PRESS FOLDER ABOUT US WHAT WE DO. Ratings

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1 PRESS FOLDER ABOUT US CRIF Ratings, a CRIF Group company, is a credit rating agency authorized to assign ratings to non-financial companies based in the European Union in the form of bond issuer and issue ratings. The agency is subject to supervision by ESMA (European Securities and Markets Authority), the European authority set up to ensure the correct operation of the financial markets. CRIF Ratings is a member of EACRA, the European Association of Credit Rating Agencies. CRIF Ratings is recognized as an ECAI (External Credit Assessment Institution) in accordance with the European Regulation 575/2013 and the Directive of the European Parliament and of the Council 2013/36/EU. The agency team is made up of professionals coming from leading international rating agencies and European financial institutions. Quality and independence guide the agency's operations, supporting the Italian and international financial community. WHAT WE DO Ratings CRIF Ratings assigns ratings to: companies (so-called issuer ratings) financial instruments (so-called issue ratings) Rating analysis involves the senior management of the company being assessed (and, where significant, the owners). The aim of the rating is to give an independent opinion on the ability and desire of the company to fulfill financial obligations in full and on time. The analysis, aimed at assessing the ability to generate sufficient future cash flows to honor financial commitments, focuses on two main areas: 1. business risk, i.e. analysis of the sector the company operates in, its competitive positioning, strategies, and country risk in terms of economic and structural factors and trends 1 / 6

2 2. financial risk, i.e. the historic and future analysis of the main economicfinancial aggregates and ratios, cash flows and financing source structure The ratings issued by CRIF Ratings can be used to fulfill the prudential capital and solvency requirements of banks, financial institutions, and insurance and reinsurance companies (ECAI Recognition). Ancillary Services Taking advantage of the analytical and methodological know-how and information assets of CRIF Group, CRIF Ratings offers ancillary services, including: Industry analysis: analysis by macro-sector on a quantitative and/or qualitative basis, using the main macro-economic, balance sheet and credit risk indicators Benchmarking analysis: risk analysis of companies in the portfolios of financial institutions through the CRIF Business Default Index (CBDI) Dimensione Confidi: credit risk analysis of Confidi based on the analysis of balance sheets and the risk of company portfolios guaranteed by Confidi; the analysis is made available to banks to support credit policies Private Credit Estimate: issued on a private basis at the request of a company or third party, giving an indication of the probable creditworthiness of a company or one of its debt instruments within the framework of acquisitions, sales, restructuring, or extraordinary debt or capital transactions Company Risk Assessment: assessment of the financial solvency of a nonfinancial company requested by a third party Public Administration Risk Assessment: independent assessment of the risk of local and regional entities, and publicly-owned entities in general, provided to financial institutions, insurance companies and Public Administrations. The assessment is based on public balance sheet data ('Statement of Accounts') and statistical data published by public sources (e.g. Ministry of the Interior and the Institute of Statistics). There are two main areas of analysis: the socio-economic area and financial area Confidi Solvency Assessment: assessment of the financial solvency of Confidi provided on a private basis to Confidi and mainly requested in the Italian market Company Solvency Assessment: assessment of the financial solvency of a non-financial company provided on a private basis to companies Public Administration Solvency Assessment: independent assessment on a private basis of the risk of local and regional entities, and publicly- 2 / 6

3 owned entities in general, provided to the rated entity. The service involves the collaboration of the PA body undergoing evaluation. STUDIES AND RESEARCH CRIF Ratings regularly produces analyses, studies and comments aimed at looking in detail at the prospects of the credit market and world of credit in general. The latest studies include: analysis and forecasting of the default rates of Italian companies outlook for the food and beverage, construction and marine industries study of the water industry, of new tariffs and investments analysis of the performance and risk of the wine-growing and producing industry in conjunction with Nomisma s Wine Monitor tool SENIOR MANAGEMENT Silvia Ghielmetti, CEO Silvia has been the General Manager of CRIF S.p.A. since 2010, and is the CEO of CRIF Ratings and manager of CRIF Credit Solutions, the CRIF group division specializing in credit and risk management consultancy, models and management solutions. Silvia is a member of the CRIF Group Executive Committee and a member of the board of CRIF Credit Solutions Ltd. She has been a member of the board of EACRA, the European Association of Credit Rating Agencies, for six years, and as part of CRIF Ratings she manages relations with the European Parliament, the European Commission, the EBA (European Banking Authority), and all other European institutions. Before joining CRIF Group in 1990, Silvia was the Director of the Syndicated Loans office at RASFIN - the Allianz group based in Milan ( ), where she looked after the long-term financing of large enterprises. Silvia graduated with honors in Monetary Economics from the University of Bocconi in Milan (1985). 3 / 6

4 Andrea Bargioni, General Manager Andrea Bargioni has been appointed General Manager of CRIF Ratings after over 20 years in Management Consulting and Investment Banking. Andrea has come from Accenture, where he predominantly worked in the financial services sector, holding the role of Managing Director for the last 10 years. During his time at Accenture, Andrea supported leading Italian and European banks on a number of project types, including M&A, sales performance turnaround, credit process review, and operating model optimization. Before joining Accenture, Andrea worked for Bank Austria, now Unicredit, in the Investment Banking division, working on business M&A transactions on a European level, as well as for other leading strategic consultancy firms. Andrea graduated in Business Administration from Bocconi University in Milan, and completed his education in the United States at the Michigan Business School. Francesca Fraulo, General Manager Francesca joined CRIF Ratings in October 2014 as manager of the analytical team. Since 2017 she has been General Manager, taking on responsibility for coordinating the operating, organizational and strategic functions of the Agency, reporting to the Board of Directors. She coordinates a team of 15 analysts based in Italy and Spain. She is responsible for the rating activities and ancillary services offered by the Agency to banks, financial institutions, institutional investors and asset managers both in Italy and abroad. Prior to this, Francesca was Director of the EMEA Utilities & Transport team at FitchRatings, first in London ( ) and then in Milan ( ). She was lead analyst for a portfolio of leading European companies operating in the utilities, oil&gas, transport and logistics sector including Enel, Eni, Edison, Acea, Terna, Endesa, Energia de Portugal, Enagas, Red Electrica, Iberdrola, Scottish Power, Electricité de France, E.ON, RWE, EnBW, Fingrid, DP DHL, and Deutsche Bahn. Before FitchRatings, Francesca worked as an Associate Banker in the Global Debt Origination team (Power & Utilities) at Dresdner Kleinwort Wasserstein in London ( ). 4/6

5 Prior to this, she worked as an Associate Banker in the Project Finance department at Mediocredito Centrale in Rome ( ). Francesca started her professional career as an Analyst in the Global Project Finance department at Citibank in London. She graduated with honors in Business and Economics from La Sapienza University of Rome and then gained a post-graduate diploma in International Business Law from the University of Parma. Daniele Filippi, Director Daniele joined CRIF Ratings in April 2016 as the Head of Marketing & Business Development, with responsibility for relationship management and development within the Agency, for both rating activities and ancillary services, in relation to the corporate market, banks, financial institutions, advisors, institutional investors and asset managers in Italy and abroad, reporting to the CEO of CRIF Ratings. He came to CRIF from GE Capital Interbanca, where from 2011 he held the role of Senior Corporate Banker, originating corporate finance transactions in the large corporate sector. Prior to this he spent six years ( ) at BNP Paribas Fortis as a Relationship Banker, managing transactions in multiple banking products for a diversified portfolio of public sector companies and bodies. From 2001 to 2005, he was the Relationship Manager in the Coverage team at Société Générale CIB, originating debt capital market, securitization, derivative and project financing transactions for the bank s business line aimed at the large corporate and public sector in Italy. After graduating in Economics in 1998 from the University of Bologna, he started his career at PriceWaterhouseCoopers as an auditor and then senior consultant with a focus on due diligence and IPOs. Daniele is a Chartered Accountant and Auditor. ABOUT CRIF Specializing in credit information systems, business information and credit management solutions, CRIF offers banks, financial institutions, utility companies and businesses qualified support in every phase of the customer relationship. From the planning of development strategies to acquisition, through to portfolio management and credit collection. Established in 1988 in Bologna (Italy), CRIF has an international presence, operating over four continents (Europe, America, Africa and Asia). More than 6,300 5/6

6 banks and financial institutions, 55,000 companies and 310,000 consumers worldwide use CRIF services across 50 countries. In 2017, the company's gross income was million euros, with a total net worth of million euros. CRIF has over 4,400 professionals across its branches and subsidiaries around the world. 6 / 6