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Vneshtorgbank comments the withdrawal of its subsidiary's ratings

27 December 2004

Owning 100% capital of the Russian Commercial Bank (Cyprus), Vneshtorgbank posted the following comment on the withdrawal by Moody`s Investors Service of its ratings assigned to the Bank.

Moody`s Investors Service has withdrawn the ratings of the Russian Commercial Bank (Cyprus) since RCB no longer has rating relations with this Agency and is presently rated by Fitch Ratings.

The ratings withdrawn refer to the financial performance of RCB as at the 2001-year end. The action was taken with the consent of both parties and as stated in the agency`s press release does not reflect a change in RCB`s creditworthiness.

Since 2002, RSB has been annually rated by Fitch Ratings, one of the world`s most respected rating agencies. The long-term rating assigned by Fitch to RSB has already been upgraded twice, with the latest upgrade being on November 19, 2004, when it was lifted to `BB+`. The short-term rating was confirmed at `B`. These are the ratings presently valid.

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