Disclaimer

VTB Bank (PJSC) Shanghai Branch is a branch of foreign funded bank in People’s Republic of China (PRC). It’s licensed by China Banking and Insurance Regulatory Commission and other qualified administrative authorities of PRC. All business activities of VTB Bank (PJSC) Shanghai Branch are subject to the supervision of both PRC and Russian banking regulatory authorities. Services and products within the business scope of VTB Bank (PJSC) Shanghai Branch will only be provided in accordance with the manners in compliance with applicable PRC and Russian laws and regulations. Meanwhile, VTB Bank (PJSC) Shanghai Branch does and seeks to do business only with qualified clients who’re acceptable to VTB Bank (PJSC) Shanghai Branch according to applicable internal and external rules and regulations.

Any information contained in this material should not be construed as a solicitation, offer or commitment by VTB Bank (PJSC) Shanghai Branch and/ or its head office. Any information or opinions contained herein have been compiled or arrived at by VTB Bank (PJSC) Shanghai Branch from publicly available information and sources. Any views expressed represent the personal assessment of the author(s) only and do not necessarily reflect the views of VTB Bank (PJSC) Shanghai Branch and/or its head office. All opinions and estimates are given as of the date hereof and are subject to change. Though every care has been taken in preparing this material, no employee, director, officer, agent or adviser of VTB Bank (PJSC) Shanghai Branch and/ or its head office gives or makes any representation, warranty or undertaking, whether direct or indirect, express or implied, and accepts no responsibility or liability as to the reliability, accuracy or completeness of the information set out in this material. VTB Bank (PJSC) Shanghai Branch and/ or its head office has NO obligation to update, modify or amend this communication or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Furthermore, past performance is not indicative of future results. The recipients represent that they have reviewed the communication and understand and accept any risks therein and affecting any transactions.

This document is protected by copyright, and no part of it may be reproduced, distributed or transmitted without the prior written permission of VTB Bank (PJSC) Shanghai Branch. All rights reserved. Without prior written consent, no one is authorized to further distribute this material to any other parties. VTB Bank (PJSC) Shanghai Branch and/ or its head office shall not be responsible for any result derived from and/ or has connection with the un-authorized further distribution.