CREDIT RATING WITHDRAWAL RATIONALE

ACRA has withdrawn its BB+(RU) credit rating previously assigned to the RU000A101V37 bond issued by "Garant-Invest Commercial Real Estate" JSC due to the full redemption of this bond issue. The rating has been withdrawn without its concurrent affirmation.

REGULATORY DISCLOSURE

The credit rating was previously assigned to the 001Р-07 series (RU000A101V37) bond issued by "Garant-Invest Commercial Real Estate" JSC under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments on the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

The credit rating of the RU000A101V37 bond issued by "Garant-Invest Commercial Real Estate" JSC was published by ACRA for the first time on September 8, 2020.

ACRA provided additional services to "Garant-Invest Commercial Real Estate" JSC. No conflicts of interest were discovered in the course of credit rating assignment.

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