The 'A+' rating indicates that the limited liability company Trewetch Corporate Services – Accounting maintains a very high level of reliability. The risk of a failure to meet obligations in full and in time is insignificant.

The rating action reflects the capacity of TCS-Accounting LLC as a service company to fully and timely meet its obligations to maintain accounting and tax records of mortgage agents, i.e. special-purpose vehicles set up exclusively to acquire receivables on loans secured by mortgage, to later issue and service mortgage-backed debt securities (MBS).

The reliability rating of TCS-Accounting LLC is essentially supported by its sound position in the Russian mortgage asset securitization servicing market combined with a fast business expansion, substantially stronger competitive position, highly efficient accounting and tax records maintenance services provided to affiliated mortgage agents, and steady financial profile.

TCS-Accounting LLC continues expanding its business. Of special value is the broader cooperation with Russia's leading originator OJSC The Agency for Housing Mortgage Lending / AHML. The number of mortgage agents of this originator served by TCS-Accounting LLC increased from one in 2013 to three at the end of the first quarter of 2015. The amount of bonds issued by these mortgage agents (at the face value) increased more than 2.5 times for the same period.

Overall, in the first quarter of 2015 alone, the mortgage agents affiliated with TCS Group placed mortgage bonds for a total amount of RUB 31.5 billion, i.e. almost equal to the amount in bonds placed in the previous four years. Furthermore, the mortgage agents employing the services of TCS-Accounting LLC alone accounted for the whole amount of internal off-balance mortgage debt securitization in the first quarter of 2015.

The mortgage agents employing the services provided by TCS-Accounting LLC are operating in full compliance with federal laws 152-FZ "On mortgage-backed securities", 39-FZ "On securities market" and other regulatory instruments issued by state administrative and supervisory bodies. The Company's accounting records maintenance services provided to mortgage agents meet the applicable requirements, as proven by the favorable audit opinions of CJSC Intercom-Audit and Audit-Escort LLC, members of SRO NP Audit Chamber of Russia, and absence of tax sanctions. Coupon and nominal principal payments on the mortgage bonds are effected on time and in full (meeting the respective terms of bond offering). Of special value is the successful completion of TCS Group's first project CJSC Mortgage Agent of MBRD. The bonds issued by this mortgage agent were successfully retired ahead of schedule before the end of 2014 (the loan repayment deadline being 2038).

TCS-Accounting's financial profile may be regarded as fairly strong. In 2014, the Company's assets grew more than 2.6 times, revenues 2.4 times, sales profit almost twice, net profit soared 5.7 times, return on assets (ROA) ratio improved from 3.96% to 10.52%, return on equity (ROE) ratio from 12.59% to 92.9%. The Company's debt burden mainly arises from accounts payable (66.2% of the total liabilities) and provisions for future expenses (32.4%). At the start of 2015, the Company's net debt to revenue ratio was a mere 0.23. The total loan debt of TCS-Accounting LLC is zero. As of January 1, 2015, the Company's current liquidity ratio was 0.92, absolute liquidity ratio was 0.52, which is quite acceptable, given the Company's comfortable debt profile. Therefore, the current financial standing of TCS-Accounting enables it to focus entirely on its core business: provision of accounting and tax records maintenance services to mortgage agents. This strong foundation is of great importance, given the Company's ongoing business growth including the expansion beyond the mortgage securitization segment.

To a certain extent, the reliability rating of TCS-Accounting LLC is constrained by the overall deterioration of the Russian economy increasing the risks of activities in the mortgage securities market.

TCS-Accounting LLC has been operating in the mortgage securitization market since 2009. Today, the Company provides accounting and tax records maintenance services to 22 mortgage agents including closed joint-stock companies Mortgage Agent of AHML 2011-1, Mortgage Agent of AHML 2014-2, Mortgage Agent of AHML 2014-3, Mortgage Agent SOYUZ 1, FEMLC-1 Mortgage Agent, Mortgage agent TFB1, Mortgage agent Vozrozhdenie 3, Mortgage Agent HFB-1, East-Siberian Mortgage Agent, Mortgage agent AkBars, Multi-originator Mortgage Agent 1. Besides, the Company provides operations support to five other corporate customers. Investment Company TREWETCH Investments Ltd registered in Cyprus owns 99% of the authorized capital of TCS-Accounting LLC. The Chief Executive Officer of TCS-Accounting LLC is Tatyana Kachalina, an internationally rated corporate law, capital market, project financing, securitization and M&A expert.

This press release is based on the Statement of assignment of a reliability rating to TCS-Accounting LLC and the applicable Mortgage Servicer Rating Methodology.

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.

AK&M 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 Analysis, Consulting and Marketing Rating Agency
www.akmrating.ru
Ul. Gubkina 3, Moscow, Russia

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