CREDIT RATING WITHDRAWAL RATIONALE

The credit rating of the series 001P-06 (RU000A100TS6) bond issue of “TransFin-M” PC has been withdrawn due to the full early redemption of this issue on September 8, 2023. Before the withdrawal, in accordance with ACRA’s methodology, a BBB+(RU) credit rating was affirmed to the issue, i.e. on par with the credit rating of “TransFin-M” PC. The rating has been withdrawn without concurrent affirmation.

REGULATORY DISCLOSURE

The credit rating was previously assigned to the bond issue (RU000A100TS6) of “TransFin-M” PC under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency Within the Scope of Its Rating Activities.

The credit rating of the bond issue (RU000A100TS6) of “TransFin-M PC” was published by ACRA for the first time on September 16, 2019.

The credit rating was assigned based on data provided by “TransFin-M” PC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and “TransFin-M” PC participated in its assignment.

In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided additional services to “TransFin-M” PC. No conflicts of interest were discovered in the course of credit rating assignment.

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