Limitation of liability

Some of the statements contained in the Report are “forward-looking statements” and are subject to various risks. These risks include: the possibility of changes in the economic and financial conditions of the Company’s activities and prospects for its development; the possibility of changes in the political and economic environment in Russia and countries of operations; the possibility of changes in the existing or future regulation of Russian mining, transportation, and processing industries; the possibility of changes in Russian legislation; and the impact of other factors.

Most of these factors are beyond the Company’s control or forecasting ability. Due to their specific nature, the forward-looking statements are associated with an inherent risk and uncertainty of both a general and specific nature, and there is a danger that assumptions, forecasts, projects, and other forward-looking statements will not be implemented. In light of this, the Company warns that actual results may differ significantly from those expressed directly or indirectly in these forward-looking statements which are only valid at the time of writing the Report.

The company shall bear no responsibility for any loss which may be incurred by individuals or legal entities acting in reliance on forward-looking statements. In each case, such forward-looking statements represent only one of many scenarios and should not be considered as the most probable ones. Except as expressly provided by law, the Company does not undertake to publish any updates and changes to the forward-looking statements based on new information and subsequent events.