The 'A++' rating indicates that the Company maintains an extremely high level of reliability, with the lowest risk of a delay in meeting liabilities imaginable.

RONIN Trust has been active in the discretionary asset management market since 2002. At the end of the second quarter of 2014, RONIN Trust ranked 10th largest Russian management company in the amount of NPF pension reserves under management, 15th in the amount of NPF pension accruals (as estimated by Expert RA).

The rating affirmation reflects the Company's appreciable business expansion, acceptable net worth level, strong liquidity position and high financial independence.

Over the period from January 1, 2013 grew to July 1, 2014, assets under management of RONIN Trust increased more than twice reaching RUB 25.58 billion, the main growth driver (159%) being the Company's strategic business (management of pension reserves and assets (accruals) of non-state pension funds / NPFs). The Company currently manages assets of ten NPFs, with an acceptable level of clientele diversification.

As of June 30, 2014, RONIN Trust's net worth was RUB 287 million, more than 200 million rubles above the lower limit set by the regulatory authority for companies managing mutual funds and assets of non-state pension funds. The core of the Company's net worth is its fairly reliable and diversified portfolio of financial investments in debt securities. The share of net worth in total assets under management is 1.1%, which exceeds the average market percentage (0.9% for management companies with assets under management ranging from RUB 20 billion to RUB 30 billion).

The Company benefits from a fairly strong financial position. As of July 1, 2014, the ratio of its own capital to balance-sheet assets was 98%. RONIN Trust's liabilities arising from accounts payable and estimated liabilities are looking inconspicuous compared with the Company's liquid assets (absolute and current liquidity ratios as of the same date being 43.2 and 46.5, respectively).

RONIN Trust's liabilities (arising only from accounts payable and contingencies) are looking inconspicuous compared with the Company's liquid assets (absolute and current liquidity ratios as of the same date being 42.3 and 45.9, respectively).

We also appreciate the acceptable transparency of RONIN Trust, highly regulated investment and risk management decisions, extensive experience and high professional competence of the top management team.

At the same time, the net worth reduction by 4.3% in the first half of 2014 is putting pressure on the Company's rating, although this is a usual trend for retirement asset managers whose earnings are mostly due in the fourth quarter.

We also note the poorly diversified income sources, which spells challenges for RONIN Trust in the face of the often changing regulatory requirements regarding the investment of NPF pension reserves and accruals.

RONIN Trust focuses on the trust management of reserves and accruals of non-state pension funds. As of July 1, 2014, the Company managed RUB 25.6 billion in assets, its own balance-sheet assets at the end of H1 2014 reaching RUB 300.7 million, equity capital amounting to RUB 294.3 million.

The company's auditor is CJS AC Art-Audit (a member of SRO nonprofit partnership Audit Chamber of Russia, number of registration entry 1024101025134; an individual PrimeGlobal member.

This press release is based on the Statement of assignment of a reliability rating to RONIN Trust.

The rating, along with any information and conclusions provided in this press release, only conveys our opinion on the Company's creditworthiness and shall not be construed as a recommendation to purchase or sell securities, or to lend funds.

AK&M Rating Agency shall not be held liable for any interpretations, inferences and consequences related to the application of results of the rating estimation procedure by any third parties.

CJSC Analysis, Consulting and Marketing Rating Agency is a leading independent national rating agency engaged in rating activities since 1993. CJSC AK&M Rating Agency is accredited by the Ministry of Finance of the Russian Federation (order no. 452 as of September 17, 2010) and is on the Central Bank of Russia's Register of Accredited Rating Agencies.

CJSC AK&M Rating Agency

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www.akmrating.ru

Phone no. (495) 916-70-30, fax no.: (499) 132-69-18.