Investing in stocks and shares involves high level of risk and does not imply guarantees for either moneyback of the basic invested amount or receiving any profits.

Profitability of the mutual trust funds is not guaranteed either by the state or by the managing companies. Managing companies are not allowed to provide any guarantees, promises or forecasts about the future efficiency and returns from investment activity.

Registrar in the person of Intway World Corporation, as well Depositary and Auditor do not bear responsibility for the investment risks of the Managing companies and individual investors.

Risk of investing in securities include but is not limited to the following risks:

• political and economic risks connected with the possible change of political situation, expropriation, nationalization or supporting policy directed to limit investments in the fields of economics which are in the special interest of the state, decrease of prices for energy supply and other conditions;
• system risk, connected with the inability of a great number of financial institutes to perform its obligations. System risks include the risk of banking system;
• market risk connected with the changes of currency exchange rates, interest rates and prices of financial instruments;
• credit risk connected, in particular, with the failure of the issuer of securities and contracting parties to complete the obligations;
• risk of market liquidity connected with the potential failure to sell the assets for the best price;
• regulatory risk connected with the unpredictability of the changes of the current legislation, and imperfection of laws and other normative documents relating to the stock exchange market;
• risk of force majeur conditions, such as nature disasters and military operations.

Managing companies plan to invest the capital of trust funds in the most liquid securities, diversify the investments in order to lower risks and make the value of portfolio less dependable on the value of this or that type of investments.

The cost of shares may increase with time, as well as decrease. Investment results of the past do not define future profits. Before purchasing shares, please familiarize yourself with the rules of trust management.