Equity Research Disclaimer


This communication is prepared by an equity research analyst 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 may include, for instance, investment strategies and market commentary which can be regarded as investment recommendations as defined under the Market Abuse Regulation (“MAR”). With specific regard to investment recommendations on any financial instrument or issuer, please consider our general and regulatory disclosures below. Unless this communication includes specific equity researches on listed financial instruments, it could brings together existing estimates, data and recommendations, but it contains no new target prices, recommendations or estimates other than those included in published researches. 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.

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This communication may contain an investment recommendation within the meaning of MAR and it is produced by an equity research analyst 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 analyst 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. 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.



To access specific regulatory disclosures related to the basis of valuation, methodology and the underlying assumptions as well as on interests and conflict of interests in relation to each financial instrument mentioned in this communication, please see the last research report issued for the specific financial instrument on the restricted access part of the «MB Securities» section of the Mediobanca S.p.A. website at www.mediobanca.com. If you are not able to see the restricted access part of the «MB Securities» section of the Mediobanca S.p.A. website, please submit a request to the following mail address (Compliance@mediobanca.com). The previous 12 months analyst’s views on financial instruments and issuers are provided to the following link. The 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.