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Moody cuts Bank of Moscow rating at Baa2

June 28, 2011‐ Moscow, Russia

Bank of Moscow" align="left" vspace="10" hspace="10" />Moody has downgraded the rating of the Bank of Moscow from Baa1 to Baa2 expressing doubts on asset quality after the bank failed to present its annual audited IFRS accounts for 2010. Moddy feels there is a high information risk.

The delay in presenting the annual numbers, the bank said to its shareholders, is because of an on-going inspection by the central bank that is due for completion on June 30, 2011. It may be recalled the bank has lost 14% of its retail deposits since the fourth quarter.

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