In this first part of 2018 the Minibond market exceeds 300 issued Minibonds

1. Main indicators as of April 30st 2018
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 314 issued minibonds for a total value of approximately €15.6 bn (+2% vs 31st
January 2018)
o Decrease of minibonds below €50 M in term of amount and in term of
number: in the February – April period they account for €11 M vs €38 M of the
same period in 2017
o Decrease of the average face value of the total issues, further reduction
compared the previous update, confirming the market consolidation trend
o Food & Beverage registered the highest variation (+0.3 pp of the share of total
value issued vs January)
o Strong concentration of issues in Northern Italy is confirmed
Evolution of the Minibond market: main trends
As of April 30st 2018

3. Evolution of the Minibond market: main indicators
January 31st - April 30st 2018
3
+ =
From February 1st 2018
to April 30st 2018
As of April 30st 2018
Issued
(no.)
Face Value
(€ M)
Issued
(no.)
Face Value
(€ M)
Total market
of which: > 150 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)
8 11
0 0
0 0
8 11
1.4
33.4
4.74%
3.7
314 15,617
36 12,342
16 1,450
262 1,825
7.0
103.1
5.11%
5.0
As of January 31st 2018
Issued
(no.)
Face Value
(€ M)
306 15,606
36 12,342
16 1,450
254 1,814
7.2
105.2
5.13%
5.1

4. 4
Minibond market as of April 30st 2018
Snapshot
o In the Italian Minibond Market issues with
face value below €50 M represents
approximately 12% of the total value
issued
o Minibonds ranging from €50 M to €150 M
represent approximately 9% of the total
value issued
o The majority of the total value issued
originates from a handful (36) 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
5.0 Years
49% Bullet / 51% Amortizing
Approx. 5.11%
23% Secured / 15% Rated
Approx. € 103.1 M
Average main indicators
of the Minibond < 50 million EUR
€ 7.0 M

5. Evolution of the Minibond market
Minibonds not exceeding €50 M in face value
5
In the first quarter of 2018 the amount issued and the number of issues decreased significantly, if
compared to the same quarter of 2017
Minibond Market - Amount (€ M) 2015 - 2018
Minibond Market - Issues (n°) 2015 - 2018
Quarter is postponed by a month. 1Q refers to February-April, 2Q refers to May-July, 3Q refers to August-October, 4Q refers to November-January
68
180
86 97
37
114
38
9 21
154
11
1Q2016 2Q20173Q2015 3Q20164Q2015 1Q20172Q2016 4Q2016 3Q2017 4Q2017 1Q2018
10
16
8
17
12
20
12
8
14
28
8
3Q20173Q2015 4Q2015 1Q2016 4Q20162Q2016 1Q20183Q2016 1Q2017 2Q2017 4Q2017

6. 14%
23%
18%
19% 22%
4%
Total
Issued
€12,342 M
Face Value
> €150 M
Face Value
< €50 M
€1,450 M
Face Value €150-50 M
€15,617 M
1,825
6
Total Minibond issues listed on the ExtraMOT PRO
Recap by size as of April 30st 2018
(60)
88.3 %
11.7%
36 16 262
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
(36)
(47)
(51)
(10)
(1)
Average
turnover
€103.1 M
(58)
*
* Excluding the Asset-backed securities (ABS) for a value of around €8.9 Bn

7. 7
Issues not exceeding €50 M in face value
Main indicators as of April 30st 2018
As of April 30 2018: 262 Minibonds issued for a total value of €1,825 M
Secured
Annual coupon rate
Face value
65%
16%
12%
7%
Average
value
€7.0 M <= 5 M€
5 – 10 M€
10 – 20 M€
20 – 50 M€
49%
28%
14%
3%
2%
4%
2% – 5%
5% – 6%
6% – 7%
7% – 8%
> 8%
Variable
Average
coupon
5.11%
(3)
(43)
(xx) volume
volume
(169)
(31)
(19)
(36)
(127)
(74)
(8)
(6)
(11)
(xx)
(5)
(6)
Main technical features
Pay-Back
structure
Rated
Maturity
33%
28%
27%
12%
<= 3 years
3 – 5 years
5 – 7 years
> 7 years
Average
maturity
5.0 years
(xx) volume
(86)
(72)
(73)
(31)
(4)
(7)
51% Amortizing 49% Bullet
23% Yes 77% No
0% 100%
(2)
15% Yes 85% No

8. 8
Issues not exceeding €50 M in face value
Summary by industry as of April 30st 2018
Industry breakdown
Data in € M
% total value
issued
no. issues
28.9% 18.4% 9.4% 4.6% 6.1% 3.5% 5.9% 5.7% 3.2% 14.3%
Variation vs 31th
January ‘18
Financial
Services
Total
85
529
336
108
Media
& ICT
Gaming
105
OtherFood &
Beverage
1,825
59
Consumer
& Retail
64
Consulting
111
172
IndustrialsPower &
Utilities
Construct.
256
37
62
29
9
5
28
10
17
23
42
-0.1 pp -0.1 pp -0.2 pp -0.1 pp -0.1 pp+0.3 pp +0.3 pp-0.1 pp -0.1 pp +0.0 pp

9. 9
Issues not exceeding €50 M in face value
Geographical breakdown as of January 31st 2018
Issuers of minibond are concentrated in Northern
Italy, in fact 3 regions account for approx. 60% of
total issues:
o Veneto: €490M, corresponding to 27% of total
value issued
o Lombardy: approx. €407M, corresponding to
22% of total value issued
o Emilia Romagna: €207M, corresponding to
11% of total value issued
It should be noted that during current quarter there
have been new issues for €7M in Puglia and €1M
in Sicily
€376M€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 (243
of 254 Minibond issued)
7. The collaterals are defined as mortgages on properties, stock pledges or guarantees provided by
qualified third parties