Standard & Poor’s affirmed long-term counterparty credit rating of Bank Vozrozhdenie

10 October 2008

Standard and Poor’s Ratings Services announced today the results of its analysis of Russian banks financial position. The long-term ratings on all banks were affirmed, though the outlook for all private banks was revised to negative from stable.

“We consider that within next two or three months Standard & Poor’s will be monitoring the influence of the turbulent environment on the banks’ business. We understand that the change in the outlook is not relevant to the bank itself but up to worsening of the external financial situation. — said Andrey Shalimov, Head of Treasury — The bank’s liquidity position is stable and there is no doubt that we are able to service all needs of our customers. According to the bank’s RAS results for 9M 2008 its net profit amounted to RUB 2 846 mln. that is 1.7 times more than for 9M 2007. The quality of our loan portfolio remains good and stable. We know our borrowers well for a very long time thus the credit risk on the bank’s portfolio is very limited with over-due loans about 2%”, — added Andrey Shalimov

The long-term counterparty credit rating of Bank Vozrozhdenie was affirmed on the level of BB- and ruAA- according to the national scale. This allows the bank to have the access to the Ministry of Finances resources and to be in the list of banks eligible for the Bank of Russia refinancing.

Vozrozhdenie Bank, a community bank for companies and individuals, was founded in 1991. (General License from the Central Bank of the Russian Federation # 1439, March 24, 2003.) Among the Top 30 Russian Banks in the Central Banks rating, its network includes 174 offices and over 600 ATMs in 20 regions of Russia. The Bank provides more than 1,200,000 individual and 50,000 corporate clients with a range of services, from savings accounts, payment handling, payroll management, to mortgages, bank cards and business and consumer loans.

The Board of Directors of Bank Vozrozhdenie held a regular meeting_
Moody’s affirmed long-term credit rating of Bank Vozrozhdenie