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DISCLAIMER FINANCIAL ANALYSIS

DISCLAIMER FINANCIAL ANALYSIS

Publisher and responsible for this publication: Raiffeisen Bank International AG (hereinafter "RBI")

RBI is a credit institution according to §1 of the Austrian Banking Act (Bankwesengesetz) with its registered office Am Stadtpark 9, 1030 Vienna, Austria. Raiffeisen RESEARCH is an organisational unit of RBI. Supervisory authorities: As a credit institution (acc. to §1 Austrian Banking Act; Bankwesengesetz), RBI is subject to the supervision by the Austrian Financial Market Authority (FMA, Finanzmarktaufsicht), 1090 Vienna, Otto-Wagner-Platz 5, Austria and the National Bank of Austria (OeNB, Oesterreichische Nationalbank, 1090 Vienna, Otto-Wagner-Platz 3, Austria). Additionally, RBI is subject to the supervision by the European Central Bank (ECB), 60640 Frankfurt am Main, Germany, which undertakes such supervision within the Single Supervisory Mechanism (SSM), which consists of the ECB and the national responsible authorities (Council Regulation (EU) No 1024/2013 - SSM Regulation). Unless otherwise explicitly set out herein, references to legal acts refer to acts which have been enacted by the Republic of Austria. This research report (hereinafter, "Report" or "Document") is for information purposes only and may not be reproduced or distributed to other persons without RBI's permission. This Document neither constitutes a solicitation of an offer nor is it a prospectus in the sense of the Regulation (EU) 2017/1129 (EU Prospectus Regulation) or the Austrian Stock Exchange Act 2018 (Börsegesetz 2018) or any other comparable foreign law. Any investment decision in respect of securities, financial products or investments may only be made on the basis of (i) an approved and published prospectus or (ii) the complete documentation that will be or has been published in connection with the securities, financial products or investments in question, and must not be made on the basis of this Document. This Document does not constitute a personal recommendation in the sense of the Austrian Securities Supervision Act 2018 (Wertpapieraufsichtsgesetz 2018) to buy or sell financial instruments. Neither this Document nor any of its components shall form the basis for any kind of contract or commitment whatsoever. This Document is not a substitute for the necessary advice on the purchase or sale of securities, investments or other financial products. In respect of the sale or purchase of securities, investments or financial products, a banking advisor may provide individualised advice which might be suitable for investments and financial products. This Document is fundamentally based on generally available information and not on any confidential information which the author that has prepared this Document has obtained exclusively on the basis of his/her client relationship with a third person. Unless otherwise expressly stated in this Document, RBI deems all of the information included herein to be reliable but does not make any warranties regarding its accuracy and completeness. In emerging markets, there may be higher settlement and custody risk as compared to markets with an established infrastructure. The liquidity of stocks/financial instruments may be influenced by the number of market makers. Both of these circumstances may result in a higher risk in relation to the safety of the investments that will be, or may have been, made on the basis of the information contained in this Document. This Report constitutes the current judgment of the analyst as of the date of this Report and is subject to change without notice. It may be outdated by future developments, without the Document being changed or amended. Unless otherwise expressly stated (www.raiffeisenresearch.com/special_compensation), the analyst that has drafted (or contributed to) this Report, is not compensated by RBI for specific investment banking transactions. Compensation of the analyst or analysts of this Report is based (among other things) on the overall profitability of RBI, which includes, inter alia, earnings from investment banking and other transactions of RBI. In general, RBI prohibits its analysts and persons contributing to the Report to acquire securities or other financial instruments of any company which is covered by the analysts (and contributing persons), unless such acquisition is authorised by RBI's Compliance Department in advance. RBI has established the following organisational and administrative agreements, including Chinese walls, to impede or prevent conflicts of interest in relation to recommendations: RBI has designated fundamentally binding confidentiality zones. Confidentiality zones are units within credit institutions, which are isolated from other units by organisational measures governing the exchange of information, because compliance-relevant information is continuously or temporarily processed in these zones. Compliance-relevant information must not leave a confidentiality zone and is to be treated as strictly confidential in internal business operations, including interaction with other units. This is not applicable to the transfer of information necessary for usual business operations. Such transfer of information is limited, however, to what is absolutely necessary (need-to-know principle). The exchange of compliance-relevant information between two confidentiality zones must only be conducted with the involvement of the Compliance Officer. RBI may have effected a proprietary transaction in any investments mentioned herein or in related investments and or may have a position or holding in such investments as a result. RBI may have acted, or might be acting, as a manager or co-manager in a public offering of any securities mentioned in this Report or in any related security.

REGULATION NO 833/2014 CONCERNING RESTRICTIVE MEASURES IN VIEW OF RUSSIA'S ACTIONS DESTABILISING THE SITUATION IN UKRAINE Kindly note that research is done and recommendations are given only in respect of financial instruments which are not affected by the sanctions under EU regulation no 833/2014 as amended, i.e. financial instruments which have been issued before 1 August 2014. We may remind you 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 as amended.

RISK NOTIFICATION AND EXPLANATIONS No opinion is given with respect to such prohibited financial instruments. Figures on performance refer to the past. Past performance is not a reliable indicator for future results and developments of a financial instrument, a financial index or a securities service. This is particularly true in cases when the financial instrument, financial index or securities service has been offered for less than 12 months. In particular, this very short comparison period is not a reliable indicator for future results. Performance of a financial instrument, a financial index or a securities service is reduced by commissions, fees and other charges, which depend on the individual circumstances of the investor. The return on an investment can rise or fall due to exchange rate fluctuations. Forecasts of future performance are based solely on estimates and assumptions. Actual future performance may deviate from the forecast. Consequently, forecasts are not a reliable indicator for future results and development of a financial instrument, a financial index or a securities service.

Please follow this link for viewing RBI's concepts & methods: https://equityresearch.rbinternational.com/concepts.php Please follow this link for viewing RBI's distribution of recommendations: https://equityresearch.rbinternational.com/distribution.php

RBI's RATING AND RISK CLASSIFICATION SYSTEM Risk ratings: indicators of potential price fluctuations are: low, medium, high. Risk ratings take into account volatility. Fundamental criteria might lead to a change in the risk classification. The classification may also change over the course of time. Investment rating: Investment ratings are based on expected total return within a 12-month period from the date of the initial rating. Buy: Buy stocks are expected to have a total return of at least 15% (for low and medium volatility risk stocks; 20% for stocks with a high volatility risk) and are the most attractive stocks in the coverage universe of RBI in a 12 month horizon. Hold: Hold stocks are expected to deliver a positive total return of up to 15% (for low and medium volatility risk stocks; 20% for stocks with a high volatility risk) within a 12-month period. Reduce: Reduce stocks are expected to achieve a negative total return up to -10% within a 12-month period. Sell: Sell stocks are expected to post a negative total return of more than -10% within a 12-month period. UR: The recommendation and/or the target price and/or financial estimates are under review. Suspended: No further research for a certain stock will be published for the time being. Price targets are determined by the fair value derived from commonly used valuation methods (inter alia peer group comparison, DCF model and/or dividend discount). Other fundamental factors (M&A activities, capital markets transactions, share buybacks, sector sentiment etc.) are taken into account as well. Upon the release of a Report, investment ratings are determined by the ranges described above. Interim deviations from the above mentioned ranges will not cause a change in the recommendation automatically but will become subject to review. Save as otherwise stated, the indicated prices are the closing prices of the relevant stock exchanges as available at 6.30 a.m. as of the date of this Report. Indicated prices refer to the stock exchange according to the Bloomberg/Reuters code stated. Research reports are updated at least annually unless the coverage of a stock has been terminated or temporarily suspended in the meantime.

Disclosure und Regulation (EU) No 596/2014

1. RBI or a natural person involved in the preparation of the financial analysis owns a net long or short position exceeding the threshold of 0.5% of the total issued share capital of the issuer; in the case the threshold is exceeded a statement to that effect specifying whether the net position is long or short is provided.
2. The issuer holds more than 5% of the entire issued share capital of RBI.
3. RBI or one of its affiliated legal entities is a market maker or specialist or designated sponsor or stabilisation manager or liquidity provider in the financial instruments of the issuer.
4. During the last 12 months, RBI or one of its affiliated legal entities played a major role or was co-leader (e.g. as lead manager or co-lead manager) in any publicly disclosed offer of financial instruments of the issuer.
5. An agreement relating to the provision of services of investment firms set out in Sections A (investment services and activities) and B (ancillary services) of Annex I of Directive 2014/65/EU of the European Parliament and of the Council has been in effect during the previous 12 months between RBI or one of its affiliated legal entities and the issuer or such agreement has given rise during the same time period to the payment of a compensation or to the promise to get compensation paid for such services; in such cases, a disclosure will only be made if it would not entail the disclosure of confidential commercial information.
6. RBI or one of its affiliated legal entities has entered into an agreement with the issuer on the provision of investment recommendations.
7. The responsible analyst or a person involved in the production of the financial analysis or a natural person from Raiffeisen Research owns financial instruments of the issuer which she/he analyses.
8. The responsible analyst or a person involved in the production of the financial analysis is a member of the executive board, the board of directors or supervisory board of the issuer which she/he analyses.
9. The responsible analyst or a natural or legal person involved in the production of the financial analysis, received or acquired shares in the issuer she/he analyses prior to the public offering of such shares. The price at which the shares were acquired and the date of acquisition will be disclosed.
10. The compensation of the responsible analyst or a natural or legal person involved in the production of the financial analysis is (i) linked to the provision of services of investment firms set out in Sections A (investment services and activities) and B (ancillary services) of Annex I of Directive 2014/65/EU of the European Parliament and of the Council provided by RBI or one of its affiliated legal entities resp. is (ii) linked to trading fees, that RBI or one of its affiliated legal entities receives.

If not already disclosed in 1-10: RBI or one of its affiliated legal entities resp. the relevant analyst or a natural or legal person involved in the production of the financial analysis discloses all relationships, circumstances or interests that may reasonably be expected to impair the objectivity of the financial analysis, or which represent a substantial conflict of interest concerning any financial instrument or the issuer to which the recommendation directly or indirectly relates. The relationships, circumstances or interests include for example significant financial interests with respect to the issuer or other received incentives for taking into consideration third party interests. Interests or conflict of interests (as described in the preceding paragraph) of persons belonging to one of RBI's affiliated legal entities are known or could reasonably have been known to the persons involved in the production of the financial analysis. The same applies to interests or conflict of interests of persons who, although not involved in the production of the financial analysis, have or could reasonably be expected to have access to the financial analysis prior to its publication.

SPECIAL ADDITIONAL REGULATIONS FOR THE UNITED STATES OF AMERICA: This report and any recommendation (including any opinion, projection, forecast or estimate; hereinafter referred to as "Report" or "Document") contained herein have been prepared by Raiffeisen Bank International AG (a non-US affiliate of RB International Markets (USA) LLC) or any of its affiliated companies (Raiffeisen Bank International AG shall hereinafter be referred to as "RBI") and are distributed in the United States by RBI's corporate subsidiary, RB International Markets (USA) LLC ("RBIM"), a broker-dealer registered with FINRA® and RBI. This Report constitutes the current judgment of the author as of the date of this Report and is subject to change without notice. RBI and/or its employees have no obligation to update, modify or amend or otherwise notify a recipient of this Report if the information or recommendation stated herein changes or subsequently becomes inaccurate. The frequency of subsequent reports, if any, remains in the discretion of the author and RBI. This Report was prepared outside the United States by one or more analysts who may not have been subject to rules regarding the preparation of reports and the independence of research analysts comparable to those in effect in the United States. The research analyst or analysts who prepared and identified on the cover of this research report (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.

The research analyst or analysts identified on the cover of this report certify that (i) the views expressed in the research report accurately reflect his or her respective personal views about any and all of the subject securities or issuers; and (ii) no part of his or her respective compensation was, is, or will be, directly or indirectly, related to the recommendation or views expressed by him or her in the research report.

RBI'S RATING AND RISK CLASSIFICATION SYSTEM (PLEASE CONSIDER THE DEFINITION GIVEN BEFORE) This Report does not constitute an offer to purchase or sell securities and neither shall this Report nor anything contained herein form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The information contained herein is not a complete analysis of every material fact regarding the respective company, industry or security. This Report may contain forward-looking statements, which involve risks and uncertainties, does not guarantee future performances whatsoever and is, accordingly, subject to change. Though the information and opinions contained in this Report are based on sources believed to be reliable, neither RBI nor RBIM has independently verified the facts, assumptions and estimates contained in this report. Accordingly, no representation or warranty, expressed or implied, is made to, and reliance should not be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. Although the opinions and estimates stated reflect the current judgment of RBI and RBIM, opinions and estimates are subject to change without notice. This Report is being furnished to you for informational purposes only and investors should consider this Report as only a single factor in making their investment decision. Investors must make their own determination of the appropriateness of an investment in any securities referred to in this Report based on the tax, or other considerations applicable to such investor and its own investment strategy.

INVESTMENT RISK Investments in securities generally involve various and numerous risks and may even result in the complete loss of the invested capital. This Report does not take into account the investment objectives, financial situation or particular needs of any specific client of RBIM. Before making an investment decision on the basis of this Report, the recipients of this Report should consider whether this Report or any information contained herein are appropriate or suitable with regard to their own investment needs, objectives and suitability. Any recommendation contained in this Report may not be suitable for all investors. Past performance of securities and other financial instruments are not indicative of future performance. RBIM can be neither a price guarantor nor an insurer of market conditions.

This Report may cover numerous securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in such states. This Document should not be construed as providing investment advice. Investing in non-U.S. securities, including ADRs, involves significant risks such as fluctuation of exchange rates that may have adverse effects on the value or price of income derived from the security. Securities of some foreign companies may be less liquid and prices more volatile than securities of U.S. companies. Securities of non-U.S. issuers may not be registered with or subject to Securities and Exchange Commission reporting requirements; therefore, information regarding such issuers may be limited. Securities which are not registered in the United States may not be offered or sold, directly or indirectly, within the United States or to U.S. persons (within the meaning of Regulation S under the Securities Act of 1933 [the 'Securities Act']), except pursuant to an exemption under the Securities Act. This Report and the contents therein are the copyright product, and property of, RBIM or RBI. It is intended solely for those to whom RBIM directly distributes this Report. Any reproduction, republication dissemination, and/or other use of this Report by any recipient of it, or by any third party, without the express written consent of RBIM, is strictly prohibited.

U.S. persons receiving the research and wishing to effect any transactions in any security discussed in the Report should do so through RBIM, and not the issuer of the research. RBIM can be reached at 1177 Avenue of the Americas, 5th Floor, New York, NY 10036, 212-600-2588.

SPECIAL ADDITIONAL REGULATIONS FOR THE UNITED STATES OF AMERICA REGARDING ANY MATERIALS DISCUSSING RUSSIAN EQUITIES (HEREINAFTER REFERRED TO AS "RUSSIAN EQUITIES MATERIALS") Any Russian Equities Materials are distributed for informational purposes only and do not constitute a solicitation for, or an offer to buy, any of the financial instruments discussed. The Russian Equities Materials do not provide financial analysis, do not constitute investment advice and are not intended to provide a sufficient basis on which to make an investment decision. The Russian Equities Materials have not been prepared by financial analysts in accordance with the legal and regulatory rules applicable to research reports as stipulated under US law. The author(s) of the Russian Equities Materials has(have) not necessarily complied with the legal and regulatory rules concerning analyst independence as stipulated under US law, and its author(s) is(are) only paid a salary and not any form of transaction-action based compensation, directly or indirectly. The author(s) of the Russian Equities Materials may be contacted solely to answer questions concerning their content, but will not solicit or accept orders for any financial instruments. Opinions, projections, forecasts and estimates in this report referring to any Russian Equities Materials constitute the current judgement of the author(s) as of the date of this report and are subject to change without notice. RBI and its affiliated companies and employees have no obligation to update, modify or amend or to otherwise notify a recipient in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein changes or subsequently becomes inaccurate. Facts and views presented in the Russian Equities Materials have not been reviewed by, and may not reflect information known to, other professionals of RBI. RB International Markets (USA) LLC assumes responsibility for the content of the Russian Equities Materials. U.S. persons receiving the Russian Equities Materials and wishing to effect any transactions in any security discussed in the Russian Equities Materials should contact RB International (USA) LLC, and not the respective author(s) of the Russian Equities Materials.

RBI is a stock corporation, incorporated under the laws of the Republic of Austria and registered in the companies register of the commercial court in Vienna, Austria. The principal executive office of RBI is at, Am Stadtpark 9, 1030 Vienna, Austria. The shares of RBI are listed on the Vienna stock exchange (ISIN: AT0000606306 / Vienna Stock Exchange; ticker RBI AV). RBI is a corporate investment bank and domiciled in Austria. For many years RBI has been operating in Central and Eastern Europe (CEE), where it maintains a network of subsidiary banks, leasing companies and numerous financial service providers in several markets. As a result of its position within Austria and CEE, RBI has an established course of dealing, stretching in some cases over many decades, with participants in the following industries: oil & gas, technology, utilities, real estate, telecommunications, financials, basic materials, cyclical and noncyclical consumers, healthcare and industrials. It strives to offer a wide spectrum of services and products including services and products associated with stock, derivatives, and equity capital transactions. RBI's institutional equity research department covers Austrian and Eastern European companies from the business fields: utilities, information technology, banks, insurance, transportation & logistics, real estate, capital goods, construction & building materials, basic materials, oil & gas, consumer staples and consumer cyclicals, communication. Supervisory authorities: Austrian Financial Market Authority (FMA), 1090 Vienna, Otto-Wagner-Platz 5, Austria and Oesterreichische Nationalbank, 1090 Vienna, Otto-Wagner Platz 3, Austria, as well as the European Central Bank (ECB), 60640 Frankfurt am Main, Germany, the latter within the context of the Single Supervisory Mechanism (SSM), which consists of the ECB and the national responsible authorities (Council Regulation (EU) No 1024/2013 of the Council of the European Union).

DISCLOSURE ASPECTS The following disclosures apply to the security when stated under the applicable disclosures section (RB International Markets (USA) LLC is hereinafter being referred to as "RBIM"):
21. RBIM, or an affiliate, has acted as manager, co-manager, or underwriting participant of a public offering for this company in the past 12 months.
22. RBIM, or an affiliate, has performed investment banking, capital markets, or other comparable services for this company or its officers in the past 12 months.
23. RBIM, or an affiliate, expects to receive or intends to seek compensation for investment banking services from the subject company in the next 3 months.
24. Securities, or derivatives thereof, of this company are owned either directly by the securities analyst or an affiliate, covering the stock, or a member of his/her team, or indirectly by the household family members.
25. An officer, or a household family member of an officer, of RBIM, or an affiliate, is a director or an officer of the company.
26. RBIM, or an affiliate, beneficially owns 1% or more of any class of this company(ies) common equity.

RBIM's ultimate parent company is Raiffeisen Bank International AG ("RBI"). Although RBI or its affiliated entities may have concluded transactions for products or services (including but not limited to investment banking services) with the subject companies in the past 12 months, no employee of RBI or of its affiliates has the ability to influence the substance of the research reports prepared by the research analysts of RBI. RBIM is a broker-dealer registered with the SEC, FINRA and SIPC.

SPECIAL REGULATIONS FOR THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (UK) This Document does neither constitute a public offer in the meaning of the Regulation (EU) 2017/1129 ("EU Prospectus Regulation") nor a prospectus in the meaning of the EU Prospectus Regulation or of the Austrian Stock Exchange Act 2018 (Börsegesetz 2018). Furthermore this Document is not intended to recommend the purchase or the sale of securities or investments in the meaning of the Austrian Securities Supervision Act 2018 (Wertpapieraufsichtsgesetz 2018). This Document does not replace the necessary advice concerning the purchase or the sale of securities or investments. For any advice concerning the purchase or the sale of securities of investments kindly contact Raiffeisen Bank International AG (Equity Sales). Special regulations for the United Kingdom of Great Britain and Northern Ireland (UK): this Document has either been approved or issued by RBI in order to promote its investment business. Raiffeisen Bank International AG ("RBI"), London Branch is authorised by the Austrian Financial Market Authority and subject to limited regulation by the Financial Conduct Authority ("FCA"). Details about the extent of its regulation by the FCA are available on request. This Document is not intended for investors who are Retail Customers within the meaning of the FCA rules and should therefore not be distributed to them. Neither the information nor the opinions expressed herein constitute or are to be construed as an offer or solicitation of an offer to buy (or sell) investments. RBI may have effected an Own Account Transaction within the meaning of FCA rules in any investment mentioned herein or related investments and or may have a position or holding in such investments as a result. RBI might have acted, or might be acting, as a manager or co-manager of a public offering of any securities mentioned in this Report or in any related security.

INFORMATION REGARDING THE PRINCIPALITY OF LIECHTENSTEIN COMMISSION DIRECTIVE 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest has been incorporated into national law in the Principality of Liechtenstein by the Finanzanalyse-Marktmissbrauchs-Verordnung.

If any term of this disclaimer is found to be illegal, invalid or unenforceable under any applicable law, such term shall, insofar as it is severable from the remaining terms, be deemed omitted from this disclaimer; it shall in no way affect the legality, validity or enforceability of the remaining terms.