The Information is provided to persons who are eligible counterparties or professional clients for informational purposes only and does not apply to, and should not be relied upon by, retail clients.

The recipients of the information will need to make their own investment decisions. The Information is not intended to provide investment advice to any specific investors and it shall not be deemed as a personal recommendation or taking into account the particular investment objectives, financial situation, or individual investors needs. Investments discussed and recommendations made herein may not be suitable for all investors. Recipients must exercise their own independent judgement as to the suitability of such investments and recommendations in the light of their own investment objectives , experience, tax, and financial position or individual needs.

The Information shall not be considered as an offer or solicitation to sell or offer or solicitation to buy or subscribe for securities or other financial instruments of any description.

This material ("Information") is published solely for information purposes and it does not constitute either the provision of investment services or investment advice in relation to prohibited transferable securities. Prior to undertaking any activity in prohibited transferable securities, SOVA Capital Limited (“SCL”) recommends all potential investors to obtain independent legal advice. Prohibited transferable securities under EU Regulation are understood to be transferable securities issued by companies subject to full and sectoral EU sanctions, issued after August 1, 2014.

No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the Information, nor is it intended to be a complete statement or summary of the issuers, securities, markets or developments referred to herein. SCL is under no obligation to update or keep current the Information. Any opinions expressed in the Information are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of ROSSIUM Group as a result of using different assumptions and criteria.

This report is distributed in the US only to major US institutional investors (as defined in Rule 15a-6 under the US Securities Exchange Act of 1934 pursuant to the exemption in Rule 15a-6. Any transaction effected by a US person in the securities described in this report must be effected through a US broker-dealer, as SCL does not provide brokerage services to US persons. Neither the report nor any analyst who prepared or approved the report is subject to US legal requirements or the Financial Industry Regulatory Authority, Inc. or other regulatory requirements pertaining to research reports or research analysts.


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