On cancelling licence of management company

On 9 April 2015, the Bank of Russia took a decision to cancel licence No. 21-000-1-00029 dated 29 September 1998 to act as a management company of investment funds, unit investment funds and non-governmental pension funds issued to the closed joint-stock company Management Company Ermak (hereinafter, the Company) by the Federal Securities Market Commission due to the repeated violations of the requirements stipulated by the laws of the Russian Federation on investment funds.

The Company repeatedly within a year failed to comply with the Bank of Russia’s orders, while acting as a licenced management company of investment funds, unit investment funds and non-governmental pension funds.

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09.04.2015 00.00.00