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. The rating assignment was based on the Reliability Rating Methodology for Management Companies rev. January 23, 2014.

We appreciate the continued growth of assets under management, a strong liquidity position, an acceptable net worth level as the positive rating drivers.

Since the start of 2015, the total amount of assets managed by the Company increased 2.5 times reaching RUB 78.1 billion as of July 1, 2015. The growth is mainly attributable to an inflow of funds in the NPF pension management segment. Another positive signal is that as of October 19, 2015, the Company's biggest NPF clients are in the register of members of the Insured Persons' Rights Guarantee System. Such clients account for 89% of the total NPF assets managed by Company. This minimizes the risks arising from the possible loss of assets.

The return on NPF management is fairly high (11.7% p.a. on average in 2005-2014, exceeding the key market indicators (including the headline inflation rate), yields on municipal and corporate bonds and interest rates on legal entities' bonds and deposits. This year, RONIN Trust considerably improved its performance: the return on NPF management ratio at the end of H1 2015 reached 14.97%, almost twice above the average market percentage (7.8%, as estimated by Investfund).

As of October 1, 2015, the absolute and current liquidity ratios increased more than 5 times than in H1 2014 to 230.6 and 236.1, respectively. The strong liquidity position indicates the Company's high solvency and well-structured balance sheet, which contributes to the credit rating.

Since our previous review, equity capital of RONIN Trust (according to RAS standards) has increased to RUB 323 million, more than RUB 240 million above the minimum threshold set by the regulatory authority for companies managing mutual funds and assets of non-state pension funds. The backbone of the Company's equity is a portfolio of financial investments in high-quality and acceptably diversified debt securities. Government bonds and external bonds of the Russian Federation account for 23% of this portfolio; approximately 71% of the debt securities are currently on the Lombard List of the Russian Federation. In the second quarter of 2015, the company increased its IFRS equity capital to more than RUB 1 billion.

At the same time, the reliability rating is constrained by weak diversification of the assets managed by RONIN Trust.

As of the last reporting date, NPF funds accounted for more than 95% of the Company's total assets. The fairly poor diversification spells challenges for RONIN Trust in the face of the often changing regulatory requirements as regards generation of pension reserves and accumulation of NPF pension accruals.

Company name: «RONIN Trust»

RONIN Trust has been active in the discretionary asset management market since 2002. The company is among the leading players in the market of discretionary management of NPF and mutual fund resources.

RONIN Trust's license for the management of investment funds, mutual funds and non-state pension funds no. 21-000-1-00100 was issued by Russia's Federal Financial Markets Service on December 24, 2002.

License no. 077-09333-001000 of a professional participant of the securities market for the management of securities was issued by Russia's Federal Financial Markets Service on August 8, 2006.

AK&M Rating Agency assigned a credit rating to RONIN Trust for the first time on August 30, 2009. The last rating action in relation to the Company was taken on September 29, 2014. All rating action announcements are available on the akmrating.ru website.

The rating is valid until November 2016. 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.

This press release is based on the Statement of assignment of a reliability rating to RONIN Trust. The rating assignment was based on the Reliability Rating Methodology for Management Companies rev. January 23, 2014.

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 AK&M Rating Agency

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www.akmrating.ru

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