Limitation of liability related to financial markets reports (Disclaimer)

This financial markets report has been prepared by Renesource Capital. The opinions expressed in this report reflect the point of view of analysts and not of the companies related to Renesource Capital. If the conditions change, the point of view may also change. Renesource Capital aims to provide objective, independent and fair reports of financial markets. This financial markets report has been prepared using the professional skills of Renesource Capital analysts and, based upon all information available at their disposal, is accurate and correct.

When preparing financial markets reports, AS IBS „Renesource Capital” uses reliable information sources such as REUTERS, BLOOMBERG, CNBC, FINANCIAL TIMES, data from stock exchanges, central banks and statistical offices, publicly available information published on the Company Website etc. However, the Company does not guarantee accuracy and completeness of such information.

This financial markets report is for informational purposes only and is not to be considered as a recommendation to buy, sell or hold financial instruments. The information provided by Renesource Capital in this financial markets report and the opinions which has not been expressed in public sources reflect opinions and forecasts of financial markets that have existed at the time of writing and are not to be considered as a promise or guarantee from Renesource Capital that all opinions expressed here are correct and that the forecasts will come true.

This financial markets report or any part of it may not be reproduced, sold, distributed or referred to in other reports without the written consent of Renesource Capital. When quoting this financial markets report, prepared by Renesource Capital, or its part, the reference to Renesource Capital shall have to be made.

To evaluate financial instruments and issuers or to estimate future prices/rates, AS IBS „Renesource Capital” uses the historical data, the general economic situation, development trends in the specific fields and assesses the impact of risks.

The authors of this report as well as AS IBS „Renesource Capital”, its affiliates or representatives shall not be liable for any inaccuracies or errors in the financial markets report or the consequences of using the information contained in this report. That includes direct or indirect damages (including lost profits) and penalties even when warned of the possibility of damages related to use or intentions to use, fully or partially, the information contained in this financial markets report. Investments resulting from reading the opinions expressed by AS IBS „Renesource Capital” in this financial markets report may differ from a Customer interest.

Any investment decision of a Customer should be based on his/her financial status and investment goals. Before investing funds, we recommend consulting with your investment adviser or acting on your own discretion. A Customer must take into account specific risks and factors that may affect any investments into financial instruments in the particular country. The future prices of financial instruments may be affected in a negative or positive way by such factors as fluctuations of currency rates, interest rates, stock indexes, commodities prices, changes in tax legislations, macroeconomic indicators, political factors etc.

Renesource Capital has no plans to update information in this financial markets report.

Renesource Capital reminds that the historical data on financial instruments (prices/rates, technical levels of prices/rates, macroeconomic indicators and financial performance of issuers, statistical indicators etc.) do not guarantee the similar performance in the future and do not indicate the similar future trends of development.


The financial markets report developer: Joint-Stock Company (JSC), Investment Brokerage Company (IBS) „Renesource Capital”;

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