Credit Research

GENERAL DISCLOSURES

The report or the recommendations/views to which this communication refers (“Report”) is prepared by an independent analyst within Research Department at Mediobanca - Banca di Credito Finanziario S.p.A. (“Mediobanca S.p.A.”), authorized and supervised by Bank of Italy and Consob to provide financial services, and is compliant with the relevant European Directive provisions on investment and ancillary services (MiFID Directive) and with the implementing law.  
Unless specified to the contrary, within EU Member States, the Report is made available by Mediobanca S.p.A. The distribution of the Report by Mediobanca S.p.A. in other jurisdictions may be restricted by law and persons into whose possession the Report comes should inform themselves about, and observe, any such restrictions. All Reports are disseminated and available to all clients simultaneously through electronic distribution and publication to our internal client websites. The recipient acknowledges that, to the extent permitted by applicable securities laws and regulations, Mediobanca S.p.A. disclaims all liability for providing the Report, and accepts no liability whatsoever for any direct, indirect or consequential loss arising from the use of the Report or its contents. The Report 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. 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. The Report 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. Any opinions or estimates expressed herein reflect the judgment of the author(s) as of the date the Report was prepared and are subject to change at any time without notice. Unless otherwise stated, the information or opinions presented, or the Report or analysis upon which they are based, are updated as necessary. Mediobanca S.p.A. may provide hyperlinks to websites of entities mentioned in the Report, 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. Mediobanca S.p.A. does not accept responsibility whatsoever for any such material, nor for any consequences of its use. Neither Mediobanca S.p.A. nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error, inaccuracy or incompleteness of fact or opinion in the Report or lack of care in its preparation or publication. 
Our salespeople, traders, research analysts and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in the Report. Our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in the Report. The analysts named in the Report may have from time to time discussed with our clients, including Mediobanca S.p.A. salespersons, traders and research analysts, or may discuss in the Report, trading strategies that reference catalysts or events that may have a near-term impact on the market price of the securities discussed in the Report.  

ADDITIONAL DISCLAIMERS TO U.S. INVESTORS

The Report is prepared by Mediobanca S.p.A. and distributed in the United States by Mediobanca Securities USA LLC, which is a wholly owned subsidiary of Mediobanca S.p.A., is a member of Finra and is registered with the US Securities and Exchange Commission. 565 Fifth Avenue - New York NY 10017. Mediobanca Securities USA LLC accepts responsibility for the content of the Report. Any US person receiving the Report and wishing to effect any transaction in any security discussed in the Report should contact Mediobanca Securities USA LLC at 001(212) 991-4745. Please refer to the contact page for additional contact information. All transactions by a US person in the securities mentioned in the Report must be effected through Mediobanca Securities USA LLC and not through a non-US affiliate. The analyst(s) named on the Report are not registered / qualified as research analysts with Finra. The research analyst(s) are not associated persons of Mediobanca Securities USA LLC and therefore are not subject to NASD rule 2711 and incorporated NYSE rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. 

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REGULATORY DISCLOSURES

Mediobanca S.p.A. does and seeks to do business with companies covered in its reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the Report. Mediobanca S.p.A. or its affiliates or its employees may effect transactions in the securities described herein for their own account or for the account of others, may have long or short positions with the issuer thereof, or any of its affiliates, or may perform or seek to perform securities, investment banking or other services for such issuer or its affiliates. The organizational and administrative arrangements established by Mediobanca S.p.A. for the management of conflicts of interest are consistent with rules, regulations or codes applicable to the securities industry. The compensation of the analyst who prepared the Report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of Mediobanca S.p.A. as a whole, of which investment banking, sales and trading are a part.

Unless otherwise stated in the text of the Report, 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.

To access specific information on target prices and recommendation related to the issuers mentioned in the Report, if not included in the report or the recommendations/views to which this communication refers, please see the last research report issued for the specific issuer on the restricted access part of the «Mediobanca Research» section of the Mediobanca S.p.A. website (https://www.mediobancasecurities.com) If you are not able to see the restricted access part of the «Mediobanca Research» section of the Mediobanca S.p.A. website, please submit a request to the following mail address (Compliance@mediobanca.com). 

Analysts 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 are provided upon written request submitted to the following mail address (Compliance@mediobanca.com).

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