Without prejudice to the foregoing, certain messages, communications or information present on this site may represent advertising messages or marketing communications or investment research, studies or analyses, where this is expressly indicated in those messages, communications or information.
Intesa Sanpaolo S.p.A. or any other company of the Intesa Sanpaolo Group may, as part of its current research activities, studies and analyses related to the provision of its investment services and activities, publish additional studies, analyses or research concerning financial instruments or the issuers of such financial instruments as well as sectoral studies and/or studies in relation to economic trends and/or national and international markets, regardless of whether such research, studies and analyses are produced by Intesa Sanpaolo S.p.A. or by other companies of the Intesa Sanpaolo Group. These publications may take place at a predetermined frequency or to coincide with events deemed significant by Intesa Sanpaolo S.p.A. concerning the financial instruments or issuers in question and, where not available on this site, are available at the legal offices.
Access, consultation or use of this site and its content will not entail any obligation for Intesa Sanpaolo S.p.A. regarding access to the site and/or the supply of information or any similar contractual obligation. Intesa Sanpaolo S.p.A. assumes no responsibility and gives no warranty that the site will be constantly updated or that access will never be suspended or error-free. Intesa Sanpaolo S.p.A. reserves the right, at its sole discretion and at any time, to suspend the publishing and/or updating of the site, both in whole and in part, as well as access to the site, both generally and for one or more users or categories or users only, without any duty or obligation of prior notification. Intesa Sanpaolo S.p.A. cannot be held responsible for any such stoppage or suspension of the publishing or updating of this site.
This site may contain advice, information or opinions provided by third parties or hyperlinks to other sites that contain such advice, information or opinions. Intesa Sanpaolo S.p.A. has not reviewed, checked or updated the content of such third party sites and does not intend to do so, does not in any way sponsor such third party sites or their content or their owners or suppliers, offers no assurance or guarantee with respect to the availability of such third party sites, the privacy procedures of those sites, their content and their updating and is not responsible for nor offers any guarantee with respect to the reliability, accuracy, completeness, updating or adequacy of that content and of the advice, information and opinions contained on those sites and, therefore, third parties who rely upon the latter do so at their own full and exclusive risk, insomuch as no liability with respect to the latter can ever be ascribed to Intesa Sanpaolo S.p.A.. Intesa Sanpaolo S.p.A. also recommends that users read and examine the specific terms and conditions governing access to and use of those third party sites.
Prices and rates published on this site have, unless otherwise expressly indicated, an indicative value only and are not contractually binding. They may not reflect the actual or realisable values or prices, the prices at which transactions involving those financial instruments may be concluded, Intesa Sanpaolo S.p.A.'s internal evaluations of the respective financial instruments and may also differ significantly from prices and rates published on other sites or supplied by other intermediaries. The prices and rates expressed may be derived from exchange rates between the Euro and non-Euro currencies. Where such prices are deduced from regulated markets, multilateral trading facilities, organised trading facilities or systematic internalisers, these are given in deferred and not real time, unless otherwise expressly indicated. Past performance of financial instruments, where indicated, is no guarantee of equal or similar future performance. Likewise, historical series of prices in relation to financial instruments, where stated, do not constitute any guarantee that the financial instruments can, before maturity, be traded or liquidated at those prices. Furthermore, unless otherwise specified, all data, information, opinions and evaluations contained on this site refer - and are made exclusively with reference - to the date specified on this site or, where not specified, to the date of access and there is no guarantee that the opinions, forecasts or estimates contained on this site will turn out to be fully or partly correct on any subsequent date. Any data, information, opinions and evaluations contained on this site may also be modified or updated by Intesa Sanpaolo S.p.A., without any obligation for the latter to give prior notice or to communicate such modifications or updates to those who have previously accessed this site.
The financial instruments to which data and information contained on this site refer may be characterised by a very high degree of complexity and risk and investment in those financial instruments may result in the loss of the entire capital invested. Data and information contained on this site do not constitute and cannot be construed as constituting an evaluation of the risk associated with any investment concerning such financial instruments and, more generally, should not be used as the basis for any contract or commitment of any kind and should not be relied upon with respect to the conclusion of any contract or commitment of any kind in relation to such financial instruments.
Anyone interested in receiving further information about the financial instruments described on this site is expressly requested to contact their financial, legal and tax advisor. Anyone interesting in considering possible investment decisions or carrying out transactions involving the financial instruments to which data and information contained on this site refer is expressly requested by Intesa Sanpaolo S.p.A., prior to making the investment decision, directly or through their financial, accounting, legal and/or tax advisors, to carry out all the analyses and checks deemed expedient and to obtain all data and information deemed necessary in order to make an appropriate assessment of the level of risk associated with individual financial instruments and the suitability of those financial instruments according to their investment objectives, risk propensity, experience with investments in financial instruments and/or financial situation, or those of their clients (in the case of transactions on behalf of third parties) and to only enter into a transaction after fully understanding the nature of the financial instrument and the degree of risk exposure that it entails.
Any evaluations or opinions of Intesa Sanpaolo S.p.A. contained on this site, even if based on established financial principles and on reasonable estimates about future market conditions, may differ significantly from the evaluations or opinions of other intermediaries.
Buying, selling or trading of the financial instruments to which data and information contained on this site refer may be subject to restrictions in certain States or for residents of certain States. Therefore, potential investors are expressly requested to make enquiries about the existence of such restrictions and observe them.
Given the nature of the activities performed, Intesa Sanpaolo S.p.A., as well as other companies of the Intesa Sanpaolo Group, and their directors, managers, officers or employees may from time to time have their own specific interest in the financial instruments to which data and information contained on this site refer or to their underlying financial assets or to their issuers. In particular, and by way of example only, Intesa Sanpaolo S.p.A., as well as other companies of the Intesa Sanpaolo Group, may from time to time hold "long" or "short" positions in financial instruments or in the underlying financial assets, may act as intermediaries of financial instruments, issuers of financial instruments and market makers with respect to those financial instruments, the underlying financial assets or their individual components on regulated markets, multilateral trading facilities, organised trading facilities, whether owned, co-owned or of third parties, in systematic internalisers, whether owned or of third parties; may from time to time provide investment and/or banking and/or financial and/or incidental services and activities of any kind to issuers of financial instruments or to related persons, and consequently in the light of the circumstances set out above Intesa Sanpaolo S.p.A. or other companies of the Intesa Sanpaolo Group may have positions that represent a conflict of interests with the position assumed by any investor in those financial instruments.
The copyright and any intellectual property right over the data, information, opinions and evaluations contained on this site belongs exclusively to and remains the intellectual property of Intesa Sanpaolo S.p.A., unless otherwise indicated. All trademarks and logs used on this site are registered trademarks of Intesa Sanpaolo S.p.A. and/or of other companies of the Intesa Sanpaolo Group, unless otherwise indicated, and cannot be used on any other website or on other media. Where the intellectual or industrial property rights over the data, information, opinions, evaluations, trademarks and logos contained on this site refer to third parties other than Intesa Sanpaolo S.p.A., such data, information, opinions, evaluations, trademarks and logos are used by Intesa Sanpaolo S.p.A. on this site subject to the granting of a licence or otherwise with good title.
All data, information, opinions and evaluations contained on this site are for personal use only and for information purposes and, without prejudice to the distribution restrictions and prohibitions set out below, cannot be further distributed in any way or reproduced in any form and by any technique, in full or in part, except with an express indication of the source and full reproduction of this legal note and of the further specific warnings indicated in the respective sections or webpages on which such data, information, opinions and evaluations are contained. Where, additionally, the intellectual or industrial property rights over the data, information, opinions, evaluations, trademarks and logos contained on this site refer to third parties other than Intesa Sanpaolo S.p.A., such data, information, opinions, evaluations, trademarks and logos cannot be further distributed in any way or reproduced in any form and by any technique, in full or in part, except with the prior consent of the holders of the respective rights, and any contrary conduct may constitute an infringement of the applicable rules governing copyright, intellectual property and industrial property.
It is in all cases expressly prohibited to copy, transfer, transcribe, distribute or reproduce the information contained on this site by means of a link to this site without the prior agreement of Intesa Sanpaolo S.p.A..
Access to and use of this site is at the full and entire risk of the user and Intesa Sanpaolo S.p.A. offers no express or implied guarantee or guarantees that access to the site or the use thereof or of any material downloaded from the latter will not cause damage to any property by virtue of the risks associated with internet browsing including, by way of example, loss of data, computer infection by viruses, spyware, harmful software, trojans and worms.
In order to guarantee the security of its system, to protect staff and to prevent frauds and other offences, Intesa Sanpaolo S.p.A. reserves the right to monitor Internet communication, including traffic and email, within or outside of its domain. The above checks may, by way of example, relate to viruses and other harmful codes, illegal activities and any form of unauthorised use or content.
"Cookies" are information recorded by websites on users' computers for use at a later date. Cookies are commonly used on the Internet and are not harmful to computers. The cookies on this site are used for authentication and authorisation purposes. Cookies are also used to record access configuration and user preferences. If you wish to stop cookies when you visit the site, you can configure your browser not to accept cookies or to reject them. For further information, consult your browser guide. The use of cookies is however essential for using and accessing this site, the functionality of which might be harmed if they are not accepted or they are rejected.
As regards any matter not already excluded above, neither Intesa Sanpaolo S.p.A.nor any of its directors, managers, officers, executives or employees assumes any kind of liability (for fault or otherwise) for any kind of damage arising from access or lack of access to this site or from the use of its content or otherwise arising from, or in connection with, this site and its content and, therefore, no liability in relation to the foregoing can be ascribed to them.
Access to and use of this site or certain sections or pages may, at the sole discretion of Intesa Sanpaolo S.p.A., be conditional upon the prior issuing of software security keys (passwords) and upon the prior signing of a contractual agreement governing access to this site. In those situations, without prejudice to the content of this legal note, access to and use of this site will also be subject to the respective contractual stipulations set out in the access contract.
Intesa Sanpaolo S.p.A. reserves the right to amend this legal note at any time and without prior notice.
