Russian Equity Market - Move to No Rating on Our Russian Stock Coverage

Due to the recent events pertaining to the conflict in Ukraine, a number of measures have been instituted that have triggered a deterioration of market accessibility and a material disconnect from fundamentals. In light of growing uncertainty and capital controls in place, we are withdrawing our target prices and recommendations for all of our Russian coverage across both RX and LI lines (more details in the table below). We keep unchanged our current financial forecasts for now and will update them appropriately in due course. > Oil and gas. Within our oil and gas sector coverage, we remove our ratings and target prices for Gazprom, Gazprom Neft, Lukoil, Novatek, Rosneft, Tatneft commons and preferred shares, Bashneft commons and preferred shares, and Transneft preferred shares. > Metals and mining/chemicals. Within our metals and mining coverage, we remove our ratings and target prices for Nornickel and Alrosa commons. We had the rest of the sector under review prior to this date.> Financials. Within our financials sector coverage, we remove our ratings and target prices for TCS Group, Bank of St Petersburg and Moscow Exchange.> Telecoms. Within our telecom sector coverage, we remove our ratings and target prices for MTS, VEON, Sistema and Rostelecom commons and preferred shares. > Internet/IT. Within our internet/IT coverage, we remove our ratings and target prices for Yandex, Ozon, HeadHunter, QIWI, VK and Softline.> Consumer. Within our consumer sector coverage, we remove our ratings and target prices for X5, Magnit, Lenta, O'Key, M.Video, Detsky Mir, Fix Price, OR Group, Rusagro and MHP. This is applicable for the commons and ADRs. > Utilities. Within our utilities sector coverage, we remove our ratings and target prices for InterRAO, RusHydro, Unipro, Enel Russia, OGK-2, Mosenergo, TGK-1 and En+ Group.> Transport/industrials. Within our transport/industrials sector coverage, we remove our ratings and target prices for Globaltrans, Global Ports, Sovcomflot and Segezha Group.> Real estate. Within our real estate sector coverage, we remove our ratings and target prices for LSR Group, PIK Group and Etalon Group.