TCS Bank receives two international credit ratings Egidaco Investments plc, the parent company of TCS Bank, is pleased to announce that on 11 May 2010, Fitch Ratings assigned to TCS Bank a Long-term Issuer Default (IDR) rating of ‘B-‘ with a stable outlook and on 12 May 2010, Moody's assigned to TCS Bank a ‘B3' long-term deposit rating with a stable outlook. Among the factors that drove their decision, both ratings agencies cite (i) low operating costs due to a business model which is based on direct marketing and internet-based services; (ii) a wide net interest margin; and (iii) adequate capital cushion. Please find attached the agencies' press releases which give more detail on the rationale behind the ratings of TCS. TCS' business is growing at a stable pace. Despite the fact that the Bank has yet to complete its third year of operational history, the ratings we have obtained from the two agencies reflect the sustainability and profitability of the Bank's business model. Any doubts about the viability of a ‘virtual bank' model in Russia have now been dispelled. Obtaining credit ratings from two of the world's leading ratings agencies is an important milestone for TCS in our efforts to broaden access to capital markets. In particular, this will help us to diversify our sources of debt financing. We are carefully monitoring domestic and international debt capital markets with a view to approaching them with the next round of debt financing in the near future. For further details please contact: Oliver Hughes, President tel: +7 495 648 1000 e-mail: o.hughes@tcsbank.ru Sergey Pirogov, Vice President, Director for Corporate Finance tel: +7 495 648-1000 e-mail: s.pirogov@tcsbank.ru web: www.eginvestments.net Bank 'Tinkoff. Credit Systems' is Russia's first monoline bank, specialising exclusively on the issuing and servicing of credit cards. The bank was founded by the famous Russian entrepreneur, Oleg Tinkov. In October 2007, the international investment bank Goldman Sachs became a shareholder. In September 2008, Vostok Nafta Investments Limited also became a shareholder. TCS Bank uses modern CRM and risk management systems. The bank employs a remote service model, providing virtual banking services of the highest quality to its customers. Service is provided to customers through a sophisticated Call Centre, Internet, SMS banking and by mail through the Russian Postal system. The combination of a narrow focus with a hi-tech approach gives the bank a distinct competitive edge in the rapidly growing Russian credit card market.
TCS Bank receives two international credit ratings
| Source: Egidaco Investments PLC