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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. 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 this site is used to provide a 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, this 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 this 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.
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| 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 this 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 this 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 this 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, indirect, special, consequential or 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, notices and all other information 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 their 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 this 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. 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.
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| 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 Capital 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 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. 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 the Renaissance Group 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 within the Renaissance Group of companies to which Renaissance Capital belongs, into other areas, units, groups or affiliates of the Renaissance Group. Renaissance Group 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 Group 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 the Investment Research 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 authorized and regulated in the UK by the Financial Services Authority (“FSA”) in relation to designated investment business (as detailed in the FSA 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. United Kingdom: Approved and distributed by Renaissance Capital Limited only to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules). The information herein 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.
Kazakhstan: Distributed by Renaissance Capital Investments Kazakhstan JSC, regulated by the Agency for the Regulation and Supervision of the Financial Market and Financial Organizations.
Kenya: Distributed by Renaissance Capital (Kenya) Limited, regulated by the Capital Markets Authority.
Nigeria: Distributed by RenCap Securities (Nigeria) Limited, member of The Nigerian Stock Exchange, or Renaissance Securities (Nigeria) Limited, entities regulated by the Securities and Exchange Commission.
Russia: Distributed by CJSC Renaissance Capital, Renaissance Broker Limited, or Renaissance Online Limited, entities regulated by the Federal Financial Markets Service.
South Africa: Distributed by BJM Renaissance Securities Limited, regulated by the Johannesburg Stock Exchange.
Ukraine: Distributed by Renaissance Capital LLC, authorized to perform professional activities on the Ukrainian stock market.
United States: The Investment Research is distributed in the United States by RenCap Securities, Inc., member of FINRA and SIPC, 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, 20th 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.
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| 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, regulated by the Cyprus Securities and Exchange Commission, and an indirect subsidiary of Renaissance Capital Holdings Limited, for contact details see Bloomberg page RENA, or contact the relevant office. All rights reserved. The Communication has been prepared by and, except as otherwise specified therein, is communicated by a another subsidiary of Renaissance Capital Holdings Limited which, together with other subsidiaries, operates outside of the USA 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.
The Communication does not form a fiduciary relationship or constitute advice and is not and should not be construed as a recommendation or 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 Communication is not an advertisement of securities nor independent 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. Opinions expressed therein may differ or be contrary to opinions expressed by other business areas or groups of the Renaissance Group as a result of using different assumptions and criteria. The 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 Communication or in any other medium.
Descriptions of any company or issuer or their securities or the markets or developments mentioned in the Communication are not intended to be complete. The Communication should not be regarded by recipients as a substitute for the exercise of their own judgment as the 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 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, reliability, merchantability or fitness for a particular purpose of such information, 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 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 (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 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 within the Renaissance Group of companies to which Renaissance Capital belongs, into other areas, units, groups or affiliates of the Renaissance Group. Renaissance Group 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 Group do not constitute or give rise to material damage to client interests.
The 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 Communication.
Renaissance Capital services are rendered in the below territories only by the stated registered entities that act under the appropriate licences. More information about each entity may be found at http://www.rencap.com/eng/contacts.asp#our_world.
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.
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 authorized and regulated in the UK by the Financial Services Authority (“FSA”) in relation to designated investment business (as detailed in the FSA rules). Cyprus: Except as otherwise specified herein the Communication 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. United Kingdom: Approved and distributed by Renaissance Capital Limited only to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules). The Communication 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.
Kazakhstan: Distributed by Renaissance Capital Investments Kazakhstan JSC, regulated by the Agency for the Regulation and Supervision of the Financial Market and Financial Organizations.
Kenya: : Distributed by Renaissance Capital (Kenya) Limited, regulated by the Capital Markets Authority.
Nigeria: Distributed by RenCap Securities (Nigeria) Limited, member of The Nigerian Stock Exchange, or Renaissance Securities (Nigeria) Limited, entities regulated by the Securities and Exchange Commission.
Russia: Distributed by CJSC Renaissance Capital, Renaissance Broker Limited, or Renaissance Online Limited, entities regulated by the Federal Financial Markets Service.
South Africa: Distributed by BJM Renaissance Securities Limited, regulated by the Johannesburg Stock Exchange.
Ukraine: Distributed by Renaissance Capital LLC, authorized to perform professional activities on the Ukrainian stock market.
United States: The Communication is distributed in the United States by RenCap Securities, Inc., member of FINRA and SIPC, 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 a 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, 20th 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.
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| Marketing Communications Disclaimer |
Marketing Communications distributed to you are the copyright of Renaissance Securities (Cyprus) Limited, regulated by the Cyprus Securities and Exchange Commission, and an indirect subsidiary of Renaissance Capital Holdings Limited, for contact details see Bloomberg page RENA, or contact the relevant office. All rights reserved. The Marketing Communication has been prepared by and, except as otherwise specified therein, is communicated by a another subsidiary of Renaissance Capital Holdings Limited which, together with other subsidiaries, operates outside of the USA 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.
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. Opinions expressed therein may differ or be contrary to opinions expressed by other business areas or groups of the Renaissance Group as a result of using different assumptions and criteria. 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 issuer or their securities or the markets or developments mentioned in the Marketing Communication are not intended to be complete. 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, reliability, merchantability or fitness for a particular purpose of such information, 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 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 (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 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 within the Renaissance Group of companies to which Renaissance Capital belongs, into other areas, units, groups or affiliates of the Renaissance Group. Renaissance Group 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 Group 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 only by the stated registered entities that act under the appropriate licences. More information about each entity may be found at http://www.rencap.com/eng/contacts.asp#our_world.
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.
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 authorized and regulated in the UK by the Financial Services Authority (“FSA”) in relation to designated investment business (as detailed in the FSA rules). Cyprus: Except as otherwise specified herein the Communication 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. United Kingdom: Approved and distributed by Renaissance Capital Limited only to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules). The Communication 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.
Kazakhstan: Distributed by Renaissance Capital Investments Kazakhstan JSC, regulated by the Agency for the Regulation and Supervision of the Financial Market and Financial Organizations.
Kenya: Distributed by Renaissance Capital (Kenya) Limited, regulated by the Capital Markets Authority.
Nigeria: Distributed by RenCap Securities (Nigeria) Limited, member of The Nigerian Stock Exchange, or Renaissance Securities (Nigeria) Limited, entities regulated by the Securities and Exchange Commission.
Russia: Distributed by CJSC Renaissance Capital, Renaissance Broker Limited, or Renaissance Online Limited, entities regulated by the Federal Financial Markets Service.
South Africa: Distributed by BJM Renaissance Securities Limited, regulated by the Johannesburg Stock Exchange.
Ukraine: Distributed by Renaissance Capital LLC, authorized to perform professional activities on the Ukrainian stock market.
United States: The Marketing Communication is distributed in the United States by RenCap Securities, Inc., member of FINRA and SIPC, 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, 20th 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.
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