The rating downgrade reflects the credit institution's falling key performance indicators, failures to perform obligations to personal customers in due time, and negative publicity.

According to the Bank's report, its financial performance weakened since the start of the year.

Since the start of the year, the amount of deposits made by companies and enterprises has decreased by RUB 535.8 million (-15.4%), which generally fits the medium-sized banks' weaker performance trend. However, we highlight the soaring arrears of the Bank's payments to customers as a negative rating driver.

The acid test and current liquidity ratios have decreased, indicating Intrustbank's lower capacity to meet the creditors' requirements. As of August 1, 2014, N2 was 31.41%, N3 was 63.15%, the corresponding quality ratios falling to 35.8% and 55.9%.

Given the Bank's failure to meet the obligations to personal customers and the negative publicity wave, we assume that the credit institution is facing a fairly high risk of forfeiting the banking license.

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.

CJSC Analysis, Consulting and Marketing 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.

CJSC AK&M Rating Agency

ul. Gubkina 3, Moscow, Russia

www.akmrating.ru

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