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Disclaimer

Disclaimer

Our recommendations are based on information obtained from or are based upon public information sources that we consider to be reliable, but for the completeness and accuracy of which we assume no liability. All information, estimates, opinions, projections and forecasts included in this report represent the independent judgment of the analysts as of the date of the issue unless stated otherwise. We reserve the right to modify the views expressed herein at any time without notice. Moreover, we reserve the right not to update this information or to discontinue it altogether without notice. This report may contain links to websites of third parties, the content of which is not controlled by UniCredit Bank. No liability is assumed for the content of these third-party websites.

This report is for information purposes only and (i) does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any financial, money market or investment instrument or any security, (ii) is neither intended as such an offer for sale or subscription of or solicitation of an offer to buy or subscribe for any financial, money market or investment instrument or any security nor (iii) as marketing material within the meaning of applicable prospectus law . The investment possibilities discussed in this report may not be suitable for certain investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Fluctuations in exchange rates may have an adverse effect on the value of investments. Furthermore, past performance is not necessarily indicative of future results. In particular, the risks associated with an investment in the financial, money market or investment instrument or security under discussion are not explained in their entirety.

This information is given without any warranty on an "as is" basis and should not be regarded as a substitute for obtaining individual advice. Investors must make their own determination of the appropriateness of an investment in any instruments referred to herein based on the merits and risks involved, their own investment strategy and their legal, fiscal and financial position. As this document does not qualify as an investment recommendation or as a direct investment recommendation, neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. Investors are urged to contact their bank's investment advisor for individual explanations and advice.

Neither UniCredit Bank AG, UniCredit Bank AG London Branch, UniCredit Bank AG Milan Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank Austria AG, UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, ZAO UniCredit Bank Russia, UniCredit Bank Czech Republic and Slovakia Slovakia Branch, UniCredit Bank Romania, UniCredit Bank AG New York Branch nor any of their respective directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.

This report is being distributed by electronic and ordinary mail to professional investors, who are expected to make their own investment decisions without undue reliance on this publication, and may not be redistributed, reproduced or published in whole or in part for any purpose.

Responsibility for the content of this publication lies with:
UniCredit Group and its subsidiaries are subject to regulation by the European Central Bank

a) UniCredit Bank AG (UniCredit Bank, Munich or Frankfurt), Arabellastraße 12, 81925 Munich, Germany, (also responsible for the distribution pursuant to §34b WpHG).
Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany.

b) UniCredit Bank AG London Branch (UniCredit Bank, London), Moor House, 120 London Wall, London EC2Y 5ET, United Kingdom.
Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany and subject to limited regulation by the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, United Kingdom and Prudential Regulation Authority 20 Moorgate, London, EC2R 6DA, United Kingdom. Further details regarding our regulatory status are available on request.

c) UniCredit Bank AG Milan Branch (UniCredit Bank, Milan), Piazza Gae Aulenti, 4 - Torre C, 20154 Milan, Italy, duly authorized by the Bank of Italy to provide investment services.
Regulatory authority: “Bank of Italy”, Via Nazionale 91, 00184 Roma, Italy and Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany.

d) UniCredit Bank AG Vienna Branch (UniCredit Bank, Vienna), Rothschildplatz 1, 1020 Vienna, Austria.
Regulatory authority: Finanzmarktaufsichtsbehörde (FMA), Otto-Wagner-Platz 5, 1090 Vienna, Austria and subject to limited regulation by the “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany. Details about the extent of our regulation by the Bundesanstalt für Finanzdienstleistungs¬aufsicht are available from us on request.

e) UniCredit Bank Austria AG (Bank Austria), Rothschildplatz 1, 1020 Vienna, Austria.
Regulatory authority: Finanzmarktaufsichtsbehörde (FMA), Otto-Wagner-Platz 5, 1090 Vienna, Austria

f) UniCredit Bulbank, Sveta Nedelya Sq. 7, BG-1000 Sofia, Bulgaria.
Regulatory authority: Financial Supervision Commission (FSC), 16 Budapeshta str., 1000 Sofia, Bulgaria

g) Zagrebačka banka d.d., Trg bana Josipa Jelačića 10, HR-10000 Zagreb, Croatia.
Regulatory authority: Croatian Agency for Supervision of Financial Services, Franje Račkoga 6, 10000 Zagreb, Croatia

h) UniCredit Bank Czech Republic and Slovakia, Želetavská 1525/1, 140 92 Praga 4, Czech Republic.
Regulatory authority: CNB Czech National Bank, Na Příkopě 28, 115 03 Praga 1, Czech Republic

i) ZAO UniCredit Bank Russia (UniCredit Russia), Prechistenskaya nab. 9, RF-119034 Moscow, Russia.
Regulatory authority: Federal Service on Financial Markets, 9 Leninsky prospekt, Moscow 119991, Russia

j) UniCredit Bank Czech Republic and Slovakia, Slovakia Branch, Šancova 1/A, SK-813 33 Bratislava, Slovakia.
Regulatory authority: CNB Czech National Bank, Na Příkopě 28, 115 03 Praha 1, Czech Republic and subject to limited regulation by the National Bank of Slovakia, Imricha Karvaša 1, 813 25 Bratislava, Slovakia. Regulatory authority: National Bank of Slovakia, Imricha Karvaša 1, 813 25 Bratislava, Slovakia

k) UniCredit Bank Romania, Bucharest 1F Expozitiei Boulevard, 012101 Bucharest 1, Romania.
Regulatory authority: National Bank of Romania, 25 Lipscani Street, 030031, 3rd District, Bucharest, Romania

l) UniCredit Bank AG New York Branch (UniCredit Bank, New York), 150 East 42nd Street, New York, NY 10017.
Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 60439 Frankfurt, Germany and New York State Department of Financial Services, One State Street, New York, NY 10004-1511

Further details regarding our regulatory status are available on request.

ANALYST DECLARATION

The analyst’s remuneration has not been, and will not be, geared to the recommendations or views expressed in this report, neither directly nor indirectly. All of the views expressed accurately reflect the analyst’s views, which have not been influenced by considerations of UniCredit Bank’s business or client relationships.

DISTRIBUTION

Generally this report is only for professional investors, as defined by applicable law and regulations and may not be used by or distributed to any other person, in particular not to retail investors.

POTENTIAL CONFLICTS OF INTEREST

Issuer:
As of:
 
n.a.

Dealerships

UniCredit S.p.A. acts as a Specialist or a Primary Dealer in government bonds issued by the Italian or Greek Treasury, and as market maker in government bonds issued by the Spain or Portuguese Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market making activity and quoting requirements and to contribute to the management of public debt and to the debt issuance policy choices, also through advisory and UniCredit Bank AG research activities. UniCredit S.p.A. Registered Office in Rome: Via Alessandro Specchi, 16 - 00186 Roma Head Office in Milan: Piazza Gae Aulenti 3 - Tower A - 20154 Milano, Registered in the Register of Banking Groups and Parent Company of the UniCredit Banking Group, with. cod. 02008.1; Cod. ABI 02008.1 - Competent Authority: Commissione Nazionale per le Società e la Borsa (CONSOB)”.

UniCredit Bank AG acts as a Specialist or Primary Dealer in government bonds issued by the German or Austrian Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market making activity and quoting requirements and to contribute to the management of public debt and to the debt issuance policy choices, also through advisory and research activities.

RECOMMENDATIONS, RATINGS AND EVALUATION METHODOLOGY

RECOMMENDATION CHANGES

No Recommendation changes in the last 12 months.

INSTRUMENT RECOMMENDATION HISTORY

No Recommendation changes in the last 12 months.

 

Note on the evaluation basis for interest-bearing securities

Recommendations relative to an index:
For high grade names the recommendations are relative to the "iBoxx EUR Benchmark" index family, for sub investment grade names the recommendations are relative to the "iBoxx EUR High Yield" index family.

Marketweight (MW): We recommend having the same portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is equal to the total return of the index.
Overweight (OW): We recommend having a higher portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is greater than the total return of the index.
Underweight (UW): We recommend having a lower portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is less than the total return of the index.

Outright recommendations:

Hold (H): We recommend holding the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is equal to the yield.
Buy (B): We recommend buying the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is greater than the yield.
Sell (S): We recommend selling the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is less than the yield.

We employ three further categorizations for interest-bearing securities in our coverage:

Restricted (R): A recommendation and/or financial forecast is not disclosed owing to compliance or other regulatory considerations such as a blackout period or a conflict of interest.
Coverage in transition (T): Due to changes in the research team, the disclosure of a recommendation and/or financial information are temporarily suspended. The interestbearing security remains in the research universe and disclosures of relevant information will be resumed in due course.
Not rated (NR): Suspension of coverage.

Trading recommendations for fixed-interest securities mostly focus on the credit spread (yield difference between the fixed-interest security and the relevant government bond or swap rate) and on the rating views and methodologies of recognized agencies (S&P, Moody’s, Fitch). Depending on the type of investor, investment ratings may refer to a short period or to a 6 to 9-month horizon. Please note that the provision of securities services may be subject to restrictions in certain jurisdictions. You are required to acquaint yourself with local laws and restrictions on the usage and the availability of any services described herein. The information is not intended for distribution to or use by any person or entity in any jurisdiction where such distribution would be contrary to the applicable law or provisions.

Note on the evaluation basis for stock market indices

Recommendations relative to an index:
For European equity sectors the recommendations are relative to the "STOXX Europe 600" index (“benchmark”).

Neutral (N): We recommend having the same portfolio or index weight in the sector as the benchmark. We expect that the average total return of the sector is equal to the total return of the benchmark.
Overweight (OW): We recommend having a higher portfolio or index weight in the sector as the benchmark. We expect that the average total return of the sector is greater than the total return of the benchmark.
Underweight (UW): We recommend having a lower portfolio or index weight in the sector as the benchmark. We expect that the average total return of the sector is less than the total return of the benchmark.

If not otherwise stated daily price data refers to pre-day closing levels and iBoxx bond index characteristics refer to the previous month-end index characteristics.

Coverage Policy

UniCredit Bank AG conducts a global full-service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our reports. A list of the companies covered by UniCredit Bank is available upon request.

SIGNIFICANT FINANCIAL INTEREST

UniCredit Bank AG and/or other related legal persons with them regularly trade shares of the analyzed company. UniCredit Bank AG and/or other related legal persons may hold significant open derivative positions on the stocks of the company which are not delta-neutral.

UniCredit Bank AG and/or other related legal persons have a significant financial interest relating to the analyzed company or may have such at any future point of time. Due to the fact that UniCredit Bank AG and/or any related legal person are entitled, subject to applicable law, to perform such actions at any future point in time which may lead to the existence of a significant financial interest, it should be assumed for the purposes of this information that UniCredit Bank AG and/or any related legal person will in fact perform such actions which may lead to the existence of a significant financial interest relating to the analyzed company.

Analyses may refer to one or several companies and to the securities issued by them. In some cases, the analyzed companies have actively supplied information for this analysis.

INVESTMENT SERVICES

The analyzed company and UniCredit Bank AG and/or any related legal person concluded an agreement on the provision of investment services in the previous 12 months, in return for which the Bank and/or such related legal person received a consideration or promise of consideration or intends to do so. Due to the fact that UniCredit Bank AG and/or any related legal person are entitled to conclude, subject to applicable law, an agreement on the provision of investment services with the analyzed company at any future point in time and may receive a consideration or promise of consideration, it should be assumed for the purposes of this information that UniCredit Bank AG and/or any related legal person will in fact conclude such agreements and will in fact receive such consideration or promise of consideration.

ORGANIZATIONAL AND ADMINISTRATIVE ARRANGEMENTS TO AVOID AND PREVENT CONFLICTS OF INTEREST

To prevent or remedy conflicts of interest, UniCredit Bank AG, UniCredit Bank AG London Branch, UniCredit Bank AG Milan Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank Austria AG, UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, ZAO UniCredit Bank Russia, UniCredit Bank Czech Republic and Slovakia Slovakia Branch, UniCredit Bank Romania, UniCredit Bank AG New York Branch have established the organizational arrangements required from a legal and supervisory aspect, adherence to which is monitored by its compliance department. Conflicts of interest arising are managed by legal and physical and non-physical barriers (collectively referred to as “Chinese Walls”) designed to restrict the flow of information between one area/department of UniCredit Bank AG, UniCredit Bank AG London Branch, UniCredit Bank AG Milan Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank Austria AG, UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, ZAO UniCredit Bank Russia, UniCredit Bank Czech Republic and Slovakia Slovakia Branch, UniCredit Bank Romania, UniCredit Bank AG New York Branch, and another. In particular, Investment Banking units, including corporate finance, capital market activities, financial advisory and other capital raising activities, are segregated by physical and non-physical boundaries from Markets Units, as well as the research department. In the case of equities execution by UniCredit Bank AG Milan Branch, other than as a matter of client facilitation or delta hedging of OTC and listed derivative positions, there is no proprietary trading. Disclosure of publicly available conflicts of interest and other material interests is made in the research. Analysts are supervised and managed on a day-to-day basis by line managers who do not have responsibility for Investment Banking activities, including corporate finance activities, or other activities other than the sale of securities to clients.

ADDITIONAL REQUIRED DISCLOSURES UNDER THE LAWS AND REGULATIONS OF JURISDICTIONS INDICATED

Notice to Australian investors: This publication is intended for wholesale clients in Australia subject to the following: UniCredit Bank AG and its branches do not hold an Australian Financial Services Licence (AFSL) but are exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) in respect of financial services to wholesale clients. Financial services provided by UniCredit Bank AG and its branches are regulated by BAFin under German laws, which differ from Australian laws. This document is only for distribution to “wholesale clients” as defined in Section 761G of the Corporations Act. By accepting this publication, you acknowledge and agree that this publication is provided for your use only and that you will not distribute or otherwise make this publication available to any person. UniCredit Bank AG and its branches are not Authorised Deposit Taking Institutions under the Banking Act 1959, are not authorised to conduct banking business in Australia and are not supervised by the Australian Prudential Regulation Authority.

Notice to Austrian investors: This publication is only for distribution to professional clients as defined in article 66 WAG (2018).

Notice to investors in the Bahamas: This report is not, and shall not be construed as, an offer to sell, or a solicitation of an offer to buy, or a distribution of securities in, or to the public, in The Bahamas.

Notice to investors in Belarus: This report is only for professional investors and may not be used by or distributed to any other person, in particular not to retail investors. This report does not constitute a prospectus within the meaning of the Law of the Republic of Belarus “On Securities and Stock Exchanges” No. 1512-XII of 12 March 2003, as amended, it is not equally approved, registered or endorsed by the Belarusian securities authorities in such capacity. As far as we are aware, the securities referred to in this analysis are not subject to registration in Belarus, and are not being offered or advertised in Belarus. Acquisition of certain securities by those potential investors who are residents of the Republic of Belarus may be subject to receipt of the permit from the National Bank of the Republic of Belarus which is to be sought by such potential investors under the established procedures.

Notice to investors in Bosnia and Herzegovina: This report is intended only for clients of UniCredit in Bosnia and Herzegovina who are institutional investors (Institucionalni investitori) in accordance with Article 2 of the Law on Securities Market of the Federation of Bosnia and Herzegovina and Article 2 of the Law on Securities Markets of the Republic of Srpska, respectively, and may not be used by or distributed to any other person. This document does not constitute or form part of any offer for sale or subscription for or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.

Notice to Brazilian investors: The individual analyst(s) responsible for issuing this report represent(s) that: (a) the recommendations herein reflect exclusively the personal views of the analysts and have been prepared in an independent manner, including in relation to UniCredit Group; and (b) except for the potential conflicts of interest listed under the heading “Potential Conflicts of Interest” above, the analysts are not in a position that may impact on the impartiality of this report or that may constitute a conflict of interest, including but not limited to the following: (i) the analysts do not have a relationship of any nature with any person who works for any of the companies that are the object of this report; (ii) the analysts and their respective spouses or partners do not hold, either directly or indirectly, on their behalf or for the account of third parties, securities issued by any of the companies that are the object of this report; (iii) the analysts and their respective spouses or partners are not involved, directly or indirectly, in the acquisition, sale and/or trading in the market of the securities issued by any of the companies that are the object of this report; (iv) the analysts and their respective spouses or partners do not have any financial interest in the companies that are the object of this report; and (v) the compensation of the analysts is not, directly or indirectly, affected by UniCredit’s revenues arising out of its businesses and financial transactions. UniCredit represents that: except for the potential conflicts of interest listed under the heading “Potential Conflicts of Interest” above, UniCredit, its controlled companies, controlling companies or companies under common control (the “UniCredit Group”) are not in a condition that may impact on the impartiality of this report or that may constitute a conflict of interest, including but not limited to the following: (i) the UniCredit Group does not hold material equity interests in the companies that are the object of this report; (ii) the companies that are the object of this report do not hold material equity interests in the UniCredit Group; (iii) the UniCredit Group does not have material financial or commercial interests in the companies or the securities that are the object of this report; (iv) the UniCredit Group is not involved in the acquisition, sale and/or trading of the securities that are the object of this report; and (v) the UniCredit Group does not receive compensation for services rendered to the companies that are the object of this report or to any related parties of such companies.

Notice to Canadian investors: This communication has been prepared by UniCredit Bank AG, which does not have a registered business presence in Canada. This communication is a general discussion of the merits and risks of a security or securities only, and is not in any way meant to be tailored to the needs and circumstances of any recipient. The contents of this communication are for information purposes only, therefore should not be construed as advice and do not constitute an offer to sell, nor a solicitation to buy any securities.

Notice to investors in the People’s Republic of China: In respect of the People’s Republic of China (“PRC” or “China”, excluding Hong Kong, Taiwan and Macau for the purposes of this paragraph only), this document is for distribution from outside China to PRC eligible investors only. PRC eligible investors include QDIIs (qualified domestic institutional investors) and other institutional investors located and operating in the PRC which may be eligible to invest in offshore financial instruments pursuant to a special regime governing overseas financial investment. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC to any person to whom it is unlawful to make the offer or solicitation in the PRC. Neither this document nor any copy of it may be distributed or redistributed in the PRC unless in full compliance with any applicable laws and regulations.

Notice to investors in Cuba: UniCredit Bank AG and its branches are not registered under the Decree Law 173 “About Banks and Non-Banking Financial Institutions” as a “Bank or Non-Banking Financial Institutions” and are not authorized to conduct a banking business in Cuba. This report does not constitute or form part of any offer for sale or subscription for or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.

Notice to Cyprus investors: This document is directed only at clients of UniCredit Bank who are persons falling within the Second Appendix (Section 2, Professional Clients) of the law for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other Related Matters, Law 144(I)/2007 and persons to whom it may otherwise lawfully be communicated who possess the experience, knowledge and expertise to make their own investment decisions and properly assess the risks that they incur (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not relevant persons or relevant persons who have requested to be treated as retail clients. Any investment or investment activity to which this communication related is available only to relevant persons and will be engaged in only with relevant persons. This document does not constitute an offer or solicitation to any person to whom it is unlawful to make such an offer or solicitation.

Notice to investors in Dubai: This document and the information contained herein do not constitute or form part of an offer of securities to any person in the Dubai International Financial Centre.

Notice to investors in Finland: This report is only for professional investors as defined in the Finnish Act on Investment Services (747/2012, as amended) and Finnish Securities Markets Act (746/2012, as amended) and may not be used by or distributed to any other person, in particular not to retail investors. This report does not constitute or form part of an offer to buy or sell any of the securities covered by the report. The Finnish Financial Supervisory Authority has not approved this report or any accompanying supplement.

Notice to investors in France: This report is only for professional investors and may not be used by or distributed to any other person, in particular not to retail investors. This report does not constitute or form part of an offer to buy or sell any of the securities covered by the report. In France this report may only be distributed to (a) persons providing investment services relating to portfolio management for the account of third parties (personnes fournissant le service d’investissement de gestion de portefeuille pour le compte de tiers), and/or (b) qualified investors (investisseurs qualifies), acting for their own account, as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 of the French Code monétaire et financier.

Notice to Hong Kong investors: This report is intended for Institutional Professional Investors as defined in Section 1 in Part 1 Schedule 1 of the Hong Kong Securities and Futures Ordinance (‘SFO”) and is distributed in Hong Kong by UniCredit Bank AG, Hong Kong branch, incorporated in Germany with limited liability which is a registered institution under the SFO. It may not be reproduced, or used by or further distributed to any other person, in whole or in part, for any purpose. This report does not constitute or form part of an offer or solicitation of any offer to buy or sell any securities, nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. By accepting this report, the recipient represents and warrants that it is entitled to receive such report in accordance with, and on the basis of, the restrictions set out in this “Disclaimer” section, and agrees to be bound by those restrictions.

Notice to Indonesian investors: Any information contained in this document does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities in Indonesia. This document may not be distributed in Indonesia, and the securities may not be offered or sold in Indonesia to Indonesian citizen or Indonesian resident in a manner constituting a public offering under Law No.8 of 1995 on Capital Markets and its implementing regulations.

Notice to investors in Israel: This document is directed only at Israeli clients of UniCredit Bank who, at the time of receipt thereof, are a “Qualified Client” as such term is defined in the Israeli Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law, 1995. Each Israeli recipient of this document represents and agrees, by virtue of its acceptance thereof, that it is such a “Qualified Client.”

Notice to investors in Ivory Coast: The information contained in the present report have been obtained by Unicredit Bank AG from sources believed to be reliable, however, no express or implied representation or warranty is made by Unicredit Bank AG or any other person as to the completeness or accuracy of such information. All opinions and estimates contained in the present report constitute a judgement of Unicredit Bank AG as of the date of the present report and are subject to change without notice. They are provided in good faith but without assuming legal responsibility. This report is not an offer to sell or solicitation of an offer to buy or invest in securities. Past performance is not an indicator of future performance and future returns cannot be guaranteed, and there is a risk of loss of the initial capital invested. No matter contained in this document may be reproduced or copied by any means without the prior consent of Unicredit Bank AG.

Notice to Japanese investors: This document does not constitute or form part of any offer for sale or subscription for or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever and may only be distributed in Japan in compliance with all applicable laws and regulations (including the applicable rules of the Japan Securities Dealers Association.

Notice to Kazakhstan investors: This report is intended for clients of UniCredit in Kazakhstan subject to the following: (i) UniCredit Bank AG does not perform its activity in Kazakhstan neither through a branch, subsidiary nor through participation in a Kazakhstan-incorporated bank, and therefore does not hold a valid license of the National Bank of the Republic of Kazakhstan to conduct banking and other transactions as per law of the Republic of Kazakhstan “Law on Banks and Banking Activity” No.2444 dated 21.08.1995 (as amended) or any activity on the Kazakhstan securities market as per law of the Republic of Kazakhstan “On Securities market” No.461-II dated 02.07.2003 (as amended); and (ii) investment possibilities discussed in this report shall not be performed, sold, offered, subscribed, solicited otherwise within Kazakhstan in any manner that may trigger the licensing requirements for UniCredit Bank AG in Kazakhstan or the requirement to engage a Kazakhstan-licensed participant of the securities market as per the law of the Republic of Kazakhstan “On Permits and Notifications” No.202-V dated 16.05.2014 (as amended). If you are taking any of the investment possibilities in this report, this will be your own responsibility to ensure the compliance with currency regulation of Kazakhstan, as well as to obtain all authorizations and permits that may be required under the laws of Kazakhstan for such type of investment as per law of the Republic of Kazakhstan “On Currency Regulation and Currency Control” No.57-III dated 03.06.2005 (as amended). Neither UniCredit itself nor any its respective directors, officers or employees takes any liability for the failure of a Kazakhstan investor to comply with the respective laws governing investments outside Kazakhstan.

Notice to Mexican investors: This presentation does not constitute or form part of an offer to sell, issuance or a request of an offer to buy or acquire securities in any jurisdiction, which may only be carried out in accordance with applicable law. This presentation has been prepared for information purposes only. The information contained in this presentation is public and contains estimates and subjective analysis and value judgments. No representation is made, no warranty is granted regarding the adequacy, accuracy or reliability of the information, opinions, estimates and projections contained herein or that all assumptions relating to such estimates or projections have been considered or stated or that such projections will be materialize. No responsibility shall be bared by the issuer of this information, nor by its respective subsidiaries, affiliates, advisors nor representatives will be liable (for negligence or for any other reason) for any loss or damage that may occur from any use of this presentation or its contents, or that is in any other way related with this presentation. All liability relating to this information is hereby disclaimed, including, without limitation any express or implied representation or warranty for statements contained in and omissions from this information. Any person who receives this presentation, at the time of receipt, acknowledges that the information contained in this presentation is for informational purposes only and does not cover or attempt to cover everything required to evaluate any investment, and that such person will not rely on such information to purchase or sell securities, carry out any investment, take investment decisions or recommend any investment to any third party, and such person waives any right they may have arising out of or in connection with the information contained in this presentation. The information contained in this presentation should not be considered legal or tax advice. Any potential investor should consult its own legal and tax advisors. Be advised that UniCredit Bank AG is not authorized to act as a licensed financial institution in Mexico and will not perform any financial intermediation activities, investment advisory, public offering of securities or any other regulated activity within Mexican territory. This presentation includes forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations. The use of the words “expect,” “plan,” “estimate,” “project,” “anticipate,” or similar expressions is intended to identify forward-looking statements. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties and the results effectively obtained may differ from those contained in the forward looking statements as a result of various factors and assumptions. Recipients of this presentation are cautioned to not rely any decision in future provisions. Neither the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) nor any other authority have approved or disapproved the information contained in this presentation, or the adequacy or veracity of the information contained herein.

Notice to Morocco investors: This report is only for qualified investors (investisseurs qualifies) as defined in, and in accordance with, article 12-3 of the Moroccan law 1-93-212 of 21 September 1993 (as amended) and may not be used by or distributed to any other person, in particular not to retail investors. This report does not constitute or form part of an offer to buy or sell any of the securities covered by the report.

Notice to New Zealand investors: This report is intended for distribution only to persons who are “wholesale clients” within the meaning of the Financial Advisers Act 2008 (“FAA”) and by receiving this report you represent and agree that (i) you are a “wholesale client” under the FAA (ii) you will not distribute this report to any other person, including (in particular) any person who is not a “wholesale client” under the FAA. This report does not constitute or form part of, in relation to any of the securities or products covered by this report, either (i) an offer of securities for subscription or sale under the Securities Act 1978 or (ii) an offer of financial products for issue or sale under the Financial Markets Conduct Act 2013.

Notice to Omani investors: This communication has been prepared by UniCredit Bank AG. UniCredit Bank AG does not have a registered business presence in Oman and does not undertake banking business or provide financial services in Oman and no advice in relation to, or subscription for, any securities, products or financial services may or will be consummated within Oman. The contents of this communication are for the information purposes of sophisticated clients, who are aware of the risks associated with investments in foreign securities and neither constitutes an offer of securities in Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy non-Omani securities in Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued vide CMA Decision 1/2009). This communication has not been approved by and UniCredit Bank AG is not regulated by either the Central Bank of Oman or Oman’s Capital Market Authority.

Notice to Pakistani investors: Investment information, comments and recommendations stated herein are not within the scope of investment advisory activities as defined in sub-section I, Section 2 of the Securities and Exchange Ordinance, 1969 of Pakistan. Investment advisory services are provided in accordance with a contract of engagement on investment advisory services concluded with brokerage houses, portfolio management companies, non-deposit banks and the clients. The distribution of this report is intended only for informational purposes for the use of professional investors and the information and opinions contained herein, or any part of it shall not form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.

Notice to Polish Investors: This document is intended solely for professional clients as defined in Art. 3.39b of the Trading in Financial Instruments Act of 29 July 2005 (as amended). The publisher and distributor of the document certifies that it has acted with due care and diligence in preparing it, however, assumes no liability for its completeness and accuracy. This document is not an advertisement. It should not be used in substitution for the exercise of independent judgment.

Notice to Qatari investors: This document does not and is not intended to constitute an offer, sale or delivery of securities or other instruments under the laws of the State of Qatar. The document has not been and will not be reviewed or authorised by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or the Qatar Central Bank in accordance with their regulations or any other regulations in the State of Qatar.

Notice to Russian investors: As far as we are aware, not all of the financial instruments referred to in this analysis have been registered or admitted to placement or public circulation under the federal law of the Russian Federation “On the Securities Market” dated 22 April 1996, as amended (the “Law”), and are not being offered, sold, delivered or advertised in the Russian Federation, except as permitted by Russian law. This analysis is intended only for qualified investors, as defined by the Law, and shall not be distributed or passed on to any person in Russia who is not a qualified investor or disseminated to a general public or otherwise made publicly available in Russia.

Notice to Serbian investors: This analysis is only for distribution to professional clients (profesionalni klijenti) as defined in article 172 of the Law on Capital Markets.

Notice to Singapore investors: This report may only be distributed by Unicredit Bank AG from outside Singapore to persons in Singapore which are (a) "institutional investors" and which are also either (i) "expert investors" or (ii) "accredited investors"; or (b) in the case of a report concerning securities which are bonds only, to any (i) "expert investors"; or (ii) "accredited investors", (as each of these terms is defined in the Securities and Futures Act, Chapter 289 of Singapore, and regulations thereunder, as amended from time to time). By virtue of distribution to this report to such investors as aforesaid, Unicredit Bank AG is not required to comply with Sections 25, 27 and 36 of the Financial Advisers Act (Chapter 110 of Singapore) (Section 25 relates to providing product information relating to certain designated investment products, Section 27 relates to having a suitable basis for any recommendations concerning investment products and Section 36 relates to disclosure of a financial adviser's interest and/or its representative's interest in securities). In addition, this report is prepared for general circulation, any recommendations in this report do not take into account the specific investment objectives, financial situation or particular needs of any particular person and investors are reminded to seek their own professional advice from a financial adviser regarding the suitability of any securities referred to in this report, taking into account their specific investment objectives, financial situation or particular needs, before making any commitment to purchase any securities referred to in this report.

Notice to South African investors: Nothing in this report shall be construed as a solicitation to buy or sell any financial product, or to engage in or refrain from engaging in any transaction. Nor shall it be regarded as “advice” in relation to a financial product in terms of the Financial Advisory and Intermediary Services Act 37 of 2002. Any illustrations, forecasts and hypothetical data contained herein are not guaranteed and are provided for illustrative purposes only. In preparing this report, UniCredit did not take into account your investment objectives, financial situation or particular needs. UniCredit’s salespeople, traders and other professionals may provide oral or written market commentary or trading strategies to its clients that reflect opinions which are contrary to the opinions expressed in this report. UniCredit produces a variety of research products. Recommendations contained in one type of research product may differ from recommendations contained in other types of research, whether as a result of differing time horizons, methodologies, or otherwise. Returns or benefits are dependent on the performance of underlying assets and other variable market factors and the value of the investment is not guaranteed and may increase or decrease. Past performances are not necessarily indicative of future performances. The information contained herein is for information purposes only and it is the responsibility of the recipient of this document to verify its accuracy. Before making an investment decision on the basis of this report, you need to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of your particular investment needs, objectives and financial circumstances. There are risks involved in trading in financial products. The price of financial products can and does fluctuate, and an individual financial product may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may impact on the value of the investment. This research is based on information obtained from sources believed to be reliable, but UniCredit does not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in reports. Opinions expressed are subject to change without notice. Under no circumstances will UniCredit, its affiliates or advisors be liable for any direct, indirect, consequential or other loss, harm or damage suffered by any person as a result of that person relying on the information set out herein or other loss arising from any use of this research and/or further communication in relation to this report.

Notice to South Korean investors: This report does not constitute an offer to sell or solicitation of an offer to purchase any securities referred to in this report under the Financial Investment Services and Capital Markets Act of Korea (the “FSCMA”). This report is intended solely for certain “professional investors” as defined under the FSCMA and may not be used or relied upon by any other person or act as a recommendation to a specific investor to enter into any contract or commitment. The investment opportunities discussed in this report may not be suitable for certain investors depending on their specific investment objectives, financial status and risk preferences. Investment information, advice and recommendations stated in this report are given without any additional consideration and therefore, not within the scope of “investment advisory business” as defined under the FSCMA.

Notice to Thai investors: This document does not constitute or form part of any offer for sale or subscription for or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.

Notice to Turkish investors: Investment information, comments and recommendations stated herein are not within the scope of investment advisory activities. Investment advisory services are provided by authorized institutions on customised basis in accordance with risk and return preferences of individuals. Comments and recommendations stated herein are provided for general purposes. These recommendations may not suit your financial status, risk and return preferences. For this reason, to make an investment decision by relying solely on the information stated here may not result in consequences that meet your expectations.

Notice to Ukrainian investors: This report is only for the use of intended recipients and may not be used by or distributed to any other person for any purpose. This report does not constitute or form part of an offer to buy or sell any of the securities covered by the report.

Notice to investors in the United Arab Emirates: This document and the information contained herein do not constitute or form part of an offer to buy or sell any securities nor does it constitute a public promotion or advertisement of any securities in the United Arab Emirates.

Notice to UK investors: This communication is directed only at clients of UniCredit Bank who (i) have professional experience in matters relating to investments or (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

Notice to U.S. investors: Each of the relevant research analyst(s), as named on the front cover of this report, certifies that (a) the views expressed in this research report accurately reflect his/her personal views about any and all of the securities and companies mentioned in this document; and (b) no part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by him/her in this document. The research analyst(s) named on this report may not be registered or qualified as research analysts with FINRA. This report is being furnished to U.S. recipients in reliance on Rule 15a-6 (“Rule 15a-6”) under the U.S. Securities Exchange Act of 1934, as amended. Each U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is such a “major U.S. institutional investor” (as such term is defined in Rule 15a-6) and that it understands the risks involved in executing transactions in such securities. Any U.S. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer mentioned herein, or engage in any transaction to purchase or sell or solicit or offer the purchase or sale of such securities, should contact a registered representative of UniCredit Capital Markets, LLC (UniCredit Capital Markets)., a subsidiary of UniCredit Bank and a US registered broker-dealer. UniCredit Capital Markets is a member of FINRA. Any transaction by U.S. persons (other than a registered U.S. broker-dealer or bank acting in a broker-dealer capacity) must be effected with or through UniCredit Capital Markets. Under applicable US law; information regarding clients of UniCredit Capital Markets may be distributed to other companies within the UniCredit Bank group. The securities referred to in this report may not be registered under the U.S. Securities Act of 1933, as amended, and the issuer of such securities may not be subject to U.S. reporting and/or other requirements. Available information regarding the issuers of such securities may be limited, and such issuers may not be subject to the same auditing and reporting standards as U.S. issuers.The information contained in this report is intended solely for certain “major U.S. institutional investors” and may not be used or relied upon by any other person for any purpose. Such information is provided for informational purposes only and does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933, as amended, or under any other U.S. federal or state securities laws, rules or regulations. The investment opportunities discussed in this report may be unsuitable for certain investors depending on their specific investment objectives, risk tolerance and financial position. In jurisdictions where UniCredit Capital Markets is not registered or licensed to trade in securities, commodities or other financial products, transactions may be executed only in accordance with applicable law and legislation, which may vary from jurisdiction to jurisdiction and which may require that a transaction be made in accordance with applicable exemptions from registration or licensing requirements. The information in this publication is based on carefully selected sources believed to be reliable, but UniCredit Capital Markets does not make any representation with respect to its completeness or accuracy. All opinions expressed herein reflect the author’s judgment at the original time of publication, without regard to the date on which you may receive such information, and are subject to change without notice. UniCredit Capital Markets may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. These publications reflect the different assumptions, views and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is provided in relation to future performance. UniCredit Capital Markets and any company affiliated with it may, with respect to any securities discussed herein: (a) take a long or short position and buy or sell such securities; (b) act as investment and/or commercial bankers for issuers of such securities; (c) act as market makers for such securities; (d) serve on the board of any issuer of such securities; and I act as paid consultant or advisor to any issuer. The information contained herein may include forward-looking statements within the meaning of U.S. federal securities laws that are subject to risks and uncertainties. Factors that could cause a company’s actual results and financial condition to differ from expectations include, without limitation: political uncertainty, changes in general economic conditions that adversely affect the level of demand for the company’s products or services, changes in foreign exchange markets, changes in international and domestic financial markets and in the competitive environment, and other factors relating to the foregoing. All forwardlooking statements contained in this report are qualified in their entirety by this cautionary statement.

Notice to Uzbekistan investors: This report is intended for clients of UniCredit in Uzbekistan subject to the following: (i) UniCredit Bank does not perform its activity in Uzbekistan neither through a branch, subsidiary nor through participation in an Uzbekistan-incorporated bank, and therefore does not hold a valid Uzbekistan Central Bank licence to perform banking activity as per the law of the Republic of Uzbekistan "Law on Banks and Banking Activity" dated 25 April 1996 (as amended) or any activity of a professional participant of securities' market in Uzbekistan as per the law of the Republic of Uzbekistan "On Securities' Market" dated 23 July 2008 (as amended); and (ii) investment possibilities discussed in this report shall not be performed, sold, offered, subscribed, solicited otherwise within Uzbekistan in any manner that may trigger the licensing requirements for UniCredit Bank in Uzbekistan or the requirement to engage an Uzbekistan-licensed participant of the securities' market as per the law of the Republic of Uzbekistan "Law on Licensing of Certain Types of Activities" dated 25 May 2000 (as amended). If you are taking any of the investment possibilities in this report, this will be your own responsibility to ensure the compliance with foreign exchange control rules of Uzbekistan, as well as to obtain all authorisations and permits that may be required under the laws of Uzbekistan for such type of investment as per the Law of the Republic of Uzbekistan "On Foreign Currency Exchange" dated 7 May 1993 (new edition). Neither UniCredit itself nor any its respective directors, officers or employees takes any liability for the failure of an Uzbekistan investor to comply with the respective laws governing investments outside Uzbekistan.

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