Ratings

Russian rating agency "Expert RA"

Russian rating agency "Expert RA" has assigned to BANK "ROSSIYA" a creditworthiness rating of A+ (very high creditworthiness), the agency's press service reported on June 23, 2009.

Among the major factors positively influencing on credit status of BANK "ROSSIYA" the Agency allocates the high quality of loan debts of the Bank expressed in a low share of loans of IV and V categories of quality (less than 1 % of a credit portfolio of the Bank) and a low level of the overdue indebtedness.

The Bank's access to unsecured lending in the Central Bank of the Russian Federation and the high level of development of risk-management procedures - the application of alternative approaches to market risks management, stress-testing application on liquidity risk also have a positive influence on the rating of the Bank.

Besides, "Expert RА" analysts positively estimate the possibility of support of the Bank by owners and the Bank's experience in cooperation with authorities. In November, 2007 the Bank took part in open tender on the right of placing the budgetary funds of Saint-Petersburg to deposits and was among winners.

According to: http://www.raexpert.ru/releases/2009/Jun23b

^* The credit rating of "Expert RА" is an estimation of ability and readiness of a bank to fulfill fully and in time the obligations both flowing, and arising during its activity. Presently the credit ratings of "Expert RА" have more than 100 Russian banks, and some foreign banks as well.

"Expert RА" rating agency has accreditation at Vnesheconombank of the Russian Federation. The accreditation was received within the realization of procedure for regulation confirmed by supervisory board of Vnesheconombank and provided for by the federal law "On Additional Measures for Supporting the Financial System of the Russian Federation" (About granting subordinated credits).

"Expert RА" credit rating B++ or higher is one of the conditions of participation of banks in the SME Financial Support Program of the Russian Bank for Development.

"Expert RА" credit rating B++ or higher is used to estimate the credit status of the credit organizations at unsecured lending in the Central Bank of the Russian Federation.

The Ministry of Finance of the Russian Federation uses "Expert RА" ratings at financial markets regulation. According to the rules, the banks with rating B+ (adequate creditworthiness) or higher have more possibilities for attraction of insurance reserves in bills and deposits.

International rating agency "Fitch Ratings"

On April 20, 2009, the international rating agency Fitch Ratings confirmed the following ratings of BANK "ROSSIYA": the long-term issuer default rating (IDR) at B- (B minus) with a Stable Outlook, short-term rating B, national scale long-term rating BB-(rus) with a Stable Outlook, individual rating D/E, support rating - 5. Support Rating Floor - No Floor*

According to Fitch, Bank's ratings reflect its rapid loan book growth in recent years, modest capitalization, relatively strong earnings generation to date and currently low impairment level owing to relatively good quality borrowers. The ratings also reflect its currently strong liquidity position, which is supported by funding available from the Central Bank of Russia, and limited market risk.

*Support Rating Floors are directly derived from Fitch's Support Ratings in those cases where the Support Rating is based on potential sovereign support. In exactly the same way as the Support Rating itself, the Support Rating Floor is based on Fitch's judgement of a potential supporter's propensity to support a bank and of its ability to support it. Support Rating Floors do not assess the intrinsic credit quality of a bank. Rather they communicate Fitch Ratings' judgement on whether the bank would receive support should this become necessary. It is emphasized that these ratings are exclusively the expression of Fitch's opinion even though the principles underlying them may have been discussed with the relevant supervisory authorities.

The Support Rating Floor is expressed as on the long-term scale, and will clearly indicate the level below which Fitch would not lower its Issuer Default Rating in the absence of any changes to the assumptions underpinning the bank's Support Rating. In addition to the tradition ' long-term scale, there will be one additional point on the scale - "No Floor" ('NF') - which indicates that in Fitch's opinion, there is no reasonable likelihood of potential support being forthcoming. In practice this approximates to a probability of support of less than 40%.