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UniCredit Bank Hungary Zrt. (HU-1054 Budapest, Szabadság tér 5-6., competent supervisory authority: Hungarian Financial Supervisory Authority) reserves the right to update any investment researches (investment analysis) published by it from time to time as determined by it or to cease to publish such investment researches. The investment opportunities indicated in certain investment researches may not necessarily be suitable to the investment purposes, financial or time prospects of the single investors. Rate fluctuation and/or changes of interest rates of financial instruments may have an adverse affect on the value of any investment and, furthermore, past performance is not a reliable indicator of future yield or performance. The description of risks relating to the investments may not be deemed as a complete description and investors shall assess and acknowledge the substance and risks of the single transactions by themselves (or with the assistance of an independent advisor). UniCredit Bank Hungary Zrt. excludes its liability for the incidental application of the investment research as the investment decision of any investor. The internal organizational and administrative rules (including limitation on the availability of information) ensuring the prevention of any conflict of interest with respect to the investment researches (investment analysis) published by UniCredit Bank Hungary Zrt. are included in the Conflict of Interest Policy of UniCredit Bank Hungary Zrt. The remuneration of the experts preparing the investment researches published by UniCredit Bank Hungary Zrt. neither directly nor indirectly depends on the opinion or suggestions included in the investment researches. The present investment research was not prepared in compliance with the legal requirements facilitating the independence of the investment research and the prohibition to enter into transactions before its publication is not applicable to it.

 

UniCredit Bank Hungary Zrt. prepared and published on its website the investment researches on the basis of information made available to it and for information purposes only. The information contained in the investment researches are based on information deemed to be accurate, however, UniCredit Bank Hungary Zrt. excludes its liability for the accuracy, completeness and appropriateness of such information. Any opinion or assessment indicated in the investment research represents the opinion of the experts of UniCredit Bank Hungary Zrt. with respect to the period provided in the investment research and formed on the basis of scientific methods applicable to the subject of the research. Such opinion or assessment does not qualify as an offer, investment advice or any invitation to enter into transactions with respect to any financial instruments. UniCredit Bank Hungary Zrt. excludes its liability for any incidental damages arising from the investment decision of the investor made with respect to the content of the investment research or, in any way, relating to the investment research. The investment researches are protected by copyright law under Act LXXVI of 1999 on copyright and UniCredit Bank Hungary Zrt. maintains all of its right arising from such fact. Further information in relation to investment researches is available at www.unicreditbank.hu.

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