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 June 24, 2010

Fitch Ratings upgraded SDM-Bank's ratings on June 24, 2010 to 'B' and assigned Stable Outlook. According to Fitch, the ratings upgrade reflects: "...solid (SDM) capital positions and ... ...generally cautious approach to balance sheet management and risk taking."Fitch has highlighted a number of performance metrics that contributed to the upgrade:

MODERATE NPLs

3.6% of gross loans at end-Q110 and restructured loans of 2% at end-May 2010.

ADEQUATE IMPAIRMENT RESERVES

7.7% of gross loans at end-Q110.

ROBUST CAPITAL RATIOS

The Basel tier 1 and total capital ratios stood at 14.4% and 17.7% atend-Q110.

COMFORTABLE LIQUIDITY POSITION

Liquidity is underpinned by a significant cash cushion (10% of assets at end-Q110), and short-term interbank placements (7%).

Fitch ratings are presented below:

Long-term foreign currency IDR: upgraded to 'B' from 'B-'; removed from Rating Watch Positive; assigned Stable Outlook

Long-term local currency IDR: assigned at 'B', Outlook Stable

Short-term IDR: affirmed at 'B'

Individual Rating: upgraded to 'D' from 'D/E'

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

National Long-term rating: upgraded to 'BBB(rus)' from 'BB-(rus)'; removed from Rating Watch Positive; assigned Stable Outlook

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