LETTERONE

LetterOne is a privately owned Luxembourg-based global investment vehicle focused on utilizing its financial resources, management and investment expertise to make value-driven investments in the Energy and Technology sectors through its two main business units L1 Energy and LetterOne Technology. LetterOne’s liquidity is managed by LetterOne Treasury Services. As at 31 December 2013, LetterOne’s assets under management total $29bn (comprising $13,5bn in telecoms assets and circa $15,6bn ... in credit and equity securities, loan deposits and funds) and originate from the successful investment and operational track record of its founding shareholders including the sale of TNK-BP, a major Russian integrated oil and gas company. LetterOne targets large-scale investments (above $1bn) where it sees additional value generation. This may be through a combination of operational excellence, provision of additional capital and strategic input as well as special situations such as turnaround of distressed and underperforming assets. LetterOne expects to be an active participant at management and/or board level with focus on performance, strategy and business development. LetterOne does not have fixed investment time horizons. Investment returns will be generated through dividend income as well as capital gains from disposals.More