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Ten months of private debt in Italy November 2018

Ten months of private debt in Italy - bebeez.it · Esselunga, Nexi, 2i Rete Gas and Ntv. The biggest bonds of 2018 as said were issued to support buyout operations. In particular,

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Ten months

of private debt in Italy

November 2018

Issues of private debt securities of Italian companies or Italian or foreign vehicles used to finance buyout operations on Italian companies have slightly exceeded 4.6 billion euros since the beginning of the year. And this last case was the one that most represented the market in terms of volumes with about 4 billion worth of issues brought to the market between January and late October. While the remaining 600 million euros are distributed by 72 minibonds, ie bonds up to 50 million euros, and three bonds of between 50 million and 100 million.

The numbers are extracted from BeBeez Private Data and refer to issues that have had public evidence in some way. Consequently, this is just an estimate, even if with a good dose of approximation. The figure is compared to a much larger number recorded in 2017, which was over 7 billion, of which 5.7 billion large issues. To get the bill up then, in particular, the bonds of Esselunga, Nexi, 2i Rete Gas and Ntv.

The biggest bonds of 2018 as said were issued to support buyout operations. In particular, the largest issue is thef € 1.3 billion one in two tranches of Rossini Acquisition sarl, the investment vehicle with which CVC will conduct the acquisition of FIMEI, the holding company of the Recordati pharmaceutical group. But there are also issues to support the buyouts of paper group Fedrigoni by Bain Capital, the chemical group Italmatch again by Bain Capital, the tech company OCS by Charme, the business information group Teamsystem by Hellmann & Friedmann, but also the acquisition of Rondine by Italcer, the ceramics hub made up of

Mandarin Capital which was joined by Idinvest, HQ capital and Capital Dynamics. Then there is the new bond of Twinset, which refinanced the previous one and finally an issue to finance the normal performance of the business by 2iRete Gas, a group specialized in the distribution of gas created by F2i sgr. Of the three medium-sized issues only one refers to a buyout, that of BIP, a business consulting firm acquired by Apax Partners France. Another issue is a project bond, which refinances PLT Wind's portfolio of Italian wind plants. This is also the only large private debt bond to have been listed on the ExtraMot Pro this year. All the others have been listed

BeBeez Private Data

monitored

86 private debt

issues

from Jan 1st

to Oct 31st this year

for a total

of about 4.6 bn euros

on foreign markets or not listed at all. In the latter case, which occurred for the bonds of OCS and of Italcer, they were underwritten by Pemberton Asset Management. While the PLT Wind project bond was subscribed by the SCOR fund. As for the minibonds, among the most important issues we should mention the 50 million Qui! Group, underwritten by KKR and went into default last Summer, and that of Fabbrica Italiana Sintetici, again for 50 million, underwritten by Pricoa Capital (Prudential group) ). Pricoa also signed the 26 million Italian Entertainment Network bond. Above 20 million, only four other bonds are counted, while all other issues are smaller. And among them there are even 21 for a million euros or less. Among the most active investors in this segment are the funds managed by Anthilia Capital Partners sgr and those by Finint sgr, while among banks particularly active investors are Unicredit and Banca Sella.

Non-listed Italian companies (or their foreign parent companies) which have been private debt issuers in 2018 (1 Jan- 31 Oct)

Issues >100 million euros

Date Issuer Sector Revenues

2017 Ebitda

2017 NFP2017

(1) Shareholders

26/10/18 Rossini Acquisition sarl (Recordati) pharmaceutical products

1.288,0

454,7

174,7 FIMEI spa and italian Stock Exchange (CVC Capital to acquire FIMEI)

26/10/18 Rossini Acquisition sarl (Recordati) pharmaceutical products

1.288,0

454,7

174,7 FIMEI spa and italian Stock Exchange (CVC Capital to acquire FIMEI)

05/09/18 2i Rete Gas gas delivery

1.028,0 408,3

2.000,0 F2i sgr, APG and Ardian

27/04/18 Fabric (BC) spa (Fedrigoni spa) paper

1.081,0 134,4

94,0 Bain Capital and Fedrigoni family (minority)

05/04/18 Teamsystem spa business information

316,0 113,0

673,3 Hellman & Friedman and Hg Capital (minority)

21/09/18 Fire (BC) spa (Italmatch Chemicals) chimica

400,0

65,0 na Bain Capital e manager

05/04/18 Teamsystem spa business information

316,0 113,0

673,3 Hellman & Friedman e Hg Capital (minoranza)

09/03/18 Twinset spa fashion maker

245,6 43,7

89,6 The Carlyle Group

15/10/18 Italcer high-end ceramic cluster of companies

200,0 25,0 na

Mandarin Capital, Capital Dynamics, Idinvest, HQ Capital and managers of the controlled companies

27/07/18 Fabric (BC) spa (Fedrigoni spa) paper

1.081,0 134,4

94,0 Bain Capital and Fedrigoni family (minority)

29/03/18 OCS spa IT solutions for finance

30,0 21,0 na

Charme Capital (80%) and Luciano Benedini, Francesco Cavagna e Lorenzo Cereda

Issues >50 million euros and < or = 100 millions

Announcement date Issuer Sector

Revenues 2017

Ebitda 2017

NFP2017 (1) Shareholders

06/09/18 a group of agro-food producers agro-food na na na na

29/03/18 Business Integration Partners spa corporate advisory 114,9 18,6 6,7 Apax Partners France e manager

23/10/18 PLT Wind eolic energy plants 26 17 162,6 PLT Energia spa (private investors and Aim Italia)

Issues < or = 50 million euros

Announcement date Issuer Sector

Revenues 2017

Ebitda 2017

NFP2017 (1) Shareholders

28/02/18 Qui! Group corporate welfare 560 19,3 nd Gregorio Fogliani, Fleetcore Technologies (6%)

26/01/18 Fabbrica Italiana Sintetici spa chemical products for pharma industry 381,9 106 162,5 Ferrari family

04/05/18 Italian Entertainment Network media 160,9(20

16) 11 15,8

Luigi Abete, Aurelio De Laurentiis, Diego Della Valle, famiglia Haggiag, NB Aurora e fondi Neuberger Berman

Costa Edutainment Group, D’Amico Soc. Navi., Api, Fondazione Venezia, Editoriale Progetto e Servizi

21/05/18 Renexia Wind Offshore spa wind energy na na na Toto Holding

17/04/18 Sampsistemi spa production of machines for wires and cables

na na na

Samp spa (gruppo Maccaferri)

21/05/18 Marina di Punta Nera spa real estate

12/07/18 Saxa Gres innovative ceramic tiles na na na Daniele Bartoccioni Menconi (Flexagon Capital Solutions)

19/10/18 Cogne Acciai long inox steel 564,4 36,7 68 Marzorati family

02/07/18 Fonderie Mario Mazzucconi fonderie 189,7 13,2 52,45 Mazzucconi family

05/04/18 Gruppo Camozzi component for industrial automation 303,6

(2016) 53,7 165,7

Camozzi family

12/04/18 Piazza Italia fashion retailer 408 n nd Bernardo family

20/03/18 BV Tech spa Ict 42,9

(2016) 2,2 -2,4

Raffaele Boccardo

07/09/19 newco for the buyout of Pibiplast plastic packaging 58 na na Bosi family, L Catterton and Ambienta sgr

Date Issuer Sector Revenues

2017 Ebitda

2017 NFP2017

(1) Shareholders

04/05/18 Italian Entertainment Network media 160,9

(2016) 11 15,8

Luigi Abete, Aurelio De Laurentiis, Diego Della Valle, famiglia Haggiag, NB Aurora and Neuberger Berman

Costa Edutainment Group, D’Amico Soc. Navi., Api, Fondazione Venezia, Editoriale Progetto e Servizi

25/04/18 Baia Silvella spa camping 29,01

11,78

59,92 Vezzola family

25/09/18 Tema safety in the residential and civil construction sectors

42 na na

Luciano Mazzer

20/07/18 U-Invest srl working shoes nd nd nd Pier Franco Uzzeni

21/09/18 Selle Royal saddles for bicycles 113,4 11,1 36,2 Barbara, Lucia and Francesca Bigolin

15/01/18 Ipi spa real estate 44,3 2,6 161,4 Massimo Segre (Mimose spa)

31/10/18 newco for the acquisition of Neronobile srl

production and marketing of coffee, tea, herbal teas and soluble capsules

20 3,2 nd

EOS Investment Management and Furia family

04/05/18 Fecs Partecipazioni spa aluminium recycling 178,8

(2016) 10 89

Foglieni family

27/07/18 Venchi chocolate and icecream maker 80

na na Daniele Ferrero, Nicolò Cangioli, Giovanni Battista Mantelli, Pietro Boroli, Marcello Comoli and Luca Baffigo Filangieri

15/03/18 Andriani spa no-glutine pasta maker 53,2 10,9 15,2 Francesco and Michele Andriani

17/01/18 Nuceria Adesivi labeling and packaging 61 (2016) 5,2 23,3 Antonio Iannone and Annamaria Cesarano

10/07/18 newco for the acquisition of SEI-Società Editrice Internazionale publisher

30 3 6 (cassa)

La Scuola spa

27/09/18 Impresa Percassi general contractor 68,5 2,1 12,6 Percassi family

03/07/18 Solis srl renewable energy and heating Elaris Holding

29/06/18 Orva srl bread substitutes (piadina) 40.9 Luigi Bravi

27/04/18 Spinosa spa mozzarella cheese maker 19,8

(2016) 1,64 7,1

Luigi Griffo

27/09/18 Ricci spa constructions 20,8 1,8 9,5 Mario and Tullio Ricci

13/08/18 Tratter Engineering plastic swabs, especially for the automotive industry

Tratter family

05/03/18 Werther spa aftermarket automotive components 69 (2016)

6,1 33,8 Elena Minella Maria Massari, Enrico Zanini, Werter Iori and Emanuela Zanini

Date Issuer Sector Revenues

2017 Ebitda

2017 NFP2017

(1) Shareholders

01/03/18 Acerbis spa plastic components for mortorcycles, sportswear design

59,9 (2016)

4,5 13,9 Acerbis family

28/09/18 Conte Tasca d'Almerita wine maker 22,4 3,1 21,1 Tasca family

25/09/18 Gruppo Scai ICT 60 4,4 6,6 Pier Giorgio Bedogni and Massimiliano Cipolletta

27/06/18 Nar spa adhesive tapes 75 na na Righetti family

29/09/18 Gruppo Albini textile 149,5 na na Albini family

31/05/18 Car Clinic srl repair of bodywork of cars and commercial vehicles

31,4 3,2 0,38

Panicco family

08/08/18 Giglio.com fashion ecommerce 9,3 0,09 0,02 Giuseppe, Federico an Michele Giglio

11/07/18 Piazza Italia fashion retailer 408 n nd Bernardo family

05/07/18 Dolomiti Fruits srl fruit and vegetable juices 23 nd nd a group of Veneto Region entrepreneurs

04/07/18 GS Industry spa logistics and automation 18,6 1,44 3,5 a group of Padova and Vicenza entrepreneurs and professionals

05/07/18 Niederstätter srl building construction equiment 26 nd nd Maria Niederstätter

11/09/18 Velenosi wine maker 7,87

0,56

4,51 Velenosi family

28/02/18 IKOI spa precious metals chemical treatment 11

2,2 nd Giovanni Faoiro, Alessandro Stocco, a family office and an industrial partner

13/06/18 Alma Media publisher 12,7

0,7 0,19 Cosmos Sicav Open Capital (Abalone am), Daleth Partners, LT Holdings and private investors

20/07/18 Cooperativa Allevatori Ovini (sp CheeseTake srl) pecorino cheese making

27,2 (2016)

1,2 19,9 pecorino cheese makers

23/02/18 Caar spa automotive, aerospace and railway engineering

9,37 (2016)

0,98 4,2 Francesco Ellena, Ba.Co. Manutenzioni srl, AMGP srl and KGR Elettronica srl

07/02/18 Frosinone Calcio spa soccer team 1 -14,6 -0,8 Maurizio Stirpe

29/06/18 Orva srl bread substitutes (piadina) 35,67

3,75

45,54 Luigi Bravi

10/07/18 Sintexcal spa tarmac maker 45,2 Gruppo Tonon

27/04/18 Comes spa industrial installations for the electrical works

26,3 (2016)

1,75 7,85 Tommaso Carone e Vincenzo Cesareo

17/01/18 Nuceria Adesivi labeling and packaging 61 (2016) 5,2 23,3 Antonio Iannone e Annamaria Cesarano

12/09/18 ETT nformation technology and new media 11,56 1,1 10,87 Giovanni Verreschi

04/04/18 Your Voice spa Ict 5,8 0,3 -1,6 Roberto Piroddi

Date Issuer Sector Revenues

2017 Ebitda

2017 NFP2017

(1) Shareholders

31/10/18 Plissé fashion brand 19,7 1,7 11,4 Morena Bragagnolo and Paolo Mason

26/10/18 Matrunita Mediterranea srl processing and marketing of wholesale honey

28,1 0,7 12,3

Diego Parodi and Apolo Eichbaum

08/06/18 Cristiano di Thiene casualwear with Aeronautica Militare brand

33,2 1,4 9,6

Paolo and Armando Sperotto

19/10/18 ETT information technology and new media 11,56 1,1 10,87 Giovanni Verreschi

08/06/18 MyChoice srl artisanal bags and leather accessories 7 0,47 2,5 Mariano Di Lillo

23/04/18 Zappalà mozzarella cheese maker 38,5

(2016) 1,4 1,5

Zappalà family

05/01/18 Conte Tasca D'Almerita srl wine maker 20,7

(2016) 3 20

Tasca family

10/08/18 Polomarconi tlc 10,1 1,9 0,76 Domenico Zanini and Fiorella Conati

23/07/18 CR spa sheet blanking and stamping 40 2,5 10,3 Armando nd Tiziana Concato

25/04/18 OP Faro Coop food (tomatoes) 145

(2016) 0,5 5,3

cooperative of producers

20/07/18 Brandini car dealer 275,6 7,5 28 Brandini Marcolini family

31/07/18 Advice Group behavioral marketing 3,36 0,5 1,28 Fulvio Furbatto and Riccardo Barbieri

23/02/18 Caar spa automotive, aerospace and railway engineering

9,37 (2016)

0,98 4,2 Francesco Ellena, Ba.Co. Manutenzioni srl, AMGP srl and KGR Elettronica srl

23/01/18 HJA Italia srl photovoltaic plants 4,07

(2016) 0,3 -0,48

HJA Group

08/08/18 Duetti Packaging plants for packaging 13,8 0,6 1,6 Paolo Pivato, Fabio Moretti and Elisabetta Migliorini

27/04/18 Gruppo Magnaghi Aeronautica spa

landing and electro-mechanical systems for planes

100 nd nd

Graziano family and The Three Hills (25%)

Notes: (1) a negative figure means net cash; *estimate for 2018; *** 5% cash and 3% as a credit spendible with the club in tickets and merchandising

Details about private debt instruments issued by non-listed Italian companies (or their foreign parent companies) in 2018 (1 Jan- 31 Oct)

Issues >100 million euros

Issuer Type of debt Stock Exchange Issue

size Maturity Coupon Collateral Principal investor BeBeez's

post

Rossini Acquisition sarl (Recordati) bond

Luxembourg Bourse 650 ott-25 eur3m(min 0%)+625bps nd nd BeBeez

Rossini Acquisition sarl (Recordati) bond

Luxembourg Bourse 650 ott-25 6,75% nd nd BeBeez

2i Rete Gas bond 500 set-25 2,20% na nd BeBeez

Fabric (BC) spa ( Fedrigoni spa) bond

Irish Stock Exchange 455 nov-24 euribor 3m (min 0%)+ 412.5 pb na nd BeBeez

Teamsystem spa bond Luxembourg

Bourse 550 apr-23 euribor 3m (min 0%)+ 400 pb na nd BeBeez

Fire (BC) spa (Italmatch Chemicals) bond

Irish Stock Exchange 410 set-24 na na na BeBeez

Teamsystem spa bond Luxembourg

Bourse 200 apr-25 euribor 3m (min 0%)+ 400 pb na nd BeBeez

Twinset spa bond Borsa di Vienna 170 mar-25 floater na nd BeBeez

Italcer private

placement na 133 nd nd nd Pemberton Asset Management BeBeez

Fabric (BC) spa (Fedrigoni spa)

Irish Stock Exchange 125 nov-24 euribor 3m (min 0%)+ 412,5 pb na nd BeBeez

OCS spa private

placement na 110 nd nd na Pemberton BeBeez

Total issues >100 million euros

3.953,00 Total issues >100 million euros 2017 all year

5.740,00

Issues >50 million euros and < or = 100 millions

Issuer Type of debt Stock Exchange Issue

size Maturity Coupon Collateral Principal investor BeBeez's

post

a group of agro-food producers minibond ns 71 nd nd

hams and cheese warehouse pledge Fondo Cbus (Amundi am agr) BeBeez

Business Integration Partners spa

bond private placement na 65 mar-25 nd na Tikehau Capital BeBeez

PLT Wind project bond ExtraMot Pro 60 dic-33 eur6m (min 0%)+303bps secured by plants SCOR Infrastructure Loans III BeBeez

Total issues >50 million euros and < or = 100 millions

196,00

Total issues >50 million euros and < or = 100 millions 2017 allyear

613,00

Issues < or = 50 million euros

Issuer Type of debt Stock Exchange Issue

size Maturity Coupon Collateral Principal investor BeBeez's

post

Qui! Group private

placement na 50 nd nd na Kkr Credit BeBeez

Fabbrica Italiana Sintetici spa

private placement na 50 gen-28 2,86% na Pricoa Capital BeBeez

Italian Entertainment Network

private placement na 26 apr-23 nd na Pricoa Capital BeBeez

Renexia Wind Offshore spa

private placement

Third Market Wiener Boerse 25 mag-26 8% na na BeBeez

Sampsistemi spa na 25 na na na Muzinich BeBeez

Marina di Punta Nera spa private

placement 25 dic-23 7% na BeBeez

Saxa Gres bond Third Market

Wiener Boerse 24,9 lug-23 7% BeBeez

Cogne Acciai miibond na 20 dic-23 5,90% nd Anthilia Capital Partners sgr and

BancoBpm BeBeez

Fonderie Mario Mazzucconi minibond

Third Market Wiener Boerse 15 dic-23 nd na

Riverrock Hybrid Fund, Banca Ifis and other investors BeBeez

Gruppo Camozzi minibond na 12,5 apr-24 na na Fondo Sviluppo Export (Amundi

sgr) BeBeez

Issuer Type of debt Stock Exchange Issue

size Maturity Coupon Collateral Principal investor BeBeez's

post

Piazza Italia minibond nd 12 apr-24 5,25% na na BeBeez

BV Tech spa minibond nd 12 nd nd Unicredit BeBeez

newco for the buyout of Pibiplast

subordinated bond na 10 na Equita Private Debt Fund BeBeez

Italian Entertainment Network

private placement na 10 apr-24 nd na Pricoa Capital BeBeez

Baia Silvella spa minibond na 10 nd nd na

Fondo Pensione Solidarietà Veneto (mandato di Finint

Investments sgr), BeBeez

fondi di minibond di Anthilia sgr,

Banca Ifis e Veneto Sviluppo

Tema mnibond na 10 set-25 3 na Volksbank BeBeez

U-Invest srl mnibond na 10 lug-22 euribor 3m (min 0%) +190bps na Unicredit BeBeez

Selle Royal minibond ExtraMot Pro 10 dic-24 4,95% na Mediobanca Fondo per le

Imprese 2.0 (Mediobanca sgr) BeBeez

Ipi spa minibond ExtraMot Pro 9,12 apr-21 7% na na BeBeez

newco invested in Neronobile srl

subordinated minibond na 8,9 nd nd nd Equita Private Debt Fund BeBeez

Fecs Partecipazioni spa minibond ExtraMot Pro 8 dic-24 4,25% na na BeBeez

Venchi minibond nd 7 nd nd na Unicredit BeBeez

Andriani spa minibond ExtraMot Pro 6 dic-22 5,25% na Mediobanca Fondo per le

Imprese 2.0 (Mediobanca sgr) BeBeez

Nuceria Adesivi minibond na 6 mar-24 5,50% na Fondo Impresa Italia (Riello

Investimenti sgr) e Banca Sella BeBeez

newco for the acquisition of SEI-Società Editrice Internazionale minibond na 6 lug-22 7,25% shares pledge Tenax Capital BeBeez

Impresa Percassi minibond ExtraMot Pro 5,8 ago-22 6,25% na na BeBeez

Solis srl green bond ExtraMot Pro 5,4 giu-36 floating rate na Italian Green Bond Fund

(Foresight Group) BeBeez

Orva srl minibond nd 5 nov-23 5.3% Fei (InnovFin Sme

Guarantee Facility) Anthilia Bond Impresa Territorio

and Anthilia BIT Paralle BeBeez

Issuer Type of debt Stock Exchange Issue

size Maturity Coupon Collateral Principal investor BeBeez's

post

Spinosa spa minibond nd 4,5 mar-24 nd na Fondo Impresa Italia (Riello

Investimenti sgr) BeBeez

Ricci spa minibond ExtraMot Pro 4 set-22 5% na na BeBeez

Tratter Engineering minibond nd 4 dic-24 3% na Fondo Srtrategico Trentino-Alto Adige (Finint sgr) and Volksbank BeBeez

Werther spa minibond ExtraMot Pro 3 set-23 5,38% na nd BeBeez

Acerbis spa minibond ExtraMot Pro 3 feb-23 3,75% na Confidi Systema! , Finlombarda BeBeez

Conte Tasca d'Almerita minibond ExtraMot Pro 3 set-25 3,90% na na BeBeez

Gruppo Scai minibond na 2,5 dic-23 5,50% secured na BeBeez

Nar spa minibond na 2 giu-25 floater na Unicredit BeBeez

Gruppo Albini minibond na 2,5 set-24 eur3m (min 0%)+300bps na Unicredit BeBeez

Car Clinic srl minibond ExtraMot Pro 2 mag-23 3,25% na na BeBeez

Giglio.com minibond ExtraMot Pro 2 ago-24 6,25% na Fondo Progetto Minibond Italia

(Zenit sgr) BeBeez

Piazza Italia minibond na 3 na Unicredit BeBeez

Dolomiti Fruits srl minibond na 3 dic-24 nd na Fondo Strategico Trentino Alto-

Adige (Fiint sgr) BeBeez

GS Industry spa minibond ExtraMot Pro 3 dic-21 4,35% na na BeBeez

Niederstätter srl minibond na 2 dic-24 nd na Fondo Strategico Trentino Alto-

Adige (Fiint sgr) BeBeez

Velenosi minibond

short term na 3 giu-19 5,65% Fei (InnovFin Sme

Guarantee Facility) Anthilia Bond Impresa Territorio

and Anthilia BIT Paralle BeBeez

IKOI spa minibond na 1,9 nd nd na family office BeBeez

Alma Media minibond

short term ExtraMot Pro 1.85 dic-19 5,50% na na BeBeez

Cooperativa Allevatori Ovini (sp CheeseTake srl)

CBO of minbonds nd 1,75 nd nd

cheese warehouse pledge ana Confidi

Sardegna Sfirs and othe investors BeBeez

Caar spa minibond ExtraMot Pro 1,7 feb-24 5,25% na na BeBeez

Frosinone Calcio spa miibond na 1,5 feb-23 8%*** na Crowd della piattaforma Tifosy BeBeez

Issuer Type of debt Stock Exchange Issue

size Maturity Coupon Collateral Principal investor BeBeez's

post

Orva srl minibond na 1 nov-23 6,50% nd

Anthilia Bond Impresa Territorio and Anthilia BIT Parallel and

Bper BeBeez

Sintexcal spa minibond na 1 lug-19 4% na Rete Fidi Liguria e altri

investitori BeBeez

Comes spa minibond

short term ExtraMot Pro 1 apr-19 3,80% na Banca Sella BeBeez

Nuceria Adesivi minibond na 1 mar-25 5,50% Fei (InnovFin Sme

Guarantee Facility) Banca Sella BeBeez

ETT minibond ExtraMot Pro 1 set-25 6,50% na na BeBeez

Your Voice spa minibond na 1 dic-22 na Fei (InnovFin Sme

Guarantee Facility) Banca Sella BeBeez

Plissé minibond ExtraMot Pro 0,75 ott-19 2,50%

secured by Cofiter, Neafidi and Acomfidi

Nord Ovest nd BeBeez

Matrunita Mediterranea srl minibond ExtraMot Pro 0,6 ott-23 6,25% na nd BeBeez

Cristiano di Thiene minibond

short term ExtraMot Pro 0,6 giu-19 3,70% na na BeBeez

ETT minibond ExtraMot Pro 0,5 ott-25 6,50% na nd BeBeez

MyChoice srl minibond

short term ExtraMot Pro 0,5 nov-18 3,00% Rete Fidi Liguria e

Confidi Sardegna na BeBeez

Zappalà minibond

short term ExtraMot Pro 0,5 nov-18 3,75% na na BeBeez

Conte Tasca D'Almerita srl minibond

short term ExtraMot Pro 0,5 ott-18 3,55% na na BeBeez

Polomarconi minibond

short term ExtraMot Pro 0,45 mag-19 4,10% na na BeBeez

CR spa minibond

short term ExtraMot Pro 0,45 mar-19 4,10% na na BeBeez

OP Faro Coop minibond

short-term ExtraMot Pro 0,4 apr-19 6% na na BeBeez

Brandini minibond

short-term ExtraMot Pro 0,3 gen-19 4% na na BeBeez

Advice Group minibond

short term ExtraMot Pro 0,3 apr-19 6% na na BeBeez

Issuer Type of debt Stock Exchange Issue

size Maturity Coupon Collateral Principal investor BeBeez's

post

Caar spa minibond ExtraMot Pro 0,3 feb-24 4,75% Fei (InnovFin Sme

Guarantee Facility) Banca Valsabbina BeBeez

HJA Italia srl minibond

short term ExtraMot Pro 0,1 lug-18 4,50% na na BeBeez

Duetti Packaging minibond

short term ExtraMot Pro 0,1 mag-19 4,50% na na BeBeez

Gruppo Magnaghi Aeronautica spa

private placement na nd nd nd na The Three Hills BeBeez

Total issues < or = 50 million euros 490,32

Total issues < or = 50 million euros 2017 all year

662,00

Grand total 4.639,32

Grand total 2017 all year 7.015,00