Investment Recommendations Disclaimer
UniCredit Group comprises UniCredit S.p.A. together with its subsidiaries.
UniCredit Group carries out licensable activities which are authorized and regulated by authorities in the relevant their country of incorporation of each legal entity as well as, in some instances, by regulatory authorities in other jurisdictions.
Please see below relevant corporate details and the relevant competent authority for UniCredit Group subsidiaries and branches registered and/or incorporated which may produce investment recommendations:
a) UniCredit S.p.A., Piazza Gae Aulenti 3, Tower A 20154, Milan, Italy. Authorized and regulated by Commissione Nazionale per le Società e la Borsa (CONSOB), Via Giovanni Battista Martini 3, 00198 Rome, Italy.
b) UniCredit Bank AG, Am Tucherpark 16, 80538 Munich, Germany (also responsible for the distribution pursuant to §34b WpHG). The company belongs to UniCredit Group. Authorized and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin"), Marie-Curie-Str 24-28, 60439 Frankfurt, Germany.
c) UniCredit Bank AG, London Branch, Moor House, 120 London Wall, London EC2Y 5ET, UK. Authorized and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin"), 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.
d) UniCredit Bank AG, Hong Kong Branch, 25/F Man Yee Building, 68 Des Voeux Road, Central, Hong Kong. Authorized and regulated by Hong Kong Monetary Authority, 55th Floor, Two International Financial Centre, 8 Finance Street, Central, Hong Kong.
e) UniCredit Bank AG, Singapore Branch, Prudential Tower, 30 Cecil Street, #25-01, Singapore 049712. Authorized and regulated by Monetary Authority of Singapore, 10 Shenton Way MAS Building, Singapore 079117.
f) UniCredit Bank AG, Tokyo Branch, Otemachi 1st Square East Tower 18/F, 1-5-1 Otemachi, Chiyoda-ku, 1000004 Tokyo, Japan. Authorized and regulated by Financial Services Agency, 3-2-1 Kasumigaseki Chiyoda-ku Tokyo, 100-8967 Japan.
g) UniCredit Bank AG, Milan Branch, Piazza Gae Aulenti, 4 - Torre C, 20154 Milan, Italy, duly authorized by the Bank of Italy to provide investment services. Authorized and regulated by Bank of Italy, Via Nazionale 91, 00184 Rome, Italy and Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin"), Marie-Curie-Strv 24-28, 60439 Frankfurt, Germany.
h) UniCredit Bank Hungary Zrt, H-1054 Budapest Szabadság tér 5-6. Authorized and regulated by Hungarian National Bank, Budapest, Szabadság tér 9, 1054 Hungary.
i) UniCredit Bulbank AD Sveta Nedelya Square No.7, Vazrazhdane District, 1000 Sofia, Bulgaria. Authorized and regulated by The Bulgarian National Bank, 1, Knyaz Alexander І Sq., 1000 Sofia, Bulgaria and Financial Supervision Commission (FSC), 16 Budapeshta str., Sofia 1000, Bulgaria.
j) Zagrebačka banka d.d. Trg bana Josipa Jelačića 10, 10 000, Zagreb, Croatia. Authorized and regulated by Croatian Financial Services Supervisory Agency, Miramarska 24b, 10 000, Zagreb, Croatia and the Croatian National Bank, Trg hrvatskih velikana 3, Zagreb, Croatia.
k) UniCredit Bank Czech Republic and Slovakia, a.s., Želetavská 1525/1, 140 92, Prague, Czech Republic. Authorized and regulated by Czech National Bank, Na Příkopě 28, 115 03 Praha 1, Czech Republic. Regulatory authority: National Bank of Slovakia, Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic.
l) Unicredit Bank Romania, Unicredit Tower, Bulevardul Expoziției 1F, Bucharest 012101, Romania. Authorized and regulated by Financial Supervisory Authority, 15 Splaiul Independentei St., sector 5, 050092, Bucharest, Romania.
m) UniCredit Bank Austria, Rothschildplatz 1, 1020 Wien, Austria. Authorized and regulated by Finanzmarktaufsichtsbehörde ("FMA"), Otto-Wagner Platz 5, 1090 Wien.
n) UniCredit S.p.A. Paris Branch Head Office Piazza Gae Aulenti 3, Tower A 20154, Milan, Italy. Registered Office 117, avenue des Champs-Elysées F 75008 Paris. Authorized and regulated by Autorité de Contrôle Prudentiel et de Résolution - 4 Place de Budapest, 75009 Paris and Autorité des Marchés Financiers - 17 Place de la Bourse, 75002 Paris, France.
o) UniCredit S.p.A. Madrid Branch Head Office Piazza Gae Aulenti 3, Tower A 20154, Milan, Italy. Registered Office c/ Miguel Ángel 11 - 3ª Pl. 28010 Madrid, España. Authorized and regulated by Banco de España), c/ Alcalá 48. 28014 Madrid, Spain.
p) AO UniCredit Bank, 9, Prechistenskaya emb., Moscow, 119034, Russian Federation, Authorized and regulated by Central Bank of the Russian Federation, 12 Neglinnaya Street, Moscow, 107016, Russia.
q) UniCredit Bank Serbia JSC, Jurija Gagarina 12, 11000 Belgrade, Serbia. Authorized and regulated by Republic of Serbia Securities Commission Omladinskih brigada 1, 7th Floor, 11000 Belgrade, Serbia.
1. Recommendations, Ratings & Evaluation Methodology:
Investment recommendations may contain projections, forecasts and/or price targets that constitute the current judgment of the author as of the date of the relevant communication. Recommendations expressed by Sales & Trading, such as short-term sales / trading communications, are based on general market and trading conditions, market sentiment, macroeconomic environment such as exchange rates and interest rates, and/or specific events or anticipated developments in relation to the securities or the issuer in question. These recommendations expressed by Sales & Trading staff are those of the author or individual sender acting as an agent of UniCredit Bank and may differ from the opinions expressed by other UniCredit department, including Research. For further information regarding the author of an Investment Recommendation or for the basis of valuations or methodologies, the underlying assumptions used to evaluate financial instruments or issuers or to set price targets, please contact your UniCredit representative.
2. Meaning of Recommendations:
Hold: 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: 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: 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.
3. Remuneration Declaration
The UniCredit Group Remuneration Policy takes into consideration all relevant regulations (including Market Abuse regulation) and takes into account both individual and UniCredit Group's performance.
4. Confidentiality of Information
UniCredit Group respects the confidentiality of information it receives about its clients and operates a "Need to Know" approach and complies with all applicable laws with respect to the handling of that information. Access to confidential information is restricted to those who have a proper requirement for the information consistent with the legitimate interest of a client or the bank.
5. Organisational and Administrative Arrangements to Avoid and Prevent Conflicts of Interest
To prevent or remedy conflicts of interest, UniCredit Group has 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, physical and non-physical information barriers designed to restrict the flow of information between one area/department of UniCredit Group 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 public side units, as well as the Research department.
6. Conflicts of Interest & Positions Disclosures
Relevant disclosures of interests and positions held by UniCredit Group are available at: ConflictsofInterest_PositionsDisclosures