Website Disclaimer

The information and opinions contained within this website ("the Website") is issued by VTB Capital Research and prepared by JSC VTB Capital. As used in this disclaimer, ("VTB Capital") includes JSC VTB Capital, VTB Capital Plc and their affiliates as necessary.

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Limitation of Liability

The content of the Website does not constitute the provision of investment, legal, tax or accounting advice. Any views expressed reflect the current views of the author, which do not necessarily correspond to the opinions of VTB Capital or its affiliates. Opinions expressed may change without notice. Opinions expressed may differ from views set out in other documents, including research, published by VTB Capital. The research reports and comments are provided for informational purposes only and without any obligation, whether contractual or otherwise. Material should not be construed as a solicitation or recommendation to use VTB Capital to effect transactions in any security.

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