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Disclosures Appendix

All the researches you receive from us or published on our site (“the research”) has been prepared by ATON LLC, regulated by the Federal Service for Financial Markets of the Russian Federation, and, except as otherwise specified herein, is communicated by ATONLINE LIMITED, regulated by the Cyprus Securities and Exchange Commission.

The research is not for distribution to the public or a large number of persons, and none is an advertisement to an unlimited group of persons, of securities, or related financial instruments, but is personal to named recipients. All recipients are persons who have professional experience in matters relating to investments or high net worth entities, and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “named recipients”). The research must not be acted on or relied on by persons who are not named recipients. Any investment or investment activity to which the research relates is only available to named recipients and might be engaged in only with named recipients.

The securities described in the research 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 results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. Some investments may not be readily realisable since the market in the securities is illiquid or there is no secondary market for the investor’s interest and therefore valuing the investment and identifying the risk to which the investor is exposed may be difficult to quantify. Investments in illiquid securities involve a high degree of risk and are suitable only for sophisticated investors who can tolerate such risk and do not require an investment easily and quickly converted into cash. 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. Other risk factors affecting the price, value or income of an investment include but are not necessarily limited to political risks, economic risks, credit risks, and market risks. Investing in emerging markets such as Russia, other CIS and emerging markets securities involves a high degree of risk and investors should perform their own due diligence before investing.

None of the research is investment research nor has it been prepared in accordance with legal requirements designed to promote the independence of investment research. The research is not subject to any prohibition on dealing ahead of the dissemination of investment research. The research has been prepared with all reasonable care and is not knowingly misleading in whole or in part.

None of the provided information constitutes an offer, solicitation or recommendation for the purchase or sale of any securities or other financial instruments nor does it constitute advice, a personal recommendation or otherwise or an expression of our view as to whether a particular security or financial instrument is suitable or appropriate for you and meets your financial or any other objectives. This information is not based on the particular circumstances of any named recipient.

The information herein is obtained from various publicly available news sources which we consider to be reliable but its accuracy and completeness cannot be guaranteed. It is not intended to be a comprehensive summary of newsworthy financial or business events and it may not be relied upon as such. The information and views given herein are subject to change without notice to the recipients.

ATON LLC and ATONLINE LIMITED may have a position and/or trade for their own accounts as odd-lot dealer, market maker, block positioner, specialist, liquidity maker and/or arbitrageur in any securities of issuers mentioned herein or in related investments and also may from time to time perform investment services or other services for, or solicit investment services or other business from, any entity mentioned herein.

None of the research is intended for access by retail investors outside of the Russian Federation. Any investment or investment activity to which this research relates is not available to retail clients and will be engaged in only with persons other than retail clients.

None of the research is intended for public access in the United States of America (including dependent territories and the District of Columbia), Australia, Canada and Japan. The publication and distribution of information about securities in some jurisdictions may be restricted by law. Unless otherwise stated, the research is intended only for persons who are eligible recipients of the research in the jurisdiction, in which the recipient of the research is located or belongs to. Disregarding these restrictions may be regarded as a law violation within corresponding jurisdictions of securities.

Providing the research to major U.S. institutional investors only, we neither recommend using ATON LLC or ATONLINE LIMITED to effect trades in any security nor initiate contacts with those major U.S. institutional investors to follow up on the research, or otherwise induce or attempt to induce the purchase or sale of any security by those major U.S. institutional investors. ATON LLC or ATONLINE LIMITED does not provide the research to U.S. persons pursuant to any express or implied understanding that those U.S. persons will direct commission income to ATON LLC or ATONLINE LIMITED. Any transactions in securities discussed in the research furnished to major U.S. institutional investors shall be effected only through the U.S.-registered broker or dealer.

Analyst certification

The research has been prepared by the analyst(s) of ATON LLC, whose name(s) appear(s) on the front page of the research. Each analyst certifies that with respect to the company and such securities and markets, all the views expressed in the research accurately reflect his or her personal views about the company and any and all of such securities and markets. Each analyst and/or persons connected with any analyst may have interacted with sales and trading personnel, or similar, for the purpose of gathering, synthesising and interpreting market information.

Any ratings, forecasts, estimates, opinions or views in the research constitute a judgment as at the date of the research. If the date of the research is not current, the views and contents may not reflect the analysts’ current thinking. The research has been produced independently of the company and any ratings, forecasts, estimates and opinions reflect only the analyst’s personal view. While all reasonable care has been taken to ensure that the facts stated therein are accurate and that the forecasts, estimates, opinions and views contained therein are fair and reasonable, neither the analysts, the company, nor any of its directors, officers or employees, have verified the contents thereof unless disclosed otherwise below. Accordingly, neither the analysts, the company, nor any of its directors, officers or employees, shall be in any way responsible for the contents thereof, and no reliance should be placed on the accuracy, fairness or completeness of the information contained in the research.

Neither the analysts, the company, nor any of its directors, officers or employees, accept any liability whatsoever for any loss howsoever arising from any use of the research or its contents or otherwise arising in connection therewith. Each analyst and/or persons connected with any of them may have acted upon or used the information herein contained, or the data or analysis on which it is based, before its publication. None of the research may be relied upon by any of its recipients or any other person in making investment decisions with respect to the company’s securities. None of the research constitutes a valuation of the company’s business, assets or securities for the purposes of the legislation on valuation activities for the company’s country.

No part of his or her compensation was, or will be, directly or indirectly related to the specific ratings, forecasts, estimates, opinions or views in the research. Analysts’ compensation is determined based upon activities and services intended to benefit the investor clients. Like all of ATON LLC employees, analysts receive compensation that is impacted by overall ATON LLC profitability, which includes revenues from other business units within ATON LLC.

Each analyst or his or her affiliated company or other persons is or may be a member of underwriting group in a respect of proposed offering of the securities of the company. Each analyst may in the future participate in an offering of the company’s securities.

Investment ratings

Investment ratings are a function of ATONLINE LIMITED’s expectation of total return on equity (forecast price appreciation and dividend yield within the next 12 months, unless stated otherwise in the research).

The investment ratings may be determined by the following standard ranges:

  • BUY (expected total return of 15% or more);
  • HOLD (expected total return of 0-15%);
  • SELL (expected negative total return).

Standard ranges do not always apply to emerging markets securities and ratings may be assigned on the basis of the analyst’s knowledge of the securities. Investment ratings are determined at the time of initiation of coverage of a company of equity securities, or a change in fair value of any of the company’s equity securities. At other times, the expected total returns may fall outside of the range used at the time of setting a rating because of price movement and/or volatility. Such interim deviations will be permitted but will be subject to review by Research Department Management. It may be necessary to temporarily place the investment rating “Under Review” during which period the previously stated investment rating may no longer reflect the analysts’ current thinking. For companies where ATONLINE LIMITED has not expressed a commitment to provide continuous coverage, to keep you informed, analysts may prepare research covering significant events or background information without an investment rating. Your decision to buy or sell a security should be based upon your personal investment objectives and should be made only after evaluating the security’s expected performance and risk.


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