Important Notices

The country specific amendments at the end of these notices are explicitly drawn to the attention of the recipient of this document. To the extent the country specific amendments contradict the other content of these notices, the country specific amendments will prevail with respect to the jurisdiction to which the respective country specific amendments relate. 

This document has been prepared by the following staff employed at Group Capital Markets, a division of Raiffeisen Bank International AG:

Name, position:
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Name, position:
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Raiffeisen Bank International AG ("RBI"), an Austrian credit institution supervised by the Austrian Financial Markets Authority (Finanzmarktaufsicht – FMA) and the Austrian Central Bank (Oesterreichischen Nationalbank – OeNB), is responsible for this document. RBI is also supervised by the European Central Bank ("ECB") within the framework of the Single Supervisory Mechanism ("SSM"), comprising ECB and the competent national authorities as per Council Regulation (EU) No 1024/2013 of 15 October 2013 ("SSM Regulation").

This document does not constitute a financial analysis and has not been prepared by financial analysts in observance of the legal rules on the enhancement of the independence of financial analyses and is not subject to any prohibition on dealing ahead of the dissemination of investment research. 

This document may include references to financial instruments in relation to which RBI may act as market maker, and in which it is likely as principal to have a long or short position at any time, including possibly a position that was accumulated on the basis of the information contained herein prior to its dissemination. RBI may engage in transactions, for its own account or with customers, in a manner inconsistent with the views taken in this document. Others within RBI, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this document. 

Any figures on performance indicators relate to the past only. Past performance is not necessarily a reliable indication of future results or, in particular, the future performance of financial instruments. This is particularly true for financial instruments that have been offered for trade for of period of less than 12 months in view of such specifically short reference period.

The performance of financial instruments can be impaired by commissions, fees, taxes and other expenses that may be charged depending on circumstances relative to a given investment or investor.

Forecasts are based merely on estimates and assumptions. Actual future performance may deviate from such forecasts. Forecasts are not a reliable source of predicting future results or the future performance of financial instruments.

This document has been prepared for information purposes and exclusively for the purposes of distribution to professional clients as defined in Article 4(1)(10) of Directive 2014/65/EU (including, for the avoidance of doubt, eligible counterparties as defined in Article 30(2) of Directive 2014/65/EU and transposing national legislations) of RBI. THIS DOCUMENT IS NOT INTENDED TO BE PROVIDED TO RETAIL CLIENTS AS DEFINED IN ARTICLE 4(1)(11) OF DIRECTIVE 2014/65/EU (I.E. ALL CLIENTS OTHER THAN PROFESSIONAL CLIENTS, AS DEFINED ABOVE) OR, IF DIFFERENT, CONSUMERS AS DEFINED BY THE RELEVANT APPLICABLE DOMESTIC STATUTORY PROVISIONS OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE AND MUST IN CONSEQUENCE NOT BE FORWARDED TO RETAIL CLIENTS OR, IF DIFFERENT, CONSUMERS OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE WHETHER IN WHOLE OR IN PART. The recipient hereof shall treat this document and the information contained herein as confidential and may not, whether in whole or in part, disclose, distribute or reproduce this document or make use of it for any other purposes. 

Country specific amendments applicable to recipients hereof domiciled in Italy:

This document has been prepared for information purposes and exclusively for the purposes of distribution to professional clients within the meaning of Article 6, paragraphs 2-quinquies and 2-sexies of Legislative Decree n. 58/1998 and implementing regulations. THIS DOCUMENT IS NOT INTENDED TO BE PROVIDED TO RETAIL CLIENTS (I.E. ALL CLIENTS OTHER THAN PROFESSIONAL CLIENTS, AS DEFINED ABOVE) OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE AND MUST IN CONSEQUENCE NOT BE FORWARDED TO RETAIL CLIENTS OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE WHETHER IN WHOLE OR IN PART.

Country specific amendments applicable to recipients hereof domiciled in the USA:

SPECIFIC RESTRICTIONS FOR THE UNITED STATES OF AMERICA AND CANADA: This document may not be transmitted to, or distributed within, the United States of America or Canada or their respective territories or possessions, nor may it be distributed to any U.S. person or any person resident in Canada, unless it is provided directly through RB International Markets (USA) LLC ("RBIM"), a U.S. registered broker-dealer, and subject to the terms set forth below.

SPECIFIC INFORMATION FOR THE UNITED STATES OF AMERICA AND CANADA: This document was provided to you by RBIM but was prepared by our non-U.S. affiliate Raiffeisen Bank International AG ("RBI"). Any order for the purchase or sale of securities covered by this report must be placed with RBIM. You can reach RBIM at 1133, Avenue of the Americas, 16th floor, New York, NY 10036, phone +1 212-600-2588. This document was prepared outside the United States by one or more trade strategists who are not subject to rules regarding the preparation of reports and the independence of research analysts comparable to those in effect in the United States. The trade strategists who prepared this document (i) are not registered or qualified as research analysts with the Financial Industry Regulatory Authority ("FINRA") in the United States, and (ii) are not allowed to be associated persons of RBIM and are therefore not subject to FINRA regulations, including regulations related to the conduct or independence of research analysts.

This document has been produced by and for the primary benefit of a trading desk.  Trading desk material is NOT a research report under U.S. law and is NOT a research product of RBI.  Analysis and material prepared by a trading desk are intended for Qualified Institutional Buyers as defined in the Securities Act of 1933, Rule 144A, major U.S. institutional investors, sophisticated investors and market professionals only.  Such analyses and materials are provided to you without regard to your particular circumstances, and any decision to purchase or sell a security is made by you independently without reliance on us.

Please see the important disclosures below concerning the role of trading desk strategists.

DISCLOSURES FOR U.S. CLIENTS

• INFORMATION CONCERNING TRADE STRATEGISTS

Any analysis or material produced by a trading desk has been prepared by a member of the trading desk who supports underwriting, sales and trading activities.  As such, it may not be impartial in relation to the activities of this trading desk.

Trading desk material is provided for information purposes only and is not a solicitation or an offer for the purchase or sale of any financial instrument.  Materials prepared by trading desk analysts are based on publicly available information.  Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering document issued in connection with such offering, and not on this document.

Although information has been obtained from and is based on sources believed to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed.  Facts and ideas in trading desk materials have not been reviewed by, and may not reflect information known to, professionals in other business areas of RBI, including, without limitation, investment banking personnel.

All opinions, projections and estimates constitute the judgment of the person providing the information as of the date communicated by such person and are subject to change without notice.  Prices are also subject to change without notice. 

RBI, its affiliates and subsidiaries, RBIM, do not accept any liability, regardless of legal or equitable theory, for any direct, indirect, consequential damages or losses arising from any use of this material or its contents.

• CONFLICTS DISCLOSURES 

Investors should be aware that RBI and RBIM engage, or may engage, in the following activities, which present conflicts of interest:

The person distributing trading desk material may have previously provided and ideas and strategies discussed in this material to RBI's and RBIM's traders, who may have already acted on them.

RBI does and seeks to do business with the companies discussed in trading desk materials.  RBI and RBIM, and their respective affiliates and subsidiaries, their respective officers, directors, partners and employees, including persons involved in the preparation or issuance of this report (subject to company policy), may from time to time maintain a long or short position in, or purchase or sell a position in, hold or act as market-makers or advisors, brokers or commercial and/or investment bankers in relation to the securities (or related securities, financial product, options, warrants, rights or derivatives) discussed in trading desk materials, of companies mentioned in trading desk materials or be represented on the board of such companies.  For securities recommended by a member of a trading desk in which RBI or RBIM is not a market maker, RBI usually provides bids and offers and may act as a principal in connection with transactions involving such securities.  RBI or RBIM may engage in these transactions in a manner that is inconsistent with or contrary to any recommendations made in trading desk material.

Through different trading desks or its fixed income research department, RBI may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions from the information presented.  Those reports reflect the different assumptions, views and analytical methods of the persons who prepared them and RBI is under no obligation to bring them to the attention of recipients of this report.

Members of a trading desk are compensated based on the overall profitability of RBI including, among other factors, the profitability of RBI's underwriting, sales and trading activity in securities of the relevant asset class, its equity securities department and its overall profitability.

The person who prepares trading desk material, and his or her household members, are not permitted to own the securities or financial instruments mentioned in the reports produced.

Country specific amendments applicable to recipients hereof domiciled in Spain:

This document has been prepared for information purposes and exclusively for the purposes of distribution to professional clients and eligible counterparties, as defined in the Consolidated Text of the Securities Market Law, approved by the Royal Legislative Decree n. 4/2015, dated October 23rd, and its implementing regulations. THIS DOCUMENT IS NOT INTENDED TO BE PROVIDED TO RETAIL CLIENTS (I.E. ALL CLIENTS OTHER THAN PROFESSIONAL CLIENTS, AS DEFINED ABOVE) OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE AND MUST IN CONSEQUENCE NOT BE FORWARDED TO RETAIL CLIENTS OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE WHETHER IN WHOLE OR IN PART.

Country specific amendments applicable to recipients hereof domiciled in Slovenia:

SPECIFIC INFORMATION FOR SLOVENIA: This document was provided to you by RBI, an Austrian credit institution performing banking and investment services, which directly performs the investment services under MIFID II in Slovenia on the basis of a passport pursuant to Article 59(2) of the Slovenian Market in Financial Instruments Act. To reach RBI please refer to the relevant details set out in the imprint incorporated into this document.

This document has been prepared for information purposes and exclusively for the purposes of distribution to professional clients within the meaning of Article 12(2) in connection with Articles 246 to 248 of the Slovenian Market in Financial Instruments Act and implementing regulations. THIS DOCUMENT IS NOT INTENDED TO BE PROVIDED TO RETAIL CLIENTS (I.E. ALL CLIENTS OTHER THAN PROFESSIONAL CLIENTS, AS DEFINED ABOVE) OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE AND MUST IN CONSEQUENCE NOT BE FORWARDED TO RETAIL CLIENTS OR, IF DIFFERENT, ANY OTHER PERSON NOT ELIGIBLE FOR RECEIPT AS STATED ABOVE WHETHER IN WHOLE OR IN PART.

Country specific amendments applicable to recipients hereof domiciled in onshore Abu Dhabi (mainland UAE) and the Dubai International Financial Centre (DIFC):

This document constitutes marketing information which is being distributed to a specific category of investor resident in the UAE or the DIFC (otherwise:  (i) a Professional Investor as defined in Article 6(3) of Section 2 of Decision No (13/Chairman) of the Chairman of the Board of Directors of the Emirates Securities & Commodities Authority on the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rule Book  (SCA Rulebook) or (ii) a 'deemed' Professional Client as defined in Section 2.3.4 of the Conduct of Business Module Rulebook of the Dubai Financial Services Authority (DFSA Rulebook)). This material is intended for distribution only to persons of the type specified in SCA Rulebook and DFSA Rulebook as a Professional Investor and a 'deemed' Professional Client respectively (Exempt Person). This material must not be delivered to, or relied on by, any person other than an Exempt Person. By receiving this material, the recipient understands, acknowledges, agrees and confirms that he or it is a person of the type specified in Article 6(3) of Section 2 of the SCA Rulebook and Section 2.3.4 of the Conduct of Business Module of the DFSA Rulebook respectively as an Exempt Person.

Neither this marketing material, nor the offer of any financial instrument or product to which this material relates have been reviewed, verified, approved or otherwise authorised in any way by the Emirates Securities & Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) or any other governmental authority in the United Arab Emirates and/or the DIFC, nor has RBI received any form of approval, registration, licensing or any other form of authorisation from SCA, the DFSA or any other governmental authority in the United Arab Emirates and/or the DIFC to promote or sell any of the financial instruments or products to which this material relates within the United Arab Emirates and/or the DIFC.

No marketing or other form of financial promotion of any financial instruments or financial products offered by RBI has been or will be made from or within the United Arab Emirates and/or the DIFC, other than in compliance with the laws of the United Arab Emirates and/or the DIFC. No subscription to any financial instruments or other financial products offered by RBI will be consummated within the United Arab Emirates and/or the DIFC. It should not be assumed that RBI is a licensed broker, dealer, promoter or investment advisor under the laws applicable in the United Arab Emirates and/or the DIFC, or that it advises individual residents in the United Arab Emirates and/or the DIFC as to the appropriateness of investing in or purchasing or selling any financial products mentioned herein. Such financial products may not be offered or sold directly or indirectly to the public in the United Arab Emirates and/or the DIFC.

Nothing contained in this material is intended to constitute investment, legal, tax, accounting or other professional advice. This material is sent for your information only and nothing contained in it is intended to endorse or recommend a particular course of action. Any recipient of this material should conduct their own due diligence on the nature of the financial products to which this material relates.

Country specific amendments applicable to recipients hereof domiciled in Singapore:

This document is confidential and proprietary and is being furnished to you on a confidential basis. This document may not be reproduced or distributed, in whole or in part, nor its contents disclosed or used for any purpose without the prior written consent of RBI. By accepting delivery of this document, you will be deemed to have agreed: (A) not to reproduce or distribute this document, in whole or in part; (B) to return this document to RBI at the request of RBI; and (C) not to disclose any information contained in this document to any person who is not your director, officer, member, employee, professional advisor or agent without the express written permission of RBI. In providing you with this document, RBI may be deemed to be providing financial advisory services under the Financial Advisers Act (Chapter 110) of Singapore ("FAA"). In receiving this document, you acknowledge and confirm that you are aware that RBI is not licensed under the FAA and that you are an institutional investor as defined under the Securities and Futures Act (Chapter 289) of Singapore.

Country specific amendments applicable to recipients hereof domiciled in the United Kingdom:

This document is only intended to be provided, supplied or directed to persons in the United Kingdom (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") (investment professionals); (ii) who fall within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations etc.); or (iii) who are persons to whom this document may otherwise lawfully be communicated (all such persons referred to above being "Relevant Persons"). This document must in consequence not be viewed by, forwarded or passed on to, or acted on or relied upon by, any class of persons other than Relevant Persons.

Additional Legal disclaimer and disclosure information: 

This document is provided solely for informational purposes and does not constitute an offer to subscribe for, buy or sell any of the financial instruments mentioned therein, nor an invitation to make such offer or a promotion and/or placement of those financial instruments or any (ancillary) investment services. This document does not constitute investment advice, is not intended to provide a sufficient basis on which to make an investment decision and is in particular not capable of replacing investment advice relevant to a given financial instrument and tailored to the specific circumstances and requirements, and accounting for the relevant expertise and experience, of an individual investor.

The observations and recommendations contained herein reflect those of the respective author hereof as at the date hereof and may become inaccurate thereafter.

 Information contained herein has been obtained from public sources believed to be reliable by RBI. However, RBI does not make any representation or warranty as to the accuracy or completeness of such information and, to the extent legally permitted, declines any kind of liability for losses purportedly suffered from the use of this document.

Any investment is associated with risks. The market value or the return of an investment may increase or decreases significantly within a very short period of time and is not guaranteed. Currency fluctuations may also impact the performance of an investment. There is a risk that an investor may suffer a partial or even total loss of its investment.

Unless disclosed otherwise, remuneration of RBI staff responsible for the preparation of this document is not based on revenues derived from specific investment banking activities but in part on the overall profitability of RBI arising, inter alia, from investment banking and other activities.

In general, RBI may prohibit staff to buy or sell securities or other financial instruments that are, or the issuers of which are, covered by marketing communications prepared by such staff. 

RBI has put in place organisational and administrative arrangements, including information barriers, to prohibit or prevent conflicts of interest arising in the context of recommendations: RBI has designated permanent areas of confidentiality for certain categories of information. Areas of confidentiality are typically units within credit institutions that are isolated from other units by organisational measures governing the exchange of information because compliance-relevant information is continuously or temporarily handled in these areas. Compliance-relevant information is confidential and price-sensitive or constitutes inside-information. Compliance-relevant information may generally not leave an area of confidentiality and is to be treated as strictly confidential in internal business operations, including interaction with other units. This does not apply to the transfer of information necessary in the ordinary course of business. Such transfer of information is limited, however, to what is absolutely necessary (need-to-know principle). The exchange of compliance-relevant information between two areas of confidentiality may only occur with the involvement of the compliance officer.

A description of the concepts and methods applied on the preparation of recommendations can be accessed via: www.rbinternational.com/strategydeskconceptandmethods.

Detailed information on the sensitivity analysis (being the set of procedures applied for the purposes of verifying the resilience of the assumptions on which recommendations are based) can be accessed via: www.rbinternational.com/strategydesksensitivityanalysis.

A list of all recommendations on any financial instrument or issuer that were disseminated through publications of this kind during the preceding 12-month period and specific information in relation thereto (as laid out in Art 4 1. (i) of Commission Delegated Regulation (EU) 2016/958) are available at: www.rbinternational.com/strategydeskrecommendationhistory.

The proportion of all recommendations that are 'buy', 'hold', 'sell' or equivalent terms over the previous 12 months, and the proportion of issuers corresponding to each of those categories to which RBI has supplied material services of investment firms set out in Sections A and B of Annex I to Directive 2014/65/EU over the previous 12 months are available at: www.rbinternational.com/strategydeskdistributionofrecommendation.

Disclosures according to Commission Delegated Regulation (EU) 2016/958 (to the extent not disclosed as set out above) are available at: www.rbinternational.com/strategydeskdisclosureobjectivity.

EU Regulation No 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine

Please note that recommendations are given only in respect of financial instruments which are not affected by the sanctions under EU regulation no 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine, as amended from time to time, i.e. financial instruments which have been issued before 1 August 2014.

We wish to draw to your attention that the acquisition of financial instruments with a term exceeding 30 days issued after 31 July 2014 is prohibited under EU regulation no 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine, as amended from time to time. No opinion is given with respect to such prohibited financial instruments.