Subject: File No. S7-18-08
From: Artemiy A Berezikov, MDE
Affiliation: CEO Muros Ratings

February 10, 2011

New paradigm (type) of Rating Agency.

Muros Rating Agency is a specialized rating agency which assigns ratings upon investors request.

Main advantage of Muros rates is complete independence from assigns companies. Our clients are investors. In this case most ratings are non-public, but clients can sell them (information about the issuer and / or the rated loan is placed in non-public ratings).

Our methodology is quite transparent, simple and structured in accordance with international standards, rating scale is not the traditional notation, but it is simpler and more understandable for investors, according to the survey.