ACRA ASSIGNS AA-(RU) TO THE SERIES BO-P16 (RU000A10CQ77) AND BO-P17 (RU000A10CQ93) BOND ISSUES OF KAMAZ PTC

Credit rating rationale. The issues are senior unsecured debt instruments of KAMAZ PTC (hereinafter, KAMAZ or the Company). Due to the absence of either structural or contractual subordination of the issues, ACRA regards them 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 issues’ credit rating is on par with that of the Company — AA-(RU).

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

KAMAZ is Russia’s largest automobile corporation that is among 20 leading global manufacturers of heavy-duty trucks and the 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

1) ISIN RU000A10CQ77

2) ISIN RU000A10CQ93

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

The credit rating has been assigned to the BO-P16 series (RU000A10CQ77) and BO-P17 (RU000A10CQ93) bond issues 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 BO-P16 series (RU000A10CQ77) and BO-P17 (RU000A10CQ93) bond issues 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.