188 minibond issues reached; a month away from the last Market Trends Minibond Scorecard, arrives the English update of the document. By observing this months’ last issues there is a clear signal that the market remains active despite the holiday season. 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. 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 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
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 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 trends
As of July 31st 2016

3. Evolution of the Minibond market: main indicators
April 30th 2016 – July 31st 2016
3
+ =
From May 1st 2016 to
July 31st 2016
As 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. 4
Minibond market as of July 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 (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

5. 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

6. 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 PRO
Recap by size as of July 31st 2016
(28)
81.2 %
18.8%
18 10 160
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)
(29)
(30)
(6)
(1)
Average
turnover
€98 M
(38)

7. 7
Issues not exceeding €50 M in face value
Main 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. 8
Issues not exceeding €50 M in face value
Summary 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
2
5
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. 9
Issues not exceeding €50 M in face value
Geographical 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. 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