SHORT-TERM MINIBONDS STILL IN THE SPOTLIGHT In the quarter just ended we report a decrease vs the May-July period in the number and volume of minibonds issued, mainly due to those below €50 M in face value: in fact 12 out of 13 new issues in the August-October period fall into this category and their volumes dropped to 37M from 97M of previous quarter Also, the sector 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. The interest showed by foreign countries for this debt instrument, which in Italy has seen a fair amount of success among SME’s, is constantly on the rise. In this last month, the portal MinibondItaly.it has registered a lot of visitors from the United States and UK, coming right after the number of visits from Italy. Precisely for this reason MinibondItaly together with Epic Sim have created the English version of the document. The Minibond Scorecard: Market Trends is designed with the purpose of bringing quality and reliable information to foreign agents that operate within the sector: it provides a description from an international angle on what is currently happening in the ExtramotPro Italian Market, with the objective of providing an updated and clear picture for international players.

1. 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
basis by Business Support, a financial advisory and management consulting firm
Epic is the new fintech financing platform that directly connects private capital and SMEs

2. 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 trends
As of October 31st 2016

3. Evolution of the Minibond market: main indicators
July 31st 2016 – October 31st 2016
3
+ =
From August 1st 2016 to
October 31st 2016
As 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. 4
Minibond market as of October 31st 2016
Snapshot
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

5. 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

6. 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 PRO
Recap by size as of October 31st 2016
(34)
81.2 %
18.8%
19 10 172
Number of
Minibonds issued
Issuer revenues
Minibonds 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. 7
Issues not exceeding €50 M in face value
Main 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. 8
Issues not exceeding €50 M in face value
Summary 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
2
5
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. 9
Issues not exceeding €50 M in face value
Geographical 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. 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