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In particular, the description of the measures taken to manage interest and conflicts of interest – in accordance with Articles 5 and 6 of the Commission Delegated Regulation (EU) 2016 / 958 of 9 March 2016 supplementing Regulation (EU) No . 596 / 2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest as subsequently amended and supplemented, the FINRA Rules 2241 and 2242 as applicable, as well as the FCA Conduct of Business Sourcebook rules COBS 12 . 4 - between the Intesa Sanpaolo Banking Group and issuers of financial instruments, and their group companies, and referred to in research products produced by analysts at Intesa Sanpaolo SpA is available in the "Rules for Research " and in the extract of the "Corporate model on the management of inside information and conflicts of interest" published on the website of Intesa Sanpaolo SpA , webpage https : //group . intesasanpaolo . com/en/research/RegulatoryDisclosures . As for the disclosures, please note that one or more of the companies of Intesa Sanpaolo Banking Group : - trade or may trade as a principal in the securities (or in related derivatives) that are the subject in this report ; - plan to solicit investment banking business or intend to seek compensations from the securities that are the subject of this report in the next three months . Furthermore, in accordance with the aforesaid regulations, the specific company - related disclosures of the Intesa Sanpaolo Banking Group’s interests and conflicts of interest are available through webpage https : //group . intesasanpaolo . com/en/research/RegulatoryDisclosures/archive - of - intesa - sanpaolo - group - s - conflicts - of - interest . The conflicts of interest published on the internet site are updated to at least the day before the publishing date of this report . Intesa Sanpaolo SpA acts as market maker in the wholesale markets for the government securities of the main European countries and also acts as Government Bond Specialist, or in comparable roles, for the government securities issued, among others, by the Republic of Italy . Report prepared by : Chiara Manenti , Research Department, Intesa Sanpaolo