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Disclaimer / Important notices




As a recepient of research published by Hypo Alpe-Adria-Bank d.d. and/or affiliate (herein HAAB) via dedicated distribution channels (especially e-mails) and access, or being exposed to publicly distributed HAAB research as well as any other content of this Internet pages, you automatically agree to be legally bound by any current terms of use, together with all amendments made by HAAB at any time and without prior announcement.

HAAB emphasizes to users of its research that these contain the relevant disclaimer, disclosure of interest and conflicts of interest and comply with other requisites of the Capital Markets Law (NN 84/08, herein: the Law) and other applicable bylaws and regulations in relation to publishing recommendations.

The information and opinions in HAAB research as well as in non-written recommendations (as defined in the Law, article 472/II) were prepared solely for informative purposes. This research is not investment advice or an offer or solicitation for the purchase or sale of any security/financial instrument or to participate in any trading strategy. HAAB does not accept any liability for any direct or consequential loss arising from any use of its research or its contents. Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. Clients should contact and execute transactions through a Hypo Alpe-Adria-Bank d.d. or group entity in their home jurisdiction unless local regulations permit otherwise.

The value of, or income from, any investments referred to herein may fluctuate and/or be affected by changes in exchange rates. Past performance is not indicative of future results. In particular, the risks associated with an investment in the financial, money market or investment instrument or security under discussion are not explained in their entirety. Estimates of future performance are based on assumptions that may not be realized. Investors should make their own investment decisions without relying on HAAB research. Only investors with sufficient knowledge and experience in financial matters to evaluate the merits and risks should consider an investment in any issuer or market discussed in HAAB research, and other persons should not take any action on the basis of this publication.

HAAB research is based on information available to the public (Bloomberg, Reuters, Croatian National Bank, Ministry of Finance, Zagreb Stock Exchange, issuers' official releases, etc.). While reasonable care has been taken to ensure that the information contained in HAAB research is not untrue or misleading at the time of publication, neither HAAB nor any of its employees makes no representation or guarantee with regards to the accuracy, completeness or suitability of the data. HAAB does not undertake to advise you of changes in its opinion or information. Moreover, we reserve the right not to update this information or to discontinue it altogether without notice. From time to time our analysts receive assistance from the issuer including, but not limited to, discussions with management of the subject company(ies). HAAB research policy prohibits research analysts from sending draft research including recommendations (rating, target price) and summary to subject companies. However, it should be presumed that the author(s) have communicated with the subject company to ensure factual accuracy of the (company) research report prior to publication, without mentioning recommendation and summary. Facts and views presented in HAAB research reports have not been reviewed by, and may not reflect information known to, professionals in other HAAB business units, including investment banking / treasury / corporate personnel. Any opinions and estimates reflect the current judgement of the author(s), and do not necessarily reflect the opinion of HAAB.

HAAB research is diseminated and available primarily electronically to HAAB blients and business partners, who are expected to make their own investment decision without undue reliance on this publication, and may not be redistributed, reproduced or published in whole or in part for any purpose without the prior express consent of HAAB. Please cite source when quoting. Additional information is available on request.

HAAB may be involved in many businesses that may relate to companies, issuers or instruments mentioned in HAAB research. These businesses include market making, providing liquidity and specialized trading and other proprietary trading, fund management, investment services and investment banking. HAAB trades as principal in the securities/instruments that are the subject of HAAB research. HAAB including any of its employee may have a position in the debt of the Company or instruments discussed mentioned in HAAB research, and may trade them in ways different from those discussed in HAAB research, i.e. they are not obliged to act in accordance with investment recommendation from HAAB research.

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