253 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

1. Main indicators as of July 31st 2017
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 253 issued minibonds for a total value of approximately €11.9 bn (+14% vs 30th
April 2017)
o Decrease of minibonds below €50 M in term of number and amount: in the
May-July period they account for €9M vs €97M of the 2nd quarter 2016
o Slight decrease of the average face value, further downside respect the
previous quarter, confirming the market consolidation trend
o Industrial registered the highest variation (+0.1 pp of the share of total value
issued vs April), thanks to the new issue of Safco Engineering S.p.A.
o Strong concentration of issues in Northern Italy is confirmed
Evolution of the Minibond market: main trends
As of July 31st 2017

3. Evolution of the Minibond market: main indicators
April 30th 2017 – July 31st 2017
3
+ =
From May 1st 2017 to
July 31st 2017
As of July 31st 2017
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)
14 1,484
5 1,375
1 100
8 8,6
1.1
141.6
5.22%
3.3
253 11,899
28 9,030
13 1,230
212 1,639
7.8
101.9
5.30%
5.4
As of April 30th 2017
Issued
(no.)
Face Value
(€ M)
239 10,415
23 7,655
12 1,130
204 1,630
8.0
100.3
5.30%
5.4

4. 4
Minibond market as of July 31st 2017
Snapshot
o In the Italian Minibond Market issues with
face value below €50 M represents
approximately 14% of the total value
issued
o Minibonds ranging from €50 M to €150 M
represent approximately 10% of the total
value issued
o The majority of the total value issued
originates from a handful (28) 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
5.4 Years
47% Bullet / 53% Amortizing
Approx. 5.30%
22% Secured / 17% Rated
Approx. €101,9 M
Average main indicators
of the Minibond ≤ 50 million EUR
€7.8 M

5. Evolution of the Minibond market
Minibonds not exceeding €50 M in face value
5
In the second quarter of 2017 the amount issued and the number of issues decreased
significantly, compared to the same quarter of 2015 and 2016
Minibond Market - Amount (€ M) 2015 - 2017
Minibond Market - Issues (n°) 2015 - 2017
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
38
114
37
9786
180
68
132
80
9
4Q20163Q20162Q20151Q2015 2Q20171Q20172Q20161Q20164Q20153Q2015
8
12
20
12
17
8
16
10
18
7
4Q20153Q20152Q20151Q2015 2Q20171Q20174Q20163Q20162Q20161Q2016

6. 15%
22%
17%
20% 22%
4%
Total
Issued
€11,899 M
Face Value
≤ €50 M
€1,639 M
Face Value €150-50 M
€1,230 M
Face Value
€500-150 M
€9,030 M
6
Total Minibond issues listed on the ExtraMOT PRO
Recap by size as of July 31st 2017
(46)
86.2 %
13.8%
28 13 212
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
(31)
(36)
(43)
(8)
(1)
Average
turnover
€101,9 M
(48)

7. 7
Issues not exceeding €50 M in face value
Main indicators as of July 31st 2017
As of July 31st 2017: 212 Minibonds issued for a total value of €1,639 M
Secured
Annual coupon rate
Face value
60%
19%
13%
8%
Average
value
€7.8 M <= 5 M€
5 – 10 M€
10 – 20 M€
20 – 50 M€
42%
30% 16%
4%
3%
5%
2% – 5%
5% – 6%
6% – 7%
7% – 8%
> 8%
Variable
Average
coupon
5.30%
(3)
(39)
(xx) volume
volume
(128)
(28)
(17)
(35)
(90)
(63)
(8)
(6)
(10)
(xx)
(5)
(6)
Main technical features
Pay-Back
structure
Rated
Maturity
29%
32%
26%
13%
<= 3 years
3 – 5 years
5 – 7 years
> 7 years
Average
maturity
5.4 years
(xx) volume
(62)
(67)
(56)
(27)
(4)
(7)
53% Amortizing 47% Bullet
22% Yes 78% No
17% Yes 83% No
0% 100%
(2)

8. 8
Issues not exceeding €50 M in face value
Summary by industry as of July 31st 2017
Industry breakdown
Data in € M
% total value
issued
no. issues
31.7% 17.4% 10.5% 5.2% 6.2% 3.9% 5.5% 4.6% 3.6% 11.4%
Variation vs 30th
April '17
Power &
Utilities
520
Total
1,639
OtherIndustrials
286
64
Construct.
102
Consulting
85
Financial
Services
172
185
Consumer
& Retail
59
Food &
Beverage
76
Media
& ICT
90
Gaming
34
43
29
6
5
24
8
17
14
32
+0.0 pp +0.0 pp -0.1 pp +0.0 pp +0.0 pp+0.0 pp +0.0 pp+0.1 pp +0.0 pp +0.1 pp

9. 9
Issues not exceeding €50 M in face value
Geographical breakdown as of July 31st 2017
Issuers of minibond are concentrated in Northern
Italy, in fact 5 regions account for approx. 80% of
total issues:
o Veneto: approx. €459M, corresponding to
27.8% of total value issued
o Lombardy: approx. €394M, corresponding to
23.8% of total value issued
o Emilia Romagna: approx. €205M,
corresponding to 12.4% of total value issued
o Trentino: approx. €112M, corresponding to
6.8% of total value issued
o Piedmont: approx. €104M, 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 (194
of 212 Minibond issued)
7. The collaterals are defined as mortgages on properties, stock pledges or guarantees provided by
qualified third parties