IMPORTANT NOTICE IMPORTANT: You must read the following disclaimer before continuing. You are advised to read this disclaimer carefully before reading, accessing or making any other use of the attached document. In accessing this electronic transmission and the attached document, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. You acknowledge that the delivery of this electronic transmission and the attached document is confidential and intended for you only and you agree you will not forward, reproduce or publish this electronic transmission or the attached document to any other person. THE FOLLOWING DOCUMENT MAY NOT BE FORWARDED OR DISTRIBUTED OTHER THAN AS PROVIDED BELOW AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. THIS DOCUMENT MAY ONLY BE DISTRIBUTED IN ‘‘OFFSHORE TRANSACTIONS’’ AS DEFINED IN, AND AS PERMITTED BY, REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’). ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. This electronic transmission and the attached document are only addressed to and directed at persons in member states of the European Economic Area who are ‘‘qualified investors’’ within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) (‘‘Qualified Investors’’). In addition, in the United Kingdom, this electronic transmission and the attached document are being distributed only to, and are directed only at, Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the ‘‘Order’’) or who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom they may otherwise lawfully be communicated (all such persons together being referred to as ‘‘relevant persons’’). This electronic transmission and the attached document must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this electronic transmission and the attached document relates is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the European Economic Area other than the United Kingdom, and will be engaged in only with such persons. Confirmation of Your Representation: This electronic transmission and the attached document are delivered to you on the basis that you are deemed to have represented to Avangardco Investments Public Limited (the ‘‘Company’’) that (i) this document has only been distributed to you in offshore transactions as defined in, and in reliance on, Regulation S under the Securities Act; (ii) if you are in the United Kingdom, you are a relevant person, and/or a relevant person who is acting on behalf of, relevant persons in the United Kingdom and/or Qualified Investors to the extent you are acting on behalf of persons or entities in the United Kingdom or the European Economic Area; (iii) if you are in any member state of the European Economic Area other than the United Kingdom, you are a Qualified Investor and/or a Qualified Investor acting on behalf of, Qualified Investors or relevant persons, to the extent you are acting on behalf of persons or entities in the European Economic Area or the United Kingdom; and (iv) you are an institutional investor that is eligible to receive this electronic transmission and the attached document. You are reminded that you have received this electronic transmission and the attached document on the basis that you are a person into whose possession this electronic transmission and the attached document may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not nor are you authorised to deliver this electronic transmission or the attached document, electronically or otherwise, to any other person. The Company does not accept any responsibility whatsoever for the contents of this transmission or the attached document or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company or the securities. The Company and each of its respective affiliates, each accordingly disclaims all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of such electronic transmission, document or any such statement. No representation or warranty express or implied, is made by the Company or any of its respective affiliates as to the accuracy, completeness or sufficiency of the information set out in this electronic transmission or the attached document. Avangardco Investments Public Limited (incorporated in Cyprus as a public limited company) Application for a listing of 48,871,850 global depositary receipts Ten global depositary receipts represent one share This document, including the financial information contained herein, comprises a prospectus (the ‘‘Prospectus’’) and relates to an application by Avangardco Investments Public Limited (the ‘‘Company’’), a company incorporated in Cyprus, for a listing of 48,871,850 global depositary receipts, representing 4,887,185 ordinary shares of the Company, with ten global depositary receipts representing one ordinary share of the Company, each with a nominal value of c0.10 per share. In May 2010, the Company submitted applications to: (i) the UK Financial Services Authority (the ‘‘FSA’’) in its capacity as competent authority under the Financial Services and Markets Act 2000 (the ‘‘FSMA’’) for a listing of up to 15,000,000 GDRs to be admitted to the official list of the FSA (the ‘‘Official List’’); and (ii) the London Stock Exchange plc (the ‘‘London Stock Exchange’’ or the ‘‘LSE’’) for up to 15,000,000 GDRs (the ‘‘Existing GDRs’’) to be admitted to trading under the symbol ‘‘AVGR’’ on the LSE’s main regulated market for listed securities (the ‘‘Regulated Market’’). Such applications were granted and unconditional trading in the Existing GDRs that were issued pursuant to the offering by the Company of 12,500,000 GDRs representing 1,250,000 ordinary shares of the Company began on 6 May 2010 (the ‘‘IPO’’). The IPO included an over-allotment option granted by the Company’s shareholder, Mobco Limited. The amount of the existing GDRs in issue is 14,375,000. The IPO consisted of an international offering outside the United States to certain persons in offshore transactions in reliance on Regulation S under the US Securities Act of 1933, as amended (the ‘‘Securities Act’’). The Existing GDRs are evidenced by an existing Master Global Depositary Receipt (the ‘‘Master GDR’’) registered in the name of BNY (Nominees) Limited, as nominee for The Bank of New York Mellon, London branch (the ‘‘Depositary’’), as common depositary for Euroclear Bank N.V./S.A. (‘‘Euroclear’’) and Clearstream Banking, socie´te´ anonyme (‘‘Clearstream, Luxembourg’’). In connection with this Prospectus, applications have been submitted by the Company to (A) the FSA in its capacity as competent authority under the FSMA for a listing of 48,871,850 GDRs (the ‘‘Additional GDRs’’) to be issued from time to time against the deposit of 4,887,185 ordinary shares of the Company with the Depositary, to be admitted to the Official List; and (B) the LSE for the Additional GDRs to be admitted to trading under the symbol AVGR on the Regulated Market and, in particular, on the International Order Book (the ‘‘IOB’’). The Regulated Market is a regulated market for the purposes of Directive 2004/39/EC (the ‘‘Directive on Markets in Financial Instruments’’). The Existing GDRs and the Additional GDRs represent ordinary shares of the Company which exist at the date of this Prospectus. All necessary statutory or other consents have been obtained in respect of the ordinary shares of the Company represented by the Existing GDRs and the Additional GDRs. Admission to the Official List together with admission to trading on the Regulated Market constitutes admission to official listing on a regulated market (the ‘‘Admission’’). Only the Company’s shares that are in existence as at the date of this Prospectus can be deposited with the Depositary to enable the issuance of the GDRs. No shares issued after the date of this Prospectus (the ‘‘New Shares’’) can be deposited for the issuance of the GDRs, unless the Company produces a prospectus approved by the UK Listing Authority to enable such New Shares to be deposited with the Depositary for the issuance of the GDRs. Notwithstanding that the application for such a listing has been made, no GDRs will be offered for subscription or sale pursuant to this Prospectus. The Company has chosen to increase its listing at this time in order to permit the issued share capital of the Company to be converted into GDRs in the future. No application is currently intended to be made for the GDRs to be admitted to listing or dealt with on any other exchange.