Disclaimer on the presentation of investment recommendations

Any information shown on these websites is provided by Fio banka, a.s. (hereinafter only "Fio banka"). Fio banka is a member of Burza cenných papírů Praha a. s. and a market maker of emission PHILIP MORRIS ČR (traded on the Standard Market), and of all emissions traded on the Prime Market, besides TMR and Primoco.

All published information have only informative and recommendatory nature, is non-binding and simply reflect opinion of Fio banka. It is impossible to exclude that the published information and investment recommendations will prove to be incorrect or inaccurate in the future due to changes in decisive facts forming the basis of this published information and investment recommendations created or due to other facts and market developments. Fio banka recommends that those people considering an investment decision consult an experienced broker regarding such information before completing such an investment decision. Fio banka is not liable for the unauthorized or copied dissemination or publication of the content on these websites including any information and investment recommendations published on these sites.

Fio affirms that it has no long or short position exceeding a threshold of 5% of the share capital of issuer. No issuer has a direct or indirect stake of more than 5% of the share capital of Fio banka. Fio banka has not concluded any agreements with any issuer to create and distribute investment recommendations or any other agreement to provide investment services. The issuers are not notified of any investment recommendations before their publication. Fio banka has not been in the last 12 months the lead manager or co-lead manager for any initial public offer of investment instruments issued by any issuer. The remuneration for those who participate in the creation of investment recommendations is not in any way derived from Fio banka´s trades or trades of any related entity. These persons are not in any manner motivated to publish investment recommendations of any specific level or direction. Fio banka avoids a conflict of interests during the creation of investment recommendations by creating internal division including informational barriers between individual sections and regular internal audits. The Czech National Bank supervises Fio banka´s activities.

More information about Fio banka can be found at www.fio.cz