Mediobanca Disclaimer

DISCLAIMER

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.
The information contained herein may not be disclosed to third parties or disseminated in any way. If you are not the intended recipient, please immediately notify the sender. Although we have taken reasonable precautions to ensure no viruses are present in this email, we cannot accept responsibility for any loss or damage arising from the viruses in this email or attachments. We exclude any liability for the content of this email, or for the consequences of any actions taken on the basis of the information provided in this email or its attachments.
Any message sent to Mediobanca at this email address will be regarded as a business message. Mediobanca reserves the right to intercept and monitor the content of e-mails to and from its systems and to record phone conversations where required or permitted by applicable law.
In the UK Mediobanca S.p.A. 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 register number is 467736.

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).