16.11.2005

Nov 16 - Moody's Investors Service has assigned a B1 issuer rating to Reserve Invest (Cyprus) Ltd (RIC). The outlook for the rating is stable. According to Moody's, the B1 (stable outlook) issuer rating, reflects (i) a relatively high likelihood of support from the beneficial shareholders in case of need, although its timeliness and extent may be uncertain; (ii) the fact that, in economic terms, RIC is the foreign arm of a sound and promising group (IG Kapital); (iii) the facility lines obtained from some top investment banks worldwide, serving as testimony that RIC is a reliable counterparty; and (iv) RIC's location in an EU member state, giving some degree of assurance that it is adequately regulated and supervised. In addition, RIC compared to peer financial companies is characterised by strong levels of capitalisation and liquidity, relatively high transparency of ownership and a fairly efficient internal control system.

RIC's business lines are proprietary trading, brokerage, underwriting, asset management and advisory.

RIC is licensed by the Cyprus Securities and Exchange Commission to operate as a Cypriot Investment Firm and to provide investment and non-core services in relation to transferable securities and shares in collective investments undertakings. Its licence was recently extended to trade in money market instruments, futures, forward rate agreements, interest rate, currency and equity swaps and options. RIC reported shareholders' equity of US$458.0 million and total assets of US$851 million in accordance with IFRS as of 31 December 2004. The net profit for year 2004 reached US$119 million.