Poste Italiane (1K) | Hold | Q2 preview: full credit for the deal

Research evidence excerpt

Poste Italiane (1K) | Hold | Q2 preview: full credit for the deal

rovided in relation to future performance.

KCM, Inc. 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 (e)

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 forward-looking statements

contained in this report are qualified in their entirety by this cautionary statement.

France: This publication is issued and distributed in accordance with legal or regulatory requirements relating to independent investment research, as defined under Article 36

of the EU delegated regulation n°565/2017.

Germany: This report must not be distributed to persons who are retail clients in the meaning of Sec. 67 para. 3 of the German Securities Trading Act (Wertpapierhandelsgesetz

– “WpHG”). This report may be amended, supplemented or updated in such manner and as frequently as the author deems.