GSS Press | November 2017 1

November 2017

GSS PressGroup Securities Services Monthly

This document is intended forinstitutional investors only.

In this issue

AT A GLANCE Albania Impressive reforms 2 TALKING POINTEdlira Konini Managing Director of Raiffeisen Invest 3 MARKET ROUNDUP 5

SOCIETY Bunker art 7 YELLOW OPS – THE RBI OPERATIONS CENTER COLUMN 8

CONTACT US 9 IMPRINT & DISCLAIMER 10

ATTILA‘S PHOTO BLOG 11

Albania

With its beautiful, unobstructed beaches, Albania is certainly a hot insider tip for holiday-makers. But how many are aware of the country’s emergence as an attractive place for doing business? Above-average growth rates, supported by a determined reform program and serious measures to strengthen the rule of law, have prompted many Albanians abroad to return home and start their own ventures.

Raiffeisen Bank International has been pre-sent in Albania since 2004, creating one of the strongest and most trusted brands in the country. We at GSS are proud to have ope-ned Albania as a new market in the universe of the Operations Centre a few days ago.

This achievement deserves special attention since is our first non-EU market connection.

But Raiffeisen also pioneers the asset management business in Albania. We ap-proached Edlira Konini, Managing Director of Raiffeisen Invest, to give us an insight into this growing business field. She is optimistic about the development of the asset manage-ment industry, which is still in its early days.

Kind regards,Attila Szalay-Berzeviczy Executive DirectorHead of Group Securities Services

Underestimated

GSS Press | November 2017 2

AT A GLANCE

Albania has transformed from one of the poorest countries in Europe to an upper-middle-income country. Important re-forms have been implemented to revitalize growth and job creation, while advancing the European Union integration agenda.

More than two years after becoming a candidate for membership in the European Union, Albania entered negotiations with EU officials in November 2016. That delay was due largely to the country’s sluggish-ness in reforming its judiciary and tackling widespread corruption — both being prio-rities of Brussels. The judiciary reform pro-cess is further complicated by a long stan-ding political conflict within the country.

Judging the judgesAt the urging of European and U.S. of-ficials, the government gathered foreign and Albanian experts to craft a vetting process for judges, prosecutors, and em-ployees of the judiciary. The screens in-clude an examination of assets and an assessment of professional integrity. The vetting process for around 800 judges and prosecutors, over their professional ability, morals, integrity, and independence from organized crime, corruption and politics, started only last month. SPAK, the Special Prosecution Office, is in charge of the ex-aminations.

The political feuding has overshadowed the debate on the country’s economy, which is experiencing a gradual economic upturn at present, with the trend expected to continue until 2019. During the last few years, the Government of Albania has em-barked on a broad-based reform program focused on macro-economic and fiscal sus-

ALBANIAImpressive reforms

tainability, financial sector stabilization, energy concerns, pensions, and territorial administration. The ongoing reforms aim to raise productivity and competitiveness, create more jobs, and improve governance and public service delivery.

Domestic demand supports growthThis significant progress has created the conditions for rebounding business con-fidence and domestic demand, including increased investment and an export-led recovery. Therefore, a GDP growth of 3.9% is expected in 2017, driven mainly by rising domestic demand, large energy-related Foreign Direct Investment, growing tourism, and a recovery in key EU trading partners.

The rise in domestic demand is mainly supported by the Central Bank’s monetary policy, according to which the reference interest rate has been kept unchanged at

the record low level of 1.25% since May 2016. With low financing costs and an ea-sing of credit standards for the household sector, lending growth to households has also picked up. However, bank lending to the non-financial business sector has remai-ned sluggish as it is still constrained by a sizeable overhang of non-performing loans (NPLs) on bank balance sheets.

While maintaining the reform momentum and implementation is critical for Albania’s continued economic growth and country’s EU integration agenda, the growth model itself suffers from weaknesses, and it needs to shift from consumption-fueled to invest-ment- and export-led growth.

Mirela BoriciHead of GSS Albania

GSS Press | November 2017 3

TALKING POINT

Ms. Konini, what are the recent develop-ments in the Albanian investment fund sector?The asset management business in Albania started in 2012 and is still in early stages. This is easily detectable when looking at the market size and players. As of today, there are two asset management compa-nies that manage both investment and pension funds: Raiffeisen Invest and ano-ther asset management company that was licensed only on July 2016.

The net asset value of the funds amounts to approx. EUR 550 mn, increasing by 12% compared to year-end 2016. The market is clearly dominated by investments in dome-stic government securities, which make up for 74% of the funds’ assets.

Raiffeisen Invest, the market leader, is well ahead of the competition in terms of assets, managing 99% of the total assets of the sector and has over 31,000 investors.

A third asset management company is un-der licensing process and we will welcome the new competition in hope for increased market sophistication and for an expanded product line to provide Albanian investors with favorable investment opportunities, responding to their knowledge and needs.

Are there any news in terms of market legislation?The regulation that governs investment funds in its present form is quite restrictive, but is currently under review and is expec-ted to have a positive impact on the market development.

Moreover, the financial market has made a positive step towards further maturity by licensing the first private stock exchange in Albania in July.

Is there still any growth potential for the industry?Investment funds amount to only 6.2% of the banking sector deposits, a clear sign that there is plenty of potential in this un-tapped market. Despite lower remittances in the past 3 years, funds that immigrants bring from neighboring countries where in-terest rates are low are still a good source of inflows for the investment funds.

Moreover, our experience has shown that the demand for funds has grown steadi-ly. After all, we have reached a level of EUR 545 mn in assets under management within only five years of activity.

Such development reflects the public's inte-rest for these financial products. In an en-vironment of low interest rates offered by banks, investors have turned to investment funds, adopting them as part of their wealth building strategies. Certainly, the impro-vements in the current legislation and the financial market development will play a significant role to the growth of the industry.

An untapped market The young Albanian investment funds business bears enough potential for growth, as Edlira Konini, Managing Director of Raiffeisen Invest, told GSS Press. She manages a company with a market share of 99%.

GSS Press | November 2017 4

TALKING POINT

How do you see the relationship between funds depositories and management com-panies in the country?We regard the increase in the number of depositories as a very positive sign. Only recently, another bank was licensed for providing depository services to asset management companies. This will lead to higher negotiation capabilities in terms of fees, which will result in lower costs for investment funds’ customers in the long run. Moreover, we expect that the impro-vements in the Law “On investment funds” will clear some ambiguities regarding the transfer fees charged by depositories in case of redemptions, relieving our custo-mers from the extra-charges.

Do you think it would be beneficial to have a preferred taxation on income from investment funds?Of course, such preferred treatment would be beneficial for both investors and the industry in general. Investment funds would have an additional compe-titive advantage compared to other stan-dard banking products.

However, for the moment, any preferred taxation for investment fund holders is not one of the priorities of the Albanian Government. But the situation may change in the future.

What types of investment funds are available for clients?Albanian investors can choose between in-vestment funds in local currency that invest only in fixed income Albanian government instruments or EUR-denominated investment funds which invest in fixed-income products that are publicly traded locally or abroad.

What, in your view, could move the sector forward?The development of this sector, which is closely related to the development of the fi-nancial sector in general, is a long-term pro-cess. It requires good coordination of legis-lative and regulatory reforms, with serious investments from financial institutions that aim to be the main players in this market.

First, the improvement and alignment of le-gislation, in synchronization with the ongo-ing developments in international markets remains a constant challenge. The legislati-on governing investment funds was written on 2009, when there were no funds at all. While it supports a simple business model and does a good job in terms of addres-sing legal and operational requirements, it has some important limitations related to permitted investments and the type of funds that can be launched. In the current law for example, there are insufficient provisions to allow and regulate funds of funds and fee-

der funds, which would be a very logical way for an asset management company to broaden the range of well managed funds to the market (leveraging larger, more ex-perienced producers outside Albania).

Aware of these limitations, the regulator has started a project to identify the areas of need and revise the legislation. The new Law will be drafted within 2017 and ap-proved within 2018. We expect that it will open options for other types of funds and potential market expansion.

Second, the development of the investment funds sector and the financial market in general goes in parallel with the develop-ment of a functional stock exchange, where financial instruments are easily traded by businesses and individuals. The first private stock exchange in Albania, “Albanian Se-curities Exchange – ALSE sh.a” is expected to give a boost to the market by increasing investment options for the asset manage-ment companies and responding in real time to the dynamics of economic develop-ments in the country.

And finally, increased competition would certainly be beneficial to sector develop-ment.

GSS Press | November 2017 5

MARKET ROUNDUP

Spotlight news

BG: EU funds for the capital market In line with the Strategy for Develop-ment of the Bulgarian Capital Mar-ket, the government has made it a leading priority to support the small and medium enterprises (SME) in their bid to attract capital investment through the local stock exchange.

Under the EU Innovation and Com-petitiveness Operational Program-me, EU funds in the form of vouchers will be granted to local SME to par-tially cover their expenses for IPOs. The program has earmarked some EUR 2 mn worth of funding for this pilot grant scheme and will provide each successful applicant with up to BGN 50,000 (ca. EUR 25,000) worth of vouchers.

The objective of the measure is to provide yet another alternative to the classic mechanisms for stimula-ting the competitiveness of Bulga-rian enterprises through European funds, namely grant financing and financial engineering instruments.

Squeeze-out/ sell-out procedures approved

Earlier this year, the Parliament approved the implementation of a squeeze-out/ sell-out mechanism, which was not available in Ukraine up until now. It is part of the law ”On the amendments to certain laws of Ukraine with the purpose of improvement of corporate governance in joint-stock companies”.

With respect to sell-out, the law stipulates that a majority share-holder, whose direct or indirect holding reaches certain stake is obliged to offer the remaining shareholders to sell their unen-

cumbered shares to this majority shareholder at the price calculated according to the Law. The threshold in question constitutes the controlling stake of 50% and above for a private joint-stock company. In case of a public joint-stock company, this works for the controlling stake of 50% and above or the significant controlling stake of 75% and above.

The same procedure can be applied if there are shareholders acting jointly, when their total holding (direct or indirect) reaches respective thresholds. The offer, which is called public irrevocable offer, shall be placed on company’s web-site, in the NSSMC informati-on database, and shall be sent personally to each shareholder by the company.

Minority shareholders can either exercise this option and sell their shares or deny it. The law stipulates the timeframe for each step in the process. Particularly, the settlement must happen within 30 days of the deadline indicated in the offer.

In case of a squeeze out, the law states that a majority shareholder, whose direct or indirect holding in a public joint-stock company reaches the dominant controlling stake of 95% and above, has the right to demand that the remaining shareholders sell their shares to this majority shareholder at the price calculated according to the Law. The claim – public irrevocable claim in this case – shall be placed on company’s web-site and in the NSSMC information database. As in case of a sell-out, this procedure can be applied also for the shareholders acting jointly, whose total direct or indirect holding reaches 95% and above.

To facilitate cash settlements with the remaining shareholders, the majority owner shall open a special escrow account with a bank and deposit money required to pay for the shares. The beneficiaries of this escrow account are the minority shareholders.

Law stipulates quite a tight timeframeParticularly, the CSD is required to block circulation of the shares of respective company, within one day of receipt of the public irrevocable claim from the company.

The company shall inform the minority shareholders about the public irrevocable claim and provide details of the escrow account. Once the money is deposited on the escrow account, the CSD shall unblock the shares and transfer them to the account of the majority shareholder within three days of the receipt of information about fulfillment of payment obligations by the majority shareholder. Respective transactions are done on a mandato-ry basis and do not require approval by the minority shareholders.

UKRAINEBogdana Yefremova, Head of GSS Ukraine

GSS Press | November 2017 6

MARKET ROUNDUP

Spotlight news

BG: LEI applications via CSDThe Central Depository AD (CDAD) has signed a registration agent ag-reement with KDD Central Securities Clearing Corporation /KDD-LEI/, Slovenia – a local operating unit au-thorized by the International Com-mittee for Regulatory Control for assigning a LEI.

As of 6 November, the Bulgarian CDAD, in its capacity of a registra-tion agent of KDD-LEI, has started accepting application forms from Is-suers and Public Companies for as-signment of LEI in line with the new requirements of the amended Public Offering of Securities Act.

To obtain the money, minority shareholders shall contact the bank servicing the escrow account and undergo respective KYC procedure.

The public irrevocable claim prevails over all other restrictions. Therefore, minority holdings, previously blocked due to some encumbrance, will be transferred to the majo-rity shareholder unencumbered. However, the amount of money payable to the minority shareholder for respective shares will be encumbered on the escrow account according to the documents provided by the custodian, who serviced respective holding.

The law also envisages a possibility for minority shareholders to demand a purchase of their shares by the majority shareholder. This applies only to unencumbered holdings and becomes possible after the publication of information of NSSMC about the acquisition of a dominant controlling stake (directly or indirectly) by a majority shareholder or share-holders acting jointly. Once a squeeze out was initiated, this right cannot be exercised.

There are certain peculiarities for private joint-stock companies. Particularly, such compa-nies may define in the statutory documents that the above items do not apply or apply only partially.

The law states a transition period of two years, during which shareholder(s) with a domi-nant controlling stake as of the date the law entered into force, which is 04.06.2017, can exercise squeeze out. Also, if a shareholder, which owns a dominant controlling stake directly or indirectly as of the same date, purchases company’s shares (also acting through affiliated entities), other minority shareholders have the right to demand a purchase of their shares by this majority shareholder. This option does not work in the cases of a mandatory buy-back of shares by the company.

The law provides a detailed timeframe for each step and establishes the way of calculati-on for the price, to ensure fair conditions for all parties.

Our viewNovelties in corporate legislation are expected to balance the interests of majority and minority shareholders.

GSS Press | November 2017 7

SOCIETY

Albania doesn’t always get the attention it deserves. Apparently, the country still suf-fers from the echoes of its Communist past during Enver Hoxha’s dictatorial rule. A new, creative way to overcome the dismay is to give nuclear bunkers a completely dif-ferent meaning.

The land, from gorgeous beaches to remo-te valleys, is still dotted, 25 years after the collapse of the communist regime, with tens of thousands of bunkers. They are a testa-ment to the paranoia of Enver Hoxha, who led the country from 1944 until his death in 1985.

Small concrete bunkers are spread all over the country serving as a reminder of that dark past. Built to withstand invaders – who never came – most are still standing.

Underground museums and concert spaceWhile Albania is determined to move on from some of its hardest times, some of the bigger underground nuclear bunkers have found a new role. Bunk’Art has found its home in the huge bunker built in the outskirts of the capital Tirana to accommodate Hoxha and his cronies in the event of an attack.

It was designed as a nuclear shelter with 106 rooms including an assembly hall, prepared for Hoxha’s government in hi-ding. The construction has been turned into a museum and an art gallery. The assembly hall serves as a location for jazz concerts.

Concrete mushroomsRight in the city center, a few hundred me-ters away from Skanderbeg Square, there is the biggest bunker in town. It used to

Bunker artconnect all the ministries with underground routes, and now is open to the public. As one walks deeper into the labyrinth, one gets the feeling of echoing the muttering about the police and jail from Hoxha’s time still, casting still a shadow here.Another bunker in Tirana became part of the Postbllok (Checkpoint) memorial erec-

ted in memory of the country’s political pri-soners during the communist regime.A similar but far more eerie bunker lies be-neath the picturesque city of Gjirokastra. Un-touched for decades, it’s now just a damp warren of rooms suitable only for the brave.

Travelling across Albania can be a unique experience, but it's a surprising one too.

Mirela BoriciHead of GSS Albania

GSS Press | November 2017 8

YELLOW OPS – THE RBI OPERATIONS CENTER COLUMN

Our lucky figure. While some air carriers take a pass on row number 13, we at RBI GSS are proud of our most recent accom-plishment: The Bank of Albania is the thir-teenth CSD, through which we offer direct market access via our GSS Operations Cen-ter. And it is the first non-EU market.

Mid November, the negotiations with Bank of Albania (BoA) started one year before, were successfully finalized. Our clients can now settle their transactions on the Albani-an market smoothly via one unified knot at RBI in Vienna.

In the course of the project the RBI team met a very supportive counterparty at Bank of Albania. At several workshops in Tirana all the details including reporting obliga-tions, primary and secondary market rules, SWIFT standards, and ISIN issues were discussed.

RBI is not only the first foreign member of BoA, it also pioneered the use of SWIFT connectivity for settlement and reconciliati-on on this specific market.

What we have achieved for our clients:• Membership at Bank of Albania• A SWIFT communication with BoA for

settlement purposes• An agreement on rules and procedures

for trading and settlement activities with Raiffeisen Bank Albania and BoA for primary and secondary markets

• A coordinated corporate action proces-sing flow with BoA (with combined com-munication channels of SWIFT and AFI-SaR access at Raiffeisen Bank Albania

As of today, RBI is directly connected with 12 CSDs inside and one outside the EU. Through our Operations Center we offer a feature that sets us apart from other banks in the region.

Number thirteen!

RBI’s Direct Access Project Team

GSS Press | November 2017

GSS Central TeamRaiffeisen Bank International AGAm Stadtpark 91030 Vienna, Austriawww.rbinternational.comAttila Szalay-BerzeviczyHead of GSSattila.szalay-berzeviczy@rbinternational.comPhone: +43 1 71707-8252Jürgen SattlerHead of GSS Regional Managementjuergen.sattler@rbinternational.comPhone: +43 1 71707-1882Bettina JanoschekHead of GSS Sales & Relationship Managementbettina.janoschek@rbinternational.comPhone: +43 1 71707-1820

AustriaRaiffeisen Bank International AGAm Stadtpark 91030 Vienna, AustriaAnita FröchHead of GSS Austriaanita.froech@rbinternational.comPhone: +43 1 71707-3040www.rbinternational.com

AlbaniaRaiffeisen Bank Sh.a.“European Trade Center”Bulevardi “Bajram Curri” TiranaMirela BoriciHead of GSS Albaniamirela.borici@raiffeisen.alPhone: +355 4 2381000-1074www.raiffeisen.al

BelarusPriorbank JSC31-A, V. Khoruzhey Str.220002 MinskYury DorofeyHead of GSS Belarusyury.dorofey@priorbank.byPhone: +375 17 2899102www.priorbank.by

Bosnia and HerzegovinaRaiffeisen BANK d.d.Bosna i HercegovinaZmaja od Bosne bb71000 SarajevoDraženko BobašHead of GSS Bosniadrazenko.bobas@rbb-sarajevo.raiffeisen.atPhone: +387 33 287-153www.raiffeisenbank.ba

BulgariaRaiffeisenbank (Bulgaria) EAD55, Nicola Vaptzarov Blvd., Business Center Expo 2000, 1407 SofiaBiliana StefanovaHead of GSS Bulgariabiliana.stefanova@raiffeisen.bgPhone: +359 2 91985-463www.rbb.bg

CroatiaRaiffeisenbank Austria d.d.Petrinjska 5910000 ZagrebMensur HodžicHead of GSS Croatiamensur.hodzic@rba.hrPhone: +385 1 6174-327www.rba.hr

Czech RepublicRaiffeisenbank a.s.Hvezdova 1716/2b14078 Prague 4Pavel KrivonozkaHead of GSS Czech Republicpavel.krivonozka@rb.czPhone: +420 234 40-5995www.rb.cz

HungaryRaiffeisen Bank Zrt.Akadémia utca 61054 BudapestZsuzsanna HarasztiHead of GSS Hungaryzsuzsa.haraszti@raiffeisen.huPhone: +361 484 4362www.raiffeisen.hu

PolandRaiffeisen Bank Polska S.A.(Raiffeisen Polbank)Ul. Grzybowska 7800-844 WarsawRadek IgnatowiczHead of GSS Polandradoslaw.ignatowicz@raiffeisen.plPhone: +48 22 585-2000www.raiffeisen.pl

RomaniaRaiffeisen Bank S.A.246C Calea Floreasca 014476 Bucharest 1Andrei MezdreaHead of GSS Romaniaandrei.mezdrea@raiffeisen.roPhone: +40 21 30612-89www.raiffeisen.ro

RussiaAO RaiffeisenbankSmolenskaya-Sennaya Sq. 28119020 MoscowEvgenia KlimovaHead of GSS Russiaevgenia.klimova@raiffeisen.ruPhone: +7-495-721 9900www.raiffeisen.ru

SerbiaRaiffeisen banka a.d.Djordja Stanojevica 1611070 Novi BeogradIvana NovakovicHead of GSS Serbiaivana.novakovic@raiffeisenbank.rsPhone: +381 11 2207572www.raiffeisenbank.rs

SlovakiaTatra banka, a.s.Hodžovo námestie 381106 BratislavaPeter Uhrin Head of GSS Slovakiapeter_uhrin@tatrabanka.sk Phone: +421-2-5919 2134www.tatrabanka.sk

UkraineRaiffeisen Bank Aval JSC9, Leskova Str.01011 KievBogdana YefremovaHead of GSS UkraineBogdana.Yefremova@aval.ua Phone: +380 44 49879 32 www.aval.ua

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CONTACT US

GSS Press | November 2017 10

Imprint

1) Information requirements pursuant to the Austrian E-Commerce Act

Raiffeisen Bank International AG, Registered Office: Am Stadtpark 9, 1030 Vienna. Postal address: 1010 Vienna, POB 50Phone: +43-1-71707-0, Fax: + 43-1-71707-1715Company Register Number: FN 122119m at the Commercial Court of ViennaVAT Identification Number: UID ATU 57531200Austrian Data Processing Register: Data processing register number (DVR): 4002771S.W.I.F.T.-Code: RZBA AT WW

Supervisory Authorities:As a credit institution pursuant to § 1 of the Austrian Banking Act, Raiffeisen Bank International AG is subject to supervision by the Financial Market Authority and the Austrian Central Bank. Further, Raiffeisen Bank International AG is subject to legal regulations (as amended from time to time), in particular the Austrian Banking Act (Bankwesengesetz) and the Securities Supervision Act (Wertpapieraufsichtsgesetz).

Membership: Austrian Federal Economic Chamber, Federal Bank and Insurance Sector, Raiffeisen Association

2) Statement pursuant to the Austrian Media Act

Publisher of GSS Press: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 ViennaMedia Owner of GSS Press: Zentrale Raiffeisenwerbung, Am Stadtpark 9, 1030 WienProducer: Marketing, Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 ViennaEditors: Jürgen Sattler, Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna

Society Commitee Zentrale Raiffeisenwerbung:Dr. Leodegar PRUSCHAK (Chairman), Petra WALTER (Deputy Chairman), Stephan MARENT (Deputy Chairman)

Other committee members Zentrale Raiffeisenwerbung:Mag. Rainer SCHNABL, Franz POSPISCHIL, Bernd NÖHRER, Mag. Maximilian EDER, Mag. Gertraud FRANK, Mag. Martin KOFLER, Markus FRIEDRICH, Katharina STÖGNER, Mag. Clemens GANTAR

Zentrale Raiffeisenwerbung is a registered society. Society purpose and activities of Zentrale Raiffeisenwerbung are (inter alia) a joint communication work (advertising and public relations).

Basic tendency of the content of GSS Press: GSS Press presents services and products of the Group Securities Services unit of Raiffeisen Bank International AG and its subsidiaries. Aiming at a professional audience, GSS Press reports about developments in the financial markets, with a particular focus on post-trade infrastructure. The publication is available free of charge.

Images: Photographs and illustrations provided by Raiffeisen Bank International, Attila Szalay-Berzeviczy and the organizations featured in this issue.

Disclaimer

This document has been published by Raiffeisen Bank International AG. This document is for information purposes and may not be reproduced or distributed to other persons. This document shall not be considered as financial, investment, legal or tax advice. This document constitutes neither a solicitation of an offer nor a prospectus in the sense of the Austrian Capital Market Act (KMG) or the Stock Exchange Act or any other comparable foreign law. An investment decision in respect of a security, financial product or investment must be made on the basis of an approved, published prospectus or the complete documentation for the security, financial product or investment in question, and not on the basis of this document. This document does not constitute a personal recommendation to buy or sell financial instruments in the sense of the Austrian Securities Supervision Act or any other comparable foreign law. Neither this document nor any of its components shall form the basis for any kind of contract or commitment whatsoever. This document is not a substitute for legal or tax advice or the necessary advice on the purchase or sale of a security, investment or other financial product. In respect of the sale or purchase of securities, investments or financial products, your banking advisor can provide individualised advice which is suitable for investments and financial products. This analysis is fundamentally based on generally available information and not on confidential information which the party preparing the document has obtained exclusively on the basis of his/her client relationship with a person. Unless otherwise expressly stated in this publication, the publisher deems all of the information to be reliable, but does not make any assurances regarding its accuracy and completeness. The publisher shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this document or any other written or oral communications transmitted to the recipient in the course of its preparation. The information in this publication is current, as of the creation date of the document. It may be outdated by future developments, without the publication being changed. The data and statements contained in this document are strictly limited to the matters stated herein and shall not to be read as extending by implication to any other matter.

This document is intended for institutional investors only. Neither this document nor any part of its content may be relied upon by any other person. This document is not intended for retail/private investors. Requests resulting from this document will only be responded to, if the respective person is an institutional investor.

IMPRINT & DISCLAIMER

GSS Press | November 2017

PHOTO OF THE MONTH by Attila Szalay-Berzeviczy

100th Anniversary of the Russian Revolution.5 November 2017 – St Petersburg/Russia

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ATTILA‘S PHOTO BLOG