Main indicators as of July 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 188 issued minibonds for a total value of approximately €7.6 bn (+20% vs 30th

April 2016)

o Decrease of minibonds below €50 M in face value: in fact 17 out of 21 new

issues in the May-July period fall into this category

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

quarter, confirming the market consolidation trend

o Power & Utilities registered the highest variation ( +0.9 pp of the share of total

value issued vs Apr), mainly thanks to new issues of TS Energy Italy S.p.A.

o Strong concentration of issues in Northern Italy is confirmed

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

Evolution of the Minibond market: main indicatorsApril 30th 2016 – July 31st 2016

3

+ =

From May 1st 2016 to

July 31st 2016As of July 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)

21 1,287

3 1,120

1 70

17 97

5.7

135.5

5.38%

5.8

188 7,651

18 5,274

10 935

160 1,441

9.0

98.2

5.40%

5.8

As of April 30st 2016

Issued

(no.)

Face Value

(€ M)

167 6,364

15 4,155

9 865

143 1,344

9.4

93.8

5.41%

5.8

4

Minibond market as of July 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 (18) 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

5.8 Years

45% Bullet / 55% Amortizing

Approx. 5.00%

≤ 20% of issues

Approx. €98 M

Average main indicators

of the Minibond ≤ 50 million EUR

€9.0 M

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

5

Although in the second quarter of 2016 the number of emissions remained virtually

unchanged, the amount issued has dropped slightly, from € 132M to € 97M

9786

180

68

132

80

1Q2016 2Q20164Q20152Q20151Q2015 3Q2015

17

8

16

10

18

7

4Q2015 1Q2016 2Q20163Q20152Q20151Q2015

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

18% 17%

18%

19% 24%

4%

Total

Issued

€7,651 M

Face Value

≤ €50 M

€1,441 M

Face Value €150-50 M

€935 M

Face Value

€500-150 M

€5,275 M

6

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

(28)

81.2 %

18.8%

18 10 160Number 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)

(29)

(30)

(6)

(1)

Average

turnover

€98 M

(38)

7

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

As of July 31st 2016: 160 Minibonds issued for a total value of €1,441 M

Secured

Annual coupon rate

Face value

54%

20%

16%

10%

Average

value

€9.0 M <= 5 M€

5 – 10 M€

10 – 20 M€

20 – 50 M€

38%

30% 20%

5%

3%

4%

2% – 5%

5% – 6%

6% – 7%

7% – 8%

> 8%

Variable

Average

coupon

5.40%

(3)

(32)

(xx) volume

volume

(87)(25)

(16)

(32)

(60)

(48)(8)

(5)

(7)

(xx)

(5)

(6)

Main technical features

Pay-Back

structure

Rated

Maturity

26%

38%

22%

14%

<= 3 years

3 – 5 years

5 – 7 years

> 7 years

Average

maturity

5.8 years

(xx) volume

(41)

(61)

(36)

(22)

(4)

(7)

55% Amortizing 45% Bullet

26% Yes 74% No

27% Yes 73% No

0% 100%

(2)

8

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

Industry breakdown

Data in € M

% total value

issued

no. issues

33.6% 15.8% 11.6% 5.2% 4.6% 4.5% 5.1% 4.0% 3.6% 12.0%

Variation vs

30th April '16

167

Industrials Consumer & Retail

52

Food & Beverage

58

Media & ICT

174

AltroFinancial Services

227

Power & Utilities

484

Totale

1.441

Consulting

76

74

Gaming

64

Construct.

66

29

26

28

25

17

5

15

7

26

+0.9 pp -0.8 pp -0.2 pp -0.4 pp -0.3 pp-0.3 pp +1.8 pp-0.5 pp -0.3 pp +0.1 pp

9

Issues not exceeding €50 M in face valueGeographical breakdown as of April 30th 2016

Issuers of minibond are concentrated in Northern

Italy, in fact 5 regions account for approx. 80% of

total issues:

o Veneto: approx. €407M, corresponding to

28.1% of total value issued

o Lombardy: approx. €330M, corresponding to

22.8% of total value issued

o Emilia Romagna: approx. €192M,

corresponding to 13.2% of total value issued

o Trentino: approx. €107M, corresponding to

67.4% of total value issued

o Piedmont: approx. €91M, amounting to 6.3%

of total value issued

€215M€2M

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 160 Minibond issued)

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

qualified third parties