Fidentiis Equities S.V.S.A.

C/ Velázquez 140 - 28006 Madrid - Tel +34 /91 566 24 00 - Fax +34 /91 566 24 50

CIF A-83563767

Fidentiis Equities S.V., S.A. is an investment firm regulated and supervised by the Comisión Nacional del Mercado de Valores (CNMV) and registered in the CNMV’s Registry with number 205

Milan Branch

Galleria del Corso 1 - 20122 Milano - Tel +3902 92880200 Fax +3902 36705239
info@fidentiis.com www.fidentiis.com

P.Iva 06793880961

The Milan Branch of Fidentiis is also regulated and supervised by the Commissione Nazzionale per le Società e la Borsa (CONSOB) and registered in the CONSOB's Registry with number 82

Information in compliance with applicable laws and regulations

Analyst Certification

Each research analyst(s) as indicated on the first page of each report, primarily responsible for the preparation and content of all or any identified portion of this research report hereby certifies that, with respect to each issuer or security that the research analyst covers in this research report, all of the views expressed in this research report accurately reflect their personal views about those issuer(s) or securities.

Each research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report nor to the positive outcome of investment banking transactions.

Neither the research analyst(s) primarily responsible for the preparation and content of all or any identified portion of this research report, nor his/her/their relatives have any significant financial interest in the securities which are the subject of this report or are officers or directors of any company mentioned in this report.


This publication has been prepared by Fidentiis Equities, Sociedad de Valores S.A., including the Italian Branch, (“Fidentiis Equities”) solely for the information of clients of Fidentiis Equities. This product is not for retail clients. This product is only available to persons qualifying as eligible counterparties or professional clients, as defined under the relevant applicable regulations. This product is distributed primarily in electronic form. No part of this document may be reproduced, distributed or published by any person for any purpose without the prior express consent of Fidentiis Equities. Acceptance of this product implies that the relevant recipient is bound by the above mentioned limitations.

This document and its contents do not constitute an offer, invitation or solicitation to purchase, sell or subscribe to any securities or other instruments or otherwise constitutes a personal recommendation. The information herein has been obtained from, and any opinions herein are based upon sources believed reliable, but Fidentiis Equities makes no representation as to its accuracy, integrity or completeness. Neither the research analyst(s) primarily responsible for the preparation and content of all or any identified portion of this research report, nor Fidentiis Equities intend to provide an exhaustive analysis of the commercial or financial situation or the growth perspectives of the companies mentioned in this report and the relevant recipient should not rely on this report for such purposes.

The information contained herein is subject to change without notice. Fidentiis may also cease, update or initiate coverage of a stock at its sole discretion. The investments and the strategies described in this report may not be suitable for all the recipients; accordingly we invite to consult your personal financial advisor in this respect.

Neither Fidentiis Equities nor any officer or employee of Fidentiis Equities accepts any liability whatsoever for any direct, indirect or consequential loss arising from any use of this publication or its contents.

Conflict of interest

From time to time, Fidentiis Equities, any other company of its group and/or any of its officers, directors or employees may, to the extent permitted by the law, have a position or otherwise be interested in any transactions or investments directly or indirectly in securities which are the subject of this report. Fidentiis Equities and/or any other company of its group may from time to time perform services for or solicit business from any company mentioned in this report.

As a result thereof, investors should be aware that Fidentiis Equities may have a conflict of interests. The disclosure of all relevant conflict of interests of Fidentiis Equities is available in conflictofinterest.asp

Fidentiis Equities has adopted internal rules of conduct, procedures and policies in order to guarantee the independence of the research analysts and has developed and implemented a set of measures to: (i) identify the possibilities of having conflicts of interest, (ii) try to avoid them, and, if necessary, (iii) solve them. It is possible to consult the conflict of interests policy of Fidentiis Equities by clicking on “legal” at www.fidentiis.com. An internal commission is responsible for reviewing and guaranteeing the independence of our opinions. There is a “Restricted list” of equities that are being covered by our research analysts to which our reports and our daily recommendations refer to. The Compliance Department manages the “Restricted list” and it is permanently updated and distributed to the staff.

Guide to fundamental research

Reports on companies under coverage are published periodically, to comment on results and important news flow.

A draft copy of each report may be sent to the company subject of the report for its information (without target price and/or recommendations), but unless expressly stated in the text of the report, no changes are made before it is published nor Fidentiis Equities has entered into any agreement with the company subject of the report with reference to this report.

In its recommendations, Fidentiis uses an “absolute” rating system, which is not related to market performance. Ratings are as follows:

BUY: 12-month valuation is at least 10% higher than the current market price.

HOLD: 12-month valuation is 0%-10% higher than the current market price.

SELL: 12-month valuation is lower than the current market price.

Current market price is the reference closing price of the day prior to the publication of the report.
Please refer to the most recently report published on this company for detailed analysis on the relevant strategy/profile, risks and basis of valuation or methodology used to evaluate or to set a price target for the equities subject of this report, which is available at www.fidentiis.com The recommendation history and target price trends and the updated recommendation allocation (buy / hold /sell) is available at www.fidentiis.com/recommendationhistory_Iberia.asp