The ‘B++’ rating indicates that "Bank of Development of Technologies" is qualified as a sufficiently reliable borrower (the highest sub-grade of the ‘B’ grade). Risk of a delay in meeting liabilities is moderate, restructuring risk for a loan / part of a loan is insignificant.

The Bank’s ranking score is essentially supported by the growing equity capital, the high capital quality and adequacy, the absence of liquidity-specific problems, the high relative weight of interest incomes and the high transparency.

As of July 01, 2012, the Bank’s equity capital totaled RUB 862 million representing a general positive upward trend over the last three years. As of the end of H1 2012, the Bank’s equity capital increased by 36.1% (above the average value in Russia’s banking sector of 14.6%) owing to an increase in the authorized capital.

The share of Tier 1 capital throughout the period under review exceeds 73% indicating that the Bank’s capital is of high quality. It will be noted that the Bank’s authorized capital accounts for most of its core capital (87% of the aggregate core capital).

As a whole, the Bank’s capital adequacy may be considered as high. None of the capital adequacy ratios have ever failed to meet the related requirements of the Central Bank of the Russian Federation in the last three years. As of the end of H1 2012, the N1 indicator increased by 0.8 percentage points and reached 22.3%, exceeding the average value in Russia’s banking sector by 8.5 percentage points.

The consistently high liquidity is also favorable for the Bank’s ranking score. As a whole, liquidity risk management at the Bank meets the Central Bank of Russia’s requirements. As of July 01, 2012, the key liquidity ratios (N2, N3) were above the average level in Russia’s banking sector and exceed the minimum thresholds set by the Central Bank of Russia.

Another argument for the Bank’s rating is the relatively high share of interest incomes, indicating that the Bank prioritizes classical banking services. Net interest income is currently on the rise: In H1 2012, it increased by 28% year-on-year to RUB 78 million.

The high transparency achieved by the Bank also supports its rating. The Bank’s website offers full information concerning its financial results, discloses its ultimate beneficiaries, staff and corporate structure, presents official documents and a complete list of the services provided by the Bank. For analysis purposes, the Bank used to provide information promptly and in due form.

Finally, on July 01, 2012, the ratio of arrears on the loans granted by the Bank and other funds placed by it to total loan receivables was 1.4%, below the average percentage in Russia’s banking system (4%).

The Bank’s ranking score is restricted by the narrow client base, the low profit and profitability, and the long arrears.

One of the negative signals for the Bank and its rating is the narrow client base as the Bank’s financial capacities are limited by its low resource base and high competition. "Bank of Development of Technologies" is dependent on its traditional customer pool, which constitutes a risk factor affecting stability of funding sources.

For the first half of the year 2012, the Bank posted a negative profit growth rate compared with the same period in 2011. Net profit of the Bank for H1 2012 was RUB 1.2 million decreasing 5.5-fold year-on-year.

As of the end of H1 2012, return on equity ratio (ROE) was 4.96%, below the average level in Russia’s banking sector. Return on assets ratio (ROA) has recently been sliding down, reaching 0.9% at the end of H1 2012 (2.5 times below the average level in Russia’s banking sector).

Another argument against a higher ranking score is that the loans over 180 days in arrears account for almost 99.9% of the total arrearage. The increasing delays in payments may have stemmed from the crisis developments in the country and the special features of the legal proceedings in Russia.

"Bank of Development of Technologies" has been active in the market of banking services since 2003, being a mid-sized Russian bank in the amount and volume of operations. The bank is only active in Moscow City. "Bank of Development of Technologies" provides the whole range of banking products and services involving Russian rubles and foreign currencies. The Bank prioritizes providing comprehensive services to corporate clients, lending to SME businesses and innovative enterprises. In March 2009, the Banking Supervision Committee of the Central Bank permitted the Bank to join the Deposit Insurance System (DIS). The Bank’s auditor is Alt-Audit LLC.

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This press release is based on the statement of assigning a credit rating to "Bank of Development of Technologies".

The credit rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's reliability and shall not be considered as advice on the purchase and sale of securities or the provision of loan facilities.

AK&M Rating Agency will not incur any responsibility for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.

AK&M Rating Agency is a leading independent national rating agency engaged in rating activities since 1993.

AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010).

AK&M Ratings are recognized by the Central Bank of Russia (for providing unsecured lending facilities – Provision 323-P), Vnesheconombank (for granting subordinated loans) and SME Bank (for its program of lending to SME businesses), RUSNANO (when selecting banks to provide business banking services to project and engineering entities implementing investment projects), the MICEX (as a prerequisite for including bonds in the Corporate Bond Index / MICEX CBI and Municipal Bond Index / MICEX MBI calculation base and for listing bonds). Pursuant to an order of Russia's Government AK&M Ratings count for approving the capitalization increase procedure for banks. Besides, AK&M Rating Agency is recognized by AHML and accredited by SRO National Securities Market Association.

CJSC Analysis, Consulting and Marketing Rating Agency

ul. Gubkina 3

Moscow, Russia

www.akmrating.ru

Press release by: A.V. Yakovenko

Phone. (495) 916-70-30, fax.: (499) 132-69-18.