Fineco Bank (FBK.MI): Model Update

Research evidence excerpt

Fineco Bank (FBK.MI): Model Update

or all Catalyst Watch/STV Upside/Downside calls, risk exists that the

catalyst(s) and associated share-price movement will not materialize as expected.

RESEARCH ANALYST AFFILIATIONS / NON-US RESEARCH ANALYST DISCLOSURES

The legal entities employing the authors of this report are listed below (and their regulators are listed further herein). Non-US

research analysts who have prepared this report (i.e., all research analysts listed below other than those identified as employed

by Citigroup Global Markets Inc.) are not registered/qualified as research analysts with FINRA. Such research analysts may not

be associated persons of the member organization (but are employed by an affiliate of the member organization) and therefore

may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and

trading securities held by a research analyst account.

Citigroup Global Markets Limited Andrew Lowe, CFA

OTHER DISCLOSURES

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