Standard & Poor’s Affirms MDM Bank Credit Rating at ‘BB’

26.08.2008

Moscow, 26 August 2008 – Standard & Poor's Ratings Services announced today that it has affirmed MDM Bank’s long-term credit rating at ‘BB’ with a stable outlook.

Among MDM Bank’s strengths highlighted in the credit rating report were:

• Good customer franchise and name recognition,
• Strengthening recurrent profitability,
• Adequate risk management and governance practices, and
• Reduced appetite for market risk.

According to Standard & Poor’s, “The stable outlook reflects our opinion that MDM's current strategy and related optimization and growth acceleration plan will progress smoothly without setbacks, and improve the bank's customer franchise and diversification of revenues, loans, and funding. MDM's developed infrastructure positions it well to benefit from positive economic trends in Russia.”

MDM Bank CEO Michel Perhirin said, “We are pleased that Standard & Poor’s has affirmed our rating with a stable outlook in the current environment. I view the S&P report as recognition of MDM Bank’s strategy to develop as a universal bank that applies global best practices in all areas of business.”

Standard & Poor's full press release is available at www.ratingsdirect.com and www.sandp.ru

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