CSJC ALOR INVEST licences

	Licence for the professional participant in the securities market of the Russian Federation to perform brokerage operations # 077-06971-100000 dated August 19, 2003. Issued by Federal Commission for the Securities Market. Without expiry.
	Licence for the professional participant in the securities market of the Russian Federation to perform dealer operations in the securities market # 077-06990-010000 dated August 19, 2003. Issued by Federal Commission for the Securities Market. Without expiry.
	Licence for the professional participant in the securities market of the Russian Federation to perform securities management operations # 077-07217-001000 dated December 9, 2003. Issued by Federal Commission for the Securities Market. Without expiry.
	Licence for the professional participant in the securities market of the Russian Federation to perform depository operations in the securities market # 077-07830-000100 dated June 29, 2004. Issued by Federal Financial Markets Service. Without expiry.
	Licence for the exchange broker to perform futures and options transactions in exchange trading # 1381 dated June 10, 2009. Issued by Federal Financial Markets Service. Without expiry.

ALOR + LLC licences

	Licence for the professional participant in the securities market of the Russian Federation to perform brokerage operations # 077-04827-100000 dated March 13, 2001. Issued by Federal Commission for the Securities Market. Without expiry.
	Licence for the professional participant in the securities market of the Russian Federation to perform dealer operations # 077-13011-010000 dated April 1, 2010. Issued by Federal Financial Markets Service. Without expiry.
	Licence for the professional participant in the securities market of the Russian Federation to perform depository operations in the securities market # 077-10965-000100 dated January 22, 2008. Issued by Federal Financial Markets Service. Without expiry.
	Licence for the exchange broker to perform futures and options transactions in exchange trading in the Russian Federation # 1323 dated February 25, 2009. Issued by Commodity Exchange Commission, Federal Service for Financial Markets. Without expiry.
	Licence — # 9289 У dated August 17, 2010. Issued by —. Expires on August 17, 2015.
	Licence — # 9288 У dated August 17, 2010. Issued by —. Expires on August 17, 2015.
	Licence — # 9287 У dated August 17, 2010. Issued by —. Expires on August 17, 2015.
	Licence — # 9286 У dated August 17, 2010. Issued by —. Expires on August 17, 2015.
	Licence — # 85695 dated March 23, 2011. Issued by —. Expires on March 23, 2016.

AGANA MC LLC licences

	Licence to perform investment fund, unit fund and non-governmental pension fund management operations # 21-000-1-00043 dated January 17, 2001. Issued by Federal Commission for the Securities Markets. Without expiry.
	Licence for the professional participant in the securities market to perform securities management operations # 077-09778-001000 dated December 21, 2006. Issued by Federal Financial Markets Service. Without expiry.

Universalniy broker LLC

Licence for the professional participant in the securities market of the Russian Federation to perform brokerage operations # 077-13127-100000 dated May 25, 2010. Issued by Federal Financial Markets Service. Without expiry.

ALOR UKRAINE LLC

	Licence for the professional participant in the securities market to perform brokerage operations # 581105 dated August 3, 2010. Issued by The State Commission on Securities and Stock Market of Ukraine. Expires on August 3, 2015.
	Licence for the professional participant in the securities market to perform dealer operations in the securities market # 581106 dated August 3, 2010. Issued by The State Commission on Securities and Stock Market of Ukraine. Expires on August 3, 2015.
	Licence for the professional participant in the securities market to perform depository operations in the securities market # 581108 dated October 29, 2010. Issued by The State Commission on Securities and Stock Market of Ukraine. Expires on October 29, 2015.
	Licence for the professional participant in the securities market to perform securities management operations # 581113 dated October 29, 2010. Issued by The State Commission on Securities and Stock Market of Ukraine. Expires on October 29, 2015.