Information disclosure


JSC VTB Capital information disclosed under the Directive No. 3921-У dated 28.12.2015 of Russian Central Bank “On structure, scope, order and due dates for disclosure of information by professional securities market participants” is available in Russian only by following this link https://www.vtbcapital.ru/about/information-disclosure/general/

Sales and Trading Disclaimers

This is a marketing communication. It is not an independent research report and should not considered as a factor in making an investment decision.   This communication/document has been prepared by VTB Capital plc and/or one of its affiliates (“VTB Capital"), for information purposes only and is solely intended for the use of the intended recipient(s). This communication/document may include an indicative summary of the terms and conditions of the securities/transaction described herein and may be amended, superseded or replaced without notice. Any prices contained within this communication/document are indicative, may not represent the price at which a specific execution can be achieved and are not for valuation purposes. The conditions of the securities/transaction will be set out in full in the applicable binding transaction document(s). 

Not an offer: This communication/document does not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy or sell any securities described herein, which shall be subject to VTB Capital internal approvals.

Not advice: VTB Capital is acting solely as principal and not as advisor or fiduciary. You must independently determine, with your own professional advisors, the appropriateness of any contemplated transaction or investment. No part of this material constitutes tax, legal, accounting, financial or investment advice and should not be construed as such.VTB Capital accepts no liability whatsoever for any consequential losses arising from the use of this document or reliance on the information contained herein. 

Accuracy: Whilst every care has been taken in preparing this communication/document, VTB Capital does not guarantee the accuracy or completeness of information which is contained in this communication/document and which may have been obtained from or is based upon data from third party sources. All information contained herein is subject to change without any notice. 
VTB Capital assumes no duty to update any of the content.

Opinions: Information and opinions contained herein have been compiled or arrived at by VTB Capital from publicly available information and sources that VTB Capital believes to be reliable. Any views expressed represent the personal assessment of the author(s) only and do not necessarily reflect the views of VTB Capital and/or any of its worldwide affiliates (collectively, the 
“VTB Group”). All opinions and estimates are given as of the date hereof and are subject to change.

Past performance: The value of any investment may fluctuate as a result of market changes. Past performance is not indicative of future performance. The information in this document is not intended to predict actual results and no assurances are given with respect thereto. 

Risks: 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. The value of investments may fall as well as rise and investors may not get back the amount invested.

Conflicts: The VTB Group may and may seek to do business with any companies covered in this communication/document. Thus, investors should be aware that the VTB Group may have a conflict of interest that could affect the objectivity of this communication/document. 
The VTB Group, its officers, directors, and employees may from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this material, and other divisions of the VTB Group outside of the sales and trading division may perform investment banking or other services for any companies mentioned herein. 

Professional Investors only: This communication/document is intended only for persons regarded as investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2001 or those  that would be classified as Eligible Counterparties or Professional Clients/Investors under the Conduct of Business rules (or equivalent outside of the UK) and is not intended to be distributed directly or indirectly to any other class of person. It is not available to any retail investor. This material is intended for Institutional Investors only in connection with its distribution in the US.

THIS COMUNICATION/DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER ISSUES RELATED TO AN OR POTENTIAL INVESTMENT IN THE SECURITIES/TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY RISKS ASSOCIATED THEREWITH. THIS COMMUNICATION/DOCUMENT IS NOT A PROSPECTUS. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY TRANSFERABLE SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE LEGALLY BINDING TRANSACTION DOCUMENT(S) AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN.

VTB Capital Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, in Dubai by the Dubai Financial Services Authority, in Singapore by the Monetary Authority of Singapore and VTB Capital Hong Kong Limited is licensed by the Securities and Futures Commission in Hong Kong. VTB Capital plc is a bank incorporated in England & Wales (registration no. 159752).   VTB Capital Inc. is licensed and regulated in the United States by the Financial Services Regulatory Authority (“FINRA”) and by the US Securities and Exchange Commission (“SEC”).  VTB Capital plc and its affiliates are part of the investment business of JSC VTB Bank. This document is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of VTB Capital.
 
Copyright VTB Capital 2013 (all rights reserved).

IMPORTANT INFORMATION – TERMS OF ACCESS
FOR INFORMATION ONLY

The information and opinions contained within VTB Capital research reports are prepared by research analysts associated with JSC VTB Capital, VTB Capital plc and their non-U.S. affiliates (each such entity, a “VTB Group entity,” and all such entities collectively, the “VTB Group”). The information, analytic tools, and/or models referenced herein (and any reports or results derived from their use) are intended for informational purposes only. VTB Capital has no obligation to update this information and may cease provision of this information at any time and without notice. The information and opinions described herein may be based on VTB Capital research reports that have already been published and made available to research customers. Accordingly, members or clients of the VTB Group may have acted upon or used the information or conclusions contained in this research report, or the research or analysis on which they are based, before its publication.

NO OFFER, RECOMMENDATION, INDUCEMENT OR ADVICE

This material does not constitute nor is it intended as an offer, inducement, promotion or solicitation for the purchase or sale of securities, investments or other financial instruments. Neither the information contained in the report nor any future information made available with the subject matter contained in the report will form the basis of any contract. This material is not intended to constitute an investment recommendation as defined by Article 3(1) (35) of Regulation (EU) No 596/2014, and related rules and regulations (each as amended). VTB Capital is not acting as a fiduciary. VTB Capital does not provide, and has not provided, any investment advice or personal recommendation to you in relation to any transaction and/or any related securities described herein and is not responsible for providing or arranging for the provision of any general financial, strategic or specialist advice, including legal, regulatory, accounting, model auditing or taxation advice or services or any other services in relation to the transaction and/or any related securities described herein. Accordingly, VTB Capital is under no obligation to, and shall not, determine the suitability for you of any transaction described herein. You must determine, on your own behalf or through independent professional advice, the merits, terms, conditions and risks of any transaction described herein. Any reference to past performance of securities or other financial instruments is for informational purposes only and does not imply or indicate future results.

CONFLICTS OF INTEREST

VTB Group entities do and seek to do business with companies referenced in research reports. Thus, investors should be aware that the VTB Group may have a conflict of interest that could affect the objectivity of this research report. Disclosures on the companies referenced in this report can be obtained by accessing the following webpages:

Research disclosures webpage - http://research.vtbcapital.com/ServicePages/Disclosures.aspx.

Investment Recommendations disclosures webpage https://www.vtbcapital.com/about/information-disclosure/investment-recommendations/

NO LIABILITY

Whilst every care has been taken in preparing the reports, no research analyst, 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 the reports. Any responsibility or liability for any information contained in the reports is expressly disclaimed. All information contained in the reports is subject to change at any time without notice. No member of the VTB Group has an obligation to update, modify or amend the reports or to otherwise notify a reader thereof in the event that any matter stated in the reports, or any opinion, projection, forecast or estimate set forth in the reports, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn.

In the United Kingdom, the reports are approved and/or communicated by VTB Capital plc, a bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The reports are intended for those persons that would be classified as eligible counterparties or professional clients under the Financial Conduct Authority’s Conduct of Business rules. The reports have been made publicly available, and as such, constitute an ‘acceptable minor non-monetary benefit’ pursuant to Article 12(2) Commission Delegated Directive (EU) 2017/593 (as implemented into United Kingdom domestic law and regulation following the United Kingdom’s departure from the European Union). The reports do not intend to communicate an invitation or inducement to engage in investment activity, and as such do not fall within the definition of a Financial Promotion as per s.21 of the Financial Services and Markets Act 2000 (FSMA), and related rules and regulations (each as amended).

Reports are distributed in the European Economic Area (EEA) by VTB Bank (Europe) SE, registered with the number HRB 12169 at the register of companies in Frankfurt am Main and authorised by the Bundesanstalt fur Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority), Graurheindorfer Strasse 108, 53117 Bonn, Marie-Curie-Strasse 24-28, 60439 Frankfurt am Main and the European Central Bank, Sonnemannstrasse 20, 60314 Frankfurt am Main to provide banking transactions and financial services. Reports are intended for those persons classified as Eligible Counterparties or Professional Clients pursuant to Directive 2014/65/EU. In the United States, these reports are intended for persons who are considered ‘institutional investors’ as defined by FINRA Rule 2210(a)(4).

In Singapore, the reports are distributed by VTB Capital plc to accredited investors, expert investors or institutional investors only (as defined in the applicable Singapore laws and regulations and are not intended to be distributed directly or indirectly to any other class of person). Recipients of these reports in Singapore are to contact VTB Capital plc, Singapore branch in respect of any matters arising from, or in connection with, this report. VTB Capital plc, Singapore branch is regulated by the Monetary Authority of Singapore.

In Hong Kong, the reports are distributed by VTB Capital Hong Kong Limited, a licensed corporation (CE Ref: AXF967) licensed by the Hong Kong Securities and Futures Commission to “professional investors” (as defined in the Hong Kong Securities and Futures Ordinance and its subsidiary legislation) only.

In Russia, the reports are approved and/or communicated by JSC VTB Capital, a professional securities market participant regulated by the Central Bank of Russia. VTB Capital is not providing either investment advice or individual investment recommendations to the recipients of the reports or any other persons either under Federal Law On Securities Market of 22.04.1996 No. 39-FZ (or related rules and regulations, each as amended) or otherwise. These reports are not advertising as defined in Russian legislation, but are information and analysis not having product promotion as their main purpose and do not provide appraisal within the meaning of the Russian legislation on appraisal activity. Research reports do not constitute a personalised investment recommendation as defined in Russian laws and regulations, are not addressed to a specific client, and are prepared without analysing the financial circumstances, investment profiles or risk profiles of clients.

THESE REPORTS ARE INTENDED FOR ELIGIBLE COUNTERPARTIES OR PROFESSIONAL INVESTORS AS DEFINED IN THE RESPECTIVE JURISDICTION.

The reports are being furnished to certain persons as permitted by applicable law, and accordingly may not be reproduced or circulated to any other person without the prior written consent of a member of the VTB Group. Unauthorised use or disclosure of the reports is strictly prohibited.

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