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Disclaimer

This is a marketing communication. It is not a research report. This web-site 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 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an indicative summary of the terms and conditions of the securities/transaction described herein and may be amended, superseded or replaced without notice. The conditions of the securities/transaction will be set out in full in the applicable binding transaction document(s).

Not an offer: This web-site 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 material, VTB Capital does not guarantee the accuracy or completeness of information which is contained in this 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 material. Thus, investors should be aware that the VTB Group may have a conflict of interest that could affect the objectivity of this material. 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 material 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 Financial Services Authority’s 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 WEB-SITE 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 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 authorized and regulated in the United Kingdom by the Financial Services Authority, 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.

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VTB Capital Investment Management