Disclaimer

THE DOCUMENTS BELOW ARE NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF COMMON STOCK (INCLUDING SHARES OF COMMON STOCK REPRESENTED BY ADSS). NEITHER THE TENDER OFFERS NOR THE REPURCHASES ARE BEING MADE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR BY USE OF THE MAILS OF, OR BY OTHER MEANS (INCLUDING, WITHOUT LIMITATION, FACSIMILE TRANSMISSION, EMAIL, TELEX AND TELEPHONE), OR VIA ANY FACILITIES OF A NATIONAL SECURITIES EXCHANGE OF AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE THE MAKING OF SUCH TRANSACTIONS INTO OR INSIDE SUCH JURISDICTION WOULD CONSTITUTE VIOLATION OF THE LAWS OF SUCH JURISDICTION.

NEITHER THE SEC NOR ANY US STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE TRANSACTIONS DISCLOSED BELOW OR PASSED UPON THE MERITS OF FAIRNESS OF SUCH TRANSACTIONS OR PASSED UPON THE ADEQUACY OF THE INFORMATION CONTAINED IN THEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

THE INFORMATION CONTAINED IN THE DOCUMENTATION BELOW AND ANY RELATED MATERIALS IS ADDRESSED EXCLUSIVELY TO THE HOLDERS OF COMMON STOCK AND ADSS. NEITHER THE OFFER TO PURCHASE NOR REPURCHASE DOCUMENTS NOR ANY RELATED MATERIALS NOR THE TENDER OFFER NOR THE REPURCHASE DESCRIBED HEREIN NOR ANY INFORMATION CONTAINED HEREIN CONSTITUTE AN OFFER (“OFFERTA”) PURSUANT TO RUSSIAN LAW, OR AN ADVERTISEMENT, OR AN OFFER OF SECURITIES TO AN UNLIMITED NUMBER OF PERSONS WITHIN OR OUTSIDE THE TERRITORY OF THE RUSSIAN FEDERATION, OR VOLUNTARY TENDER OFFER OR MANDATORY TENDER OFFER UNDER RUSSIAN LAW. NEITHER DOCUMENTATION BELOW, NOR ANY RELATED MATERIALS, NOR THE TENDER OFFER, NOR THE REPURCHASE DESCRIBED HEREIN CONSTITUTE OR ARE INTENDED FOR PLACEMENT OR PUBLIC CIRCULATION OR SECURITIES OF FOREIGN ISSUERS IN THE RUSSIAN FEDERATION. FURTHERMORE NEITHER DOCUMENTATION BELOW, NOR THE TENDER OFFER, NOR THE REPURCHASE DOCUMENTS CONSTITUTE AN AUCTION UNDER THE LAWS OF THE RUSSIAN FEDERATION AND PROVISIONS OF ARTICLES 447 — 449 OF THE CIVIL CODE OF THE RUSSIAN FEDERATION DO NOT APPLY TO THEM. ADSS, TO WHICH THE DOCUMENTATION RELATES, ARE NEITHER REGISTERED IN THE RUSSIAN FEDERATION NOT ADMITTED TO PLACEMENT, PUBLIC PLACEMENT OR PUBLIC CIRCULATION IN THE RUSSIAN FEDERATION IN ACCORDANCE WITH ARTICLE 51 OF THE RUSSIAN FEDERAL LAW NO. 39-FZ “ON THE SECURITIES MARKET”, DATED APRIL 22, 1996 (AS AMENDED) (THE “SECURITIES MARKET LAW”). THE PURCHASE OF ADSS WILL BE CARRIED OUR EXCLUSIVELY IN ACCORDANCE WITH THE PROCEDURES SET FOR IN THE RELEVANT DOCUMENTATION AND RELATED MATERIALS. ANY INFORMATION IN THE DOCUMENTATION BELOW AND RELATED DOCUMENTS IN RESPECT OF ADSS IS ADDRESSED IN THE RUSSIAN FEDERATION SOLELY TO PERSONS WHO ARE “QUALIFIED INVESTORS" AS DEFINED IN THE SECURITIES MARKET LAW.