- As of October 31st, 2015 there were 137 minibonds issued for a total value of approximately €5.3 billion, a slight 1.3% increase from the previous quarter. All new issues in the period fell under €50 million in face value. - The average maturity and coupon rate decreased, consistent with previous trends of market consolidation. Industrial sector issues saw the highest increase of 3.5% compared to July, driven by new issues. - Minibonds below €50 million in face value represent around 20% of the total value issued, with the majority of value coming from a small number of larger issues over €150 million each.

1. Main indicators as of October 31st 2015
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 137 issued minibonds for a total value of approximately €5.3 bn (+1,3% vs
previous quarter)
o Increase of minibonds below €50 M in face value: in fact all the new issues
in the Aug-Oct period fall into this category
o Decrease of the average maturity and coupon rate, consistent with the
previous quarter, confirming the market consolidation trend
o Industrial registered the highest variation (+3.5% of volumes issued vs July),
mainly thanks to new issues by Industrial Spa and Renco Group
o Strong concentration of issues in Northern Italy is confirmed
Evolution of the Minibond market: main trends
As of October 31st 2015

3. Evolution of the Minibond market: main indicators
July 31st 2015 – October 31st 2015
3
+ =
127 5,197
13 3,475
7 715
107 1007
9.5
92
5.66%
5.5
As of July 31st 2015
From July 31st 2015 to
October 31st 2015
As of October 31st 2015
(*) Average maturity is about 4.8 years
if financial bills are included
Issued
(no.)
Face Value
(€ M)
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 68
- -
- -
10 68
6.8
127
4.80%
5.3*
137 5,265
13 3,475
7 715
117 1075
9.2
95
5.59%
5.4

4. 4
Minibond market as of October 31st 2015
Snapshot
o In the Italian Minibond Market issues with
face value below €50 M represents
approximately 20% 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 (13) 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
54% Bullet / 46% Amortizing
Approx. 5.59%
≤ 25% of issues
Approx. €95 M
Average main indicators
of the Minibond ≤ 50 million EUR
€9.2 M

5. Face Value
≤ €50 M
€3,475 M
Total
Issued
€1,075 M
Face Value
€150-50 M
€715 M
Face Value
€500-150 M
€5,265 M
23%
12%
15%
21%
26%
3%
5
Total Minibond issues listed on the ExtraMOT PRO
Recap by size as of October 31st 2015
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
(27)
(14)
(18)
(24)
(3)
(1)
79.6 %
20.4 %
13 7 117
Average
turnover
€95 M
(31)
Number of
Minibonds issued

6. 6
Issues not exceeding €50 M in face value
Main indicators as of October 31st 2015
As of October 31st 2015: 117 Minibonds issued for a total value of €1,073 M
Secured
Annual coupon rate
Face value
52%
22%
16%
10%
Average
value
€9.2 M <= 5 M€
5 – 10 M€
10 – 20 M€
20 – 50 M€
31%
31%
21%
7%
4%
6%
2% – 5%
5% – 6%
6% – 7%
7% – 8%
> 8%
Variable
Average
coupon
5.59%
(3)
(26)
(xx) volume
volume
(61)
(19)
(11)
(25)
(36)
(36)
(8)
(5)
(7)
(xx)
(5)
(6)
Main technical features
Pay-Back
structure
Rated
Maturity
26%
45%
20%
9%
<= 3 years
3 – 5 years
5 – 7 years
> 7 years
Average
maturity
5.4 years
(xx) volume
(30)
(53)
(23)
(11)
(4)
(7)
46% Amortizing 54% Bullet
23% Yes 77% No
29% Yes 71% No
0% 100%
(2)

7. 7
Issues not exceeding €50 M in face value
Summary by industry as of October 31st 2015
Industry breakdown
Data in € M
% total value
issued
no. issues
30.1% 16.5% 9.8% 6.8% 6.1% 5.5% 5.1% 4.8% 4.6% 10.7%
-2.1% +3.5% -0.2% -0.5% -0.4% +0.0% -1.1% -0.3%-1.1% +2.2%Variation vs
31st July '15
73
Altro
105
Consumer
& Retail
49
Food &
Beverage
Financial
Services
52
116
Industrials
177
Power &
Utilities
324
Totale
1.075
Media
& ICT
59
55
GamingConstruct.
66
Consulting
19
20
23
2
3
13
4
11
5
17
117

8. 8
Issues not exceeding €50 M in face value
Geographical breakdown as of October 31st 2015
Issuers of minibond are concentrated in Northern
Italy, in fact 5 regions account for approx. 80% of
total issues:
o Veneto: approx. €283M, corresponding to
26.3% of total value issued
o Lombardy: approx. €236M, corresponding to
22.0% of total value issued
o Emilia Romagna: approx. €176M,
corresponding to 16.3% of total value issued
o Piedmont: approx. €87M, corresponding to
8.1% of total value issued
o Tuscany: approx. €57M, amounting to 5.3% of
total value issued

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 (112
of 117 Minibond issued)
7. The collaterals are defined as mortgages on properties, stock pledges or guarantees provided by
qualified third parties