Plans for 2017: How do you differentiate your positioning in the market? TIMUR TURLOV We are trying to build the best infrastructure for investors. We have a modern internet trading system from Russia, which we have implemented so that all of our investors have direct access to the stock exchange. We are trying to build one of the most efficient back office solutions and spent a lot of money, time, and effort training our staff and our employees to sell specific products. We provide analytics and research for our clients. We are working to maintain a perfect reputation because trust is crucially important and we invest a lot of time and money into building this reputation. We have one of the best local and international stock-trading expertise. It can be competitive here in Kazakhstan, but there are a lot of big Russian investment banks who can maybe do it better in Russia. We are not leaders in the Russian exchange market, but we are members of the Moscow exchange and we can trade everything we want there, including stocks and bonds. Most of our business, however, is on the New York and Kazakhstan stock exchanges. We do not have a lot of institutional relationships currently. We want to become the biggest investment company in Kazakhstan, and we are well on the way to making this happen. How do you assess the current state of the market for brokerage services? TT Our industry is weak right now, and a lot of companies have gone out of business. We are the only net investor in this market. We invested more than $8 million in the past six months in our Kazakhstan subsidiary. We are the only company that did this with its own money, which we earned in the US market and invested in assets in Kazakhstan. This is the primary reason for our growth here, as all of our competitors have an expectation of continued weakness in the tenge and are trying to invest outside of Kazakhstan. We made the decision to invest in Kazakhstan instead, as although this may be not the best time to spend money, it is the right time to take on market share. We have been successful in doing this, as we have absolutely no competition right now. A lot of companies want to increase their market share, as many successful businesses have too much credit burden and want to reduce their outstanding debt. They are ready to pay more to their shareholders to be sure that they will not lose, as the banks can make a decision not to extend financing. In an environment of formidable macroeconomic uncertainty, demand is on the rise for world-class wealth management services in Kazakhstan.