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Renunciation of license

You may be already aware that due to the recent geopolitical developments, SIB (Cyprus) Limited (the “Company”) is subject to the EU sanctions and associated restrictive measures that are currently in force, on the basis of the designation of Sberbank as a sanctioned entity in Annex 1 (No. 108) of the Council Regulation (EU) No 269/2014 (as amended) (the "EU Sanctions").

As a result of the EU Sanctions, the Company has decided to proceed with the voluntarily renunciation of its license as per article 4 of Directive DI-87-05 and thus terminate its activities.

The Company would like to highlight that during the process of withdrawal of its authorisation regardless of the license renunciation, it will remain under the supervision of the Cypriot regulator, i.e. the Cyprus Securities and Exchange Commission, until the Cyprus Securities and Exchange Commission is satisfied that the Company has fully complied with all requirements imposed upon it by the applicable law and the Company settles its obligations with its clients including, inter alias, the completion of their transactions and return of their funds and financial instruments. The Company’s focus is to protect clients' assets (cash and securities), which are currently frozen due to the EU Sanctions.

For any further details as to the process which needs to be followed from, please refer to the information letter send to you on 05 May 2023.

In case you have any questions, require any clarifications or wish to file any complaint, please do not hesitate to contact us at info@sib.com.cy.

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SIB (Cyprus) Limited is licensed by the Cyprus Securities and Exchange Commission, to operate as a Cypriot Investment Firm, under License number CIF 066/06 dated 15/06/2006.

SIB (Cyprus) Limited is also a member of the Cyprus Investor Compensation Fund. The ultimate beneficial owner of SIB (Cyprus) Limited (100%) is Sberbank of Russia, www.sberbank.ru.