Update on recent debt capital market trends. Naples, 8 October, 2014

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1 Update on recent debt capital market trends 1 Naples, 8 October, 2014

2 European swap rates and yields are at record low Swap Curve Maturity 10/03/ /03/2013 Yearly (bps) 1y 0.18% 0.41% (23.60) 2y 0.20% 0.56% (35.90) 3y 0.26% 0.77% (50.75) 4y 0.35% 1.02% (66.90) 5y 0.46% 1.26% (80.02) 6y 0.59% 1.48% (88.85) 7y 0.73% 1.67% (93.85) 8y 0.87% 1.83% (96.28) 9y 1.00% 1.98% (97.83) 10y 1.13% 2.12% (99.35) 11y 1.24% 2.23% (99.15) 12y 1.33% 2.33% (99.95) 15y 1.56% 2.54% (98.55) 20y 1.77% 2.67% (90.40) 25y 1.85% 2.69% (83.75) 30y 1.89% 2.69% (79.40) Yield 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 1y 2y 3y 4y 5y 6y 7y 8y 9y 10y 11y 12y 15y 20y 25y 30y Yearly delta (RHS) 3-Oct-13 (LHS) 3-Oct-14 (LHS) MIN 12months (28-Aug-14) (LHS) MAX 12months (16-Oct-13) (LHS) bps Maturity % Average 2011: - BBB 4.0% -BB 7.8% -B 10.0% Average 2012: - BBB 3.1% -BB 7.5% -B 10.5% Average 2013: - BBB 2.4% -BB 4.4% -B 6.9% Average 2014: - BBB 1.9% -BB 3.7% -B 5.8% 2-1.5% Jan-11 Jun-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 BBB BB B 5.8% 3.5% Source: Bloomberg, BoFA, 3 October

Booming 2014YTD corporate issues in the European market 2013 - Q3 2014 issuances: breakdown by rating bn 40.0 72.8 65.1 65.2 84.4 79.2 59.4 35.0 30.0 25.0 20.0 15.0 10.0 5.0-57.6 31.2 25.9 23.5 22.

3 Booming 2014YTD corporate issues in the European market Q issuances: breakdown by rating bn Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Investment grade High yield Not rated In the first nine months of 2014 Euro-denominated corporate bond issuance reached 224bn (+15% vs. the same period of last year) due to strong investors appetite underpinned by the huge amount of liquidity which is characterising the current year. In particular IG issuers have been very active, especially in September 2014, reaching record issue volumes of 31bn The first three months of 2014 were characterized by the boost of high yield issues reaching 18bn due to lower interest rates, a trend that continued in the second quarter of the year increasing even more up to 29bn. On the unrated market side, few issuers tapped the market in the first part of the year, when investors appetite was more focused on investment grade issues. Unrated transactions increased notably in the second quarter of the year, with total issues of 6bn, compared to the 2bn experienced during the same period of the previous year Supply from peripheral issuers (Italy, Greece, Portugal and Spain) accounted for 17% (i.e. 38bn) of total corporate supply in the first nine months of 2014, ca. 6% lower contribution than in the same period of 2013 Source: Bloomberg 3

Increasing supply in the Italian public market Italian bond market has been particularly active in the first nine months of 2014, with new issue volumes that have reached a total of 20.

2013 Other European 6% Benelux 6% Iberia 7% Italy10% Non-European 4% Nordics 3% France 23% Germany/ Austria 20% UK 10% US 10% 20.3 17.8 bn 4.0 8.5 3.8 15.5 3.5 3.0 2.5 2.0 1.5 1.0 0.5-2.7 2.4 2.3 2.

4 Increasing supply in the Italian public market Italian bond market has been particularly active in the first nine months of 2014, with new issue volumes that have reached a total of 20.3bn a 11% increase versus the same period of the previous year In the first three quarters of 2014 Italian issuers represented the 10% of the total European market versus 8% of the same period of 2013 Other European 6% Benelux 6% Iberia 7% Italy10% Non-European 4% Nordics 3% France 23% Germany/ Austria 20% UK 10% US 10% bn Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Investment grade High yield Not rated Hybrid Source: Bloomberg 4

5 Increasing supply in the Italian public market (cont d) The table below shows the list of all Italian public deals closed in 2014 YTD for a combined amount of ca. 20.8bn Issuer S&P Moody's Coupon (%) Launch date Maturity Issued Amount ( m) Pricing (bps) Industry Exor BBB+ NR Oct-14 Oct ms+148 Diversified Operations CNH Industrial BB+ Ba Sep-14 Sep ms+222 Automotive Fiat* BB- B Sep-14 Jul ms+338 Auto Twin Set B B1 Eur3m Jul-14 Jul Eur3m+611 Retail Cooperativa Muratori & Cementisti B B Jul-14 Aug ms+653 Building&Construction Fiat BB- B Jul-14 Jul ms+363 Auto 2i Rete Gas BBB Baa Jul-14 Jul ms+112 Utility 2i Rete Gas BBB Baa Jul-14 Jul ms+160 Utility Acea BBB- Baa Jul-14 Jul ms+128 Utility Iren NR NR Jul-14 Jul ms+208 Utility Hera BBB Baa Jun-14 Jul ms+100 Utility Wind BB Ba3 Eur3m Jun-14 Jul Eur3m+400 Telecom Wind BB Ba Jun-14 Jul-20 2,100 ms+314 Telecom Officine Maccaferri NR B May-14 Jun ms+465 Industrial TeamSystem* B- B Apr-14 May ms+467 Software&Services Kedrion Group NR NR Apr-14 Apr ms+373 Pharma Snam BBB+ Baa Apr-14 Apr ms+73 Utility Piaggio & C. BB- Ba Apr-14 Apr ms+336 Auto SEA NR NR Apr-14 Apr ms+184 Airports FGA Capital BB+ Baa Apr-14 Apr ms+175 Auto Wind B Caa Apr-14 Apr-21 1,750 ms+568 Telecom IVS Group* BB- NR Mar-14 Apr ms+474 Vending Machines Fiat BB- B Mar-14 Mar-21 1,000 ms+340 Auto CNH Industrial BB+ Ba Mar-14 Mar-19 1,000 ms+190 Automotive Astaldi* B+ B Feb-14 Dec ms+481 Engineering&Construction SIAS NR Baa Feb-14 Feb ms+152 Public Thoroughfares Luxottica A- NR Feb-14 Feb ms+80 Optical Supplies Eni A A Jan-14 Jan-29 1,000 ms+120 Oil&Gas Finmeccanica* BB+ Ba Jan-14 Jan ms+300 Aerospace&Defence FGA Capital BB+ Baa Jan-14 Jan ms+200 Auto Telecom Italia BB+ Ba Jan-14 Jan-21 1,000 ms+300 Telecom Beni Stabili NR NR Jan-14 Jan ms+318 Real Estate Snam BBB+ Baa Jan-14 Jan ms+128 Utility Enel** BB+ Ba Jan-14 Jan-75 1,000 ms+365 Utility Sum 20,755 * Tap, ** Hybrid; Source: Bloomberg 5

6 Bonds issued by unlisted Italian companies After June 2012 law decree, 25 not listed companies issued bonds for a total amount of Eur 9.5bn Issuer S&P Moody s Coupon (%) Issue date Maturity Amount issued (Eur m) Pricing (bps) Industry First issuance Twin Set B B1 Eur3m Jul-19 Jul Eur3m+611 Retail Y CMC Ravenna B B Jul-14 Aug ms+653 Building&Construction Y 2i Rete Gas BBB Baa Jul-14 Jul ms+112 Utility Y 2i Rete Gas BBB Baa Jul-14 Jul ms+160 Utility Y Officine Maccaferri NR B May-14 Jun ms+465 Industrial Y TeamSystem B- B Apr-14 May ms+467 Software&Services N Kedrion Group NR NR Apr-14 Apr ms+373 Pharma Y Società per Azioni Esercizi Aeroportuali SEA NR NR Apr-14 Apr ms+184 Airports Y IVS BB- NR Mar-14 Apr ms+474 Vending Machines N Aeroporti di Roma BBB+ Baa Dec-13 Feb ms+165 Airports Y Ferrovie dello Stato Italiane BBB NR Dec-13 Dec ms+180 Railroad N Linea Group NR NR Nov-13 Nov ms+292 Utility Y Fincantieri NR NR Nov-13 Nov ms+276 Transportation Y Marcolin B- B Nov-13 Nov ms+710 Optical Supplies Y Rhiag B B Oct-13 Nov ms+565 Automotive Y Rhiag B B2 Eur3m Oct-13 Dec Eur3m+550 Automotive Y Manutencoop Facility Management B+ B Jul-13 Aug ms+719 Consumer Services Y Gamenet B+ B Jul-13 Aug ms+605 Gaming Y Salini Costruttori BB- NR Jul-13 Aug ms+514 Building&Construction Y Ferrovie dello Stato Italiane BBB NR Jul-13 Jul ms+268 Railroad Y Poste Italiane BBB Baa Jun-13 Jun ms+225 Post & Courier Services Y Sisal Holding Istituto di Pagamento B B May-13 Sep ms+654 Gaming Y TeamSystem B- B Apr-13 May ms+627 Software&Services Y IVS BB- NR Mar-13 Apr ms+588 Vending Machines Y Zobele B B Jan-13 Feb ms+687 Consumer Products Y Cerved Technologies BB- Ba Jan-13 Jan ms+506 Financial information provider Y Cerved Technologies B B Jan-13 Jan ms+652 Financial information provider Y Guala Closures B B1 Eur3m Nov-12 Nov Eur3m+538 Containers&Packaging N Sum 9,480 Source: Bloomberg 6

7 A selection of European shipping companies outstanding bonds Issuer Coupon (%) Announcement date Maturity Currency Outstanding Bid-yield to Rating S&P Rating Moody's amount (m) maturity (%) Type of issue AP MOLLER-MAERSK Sep Sep-19 USD 750 BBB+ Baa Unsecured AP MOLLER-MAERSK Sep Sep-24 USD 500 BBB+ Baa Unsecured STENA INTERNATIONAL Feb-14 1-Mar-24 USD 350 BB+ Ba Secured* STENA Jan-14 1-Feb-24 USD 600 BB B Unsecured CMA CGM Dec Dec-18 EUR 300 B- Caa Unsecured NAVIOS MARITIME Nov Jan-22 USD 650 BB- B st lien** NAVIOS MARITIME Oct Nov-21 USD 610 B+ B st lien*** HAPAG-LLOYD Sep-13 1-Oct-18 EUR 400 B- Caa Unsecured AP MOLLER-MAERSK Mar-13 4-Apr-25 GBP 300 BBB+ Baa Unsecured AP MOLLER-MAERSK Aug Aug-19 EUR 750 BBB+ Baa Unsecured NAVIOS MARITIME Aug Feb-19 USD 350 B+ Caa Unsecured CMA CGM Apr Apr-17 USD 396 B- Caa Unsecured CMA CGM Apr Apr-19 EUR 286 B- Caa Unsecured HAPAG-LLOYD Oct Oct-15 EUR 267 B- Caa Unsecured HAPAG-LLOYD Oct Oct-17 USD 250 B- Caa Unsecured STENA Mar Mar-20 EUR 200 BB B Unsecured STENA Feb-07 1-Feb-19 EUR 102 BB B Unsecured STENA Feb-07 1-Feb-17 EUR 300 BB B Unsecured % 12 Secondary levels for a selection of shipping companies issues Bid - yield to maturity Oct-13 Nov-13 Jan-14 Mar-14 Apr-14 Jun-14 Jul-14 Sep-14 CMA CGM due 15-Dec-18 HAPAG-LLOYD AG due 01-Oct-18 AP MOLLER-MAERSK A/S due 28-Aug-19 CMA CGM due 15-Apr-19 HAPAG-LLOYD due 15-Oct-15 STENA AB due 15-Mar-20 STENA AB due 01-Feb-19 STENA AB due 01-Feb-17 NAVIOS MARITIME due 15-Jan-22 * The notes are secured on a pari passu first mortgage basis by two drilling vessels: Stena Drillmax and Stena Carron ** The notes are secured by first priority ship mortgages on 23 vessels *** The notes are secured by first priority ship mortgages on 12 vessels Source: Bloomberg, 3 October

8 Debt structure of a selection of European companies operating in the shipping sector The chart below highlights the debt structure of some companies operating in the shipping industry, showing an average bond stake of the total debt equal to 38% m Eq. 14,000 Companies Revenues (Eur eq. m) AP Moller-Maersk 19,061 CMA CGM 11,570 Hapag-Lloyd 6,567 Stena 3,418 Navios Maritime % 12,000 11,104 83% 90% 80% 10,000 70% 8,000 6,000 4,000 2,000 37% 4,228 24% 29% 3,048 6,779 19% Average 38% 1,306 60% 50% 40% 30% 20% 10% 0 AP Moller-Maersk CMA CGM Hapag-Llyod Stena Navios Maritime Bank loan and other financial liabilities Bonds % Bond over total debt 0% Source: Company Filings 2014 H1 Exchange rate: USD 1 = EUR 0.793, SEK 1 = EUR 0.11, as on 3 October

Changes introduced by Law Decrees in 2012-2014 TAX MEASURES ON LENDING No withholding tax on interest on medium and long term loans paid by Italian businesses to (i) EU banks, (ii) EU insurance

25% substitute tax ( imposta sostitutiva ) on medium-term loans (already optional after Destinazione Italia decree), which excludes financing transactions from the application of stamp duty and other

regulatory standpoint, Italian insurance companies and securitisation vehicles could lend directly to companies* provided that the following conditions are met: REGULATORY MEASURES the borrower is

a 'significant interest' in the transaction until the relevant maturity in the case of insurance companies only: the insurance company maintains adequate internal control and risk management systems

9 Changes introduced by Law Decrees in TAX MEASURES ON LENDING No withholding tax on interest on medium and long term loans paid by Italian businesses to (i) EU banks, (ii) EU insurance companies, and (iii) collective investment schemes (unleveraged) and established within the EU or in an EEA State allowing an adequate exchange of information The 0.25% substitute tax ( imposta sostitutiva ) on medium-term loans (already optional after Destinazione Italia decree), which excludes financing transactions from the application of stamp duty and other taxes on the funding and the relevant security package, will be extended to cover also the subsequent transfer of the receivables, and other associated security, on the secondary market From a regulatory standpoint, Italian insurance companies and securitisation vehicles could lend directly to companies* provided that the following conditions are met: REGULATORY MEASURES the borrower is identified by a bank or a financial intermediary (a financial intermediary is an Italian regulated entity professionally engaged in financing activities) the above bank/financial intermediary retains a 'significant interest' in the transaction until the relevant maturity in the case of insurance companies only: the insurance company maintains adequate internal control and risk management systems (enabling it fully to appreciate the underlying risks) and must be adequately capitalised in the case of securitisation vehicles only: the notes issued under the securitisation transaction are to be subscribed for by qualified investors pursuant to article 100 of the Italian Consolidated Financial Act BONDS Unlisted companies can issue bonds without any size and tax restrictions The 0.25% substitute tax has been extended also to finance transactions structured as issuance of bonds or other debentures similar to bonds DIRECT LENDING TO ITALIAN COMPANIES IS STILL UNFEASABLE FOR INSTITUTIONAL INVESTORS DIFFERENT FROM INSURANCES *Subject to more detailed rules to be set by IVASS and Bank of Italy 9

10 Disclaimer This document (the Document ) has been drawn up by Mediobanca - Banca di Credito Finanziario S.p.A. ( Mediobanca ). The information contained in the Document should not be viewed as complete and exhaustive, and the accuracy of the information can in no way be guaranteed. The Document has been prepared on the basis of data and information provided by the Issuer or which is in the public domain, within the scope and on the basis decided in good faith by Mediobanca. Such scope and basis, however, are not the only ones which might have been selected for the purpose of drawing up the Document, and accordingly use of another scope and/or basis may lead, in good faith, to analysis and assessments that differ in whole or in part from those contained herein. The Document is being provided to you for information and illustration purposes only and is purely indicative in nature; accordingly, the Document in no way constitutes a proposal to execute a contract or an offering of financial products to the public, nor advice or a recommendation to purchase or sell any financial product whatsoever. The Document is addressed exclusively to yourselves, and may not be delivered or otherwise disclosed to third parties or reproduced even in part without prior authorization from Mediobanca. The possible involvement of Mediobanca in the transactions outlined in the Document is subject to the authorizations required by Mediobanca s internal procedures and regulations. The Document does not constitute an outright offer or a commitment on Mediobanca s part to subscribe for any financial product. Mediobanca is the parent company of the Mediobanca Banking Group, the companies of which are involved in a wide range of financial transactions, both on a proprietary basis and on behalf of clients. It is possible that Mediobanca, or any one of its subsidiaries or associate companies, or any one of the clients of Mediobanca or the Group headed up by it, may have entered into agreements with or hold investments in, or may execute or have executed transactions, which could lead to a situation of potential conflict of interests vis-à-vis the transactions described in the Document. If any conflicts of interest should arise in the performance of the aforementioned mandate, these shall be managed in such a way as not to prejudice the interests of the clients, as required by Directive 2004/39/CE and the related second-level provisions and by the respective regulations transposing and implementing such provisions in Italy and the policy for managing conflicts of interest adopted by Mediobanca. 10

TOTAL DEBT AT 17.3BN; TELECOM BONDS LEAD WITH EUR 8.85BN IN ISSUANCE

TOTAL DEBT AT 17.3BN; TELECOM BONDS LEAD WITH EUR 8.85BN IN ISSUANCE Howard Tang, CFA Global Head of Debtwire Research +1 646 412 5372 howard.tang@debtwire.com Yana Dostinova Head of Europe Research +44 (0)20 7010 6298 yana.dostinova@debtwire.com Nick Smith-Saville Senior