After having illustrated in detail what happened in the first trimester of 2016, we present “Minibond Scorecard: Market Trends“, the English version of Minibond Barometer created by MinibondItaly e Epic Spa in order to give you a fresh update on the ExtraMot Pro market operations. We remind you that in the first three months, the Viveracqua consortium bonds had a significant weight in augmenting the Power & Utilities sector. Also, to contribute, was the quotation of Finanziaria Internazionale (Finint) reaching 18 placements. The same trend is confirmed for the month of April with the LKQ Italia Bondco minibond

1. Main indicators as of April 30th 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 167 issued minibonds for a total value of approximately €6.4 bn (+13.7% vs
31st January 2016)
o Increase of minibonds below €50 M in face value: in fact 8 out of 10 new
issues in the Jan-Apr period fall into this category
o Decrease of the average coupon rate, consistent with the previous quarter,
confirming the market consolidation trend
o Industrial and Financial Services registered the highest variation (respectively
+1.9 pp and +2.3 pp of the share of total value issued vs Jan), mainly thanks to
new issues of LKQ Italia Bondco and Finanziaria Internazionale
o Strong concentration of issues in Northern Italy is confirmed
Evolution of the Minibond market: main trends
As of April 30th 2016

3. Evolution of the Minibond market: main indicators
January 31st 2016 – April 30th 2016
3
+ =
From February 1st 2015
to April 30th 2016
As of April 30th 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)
10 766
2 680
- -
8 86
10.7
125.3
5.13%
4.22
167 6,364
15 4,155
9 865
143 1,344
9.4
93.8
5.41%
5.8
As of January 31st 2016
Issued
(no.)
Face Value
(€ M)
157 5,599
13 3,475
9 865
135 1,259
9.4
91.9
5.43%
5.9

4. 4
Minibond market as of April 30th 2016
Snapshot
o In the Italian Minibond Market issues with
face value below €50 M represents
approximately 21% of the total value
issued
o Minibonds ranging from €50 M to €150 M
represent approximately 14% of the total
value issued
o The majority of the total value issued
originates from a handful (15) 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
46% Bullet / 54% Amortizing
Approx. 5.41%
≤ 20% of issues
Approx. €94 M
Average main indicators
of the Minibond ≤ 50 million EUR
€9.4 M

5. 20%15%
17%
19%
26%
3%
Total
Issued
€6,364 M
Face Value
≤ €50 M
€1,344 M
Face Value €150-50 M
€865 M
Face Value
€500-150 M
€4,155 M
5
Total Minibond issues listed on the ExtraMOT PRO
Recap by size as of April 30th 2016
(22)
78.9 %
21.1%
15 9 143
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
(28)
(24)
(28)
(4)
(1)
Average
turnover
€94 M
(37)

6. 6
Issues not exceeding €50 M in face value
Main indicators as of April 30th 2016
As of April 30th 2016: 143 Minibonds issued for a total value of €1,344 M
Secured
Annual coupon rate
Face value
53%
21%
16%
10%
Average
value
€9.4 M <= 5 M€
5 – 10 M€
10 – 20 M€
20 – 50 M€
38%
29%
20%
6%
3%
4%
2% – 5%
5% – 6%
6% – 7%
7% – 8%
> 8%
Variable
Average
coupon
5.41%
(3)
(30)
(xx) volume
volume
(67)
(23)
(13)
(29)
(54)
(41)
(8)
(5)
(6)
(xx)
(5)
(6)
Main technical features
Pay-Back
structure
Rated
Maturity
26%
41%
20%
13%
<= 3 years
3 – 5 years
5 – 7 years
> 7 years
Average
maturity
5.8 years
(xx) volume
(37)
(58)
(29)
(19)
(4)
(7)
54% Amortizing 46% Bullet
19% Yes 81% No
20% Yes 80% No
0% 100%
(2)

7. 7
Issues not exceeding €50 M in face value
Summary by industry as of April 30th 2016
Industry breakdown
Data in € M
% total value
issued
no. issues
32.7% 16.3% 12.4% 5.5% 4.8% 4.4% 5.5% 4.3% 3.9% 10.2%
Variation vs
31st Jan '16
1.344
66
ConsultingFinancial
Services
167
58
Media
& ICT
74
Gaming
59
Construct. Altro
138
Consumer
& Retail
52
Food &
Beverage
74
Industrials
219
Power &
Utilities
439
Totale
26
24
28
2
3
17
5
12
6
20
-1.9 pp +2.3 pp -0.4 pp -0.1 pp -0.2 pp-0.3 pp -0.6 pp+1.9 pp -0.3 pp -0.3 pp

8. 8
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
30.2% of total value issued
o Lombardy: approx. €275M, corresponding to
20.3% of total value issued
o Emilia Romagna: approx. €192M,
corresponding to 14.2% of total value issued
o Trentino: approx. €92M, corresponding to
6.8% of total value issued
o Piedmont: approx. €91M, amounting to 6.7%
of total value issued
€215M€2M

9. 9
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 (127
of 133 Minibond issued)
7. The collaterals are defined as mortgages on properties, stock pledges or guarantees provided by
qualified third parties