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Comments by Dmitry Romayev, First Deputy President of NOMOS-BANK, Regarding Fitch Ratings' Decision

03.08.2013

Fitch Ratings’ decision does not come as a surprise to us — back in 2012, we advised NOMOS-BANK, clients and partners that this decision was highly probable during a regular revision of our rating due to changes in the shareholding structure of NOMOS-BANK.

This decision is a reflection of the concerns related to the integration of NOMOS-BANK into Otkritie Financial Corporation, rather than of our current financial performance. NOMOS-BANK is firmly committed to the highest Russian and international corporate governance and risk management standards and intends to further maintain these at a high level. Fitch Ratings confirms the efficiency of our approach and notes the “good financial performance indicators of NOMOS-BANK, low level of overdue debts (NPLs), and comfortable liquidity.”

We consider the integration structure of Otkritie’s banking business to be efficient and trust that, upon completion of the integration, our rating will revert to the previous level.