CJSC AK&M Rating Agency downgraded the national scale credit rating of LLC CB Monolit (license no. 1967) from 'A', stable outlook, to 'B', with a negative outlook.

The negative rating action was motivated by the Bank's failure to meet its liabilities to individual customers on time, shrinking branch network, and negative publicity.

The Bank's report has revealed a dramatic deterioration of its performance indicators. The Bank is facing an outflow of customer deposits: for the last two months, the total amount of individual deposits decreased by RUB 1.2 billion (17.0%), corporate deposits by RUB 753.9 million (15.1%).

As of January 1, 2014, the acid test (N2) ratio was 15.4%, current liquidity (N3) ratio was 53.11%. Both have approached the lower critical limits of 15% and 50%, respectively.

The credit rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Bank's credit standing and shall not be construed 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).

CJSC Analysis, Consulting and Marketing Rating Agency

ul. Gubkina 3

Moscow, Russia

www.akmrating.ru

Press release by: Y.B. Kuznetsova

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