Ratings

Moody's Interfax Rating Agency in association with Moody's Investor Service Moody's Interfax Rating Agency specializes in the assessment of credit risks in Russia and the Commonwealth of Independent States, including the assessment of the creditworthiness and liabilities of financial institutions, regional administrations and non-financial enterprises. The agency was formed in October 2001 after the Interfax Rating Agency, established in 1997, signed an agreement with Moody's Investors Service, a world leader in rating business. In November 2003, Moody's bought a 20% stake in the Russian agency. In 2004 Moody's purchased a majority stake in the company. Moody's Interfax Rating Agency assigns national scale ratings, which accurately reflect the degree of risk and are not limited by the sovereign ratings of states. In 2008, Moody's Interfax Rating Agency (MIRA) reported the high rate of the customer base growth for National Scale Ratings (NSR) as compared to other international rating agencies operating in the Russian market. By the mid year of 2009 MIRA essentially increased its customer base for the NSR and published about 145 ratings. Russian President Vladimir Putin and John Rutherfurd, President and Chief Executive Officer of Moody's Corporation Kremlin, November 2003 Russian President Vladimir Putin (November, 2003) publicly hailed the strategic cooperation agreement that had been signed between Moody's Investors Service and the Interfax Rating Agency and expressed hope that the deal "will contribute to the growth of economic confidence in Russia." Mikhail Komissar, Chairman of the Board of Directors of Interfax Group, and John Rutherfurd, President and Chief Executive Officer of Moody's Corporation Moscow, June 2004 John Rutherfurd, Moody's Corporation President and Chief Executive Officer in 2000-2005 described his company's purchase of shares in the Interfax Rating Agency as a new stage in the development of the Russian rating business. He expressed confidence that cooperation between Moody's and Interfax would give clear guidelines both to financial market participants and to borrowers, and that demand for ratings would grow among Russian companies, governmental bodies, and media groups.