The 'B++' rating indicates that BRT qualifies as a sufficiently creditworthy borrower. The risk of a delay in meeting obligations is moderate, the full or partial debt restructuring risk is insignificant. The rating assignment was based on the Credit Rating Methodology for Banks and their Debt Instrument rev. February 24, 2015.

BDT is a Russian capital-based credit institution ranked in the 300-400 range among the Russian banks in terms of assets and equity. Apart from the head office, the Bank has three satellite offices in Moscow.

The credit rating is essentially supported by the good capital adequacy and quality, the acceptable net earnings profile and the relatively high percentage of highly liquid assets.

BDT maintains comfortable capital adequacy and quality. In the period under review, the Bank's equity capital adequacy (N1.0) substantially exceeded the average level in Russia's banking sector and did not fall below 22%. As of July 1, 2015 the N1.0 ratio was 22.3%, the minimum acceptable level set by the regulatory authority being 10%. On the same date, the rated Bank's capital quality ratio (Tier 2 to Tier 1 capital ratio) was 22.8%, easily meeting the Central Bank of Russia's requirement (no more than 30%).

For a long time, net interest incomes (after provisions for losses) have been the main source of net incomes at BDT. At the end of the first quarter of 2015, they accounted for 83% of the Bank's total net incomes. Another positive signal is that the Bank's net fee & commission incomes increased by RUB 3.2 million (31%) in the first quarter of 2015 against the same period in 2014, their relative share in BDT's total net incomes being 15% as of April 1, 2015.

The Bank maintains a strong liquidity position. Its liquidity ratios meet the applicable regulatory requirements with a good margin (as of July 1, 2015, N2 = 57.7%, N3 = 63.5%, N4 = 37.4%). In the period under review, the Bank kept the relative share of highly liquid assets above the average level in Russia's banking sector (15.9% of the total assets as of April 1, 2015 against 11.2% on average).

At the same time, the loan portfolio deterioration and the lower profit performance exert pressure on the credit rating of BDT.

Over the period from July 1, 2014 to July 1, 2015, the share of problem and non-performing loans in the Bank's loan portfolio increased by 7.4 p.p. to 16.75% as of the last reporting date. The negative change was triggered by an increase in problem loans and NPLs (quality grades 4 and 5) by RUB 159 million and an overall loan portfolio contraction by RUB 627 million as a result of soaring foreign exchange rates and a substantial relative share of foreign currency-denominated loans. However, while the amount of high-quality loans (quality grades 1 and 2) contracted in absolute terms from RUB 2.2 billion to RUB 1.6 billion, their relative share in the loan book decreased slightly by a mere 7.6 p.p.

In the first quarter of 2015, the Bank's pre-tax profit decreased by RUB 5.5 million on account of a loss from foreign currency revaluation. As of April 1, 2015, the Bank's net profit reached ca. RUB 3 million, several times below the financial result achieved in Q1 2014.

BDT has been operating in the market of banking services since 2003. The Bank of Russia registered the rated Bank under no. 3441 as of July 21, 2003. The Bank possesses a license for banking operations involving Russian rubles and foreign currencies (without accepting money deposits from individuals), a license to accept Russian ruble and foreign currency-denominated money deposits from individuals and a license for accepting deposits and placement of precious metals issued on February 06, 2015. The Bank has been a member of the deposit insurance system since March 27, 2009, DIS registration no. 978.

AK&M Rating Agency assigned a credit rating to BDT for the first time on August 5, 2009. The last rating action in relation to the Bank was taken on September 16, 2014. All rating action announcements are available on the akmrating.ru website.

The rating is valid until August 2016. AK&M Rating Agency may revise the rating and/or the outlook during this period if circumstances fundamentally influencing the Bank's creditworthiness are revealed.

For estimation purposes, we completely rely on the reliability of information provided by the client. The rationale for AK&M Rating Agency's judgment on the rating may include information acquired from other sources we deem to be reliable; however, the agency does not check the input data exhaustively and disclaims all responsibility for their possible errors.

The rating assignment was based on the Credit Rating Methodology for Banks and their Debt Instrument rev. February 24, 2015.

The rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Bank's creditworthiness and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.

AK&M Rating Agency shall not be held liable 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. CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.

AK&M Rating Agency

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www.akmrating.ru

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