The 'B+' rating indicates that the rev. October 12, 2015.

The credit rating is essentially supported by growing capitalization and a high level of security for the existing microloan portfolio.

For the whole period of

As the funding base increased, the Fund expanded its microloan portfolio to RUB 43.5 million as of the last reporting date. However, the outstripping growth of capitalization in the fourth quarter of 2015 caused a reduction in lending efficiency by 20.8 p.p. to 37.1% as of January 1, 2016, substantially below the minimum acceptable percentage (70% after one year in operation).

Full Company name:

Short Company name:

The Ministry of economic development of the Republic of Crimea.

The rating is valid until February 2017.

This press release is based on the Statement of assignment of a Credit Rating Methodology for

The rating, along with any information and conclusions provided in this press release, only conveys our

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.

Ul. Gubkina 3, Moscow, Russia

www.akmrating.ru

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