Revenues 10,891 9,760 9,357 8,928 8,850 9,089 EBITDA ,520 1,924 1,520 1,488. EBITDA margin 8.4% 6.7% 16.2% 21.5% 17.2% 16.

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1 MET ALS & MIN ING JUN 14 JUL 14 AUG 14 SEP 14 OCT 14 NOV 14 DEC 14 JAN 15 FEB 15 MAR 15 APR 15 MAY 15 JUN 15 JUNE 26, 2015 CHANGE OF RECOMMENDATION Rusal Aluminum price to be capped downgrade to NEUTRAL RUS SIA Natalia Sheveleva Konstantin Asaturov Global aluminum market prospects not as bright as once thought; Chinese exports to cap prices Last year the global aluminum market nearly reached a deficit, for the first time since However, this positive trend quickly faded, preventing producers from benefiting for long. In our view, the prospects for growth in global aluminum demand do not look as bright as once thought. Chinese net exports, including fake semis, flooded the market and pressured all-in prices. In our view, Chinese exports will cap prices and limit the increase. We forecast the average LME aluminum price at $1,780/t (-4.8% YoY) in 2015 and $1,840/t (+3.4% YoY) in The all-in price should decrease in 2015 and 2016 by 8.5% and ~1.0%, respectively. Rusal s aluminum production costs to increase in 2015 from 1Q15; Bloomberg EBITDA consensus is too high, in our view We estimate that Rusal s cost position reached a low in 1Q15 ($1,437/t) but expect it to increase in 2H15 as the ruble has strengthened significantly from previous levels (+19% QoQ on average in 2Q15). We note that Rusal s position on the global cost curve will remain very attractive and its margin will stay relatively high (22% in 2015E compared to 16% for global peers). This high profitability is especially attractive given the current challenging commodity environment. However, Bloomberg consensus forecasts for 2015 and 2016 appear too high, in our view, regarding both the top line and EBITDA. Rusal might close additional capacity (up to 5.5% of its production) and this might support costs to some extent, but a decision has yet to be made. We downgrade our recommendation to NEUTRAL We value Rusal based on a mix of target EV/EBITDA (70% weight) and DCF (30%). Backed by the weaker prospects of the global aluminum market and a firmer ruble, we lower our target price from HKD 5.4 to HKD 4.7 per share. We see limited upside potential in the stock and downgrade our recommendation to NEUTRAL. Given the bearish factors, we note that downside risks are possible for our aluminum price expectations in 2H15/2016. TICKER Closing price, HK$ 4.0 Target price, HK$ HK Upside 18% Recommendation NEUTRAL SELECTED STOCK DATA MCap, $ mln 7,781 Net debt, $ mln 8,624 EV, $ mln 16, week high, HK$ week low, HK$ 3.5 Source: Bloomberg Rusal share price performance vs. MICEX Index 170% 160% 150% 140% 130% 120% 110% 100% 90% 80% RUSAL MICEX Source: Bloomberg Key financials, $ mln E 2016E 2017E Revenues 10,891 9,760 9,357 8,928 8,850 9,089 EBITDA ,520 1,924 1,520 1,488 EBITDA margin 8.4% 6.7% 16.2% 21.5% 17.2% 16.4% Net income , ,739 1,451 1,372 EV/EBITDA, x P/E, x nm nm Source: company data, Gazprombank estimates Research Department 1 Copyright Gazprombank (Joint Stock Company)

2 Valuation multiples Balance sheet statement, $ mln E 2016E P/E, x nm EV/EBITDA, x EV/Revenues, x Dividend yield 0.0% 0.0% 0.0% 0.0% FCF yield -9.8% 3.3% 3.3% -1.6% Income statement, $ mln E 2016E Revenues 9,760 9,357 8,928 8,850 Operating costs 11,564 8,415 7,469 7,811 incl. SG&A 1,133 1, DD&A EBITDA 651 1,520 1,924 1,520 Operating profit -1, ,459 1,039 Financial income net 736 1, Pretax profit -3, ,174 1,814 Income tax Net income -3, ,739 1,451 EPS Key margins E 2016E EBIT -18.5% 10.1% 16.3% 11.7% EBITDA 6.7% 16.2% 21.5% 17.2% Net income -33.0% 3.1% 19.5% 16.4% E 2016E Cash and equivalents , Accounts receivable Inventories 2,248 1,998 1,827 1,905 Total current assets 3,790 3,286 3,924 3,572 PP&E 4,167 3,953 4,088 4,207 Total assets 20,580 14,540 15,313 15,080 Short-term debt 1, Accounts payable 1,472 1,321 1,208 1,260 Total current liabilities 3,395 2,240 2,127 2,432 Long-term debt 9,149 8,960 8,705 7,437 Total non-current liabilities 10,535 10,380 10,125 8,857 Total shareholders equity 6,650 1,920 3,061 3,791 Minority interest Total liabilities and equity 20,580 14,540 15,313 15,080 Cash flow statement, $ mln E 2016E Operating cash flow 408 1,398 1,644 1,202 incl. changes of w/c Investing cash flow incl. CAPEX Financing cash flow -1,159-1,900-1,044-1,743 Change in cash Free cash flow Key leverage data, $ mln E 2016E Total debt 10,825 9,407 9,152 8,137 Net debt 10,109 8,837 7,741 7,151 Total debt/equity, x Net debt/ebitda, x Source: company data, Gazprombank estimates 2

3 CONTENTS Aluminum market not as bright as once thought... 4 We lowered our expectations for global aluminum demand... 4 Chinese net exports have flooded the market, pressuring prices and capping prices globally in the medium term... 5 LME stocks have decreased YTD but this does not imply improving demand global stocks have increased... 6 Global cost curve has moved down, but some cost support is expected from current price levels... 6 Aluminum LME price is down 8% YTD; we expect $1,780/t and $1,840/t in 2015 and 2016, respectively... 7 Aluminum premiums have plunged this year, but we expect them to become more stable at around current levels with only a moderate further decrease... 8 All-in aluminum price should decrease in 2015 and 2016 and move to an upward trend in the longer term; we see downside risks to the price... 8 Will Indonesia ease its bauxite export ban? We see a relatively low probability. However, should this occur, the effect on the alumina price might be limited Rusal update Focus on costs key assumptions and valuation Risks Aluminum prices could move lower compared to our forecasts, as bearish factors are many and prevailing Possible catalysts Catalysts are limited

4 ALUMINUM MARKET NOT AS BRIGHT AS ONCE THOUGHT We lowered our expectations for global aluminum demand Last year the global aluminum market nearly reached a deficit, for the first time since However, this positive trend quickly faded, preventing producers from benefiting for long. In our view, the prospects for growth in global aluminum demand do not look as bright as once thought. In particular, China s aluminum demand slowdown might be greater than expected. However, based on CRU projections, the aluminum production forecast for China remained mostly unchanged due to some support from the cost side and relatively slow closures. The global CRU production forecast ex-china has decreased due to fewer restarts and more closures in response to weaker aluminum price conditions. Overall, our lower demand expectations outweigh downward forecast production changes in the world ex-china, and the global balance has become more oversupplied in the medium term compared with our previous expectations (we expect a global surplus of about 0.85 mln tonnes in 2015). That said, the market will remain in deficit outside China, but relatively high export supplies expected from China in 2015, including so-called fake semis, may prevent producers from enjoying the benefits. Anticipated strength in the dollar could exert additional pressure on demand. Despite the slowdown in China, global aluminum demand growth accelerated in 2014 to 7.3% YoY compared with 6.1% YoY in However, aluminum demand growth could slow even further in China in We expect global demand growth could decelerate to about 5% YoY in World primary aluminum supply/demand balance, kt 1,200 1, E OF WHICH CHINA BALANCE OF WHICH WORLD EX. CHINA BALANCE Source: CRU, Gazprombank estimates 4

5 JAN 14 FEB 14 MAR 14 APR 14 MAY 14 JUN 14 JUL 14 AUG 14 SEP 14 OCT 14 NOV 14 DEC 14 JAN 15 FEB 15 MAR 15 APR 15 JAN 14 FEB 14 MAR 14 APR 14 MAY 14 JUN 14 JUL 14 AUG 14 SEP 14 OCT 14 NOV 14 DEC 14 JAN 15 FEB 15 MAR 15 APR 15 MAY 15 JUN 15 JUNE 26, 2015 Chinese net exports have flooded the market, pressuring prices and capping prices globally in the medium term Backed by the slowdown in domestic demand, still high production and attractive ex- China price premiums, Chinese net exports according to CRU grew nearly 50% YoY to approximately 490 kt in 1Q15. We believe that the export growth is being driven mostly by export of semis for re-melting (fake semis). CRU estimates that increased production of fake semis accounted for 50% of total exports (+170% YoY). Chinese aluminum product exports increased 30% YoY in 5M15, and therefore export growth from China has slowed down significantly compared to the end Q15 period. Chinese export volumes at end 2014 early 2015 were abnormally high due to very attractive arbitrage opportunities. Higher Chinese exports pushed down LME and SHFE aluminum price arbitrage from an estimated (Bloomberg) $265/t in 1Q15 to $10/t in May ($123/t in 2Q15 on average), making the arbitrage less attractive. The alteration of Chinese export duties on a number of aluminum positions effective May 1 might further increase exports. Just two positions (unwrought Al <99.5% and other unwrought Al alloys) are now taxable at a rate of 15% (four taxed positions were cancelled). That said, the negative impact from the new taxation might be just modest due to the limited implied volumes. Importantly for Rusal, the duties on preliminary aluminum remained intact. That said, we do not expect duties on primary aluminum to change, as this would result in exports of state-subsidized energy and could simultaneously increase the domestic aluminum price. We note that the Chinese government has a clear policy of not supporting energy-intensive projects without value added. In future, should prices improve, the threat of higher export supplies from China would cap global aluminum prices. On the other hand, low prices could cool export supplies from China. We note that the Chinese authorities have been trying to improve customs administration to avoid exports of fake semis, and the recent export hike could lead them to examine the situation more closely. If the authorities are successful, there could be upside potential for global prices. In any event, we will continue to closely monitor Chinese exports. Chinese aluminum product exports, mln tonnes SHFE LME aluminum price arbitrage, $/t

6 JAN 13 MAR 13 MAY 13 JUL 13 SEP 13 NOV 13 JAN 14 MAR 14 MAY 14 JUL 14 SEP 14 NOV 14 JAN 15 MAR 15 MAY 15 JAN 13 MAR 13 MAY 13 JUL 13 SEP 13 NOV 13 JAN 14 MAR 14 MAY 14 JUL 14 SEP 14 NOV 14 JAN 15 MAR 15 MAY 15 JUNE 26, 2015 LME stocks have decreased YTD but this does not imply improving demand global stocks have increased From peak levels, LME stocks have dropped about 15% YTD (to their lowest levels since May 2009) due to the decreased attractiveness of financial deals (the key factor) and new LME rules. The drop has continued so far this year. That said, this time the lower stocks were not a sign of improving demand. The decrease was instead a result of exits from financial deals and new LME rules, including moves to other warehouses as a consequence. We think that the process of declining LME stocks could continue in response to similar factors. According to CRU, global stocks will continue to grow in 2015 to 14.5 mln tonnes from 13.5 mln tonnes in We note that the consumption ratio will also increase in 2015 compared to 2014 (to 93 days from 91 days). By comparison, the consumption ratio in 1Q15 stood at 130. We expect global stocks to normalize, but the process might be slow under current conditions. Aluminum stocks (mln tonnes) and aluminum price ($/t) Aluminum open futures ( 000 contracts, left axis) and aluminum price ($/tonne, rhs) 6.0 2, , ,100 2,000 1,900 1,800 1,700 1, ,100 2,000 1,900 1,800 1, , ,600 AL STOCKS AL PRICE OPEN FUTURES AL PRICE Global cost curve has moved down, but some cost support is expected from current price levels Based on the current spot price, we estimate that about 50% of Chinese aluminum producers are unprofitable and should the price remain at current levels for an extended period Chinese net capacity additions should decrease. Chinese smelting costs have declined over the past year due to lower energy prices. According to CRU figures, Chinese average aluminum site costs will drop by CNY 216/t in 2015 compared with 2014 as a result of lower electricity prices as well as other factors. Global costs ex-china also decreased in 2015 compared to We note that devaluation also pushed costs down in a number of aluminum producing countries including Russia, Brazil and South Africa. Costs in Russia have fallen very significantly as a result of ruble devaluation. Rusal s costs to produce a tonne of aluminum stood at $1,437/t in 1Q15, or 14% below the 4Q14 level. However, 1Q15 was the low point in terms of costs for Rusal, as the RUB/USD rate averaged 62.8 in 1Q15, and our 2Q15 estimate currently stands at $1,539/t. We forecast costs averaging $1,511/t in 2H15E, which is still a relatively low figure. In terms of costs, the all-in price of about $2,070/t in 1H15 was a comfortable level for producers outside China and for most Chinese producers. On the other hand, according to our estimates, about 20% of ex-china aluminum producers are currently unprofitable, and ex-chinese closures this figure could increase. Despite being the clear global leader in terms of cost reduction, Rusal is not considering 6

7 a partial restart of halted capacity. Moreover, according to the management, the company may consider additional capacity closures. We note that the global united (China, ex-china) cost curve is mainly represented by Chinese high-cost producers. All in all, we expect cost support from current levels. World ex-china Business Smelting cost curve China Business Smelting cost curve 2,800 2,500 $/T 2,800 2,500 $/T 2,200 2,200 1,900 1,900 1,600 1,600 1,300 CUMULATIVE PRODUCTION, (KT) 1, ,000 20,000 30, ,300 CUMULATIVE PRODUCTION, (KT) 1, ,000 20,000 30, Source: CRU, Gazprombank estimates Source: CRU, Gazprombank estimates Global business cost curve (2015E) 2,500 $/T 2,000 1,500 1, CUMULATIVE PRODUCTION, (KT) CHINA WORLD EX. CHINA Source: CRU, Gazprombank estimates Aluminum LME price is down 8% YTD; we expect $1,780/t and $1,840/t in 2015 and 2016, respectively The LME aluminum price in 2015 continued its downward trend that started in 4Q14. The price is down 8% YTD to about $1,680/t. We note a small rebound recently from a low of $1,653/t. This year the peak LME aluminum price ($1,959/t) was recorded at the beginning of May, followed by a drop of as much as 16% to 2015 lows. We expect prices to remain highly volatile this year. Our 2015 and 2016 forecasts stand at $1,780/t and $1,840/t, respectively. 7

8 JAN 13 MAR 13 MAY 13 JUL 13 SEP 13 NOV 13 JAN 14 MAR 14 MAY 14 JUL 14 SEP 14 NOV 14 JAN 15 MAR 15 MAY 15 JAN 13 MAR 13 MAY 13 JUL 13 SEP 13 NOV 13 JAN 14 MAR 14 MAY 14 JUL 14 SEP 14 NOV 14 JAN 15 MAR 15 MAY 15 JUNE 26, 2015 Aluminum premiums have plunged this year, but we expect them to become more stable at around current levels with only a moderate further decrease Aluminum premiums have plunged so far this year. For example, the premium of the benchmark European duty paid at Rotterdam dropped 14% QoQ in 1Q15 and fell nearly 50% QoQ in 2Q15. The European duty premium has since rebounded from its YTD low of around $130/t in May to currently stand at $ /t. To remind, the high ($500/t) was reached in November Due to financial deals, premiums have lately become a key mechanism to adjust the all-in aluminum price, which explains such volatility in the figure. We believe that the premiums may have stabilized to some extent and will decline relatively modestly in the near future. We note that Rusal s reported premium should be less volatile than the market benchmark, as it includes part of HVA. Estimated Rusal premium and aluminum price, $/t Aluminum premium dynamics, $/t 2,500 2,400 2,300 2,200 2,100 2,000 1,900 1,800 1,700 1,600 1, AL PRICE RUSAL PREMIUM US PREMIUM EUROPEAN PREMIUMS JAPANESE PREMIUMS All-in aluminum price should decrease in 2015 and 2016 and move to an upward trend in the longer term; we see downside risks to the price We expect the market all-in price to decline 8.5% YoY in 2015 and by less than 1% YoY in The decrease will stem from weaker than expected aluminum demand, higher Chinese exports (including fake semis) and the decreasing attractiveness of financial deals. However, prices should increase in the longer term thanks to global growth acceleration, greater use of aluminum in automobiles, capacity closures at inefficient companies, and less aggressive implementation of new projects. According to our 2016 average price forecast, the all-in price will rebound 9% from current levels. That said, given the challenging global environment, we see downside risks to our estimate. 8

9 All-in expected price dynamics (European benchmark), $/t 2,080 2,070 2,060 2,050 2,040 2,030 2,020 2,010 2,000 1,990 1, E 2016E 2017E MARKET "ALL IN" PRICE Source: Gazprombank estimates Will Indonesia ease its bauxite export ban? We see a relatively low probability. However, should this occur, the effect on the alumina price might be limited. According to media reports, Indonesia could ease its ban on bauxite exports. As we understand at this point, the initiative is advisory at this stage, but an easing cannot be excluded. After the ban was implemented at the beginning of 2014, Chinese companies exceeded the amounts supplied by Malaysia, Australia and India, and if the ban is eased the effect on alumina prices could be temporary. 9

10 UC RUSAL 2015 EGA RTA Alba China Hongqiao Group BHP Billiton Norsk Hydro Alcoa Chalco JUNE 26, 2015 RUSAL UPDATE Focus on costs Rusal s cost position reached a low in 1Q15 but will increase The ruble depreciated 23% QoQ on average against the dollar in 1Q15 compared to 4Q15, while Rusal shows relatively high sensitivity to changes in the local currency. However, in 2Q15 the ruble appreciated by 19% QoQ and therefore the cash cost of $1,437/t in 1Q15 is expected to remain as the record low for the foreseeable future. We expect the ruble to be less volatile in 2H15. Based on our estimates, cash costs could stand at about $1,540/t in 2Q14, with the 2015E average at $1,500/t. We forecast the average cash cost at $1,564 mln in 2016, as we expect all ruble-denominated costs to increase while the ruble should appreciate (given our expectation of higher oil prices). That said, even given the recent appreciation of the local currency compared to 1Q15 levels, Rusal has strengthened its relatively strong cost position versus peers rather significantly. Under current conditions marked by relatively high risks of lower commodity prices, this advantage is particularly valuable. Cash costs to produce aluminum, $/t 2,000 1,800 1,600 1,400 1,200 1, ,741 1,764 1,739 1,671 1,437 1,539 1,531 1,492 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15E 3Q15E 4Q15E Source: company, Gazprombank estimates Rusal s cash cost position 2,400 CRU LIQUID COST, $/T 2,000 1,600 1, MT 8MT 16MT 24MT 32MT 40MT 48MT 56MT 64MT Source: CRU, RUSAL 10

11 New capacity could be closed: up to 5.5% of 2015E output According to Rusal, the company could close some more of its inefficient capacity. The move would be justified under current global conditions, but room for further cost improvements via capacity closures is limited compared to previous efforts: the management indicated that up to 200 kt of aluminum capacity could be closed, which equals 5.5% of expected aluminum production in However, further cost optimization could be positive for the company, we believe. Management might work more aggressively to cut costs, even aside from possible reduction of high-cost capacity Given lower global aluminum prices and an expected increase in Chinese exports (including fake semis), we think that the management will try to increase the company s efficiency more aggressively (even aside from the possible reduction of high-cost capacity) and some positive earnings surprises might be expected. That said, we do not include such improvements in our model. Key assumptions and valuation We value Rusal as mix of our target EV/EBITDA multiple (70%) and DCF (30%) approaches We value Rusal as a mix of comparative valuation methodology (70% weight) and DCF (30%; 14% WACC). As for multiples, we use a 2015E EV/EBITDA target of 5.8x and a 2016E EV/EBITDA target of 6.0x, while the resulting target multiple is a 50%/50% mix of the figures. Our final target price is HKD 4.7 per share, supporting our NEUTRAL recommendation, as under our current assumptions the company appears relatively fairly valued with just limited upside potential. The aluminum all-in price risks are skewed to the downside and bearish factors predominate in the medium term, we believe. Key model assumptions Operating figures MEASURE E 2016E 2017E 15E/14 16E/15E 17E/15E CAGR Aluminum kt 3,857 3,601 3,601 3,601 3, % 0.0% 0.0% 0.0% Aluminum price, LME $/tonne 1,846 1,869 1,780 1,840 1, % 3.4% 3.3% 0.5% Premium $/tonne % -31.7% 0.6% -17.6% "All-in" price $/tonne 2,113 2,249 2,089 2,051 2, % -1.8% 3.0% -2.1% Costs Aluminum, cash costs per tonne of aluminum $/tonne 1,907 1,729 1,501 1,564 1, % 4.2% 4.9% -1.7% P&L figures Revenues $ mln 9,760 9,357 8,928 8,850 9, % -0.9% 3.3% -0.8% Cash opex $ mln 9,109 7,837 7,004 7,330 7, % 4.7% 3.7% -1.0% EBITDA $ mln 651 1,520 1,924 1,520 1, % -21.0% 1.0% 0.3% Net income $ mln -3, ,739 1,451 1, % -16.5% -2.9% EBITDA margin % 6.67% 16.24% 21.55% 17.17% 16,80% 5.3% -4.4% -0.4% 1.1% Per tonne of aluminum Revenue per tonne $/tonne 2,530 2,598 1,780 2,458 2, % -0.9% 3.3% -0.8% EBITDA per tonne $/tonne % -21.0% 1.0% 0.3% Source: company data, Gazprombank estimates 11

12 Key DCF assumptions, $ mln 2015E 2016E 2017E 2018E 2019E EBIT 1,459 1,039 1,040 1,280 1,592 Taxes (on EBIT) Capex Depreciation Working capital change FCF 1, ,062 1,280 Source: Gazprombank estimates WACC 14% PV of firm, $ mln 9,612 Net debt, $ mln 8,624 Stake in Norilsk Nickel, $ mln* 7,274 Other adjustments, $ mln 660 Equity value, $ mln 8,922 Shares, mln 15,193 Share price, $ 0.59 Source: Gazprombank estimates; note: *discounted Target price calculation DCF price, $ per share 0.59 Multiple valuation price, $ per share 0.61 DCF weight 30% Multiple valuation weight 70% Target price, $ per share 0.6 Target price, HKD 4.7 HKD/USD rate 7.75 Source: Gazprombank estimates Sensitivity to aluminum price changes 2016E 2016E 2016E -5% base 5% Revenues 8,452 8,850 9,247 EBITDA 1,133 1,520 1,906 Net income 1,428 1,451 1,761 EBITDA margin 13,4% 17,2% 20,6% P/E EV/EBITDA Source: Gazprombank estimates 12

13 Sensitivity to the exchange rate changes 2016E 2016E 2016E -5% base 5% Revenues 8,897 8,850 8,897 EBITDA 1,298 1,520 1,298 Net income 1,274 1,451 1,274 EBITDA margin 14,6% 17,2% 14,6% P/E EV/EBITDA Source: Gazprombank estimates Rusal market comparative valuation Company MCap P/E EV/EBITDA Net debt /EBITDA EBITDA margin $ mln E 2016E E 2016E E E 2016E 2015E Rusal 7,781 n/m % 21.5% 17.2% 0.0% Aluminum producers Chalco* 17, n/m n/m % 6.1% 8.0% 0.0% Alcoa 14,351 n/m n/m % 16.9% 16.9% 1.0% Hindalco Industries 3, % 9.8% 10.1% 0.9% Hongqiao 5, % 30.8% 32.2% 4.4% Shandong 5, n/m 15.1% 12.7% 13.1% n/m Norsk Hydro 9, % 16.5% 16.4% 3.6% Average % 15.5% 16.1% 2.0% Div. yield * not included in our average RISKS Aluminum prices could move lower compared to our forecasts, as bearish factors are many and prevailing Risks to our outlook include an aluminum oversupply in China, higher than expected Chinese exports, a stronger dollar, a stronger ruble, a higher electricity price, relatively high sensitivity to equity market volatility, and an easing of Indonesia s ban on bauxite exports. POSSIBLE CATALYSTS Catalysts are limited Catalysts for the company s valuation include a weaker ruble, successful Chinese control over exports of fake semis, and better than expected control over global capacity. 13

14 HQ: 16/1 Nametkina St., Moscow , Russia. Office: 7 Koroviy val St. Research Department +7 (495) EQUITY SALES +7 (495) FIXED INCOME SALES +7 (495) EQUITY TRADING +7 (495) FIXED INCOME TRADING +7 (499) Copyright Gazprombank (Joint Stock Company). All rights reserved This report has been prepared by the analysts of Gazprombank (Joint Stock Company) (hereinafter Gazprombank) and is based on information obtained from public sources believed to be reliable, but is not guaranteed as necessarily being accurate. With the exception of information directly pertaining to Gazprombank, the latter shall not be liable for the accuracy or completeness of any information shown herein. All opinions and judgments herein represent solely analysts personal opinion regarding the events and situations described and analyzed in this report. They should not be regarded as Gazprombank s position and are subject to change without notice, also in connection with new corporate or market events that may transpire. Gazprombank shall be under no obligation to update, amend this report or otherwise notify anyone of any such changes. The financial instruments mentioned herein may be unsuitable for certain categories of investors. This report should not be the only basis used when adopting an investment decision. Investors should make investment decisions at their own discretion, inviting independent consultants, if necessary, for their specific interests and objectives. The authors shall not be liable for any actions resulting from the use of this report. Any information contained herein or in the appendices hereto shall not to be construed as a solicitation or an offer to buy or sell any securities or advertisement, unless otherwise expressly stated herein or in the appendices hereto. Gazprombank should in no way be viewed as soliciting, facilitating, brokering or causing any persons to invest in any instrument or otherwise engage in transactions that may be prohibited to those persons under applicable laws and regulations. Investors should independently evaluate whether any investment transactions undertaken after reviewing Gazprombank research materials are permitted under any applicable economic sanctions laws and regulations or other laws applicable to their investing activities.