We are glad to inform you that in September 2015 the assets value of the WellMax investment portfolio increased by 1.105%.

As is customary, incomings from bond investments are basic to profitability of the WellMax portfolio. In September, bond markets of issuers in various countries underwent some changes, and we expect a decrease in their prices in future. That was the reason for us to retain from buying bonds in this period.

The market of risky assets was more volatile and less predictable. In September, the main income that we gained from our risky securities management was one from decrease in prices for the biotechnological companies` stocks.This decrease was foreseen by our specialists in July and August, as far as financial indicators of these companies significantly differed from indicators of companies in other sectors of economy, including the e-commerce sector.

We suppose that it would be possible for the US stock market to witness the correction in value of the biotechnological companies, which earlier had a great expectation of business prospects while estimating the stocks.

It is possible that a high debt burden in balance of shale oil companies will result in a sharp volatility of oil price as well as of the oil companies` stocks in the 4^th quarter of this year and in the 1^st quarter of 2016.

Brazil`s market is undergoing some changes and corrections due to alterations of many economic performances, such as the national currency (the real) rate, prices for energy resources, export goods (coffee, sugar), amount of man-power employed etc. The political situation in Brazil seems to be shaky and may result in resignation of the president. All this greatly influences the price volatility of the Brazilian companies` stocks and the world markets of the goods exported from Brazil.

The stabilized markets of China look like the authorities` success. Still, in the term of 6 months the Chinese economy can face a decrease in domestic demand due to a significant loss of domestic savings after the stock crisis. The decline in domestic demand and a slowdown in China`s economic growth can lead to the yuan devaluation for the growth promotion.

The situation in Russia and Kazakhstan looks steady with a conserved probability of difficulties in these economies in 2016 and no vector of development suggested by the governmental bodies.

The discussion of increase in the retirement age in the RF is in progress. And it is possible that tax control for business and incomes of private individuals will be strengthened.

It appears probable that the European economy and stock markets will be under pressure due to continuing flow of refugees and a possible escalation of conflicts together with an economic decline in Syria and other countries closely spaced to the EU (Libya, Albania, etc.). Another possible negative is an investigation of the European car manufacturers` environmental non-compliance. It may influence the value of their stocks and the European markets value in general.