The 'B' rating indicates that IC Arbat-Finance LLC has satisfactory creditworthiness (the bottom level of the 'B' category). The rating assignment was based on the Credit Rating Methodology for Investment Companies rev. January 23, 2014.

The rating downgrade and the outlook revision to the negative follow the cancellation of the rated Company's license to provide brokerage, dealing, custody and securities management services as a professional participant of the securities market subject to a decision of the Bank of Russia as of July 9, 2015.

AK&M Rating Agency believes that the license-specific and reputational damage to IC Arbat-Finance LLC will seriously compromise the investment company's ability to fully and timely perform its obligations to creditors (exceeding RUB 200 million as of May 31, 2015).

We regard the change of the sole executive body and the person responsible for the maintenance of accounting records of IC Arbat-Finance LLC in June 2015 as well as the almost two-fold reduction (form RUB 104.7 million to RUB 53.6 million) in equity capital from January to May 2015 as additional destructive factors.

AK&M Rating Agency assigned a credit rating to IC UFS Finance LLC for the first time on March 22, 2012. The last rating action in relation to the Company was September 23, 2014. All rating action announcements are available on the akmrating.ru website.

The rating is valid until September 2015. AK&M Rating Agency may revise the rating and/or the outlook during this period if circumstances fundamentally influencing the Company's creditworthiness are revealed.

For estimation purposes, we completely rely on the reliability of information provided by the Company. The rationale for AK&M Rating Agency's judgment on the rating may include information acquired from other sources we deem to be reliable; however, the agency does not check the input data exhaustively and disclaims all responsibility for their possible errors.

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.

AK&M Rating Agency

Ul. Gubkina 3, Moscow, Russia

www.akmrating.ru

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