The ‘B++' rating indicates that CB Investment Union Ltd. 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 principal arguments for the rating score of CB Investment Union Ltd. Are: the high capital adequacy and quality, the good liquidity level, the increasing profit in 2011, the growing assets, equity capital, amount of funds attracted and loan portfolio.

The Bank has achieved very high capital quality. As of April 1, 2012, tier 1 capital accounted for 98.9% of its equity capital. Therefore, the capital quality ratio (Tier 2 to Tier 1 capital ratio) as of April 1, 2012 was 1.03%. It will be noted that the capital quality ratio fluctuated from 6.43% to 0% in 2011 meeting the recommendations of the Basel Committee on Banking Supervision and the Central Bank of the Russian Federation.

Over the last three years, capital adequacy of CB Investment Union Ltd. conformed to the Bank of Russia’s requirements. In 2011, average capital adequacy ratio for the Bank was above the average value in the banking system of the Russian Federation (21.8% against 16.4%). As of April 1, 2012, the Bank’s capital increased by 51.4% eyar-on-year as the authorized capital grew by RUB 191 million. As of April 1, 2012, capital adequacy ratio of CB Investment Union Ltd. was 16.4%, above the average result of Russia’s banking sector.

Liquidity indicators of CB Investment Union Ltd. meets the respective guideline values. From January 1, 2011 to April 1, 2012, the Bank improved its liquidity rates, all of them exceeding the respective average values in Russia’s banking system as of April 1, 2012. Quick (instant) liquidity ratio of the Bank as of April 1, 2012 was 87.36%; current liquidity ratio was 87.75%; long-term liquidity ratio was 72.4%.

The share of highly liquid assets in the assets structure of CB Investment Union Ltd. is rather high and on the rise, which sends a positive signal for the rating score. This primarily applies to money funds and funds placed at the Central Bank of Russia (apart from required reserves). The share of money funds in the assets of CB Investment Union Ltd. as of January 1, 2011 was 11.8% (i.e. almost 4.5 times more than the average value in Russia’s banking system); as of January 1, 2012, it was 16.1% (almost 6-fold above the respective average value in Russia’s banking system as of the same date). As of January 1, 2011, funds placed at the Central Bank of Russia (apart from required reserves) accounted for 4.3% of all the net assets; on January 1, 2012, this share increased more than 1.7-fold and reached 7.2% (against 4.2% in Russia’s banking system as of the same date).

In 2010-2011, the Bank’s profit grew considerably. In 2011, pre-tax profit increased 2.6-fold against 2009 and by 31.7% against 2010. In 2011, net profit increased 8.2-fold against 2009, by 20.8% against 2010.

Other arguments supporting the rating score of CB Investment Union Ltd. Are: the growing amount of funds attracted by the Bank and the improving loan portfolio. In 2011, amount of funds attracted by the Bank increased 2.6-fold, loan portfolio 1.8-fold.

As a whole, the growth of assets at CB Investment Union Ltd. outstrips its loan receivables, indicating that the Bank’s pursues a rather conservative policy prioritizing cutting down banking risks – which naturally is favorable for its rating score. Over the period from January 1, 2011 to April 1, 2012, the Bank’s assets grew by 144%, while the amount of loan receivables rose by 106%.

Another thing supporting the rating score of CB Investment Union Ltd. is the extremely low arrears on the loans granted by the Bank. In 2011, the loan arrearage accounted for less than one percent of all the loans, loan indebtedness and its equivalents; as of December 31, 2011, the arrears were 0.56%, further decreasing to less the than one-tenth per cent (0.07%) as of April 1, 2012. The share of so-called NPLs in the loan portfolio of CB Investment Union Ltd. is far below the average level in the banking sector of the Russian Federation, and is steadily improving. In 2009, the share of non-performing loans in its loan receivables was 2.3 times below the average level in the banking sector of the Russian Federation, in 2010 it was 4.2 times below and in 2011 5.5 times below the overall banking average for the respective years. Also, class 1 loans and class 2 loans together accounted for 81% of the loan receivables on March 1, 2012 indicating that the Bank’s loan policy is rather competent and well-balanced.

The rating score of CB Investment Union Ltd. is restricted by the downward trend in the share of standard loans in the loan portfolio, the low profitability and the apparently growing capital attraction costs.

Despite the increasing profit in 2011, the Bank’s profitability is still low. As of January 1, 2012, return on assets was 0.94%, return on equity was 4.77%. At the same time, average ROA in Russia’s banking sector as of the same date was 2.4%, ROE was 17.6%. Profit margin of CB Investment Union Ltd. was only 0.56% in 2011 while the average value in Russia’s banking system was almost six times above (3.1%).

The ongoing growth of the capital attraction costs for the Bank also affects the Bank’s rating (in 2011, it increased almost twice and is now approaching the Bank of Russia’s rate).

The decreasing share of standard loans in the Bank’s loan portfolio sends another negative signal for the rating score. The share of class 1 loans in its loan receivables was 51.3% in 2009, 33.7% in 2010, 40.4% in 2011 and 35.5% on March 1, 2012. At the same time, the share of standard loans (on average in Russia’s banking system) has been fluctuating from 50.7% to 53.6% over the last six months. Therefore, things look somewhat worse than in Russia’s banking system as far as this component of the Bank’s loan portfolio is concerned.

CB Investment Union Ltd. has been active in the market of banking services since 1990. Being a mid-sized bank in the amount and volume of operations, CB Investment Union Ltd. is developing rapidly. The bank is headquartered in Moscow and has 2 branches in Makhachkala and Voronezh. The PoS capacities of the Bank consist of 5 additional outlets, one lending and cash office and 43 stand-alone cash desks. In March 2012, the Bank ranked 437th in the volume of assets in Russia (561st one year ago).

As of April 1, 2012, the Bank’s assets amounted to RUB 3.3 billion (RUB 1.5 billion one year ago), equity capital was RUB 0.58 billion (RUB 0.39 billion one year ago). CB Investment Union Ltd. possesses banking license no. 637 granted by the Central Bank of the Russian Federation on October 16, 2003. In September 2005, CB Investment Union Ltd. was included in the register of banks participating in the Deposit Insurance Scheme (DIS).

The Bank's auditor is Vneshgen audit LLC, license no. E 003868 as of 4/7/2003.

This press release is based on the statement of assigning a credit rating to CB Investment Union Ltd.

The rating score, 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 to the Bank.

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, for listing bonds and for providing access to the MICEX+ trading mode). 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

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Moscow, Russia

www.akmrating.ru

Press release by: A.G. Chumachenko

Phone no. (495) 916-70-30, fax no.: (499) 132-69-18