Contingent non-loan liabilities	747,324	0

For line 30 "Contingent non-loan liabilities" data is not shown for January 01, 2011 as such operations were not accounted before 01.01.2011, while the work required to collect this information is unnecessarily high

CEO,

Chairman of the Management Board of Sberbank of Russia OJSC

/Seal/ : SBERBANK * Joint-Stock Company Sberbank of Russia * Moscow

H.O. Gref

_______________

(signature)

Chief accountant of Sberbank of Russia -

Director of the Accounting and Reporting Department of Sberbank of Russia OJSC
15 March 2012

A.V. Kruzhalov

_______________

(signature)

Bank accounting
OKATO code	Credit organisation code (branch)
OKATO code	OKPO	main state registration number	registration number (/serial number)	BIC
45293554000	00032537	1027700132195	1481	044525225

PROFIT AND LOSS STATEMENT
(disclosure form)
for 2011

Credit organisation: Joint-Stock Company Sberbank of Russia
OJSC Sberbank of Russia
Postal address: 19 Vavilova St., Moscow, 117997

OKUD form code 0409807

Quarterly (Annual)
RUB. thousands.

Line number	Item	Data as of the reporting date	Data as of the relevant reporting date of the previous year
1	2	3	4
1	Interest income, total, including:	837,887,816	796,993,292
1.1	From depositing funds with credit organisations	7,885,809	8,062,768
1.2	From loans extended to non-credit organisation customers	729,556,638	685,405,195
1.3	From rendering financial leasing services	0	0
1.4	From securities investments	100,445,369	103,525,329
2	Interest income, total, including:	262,061,888	294,160,076
2.1	For raised funds from credit organisations	28,280,326	31,006,883
2.2	For raised funds from non-credit organisation customers	230,620,472	254,878,190
2.3	For issued debt instruments	3,161,090	8,275,003
3	Net interest income (negative interest margin)	575,825,928	502,833,216
4	Changing the provisions for possible losses from loans, lending and similar receivables, funds deposited with correspondent accounts, as well as accrued interest income, total, including:	16,393,889	-80,611,020
4.1	Changing the provisions for possible losses from accrued interest income	235,208	-1,790,023
5	Net interest income (negative interest margin) after making provisions for possible losses	592,219,817	422,222,196
6	Net income from operations with securities evaluated by fair value through profit or loss	-843,279	1,633,852
7	Net income from operations with securities available for sale	8,245,132	14,928,755
8	Net income from operations with securities held to maturity	-13,693	-8,454
9	Net income from foreign currency operations	2,690,612	-14,836,639
10	Net income from revaluation of foreign currency	6,344,991	16,428,836
11	Income from participation in the capital of other legal entities	3,529,344	1,420,220
12	Commission income	134,285,740	118,503,621
13	Commission expenses	8,709,750	6,562,118
14	Changing provisions for possible losses from securities available for sale	-28,271	1,583,863
15	Changing the provisions for possible losses from securities held to maturity	41,098	-917,097
16	Changing the provisions for other losses	-5,166,633	-6,924,269
17	Other operating income	13,674,442	13,450,740
18	Net income (expenses)	746,269,550	560,923,506
19	Operating expenses	337,368,005	318,720,257
20	Profit (loss) before tax	408,901,545	242,203,249
21	Accrued (paid) taxes	98,406,634	68,224,686
22	Profit (loss) after tax	310,494,911	173,978,563
23	Disbursements from profit after tax, total, including:	0	0
23.1	Distributed among shareholders (members) as dividends	0	0
23.2	Deduction for establishment and replenishment of the reserve fund	0	0
24	Retained profit (loss) over the reporting year	310,494,911	173,978,563

CEO,

Chairman of the Management Board of Sberbank of Russia OJSC

/Seal/ : SBERBANK * Joint-Stock Company Sberbank of Russia * Moscow

H.O. Gref

_______________

(signature)

Chief accountant of Sberbank of Russia -

Director of the Accounting and Reporting Department of Sberbank of Russia OJSC
15 March 2012

A.V. Kruzhalov

_______________

(signature)

Bank accounting
OKATO code	Credit organisation code (branch)
OKATO code	OKPO	main state registration number	registration number (/serial number)	BIC
45293554000	00032537	1027700132195	1481	044525225

CASH FLOW STATEMENT
(disclosure form)
for 2011

Credit organisation: Joint-Stock Company Sberbank of Russia
OJSC Sberbank of Russia Form code 0409814
Postal address: 19 Vavilova St., Moscow, 117997 Annual
RUB. thousands.

Line number	Item	Cash flow for the reporting period	Cash flow for the previous reporting period
1	2	3	4
1	Net cash, obtained from (used in) operations
1.1	Cash received from (used in) operations before changes to operating assets and liabilities, total, including:	308,499,437	256,623,701
1.1.1	Interest received	820,253,346	782,670,013
1.1.2	Interest paid	-260,291,556	-281,103,660
1.1.3	Commission received	134,379,929	117,967,470
1.1.4	Commission paid	-8,648,814	-6,529,045
1.1.5	Income less expenses for operations with financial assets at fair value through profit or loss, available for sale	296,396	1,698,402
1.1.6	Income less losses from operations with securities held to maturity	0	-8,454
1.1.7	Income less expenses for operations with foreign currency	2,686,708	-14,836,812
1.1.8	Other operating income	13,164,026	13,321,348
1.1.9	Operating expenses	-303,303,254	-287,811,982
1.1.10	Tax expenses (compensation)	-90,037,344	-68,743,579
1.2	Increase (decrease) of net cash from operating (assets), including:	-325,122,503	559,507,560
1.2.1	Net increase (decrease) of mandatory provisions in accounts with Bank of Russia	-48,860,767	-9,959,208
1.2.2	Net increase (decrease) of securities investments at fair value through profit or loss	7,525,040	-15,834,228
1.2.3	Net increase (decrease) of lending receivables	-1,843,943,066	-641,168,303
1.2.4	Net increase (decrease) of other assets	9,347,443	2,541,471
1.2.5	Net increase (decrease) of loans, deposits and other facilities of Bank of Russia	265,388,334	-199,999,999
1.2.6	Net increase (decrease) of funds of other credit organisations	174,482,724	147,835,500
1.2.7	Net increase (decrease) of funds of non-credit organisation customers	1,141,839,491	1,283,128,350
1.2.8	Net increase (decrease) of financial liabilities at fair value through profit or loss	0	0
1.2.9	Net increase (decrease) of issued debt instruments	-20,800,487	-10,626,173
1.2.10	Net increase (decrease) of other liabilities	-10,101,215	3,590,250
1.3	Totals of section 1 (item 1.1 + item 1.2)	-16,623,066	816,131,261
2	Net cash, obtained from (used in) investment operations
2.1	Acquisition of securities and other financial assets pertaining to category “available for sale”	-741,968,529	-2,106,370,199
2.2	Proceeds from sale and redemption of securities and other financial assets pertaining to category “available for sale”	1,042,724,061	1,507,289,497
2.3	Acquisition of securities pertaining to category “held to maturity”	-77,705,943	-92,622,805
2.4	Proceeds from redemption of securities pertaining to category “held to maturity”	18,587,919	2,240,303
2.5	Acquisition of fixed assets, intangible assets and material reserves	-81,289,404	-48,736,853
2.6	Proceeds from sale of fixed assets, intangible assets and material reserves	761,592	543,459
2.7	Dividends received	3,536,398	1,400,446
2.8	Totals of section 2 (sum of lines 2.1 to 2.7)	164,646,094	-736,256,152
3	Net cash, obtained from (used in) financial operations
3.1	Shareholders’ (members’) contributions to the authorised capital	0	0
3.2	Acquisition of equity shares (stocks) redeemed from shareholders (members)	0	0
3.3	Sale of equity shares (stocks) redeemed from the shareholders (members)	0	131
3.4	Paid dividends	-20,950,570	-2,204,212
3.5	Totals of section 3 (sum of lines 3.1 to 3.4)	-20,950,570	-2,204,081
4	Impact of changes to the official currency exchange rates against the ruble set by the Bank of Russia on cash and cash equivalents	-7,128,818	2,753,509
5	Increase (use) of cash and cash equivalents	119,943,640	80,424,537
5.1	Cash and cash equivalents as of the beginning of the reporting year	462,570,304	382,145,767
5.2	Cash and cash equivalents as of the end of the reporting year	582,513,944	462,570,304

CEO,

Chairman of the Management Board of Sberbank of Russia OJSC
Chief accountant of Sberbank of Russia - Director of the Accounting and Reporting Department of Sberbank of Russia OJSC

15 March 2012

/Seal/ : SBERBANK * Joint-Stock Company Sberbank of Russia * Moscow

H.O. Gref

_______________

(signature)

A.V. Kruzhalov

_______________

(signature)

Bank accounting
OKATO code	Credit organisation code (branch)
OKATO code	OKPO	main state registration number	registration number (/serial number)	BIC
45293554000	00032537	1027700132195	1481	044525225

CAPITAL ADEQUACY REPORT, VOLUME OF RESERVES
TO COVER DOUBTFUL LOANS AND OTHER ASSETS
(disclosure form)
as of 1 January 2012

Credit organisation: Joint-Stock Company Sberbank of Russia
OJSC Sberbank of Russia
Postal address: 19 Vavilova St., Moscow, 117997

OKUD form code 0409808

Quarterly (Annual)

Line number	Item	Data for the beginning of the reporting year	Increase (+)/ reduction (-) over reporting period	Data as of reporting date
1	2	3	4	5
I	Equity (capital) (thousand RUB), total, including:	1,241,875,781	273,903,977	1,515,779,758
1.1	Authorised capital of the credit institution, including:	67,760,844	0	67,760,844
1.1.1	Par value of registered common shares (stocks)	64,760,844	0	64,760,844
1.1.2	Par value of registered preferred shares	3,000,000	0	3,000,000
1.2	Treasury shares redeemed from shareholders (members)	0	0	0
1.3	Paid-in capital	228,054,226	0	228,054,226
1.4	Reserve fund of the credit organisation	3,527,429	0	3,527,429
1.5	Financial result of operations assumed in calculation of equity (capital):	645,865,340	285,529,549	931,394,889
1.5.1	of previous years	480,319,608	153,148,537	633,468,145
1.5.2	of the reporting year	165,545,732	132,381,012	297,926,744
1.6	Intangible assets	1,231,352	1,323,982	2,555,334
1.7	Subordinated credit (loan, deposit, bonded loan)	3,000,000	0	3,000,000
1.8	Sources (part of sources) of additional capital for formation of which investors have used inappropriate assets	0	0	0
2	Norm of equity (capital) adequacy, (percent)	10.0	х	10.0
3	Actual value of equity (capital) adequacy, (percent)	17.7	х	15.0
4	Actual provisions established for possible losses (thousand RUB), total, including:	706,778,441	-28,925,639	677,852,802
4.1	from loans, lending and similar receivables	667,663,122	-33,406,113	634,257,009
4.2	from other assets related to risk of possible losses, and other losses	12,802,087	4,488,039	17,290,126
4.3	From contingent loan liabilities disclosed in off-balance accounts, and future transactions	26,212,240	30,346	26,242,586
4.4	From operations with offshore residents	100,992	-37,911	63,081

Reference section:

1	Formation (replenishment) of provisions for possible losses from loans, lending and similar receivables in the reporting period (thousand RUB), total, including due to:	279,524,809
1.1	issue of new loans	149,793,896
1.2	change of loan quality	103,529,938
1.3	change to official currency exchange rate against the RUB, set by the Bank of Russia	1,301,421
1.4	other reasons	24,899,554

2	Recovering (decreasing) of provisions for possible losses from loans, lending and similar receivables in the reporting period (thousand RUB), total, including due to:	312,930,922
2.1	writing off bad loans	16,975,173
2.2	repayment of loans	230,103,172
2.3	change of loan quality	43,771,499
2.4	change to official currency exchange rate against the ruble, set by the Bank of Russia	56,148
2.5	other reasons	22,024,930

CEO,

Chairman of the Management Board of Sberbank of Russia OJSC

/Seal/ : SBERBANK * Joint-Stock Company Sberbank of Russia * Moscow

H.O. Gref

_______________

(signature)

Chief accountant of Sberbank of Russia -

Director of the Accounting and Reporting Department of Sberbank of Russia OJSC
15 March 2012

A.V. Kruzhalov

_______________

(signature)

Bank accounting
OKATO code	Credit organisation code (branch)
OKATO code	OKPO	main state registration number	registration number (/serial number)	BIC
45293554000	00032537	1027700132195	1481	044525225

INFORMATION ON STATUTORY RATIOS
(disclosure form)
as of 1 January 2012

Credit organisation: Joint-Stock Company Sberbank of Russia
OJSC Sberbank of Russia
Postal address: 19 Vavilova St., Moscow, 117997

OKUD form code 0409808

Annual
Interest

Line number	Indicator	Standard values	Actual values
Line number	Indicator	Standard values	as of the reporting date		as of the previous reporting date
1	2	3	4		5
1	Capital adequacy ratio of the bank	10.0		15.0		17.7
2	Instant liquidity ratio of the bank (N2)	15.0		50.8		80.6
3	Current liquidity ratio of the bank (N3)	50.0		72.9		103.0
4	Long-term liquidity ratio of the bank (N4)	120.0		87.3		78.0
5	Maximum risk limit per borrower or group of related borrowers (N6)	25.0	maximum	17.3	maximum	17.9
5		25.0	minimum	0.1	minimum	0.1
6	Maximum limit of large credit risks (N7)	800.0		125.3	80.0
7	Maximum amount of loans, bank guarantees and warranties issued by the bank to its members (shareholders) (N9.1)	50.0		0.0		0.0
8	Aggregate risk ratio of the bank’s insiders (N10.1)	3.0		0.9		0.9
9	Ratio of the bank’s equity (capital) used for purchasing shares (stocks) with other legal entities (N12)	25.0		0.7		0.1
10	Ratio of the amount of liquid assets with maturity within the next 30 calendar days against the amount of liabilities of non-bank settlement credit institutions (N15)
11	Ratio of maximum aggregate loans to customers involved in settlement for completion of settlement (N16)
12	Ratio of loans to borrowers, other than those involved in settlement, from non-bank settlement credit institutions on their own behalf or for their own account (N16.1)
13	Minimum ratio of mortgage-backed loans to own equity (capital) (N17)
14	Minimum ratio of mortgage cover and mortgage backed bonds in issue (N18)
15	Maximum ratio of aggregate liabilities of the issuing credit organisation to lenders ranking in priority to liabilities to holders of mortgage-backed bonds in accordance with federal laws to own equity (capital) (N19)

CEO, Chairman of the Management Board of Sberbank of Russia OJSC	/Seal/ : SBERBANK * Joint-Stock Company Sberbank of Russia * Moscow	H.O. Gref _______________ (signature)
Chief accountant of Sberbank of Russia - Director of the Accounting and Reporting Department of Sberbank of Russia OJSC 15 March 2012		A.V. Kruzhalov _______________ (signature)

Explanatory Note
to the 2011 Annual Report
of OJSC Sberbank of Russia

Prepared in accordance with requirements of Directive #2089-U of the Bank of Russia
dated 8 October 2008 On Preparation
of Annual Reports by Lending Institutions
Contents

1.1.1.1.Introduction to the Explanatory Note 3

1.1.1.2.Core Business of Sberbank. Banking products. Licenses 3

1.1.1.3.Economic Environment in which Sberbank Operates. An Overview of Significant Changes in Operations, Events That Affected/Could Affect the Financial Sustainability, Policy (Strategy) of the Bank for the Reporting Period 5

1.1.1.4.2011 Results in Brief 8

1.1.1.4.1.Main Operating Outcomes 8

1.1.1.5.Bank's Operations that Have the Most Significant Impact on Profit or Loss Changes. Bank's Operations in Different Geographical Regions 8

1.1.1.6.Prospects of the Bank's Development 12

1.1.1.7.An Overview of Risks Related to Different Operations of the Bank 13

1.1.1.7.1.Country Concentration of Assets and Liabilities of the Bank 13

1.1.1.7.2.Credit Risk 14

1.1.1.7.3.Liquidity Risk 21

1.1.1.7.4.Market Risk 22

1.1.1.7.5.Legal Risk 23

1.1.1.7.6.Strategic Risk 24

1.1.1.7.7.Operating Risk 24

1.1.1.7.8.Risk of Loss of Business Reputation 25

1.1.1.7.9.Information on Operations/Transactions with the Bank's Related Parties 25

1.1.1.7.10.Off-balance-sheet liabilities, fixed-term transactions and reserves created 26

1.1.1.8.Details of Disbursements/Remuneration to Key Management Staff 27

1.1.1.9.Expected share dividends to be paid and distribution of net earnings of the Bank for 2011. History of dividend payment and distribution of net earnings 28

1.1.1.10.Earnings per share 28

1.1.1.11.Branch Network of the Bank 29

1.1.1.12.Sberbank of Russia Banking (Consolidated) Group 30

1.1.1.13.Membership the Bank’s Supervisory Board and its Changes in 2011. Information on the shares/interests in the Bank held by the members of the Supervisory Board 31

1.1.1.14.Material Information on Valuation Methods and Material Accounts 34

1.1.1.14.1.Data Comparability in Disclosure Reporting Forms 34

1.1.1.14.2.Principles and Methods of Valuation and Accounting of Individual Balance-Sheet Items 34

1.1.1.14.3.List of Material Changes in the Accounting Policy 35

1.1.1.14.4.Brief Information on Balance-Sheet Items Inventory 35

1.1.1.14.5.Information on Receivables and Payables 35

1.1.1.14.6.Information on Adjusting Events after the Reporting Date 35

1.1.1.14.7.Non-Adjusting Events after the Reporting Date 36

1.1.1.14.8.Information on Failures to Comply with Accounting Rules 36

1.1.1.14.9.Changes in the Bank’s Accounting Policy for 2012 36

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Energy resources used by the Bank

14.Energy resources used by the Bank

15.Development prospects

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