AUTO FINANCE

Joint Stock Company was founded as a special (limited) purpose legal entity. The scope of activities of the company is limited to the following: purchasing of cash receivables from the originator; issuance of debt obligations collateralized by the cash receivable assets purchased; enter into the agreements related to the current transaction, described herein. Per terms of the issuance of the debt obligations, the issuer is prohibited from conduct of any other business up until the completion of the transaction and full redemption of the bonds at the final maturity to the bondholders, except the cases when this is explicitly allowed by the transaction documentation and / or authorized in writing by the bondholders or their representatives. Since its founding, the issuer has never conducted any business activity. The purpose of limitation of the issuer’s activities is to segregate business and credit risks, that provide minimization of risks associated with the debt obligations.