Main indicators as of October 31st 2016

Minibond Scorecard

Market trends

Source: Elaboration by Epic and Business Support based on data provided by Osservatorio Minibond, Politecnico di Milano – School of Management, Borsa Italiana and

corporate sites

MiniBondItaly.it is the first informational web portal and news aggregator overviewing the Italian minibond market. MiniBondItaly.it is developed and updated on a daily

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2

o 201 issued minibonds for a total value of approximately €7.8 bn (+3% vs 31st

July 2016)

o Decrease of minibonds below €50 M in face value: in the August-October

period they account for just €37M vs €97 of previous quarter

o Slight decrease of the average coupon rate, consistent with the previous

quarter, confirming the market consolidation trend

o Food & Beverage registered the highest variation (+0.6 pp of the share of total

value issued vs July), thanks to new issues of Gestioni Piccini S.r.l. and

Agrumaria Reggina S.r.l.

o Strong concentration of issues in Northern Italy is confirmed

Evolution of the Minibond market: main trendsAs of October 31st 2016

Evolution of the Minibond market: main indicatorsJuly 31st 2016 – October 31st 2016

3

+ =

From August 1st 2016 to

October 31st 2016As of October 31st 2016

Issued

(no.)

Face Value

(€ M)

Issued

(no.)

Face Value

(€ M)

Total market

of which: 150 – 500 M€

of which: 50 – 150 M€

of which: 0 – 50 M€

Average issuer revenues (M€)

Average face value (M€)

Average annual coupon (%)

Average maturity (Y)

13 217

1 180

0 0

12 37

3.1

64.4

5.19%

4.0

201 7,867

19 5,454

10 935

172 1,478

8.6

95.9

5.39%

5.7

As of July 31st 2016

Issued

(no.)

Face Value

(€ M)

188 7,650

18 5,274

10 935

160 1,441

9.0

98.2

5.40%

5.8

4

Minibond market as of October 31st 2016Snapshot

o In the Italian Minibond Market issues with

face value below €50 M represents

approximately 19% of the total value

issued

o Minibonds ranging from €50 M to €150 M

represent approximately 12% of the total

value issued

o The majority of the total value issued

originates from a handful (19) of issues

characterized by large face values (more

than €150 M each)

Average Maturity

Pay-Back Structure

Average Annual

Coupon Rate

Secured / Rated

Issuer Average

Revenues

Average Face Value

5.7 Years

45% Bullet / 55% Amortizing

Approx. 5.39%

22% Secured / 21% Rated

Approx. €96 M

Average main indicators

of the Minibond ≤ 50 million EUR

€8.6 M

Evolution of the Minibond market Minibonds not exceeding €50 M in face value

5

Although in 3Q2016 the number of issues is almost the same as in 3Q2015, the volumes

have dropped from €68M to €37M

Minibond Market - Amount (€ M) 2015 - 2016

Minibond Market - Issues (n°) 2015 - 2016

Quarter is postponed by a month. 1Q refers to Feb-Apr, 2Q refers to May-July, 3Q refers to August-October, 4Q refers to November-Jenuary

37

9786

180

68

132

80

3Q20161Q2016 2Q20164Q20153Q20152Q20151Q2015

12

17

8

16

10

18

7

1Q2016 2Q20162Q20151Q2015 4Q20153Q2015 3Q2016

17% 20%

17%

20% 23%

3%

Total

Issued

€7,867 M

Face Value

≤ €50 M

€1,478 M

Face Value €150-50 M

€935 M

Face Value

€500-150 M

€5,454 M

6

Total Minibond issues listed on the ExtraMOT PRORecap by size as of October 31st 2016

(34)

81.2 %

18.8%

19 10 172Number of

Minibonds issued

Issuer revenuesMinibonds not exceeding €50 M in face value

<= €10 M

€10 – 25 M

€25 – 50 M

€50 – 100 M

€100 – 500 M

> €500 M

(xx) volume

(29)

(30)

(34)

(6)

(1)

Average

turnover

€96 M

(39)

7

Issues not exceeding €50 M in face valueMain indicators as of October 31st 2016

As of October 31st 2016: 172 Minibonds issued for a total value of €1,478 M

Secured

Annual coupon rate

Face value

57%

19%

15%

9%

Average

value

€8.6 M <= 5 M€

5 – 10 M€

10 – 20 M€

20 – 50 M€

39%

30% 20%

4%

3%

4%

2% – 5%

5% – 6%

6% – 7%

7% – 8%

> 8%

Variable

Average

coupon

5.39%

(3)

(33)

(xx) volume

volume

(98)(25)

(16)

(34)

(67)

(51)

(8)

(5)

(7)

(xx)

(5)

(6)

Main technical features

Pay-Back

structure

Rated

Maturity

27%

37%

23%

13%

<= 3 years

3 – 5 years

5 – 7 years

> 7 years

Average

maturity

5.7 years

(xx) volume

(46)

(63)

(40)

(23)

(4)

(7)

55% Amortizing 45% Bullet

22% Yes 78% No

21% Yes 79% No

0% 100%

(2)

8

Issues not exceeding €50 M in face valueSummary by industry as of October 31st 2016

Industry breakdown

Data in € M

% total value

issued

no. issues

33.0% 15.9% 11.6% 5.1% 4.5% 4.3% 5.3% 4.6% 3.5% 12.2%

Variation vs

31st July '16

Altro

172

Industrials

235

Power & Utilities

68

Media & ICT

79

Gaming

64

Totale

1.478 487

Construct.

66

Consulting

76

Financial Services

Food & Beverage

52

Consumer & Retail

178

31

28

29

25

19

6

15

9

28

-0.6 pp +0.0 pp +0.0 pp +0.2 pp -0.1 pp+0.6 pp +0.2 pp+0.1 pp -0.1 pp -0.2 pp

9

Issues not exceeding €50 M in face valueGeographical breakdown as of October 31st 2016

Issuers of minibond are concentrated in

Northern Italy, in fact 5 regions account for

approx. 80% of total issues:

o Veneto: approx. €420M, corresponding to

28.3% of total value issued

o Lombardy: approx. €335M, corresponding

to 22.6% of total value issued

o Emilia Romagna: approx. €192M,

corresponding to 12.9% of total value issued

o Trentino: approx. €107M, corresponding to

7.2% of total value issued

o Piedmont: approx. €91M, amounting to

6.1% of total value issued

10

Methodological notes

1. Issuer revenues: the total revenues of the issuer during the fiscal year preceding the issue

2. Issues listed on the ExtraMOT PRO, segment of Borsa Italiana (Italian Stock Exchange), not exceeding

the 50 million EUR size

3. Face Value: the nominal value of each Minibond issued, as indicated by the official data of Borsa Italiana

4. Maturity: the period of time (in years) for which the Minibond remains outstanding, before the remaining

portion of the invested capital is paid back to the holder of the instrument

5. Coupon: interest periodically paid to the Minibond holder. The coupon is typically cashed quarterly, semi-

annually or annually and may be fixed or variable

6. The average coupon is calculated as the arithmetic mean of those Minibonds with fixed coupon rate (153

of 172 Minibond issued)

7. The collaterals are defined as mortgages on properties, stock pledges or guarantees provided by

qualified third parties