Investment Research Disclaimer

The research reports (“Investment Research”) available on this Site are the copyright of Renaissance Securities (Cyprus) Limited, an indirect subsidiary of Renaissance Financial Holdings Limited  ("Renaissance Capital"), which together with other subsidiaries operates outside of the USA under the brand name of Renaissance Capital, for contact details see Bloomberg page RENA, or contact the relevant office. All rights reserved. The Investment Research information contained on this Site has been prepared by and, except as otherwise specified herein, is communicated by Renaissance Securities (Cyprus) Limited, regulated by the Cyprus Securities and Exchange Commission (License No: KEPEY 053/04).

The Investment Research is for information purposes only. The information presented therein does not comprise a prospectus of securities for the purposes of EU Directive 2003/71/EC or Federal Law No. 39-FZ of 22 April 1994 (as amended) of the Russian Federation "On the Securities Market". Any decision to purchase securities in any proposed offering should be made solely on the basis of the information to be contained in the final prospectus published in relation to such offering. The Investment Research does not form a fiduciary relationship or constitute advice and is not and should not be construed as an offer or a solicitation of an offer of securities or related financial instruments, or an invitation or inducement to engage in investment activity, 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 Investment Research is not an advertisement of securities. Investment Research opinions expressed may differ or be contrary to opinions expressed by other business areas or groups of the Renaissance Capital as a result of using different assumptions and criteria. All such information and opinions are subject to change without notice, and neither Renaissance Capital nor any of its subsidiaries or affiliates is under any obligation to update or keep current the information contained in the Investment Research or in any other medium.

Descriptions of any company or issuer or their securities or the markets or developments mentioned in the Investment Research are not intended to be complete. The Investment Research should not be regarded by recipients as a substitute for the exercise of their own judgment as the Investment Research has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The application of taxation laws depends on an investor’s individual circumstances and, accordingly, each investor should seek independent professional advice on taxation implications before making any investment decision. The information and opinions 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, is provided on an ‘as is’ basis and no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, merchantability or fitness for a particular purpose of such information and opinions, except with respect to information concerning Renaissance Capital, its subsidiaries and affiliates. All statements of opinion and all projections, forecasts, or statements relating to expectations regarding future events or the possible future performance of investments represent Renaissance Capital’s own assessment and interpretation of information available to them currently.

The securities described in the Investment 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, African or Asian countries and emerging markets securities involves a high degree of risk and investors should perform their own due diligence before investing.

Excluding significant beneficial ownership of securities where Renaissance Capital has expressed a commitment to provide continuous coverage in relation to an issuer or an issuer’s securities, Renaissance Capital and its affiliates, their directors, representatives, employees (excluding the US broker-dealer unless specifically disclosed), or clients may have or have had interests in the securities of issuers described in the Investment Research or long or short positions in any of the securities mentioned in the Investment Research or other related financial instruments 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. Where Renaissance Capital has not expressed a commitment to provide continuous coverage in relation to an issuer or an issuer’s securities, Renaissance Capital 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 in the Investment Research, or in securities underlying or related to such securities. Employees of Renaissance Capital or its affiliates may serve or have served as officers or directors of the relevant companies. Renaissance Capital and its affiliates may have or have had a relationship with or provide or have provided investment banking, capital markets, advisory, investment management, and/or other financial services to the relevant companies, and has established and maintains information barriers, such as ‘Chinese Walls’, to control the flow of information contained in one or more areas of Renaissance Capital, into other areas, units, groups or affiliates of the Firm. Renaissance Capital maintains a conflicts of interest policy designed to prevent exploitation for either corporate or personal benefit, and ensure that the different business activities of Renaissance Capital do not constitute or give rise to material damage to client interests.

The Investment Research information is not intended for distribution to the public and may not be reproduced, redistributed or published, in whole or in part, for any purpose without the written permission of Renaissance Capital, and neither Renaissance Capital nor any of its affiliates accepts any liability whatsoever for the actions of third parties in this respect. The information may not be used to create any financial instruments or products or any indices. Neither Renaissance Capital and its affiliates, nor their directors, representatives, or employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the Investment Research information.

Bermuda: Neither the Bermuda Monetary Authority nor the Registrar of Companies of Bermuda has approved the contents of this document and any statement to the contrary, express or otherwise, would constitute a material misstatement and an offence.

EEA States: Distributed by Renaissance Securities (Cyprus) Limited, regulated by Cyprus Securities and Exchange Commission, or Renaissance Capital Limited, member of the London Stock Exchange and regulated in the UK by the Financial Conduct Authority (“FCA”) in relation to designated investment business (as detailed in the FCA rules).

Cyprus: Except as otherwise specified herein the information herein is not intended for, and should not be relied upon by, retail clients of Renaissance Securities (Cyprus) Limited. The Cyprus Securities and Exchange Commission Investor Compensation Fund is available where Renaissance Securities (Cyprus) Limited is unable to meet its liabilities to its retail clients, as specified in the Customer Documents Pack.

UAE: Approved for distribution in the Dubai International Financial Centre by Renaissance Capital (Dubai) Ltd which is regulated by the Dubai Financial Services Authority (“DFSA”). Material is intended only for persons who meet the criteria for Professional Clients under the Rules of the DFSA and no other person should act upon it.

United Kingdom: Approved and distributed by Renaissance Capital Limited only to persons who are eligible counterparties or professional clients (as detailed in the FCA Rules). The information herein does not apply to, and should not be relied upon by, retail clients; neither the FCA’s protection rules nor compensation scheme may be applied.

Kenya: Distributed by Renaissance Capital (Kenya) Limited, regulated by the Capital Markets Authority.

Nigeria: Distributed by RenCap Securities (Nigeria) Limited, authorised dealing member of The Nigerian Stock Exchange, or Renaissance Securities (Nigeria) Limited, entities regulated by the Securities and Exchange Commission.

Russia: Distributed by Renaissance Broker Limited or Renaissance Online Limited, entities regulated by the Bank of Russia.

South Africa: Distributed by Rencap Securities (Proprietary) Limited, an authorised Financial Services Provider and member of the JSE Limited. The information contained herein is intended for Institutional investors only.

United States: Distributed in the United States by RenCap Securities, Inc., member of FINRA and SIPC, or by a non-US subsidiary or affiliate of Renaissance Financial Holdings Limited that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. RenCap Securities, Inc. accepts responsibility for the content of a research report prepared by another non-US affiliate when distributed to US persons by RenCap Securities, Inc. Although it has accepted responsibility for the content of this research report when distributed to US investors, RenCap Securities, Inc. did not contribute to the preparation of this report and the analysts authoring this are not employed by, and are not associated persons of, RenCap Securities, Inc. Among other things, this means that the entity issuing this report and the analysts authoring this report are not subject to all the disclosures and other US regulatory requirements to which RenCap Securities, Inc. and its employees and associated persons are subject. Any US person receiving this report who wishes to effect transactions in any securities referred to herein should contact RenCap Securities, Inc., not its non-US affiliate. RenCap Securities, Inc. is a subsidiary of Renaissance Financial Holdings Limited and forms a part of a group of companies operating outside of the United States as "Renaissance Capital." Contact: RenCap Securities, Inc., 780 Third Avenue, 20th Floor, New York, New York 10017, Telephone: +1 (212) 824-1099.

Other distribution: The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction.

 

Additional information (including information about the RenCap-NES Leading GDP Indicator) and supporting documentation is available upon request.

 

Marketing Communications Disclaimer

Information of an indicative nature (the “Marketing Communication”), unless prepared by or on behalf of a company that is not a member of the group of companies operating under the brand name of the Renaissance Capital, is the copyright of Renaissance Securities (Cyprus) Limited, regulated by the Cyprus Securities and Exchange Commission, and an indirect subsidiary of [Renaissance Capital Investments Limited], for contact details see Bloomberg page RENA, or contact the relevant office. All rights reserved. Except as otherwise specified therein the Marketing Communication has been prepared by and is communicated by Renaissance Securities (Cyprus) Limited or another subsidiary of [Renaissance Capital Investments Limited] which, together with other subsidiaries, operates under the brand name of Renaissance Capital. Renaissance Capital is an investment bank offering multiple activities such as mergers & acquisitions advice, corporate finance, and principal trading. Renaissance Capital is not a credit institution licensed to accept deposits or other repayable funds from the public or to engage in any other business which is classified as banking business under Russian law. Where distribution in the US is permitted, Renaissance Capital branding should be read by US investors as the RenCap brand.

THE MARKETING COMMUNICATION DOES NOT CONSTITUTE AN OFFER OF, OR AN INVITATION BY OR ON BEHALF OF, THE ISSUER OR RENAISSANCE CAPITAL TO SUBSCRIBE OR PURCHASE THE INVESTMENT AND SHALL NOT FORM THE BASIS OF, NOR MAY IT ACCOMPANY, NOR FORM PART OF, ANY CONTRACT TO ACQUIRE THE INVESTMENT IN ANY JURISDICTION. THE DISTRIBUTION OF THE MARKETING COMMUNICATION AND THE OFFER OR SALE OF THE INVESTMENT MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS AND THE MARKETING COMMUNICATION DOES NOT CONSTITUTE AN OFFER OF, OR ANY INVITATION BY OR ON BEHALF OF THE ISSUER OR RENAISSANCE CAPITAL TO OFFER OR SELL THE INVESTMENT IN ANY JURISDICTION IN WHICH SUCH OFFER OR INVITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR INVITATION. ACCORDINGLY, THE INVESTMENT MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, AND THE MARKETING COMMUNICATION MAY NOT BE DISTRIBUTED IN ANY JURISDICTION, EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE TO SUCH JURISDICTIONS. PERSONS INTO WHOSE POSSESSION THE MARKETING COMMUNICATION COMES ARE REQUIRED BY RENAISSANCE CAPITAL TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NEITHER RENAISSANCE CAPITAL NOR ITS AFFILIATES ACCEPTS ANY LIABILITY TO ANY PERSON IN RELATION TO THE DISTRIBUTION OR POSSESSION OF THE MARKETING COMMUNICATION IN OR FROM ANY JURISDICTION.

The Marketing Communication is for information purposes only. The Marketing Communication does not constitute a binding commitment or agreement to provide services or financing on the terms therein or similar terms, or any other commitment to provide services or financing of any kind, 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 Marketing Communication is not an advertisement to an unlimited group of persons of securities, or related financial instruments. The Marketing Communication is not investment research and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The Marketing Communication is not intended to provide the basis of any investment decision, credit or any other evaluation and is not to be considered as a recommendation by Renaissance Capital that any recipient of the Marketing Communication participate in the transaction described therein (the "Investment"). Each recipient of the Marketing Communication contemplating participating in the Investment must make (and will be deemed to have made) its own independent investigation and appraisal of the business, financial condition, prospects, creditworthiness, status and affairs of any relevant company or issuer (the "Issuer"). The legal rights and obligations of recipients of the Marketing Communication, who participate in the Investment, will be governed solely by the investment agreement and no rights or obligations against or toward the Issuer or any other person shall arise out of or in connection with the Marketing Communication.

Opinions expressed therein may differ or be contrary to opinions expressed by other business areas or groups of Renaissance Capital and its affiliates as a result of using different assumptions and criteria. All such information is subject to change without notice, and neither Renaissance Capital nor any of its subsidiaries or affiliates is under any obligation to update or keep current the information contained in the Marketing Communication or in any other medium. The delivery of the Marketing Communication at any time does not imply that the information in it is correct as of any time after its preparation date or that there has been no change in the business, financial condition, prospects, creditworthiness, status or affairs of the Issuer or anyone else since that date. Renaissance Capital does not undertake to assess or keep under review the business, financial condition, prospects, creditworthiness, status or affairs of the Issuer or any other person now or at any time in the future. Neither Renaissance Capital nor any of its affiliates undertake to provide the recipient with access to any additional information or to update the Marketing Communication or to correct any inaccuracies therein which may become apparent and Renaissance Capital reserves the right, without prior notice, to change the procedure for the Investment or the delivery of information or to terminate discussions at any time without stating its reasons.

Descriptions of the Issuer or the securities or other financial instruments of the Issuer or securities underlying or related to such instruments or the markets or developments mentioned in the Marketing Communication are not intended to be complete. In the Marketing Communication certain agreements may be referred to and described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements. Interested parties are expected to review independently all such documents. The Marketing Communication should not be regarded by recipients as a substitute for the exercise of their own judgment as the Marketing Communication has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The application of taxation laws depends on an investor's individual circumstances and, accordingly, each investor should seek independent professional advice on taxation implications before making any investment decision. The Marketing Communication has 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, is provided on an 'as is' basis and no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reasonableness of the Marketing Communication or any further information, notice or other document at any time supplied in connection with the Investment, except with respect to information concerning Renaissance Capital, its subsidiaries and affiliates. All statements of opinion and all projections, forecasts, or statements relating to expectations regarding future events or the possible future performance of investments represent Renaissance Capital's own assessment and interpretation of information available to them currently.

The Marketing Communication may include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements as to future operating results. Any "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof, involve known and unknown risks, uncertainties and other important factors beyond Renaissance Capital's control that could cause the actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding present and future business strategies and the environment operating in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. No assurances can be given that the forward-looking statements in this document will be realised. Neither Renaissance Capital nor any of its affiliates intend to update such forward-looking statements.

The Investment described in the Marketing Communication 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, African or Asian countries and emerging markets securities involves a high degree of risk and investors should perform their own due diligence before investing.

Renaissance Capital and its affiliates, their directors, representatives, employees or clients may have or have had interests in any existing securities of the Issuer or other related financial instruments 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. Renaissance Capital and its affiliates (excluding the US broker-dealer unless specifically disclosed) may act or have acted as market maker in such securities or other financial instruments, or in securities underlying or related to such securities. Employees of Renaissance Capital or its affiliates may serve or have served as officers or directors of the Issuer. Renaissance Capital and its affiliates may have or have had a relationship with or provide or have provided investment banking, capital markets, advisory, investment management, and/or other financial services to the Issuer, and has established and maintains information barriers, such as 'Chinese Walls', to control the flow of information contained in one or more areas of Renaissance Capital, into other areas, units, groups or affiliates of the Firm. Renaissance Capital maintains a conflicts of interest policy designed to prevent exploitation for either corporate or personal benefit, and ensure that the different business activities of Renaissance Capital do not constitute or give rise to material damage to client interests.

The Marketing Communication is not intended for distribution to the public and may be confidential. It may not be reproduced, redistributed or published, in whole or in part, for any purpose without the written permission of Renaissance Capital, and neither Renaissance Capital nor any of its affiliates accepts any liability whatsoever for the actions of third parties in this respect. The information may not be used to create any financial instruments or products or any indices. Neither Renaissance Capital and its affiliates, nor their directors, representatives, or employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the Marketing Communication.

Renaissance Capital services are rendered in the below territories by the stated registered entities that act under the appropriate licences. More information about each entity may be found at Our Contacts

Bermuda: Neither the Bermuda Monetary Authority nor the Registrar of Companies of Bermuda has approved the contents of this document and any statement to the contrary, express or otherwise, would constitute a material misstatement and an offence.

EEA States: Distributed by Renaissance Securities (Cyprus) Limited, regulated by Cyprus Securities and Exchange Commission, or Renaissance Capital Limited, member of the London Stock Exchange and regulated in the UK by the Financial Conduct Authority (“FCA”) in relation to designated investment business (as detailed in the FCA rules).

Cyprus: Except as otherwise specified herein the information herein is not intended for, and should not be relied upon by, retail clients of Renaissance Securities (Cyprus) Limited. The Cyprus Securities and Exchange Commission Investor Compensation Fund is available where Renaissance Securities (Cyprus) Limited is unable to meet its liabilities to its retail clients, as specified in the Customer Documents Pack.

UAE: Approved for distribution in the Dubai International Financial Centre by Renaissance Capital (Dubai) Ltd which is regulated by the Dubai Financial Services Authority (“DFSA”). Material is intended only for persons who meet the criteria for Professional Clients under the Rules of the DFSA and no other person should act upon it.

United Kingdom: Approved and distributed by Renaissance Capital Limited only to persons who are eligible counterparties or professional clients (as detailed in the FCA Rules). The information herein does not apply to, and should not be relied upon by, retail clients; neither the FCA’s protection rules nor compensation scheme may be applied.

Kenya: Distributed by Renaissance Capital (Kenya) Limited, regulated by the Capital Markets Authority.

Nigeria: Distributed by RenCap Securities (Nigeria) Limited, authorised dealing member of The Nigerian Stock Exchange, or Renaissance Securities (Nigeria) Limited, entities regulated by the Securities and Exchange Commission.

Russia: Distributed by Renaissance Broker Limited or Renaissance Online Limited, entities regulated by the Bank of Russia.

South Africa: Distributed by Rencap Securities (Proprietary) Limited, an authorised Financial Services Provider and member of the JSE Limited. The information contained herein is intended for Institutional investors only.

United States: Distributed in the United States by RenCap Securities, Inc., member of FINRA and SIPC, or by a non-US subsidiary or affiliate of Renaissance Financial Holdings Limited that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. RenCap Securities, Inc. accepts responsibility for the content of a research report prepared by another non-US affiliate when distributed to US persons by RenCap Securities, Inc. Although it has accepted responsibility for the content of this research report when distributed to US investors, RenCap Securities, Inc. did not contribute to the preparation of this report and the analysts authoring this are not employed by, and are not associated persons of, RenCap Securities, Inc. Among other things, this means that the entity issuing this report and the analysts authoring this report are not subject to all the disclosures and other US regulatory requirements to which RenCap Securities, Inc. and its employees and associated persons are subject. Any US person receiving this report who wishes to effect transactions in any securities referred to herein should contact RenCap Securities, Inc., not its non-US affiliate. RenCap Securities, Inc. is a subsidiary of Renaissance Financial Holdings Limited and forms a part of a group of companies operating outside of the United States as "Renaissance Capital." Contact: RenCap Securities, Inc., 780 Third Avenue, 20th Floor, New York, New York 10017, Telephone: +1 (212) 824-1099.

Other distribution: The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction.

 

Additional information (including information about the RenCap-NES Leading GDP Indicator) and supporting documentation is available upon request.

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