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Renaissance Capital's Website Access Privacy Policy
It is important to Renaissance Capital that we keep your personal information secure and ensure that you understand how we use that information. The goal of our Privacy Policy is to help you understand how the personal information you choose to share with us through this site is used and maintained.

We have provided this site in order that you may read about our firm, its products and services as well as receive the latest market news from the Russian Federation, as well as any other relevant countries and markets, all without giving us any personal information about yourself.

However, some of the special features on our website require registration before you can use them. If you register or are registered to receive our award-winning research, and/or as a client of Renaissance Capital, you choose to provide us with certain personal information such as your name, address, e-mail, company affiliation and telephone number. Upon registration, you can choose to create and save, change or delete personalised data that you enter on the site's Watch Lists and other features. You may also change your password at any time.

Please note that the personal information you provide and the personalised data you create and save on the site is used to provide superior service to you and to inform you of our products, services, or other opportunities that may be available through our firm or our affiliates. Such information and data will also be used to administer our business, the site, and our services in a manner consistent with the terms and conditions that govern your use of this site as well as all applicable laws, rules, regulations, or other legal obligations.

We do not sell or market your personal information or personalised data to unaffiliated organisations. If you provide us with your e-mail address, or have done so in the past, we may upon occasion send you e-mails. E-mails sent to us through the site will be maintained in a manner consistent with our legal and regulatory requirements regarding client and public communications.

We maintain your personal information and data according to strict standards of security and confidentiality. As a client of Renaissance Capital, online access to your account portfolio is only possible through a secure (SSL capable) web browser. SSL capable web browsers support encryption technology, which helps prevent unauthorised users from viewing your account information as it travels over the Internet.

This privacy statement does not supersede the terms and conditions that govern your use of this site. Any conflict between the two shall be determined in favor of such terms and conditions. Renaissance Capital may change this statement at any time. Any changes or updates will be effective immediately upon posting to this site.

Renaissance Capital Website Terms & Conditions
These Terms & Conditions ("Terms") are provided by Renaissance Capital Holdings Limited or any entity, subsidiary and/or affiliate thereof ("Renaissance Capital") to you ("you") and relates to certain electronic services and information ("Services") to which you will have electronic access through Renaissance Capital's website on the Internet ("Site").

If you are a client of Renaissance Capital, these Terms are in addition to, and do not nullify, any other agreement or arrangement between you and Renaissance Capital governing the conduct of your relationship with Renaissance Capital. However, in the event that you enter into any additional Renaissance Capital Internet Access Agreement ("Access Agreement") with Renaissance Capital, such Access Agreement may supersede these Terms.

This Site is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer by Renaissance Capital to buy or sell any security or other financial instruments which may be referenced in the Site or provide any investment advice or service. Offers can only be made where lawful under applicable law. If you wish to learn more about information contained on the Site, you may contact Renaissance Capital.

1. Disclaimer of Warranty and Limitation of Liability

The Services on this Site are provided "AS IS". Renaissance Capital does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. Renaissance Capital will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this Site.

Although the information provided to you on this Site is obtained or compiled from sources we believe to be reliable, Renaissance Capital cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither Renaissance Capital, nor any of its directors, officers or employees, nor any third party vendor will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this Site, or resulting from the act or omission of any other party involved in making this Site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the Site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Renaissance Capital or of any vendor providing software or services support.

In no event will Renaissance Capital, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if Renaissance Capital or any other party have been advised of the possibility thereof.

2. User Consent

You acknowledge and agree that any use of the Services may involve the transmission to you of information that may be considered personal financial information, including but not limited to the identity, number and value of securities. You consent to the transmission by electronic means of such information through the Services; such consent shall be effective at all times that you use the Services.

If you use a Service, you agree and consent to receive Renaissance Capital's website access privacy policy or notices electronically, and to such end Renaissance Capital and its affiliates may post privacy policies or notices on its Web site. You understand that telephone calls to Renaissance Capital may be monitored or recorded, and hereby consent to such monitoring or recording.

3. Copyright or Other Notices

If you download any information or software from this Site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

4. Use of Links

Should the viewer leave this Site via a link contained herein, and view content that is not provided by Renaissance Capital, the viewer does so at its own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Renaissance Capital. Renaissance Capital is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. Renaissance Capital makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

5. Jurisdiction Use

The information provided on this Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Renaissance Capital to any registration requirement within such jurisdiction or country. Neither the Cyprus Securities and Exchange Commission, the Bermuda Monetary Authority nor the Registrar of Companies of Bermuda has approved the contents of the Site and any statement to the contrary express or otherwise, would constitute a material misstatement and an offence. Use of this Site in the United Kingdom (UK) and the rest of Europe is approved by Renaissance Capital Limited, which is regulated by The Financial Services Authority Limited. Some products and services may not be available in all jurisdictions or to all clients.

6. Modification and Termination

You agree that Renaissance Capital may modify, change, or discontinue the Services in whole or in part, at any time without notice to you. You agree that Renaissance Capital may immediately terminate its provision of the Services to you if you breach these Terms, if you have jeopardised the proper and efficient operation of the Services, or if you engage in activity which is contrary to Renaissance Capital policies. For the avoidance of doubt, any unauthorised use of the Services, whatsoever, shall result in automatic termination of these Terms.

Investment Research Disclaimer
The research reports available on this Site are the copyright of Renaissance Securities (Cyprus) Limited, an indirect subsidiary of Renaissance Capital Holdings Limited ("Renaissance Capital"), for contact details see Bloomberg page RENA, or contact the relevant Renaissance Capital office. All rights reserved. The investment research information contained on this Site ("Investment Research") 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.

The Investment Research is not and should not be construed as an offer, or a solicitation of an offer, 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 for information purposes only. Investment Research opinions expressed may differ or be contrary to opinions expressed by other business areas or groups of 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 companies 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 and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The Investment Research 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.

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. 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 in the Investment Research, the values of which are influenced by foreign currencies, effectively assume currency risk. 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 (excluding the US broker-dealer unless specifically disclosed), or clients may have or have had interests in 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. 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 may (i) 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 (ii) may rely on information barriers, such as ‘Chinese Walls', to control the flow of information contained in one or more areas within the Renaissance Capital group of companies, into other areas, units, groups or affiliates of Renaissance Capital. 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.

The Investment Research information 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 Investment Research information may not be used to create any financial instruments or products or any indices.

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

Russia, Ukraine & other CIS countries: The Investment Research does not constitute an advertisement or an offer of securities in Russia or other CIS countries. It is not intended to be and must not be publicly distributed in Russia or other CIS countries.

United Kingdom & the rest of Europe: The Investment Research has been approved and is distributed in the United Kingdom and Europe by Renaissance Capital Limited, which is authorised and regulated by the Financial Services Authority (FSA) in relation to designated investment business (as detailed in the FSA rules). A conflicts of interest policy is maintained, which is available on request. Except as otherwise specified on this Site, the Investment Research information is communicated by Renaissance Capital Limited to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules) and is only available to such persons. The Investment Research information does not apply to, and should not be relied upon by, retail clients; neither the FSA's protection rules nor compensation scheme may be applied.

United States: The Investment Research is distributed in the United States by RenCap Securities, Inc., or by a non-US subsidiary or affiliate of Renaissance Capital 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 Investment Research prepared by another non-US affiliate when distributed to US persons by RenCap Securities, Inc. Although it has accepted responsibility for the content of non-US affiliate Investment Research when distributed to US investors, RenCap Securities, Inc. did not contribute to the preparation of the Investment Research and the analysts authoring the Investment Research are not employed by, and are not associated persons of, RenCap Securities, Inc. Among other things, this means that the entity issuing the Investment Research and the analysts authoring the Investment Research 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 viewing the Investment Research who wishes to effect transactions in any securities referred to in the Investment Research should contact RenCap Securities, Inc., not its non-US affiliate. RenCap Securities, Inc. is a subsidiary of Renaissance Capital 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, 15th Floor, New York, New York 10017, Telephone: +1 (212) 824-1099.

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

Additional information and supporting documentation is available upon request.

Non-Investment Research and Non-Independent Research Disclaimer
Information presented as non-investment research and non-independent research (the "Communication") is the copyright of Renaissance Securities (Cyprus) Limited, an indirect subsidiary of Renaissance Capital Holdings Limited ("Renaissance Capital"), for contact details see Bloomberg page RENA, or contact the relevant Renaissance Capital office. All rights reserved. The Communication has been prepared by and, except as otherwise specified therein, is communicated by Renaissance Securities (Cyprus) Limited, regulated by the Cyprus Securities and Exchange Commission.

The Communication 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 Communication does not constitute an offer, or a solicitation of an offer, or recommendation of securities, 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 Communication is for information purposes only and is not intended to be viewed as investment research or independent research. 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 Communication or in any other medium.

Descriptions of any company or companies or their securities or the markets or developments mentioned in the Communication are not intended to be complete. The Communication information 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, reliability, merchantability or fitness for a particular purpose of such information, except with respect to information concerning Renaissance Capital, its subsidiaries and affiliates.

The securities described in the 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. 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 in the Communication, the values of which are influenced by foreign currencies, effectively assume currency risk. 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 (excluding the US broker-dealer unless specifically disclosed), or clients may have or have had interests in issuers described in the Communication or long or short positions in any of the securities mentioned in the Communication 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 the securities or other financial instruments described in the Communication, 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 may (i) 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 (ii) may rely on information barriers, such as ‘Chinese Walls', to control the flow of information contained in one or more areas within the Renaissance Capital group of companies, into other areas, units, groups or affiliates of Renaissance Capital. 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 Communication information.

The Communication information 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 Communication information may not be used to create any financial instruments or products or any indices.

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

Russia, Ukraine & other CIS countries: The Communication does not constitute an advertisement or an offer of specific securities, or related financial instruments, in Russia or other CIS countries. It is not intended to be and must not be publicly distributed in Russia or other CIS countries.

United Kingdom & the rest of Europe: The Communication has been approved and is issued for publication in the United Kingdom and Europe by Renaissance Capital Limited, which is authorised and regulated by the Financial Services Authority (FSA) in relation to designated investment business (as detailed in the FSA rules). A conflicts of interest policy is maintained, which is available on request. Except as otherwise specified therein, the Communication information is communicated by Renaissance Capital Limited to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules) and is only available to such persons. The Communication information does not apply to, and should not be relied upon by, retail clients; neither the FSA's protection rules nor compensation scheme may be applied.

United States: The Communication is distributed in the United States by RenCap Securities, Inc., or by a non-US subsidiary or affiliate of Renaissance Capital 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 Communication prepared by another non-US affiliate when distributed to US persons by RenCap Securities, Inc. Although it has accepted responsibility for the content of non-US affiliate Communications when distributed to US investors, RenCap Securities, Inc. did not contribute to the preparation of the Communication and the authors of the Communication are not employed by, and are not associated persons of, RenCap Securities, Inc. Among other things, this means that the entity issuing the Communication and the authors of the Communication 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 the Communication who wishes to effect transactions in any securities referred to in the Communication should contact RenCap Securities, Inc., not its non-US affiliate. RenCap Securities, Inc. is a subsidiary of Renaissance Capital 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, 15th Floor, New York, New York 10017, Telephone: +1 (212) 824-1099.

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

Additional information and supporting documentation is available upon request.

Marketing Communications Disclaimer
Marketing Communications sent to you are the copyright of Renaissance Securities (Cyprus) Limited, an indirect subsidiary of Renaissance Capital Holdings Limited ("Renaissance Capital"), for contact details see Bloomberg page RENA, or contact the relevant Renaissance Capital office. All rights reserved. The Marketing Communication has been prepared by and, except as otherwise specified therein, is communicated by Renaissance Securities (Cyprus) Limited, regulated by the Cyprus Securities and Exchange Commission.

The Marketing Communication 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 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 for information purposes only. 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.

Descriptions of any company or companies or their securities or the markets or developments mentioned in the Marketing Communication are not intended to be complete. The Marketing Communication information 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, reliability, merchantability or fitness for a particular purpose of such information, except with respect to information concerning Renaissance Capital, its subsidiaries and affiliates.

The securities 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. 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 in the Marketing Communication, the values of which are influenced by foreign currencies, effectively assume currency risk. 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 (excluding the US broker-dealer unless specifically disclosed), or clients may have or have had interests in issuers described in the Marketing Communication or long or short positions in any of the securities mentioned in the Marketing Communication 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 the securities or other financial instruments described in the Marketing Communication, 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 may (i) 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 (ii) may rely on information barriers, such as ‘Chinese Walls', to control the flow of information contained in one or more areas within the Renaissance Capital group of companies, into other areas, units, groups or affiliates of Renaissance Capital. 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 information.

The Marketing Communication information 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 Marketing Communication information may not be used to create any financial instruments or products or any indices.

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

Russia, Ukraine & other CIS countries: The Marketing Communication does not constitute an advertisement of specific securities, or related financial instruments, in Russia or other CIS countries. It is not intended to be and must not be publicly distributed in Russia or other CIS countries.

United Kingdom & the rest of Europe: The Marketing Communication has been approved and is issued for publication in the United Kingdom and Europe by Renaissance Capital Limited, which is authorised and regulated by the Financial Services Authority (FSA) in relation to designated investment business (as detailed in the FSA rules). A conflicts of interest policy is maintained, which is available on request. Except as otherwise specified therein, the Marketing Communication information is communicated by Renaissance Capital Limited to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules) and is only available to such persons. The Marketing Communication information does not apply to, and should not be relied upon by, retail clients; neither the FSA's protection rules nor compensation scheme may be applied.

United States: The Marketing Communication is distributed in the United States by RenCap Securities, Inc., or by a non-US subsidiary or affiliate of Renaissance Capital 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 Marketing Communication prepared by another non-US affiliate when distributed to US persons by RenCap Securities, Inc. Although it has accepted responsibility for the content of non-US affiliate Marketing Communications when distributed to US investors, RenCap Securities, Inc. did not contribute to the preparation of the Marketing Communication and the authors of the Marketing Communication are not employed by, and are not associated persons of, RenCap Securities, Inc. Among other things, this means that the entity issuing the Marketing Communication and the authors of the Marketing Communication 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 the Marketing Communication who wishes to effect transactions in any securities referred to in the Marketing Communication should contact RenCap Securities, Inc., not its non-US affiliate. RenCap Securities, Inc. is a subsidiary of Renaissance Capital 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, 15th Floor, New York, New York 10017, Telephone: +1 (212) 824-1099.

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

Additional information and supporting documentation is available upon request.

Trademark Renaissance/Ðåíåññàíñ Is registered at the Russian Agency for Patents and Trademarks (ROSPATENT)

RenCap Securities, Inc ® is a registered trademark of RenCap Securities, Inc.

© 2008 Renaissance Securities (Cyprus) Limited. All rights reserved.
Regulated by the Cyprus Securities and Exchange Commission (License No: KEPEY 053/04).
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