Issuer: Closed Joint Stock Company "First Mortgage Agent of AHML"

....Ru.Ruble264M B Notes, Upgraded to Baa3 (sf); previously on Aug 13, 2012 Ba1 (sf) Placed Under Review for Possible Upgrade

Issuer: Closed Joint Stock Company Second Mortgage Agent of AHML

....Ru.Ruble590.3M B Notes, Upgraded to Baa3 (sf); previously on Aug 13, 2012 Ba3 (sf) Placed Under Review for Possible Upgrade

Issuer: National Mortgage Agent VTB 001

....Ru.Ruble2027.098M B Notes, Upgraded to Baa2 (sf); previously on Aug 13, 2012 Ba1 (sf) Placed Under Review for Possible Upgrade

RATINGS RATIONALE

Today's rating action primarily reflects the build up of the credit enhancement under the affected notes since closing and the good performance of the portfolios backing the transactions as described below. As part of this review, the expected losses assumed for the affected transactions were also updated to reflect the current performance of the mortgage portfolios as well as their characteristics, such as low current loan-to-value (LTV) ratios, which is offset by the possibility of adverse selection as higher quality borrowers prepay and exit the portfolios. The expected losses in each of these transactions were updated to equal 5% of the current portfolio balance. The MILAN CE numbers for these transactions were not updated.

The lower rating achieved by the subordinated notes in First Mortgage Agent of AHML and Second Mortgage Agent of AHML transactions (together "AHML transactions") when compared to the Mortgage Agent VTB 001 transaction reflects the fact that the issuer account bank for the AHML transactions, ZAO Citibank, is an unrated entity and all collections as well as the reserve funds in the transactions are being held in this bank. Therefore, if this entity were to default before funds are moved to a different account bank, this would result in significant losses to these transactions. This risk has resulted in a maximum rating for the subordinated notes in AHML transactions being set at Baa3 (sf). On the other hand, Mortgage Agent VTB 001 transaction benefits from a rated issuer account bank (JSC VTB Bank "VTB" (Baa1/P-2)) and a rating trigger, which provides for a transfer of all funds held by the issuer with VTB to another, sufficiently rated account bank, if the long term senior unsecured rating of VTB falls below Baa3.

Closed Joint Stock Company First Mortgage Agent of AHML

The credit enhancement under the Class B notes is currently approximately 53.8%, out of which approximately 34.3% is represented by a non amortising reserve fund. The performance of the transaction has been within expectations, with 30+ day delinquencies equal to 2.2% of the current balance and outstanding defaults (defaults are defined as 90+ days in arrears) equal to 1.09% of the current balance as of September 30, 2012. To date, approximately 1.2% of defaulted mortgages (as percentage of original balance) have been repurchased out of the transaction by the originator. There is approximately 22.6% of the portfolio remaining in this transaction and the weighted average LTV of the portfolio is approximately 43.2%.

Closed Joint Stock Company Second Mortgage Agent of AHML

The credit enhancement under the Class B notes is currently approximately 43.2%, out of which approximately 23.8% is represented by a non amortising reserve fund. The performance of the transaction has been within expectations, with 30+ day delinquencies equal to 2.8% of the current balance and outstanding defaults (defaults are defined as 90+ days in arrears) equal to 2.1% of the current balance as of September 30, 2012. To date, approximately 1.7% of defaulted mortgages (as percentage of original balance) have been repurchased out of the transaction by the originator. There is approximately 34.5% of the portfolio remaining in this transaction and the weighted average LTV of the portfolio is approximately 38.6%.

National Mortgage Agent VTB 001

The credit enhancement under the Class B notes is currently approximately 44.5%, out of which approximately 4.7% is represented by a non amortising reserve fund. The performance of the transaction has been within expectations, with 30+ day delinquencies equal to 0.26% of the current balance and outstanding defaults (defaults are defined as 90+ days in arrears) equal to 0.16% of the current balance as of October 26, 2012. To date, approximately 2.8% of defaulted mortgages (as percentage of original balance) have been repurchased out of the transaction by the originator. There is approximately 44% of the portfolio remaining in this transaction and the weighted average LTV of the portfolio is approximately 40.6%.

Expected loss assumptions are subject to uncertainty with regard to general economic activity and house price development in the Russian Federation. Worse-than-expected economic conditions and lower-than-expected house prices would negatively affect the ratings. In addition, the ratings are linked to the ratings of Agency for Housing Mortgage Lending as originator and servicer in the AHML transactions and VTB24 as originator and servicer in the Mortgage Agent VTB 001 transaction. Please note that the ratings of AHML currently carry a Stable outlook whereas the outlook for the ratings of VTB24 is Negative. A significant downgrade of these entities could result in the downgrade of the notes of these transactions.

The principal methodology used in these ratings was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

In reviewing the ratings of these transactions, Moody's used a cash flow model to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the lognormal distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche. Moody's also considered scenarios where the Mortgage Agent has defaulted as a result of nonpayment of senior fees or interest on the notes, asset-liability mismatch, or insufficient mortgage coverage. In this case, Moody's assumed that the liquidation of assets occurred and the notes were repaid according to the post-enforcement waterfall using the proceeds of the asset liquidation assuming a recovery rate of 50%.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

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Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

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Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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Olga Gekht VP - Senior Credit Officer Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Michelangelo Margaria VP - Senior Credit Officer Structured Finance Group Telephone:+39-02-9148-1100 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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