Fitch Ratings

In March 2005 the international rating agency Fitch Ratings assigned Belgazprombank (BGPB) the following ratings: Issuer Default Rating at 'B-', Short-term Rating ay 'B', Individual Rating at 'E', Support Rating at ‘5’, outlook stable.

In October 2007 Fitch Ratings upgraded BGPB’s Long-term Issuer Default Rating (IDR) to ‘B’ from ‘B-‘(B minus) and Support Rating to ‘4’ from ‘5’.

In April 2009 Fitch Ratings upgraded the Bank's individual rating to ‘D/E’ from ‘E’.

In July 2009 Fitch Ratings changed the outlook from "Stable" to "Negative". The “Negative" outlook reflected the growing risk that deteriorating macroeconomic conditions and external finance of the Republic of Belarus could weaken sovereign creditworthiness and lead to an increase of transfer and convertibility risks.

In October 2010 Fitch Ratings revised its outlook on Long-term IDRs of four Belarusian banks with foreign capital: as a result BGPB’s Long-term IDR was affirmed at ‘B’ and the outlook was changed from "Negative" to "Stable".

In March 2011 Fitch Ratings affirmed BGPB’s Long-and Short-term IDRs at 'B', Individual rating – at ‘D / E’, Support rating – at ‘4’ and revised the outlook from "Stable" to "Negative", which reflected Fitch's view that the financial position of a sovereign issuer was weakened significantly during the 4Q 2010 and in the beginning of 2011.

In August 2011 Fitch Ratings downgraded the Long-term IDRs of six Belarusian banks, including Belgazprombank, from ‘B’ to ‘B-‘ (B minus). The downgrade reflects the rating agency's revision of the sovereign and country risks of the Republic of Belarus.

In assessing the viability of the bank Fitch Ratings views loss absorption capacity as somewhat stronger at BGPB than at the other rated banks due to higher capital ratios and moderate lending under government programs.

BGPB’s ratings by the international rating agency Fitch:

	Long-term IDR	Short-term IDR	Individual Rating	Viability Rating	Support Rating	Outlook
2006	B- (B minus)	B	E	NA	5	Stable
2007	B	B	E	NA	4	Stable
2008	B	B	E	NA	4	Stable
2009	B	B	D/E	NA	4	Negative
2010	B	B	D/E	NA	4	Stable
2011	B- (B minus)	B	D/E	b	5	Negative