About VTB Capital

DISCLAIMER


MATERIALS PRESENTED ON THIS INTERNET SITE ARE MARKETING COMMUNICATION. THE MARKETING COMMUNICATION DOES NOT CONSTITUTE AN OFFER OF, OR AN INVITATION BY OR ON BEHALF OF, THE ISSUER OR VTB CAPITAL TO SUBSCRIBE OR PURCHASE THE INVESTMENT AND SHALL NOT FORM THE BASIS OF, NOR MAY IT ACCOMPANY, NOR FORM PART OF, ANY CONTRACT TO ACQUIRE THE INVESTMENT IN ANY JURISDICTION. THE DISTRIBUTION OF THE MARKETING COMMUNICATION AND THE OFFER OR SALE OF THE INVESTMENT MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS AND THE MARKETING COMMUNICATION DOES NOT CONSTITUTE AN OFFER OF, OR ANY INVITATION BY OR ON BEHALF OF THE ISSUER OR VTB CAPITAL TO OFFER OR SELL THE INVESTMENT IN ANY JURISDICTION IN WHICH SUCH OFFER OR INVITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR INVITATION. ACCORDINGLY, THE INVESTMENT MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, AND THE MARKETING COMMUNICATION MAY NOT BE DISTRIBUTED IN ANY JURISDICTION, EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE TO SUCH JURISDICTIONS. PERSONS INTO WHOSE POSSESSION THE MARKETING COMMUNICATION COMES ARE REQUIRED BY VTB CAPITAL TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NEITHER VTB CAPITAL NOR ITS AFFILIATES ACCEPT ANY LIABILITY TO ANY PERSON IN RELATION TO THE DISTRIBUTION OR POSSESSION OF THE MARKETING COMMUNICATION IN OR FROM ANY JURISDICTION.


The Marketing Communication is for information purposes only and is solely intended for the use of the intended recipients. The Marketing Communication does not constitute a binding commitment or agreement to provide services or financing on the terms therein or similar terms, or any other commitment to provide services or financing of any kind, and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated price. The Marketing Communication is not investment research and has not been prepared in accordance with applicable legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The Marketing Communication shall not constitute a prospectus, an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy or sell any securities or other financial instruments. In evaluating any investment products or strategies, each recipient of the Marketing Communication must independently determine (with input from his/her own tax, accounting, financial and/or legal advisors), the appropriateness of any financial instruments or transactions before investing. No part of the Marketing Communication constitutes tax, legal, accounting, financial or investment advice and should not be construed as such. The legal rights and obligations of recipients of the Marketing Communication, who participate in the investment, will be governed solely by the investment agreement and no rights or obligations against or toward the issuer or any other person shall arise out of or in connection with the Marketing Communication.


The value of any investment may fluctuate as a result of market changes. Past performance is not indicative of future performance.


Certain transactions, including futures, options and other derivatives, involve significant risk, and may not be suitable for all investors. Many persons, physical and legal, may be restricted from dealing in the securities markets. Investors should perform their own due diligence before investing. Importantly, securities and financial instruments denominated in foreign currencies and ADRs and other investments are subject to exchange rate fluctuations that may adversely affect the value of the investment.


While every care has been taken in preparing the Marketing Communication, no director, officer, employee, agent or adviser of any member of the VTB Group gives or makes any representation, warranty or undertaking, whether express or implied, and accepts no responsibility or liability as to the reliability, accuracy or completeness of the information set out in Marketing Communication. Opinions expressed therein may differ or be contrary to opinions expressed by other business areas or groups of VTB Capital and its affiliates as a result of using different assumptions and criteria. All such information is subject to change without notice, and neither VTB Capital nor any of its subsidiaries or affiliates is under any obligation to update or keep current the information contained in the Marketing Communication or in any other medium. The delivery of the Marketing Communication at any time does not imply that the information in it is correct as of any time or that there has been no change in the business, financial condition, prospects, creditworthiness, status or affairs of the issuer or anyone else since that date. VTB Capital does not undertake to assess or keep under review the business, financial condition, prospects, creditworthiness, status or affairs of the issuer or any other person now or at any time in the future. Neither VTB Capital nor any of its affiliates undertake to provide the recipient with access to any additional information or to update the Marketing Communication or to correct any inaccuracies therein which may become apparent and VTB Capital reserves the right, without prior notice, to change the procedure for the investment or the delivery of information or to terminate discussions at any time without stating its reasons. The information in Marketing Communication is not intended to predict actual results and no assurances are given with respect thereto.


Descriptions of the issuer or the securities or other financial instruments of the issuer or securities underlying or related to such instruments or the markets or developments mentioned in the Marketing Communication are not intended to be complete. In the Marketing Communication certain agreements may be referred to and described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements. Interested parties are expected to review independently all such documents. The Marketing Communication should not be regarded by recipients as a substitute for the exercise of their own judgment as the Marketing Communication has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The application of taxation laws depends on an investor's individual circumstances and, accordingly, each investor should seek independent professional advice on taxation implications before making any investment decision. The Marketing Communication has been compiled or arrived at based on information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified, is provided on an 'as is' basis and no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reasonableness of the Marketing Communication or any further information, notice or other document at any time supplied in connection with the Investment. All statements of opinion and all projections, forecasts, or statements relating to expectations regarding future events or the possible future performance of investments represent VTB Capital's own assessment and interpretation of information available to them currently.


The VTB Group may and may seek to do business with any companies mentioned in the Marketing Communication. Investors should be aware that the VTB Group may have a conflict of interest that could affect the objectivity of Marketing Communication, as members of the VTB Group and/or their respective principals, directors, officers and employees (including, but not limited to, persons involved with the preparation or issuance of the Marketing Communication) may own, have positions or effect transactions in the securities or financial instruments referred to herein or in the investments of any issuers discussed herein, may engage in securities transactions in a manner inconsistent with the information contained in the Marketing Communication and with respect to securities or financial instruments covered by the Marketing Communication, may sell to or buy from customers on a principal basis and may serve or act as director, placement agent, advisor or lender, or make a market in, or may have been a manager or a co-manager of the most recent public offering in respect of any investments or issuers of such securities or financial instruments referenced in the Marketing Communication or may perform any other investment banking or other services for, or solicit investment banking or other business from, any company mentioned in the Marketing Communication.


THE MARKETING COMMUNICATION IS NOT AN ADVERTISEMENT TO AN UNLIMITED GROUP OF PERSONS OF SECURITIES, OR RELATED FINANCIAL INSTRUMENTS. THE MARKETING COMMUNICATION IS INTENDED ONLY FOR PERSONS REGARDED AS PROFESSIONAL INVESTORS IN ANY JURISDICTIONS AND IS NOT INTENDED TO BE DISTRIBUTED DIRECTLY OR INDIRECTLY TO ANY OTHER CLASS OF PERSON. IT IS NOT INTENDED FOR ANY RETAIL INVESTOR.


The Marketing Communication may not be reproduced, redistributed or published, in whole or in part, for any purpose without the written permission of VTB Capital, and neither VTB Capital nor any of its affiliates accepts any liability whatsoever for the actions of third parties in this respect. The Marketing Communication may not be used to create any financial instruments or products or any indices. VTB Capital accepts no liability whatsoever for any consequential losses (direct or indirect – or foreseen and unforeseen) arising from the use of the Marketing Communication or reliance on the information contained herein.


VTB Capital, the Investment Business of VTB Group, is one of the three strategic business arms of VTB Group, along with the corporate and retail businesses. VTB Capital is offering a full range of investment banking products and services to Russian and international clients, focusing on arranging operations in the debt, equity, global commodities markets, developing investment and asset management, advising clients on M&A deals in Russia and abroad. VTB Capital operates in London, Singapore, Dubai, Hong Kong, Sofia and New York, with headquarters in Moscow. JSC VTB Capital is authorized and regulated in the Russian Federation by the Central Bank. VTB Capital plc is a bank incorporated in England & Wales (registration no. 159752), is a member of the London Stock Exchange and is authorized in the United Kingdom by the Prudential Regulation Authority and is regulated by Financial Conduct Authority and Prudential Regulation Authority; in Singapore - by the Monetary Authority of Singapore. VTB Capital Hong Kong Limited is licensed by the Securities and Futures Commission in Hong Kong. VTB Capital Inc. is a US registered broker dealer and a member of FINRA and SIPC. Except as otherwise specified in the Marketing Communication any reference to VTB Capital shall mean reference to any member of the group of companies of VTB Capital.


This document is protected by copyright, and no part of it may be reproduced, distributed or transmitted without the prior written permission of VTB Capital. All rights reserved.

VTB Capital

Federation Tower West, 12, Presnenskaya emb., Moscow, 123100