A month away from the last Market Trends Minibond Scorecard, arrives the English update of the document, created by MinibondItaly with Epic Sim, the private investment community specialized in the real economy.

1. Main indicators as of October 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 269 issued minibonds for a total value of approximately €13.0 bn (+10% vs 31st
July 2017)
o Decrease of minibonds below €50 M in term of amount but not in term of
number: in the August - October period they account for €19M vs €37M of the
3nd quarter 2016
o Decrease of the average face value of the total issues, further reduction
compared the previous update, confirming the market consolidation trend
o Construction registered the highest variation (+0.5 pp of the share of total value
issued vs July), thanks to the new issue of MPG Manifattura Plastica S.p.A.
and Impresa Percassi S.p.A.
o Strong concentration of issues in Northern Italy is confirmed
Evolution of the Minibond market: main trends
As of October 31st 2017

3. Evolution of the Minibond market: main indicators
July 31st 2017 – October 31st 2017
3
+ =
From August 1st 2017 to
October 31st 2017
As of October 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)
16 1,133
4 1,114
-- --
12 19
1.6
39,9
4.43%
3.5
269 13,032
32 10,144
13 1,230
224 1,658
7.4
98.5
5.25%
5.3
As of July 31st 2017
Issued
(no.)
Face Value
(€ M)
253 11,899
28 9,030
13 1,230
212 1,639
7.8
101.9
5.30%
5.4

4. 4
Minibond market as of October 31st 2017
Snapshot
o In the Italian Minibond Market issues with
face value below €50 M represents
approximately 13% 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 (32) 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
5.3 Years
47% Bullet / 53% Amortizing
Approx. 5.25%
22% Secured / 16% Rated
Approx. €98,5 M
Average main indicators
of the Minibond ≤ 50 million EUR
€7.4 M

5. Evolution of the Minibond market
Minibonds not exceeding €50 M in face value
5
In the third quarter of 2017 the amount issued decreased significantly, compared to the
same quarter of 2015 and 2016. Instead, the number of issues remained steady
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
199
38
114
37
9786
180
68
132
1Q20164Q2015 2Q20171Q20174Q20163Q20162Q20163Q20152Q2015 3Q2017
12
8
12
20
12
17
8
16
10
18
1Q20164Q20153Q20152Q2015 3Q2016 4Q20162Q2016 2Q20171Q2017 3Q2017

6. 14%
23%
17%
20% 22%
4%
Total
Issued
€13,032 M
Face Value
≤ €50 M
€1,658 M
Face Value €150-50 M
€1,230 M
Face Value
€500-150 M
€10,144 M
6
Total Minibond issues listed on the ExtraMOT PRO
Recap by size as of October 31st 2017
(52)
86.2 %
13.8%
32 13 224
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
(32)
(39)
(44)
(8)
(1)
Average
turnover
€98,5 M
(49)

7. 7
Issues not exceeding €50 M in face value
Main indicators as of October 31st 2017
As of October 31st 2017: 224 Minibonds issued for a total value of €1,658 M
Secured
Annual coupon rate
Face value
62%
18%
12%
8%
Average
value
€7.4 M <= 5 M€
5 – 10 M€
10 – 20 M€
20 – 50 M€
44%
29% 16%
4%
3%
5%
2% – 5%
5% – 6%
6% – 7%
7% – 8%
> 8%
Variable
Average
coupon
5.25%
(3)
(40)
(xx) volume
volume
(139)
(28)
(17)
(36)
(99)
(64)
(8)
(6)
(11)
(xx)
(5)
(6)
Main technical features
Pay-Back
structure
Rated
Maturity
31%
30%
26%
13%
<= 3 years
3 – 5 years
5 – 7 years
> 7 years
Average
maturity
5.3 years
(xx) volume
(68)
(68)
(59)
(29)
(4)
(7)
53% Amortizing 47% Bullet
22% Yes 78% No
0% 100%
(2)
16% Yes 84% No

8. 8
Issues not exceeding €50 M in face value
Summary by industry as of October 31st 2017
Industry breakdown
Data in € M
% total value
issued
no. issues
31.4% 17.4% 10.4% 5.1% 6.7% 3.9% 5.5% 4.6% 3.6% 11.4%
Variation vs 30th
April '17
Media
& ICT
91
Gaming
64111
Consulting
85
Financial
Services
172
Industrials Construct.
59
288
Power &
Utilities
520
Total
1,658
Food &
Beverage
76
OtherConsumer
& Retail
192
34
45
29
9
5
26
9
17
15
35
-0.3 pp -0.1 pp +0.5 pp +0.0 pp +0.0 pp+0.0 pp +0.0 pp+0.0 pp -0.1 pp +0.0 pp

9. 9
Issues not exceeding €50 M in face value
Geographical breakdown as of October 31st 2017
Issuers of minibond are concentrated in Northern
Italy, in fact 5 regions account for approx. 80% of
total issues:
o Veneto: approx. €461M, corresponding to
27.5% of total value issued
o Lombardy: approx. €407M, corresponding to
24.3% of total value issued
o Emilia Romagna: approx. €206M,
corresponding to 12.2% of total value issued
o Trentino: approx. €113M, corresponding to
6.7% of total value issued
o Piedmont: approx. €104M, amounting to 6.2%
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 (213
of 224 Minibond issued)
7. The collaterals are defined as mortgages on properties, stock pledges or guarantees provided by
qualified third parties