On cancelling licences of professional securities market participant

On 10 September 2015, the Bank of Russia took a decision to cancel licences to carry out broker, dealer, depositary activity and securities management of Krona Investment Company, limited liability company (TIN 7721655180) (hereinafter, the Company).

The reasons to take the decision to cancel licences were repeated violations within a year of Russian securities legislation.

The depositary licence is terminated from 10 October 2015. From 11 September 2015, the Company is not entitled to open depot accounts and hold securities in nominee accounts. By 10 October 2015, the Company is obliged to ensure a possibility for its customers to transfer securities to personal accounts in the register of securities owners or to depot accounts in depositories. From 11 September 2015 to 10 October 2015 the depositors may instruct the Company accordingly to transfer their securities as stipulated in the agreement (terms of the Company’s depository activity). Upon the expiry of the said period the Company is obliged to open and transfer the customers’ securities to personal accounts in the register of securities owners in compliance with Russian legislation. In case of failure to perform or improper performance of the customers’ instructions by the Company or the Company’s failure to ensure receiving of the instructions to transfer the securities, the depositors of the Company may seek judicial protection and/or apply to law enforcement authorities.

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10.09.2015 00.00.00