We assigned the ‘B++’ (stable outlook) credit rating to JSC RUBLEV Commercial Bank as per the national scale on January 11, 2011.
For ten months 2011, the Bank’s assets increased by 26%, equity capital by 32%, loan portfolio by 27%, contributions of physical persons by 89%.
The principal activity results for the Bank as of November 1, 2011 are as follows: net assets totaled RUB 8,463.5 million, equity capital RUB 756.6 million, loan portfolio RUB 4,631.4 million, funds of enterprises and organizations RUB 2,240.9 million, contributions of physical persons RUB 4,701.8 million.
As of November 1, 2011 the share of the core capital in the equity capital was approximately 53%, the share of the Bank’s authorized capital being about 40%.
For ten months 2011, JSC RUBLEV Commercial Bank secured a net profit of RUB 40.4 million considerably improving its 2010 result.
The rating score, however, is still restricted by the relatively low equity capital adequacy and the high amount of large credit risks (as of November 1, 2011, the N1 and N7 cators were equal to 11.06% and 634.82%, respectively), the low quality of its equity capital (Tier 2 capital to Tier 1 capital ratio was 87.5% as of November 1, 2011).

This press release is based on the statement of assigning a credit rating to JSC RUBLEV Commercial Bank.
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 and accredited by the Ministry of Finance of the Russian Federation.
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
ul. Gubkina 3
Moscow, Russia
www.akmrating.ru
Press release by: A.M. Krachkovskaya
Phone no. (495) 916-70-30, fax no.: (499) 132-69-18.