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November 2018
UniCredit capabilities in MEA Region
Unicredit Abu Dhabi Branch
Abu Dhabi Global Market BranchADGM Square – Al Maryah Island
Abu Dhabi – P.O.Box 55431United Arab Emirates
2
UniCredit: A simple successful pan-European commercial bank
UniCredit1 2 3
1Data as of 4Q17, ranking between #1 and #5 of market share in terms of total assets according to local accounting standard 2Austria, Bosnia, Bulgaria, Croatia, Czech Republic, Germany, Hungary, Italy, Romania, Serbia, Slovakia, Slovenia; 3As of 30 Sep 2017 (source: Internal analysis based on banks’ financial statements and market presentations; peers include BNP Paribas, Intesa Sanpaolo, Santander, Société Générale, Deutsche Bank); 4 including 100% clients and branches in Turkey, 5 #1 EMEA Bonds in EUR by no. of deals in 2017, source: Dealogic; 6Euromoney Trade Finance Survey 2017: Euromoney: http://www.euromoney.com/Poll/181705/PollsAndAwards/Trade-finance-survey.html
With a fully plugged in CIB
Commercial Banks with leader positions1
in 12 out of 14 countries2
26 million customers4, thereof 600,000 corporate and public sector clients
International Network spanning a further 16 countries and access to
4,000 correspondent banking relationships
The Leader in the EUR Bond market5
and the EuropeanTrade Finance Power House6
Second-largest Corporate Lender in Europe with more
than EUR 300 bn outstanding3
3
Delivering a unique network in Western, Central and Eastern Europe
UniCredit1 2 3
1#1 Combined EMEA Bonds and Loans in EUR by no. of transactions, source: Dealogic as of 5 Jan 2018 (period: 1 Jan – 31 Dec 2017); 2Combined EMEA Bonds and Loans in EUR, Bookrunner rankings by volume; source: Dealogic as of 5 Jan 2018 (period 1 Jan – 31 Dec 2017); “CEE” refers to the official Dealogic Loan Analytics category “Eastern Europe”. 3 In terms of total assets. Source: UniCredit on Central Bank data. 4Market share in terms of lending as of June 2018 (excl. Russia and Turkey)
Making Europe a home for you
#1 Commercial Bank in CEE3
#1 in CEE, top 5 ranked in most of CEE countries3
Mainly present in EU countries (61% of CEE assets)
Largest lender in the Region,with market share in lending4
at 11.7%
Well diversified ensuring resilient performance
throughout the cycle
#1 Bookrunner in EMEA in EUR1
Germany #1 in “Combined Bonds and Loans”2
Italy #1 in “Combined Bonds and Loans”2
Austria#1 in “Combined Corp. Bonds and Loans”2
CEE#1 in “Combined Corp. Bonds and Loans”2
4
Key facts and figures
UniCredit1 2 3
Underpinning UniCredit’s simple business model
4Credit Ratings – latest changes/confirmation: UniCredit S.p.A.: S&P – 30.10.2018, Moody’s – 23.10.2018, Fitch – 05.09.2018; UniCredit Bank AG: S&P – 06.11.2018 , Fitch – 15.12.2017, Moody’s – 03.08.2018; UniCredit Bank Austria AG: , S&P – 06.11.2018, Moody’s – 28.05.2018, Fitch – UniCredit Bank Austria AG terminated the contract with Fitch Ratings with effect from 31 December 2017; 5Shareholdings in %: UniCredit Bank AG: 100%, UniCredit Bank Austria AG: 99,9%, CEE Banks: UniCredit Bank a.d., Banja Luka: 98.44%; UniCredit Bank Czech Republic and Slovakia a.s.: 100%; UniCredit Bank Hungary Zrt.: 100.00%; UniCredit Bank Serbia JSC: 100.00%; UniCredit Bank Slovenija d.d.: 99.99%; UniCredit Bulbank AD, Sofia: 99.45%; UniCredit Bank S.A., Bucharest: 98,33%; Zagrebačka Banka d.d., Zagreb: 84,475%; AO UniCredit Bank, Moscow: 100%; Yapi Kredi Bankasi AS, Turkey: 40.90% (at equity); Yapi Kredi Bank Azerbaijan is a 99,8% subsidiary of Yapi Kredi Bankasi AS, Turkey. Data as of 15 February 2017.
UniCredit Ratings4
24%
10%
6%23%
24%
13%Commercial Banking ItalyCommercial Banking GermanyCommercial Banking AustriaCIBCEEOther
9M 2018 RWA composition3
Organisation
3Source: https://www.unicreditgroup.eu/content/dam/unicreditgroup-eu/documents/en/investors/group-results/2018/3Q18/3Q18-Results.pdf
CEE banksBosnia and Herzegovina,
Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Serbia,
Slovakia, Slovenia, Turkey
UniCredit Bank AG
UniCredit Bank Austria AG
UniCredit S.p.A.5
3Q 2018 Key figures UniCredit S.p.A.1
• Revenues: EUR 4.8 bn
• Gross operating profit: EUR 2.2 bn
• Net profit: EUR 29 mn
• Total Financial Assets2: EUR 834 bn
1Source: https://www.unicreditgroup.eu/content/dam/unicreditgroup-eu/documents/en/investors/group-results/2018/3Q18/3Q18-Results.pdf2Refers to Group commercial Total Financial Assets. Non-commercial elements, i.e. Group Corporate Centre, Non Core, Leasing/Factoring and Market Counterparts are excluded. Numbers are managerial figures.
UniCredit S.p.A.
UniCredit Bank AG
UniCredit Bank Austria AG
Long-term
Short-term
Out-look
Long-term
Short-term
Out-look
Long-term
Short-term
Out-look
S&P BBB A-2 Negative BBB+ A-2 Negative BBB+ A-2 Negative
Moody’s Baa1 P-2 Stable A2 P-1 Stable Baa1 P-2 Develop.
Fitch BBB F2 Negative BBB+ F2 Negative nr nr nr
5
Transform 2019 achievements (1/2)
UniCredit1 2 3
• 3Q18 CET1 ratio 12.11%, FY18 CET1 ratio 11.5-12.0%1
• FY19 CET1 ratio 12.0-12.5%, MDA buffer target of 200-250bps
• Disposals of specific assets including real estate
• Reduction of CET1 ratio BTP sensitivity2 by around 35% by end of FY19
Strengthenand optimise
capital
Strong capitalisation
1In 2Q18 CET1 ratio impact from FVOCI -35 bps, o/w -30 bps due to BTP spread widening; 2At current BTP spread levels as of 29 June 2018. BTP sensitivity: +10 bps parallel shift of BTP asset swap spreads has a -3.8 bps (or -137 m) pre and -2.6 bps (or -95 m) post tax impact on the fully loaded CET1 ratio (capital); 3Of which 0.5 bn in Non Core; 4Weighted average of EBA sample banks is 3.9%. Source: EBA risk dashboard (data as of 1Q18).
• 3Q18 Group gross NPE ratio improved to 8.3% (-249bps Y/Y) with Group gross NPEs down 10.3 bn Y/Y and 1.8bn Q/Q, of which 1.2 bn3 disposals in 3Q18
• Group Core gross NPE ratio 4.3%, down 85bps Y/Y, close to the EBA average4
• Accelerated Non Core rundown by 2021 proceeding as planned. 3Q18 Non Core gross NPEs at 20.6 bn, 19 bn target for year end 2018 confirmed
Improveasset quality
Ongoing de-risking
Accelerated Non Core rundown by 2021 fully on
track
• 41 branch closures in 3Q18 and 831 since December 2015 in Western Europe. 88% of 944 Transform 2019 target already achieved
• FTEs down by 766 Q/Q and 13,100 since December 2015. Transform 2019 target of 14,000 almost reached with 93% achieved, as at 3Q18
• Improved cost reduction in FY18 and FY19
Transform operating
model
Transformation ahead of schedule
Improved cost reduction
6
Transform 2019 achievements (2/2)
UniCredit1 2 3
Maximisecommercial bank value
Multichannel offer/ customer
experience
Commercial partnerships
Success of fully plugged-in
CIB
Leading Debt and Trade Finance
house in Europe
• In CEE, two strategic Bancassurance partnerships signed with Allianz and Generali
• In Italy, consumer finance partnership formed with Poste Italiane
• UniCredit first bank to offer cross-border instant payments
• First transaction on we.trade blockchain trade platform, of which UniCredit is a founding partner
• In Italy remote sales1 increased further by 6.1 p.p. Y/Y, reaching 23.5% of total bank sales2
• In CEE, the mobile user penetration3 improved by 2.1 p.p. Q/Q to 36%
• Signed partnership with Meniga to offer new digital services to improve digital customer experience, starting in Italy and Serbia
• In Italy, the E2E process redesign continues to be successfully executed: 2 additional processes launched; in total, 13 E2E redesigns have been launched so far
• Leading franchise confirmed: Ranking #1 in “All Bonds in EUR” in Italy and Germany, #2 in “EMEA All Bonds in EUR”by number of transactions, #3 combined Bonds and Loans in EMEA EUR. Furthermore #1 in Financial Advisory by number of deals in Germany, Italy and CEE (#2 in Austria) demonstrating the strength of the fully plugged-in CIB platform4
Adopt lean but steering
centre
Group CC streamlining
• Weight of Group Corporate Centre of total costs at 3.4% 1H18, -0.5 p.p. 1H/1H (FY15 actual: 5.2%, FY19 target5: 3.6%)
1Transactions concluded through ATM, online, mobile or Contact Centre. 2Percentage of remote sales calculated on total bank products that have a direct selling process; 2Including Yapi at 100%; 3Ratio defined as number of retail mobile users as percentage of active customers; 4Source: Dealogic, as of 4 July 2018. Period 1 January – 30 June 2018; rankings by volume, unless otherwise stated; 5FY15 actual and FY19 target recasted as of June 2018, previously 5.1% and 3.5% respectively.
7
Best-in-class Global Transaction Banking
Corporate & Investment Banking1 2 3
Your gateway throughout Europe and beyond
1Euromoney: https://www.euromoney.com/research-and-awards; 2Global Finance Magazine: https://www.gfmag.com/awards-rankings/best-banks-and-financial-rankings;3tmi: https://www.treasury-management.com/awards.php;
• Cash Management
• Local and Cross-Border Cash Pooling
• Collections and Payments
• Local and Global eBankingSolutions
• Cash and Clearing Products for FIs
• Trade and Supply Chain Finance
• Bank Payment Obligation (BPO)
• Securities Services in CEE
• Working Capital Management Solutions
• UC PayFX
• SWIFT gpi pilot bank
Product and service offer
Innovation front-runner
The Innovators in Trade Finance in 20172
Corporate Recognition Award for Virtual Accounts with OTB Group in 20173
European Trade Finance Powerhouse
Best Global Trade Finance Provider in “All Services”, “Products/Payments” and “Overall Execution” and Market Leader in Trade Finance in CEE, Italy and seven other European countries in 20181; Best Bank for Trade Finance in Austria, Bulgaria, Croatia and CEE in 20182
Best Bank for Liquidity Management in Western Europe & CEE in 20182;#1 Market leader in Cash Management in CEE and among the Top 2 players in 9 pan-European markets in 20181
Leading Bank for Cash Management in Europe
8
Excellence in Global Markets
1Broker mnemonics, source: Bloomberg: HVBT, by 30 June 2018; 2Italian Certificate Awards: http://www.italiancertificateawards.it/2017; 3GlobalCapital: https://www.globalcapital.com/article/b189tssn81nrcl/globalcapital-bond-awards-2018-the-winners-revealed; 4http://www.structuredretailproducts.com/europe
Corporate & Investment Banking1 2 3
Offering top class products to Corporates, Institutional and Private Clients
Product and service offer
• Commodities
• Credit Products
• Equity Derivatives
• Foreign Exchange (FX)
• Rates
• Research – Credit, Cross Asset, Economics & FI/FX, Equity (Kepler Cheuvreux)
• Structured Retail Products
• Securitisation Products
• Treasury
• Institutional Distribution to major FIs worldwide
• Corporate Treasury Sales to corporate clients in UniCredit’s home markets
• Private Investor Products to private clients in Germany, Italy, Austria and other European countries
Distribution channels
Awards and Rankings
Italian Certificate Awards2
Best Distribution Retail Network
Global Capital Bond Awards 20183
Most Impressive Corporate Bond Research2
(joint winner)
Bloomberg e-Dealer Rankings (by trade vol., 1H 2018)1
EMEA Convertible Bonds, Italian Corporates, Italian and Austrian Financials, Austrian Government Bills, EMEA SSA
EMEA
Structured Retail Products Awards 20184
Deal of the Year for “cash collect 100% capital protected – EUROSTOXX 50 – 30/11/2023”
Best Distributor in Italy and Austria
Best Capital Protected Distributor in Europe
373
336
302
302
299
295
255
246
218
211
9
Leading role as a European Debt Finance House
Corporate & Investment Banking1 2 3
• Debt Capital Markets
• Equity Capital Markets jointly with our strategic partner Kepler Cheuvreux
• Loan Syndication, Loan Agency
• Corporate Structured Finance, Real Estate Structured Finance
• Capital Structure Advisory, Rating Advisory
• Sponsor-driven Acquisition and Leveraged Finance
• Infrastructure & Power Project Finance
• Structured Commodity Finance, Commodity Trade Finance
• Structured Trade and Export Finance (STEF)
• Corporate Finance Advisory (M&A)
Product and service offer
With a long-standing track record
The most active player in EUR Bonds since 20121
2013, 2014, 2015, 2017(2012 – 2017 cumulative)
2012, 2016
EMEA Bookrunner Ranking by no. of deals (2017)
1Source: Dealogic; cumulative data (2012 – 17 ranking) 1 Jan 2012 – 31 Dec 2017; annual rankings 1 Jan – 31 Dec; 2017 ranking as of 2 Jan 2017Logos from top to bottom: UniCredit, BNP Paribas, Société Générale CIB, HSBC, Crédit Agricole CIB, Deutsche Bank, Barclays, JPMorgan, Goldman Sachs, Citi
10
Among the top 3 for EMEA Bonds and Loans
Corporate & Investment Banking1 2 3
Source: Dealogic as of 5 Jan 2018; period: 1 Jan – 31 Dec 2017 (right graphic refers to UniCredit’s #2 position also in the cumulative time period 1 Jan 2012 – 31 Dec 2017)Logos from top to bottom: BNP Paribas, UniCredit, Société Générale CIB, Barclays, Crédit Agricole CIB, HSBC, Deutsche Bank, JPMorgan, Goldman Sachs, Bank of America Merrill Lynch
#2 Bookrunner Combined EMEA Bonds and Loans in EUR League Table (1 Jan – 31 Dec 2017, in EUR bn)
100.2
90.2
86.5
85.8
82.7
79.7
74.0
73.6
62.7
59.1… for six years in a row
2012 – 2017(cumulative)
2016
2015
2017
2014
2013
2012
11
UniCredit CIB at a glance
Corporate & Investment Banking1 2 3
• 14 European core markets
• Unique Western, Central and Eastern European network
• International Network across a further 16 countries
A simplesuccessful
pan-European commercial
bank
• Corporate Banking and Transaction Services
• Structured Finance, Capital Markets and Investment Products
• Access to Western, Central and Eastern Europe
Core Client Offer
• Serving 1,500 multinational corporates and key Financial Institutions
• Supporting Group corporate banking in delivering services to 600,000 corporate and public sector clients
• Delivering investment solutions for UniCredit’s retail and private banking clients
Client focused
• Leading corporate lender and underwriter in Europe with over EUR 300 bn outstanding
• Consistently top 3 in combined Loans and Bonds EUR league table
• European Trade Finance Powerhouse
Leader in Debt and Trade
Finance
12
Fully plugged in Corporate & Investment Banking
Corporate & Investment Banking1 2 3
Client focused and best-in-class global product platforms
• Global Transaction Banking with best-in-class Cash Management, Export, Trade & Supply Chain Finance as well as Securities Services
• Markets providing top-class solutions across multiple asset classes and channels
• Financing & Advisory offering access to leading capital-raising and financing solutions
Our Products and Services
• Corporates
• Financial Institutions
• Public Sector
• Institutional & Private Investors
• Financial Sponsors
• Holding Companies and Family Offices
CIB and Group clients
Core hubs:
LondonMilanMunichVienna
CEE Network:
BakuBanja LukaBelgradeBratislavaBucharestBudapestIstanbul
LjubljanaMoscowMostarPragueSarajevoSofiaZagreb
International Network:
Abu DhabiAthensBeijingHanoiHong KongJohannesburgMadridMumbaiNew York
ParisSão PauloSeoulShanghaiSingaporeTokyoTripoliZurich
13
UniCredit coverage of Middle East and Africa (MEA) Region
Branches
Representative offices
Johannesburg
Tripoli
Abu Dhabi
• Our Branch in Abu Dhabi acts as hub for MEA Region with special focus on the Gulf Cooperation Council(GCC) Countries
• Our Representative Office in Tripoli can provide support for all Libyan import-export needs
• Our Representative Office in Johannesburg is the entry point for South Africa and Sub Saharan Africa
• Through strategic agreements with International banks you can obtain quick access to a complete platform of banking services in African countries (with special focus on Morocco and North African countries)
14
Abu Dhabi Branch: Providing our clients with a gateway to MEA Region
As of 7 March 2017
Tokyo
Shanghai
Beijing
Hong Kong
Hanoi
Singapore
Mumbai
Abu Dhabi
Tripoli
Johannesburg
São Paulo
New York Seoul
Athens
Madrid
Zurich
Paris
LondonBrussels
ItalyBosnia and Herzegovina
GermanySlovenia
AustriaCzech Republic
CroatiaHungary
SlovakiaSerbia
Romania
BulgariaTurkey
Russia
Dublin
Luxembourg
Red: UniCredit Commercial Bank Network
Black: UniCredit International Network
Grey: Other UniCredit PresencesBringing GCC and MEA
Multinational Corporates and
Financial Institutions to European markets
Establishing a gateway to MEA for
home-market clients in Europe
* MEA: Middle East and Africa (excluding Iran and South Africa)
** Gulf Cooperation Council (i.e. UAE, Saudi Arabia, Oman, Bahrain, Qatar and Kuwait) 15
Abu Dhabi Branch in a nutshell
Business scope
• New Unicredit Spa branch acting as Hub for MEA* Region. Special focus on the GCC ** countries (Gulf Cooperation Council)
• Fully-fledged wholesale Branch, with local booking and operations.
• Covering Group clients, top local corporates, Financial Institutions and sovereign wealth funds (SWF). The Branch is not serving retail or private banking clients.
• No Islamic Finance currently envisaged
• Focusing on GTB and F&A, while Markets activities will be performed mainly offshoreThe Branch operates only in foreign currency: USD, EUR, GBP, JPY, with the exclusion of AED (United Arabic Emirates dirhams)
Location and Opening
• The Branch is located in Abu Dhabi Global Market (ADGM), the new financial free zone of Abu Dhabi
• Opened by mid-July 2017
• Staffing 25 people
• Working Capital Loan
• Term Loan
• Revolving Facility
• Structured Loans
• Corporate and Syndicated Loans
• Acquisition Finance
• Structured Trade & Export Finance
• Commodity Trade Finance
16
Abu Dhabi Branch can provide a wide range of CIB services
1exclusion of AED (Dirhams of United Emirates)2with 3rd banks outside UniCredit Group only the forwarding functionality is available3MT101 forwarding to 3rd banks is under development4passive accounts for zero balancing
5UniCredit eBanking Global6single and batches payments
Commercial Lending
• Letter of Credit
• Import
• Export
• Advising
• Confirming
• Discount
• Stand by letter of credit
• Guarantees
• Bid bonds
• Performance bond
• Advance payment bonds
• Payments bond
• Fronting
• Clean and Documentary collections
• import doc. collection
• export doc. collection
Trade Finance Services
• FX spot Between any convertible FCY(excluded AED)
Markets
• Account Services
• Foreign currency accounts only (Euro, USD, GBP, YEN) (1)
• Deposits (in FX currency)
• MT940 / MT942 messages (2)
• MT101 incoming (3)
• Local Cash Pooling
• Cross-border Cash Pooling (4)
• Escrow accounts
• Payments
• FX payments (Euro, USD, GBP, YEN)
• Local payments (except in AED)
• e-Banking (5)
• On-line statements & report
• On-line balance inquiry
• Alerts and notifications
• Cross-border payments (6)
• ERP interface capability
Cash Management
17
To sum up
Your European bank eager to develop new business with you
We are keen to offer our areas of excellence to meet your specific needs
Focused on Corporate Banking and Transaction Services as well as tailor-made Structured Finance, Capital Markets and Investment Products
UniCredit
Corporate &Investment Banking
Product offer
Helping to grow your business
18
MEA Region contacts
Abu Dhabi Branch
Pietro Pasqualucci
Mobile +971 56 7222 972 +39 3666690634
Head of CIB MEA Region
Luca Ziero
Mobile +971567222577 +39 3355815445
Senior Executive Officer Chief Administrative Officer
Imprint
CIB DivisionUnicredit Spa
Abu Dhabi Global Market BranchADGM Square – Al Maryah Island
Abu Dhabi – P.O.Box 55431
United Arab Emirates
Africa Delegate and Representative Offices
Nigel Marco Zanenga
Mobile +39 3484083404
Delegate for Africa
Paolo Madella
Mobile +39 3357378400
Chief of Rep. Officer for Libya
Christian Nägele
Tel. +27 11 380 8091 Mobile +27 82902 0114
Chief Rep. Officer South Africa & Head of Sub-Saharan Reg. Office Johannesburg
Shady El Gazzar
Mobile +971502791690
Head of FI & GTB
Yahia El- Assadi
Mobile +971 [email protected]
Senior Advisor
MEA Region
19
Disclaimer
This publication is presented to you by:UniCredit S.p.A.Abu Dhabi Branch Abu Dhabi, United Arab Emirates
The information in this publication is based on carefully selected sources believed to be reliable. However we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice. Any investments presented in this report may be unsuitable for the investor depending on his or her specific investment objectives and financial position. Any reports provided herein are provided for general information purposes only and cannot substitute the obtaining of independent financial advice. Private investors should obtain the advice of their banker/broker about any investments concerned prior to making them. Nothing in this publication is intended to create contractual obligations. Corporate & Investment Banking of UniCredit consists of UniCredit Bank AG, Munich, UniCredit Bank Austria AG, Vienna, UniCredit S.p.A., Rome and other members of the UniCredit. UniCredit Bank AG is regulated by the German Financial Supervisory Authority (BaFin), UniCredit Bank Austria AG is regulated by the Austrian Financial Market Authority (FMA) and UniCredit S.p.A. is regulated by both the Banca d’Italia and the Commissione Nazionale per le Società e la Borsa (CONSOB).
Note to UK Residents:In the United Kingdom, this publication is being communicated on a confidential basis only to clients of Corporate & Investment Banking of UniCredit (acting through UniCredit Bank AG, London Branch) who (i) have professional experience in matters relating to investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”); and/or (ii) are falling within Article 49(2) (a) – (d) (“high net worth companies, unincorporated associations etc.”) of the FPO (or, to the extent that this publication relates to an unregulated collective scheme, to professional investors as defined in Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and/or (iii) to whom it may be lawful to communicate it, other than private investors (all such persons being referred to as “Relevant Persons”). This publication is only directed at Relevant Persons and any investment or investment activity to which this publication relates is only available to Relevant Persons or will be engaged in only with Relevant Persons. Solicitations resulting from this publication will only be responded to if the person concerned is a Relevant Person. Other persons should not rely or act upon this publication or any of its contents. The information provided herein (including any report set out herein) does not constitute a solicitation to buy or an offer to sell any securities. The information in this publication is based on carefully selected sources believed to be reliable but we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice.We and/or any other entity of Corporate & Investment Banking of UniCredit may from time to time with respect to securities mentioned in this publication (i) take a long or short position and buy or sell such securities; (ii) act as investment bankers and/or commercial bankers for issuers of such securities; (iii) be represented on the board of any issuers of such securities; (iv) engage in “market making” of such securities; (v) have a consulting relationship with any issuer. Any investments discussed or recommended in any report provided herein may be unsuitable for investors depending on their specific investment objectives and financial position. Any information provided herein is provided for general information purposes only and cannot substitute the obtaining of independent financial advice.
This Information is issued and approved by UniCredit Bank AG. UniCredit Bank AG London Branch, Moor House, 120 London Wall, London, EC2Y 5ET, is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. Notwithstanding the above, if this publication relates to securities subject to the Prospectus Directive (2005) it is sent to you on the basis that you are a Qualified Investor for the purposes of the directive or any relevant implementing legislation of a European Economic Area (“EEA”) Member State which has implemented the Prospectus Directive and it must not be given to any person who is not a Qualified Investor. By being in receipt of this publication you undertake that you will only offer or sell the securities described in this publication in circumstances which do not require the production of a prospectus under Article 3 of the Prospectus Directive or any relevant implementing legislation of an EEA Member State which has implemented the Prospectus Directive.
Note to US Residents:The information provided herein or contained in any report provided herein is intended solely for institutional clients of Corporate & Investment Banking of UniCredit acting through UniCredit Bank AG, New York Branch and UniCredit Capital Markets LLC (together “UniCredit”) in the United States, and may not be used or relied upon by any other person for any purpose. It 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 US federal or state securities laws, rules or regulations. Investments in securities discussed herein may be unsuitable for investors, depending on their specific investment objectives, risk tolerance and financial position. In jurisdictions where UniCredit is not registered or licensed to trade in securities, commodities or other financial products, any transaction may be effected only in accordance with applicable laws and legislation, which may vary from jurisdiction to jurisdiction and may require that atransaction be made in accordance with applicable exemptions from registration or licensing requirements.All information contained herein is based on carefully selected sources believed to be reliable, but UniCredit makes no representations as to its accuracy or completeness. Any opinions contained herein reflect UniCredit’s judgement as of the original date of publication, without regard to the date on which you may receive such information, and are subject to change without notice. UniCredit may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in any report provided herein. Those reports 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 further performance, and no representation or warranty, express or implied, is made regarding future performance. UniCredit and/or any other entity of Corporate & Investment Banking of UniCredit may from time to time, with respect to any securities discussed herein: (i) take a long or short position and buy or sell such securities; (ii) act as investment and/or commercial bankers for issuers of such securities; (iii) be represented on the board of such issuers; (iv) engage in “market-making” of such securities; and (v) act as a paid consultant or adviser to any issuer.The information contained in any report provided herein may include forward-looking statements within the meaning of US 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 its expectations include, without limitation: Political uncertainty, changes in 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, competitive environments and other factors relating to the foregoing. All forward-looking statements contained in this report are qualified in their entirety by this cautionary statement.
This product is offered by UniCredit S.p.A. who is solely responsible for the Product and its performance and/or effectiveness.
Corporate & Investment Banking UniCredit S.p.A.as of 28 November, 2018
