Banca IMI/Intesa Sanpaolo Research Dept.

Credit Research Publications in Last 12M

2i Rete Gas

18/10/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

03/10/2017 Investment grade Confirmed NeutralCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

21/09/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 1

31/10/2017

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/06/2017 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 2

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M

13/12/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 3

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

22/04/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 4

04/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

06/10/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

15/07/2015 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 5

A2A

03/10/2017 Investment grade Confirmed PositiveCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

02/08/2017 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

04/07/2017 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 6

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

11/05/2017 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Upgraded Buy Chiodini Alessandro 6M

26/04/2017 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

05/04/2017 Investment grade Confirmed PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 7

01/03/2017 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/12/2016 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

13/12/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/12/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

14/11/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 8

03/11/2016 Investment grade Confirmed PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

29/09/2016 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M

19/09/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

04/08/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

07/07/2016 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 9

15/06/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

16/05/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

14/04/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

07/04/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

22/12/2015 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 10

04/12/2015 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

13/11/2015 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

17/09/2015 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

03/08/2015 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 11

10/07/2015 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Acea

30/10/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

03/10/2017 Investment grade Confirmed NeutralCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 12

01/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

27/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 13

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

14/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

07/02/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M

13/12/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 14

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

11/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

03/08/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Page 15

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

27/05/2016 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

18/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Upgraded Buy Chiodini Alessandro 6M

Page 16

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

16/11/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 17

29/07/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Chiodini Alessandro 6M

10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Aeroporti di Roma

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

30/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

Page 18

07/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

18/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

Page 19

16/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

16/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

09/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

28/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

Page 20

21/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

13/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

14/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 21

03/11/2016 Investment grade Downgraded NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

21/10/2016 Investment grade No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

19/09/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

02/09/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

05/08/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 22

07/07/2016 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

15/06/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/05/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

14/04/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

22/03/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 23

07/03/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Downgraded Hold Tronconi Maria Gabriella 6M

22/12/2015 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

04/12/2015 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

09/11/2015 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

17/09/2015 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

Page 24

04/08/2015 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

10/07/2015 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

Atlantia

20/10/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

Page 25

07/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

18/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

Page 26

16/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

16/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

28/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

21/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Page 27

13/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

14/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

03/11/2016 Investment grade Downgraded NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 28

21/10/2016 Investment grade No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

19/09/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

02/09/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

05/08/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

07/07/2016 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 29

15/06/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/05/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

14/04/2016 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

22/03/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

07/03/2016 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Downgraded Hold Tronconi Maria Gabriella 6M

Page 30

22/12/2015 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

04/12/2015 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

09/11/2015 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

17/09/2015 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

04/08/2015 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

Page 31

10/07/2015 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

Autostrade per l'Italia

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

31/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

07/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 32

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

18/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

16/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

Page 33

16/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

28/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

21/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

13/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Nuredin Bedri 6M

Page 34

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

14/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

03/11/2016 Investment grade Initiation of coverage NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield New Hold Tronconi Maria Gabriella 6M

Banca Monte dei Paschi di Siena

Page 35

18/09/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

22/08/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

31/07/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Sen Govt GTD Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Page 36

20/07/2017 High yield Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Sen Govt GTD Investment grade New Buy Antola Maria Grazia 6M

Senior Unsecured High yield Downgraded Hold Antola Maria Grazia 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Unrated No action Under review Antola Maria Grazia 6M

Sen Govt GTD Unrated No action Under review Antola Maria Grazia 6M

Senior Unsecured Unrated No action Under review Antola Maria Grazia 6M

Subordinated Unrated No action Under review Antola Maria Grazia 6M

Hybrids Unrated No action Under review Antola Maria Grazia 6M

09/06/2017 High yield No action Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Unrated No action Under review Antola Maria Grazia 6M

Sen Govt GTD Unrated No action Under review Antola Maria Grazia 6M

Senior Unsecured Unrated No action Under review Antola Maria Grazia 6M

Subordinated Unrated No action Under review Antola Maria Grazia 6M

Hybrids Unrated No action Under review Antola Maria Grazia 6M

Page 37

06/06/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds High yield No action Under review Antola Maria Grazia 6M

Sen Govt GTD High yield No action Under review Antola Maria Grazia 6M

Senior Unsecured High yield No action Under review Antola Maria Grazia 6M

Subordinated High yield No action Under review Antola Maria Grazia 6M

Hybrids High yield No action Under review Antola Maria Grazia 6M

05/05/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade No action Under review Antola Maria Grazia 6M

Sen Govt GTD Investment grade No action Under review Antola Maria Grazia 6M

Senior Unsecured High yield No action Under review Antola Maria Grazia 6M

Subordinated High yield No action Under review Antola Maria Grazia 6M

Junior Subordinated High yield No action Under review Antola Maria Grazia 6M

Hybrids High yield No action Under review Antola Maria Grazia 6M

Page 38

26/04/2017 Unrated No action Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Unrated No action Under review Antola Maria Grazia 6M

Sen Govt GTD Unrated No action Under review Antola Maria Grazia 6M

Senior Unsecured Unrated No action Under review Antola Maria Grazia 6M

Subordinated Unrated No action Under review Antola Maria Grazia 6M

Hybrids Unrated No action Under review Antola Maria Grazia 6M

09/03/2017 High yield Confirmed Under reviewBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Under review Antola Maria Grazia 6M

Sen Govt GTD Investment grade New Under review Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Under review Antola Maria Grazia 6M

Subordinated High yield Confirmed Under review Antola Maria Grazia 6M

Hybrids High yield Confirmed Under review Antola Maria Grazia 6M

23/12/2016 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade No action Under review Antola Maria Grazia 6M

Senior Unsecured High yield No action Under review Antola Maria Grazia 6M

Subordinated High yield No action Under review Antola Maria Grazia 6M

Hybrids High yield No action Under review Antola Maria Grazia 6M

Page 39

12/12/2016 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Sell Antola Maria Grazia 6M

Hybrids High yield Confirmed Sell Antola Maria Grazia 6M

09/12/2016 High yield No action Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Sell Antola Maria Grazia 6M

Hybrids High yield Confirmed Sell Antola Maria Grazia 6M

06/12/2016 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Downgraded Sell Antola Maria Grazia 6M

Hybrids High yield Downgraded Sell Antola Maria Grazia 6M

Page 40

18/11/2016 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

25/10/2016 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

19/10/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 41

04/10/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Subordinated High yield Upgraded Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Covered Bonds Investment grade Upgraded Buy Antola Maria Grazia 6M

Senior Unsecured High yield Upgraded Buy Antola Maria Grazia 6M

24/06/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Downgraded Sell Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 42

15/06/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

06/05/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds High yield Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

14/04/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 43

15/03/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds High yield Confirmed Buy Antola Maria Grazia 6M

08/02/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

27/12/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 44

18/12/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

04/12/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 45

03/12/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

30/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

27/11/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Page 46

09/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

17/09/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 47

07/08/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

06/08/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Banca Popolare dell'Emilia Romagna

Page 48

25/10/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

18/09/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

04/08/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 49

09/06/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

10/05/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

26/04/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds High yield Confirmed Hold Antola Maria Grazia 6M

09/12/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 50

04/10/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

24/06/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

15/06/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 51

14/04/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

15/03/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds High yield Upgraded Buy Antola Maria Grazia 6M

27/12/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

04/12/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 52

03/12/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

30/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated Investment grade Confirmed Hold Antola Maria Grazia 6M

27/11/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

17/09/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 53

13/08/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

06/08/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Banca Popolare Di Milano

09/12/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Upgraded Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Sell Antola Maria Grazia 6M

Page 54

09/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Sell Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Sell Antola Maria Grazia 6M

17/10/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Downgraded Sell Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Downgraded Sell Antola Maria Grazia 6M

04/10/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 55

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

24/06/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

15/06/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 56

19/05/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

13/05/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

14/04/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 57

05/04/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

22/03/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

15/03/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds High yield Upgraded Buy Antola Maria Grazia 6M

Page 58

11/02/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

27/12/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

04/12/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 59

03/12/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

30/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

27/11/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Page 60

13/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

17/09/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

10/08/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 61

06/08/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Banco BPM

18/09/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 62

11/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

09/06/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 63

26/04/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

05/01/2017 High yield No action NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade New Hold Antola Maria Grazia 6M

Senior Unsecured High yield New Hold Antola Maria Grazia 6M

Subordinated High yield New Hold Antola Maria Grazia 6M

Hybrids High yield New Hold Antola Maria Grazia 6M

Banco Popolare

Page 64

09/12/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Downgraded Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

09/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

17/10/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Upgraded Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Upgraded Buy Antola Maria Grazia 6M

Page 65

04/10/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

24/06/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

Senior Unsecured High yield Downgraded Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Downgraded Hold Antola Maria Grazia 6M

Page 66

15/06/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

19/05/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

13/05/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 67

14/04/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

05/04/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Upgraded Buy Antola Maria Grazia 6M

22/03/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Upgraded Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 68

15/03/2016 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds High yield Confirmed Buy Antola Maria Grazia 6M

12/02/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

27/12/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 69

04/12/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

03/12/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Upgraded Hold Antola Maria Grazia 6M

Hybrids High yield Downgraded Hold Antola Maria Grazia 6M

30/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 70

27/11/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

16/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

17/09/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 71

11/08/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Upgraded Buy Antola Maria Grazia 6M

Hybrids High yield Upgraded Buy Antola Maria Grazia 6M

06/08/2015 High yield Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Buzzi Unicem

18/09/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

Page 72

04/08/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

04/07/2017 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

09/06/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

12/05/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

Page 73

26/04/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

31/03/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

10/02/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

17/01/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Upgraded Buy Gavin Melanie Mai 6M

22/12/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 74

09/12/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

11/11/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

19/09/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

04/08/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

07/07/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 75

15/06/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

06/05/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

14/04/2016 High yield Confirmed PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

10/07/2015 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

CNH Industrial

Page 76

24/10/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

18/09/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

01/09/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

27/07/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

04/07/2017 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 77

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

16/06/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Upgraded Buy Tronconi Maria Gabriella 6M

09/06/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

28/04/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

26/04/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 78

13/02/2017 High yield Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

22/12/2016 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

09/12/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

01/11/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 79

27/07/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

07/07/2016 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

15/06/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

02/05/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

14/04/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 80

01/02/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Upgraded Hold Tronconi Maria Gabriella 6M

22/12/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M

04/12/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M

20/11/2015 High yield Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M

17/09/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M

Page 81

30/07/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M

10/07/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Sell Tronconi Maria Gabriella 6M

Enel

03/10/2017 Investment grade Confirmed NeutralCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 82

31/07/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 83

15/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

08/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

20/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 84

10/02/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

22/12/2016 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

13/12/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 85

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

29/07/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 86

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

11/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 87

24/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Hybrids Investment grade Confirmed Buy Chiodini Alessandro 6M

29/02/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Downgraded Hold Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

10/02/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 88

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

19/11/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Page 89

31/07/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Upgraded Buy Chiodini Alessandro 6M

Hybrids High yield Confirmed Buy Chiodini Alessandro 6M

Eni

30/10/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 90

01/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

11/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 91

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

02/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

31/10/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 92

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

01/08/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

02/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 93

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

05/04/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

30/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

24/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

29/02/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 94

02/02/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

30/10/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

28/10/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 95

06/10/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

17/09/2015 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

30/07/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 96

EXOR NV

10/10/2017 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

31/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 97

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

28/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

06/04/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 98

23/02/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

16/11/2016 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Page 99

30/08/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

26/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

09/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Downgraded Hold Tronconi Maria Gabriella 6M

Page 100

15/04/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

30/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

21/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

Page 101

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

10/11/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

07/10/2015 Investment grade Downgraded NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

17/09/2015 Investment grade Confirmed Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

28/08/2015 Investment grade Confirmed Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

Page 102

04/08/2015 Investment grade Confirmed Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Upgraded Buy Tronconi Maria Gabriella 6M

10/07/2015 Investment grade Confirmed Under reviewCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Tronconi Maria Gabriella 6M

Fiat Chrysler Automobiles

25/10/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

18/09/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 103

04/09/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

28/07/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 Investment grade Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

09/06/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 104

27/04/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

26/04/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

10/04/2017 High yield Confirmed PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

26/01/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

13/01/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Downgraded Hold Tronconi Maria Gabriella 6M

Page 105

22/12/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

09/12/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

30/11/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

26/10/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

19/09/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 106

28/07/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

07/07/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

15/06/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

11/05/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

27/04/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 107

14/04/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

21/03/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

15/02/2016 High yield Confirmed PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

22/12/2015 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

04/12/2015 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 108

23/11/2015 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

16/11/2015 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

29/10/2015 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

21/10/2015 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Buy Tronconi Maria Gabriella 6M

17/09/2015 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 109

31/07/2015 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

10/07/2015 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Hera

03/10/2017 Investment grade Confirmed NeutralCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 110

28/07/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

14/07/2017 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 111

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

13/12/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 112

10/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

02/08/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 113

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

12/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

23/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

17/02/2016 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 114

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

12/11/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 115

27/08/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

IGT

18/09/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

02/08/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 116

12/07/2017 High yield Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

09/06/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

26/05/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 117

26/04/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

18/04/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

10/03/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Downgraded Hold Tronconi Maria Gabriella 6M

22/12/2016 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

09/12/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 118

22/11/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

29/07/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

07/07/2016 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

23/06/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 119

15/06/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

27/05/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

15/04/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

14/04/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

23/03/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 120

22/12/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M

04/12/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M

13/11/2015 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M

17/09/2015 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Hybrids High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 121

31/08/2015 High yield Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Hybrids High yield Downgraded Hold Tronconi Maria Gabriella 6M

10/07/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Hybrids High yield Confirmed Buy Tronconi Maria Gabriella 6M

Italcementi

10/07/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Italgas

Page 122

24/10/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

03/10/2017 Investment grade Confirmed NeutralCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

03/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 123

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

01/06/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

08/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 124

27/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

10/03/2017 Investment grade Initiation of coverage NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade New Hold Chiodini Alessandro 6M

Leonardo

27/10/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Upgraded Buy Tronconi Maria Gabriella 6M

18/09/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 125

31/07/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

09/06/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

24/05/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 126

04/05/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

26/04/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

17/03/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

27/02/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

22/12/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 127

09/12/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

04/11/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

31/10/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

27/09/2016 High yield Confirmed PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Downgraded Hold Tronconi Maria Gabriella 6M

19/09/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 128

29/07/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

07/07/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

15/06/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

06/05/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

14/04/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 129

18/03/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

22/12/2015 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

04/12/2015 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

04/11/2015 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

17/09/2015 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Page 130

07/08/2015 High yield Upgraded PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

10/07/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Tronconi Maria Gabriella 6M

Mediaset

27/09/2017 Unrated No action Not assignedCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M

18/09/2017 Unrated No action Not assignedItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M

Page 131

04/07/2017 Unrated Confirmed Not assignedCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Na Not assigned Gavin Melanie Mai 6M

23/06/2017 Unrated No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M

09/06/2017 Unrated No action Not assignedItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M

10/05/2017 High yield No action Not assignedCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M

26/04/2017 Unrated No action Not assignedItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M

Page 132

19/01/2017 High yield No action Not assignedCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield No action Not assigned Gavin Melanie Mai 6M

22/12/2016 Unrated No action Not assignedCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated No action Not assigned Gavin Melanie Mai 6M

09/12/2016 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Gavin Melanie Mai 6M

09/11/2016 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Gavin Melanie Mai 6M

28/10/2016 Unrated Initiation of coverage NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated New Hold Gavin Melanie Mai 6M

Page 133

Moby SPA

18/09/2017 High yield Confirmed NegativeItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Nuredin Bedri 6M

12/09/2017 High yield Confirmed NegativeCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Nuredin Bedri 6M

28/07/2017 High yield Initiation of coverage NegativeCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield New Hold Nuredin Bedri 6M

Prysmian

18/09/2017 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

Page 134

28/07/2017 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

04/07/2017 Unrated Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

23/06/2017 Unrated No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

09/06/2017 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

11/05/2017 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

Page 135

26/04/2017 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

02/03/2017 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

22/12/2016 Unrated Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

19/12/2016 Unrated Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

09/12/2016 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

Page 136

09/11/2016 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

29/07/2016 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

07/07/2016 Unrated Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

15/06/2016 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

Page 137

11/05/2016 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

14/04/2016 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

25/02/2016 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

22/12/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

04/12/2015 Unrated Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

Page 138

06/11/2015 Unrated Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Hold Nuredin Bedri 6M

30/10/2015 Unrated Initiation of coverage NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Na Hold Nuredin Bedri 6M

Saipem

24/10/2017 High yield Confirmed NegativeCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

18/09/2017 High yield Confirmed NegativeItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 139

25/07/2017 High yield Confirmed NegativeCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

04/07/2017 High yield Confirmed NegativeCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

09/06/2017 High yield Confirmed NegativeItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

08/06/2017 High yield Initiation of coverage NegativeCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield New Hold Gavin Melanie Mai 6M

Page 140

Salini Impregilo

25/10/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Nuredin Bedri 6M

25/09/2017 High yield Upgraded PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Downgraded Hold Nuredin Bedri 6M

18/09/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

27/07/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

Page 141

04/07/2017 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

09/06/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

19/05/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

26/04/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

Page 142

24/02/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

22/12/2016 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

09/12/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Unrated Confirmed Buy Nuredin Bedri 6M

11/11/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

Page 143

28/07/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Buy Nuredin Bedri 6M

21/07/2016 High yield Initiation of coverage NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield New Buy Nuredin Bedri 6M

Snam

03/10/2017 Investment grade Confirmed NeutralCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 144

31/08/2017 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

27/07/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 145

05/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

08/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

13/12/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 146

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

16/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

28/07/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 147

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

06/07/2016 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

13/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 148

21/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/11/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 149

29/10/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

30/07/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Telecom Italia

Page 150

18/09/2017 High yield No action Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

14/09/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

11/08/2017 High yield Confirmed Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

25/07/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

13/07/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 151

04/07/2017 High yield Confirmed Under reviewCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

09/06/2017 High yield No action Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

10/05/2017 High yield No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

04/05/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 152

26/04/2017 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

24/03/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

06/02/2017 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

22/12/2016 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

09/12/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 153

08/11/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

19/09/2016 High yield Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

27/07/2016 High yield Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

19/07/2016 High yield Initiation of coverage NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield New Hold Gavin Melanie Mai 6M

10/07/2015 High yield Confirmed Not assignedCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Not assigned Gavin Melanie Mai 6M

Page 154

Terna

03/10/2017 Investment grade Confirmed NeutralCommento Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/07/2017 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 155

30/06/2017 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

10/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 156

16/03/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/02/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/12/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

13/12/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 157

07/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

29/09/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

01/08/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

07/07/2016 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 158

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

05/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/03/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

18/02/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 159

28/01/2016 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

22/12/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

11/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

Page 160

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

29/07/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

10/07/2015 Investment grade Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured Investment grade Confirmed Hold Chiodini Alessandro 6M

UBI Banca

18/09/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Page 161

08/08/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

09/06/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Page 162

12/05/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

26/04/2017 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

13/01/2017 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Upgraded Buy Antola Maria Grazia 6M

Page 163

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

04/10/2016 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 164

24/06/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Downgraded Hold Antola Maria Grazia 6M

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

17/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield New Buy Antola Maria Grazia 6M

Page 165

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

15/03/2016 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

16/02/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

27/12/2015 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Page 166

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

03/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

30/11/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

27/11/2015 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

Page 167

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

12/08/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured Investment grade Downgraded Hold Antola Maria Grazia 6M

06/08/2015 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Unicredit

Page 168

25/10/2017 Investment grade Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

18/09/2017 Investment grade Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 169

07/09/2017 Investment grade Upgraded PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Downgraded Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

03/08/2017 Investment grade No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Downgraded Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 170

23/06/2017 Investment grade No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

09/06/2017 Investment grade No action Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 171

26/04/2017 Investment grade Confirmed Under reviewItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

10/02/2017 Investment grade No action Under reviewCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 172

12/12/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

09/12/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 173

11/11/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Upgraded Buy Antola Maria Grazia 6M

Subordinated High yield Upgraded Buy Antola Maria Grazia 6M

Junior Subordinated High yield Upgraded Buy Antola Maria Grazia 6M

Hybrids High yield Upgraded Buy Antola Maria Grazia 6M

04/10/2016 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 174

19/09/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Upgraded Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

24/06/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Downgraded Sell Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 175

15/06/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

12/05/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Upgraded Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Page 176

14/04/2016 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

12/04/2016 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

15/03/2016 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Page 177

27/12/2015 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

17/12/2015 Investment grade Confirmed NeutralCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Page 178

04/12/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Hold Antola Maria Grazia 6M

Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Hold Antola Maria Grazia 6M

Hybrids High yield Confirmed Hold Antola Maria Grazia 6M

03/12/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Hold Antola Maria Grazia 6M

Senior Unsecured Investment grade Downgraded Hold Antola Maria Grazia 6M

Subordinated High yield Downgraded Hold Antola Maria Grazia 6M

Junior Subordinated High yield Downgraded Hold Antola Maria Grazia 6M

Hybrids High yield Downgraded Hold Antola Maria Grazia 6M

27/11/2015 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Downgraded Hold Antola Maria Grazia 6M

Page 179

17/09/2015 Investment grade Confirmed NeutralItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

06/08/2015 Investment grade Confirmed NeutralBanking Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Page 180

06/08/2015 Investment grade Confirmed NeutralCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Covered Bonds Investment grade Confirmed Buy Antola Maria Grazia 6M

Senior Unsecured Investment grade Confirmed Buy Antola Maria Grazia 6M

Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Junior Subordinated High yield Confirmed Buy Antola Maria Grazia 6M

Hybrids High yield Confirmed Buy Antola Maria Grazia 6M

Wind Tre

26/10/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield New Buy Tronconi Maria Gabriella 6M

Senior Secured High yield Downgraded Sell Tronconi Maria Gabriella 6M

Senior Unsecured High yield Downgraded Sell Tronconi Maria Gabriella 6M

18/09/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 181

01/09/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

03/08/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

04/07/2017 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

23/06/2017 High yield No action No actionFocus PIR

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 182

09/06/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

10/05/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

02/05/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

26/04/2017 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Page 183

24/02/2017 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Tronconi Maria Gabriella 6M

Senior Unsecured High yield Confirmed Hold Tronconi Maria Gabriella 6M

22/12/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

09/12/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

04/11/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 184

03/11/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

06/10/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

19/09/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

02/09/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 185

08/08/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Downgraded Hold Gavin Melanie Mai 6M

Senior Unsecured High yield Downgraded Hold Gavin Melanie Mai 6M

07/07/2016 High yield Confirmed PositiveCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

05/07/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

15/06/2016 High yield Confirmed PositiveItalian Credit Handbook

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

Page 186

08/06/2016 High yield Confirmed PositiveCredit Flash

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Buy Gavin Melanie Mai 6M

Senior Unsecured High yield Confirmed Buy Gavin Melanie Mai 6M

25/05/2016 High yield Confirmed PositiveCredit Company Note

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield New Buy Gavin Melanie Mai 6M

Senior Unsecured High yield New Buy Gavin Melanie Mai 6M

10/07/2015 High yield Confirmed NeutralCorporate Sector Report

Financial Instrument Issue rating Invest Recommendation Action Investment Recommendation

Reason Credit ViewCredit ActionIssuer RatingCirculation Date

Analyst

Investment Horizon

Investment Horizon

6M

Senior Secured High yield Confirmed Hold Gavin Melanie Mai 6M

Page 187

Banca IMI/Intesa Sanpaolo Research Dept.

Credit Research Publications in Last 12M

ReasonCirculation Date

Weekly/Monthly/Quarterly Credit Strategy Reports

27/10/2017 Credit Market Strategies

20/10/2017 Credit Market Strategies

13/10/2017 Credit Market Strategies

12/10/2017 Credit Market Opportunities

06/10/2017 Credit Market Strategies

29/09/2017 Credit Market Strategies

28/09/2017 Credit Market Opportunities

22/09/2017 Credit Market Strategies

15/09/2017 Credit Market Strategies

14/09/2017 Credit Market Opportunities

08/09/2017 Credit Market Strategies

01/09/2017 Credit Market Strategies

31/08/2017 Credit Market Opportunities

04/08/2017 Credit Market Strategies

28/07/2017 Credit Market Strategies

27/07/2017 Credit Market Opportunities

21/07/2017 Credit Market Strategies

14/07/2017 Credit Market Strategies

13/07/2017 Credit Market Opportunities

Page 188

31/10/2017

ReasonCirculation Date

Weekly/Monthly/Quarterly Credit Strategy Reports

07/07/2017 Credit Market Strategies

30/06/2017 Credit Market Strategies

29/06/2017 Credit Market Opportunities

23/06/2017 Credit Market Strategies

16/06/2017 Credit Market Strategies

15/06/2017 Credit Market Opportunities

09/06/2017 Credit Market Strategies

01/06/2017 Credit Market Strategies

01/06/2017 Credit Market Strategies

26/05/2017 Credit Market Strategies

25/05/2017 Credit Market Opportunities

19/05/2017 Credit Market Strategies

12/05/2017 Credit Market Strategies

05/05/2017 Credit Market Strategies

27/04/2017 Credit Market Opportunities

21/04/2017 Credit Market Strategies

13/04/2017 Credit Market Strategies

07/04/2017 Credit Market Strategies

06/04/2017 Credit Market Opportunities

31/03/2017 Credit Market Strategies

24/03/2017 Credit Market Strategies

Page 189

ReasonCirculation Date

Weekly/Monthly/Quarterly Credit Strategy Reports

23/03/2017 Credit Market Opportunities

17/03/2017 Credit Market Strategies

10/03/2017 Credit Market Strategies

09/03/2017 Credit Market Opportunities

03/03/2017 Credit Market Strategies

24/02/2017 Credit Market Strategies

17/02/2017 Credit Market Strategies

16/02/2017 Credit Market Opportunities

10/02/2017 Credit Market Strategies

03/02/2017 Credit Market Strategies

02/02/2017 Credit Market Opportunities

27/01/2017 Credit Market Strategies

20/01/2017 Credit Market Strategies

13/01/2017 Credit Market Strategies

12/01/2017 Credit Market Opportunities

05/01/2017 Credit Market Strategies

16/12/2016 Credit Market Strategies

12/12/2016 Credit Market Strategies

02/12/2016 Credit Market Strategies

01/12/2016 Credit Market Opportunities

25/11/2016 Credit Market Strategies

Page 190

ReasonCirculation Date

Weekly/Monthly/Quarterly Credit Strategy Reports

18/11/2016 Credit Market Strategies

17/11/2016 Credit Market Opportunities

11/11/2016 Credit Market Strategies

04/11/2016 Credit Market Strategies

03/11/2016 Credit Market Opportunities

Page 191