Credit ratings

Rating BB-/B/ruAA- assigned to the Company by the rating agency Standard & Poor’s:

• The Company is out of danger in the short-term perspective; however, sensitivity to the influence of negative changes in commercial, financial and economic conditions is reported, with little probability of changes.

Rating АА- (very high creditworthiness, third level), assigned by the NRA (National Rating Agency):

• High capability of the Company to discharge its liabilities promptly and fully with respect to other Russian companies.