Disclaimer

The information contained on thise Site has been prepared by Alfa-Bank and, except as otherwise specified herein, is communicated by Alfa-Bank. The research reports available on the Site have been prepared by Alfa-Bank and, except as otherwise specified herein, areis communicated by Alfa-Bank.

The information contained on the Site is for distribution only under such circumstances as may be permitted by applicable law.

The information contained on the Site is not and should not be construed as an offer, inducement or a solicitation of an offer, to buy or sell any securities or other financial instruments, and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated price.

The information contained on thise Site is solely for information purposes only. Descriptions of any company or companies or their securities or the markets or developments mentioned herein are not intended to be complete. The information contained on the Site should not be regarded by recipients as a substitute for the exercise of their own judgment. The information contained on the Site has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The Cyprus Securities and Exchange Commission has not approved the The contents of thise Site have not been approved or issued by any regulatory body and any statement to the contrary (express or otherwise), would constitute a material misstatement and an offence.

The information and opinions contained on thise Site have been compiled or arrived at based on information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified and no representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of such information and opinions, except with respect to information concerning Alfa-Bank, its subsidiaries and affiliates. All such information and opinions are subject to change without notice and Alfa-Bank is not under any obligation to update or keep current the information contained on the Site. Opinions expressed on thise Site may differ or be contrary to opinions expressed by other business areas or groups of Alfa-Bank as a result of using different assumptions and criteria.

Alfa-Bank and its affiliates, their directors, representatives, employees (excluding the US broker-dealer unless specifically disclosed), or clients may have or have had interests or long or short positions in any of the securities or other financial instruments mentioned on the Site or of issuers described herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case as principals or as agents. Alfa-Bank and its affiliates (excluding the US broker-dealer unless specifically disclosed) may act or have acted as market-maker in the securities or other financial instruments described on the Site, or in securities underlying or related to such securities. Furthermore Alfa-Bank may have or have had a relationship with or provide or have provided investment banking, capital markets and/or other financial services to the relevant companies.

Employees of Alfa-Bank or its affiliates may serve or have served as officers or directors of the relevant companies. Alfa-Bank may rely on information barriers, such as “Chinese Walls,” to control the flow of information contained in one or more areas within the Alfa-Bank, into other areas, units, groups or affiliates of Alfa-Bank. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors and trading in these instruments is considered risky.

Past performance is not necessarily indicative of future resultsperformance. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or the price of, or income derived from, the investment. In addition, investors in securities, mentioned on the Site, the values of which are influenced by foreign currencies, effectively assume currency risk. Investing in Russia and Russian securities involves a high degree of risk and investors should perform their own due diligence before investing.

Neither Alfa-Bank, nor any of its affiliates, nor any of Alfa-Bank’s or any of its affiliates’, directors, employees or agents accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the information contained on the Site, or the information contained herein.

The information contained on the Site may not be reproduced, distributed or published, in whole or in part, for any purpose without the written permission of Alfa-Bank and Alfa-Bank accepts no liability whatsoever for the actions of third parties in this respect.

United Kingdom and the rest of Europe: The information contained on the Site has been issued and approved by Alfa Capital Markets(“ACM”) is, which is regulated by FSA for the conduct of UK business. Alfa Capital Markets is the the UK branch of Alfa Capital Holdings (Cyprus) Limited which is authorised by the Cyprus Securities and Exchange Commission. ACM is regulated by the UK Financial Services Authority (“FSA”) for the conduct of UK business. ACM is a member of the London Stock Exchange and has Nominated Broker status permitting it to act as corporate broker for companies on the Alternative Investment Market of the London Stock Exchange (“AIM”).

ACM provides services only Except as otherwise specified herein, the information contained on thise Site is communicated by Alfa Capital Markets to persons who are Professional Investors, market counterparties UK High Net Worth Companies, Unincorporated Associations, etc. or Market Counterparties (full definition) or intermediate customers Except as otherwise specified herein, the information contained on this Site is communicated by ACM to and is only available to such persons. Other persons should not rely on or act upon information contained on this Site. The information contained herein does not apply to, and should not be relied upon by, private customers.