ACRA ASSIGNS AA-(RU) TO THE SERIES BO-P15 (RU000A10BU31) BOND ISSUE OF KAMAZ PTC

Credit rating rationale. The issue is a senior unsecured debt instrument of KAMAZ PTC (hereinafter, KAMAZ or the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. As per ACRA’s methodology, the simplified approach was used, according to which the issue’s credit rating is on par with that of the Company — AA-(RU).

The credit rating of KAMAZ reflects the high assessment of government support to the Company, its strong market position, high level of corporate governance, as well as medium assessments of business profile and geographic diversification. The financial risk profile is based on very strong liquidity, large business size, medium assessments of leverage, profitability and coverage, and weak cash flow.

KAMAZ is Russia’s largest automobile corporation, is among the world’s 20 largest manufacturers of heavy-duty trucks, and is a leader in the Russian truck market. The Company offers a wide range of products including trucks, buses, electric buses, trailers and semitrailers, engines, etc.

KEY ISSUE PROPERTIES

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

The credit rating has been assigned to the series BO-P15 (RU000A10BU31) bond issue of KAMAZ PTC 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.

A credit rating has been assigned to the series BO-P15 (RU000A10BU31) bond issue of KAMAZ PTC for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

The credit rating was assigned based on data provided by KAMAZ PTC, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and KAMAZ PTC 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 KAMAZ PTC. No conflicts of interest were discovered in the course of credit rating assignment.