I.       A contract for credit rating assignment is signed and a lead financial analyst for BCRA and a contact person for the issuer are named;

II.      Ananalytical report is drawn up about the state of the rated object and economic sector in which it operates in accordance with the BCRA’s methodology.

The main stages are as follows:

1. Designation of team of analysts in assigning of an analytical report;
2. Sending a questionnaire and a letter of notification (when it is an update of the credit rating) to the client;
3. Receipt of the needed information on the basis of the sent BCRA’s questionnaire;
4. Allocation of the tasksbetweentheteammembersandpreparation of a work schedule, pursuanttotheterm of performance set out in the contract;
5. Choosing a consultantofthesector, in which the issuer operates (if necessary);
6. Meeting a consultant working in the sector (if necessary);
7. Plant visits and knowledge of issuer’s business (if necessary);
8. Meeting the management team of the issuer (if necessary);
9. Binding of the separate sections in a draft report, in accordance with the structure, accepted in the BCRA’s methodology;

III.       The team become familiar with the report;

IV.       Sending a draft report to the issuer;

V.         Discussion with the team of possible issues with the report brought up by the issuer;

VI.        Submission of supplementary documentation and information related to arousing issues;

VII.       Amendment of possible discrepancies in the draft analytical report;

VIII.      Rating Committee Meeting. Minutes for taken decisions are issued and signed by all participants. The Minutes are given to the office coordinator within the same day or as soon as possible but in any case before the client is informed about his assigned credit rating;

IX.        (Disaffirmed with a decision of the Board of directors dated back to 25.03.11);

X.         Presentation of the final report and credit rating assigned to the issuer which is verified by the office coordinator on the basis of the information in the Rating Committee Minutes;

XI.        A short rationale of the report is prepared;

XII.       Credit rating publication on the website of BCRA which is verified by the office coordinator on the basis of the information in the Rating Committee Minutes;

XIII.      Surveillance, monitoring and credit rating update in compliance with the acquired internal rules by BCRA.