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      • International business
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      • Innovation for clients
      • New frontiers in technology
    • Leadership Team
    • Our history
      • Mediobanca Group Historical Archive "Vincenzo Maranghi"
      • Mediobanca, Enrico Cuccia and a virtuous investment banking culture
      • Historical buildings
      • Fondazione Giancarla Vollaro
    • Contacts
  • Governance
    • Our corporate governance model
    • Business Ethics
    • General Meetings
      • Previous AGM records
    • Board of Directors
      • Lead Independent Director
      • Board activity
      • Board evaluation
      • Succession planning
    • Committees
      • Risks Committee
      • Related Parties Committee
      • Appointments Committee
      • Remuneration Committee
      • Sustainability Committee
      • Committee instituted pursuant to article 18(4) of Articles of Association
    • Statutory Audit Committee
    • Leadership Team
    • Remuneration
      • Remuneration policy
      • ESG-related KPIs
      • Long Term Incentive
      • Performance share scheme
      • Employment Share Ownership and Coinvestment scheme
      • Management and Board pay
    • Internal dealing
    • Shareholders
      • Consultation Agreement between shareholders
      • Share buyback programme
    • Internal control and risks
      • Risk management
      • Main risks
      • IT Risk e cybersecurity
    • Governance reports and documents
    • Contacts
  • Investor Relations
    • Mediobanca Public Exchange Offer for Banca Generali
    • MPS hostile Public Exchange Offer for Mediobanca
    • Strategic guidelines ONE BRAND – ONE CULTURE 2023-26
      • Strategic guidelines
      • Group ambition
      • Objectives by business area
      • Strategic Plan ESG targets
      • Digital Agenda
      • Shareholder remuneration
    • Investor kit
    • Board S-D Engagement
    • Investing in Mediobanca
      • Outlook
      • Acquisitions and disposals
      • Last 10Y performance
    • Financial results
      • Results
      • Presentations
    • Financial press releases
    • Financial calendar
    • Mediobanca shares
      • Key share data
      • Dividends
      • Share buyback programme
      • Changes in share capital
      • Analyst coverage
    • Funding and rating
      • Rating
      • Bond maturities and composition
      • Covered bonds
      • Green, Social and Sustainability Bond Framework
      • Asset-Backed Security (ABS)
      • Wealth Management deposits
      • Products issued
    • Capital solidity
      • Capital management
      • Pillar III
    • General archive
    • Newsletter IR
    • Contacts
  • Responsible Banking
    • Our commitment
      • Strategy and objectives
      • Sustainability Timeline
      • Sustainability governance
      • Priorities
      • Relations with our stakeholders
      • Protection of Human Rights
      • Our contribution to the 2030 Agenda
    • Climate and environment
      • Climate change
      • Sustainable consumption management
    • Diversity and inclusion
      • Our D&I strategy
      • Our human capital
      • Talent Attraction
      • Professional training and development
      • WORDS book
      • Bloomberg Gender-Equality Index (GEI)
      • Valore D
      • Carta ABI
      • Parenting
      • Fairness in remuneration systems
      • Mental health and well-being
    • ESG and the focus on consumers
      • ESG in our Group
      • Responsible investments and ESG products
      • Data security
    • Solidarity with our community
      • Education and financial inclusion
      • Social Inclusion
      • Culture and research
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Mediobanca Disclaimer

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This communication is prepared by a sales or trader at Mediobanca - Banca di Credito Finanziario S.p.A. (“Mediobanca S.p.A.”). Mediobanca S.p.A. is authorized and supervised by Bank of Italy and Consob and subject to limited regulation in the UK by the Financial Conduct Authority to provide financial services. Mediobanca S.p.A. is compliant with the relevant European Directive provisions on investment and ancillary services (MiFID Directive) and with the implementing law. 
This communication is deemed not to be an investment research as defined by MiFID Directive, but it may include, for instance, investment strategies, sales notes and market commentary which can be regarded as investment recommendations as defined under the Market Abuse Regulation (“MAR”). Market commentary and/or investment recommendations provided in this communication reflect opinions that may be contrary or different to the opinions expressed in the investment research published by our Equity Research Department and may also refer to financial instruments or issuers not covered by our Equity Research Department. With specific regard to investment recommendations on any financial instrument or issuer, please consider our general and regulatory disclosures below. Our proprietary trading desks and investing businesses may also make investment decisions that are inconsistent with the views expressed in this communication.
This communication is not directed at you if Mediobanca S.p.A. is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you.  You should satisfy yourself before reading it that Mediobanca S.p.A. is permitted to provide communications concerning investments to you under relevant legislation and regulations. This communication is provided for information purposes only and does not constitute or should not be construed as a provision of investment advice, an offer to buy or sell, or a solicitation of an offer to buy or sell, any financial instruments. It is not intended to represent the conclusive terms and conditions of any security or transaction, nor to notify you of any possible risks, direct or indirect, in undertaking such a transaction. This communication is intended for use only by those professional clients to whom it is made available by Mediobanca S.p.A. The information contained herein, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable but is not guaranteed as to accuracy or completeness although Mediobanca S.p.A. considers it to be fair and not misleading.
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Mediobanca is authorized and regulated in the UK by the Financial Conduct Authority (“FCA”). The nature and extent of customer protections may differ from those for firms based in the UK. Mediobanca is authorized and regulated in the UK by the Financial Conduct Authority (“FCA”). The nature and extent of customer protections may differ from those for firms based in the UK. Mediobanca is authorized and regulated in the UK by the Financial Conduct Authority (“FCA”). The nature and extent of customer protections may differ from those for firms based in the UK. Mediobanca is authorized and regulated in the UK by the Financial Conduct Authority (“FCA”). The nature and extent of customer protections may differ from those for firms based in the UK. Mediobanca is authorized and regulated in the UK by the Financial Conduct Authority (“FCA”). The nature and extent of customer protections may differ from those for firms based in the UK. In the UK Mediobanca operates through its London Branch, located at 4th floor, 62 Buckingham Gate SW1E 6AJ, registered in UK with VAT number GB 940 0700 66. FCA reference number is 977764. 
 

GENERAL DISCLOSURES
This communication may contain an investment recommendation within the meaning of MAR and it is produced by a sales or trader at Mediobanca S.p.A. The date and time of the completion of the production of this communication coincide with the date and time indicated in the communication first distributed in whatsoever form by the sales or traders who originally produced it.
The recipient acknowledges that, to the extent permitted by applicable securities laws and regulations, Mediobanca S.p.A. disclaims all liability for providing this investment recommendation, and accepts no liability whatsoever for any direct, indirect or consequential loss arising from the use of this investment recommendation. Not all investment strategies are appropriate at all times, and past performance is not necessarily a guide to future performance. Mediobanca S.p.A. recommends that independent advice should be sought, and that investors should make their own independent decisions as to whether an investment or instrument is proper or appropriate based on their own individual judgment, their risk-tolerance, and after consulting their own investment advisers. Unless you notify Mediobanca S.p.A. otherwise, Mediobanca S.p.A. assumes that you have sufficient knowledge, experience and/or professional advice to undertake your own assessment. Any opinions or estimates expressed herein reflect the judgment of the author(s) as of the date the investment recommendation was prepared and are subject to change at any time without notice. They might incorporate Mediobanca S.p.A. estimates values and/or third party consensus as well as the author's fundamental view on the relevant security. The fundamental credit view of an issuer may be based on criteria such as the company's underlying credit trends, overall creditworthiness and our opinion on whether the issuer will be able to service its debt obligations when they become due and payable, as well as potential future catalysts which may or may not verify. We may review, among other things, the company's cash flow capacity and trends and standard credit ratios, such as gross and net leverage, interest coverage and liquidity ratios. We may also review profitability, capitalization and asset quality, among other variables, when assessing financials. We can also consider management strategy, financial policy and the overall competitive landscape in relevant industries insofar as they impact credit quality, as well as market expectations, both in terms of potential profit generation, company dividends policy and other kind of indicators which may be exceeded or missed. We may also assess market technical aspects such as the likely future supply of bonds or fund flows into the broader asset class as well as charts/trends share price. Unless otherwise stated, the information or opinions presented, or the research or analysis upon which they are based, are valid at the point of publication, as they are not updated in real time to take account of changes in the financial markets or new news about the issuer or financial instruments. Mediobanca S.p.A. may provide hyperlinks to websites of entities mentioned in this investment recommendation, however the inclusion of a link does not imply that Mediobanca S.p.A. endorses, recommends or approves any material on the linked page or accessible from it. The compensation of sales and traders who produce investment recommendations is based upon various factors, including individual performance and firm revenues.

REGULATORY DISCLOSURESSales and traders of Mediobanca S.p.A. may have had many, varied views over the past 12 months, including contrary views, and that there are large number of views being generated at all times, the previous 12 months views on financial instruments and issuers are provided upon written request submitted to the following mail address (Compliance@mediobanca.com). A complete and up to date disclosure on Mediobanca’s interests and conflict of interests on issuers covered by Mediobanca Securities is provided to the following link. Any other Mediobanca’s interests and conflict of interests on issuers not covered by Mediobanca Securities are provided upon written request submitted to the following mail address (Compliance@mediobanca.com).

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