2 2  The Italian private equity and venture capital industry  The Italian private debt industry

3 3  The Italian private equity and venture capital industry  The Italian private debt industry

4 4 Players Players Fundraising Investments Divestments

5 5 Players analysed

6 6 Early stage players Italian banks Evolution of players analysed by type Reg./pub. players International players Generalist SGR and investment companies

Italian players 28 Italian players Active players by investment stage 24 International players 26 International players

8 8 Portfolio at December 31 st 2015 *Not considering international and captive players

9 9 Composition of portfolio at December 31 st ,235

10 Players Fundraising Investments Divestments

11 Evolution of annual fundraising activity (Euro Mln) Note: market fundraising below the white line * F2i included - ** Fondo Strategico Italiano included (captive fundraising in 2013, market fundraising in 2014)

12 Fundraising activity by source (Euro Mln)

13 New funds raised on the market (Euro Mln) Note: the category closed-end funds includes also regional/public players and players focused on early stage activity that have this legal structure * F2i included - ** Fondo Strategico Italiano included ,348 2,487

14 Funds raised by geographical distribution * Data influenced by the activity of Fondo Strategico Italiano, which raised a huge amount of capital from public foreign investors

15 Distribution by source of new funds raised

16 Geographical breakdown of funds raised

17 Fundraising expected allocation 17%

18 Players Fundraising Investments Divestments

19 Evolution of investment activity * The figure concerning the amount invested includes (above the broken line) the activity of players not based in Italy included sovereign funds and other international players whose business model can be assimilated to private equity players

20 Investment activity by stage in 2015

21 Investment distribution by type of player in 2015

22 Average invested amount by stage in 2015 * Investments with an amount included between 150 and 300 Euro Mln (large deal) or more than 300 Euro Mln (mega deal)

23 Invested amount by deal size Note: statistics based on companies financed (in case of syndicated deals the amount considered is the sum of all private equity investments in that company) * Investments with an amount included between 150 and 300 Euro Mln (large deal) or more than 300 Euro Mln (mega deal)

24 Early stage investments

25 Distribution of early stage investments by type of player (number)

26 Expansion investments

27 Distribution of expansion investments by type of player (number)

28 Turnaround investments

29 Replacement investments

30 Buy out investments

31 Distribution of buy out investments by size (number)

32 Distribution of buy out investments by type of player (number)

33 Evolution of initial and follow on investments by number * Secondary buy out included

34 Distribution of initial investments by stage and target company turnover (number) % % % % % % % Buy out 41% Expansion 30% Replacement 5% Early stage 22% Turnaround 2% Note: turnover classes in Euro Mln

35 Geographical distribution of investments by number in 2015 (+3%) (+4%) (+14%) (8%) Note: percentage change on 2014 data in brackets Italy 96%

36 Geographical distribution of investments by amount in 2015 Italy 97%

37 Regional distribution of investments by number in 2015

38 Distribution of investment by sector 2015 (number)

39 % of investments in high-tech companies by number and amount in 2015

40 Distribution of investments in high-tech companies by sector in 2015 (number)

41 Distribution of investments by target companies employees SME 81%

42 Distribution of investments by target companies turnover (Euro Mln) SME 77%

43 Distribution of investments by stage and geographical area (companies <250 employees) (number) Buy out 23% Expansion 26% Replacement 6% Early stage 44% Turnaround 1% North 67% Centre 18% South and Islands 11% Abroad 4%

44 Players Fundraising Investments Divestments

45 Evolution of divestment activity

46 Distribution of divestments by way out (number)

47 Distribution of divestments by way out (amount)

48 Distribution of divestments by type of player (number)

49 Distribution of divestments by original investment (number)

50  The Italian private equity and venture capital industry  The Italian private debt industry

51 Private equity and private debt Only private debt SGR International players Other italian players 75% Without office in Italy 25% With office in Italy Distribution of players by type of activity Distribution of players by type of firm Characteristics of private debt players Note: considering only AIFI members

Evolution of fundraising activity (Euro Mln) Distribution of market fundraising by source ( ) Other 3% Endowm. and found. 6% Individual inv. and family office 6% Pension funds 16% Insurance comp. 20% Banks 49% Evolution and characteristics of market fundraising activity Note: on a sample of 16 players

53 Evolution of investment activity Evolution of amount invested (Euro Mln) Evolution of number of investments

54 Distribution of deals by instruments (period ) Distribution of bonds by amount (bonds, period ) Characteristics of investment activity Turnover classes in Euro Mln

55 Characteristics of target companies ( ) Distribution of target companies by region (first 5 regions) Distribution of target companies by sector (first 6 sectors) Note: distributions based on the target companies and not on the instrument used by the single player

56 Distribution of target companies by size ( ) Distribution of target companies by employeesDistribution of target companies by turnover (Euro Mln) Note: distributions based on the target companies and not on the instrument used by the single player