ACRA AFFIRMS AA+(RU) TO THE SERIES 001P-02P (RU000A109R19), 001P-03P (RU000A10BG62), AND 001P-04P (RU000A109R19) EXCHANGE-TRADED BOND ISSUES OF GPB FINANCE LLC

Affirmation of the credit ratings of the series 001P-02P (RU000A109R19), 001P-03P (RU000A10BG62), and 001P-04P (RU000A10C6C4) exchange-traded bond issues of GPB Finance LLC (hereinafter, GPB Finance) reflects the affirmation by the Agency, on October 21, 2025, of the credit rating of Bank GPB (JSC) (hereinafter, Gazprombank, the Bank, or the Guarantor) acting as the Guarantor for these bond issues, at AA+(RU), outlook Stable.

Credit rating rationale. According to the decisions to issue the series 001P-02P (RU000A109R19), 001Р-03Р (RU000A10BG62), and 001Р-04 (RU000A10C6C4) exchange-traded bonds, in the event of the Issuer’s non-fulfillment or improper fulfillment of its obligations for the exchange-traded bonds, the bondholders or their authorized representatives (including the nominal holders of the series 001P-02P (RU000A109R19), 001Р-03Р (RU000A10BG62), and 001Р-04 (RU000A10C6C4) exchange-traded bonds) may request the Guarantor to fulfill the Issuer’s obligations in accordance with the terms of the guarantee for the series 001P-02P (RU000A109R19), 001Р-03Р (RU000A10BG62), and 001Р-04 (RU000A10C6C4) exchange-traded bonds.

The provided call option is irrevocable and unconditional, its parameters do not contain any conditions of structural and contractual subordination of the Bank’s obligations under these guarantees. Therefore, ACRA assesses the series 001P-02P (RU000A109R19), 001Р-03Р (RU000A10BG62), and 001Р-04 (RU000A10C6C4) exchange-traded bonds as equal to other existing and future unsecured and unsubordinated obligations of the Guarantor in terms of priority. According to ACRA’s methodology, the credit ratings of the series 001P-02P (RU000A109R19), 001Р-03Р (RU000A10BG62), and 001Р-04 (RU000A10C6C4) exchange-traded bond issues are equal to the Guarantor’s credit rating and set at AA+(RU).

The credit rating of Gazprombank is based on the Bank’s strong and stable business profile, adequate capital adequacy assessment, satisfactory liquidity and funding position, and a satisfactory risk profile. The rating is additionally supported by the possibility of Gazprombank receiving extraordinary support from the state.

key issue properties

1) ISIN RU000A109R19

2) ISIN RU000A10BG62

3) ISIN RU000A10C6C4

Sources: ACRA, Issuer’s and Guarantor’s data

REGULATORY DISCLOSURE

The credit ratings have been assigned to the bond issues of GPB Finance LLC based on the following methodologies: the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the credit ratings of the bond issues 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 to ensure consistent and uniform application of ACRA’s methodologies, models, and key rating assumptions.

The credit ratings of the bond issues of GPB Finance LLC (ISIN RU000A109R19, ISIN RU000A10BG62, ISIN RU000A10C6C4) assigned under the national scale for the Russian Federation were published for the first time on October 7, 2024, April 22, 2025, and August 14, 2025.

The credit ratings are expected to be revised within one year.

The credit ratings were assigned based on data provided by GPB Finance LLC and Bank GPB (JSC), information from publicly available sources, and ACRA’s own databases.

The credit ratings are solicited and GPB Finance LLC and Bank GPB (JSC) participated in their assignment.

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

ACRA provided no additional services to GPB Finance LLC during the year preceding the rating action.

ACRA provided the following additional services to Bank GPB (JSC): services for assessment of corporate/region, municipality and sovereign obligations for compliance with sustainable development principles from August 22, 2023 to the present; data dissemination services from June 15, 2025 to the present; information and reference services (workshops) from October 30, 2024 to October 31, 2024; information and reference services (workshops) from November 20, 2024 to November 21, 2024; services for verification of the Concept/Policy/Guidelines for the issue of debt obligations from December 25. 2024 to the present; information and reference services (workshops) from April 16, 2025 to April 17, 2025.

No conflicts of interest were discovered in the course of credit rating assignment.