Cartesio S.R.L.

- Cartesio s.r.l. -

CERTIFICATION OF

THE FINANCIAL STATEMENTS

ENDED 30 June 2021

IN COMPLIANCE WITH TRANSPARENCY LAW

IMPLEMENTING DIRECTIVE 2004/109/EC

The undersigned Angela Icolaro, in his capacity as Chairman of the Board of Directors and Manager responsible for the preparation of the financial statements of Cartesio S.r.l.,

hereby declares that to the best of their knowledge, the financial statements for the year ended 30 June 2021 have been prepared in accordance with the applicable set of accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer and that the Interim Management Report includes a fair review of the evolution and the results, the situation of the Issuer and a description of the principal risks and uncertainties. I also confirm that the expression “true and fair view” shall annual report with the IAS 34.

Milan, 31 July 2021 Angela Icolaro ______Chairman of the Board of Directors Manager responsible for the preparation of the financial statements of Cartesio S.r.l.

Cartesio s.r.l. – Sede: Viale Majno, 45 – 20122 Milano Cap. Soc. Euro 10.000 i.v. – Rea MI 1634238 – C.F. 06000391000 – P.I. 03315590962 Iscrizione Elenco Società Veicolo n. 32398.0 [email protected] CARTESIO S.r.l. – 30 June 2021 1

Cartesio S.r.l.

Registered office: Viale Majno 45, Milan Included in the List of Vehicle Entities under No. 32398.0 Registered with the Milan REA under No. 1634238 Tax Code 06000391000 VAT No. 03315590962 Quota capital: Euro 10.000 – fully paid-in

HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2021

The Half-Yearly Financial Report for the six months ended 30 June 2021 has translated into English solely for the convenience of international readers, so the translation from the Italian remains the original and definitive version

CARTESIO S.r.l. – 30 June 2021 2

BOARD OF DIRECTORS PRESIDENT: Angela Icolaro

DIRECTOR: Luca Mercaldo Luca Manzoni

BOARD OF STATUTORY

PRESIDENT: Guido Cinti STATUTORY AUDITORS: Fabio Mazzoleni

Emanuele Toffoloni Maria Alcide Giulio Tonelli

Antonino Saccà

INDIPENDENT AUDIT

PricewaterhouseCoopers SpA

CARTESIO S.r.l. – 30 June 2021 3

CONTENTS

Pag. Directors' Report 4 Half yearly financial report as of 30 June 2021 Statement of Financial position 12

Income Statement 13 Statement of Comprehensive Income 14 Statement of Changes in Equity 15

Statement of Cash Flows 17

Note to the Financial Statements 19 v Part A – Accounting Policies 19 v Part B – Notes to the Statement of Financial position 25 v Part C – Notes to the Income Statement 28 v Part D – Other Information: 30 Portfolio SAN.IM. 31

CARTESIO S.r.l. – 30 June 2021 4

FOREWORD

Cartesio S.r.l. has adopted the Bank of Italy’s regulation dated on 29 April 2011 in implementation of Legislative Decree no. 141/2010, amending Art. 3.3 of Law no. 130 of 30 April 1999 entitled "Provisions relating to the disclosure requirements and statistics of securitisation vehicles," published in the Official Journal no. 110 of 13 May 2011 – general series. For this reason, the Special Purpose Vehicle (“SPV”) is not required to register with the General List pursuant to Art. 106 of the consolidated banking act (“TUB”) for special purpose vehicles created for the securitisation of loans and receivables (“SPVs”). Under Art. 11 of the regulation, the SPV, which had previously registered with General List as required by art. 106 of the TUB, was cancelled from it and automatically included as no. 32398.0 in the List of Vehicles with the Bank of Italy.

The Half-yearly report are prepared using the formats required by the "Instructions for preparing the Half-yearly report and reports of financial intermediaries, payment institutions, electronic money institutions, asset management companies and investment firms" as of 30 November 2018 issued by the Bank of Italy and subsequent additions dated on 27 January 2021, concerning the impacts of Covid 19 and the measures to support the economy and amendments to IAS/IFRS, although these replaced those issued on 15 December 2015 and following (the most recent, which referred to securitisation special purpose vehicles as entities no longer eligible under Legislative Decree No. 141/2010 and related corrective decrees as non-bank financial intermediaries). This format have replaced those issued on 15 December 2015 and following (the last ones that referred to the vehicle companies for the securitization, as subjects currently no longer qualifiable, pursuant to Legislative Decree 141/2010 and related corrective decrees, as non-bank financial intermediaries). The use of these Half-yearly report formats, although mandatory for Financial Intermediaries registered in the Register required by art. 106 T.U.B., was deemed reasonable in order to provide information on the company's financial position, economic result and financial flows that are useful for users of the Half- yearly report in making economic decisions and which are at the same time relevant, reliable, comparable and understandable both with regard to corporate management and with regard to separate assets.

The IFRS and related interpretations (SIC/IFRIC) applied are those endorsed by the European Union and in effect when these Half-yearly report were approved.

In particular, the half-yearly report as of 30 June 2021 includes:

 directors’ report,  statement of financial position and income statement,  statement of comprehensive income,

CARTESIO S.r.l. – 30 June 2021 5

 statement of changes in shareholders’ equity,  statement of cash flows,  note to the half-yearly report.

DIRECTORS’ REPORT

GENERAL INFORMATION 1.1 Business Activities

Cartesio S.r.l. is a loan and receivable securitisation vehicle set up on 9 February 2000 pursuant to Article 3 of Italian Law 130 of April 30, 1999 and automatically included in the Bank of Italy’s List of Vehicles as no. 32398.0. The vehicle has its registered office at Viale Majno 45, in Milan. Fully subscribed and paid-in quota capital, amounting to Euro 10.000, it is 50% held by Stichting Caravaggio and 50% by Stichting Tiepolo, both them are foundations organized and operating under the laws of the Netherlands, with registered office in the Netherlands at Strozzilaan 101, Amsterdam. As established by the Bylaws and in accordance with Italian Law 130 of April 30, 1999 and related implementing provisions, the sole purpose of the Company is to carry out one or more credit securitization transactions, through the purchase for consideration of pecuniary loans, both existing and future, identifiable in bulk if it is a plurality of loans, financed through the use of the issue of securities pursuant to Art. 1.1.b) of Italian Law no. 130/1999, in such a way as to exclude any credit risk being taken on by the vehicle. As established by the By-Laws, and in accordance with the Law referred to above and other applicable regulations implementing such law, the loans acquired by the vehicle within the scope of each transaction are fully segregated from the vehicle’s assets and from those relating to other transactions. Creditors other than the holders of the securities issued to finance the acquisition of the loans and receivables have no right to claims on segregated assets. The vehicle does not have employees, insofar as the management of the securities in portfolio have been assigned to unrelated parties, and the vehicle has similarly outsourced its administrative, accounting, corporate, tax and IT functions to third parties. On January 12, 2001, Cartesio S.r.l. authorised the first securitisation transaction that reached completion on April 25, 2005. On February 3, 2001, in accordance with Art. 7.1.a) of Law no. 130/1999, it authorised the second securitisation transaction that reached completion on June 30, 2004. On February 19, 2003, it authorised the third securitisation transaction providing the purchase of a loans portfolio transferred by SAN.IM. S.p.A., arising from finance leases on certain 5

CARTESIO S.r.l. – 30 June 2021 6 properties that are part of the unavailable assets zoned for medical use of certain Local Health Agencies and certain Hospital Agencies in the Lazio Region. Incorporated pursuant to Art. 8 of Regional Law no. 16/2001 and included in the General List under Art. 106 of the TUB, San.im S.p.A. was set up solely (i) to acquire assets forming part of the unavailable property assets zoned for hospital use of certain Local Health Agencies and Hospital Agencies in the Lazio Region; (ii) to concurrently lease back, under finance lease, the same assets to the agencies that sold them, and; (iii) to transfer all the loans arising from the leases to another company, in accordance with Law no. 130/1999. The loans were transferred in two stages: on March 5, 2003, through acquisition of the first four tranches, and on May 16, 2003, through acquisition of the fifth tranche. A five-tranche bond issue financed the securitisation transaction: tranche 1 (Euro 200.000.000), tranche 2 (Euro 200.000.000), tranche 3 (USD 450.000.000), tranche 4 (GBP 200.000.000) and tranche 5 (Euro 141.000.000). On December 23, 2004, the fourth securitization transaction was authorised, which provides the acquisition of a portfolio of trade receivables transferred by FI.R.A. S.p.A., originated from supplies of goods and/or services to Local Health Agencies located in the Abruzzo Region. Incorporated pursuant to Art. 8 of Regional Law no. 16/2001, and included in the General List under Art. 106 of the TUB, FI.R.A. S.p.A. was set up solely to purchase from businesses operating in the healthcare sector receivables arising from supplies of goods and/or services to local health agencies, located in the Abruzzo Region, in accordance with Law no. 130/1999. This first transaction was designated as the “First transfer agreement ". The purchase of the receivables for Euro 336.665.683,62 was financed by a securitisation transaction, arranged by Dexia-Crediop and Merrill Lynch International, involving the placement of Asset-backed Floating Rate Notes maturing in 2016, with limited recourse: in order to advance part of the purchase price and the payment of the remainder at 31 March 2005, Cartesio S.r.l. negotiated a Bridge Loan. The proceeds from the issue of the notes were used to repay in full the Bridge Loan, and some of the Purchase Price of the securitised portfolio. Collections of the receivables will be used by Cartesio S.r.l. to meet the principal and interest payment of the noteholders. The notes were issued on April 12, 2005 with a value of Euro 336.665.000. On January 15, 2015, the last payment date for FI.R.A. Portfolio took place, and the Issuer redeemed the Notes in full at their notional amount, plus any accrued interest, on the Final Maturity Date. On November 16, 2017, the Board of Directors of Cartesio S.r.l. authorized the signing of the Framework Agreement, with which it gave to Lazio region the mandate to represent the activities related to the repurchase of the Notes and consequently the completion of all the activities necessary for the finalization of the transaction envisaged in the Framework Agreement. This Agreement allowed for the repayment of Tranche 2 and Tranche 3 Securities (the "Notes"), repurchasing the real estate assets of San.im by the Lazio Region's health and hospital companies, after the early termination of the leasing contracts that generate the

CARTESIO S.r.l. – 30 June 2021 7 securitization flows, and the resolution and/or early modification of the related Swaps contracts as a result of the total or partial repurchase of the Notes. On November 20, 2018, the Board of Directors of Cartesio Srl authorized the repurchase transaction, by the Lazio Region, and the cancellation of the Residual Quota of the Tranche 3 Security, equal to 0.76%, still in circulation after the partial repurchase of December 2017, with early termination of the related derivative contracts following the repurchase of the Priverno Civil Hospital (Latina) and the termination of the related lease agreement. The operation was realized following the prior specific Mandate Agreement signed by Cartesio and the Lazio Region. The Half-yearly report as at and for In the current and previous year ended 30 june 2021 reflect the vehicle’s securitisation transactions in place at the previously mentioned date.

1.2 Operations Cartesio S.r.l. operates under Italian Law no. 130/1999. The aspects of the Law that most influence it are the following: - exclusive purpose limited to the performance of securitisation transactions; - segregation of assets, whereby the loans and receivables relating to each securitisation transaction are segregated from the vehicle’s assets and those relating to other transactions. Various provisions of law also provide for conditions that improve credit protection for noteholders issued by the vehicle. The law requires the vehicle to allocate amounts paid by debtors exclusively to meet the obligations arising from the issued notes and to pay the transaction costs. At last, the contracts entered into by Cartesio S.r.l., in relation to the securitisation transactions, include various restrictions with respect to its operations in order to protect the rights of the noteholders. 1.3 “Limited Recourse” characteristic of the notes issued The notes issued by Cartesio S.r.l. to finance the securitization transactions are all “limited recourse”. This means that they included a credit right if there are financial resources to satisfay it. 1.4 Significant contractual aspects Cartesio S.r.l. makes use of third party companies for administrative accounting, corporate, tax and IT functions 1.5 Performance of loans and receivables Related to the SAN.IM. Portfolio, the management of the finance lease payments has been assigned to Unicredit Banca di Roma, as Servicer, and to SAN.IM., as Sub-Servicer, the duties of which are to monitor collections of the interest and principal on the residual loans and, to

CARTESIO S.r.l. – 30 June 2021 8 perform all those activities that may be required in relation to the paying services, pursuant to the Receivable Purchase Agreement.

1.6 Analysis of financial position and results of operations In the first six months of the year 2021, SAN.IM Portofolio has collected 6.082.000 as repayment of principal of finance lease payment, related to tranche 1-5 and 13.819.497 as interest. For San.im portfolio, the transaction is performing regularly and the previously mentioned collections are in line with the payment schedule established when this was structured until the date of 8 March 2021. On December 5, 2017, on basis of the Framework Agreement between Cartesio Srl, Lazio Regione, San.im SpA and Deutsche Bank, the San.im Portfolio reimbursed Tranches 2 and 3, respectively for a total of 100% and 99,24%.The total reimbursement of the last Residual Quota of Tranche 3 Security, equal to 0,76%, has been realized on December, 6 2018.

2. EVENTS AFTER THE REPORTING DATE

On March 8, 2021, the company collected Euro 6.082.000 by way of repayment of principal on the securitised portfolio and Euro 13.819.497 by way of interest income on the portfolio, despite the health emergency caused by covid-19. The company then provided for the repayment of principal relating to tranches 1-5 for a total amount of 6.082.000, and ordered payment of the interest income for 1.128.106.

With regard to the evolution of the current pandemic situation from COVID-19, this is not considered to have a significant impact on the Company, also considering the assumption of business continuity, and on the performance of the securitised management.

3. OUTLOOK The vehicle has no plans to enter into other securitization transactions in the near future. 4. PROFIT FOR THE YEAR The Half-yearly report as at June 30, 2021 closed with a break-even position, considering operating expenses recharged to the respective securitized portfolio. However, it should be noted that the current macroeconomic environment, which is characterized by the effects on the real economy and financial markets of the health crisis linked to the spread of the COVID-19 pandemic, is not ordinary. The economic slowdown is affecting the ability of companies and individuals to meet their obligations to credit institutions, despite the provision of measures to support the economy at the initiative of governments and financial institutions, through moratoria and suspensions in the repayments of loans and loans, aimed at addressing liquidity crises of debtors. With regard to the operation of the Company, the current 8

CARTESIO S.r.l. – 30 June 2021 9 emergency situation outlined following the COVID-19 pandemic did not have any significant impact either on the management of the special purpose vehicle or on the securitized management, the continuation of the activity has continued regularly without interruptions or slowdowns. In fact, the operations were carried out regularly and the receipts were in line with the provisions of the amortization plan when the transaction is structured. In particular, in the course of the first six months of the year, the proceeds from the holding account amounted to Euro 6.082.000 and interest income amounted to Euro 13.819.497. At the same time, the company provided for the repayment of the share capital for tranches 1- 5 for 6.082.000 euros, and ordered the payment of interest for a total amount of 1.128.106 euros.

5. OTHER INFORMATION Corporate governance and ownership structure report

Art. of Legislative Decree no.173/2008 modified Art. 123-bis of Legislative Decree no. 58/98, requiring issuers of securities traded on regulated markets to draw up a corporate governance and ownership structure report. However, if the issuer of the securities has not issued shares traded on regulated markets, the report is limited to Art. 2.b), i.e.: “the principal characteristics of risk administration and internal control systems, in the cases required”. For San.im transaction, vehicle issued Notes listed on Luxembourg Stock Exchange and is therefore required to disclose only the information required by Art.2.b) that is: - in accordance with the agreements entered into when the securitisation transaction was structured, the vehicle has entrusted securities administration and credit management, including collection, to Unicredit Banca di Roma, as Servicer, for the Sam.im; - it has entrusted Deutsche Bank AG London as Cash Manager and Agent bank, for the San.im transactions; - it has appointed Deloitte Business Solutions S.r.l to act as Administrative Services Provider.

The risks of erroneous financial information mainly relate to the possibility that the data and notes on the two-securitisation transactions are inconsistent with their actual performance. As a protection against these risks, the Servicers perform controls during their activities.

For complete information, attention is drawn to the following:  pursuant to and for the purposes of Art. 2428.6-bis of the Italian Civil Code, the vehicle specifies that, taking into account the provisions of Law no. 130/1999, given the original structure of the transaction and based upon its performance, as analysed and discussed in “Part D – Other information” of the Notes to the Half-yearly report, credit, liquidity and cash flow risks have been transferred to the holders of the notes issued;

CARTESIO S.r.l. – 30 June 2021 10

 pursuant to and for the purposes of Article 2428 of the Italian Civil Code, the vehicle has neither held, purchased nor sold, directly or through third parties, treasury quotas over the course of the first six months of the year 2021; the vehicle is not subject to management and coordination activities;  pursuant to and for the purposes of Article 2428 of the Italian Civil Code, the vehicle has not performed any research and development activities in 2020;  With reference to Legislative Decree no. 196 of 30 June 2003 (the consolidated act on the treatment of personal data) and, more specifically, point 26 of Appendix B, requiring disclosures with respect to the preparation of the "Personal Data Protection Document" in the event of the treatment of sensitive personal data, the vehicle notes that, as also noted in the 2016 financial statements, it is not required to prepare and present such document insofar as it does not treat such data;  On September 15, 2009, the vehicle updated its ByLaws to align them with the regulatory reforms and transparency obligations introduced by the European Directive, and included in Article 154-bis and -ter of the Consolidated Finance Act.  On July 27, 2012, the Board of Directors, with regard to European Directive 2004/109/EC – Trasparency Directive – approved Luxembourg as its Home Member State, in place of Italy, which it had chosen in 2009; the Company, not issuing financial instruments listed on Italian regulated markets, is not among the "listed issuers with Italy as the home Member State", as defined by Legislative Decree no. 58/98 (TUF), and therefore the provisions of the TUF (part IV, Title III, chapter II, section V-bis "Financial information" of the TUF) are not mandatory, including the obligation to appoint a Manager in charge of preparing the corporate accounting documents pursuant to art. 154- bis of the TUF. However, the Company has decided to voluntarily adopt the figure of the Manager.

 On January 28, 2015 the Board of Directors accepted the resignation of the Chairman and appointed Angela Icolaro as new Member.

 on March 30, 2021, the Board of Directors, taking into account the fact that the Company does not issue financial instruments listed on Italian regulated markets and is not among the "issuers listed with Italy as home Member State", as above defined, and consequently the aforementioned provisions of the TUF are not mandatory, including the obligation to appoint a Manager responsible for preparing the corporate accounting documents pursuant to art. 154-bis of the TUF, has eliminated this office having previously been assumed on an optional basis.

 On June 24, 2021 the board of director, following the letter received by the Originator dated May 26, in line with the decision of the Lazio Region n.827 of 10 November 2020, has express is intention with New Framework Agreement to terminate all the outstanding

CARTESIO S.r.l. – 30 June 2021 11

Lease Contracts and transfer all relevant Real Estate Assets still owned by the Originator to the healthcare entities (save for certain dismissed properties). Below and following completion of the transactions described and subsequent to the finalization of a possible restructuring of Tranche 4 of the securitisation transaction, undertake, if so requested by the Region, the Originator’s winding-up procedure in accordance with the article 65 of the regional law No. 7/2018.

Under the terms of the New Framework Agreement the parties have also agreed that: - The price payable by each of the healthcare entities shall continue to be collected by Cartesio according to the originally envisaged timing under the securitisation transaction - Notwithstanding the lease contacts termination and the possible Sanim winding-up, the Region has confirmed in full and irrevocably its payment obligation as provided for under the payment delegation by means of the payment undertaking letter - The parties have agreed certain amendments to the transaction documents of the securitisation transaction and namely to: allow for the optional early redemption of the still outstanding notes and allow for the early termination by Cartesio of any of the swap agreements and/or any transaction thereunder and any credit support document - The transaction will be any case implemented subject to the economic financial convenience for the region. Such convenience will be ascertained by the region with assistance of it financial advisor, Calipso spa, pursuant to article 41 of law No. 448 of 23 december 2001. Calipso spa will be entrusted to determine the unwinding costs of derivative transaction - As far Tranches 1,4 and 5 are concerned, Cartesio entered into swap agreements under the relevant ISDA with, Deutsche Bank AG Frankfurt, Dexia Crediop S.p.A., Merrill Lynch International, JPMorganChase Bank and UniCredit S.p.A.

Milan, June 30th 2021 CARTESIO S.R.L: ______Angela Icolaro Board of Directors’ Chairwoman

11 CARTESIO S.r.l. – 30 June 2021 12

STATEMENT OF FINANCIAL POSITION (Euros)

ASSETS 30/06/2021 31/12/2020 40. Financial assets measured at amortized cost 74.044 74.052

120. Other assets 150.591 97.580

TOTAL ASSETS 224.635 171.837

EQUITY AND LIABILITIES 30/06/2021 31/12/2020

80. Other liabilities 214.306 161.303 110. Quota capital 10.000 10.000 150. Reserves 329 329 170. Profit (loss) for the year 0 -

TOTAL EQUITY AND LIABILITIES 224.635 171.632

CARTESIO S.r.l. – 30 June 2021 13

INCOME STATEMENT

(Euros)

Items 30/06/2021 30/06/2020

30. INTEREST MARGIN - - 60. NET COMMISSION EXPENSE - - 120. NET TRADING EXPENSE - - 160. Adminstrative expenses: a) personnel expenses b) other administrative expenses -52.795 -56.573

200. Other operating income 52.795 56.573

210. OPERATING PROFIT (LOSS) - - PROFIT (LOSS) FROM CONTINUING OPERATIONS BEFORE - - 260. TAX 270. Income taxes - -

PROFIT (LOSS) FROM CONTINUING OPERATIONS AFTER TAX - - 280. - - 300. Profit (loss) for the year - -

CARTESIO S.r.l. – 30 June 2021 14

STATEMENT OF COMPREHENSIVE INCOME

(Euros)

Item 30/06/2021 31/12/2020 10. Profit (loss) for the year 0 0 Other comprehensive income, net of tax without reversal to the income statement 20. Capital instruments designated at fair value with an impact on total profitability Financial liabilities designated at fair value with impact on the income statement 30. (changes in creditworthiness) Coverage of equity securities designated at fair value with an impact on total 40. profitability 50. Material assets 60. Intangible assets 70. Defined benefit plans 80. Non-current assets and groups of assets held for sale 90. Share of valuation reserves of investments valued at equity

Other income components with reversal to the income statement 100. Coverage of foreign investments 110. Exchange differences 120. Cash flow coverage 130. Coverage tools (non-designated elements) Financial assets (other than equity securities) measured at fair value with an 140. impact on total income 150. Non-current assets and groups of assets held for sale 160. Share of valuation reserves of investments valued at equity 170. Other comprehensive income net of tax 0 0 180. Total comprehensive income and expense for the year (Item 10 +170) 0 0

CARTESIO S.r.l. – 30 June 2021 15

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 30 JUNE 2021 (Euros)

Allocation of prior Change for the year year’s profit/(loss) Equity transactions

balance

As 1/1/2021 at and Dividends

Reserves

As 31/12/2020 at purchased

instruments

Stock options Stock

Extraordinary Extraordinary

Equity 30/06/2021 at

Derivatives on on Derivatives

treasury quotas treasury

Treasury quotas quotas Treasury

dividend pay-out dividend in equity Change

Change in reserves Change

Change in opening in opening Change

Profit (loss) at 30/06/2021 at (loss) Profit

Newly issued quotas issued Newly

tions

other other

alloca

Quota capital 10.000 10.000 10.000 Quota premium 0 0 0 Reserves: 329 329 329 a) related to earnings 624 624 624 b) other -295 -295 -295 Valuation reserves 0 0 0 Equity instruments 0 0 0 Treasury quotes 0 0 0 Profit (Loss) for the 0 0 0 year 0 Equity 10.329 0 10.329 0 0 0 0 0 0 0 0 0 0 10.329

CARTESIO S.r.l. – 30 June 2021 16

YEAR ENDED 31 DECEMBER 2020

Allocation of prior Change for the year year’s profit/(loss) Equity transactions

nds nds

and and

Divide

balance

out

31/12/2020

equity

quotas at (loss) Profit

reserves

As 1/1/2020 at

Reserves

ns in Change purchased in Change

As 31/12/2019 at

Change in opening in opening Change

instruments

other other issued Newly

dividend pay- dividend

Stock options Stock

Extraordinary Extraordinary Equity 31/12/2020 at

Derivatives on on Derivatives

treasury quotas treasury

Treasury quotas quotas Treasury

allocatio

Quota capital 10.000 10.000 10.000 Quota premium 0 0 0 Reserves: 329 329 329 a) related to earnings 624 624 624 b) other -295 -295 -295 Valuation reserves 0 0 0 Equity instruments 0 0 0 Treasury quotes 0 0 0 Profit (Loss) for the 0 0 0 0 year Equity 10.329 0 10.329 0 0 0 0 0 0 0 0 0 0 10.329

CARTESIO S.r.l. – 30 June 2021 17

STATEMENT OF CASH FLOWS

Amount A. CASH FLOWS FROM OPERATING ACTIVITIES 30/06/2021 31/12/2020

1. Operations 0 0

- Interest income (+) 0 0 - Interest expense (-) 0 0 - Dividends and similar income (+) 0 0 - Net commissions (+/-) 0 0 - Personnel expense (-) 0 0 - Other expense (-) -52.795 -104.391 - Other revenue (+) 52.795 104.391 Taxes (-) 0 0 - Income/expense relating to operative assets, net of tax (+/-) 0 0

2. Cash generated / used by financial assets -53.011 137

- Financial assets held for trading 0 0 - Financial assets desginated at fair value 0 0 - Financial assets necessarily measured at fair value 0 0 - Financial assets measured at fair value with impact on overall profitability 0 0 - Financial assets measured at amortized cost 0 0 - Other assets -53.011 137

3. Cash generated / useed by financial liabilities 53.003 -205

Financial liabilities measured at amortized cost 0 0 - Financial liabilities for trading 83.347 0 - Financial liabilities designated at fair value 0 0 - Other liabilities -30.344 -205

Net cash flow from operating activities -8 -68

- CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES 1. Liquidity genereted by 0 0 - sales of holdings 0 0 - collected dividends on holdings 0 0 - sales of material assets 0 0 sales of intangible assets 0 0 - sales of company branches 0 0 2. Liquidity used by 0 0 - purchase of holdings 0 0 - purchase of material assets 0 0 - purchase of intangible assets 0 0 - purchase of company branches 0 0

Net cash flow from investing activities 0 0

B. CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES - issues/purchase of own actions 0 0 - issues/purchase of equity instruments 0 0 - distribution of dividends and other purposes 0 0 Net cash flow from financing activities 0 0

NET CASHS FLOWS GENERATED/USED IN THE YEAR D=A+/-B+/-C -8 -68

CARTESIO S.r.l. – 30 June 2021 18

RECONCILIATION

Amount 30/06/2021 31/12/2020

Cash flow as at 01.01.2018 74.052 74.120

Net cash flows generated/used in the year -8 -68

Cash flow: effect of exchange rate changes

Cash flow as at 31.12.2018 74.044 74.052

CARTESIO S.r.l. – 30 June 2021 19

NOTES TO THE HALF-YEARLY REPORT

The notes are presented in the following order: Part A – Accounting policies Part B – Notes to the statement of financial position Part C – Notes to the income statement Part D – Other information

PART A – ACCOUNTING POLICIES

A. 1 GENERAL

SECTION 1 – STATEMENT OF COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS The Company has prepared these Half-yearly report in compliance with international financial reporting standards (“IAS/IFRS”).

The acronyms IAS/IFRS refer to all the International Accounting Standards (IAS), all the International Financial Reporting Standards (IFRS), and all interpretations of the International Financial Reporting Interpretations Committee (IFRIC), previously called the Standing Interpretations Committee (SIC), that were approved by the European Commission and introduced into Italian law by the Law 38/2005. In addition, the Company complied with the provisions of the “systematic framework for preparing and presenting Half-yearly report” (Framework) especially with regard to the principle of the precedence of substance over form and the relevance and significance of information. With regard to the disclosure required by IFRS 8 "operating segments", it should be noted that given the nature of the company, each division would not be significant; therefore, it is omitted from note of the Half-yearly report.

The Vehicle carries out exclusively loan and receivable securitisation transactions pursuant to Italian Law no. 130/1999. It has disclosed the loans and receivables purchased, the notes issued and the other transactions performed as part of securitisation transactions in the notes to the Half- yearly report, that according to the provisions set forth by the Bank of Italy are segregated from those of the Company. The Company prepares the Half-yearly report for the year in accordance with international accounting standards and complies with the provisions of article 2 of Italian Law no. 38/2005, as issuer of financial instruments admitted to trading on regulated markets of the European Union.

CARTESIO S.r.l. – 30 June 2021 20

The Half-yearly report are prepared using the layouts provided for the "Instructions for preparing the Half-yearly report of IFRS intermediaries other than bank intermediaries" of November 30, 2018 issued by the Bank of Italy and subsequent additions dated on 27 January 2021, concerning the impacts of Covid 19 and the measures to support the economy and amendments to IAS/IFRS, although these replaced those issued on 15 December 2015 and following (the most recent, which referred to securitisation special purpose vehicles as entities no longer eligible under Legislative Decree No. 141/2010 and related corrective decrees as non-bank financial intermediaries). The modification of the “Titolo V” implemented by Italian Law 141/2010 and subsequent amendments, has classified the vehicle companies as non-bank financial intermediaries and the accounting effects have had with Italian Law 136/2015. Considering IAS 1 does not provide for a rigid structure of the layout and awaiting the issue of a new regulatory source ruling the matter of the Half-yearly report for the Securitization, in replacement of the previous ones, and in accordance with article 9 of Italian Law 38/2005. The Corporate management has used the aforementioned formats, which incorporate the changes introduced by the new accounting standard IFRS 9 and became law on January 1, 2018. With reference to the Portfolio, the rule has been instead the Bank of Italy provision of December 15, 2015, the 3rd update for securitization transactions.

These choices were considered the most suitable in order to provide information on the financial position, the income statements and the cash flows of the Company, which is useful for users for the assumption of economic rules and which is at the same time relevant, reliable, comparable and understandable.

This decision is founded on the compliance of general principle of continuity in the representation of management events for the benefit of the comprehensibility of the Half-yearly report.

SECTION 2 – BASIS OF PREPARATION As mentioned earlier, the Half-yearly report have been prepared in accordance with the International Accounting Standards Board (IASB) and the Interpretations issued by the SIC/IFRIC, endorsed by the European Union

This format have replaced those issued on 15 December 2015 and following (the last ones that referred to the vehicle companies for the securitization, as subjects currently no longer qualifiable, pursuant to Legislative Decree 141/2010 and related corrective decrees, as non-bank financial intermediaries). These Financial Statement formats are mandatory for Financial Intermediaries registered in the Register required by article 106 T.U.B.. They rationally provide information on

CARTESIO S.r.l. – 30 June 2021 21

the company's financial position, economic result and financial flows. And they are useful for users of the Half-yearly report in making economic decisions, at the same time relevant, reliable, comparable and understandable both with regard to corporate management and with regard to Portfolio, taking into the principle of continuity of application of the accounting standards, even in the absence of specific rules that impose abandonment. The Half-yearly report have been prepared to give a true and fair view of the vehicle’s financial position as of 30 june 2021 and its results of operations, changes in equity and cash flows. They have been drawn up on a going concern basis (IAS 1 para. 23), in accordance with the principles of accruals-based accounting (IAS 1 para. 25 and para. 26) and consistent presentation and classification (IAS 1 para. 27). Assets and liabilities, and income and expense are not offset unless required or permitted by a Standard or an interpretation (IAS 1 para.32). In accordance with IAS 1, the Half-yearly report with the statement of financial position, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and the notes of the Half-yearly report. Comparative prior year figures are provided for all Half-yearly report items. The Half-yearly report have been prepared using the Euro as the reporting currency; unless otherwise specified, the amounts reported therein are presented in Euros. The Half-yearly report are accompanied by the director’s report. As per Italian Law. 39/2010 in implementation of Directive 2006/43/EC, relating to the statutory audit of annual accounts, the Half-yearly report are subject to statutory audit by the auditing firm PricewaterhouseCoopers S.p.A. following the conferral of a specific nine-year engagement 2019- 2027 by the Shareholders' Meeting held on October 11, 2019.

SECTION 3 – SIGNIFICANT EVENTS AFTER THE REPORTING DATE There are no significant events to report. On March 8, 2021, the company collected Euro 6.082.000 by way of repayment of principal on the securitised portfolio and Euro 13.819.497 by way of interest income on the portfolio, despite the health emergency caused by covid-19.

A.2 MAIN HALF-YEARLY REPORT CAPTIONS We set out below accounting standards adopted when preparing the Half-yearly report as at and for the first six months of the year 2021ended 30 june 2021, solely for the captions recognised. The recognition, classification, measurement and recognition criteria are described for each caption.

LOANS AND RECEIVABLES, AND OTHER ASSETS RECOGNITION Loans and receivables are recognised at the disbursement date, i.e. when the entity becomes a party to the contractual provisions and, in consequence, has a legal right to receive the related inflows. Receivables and other assets are initially recognised at fair value, which usually corresponds to the amount disbursed or the price paid. 21

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CLASSIFICATION This item includes amounts due from banks arising from the vehicle’s liquidity deposited at the relevant banks. It also includes receivables classified under “Other assets”, such as amounts from operating expenses recharged to the securitization transaction. MEASUREMENT As these are current assets for which the effect of discounting would be immaterial, they are measured at historic cost, which substantially corresponds with their estimated realisable value. At each reporting date, the vehicle evaluates whether there is any objective evidence that loans or receivables are impaired. DERECOGNITION Loans and receivables are derecognised when they are transferred and this involves substantially transferring all the related risks and rewards, when the related contractual rights expire or when they are considered definitively non-recoverable. REVENUE RECOGNITION Revenue consists of interest on liquidity in bank current accounts and other operating income.

PAYABLES AND OTHER LIABILITIES RECOGNITION Payables are recognised when the entity becomes a party to the contractual provisions and consequently has a legal obligation to pay outflows. Payables are initially recognised at fair value, which usually corresponds to the settlement amount, including any related income and/or expense. CLASSIFICATION Payables consist of trade payables. MEASUREMENT As payables are current liabilities for which the effect of discounting would be immaterial, they are measured at historic cost, which equals their settlement amount. DERECOGNITION Payables are derecognised when the obligation is discharged or expires. EXPENSE RECOGNITION Expense consists of costs arising from contractual agreements with third parties.

CURRENT AND DEFERRED TAX ASSETS AND LIABILITIES RECOGNITION Current and deferred taxes are determined in accordance with currently prevailing tax legislation.

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Deferred tax assets and liabilities arise on taxable or deductible temporary differences in future periods. CLASSIFICATION They include current and deferred tax assets and liabilities. MEASUREMENT The provision for income taxes is based upon a prudent estimate of the current and deferred tax expense, using the tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date. As a rule, deferred tax liabilities are always accounted for. Deferred tax assets are accounted for to the extent that their recovery is probable. DERECOGNITION Current taxes (assets and liabilities) are derecognised at the time of payment expected by current Tax Regulations. Deferred tax assets and liabilities are derecognised when the temporary identified differences become taxable or deductible.

REVENUE AND COSTS Costs are recognised in Profit or Loss when there is a decrease in future economic benefits giving rise to a decrease in assets or an increase in liabilities and its value can be reliably measured. Costs are recognised in the Profit or Loss on basis of a direct matching of the cost incurred and the specific revenue generated. All costs relative to the securitisation transactions are charged directly thereto. Revenue is recognised in the Profit or Loss statement when there is an increase in future economic benefits giving rise to an increase in assets or a decrease in liabilities and its value can be reliably measured. This involves the simultaneous recognition of revenue with the recognition of an increase in assets or a decrease in liabilities. The main revenue in the vehicle’s Half-yearly report arises from recharging securitisation expense to the securitisation transactions, as referred to above.

NEW INTERNATIONAL ACCOUNTING STANDARDS - IFRS 16 From 1 January 2020, the new international accounting standards IFRS 16 (Leases) and IFRIC 23 (Uncertainty on the treatments for the purposes of income tax) entered into force. The assessment conducted by the Company confirmed that the entry into force of the aforementioned accounting standards does not have effects on the Half-yearly report as of 30 june 2021.

A.3 INFORMATION ON TRANSFERS BETWEEN THE PORTFOLIO OF INVESTMENTS There is nothing to report

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A.4 FAIR VALUE In the current and previous year, the vehicle did not hold any financial assets or issue any financial liabilities. For this reason, it has not given representation of Hierarchy Fair Value or the Fair Value Policy for financial assets and liabilities, as would have been required by IFRS 13.

A.4.5.4 ASSETS AND LIABILITIES AT FAIR VALUE OR NOT MEASURED AT FAIR VALUE ON AN APPLICANT NOT BREAKDOWN BY LEVEL OF FAIR VALUE.

Assets / liabilities not measured at fair value or at fair 30/06/2021 31/12/2020 value on a non-recurring BV L1 L2 L3 BV L1 L2 L3 1. Financial assets measured measured at amortized cost 74.044 74.044 74.052 74.052 2. Tangible assets held for investment purposes 3. Non-current assets and groups of assets held for sale

Total 74.044 74.044 74.052 74.052 1. Financial liabilities measured at amortized cost 2. Financial liabilities associated with assets held for sale Total It has considered that the fair value of bank current accounts to coincide with the book value since this is only for short-term receivables, relating to reports of the current account.

The Net balance incudes Loans from banks owned by FI.R.A portfolio, after its closing, the accounts have transferred to the Vehicle, waiting to be repaid to the operation’s counterparties, with the Issuer’s authorization.

A.5 “DAY ONE PROFIT/LOSS DISCLOSURE” There is nothing to report.

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PART B – NOTES TO THE STATEMENT OF FINANCIAL POSITION ASSETS SECTION 4 – LOANS AND RECEIVABLES – ITEM 40 4.1 DUE FROM BANKS

Total Total Composition 30/06/2021 31/12/2020 Balance Fair Value Balance Fair Value First and of which: First and of which: Third Third second impaired L1 L2 L3 second impaired or L1 L2 L3 stage stage stage or acquired stage acquired 1. Deposit and current accounts 74.044 74.044 74.052 74.052 2. Financing: 2.1 Repo 2.2 Finance lease 2.3 Factoring - with recourse - without recourse 2.4 Other loans 3. Debit investments - structured instruments - other debt instruments 4. Other assets Total 74.044 74.044 74.052 74.052 The fair value at 30 june 2021 coincides with the carrying amount, as these relate exclusively to amounts due on demand. “Due from banks” includes the Banca Intesa Sanpaolo S.p.A. and BNP Paribas (Portfolio F.I.R.A) current account balances, with the increasing of the amount of costs incurred for vehicle operations for the first balance as of 30 June 2021.

SECTION 12 – OTHER ASSETS - ITEM 120 12. ANALYSIS OF ITEM 120 “OTHER ASSETS”

30/06/2021 31/12/2020

120. Other assets 150.591 97.580

“Other assets” are composed as follows:

30/06/2021 31/12/2020 Receivables due from the Portfolio 140.820 88.025 Prepayments 217 0 Due from tax Income Int. (FIRA) 9.555 9.555 Total 150.591 97.580 The main item of the "Other Assets" is the "Receivables due from the Portfolio ", equal to Euro 140.820: the total amount consists of the amount due from the segregated assets under the Intercreditor Agreement, for the reimbursement of expense incurred for vehicle operations as of 30 June 2021 and not yet paid at the reporting date. 25

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EQUITY AND LIABILITIES SECTION 6 – TAX LIABILITIES - ITEM 60 Reference should be made to Section 12 “Tax assets and liabilities”.

SECTION 8 – OTHER LIABILITIES – ITEM 80 8.1 ANALYSIS OF ITEM 80 “OTHER LIABILITIES” 30/06/2021 31/12/2020 80. Other liabilities 214.306 161.303

“Other liabilities” are composed as follows: 30/06/2021 31/12/2020 Invoices to be received 40.600 45.323 Trade payable 0 25.620 FIRA-SANIM payable 94.635 90.360 FIRA-Sub Servicing accrual 0 0

Portfolio payable 79.072 0 Total 214.306 161.303

The balance manly consists of “Invoices to be received” for services provided by third parties, in respect of which the vehicle has not received invoices at the reporting date, and it has been increased by debts related to expenses occurred during the first six months of the year for the functioning of the company and the debt to the sub servicing not yet reimbursed.

SECTION 11 – EQUITY – ITEMS 110, 120, 130, 140, 150 AND 160 11.1 ANALYSIS OF ITEM 120 “QUOTA CAPITAL”

Type Amount 1. Capital 1.1 Ordinary shares

1.2 Quota nominal 10.000

Quota capital amounting to Euro 10.000,00 has represented by two quotas pursuant to Art. 2468 of the Italian Civil Code, as detailed below:  one quota with a nominal amount of Euro 5.000, or 50% of the vehicle’s quota capital, subscribed by Stichting Caravaggio (a foundation organised and operating under the laws of the Netherlands); and  one quota with a nominal amount of Euro 5.000, or 50% of company capital, subscribed by Stichting Tiepolo (a foundation organised and operating under the laws of the Netherlands). 26

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11.5 OTHER INFORMATION 11.5.1 ANALYSIS AND CHANGES IN ITEM 150 “RESERVES”

Legal Retained Other reserves Total reserve earnings (IFRS First-time Adoption) A. Opening balance 329 295 -295 329 B. Increase B.1 Allocation of profit B.2 Other changes C. Decrease C.1 Use - to cover losses - distribution of profits - trasferred to equity C. 2 Other changes D. Closing balance 329 295 -295 329

As required by Art. 2427 of the Italian Civil Code and in application of IAS 1, set out below is a table detailing the possibility of use and use in the previous three years of equity items.

Amount Possibility of use Use in the prevision three years (*) for for for other distribution financing reason profits losses Quota Capital 10.000

Earnings related reserves: - Legal reserve 329 B - Retained earnings 295 A, B, C - Other -295 (*) A = for quota capital increases; B = to cover losses; C = for distribution of profits

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PART C – NOTES TO THE INCOME STATEMENT

SECTION 10 - ADMINISTRATIVE EXPENSES – ITEM 160 10.1 ANALYSIS OF ITEM 160.A “PERSONNEL EXPENSE”. This item is not recognised as the vehicle does not have any employees. 10.3 ANALYSIS OF ITEM 160.B “OTHER ADMINISTRATIVE EXPENSES:”

Items 30/06/2021 30/06/2020 Audit fees 33.187 29.426 Statutory Auditors' fees 4.272 8.518 Administrative services 0 473 Notary, tax and legal expenses 0 0 Stamp duty 8 8 Taxes and duties (other than income Taxes) 233 233 Penalty 0 0 Chamber of Commerce (CCIAA) fees 60 60 Prior year expense 0 0 Management fee 14.975 17.795 Self invoicing pursuant to Art. 7.3 of DPR 633/2007 0 0 Bank commission 60 60 Other Expenses - 0 Total 52.795 56.573

SECTION 14 – OTHER OPERATING INCOME – ITEM 200

14.1 ANALYSIS OF ITEM 160 “OTHER OPERATING INCOME” Items 30/06/2021 30/06/2020 Income and other recoveries 52.795 56.573 Out-of-period income 0 0 Total 52.795 56.573 “Income and other recoveries” represent the revenue accrued in in the first six months of the year 2021 from the segregated assets for the recovery of expenses incurred for vehicle operations.

SECTION 19 – INCOME TAXES– ITEM 190 19.1 ANALYSIS OF ITEM 190 “INCOME TAXES”

Item 30/06/2021 30/06/2020 1. Current income tax 2. Change in current income tax relative to prior years 3. Decrease in current income tax for the year 3. bis Reduction of current taxes year for tax credits referred to in Law n.214/2011 4. Change in deferred tax 5. Change in deferred expense tax 6. Income taxes

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19.2 – RECONCILIATION THE THEORETICAL AND EFFECTIVE

Since accounting treatments under legislation and the IFRS have been aligned, the independent auditors’ fees have not been considered as an increase in the calculation of income taxes. Since the vehicle has reported a break even for the year, with changes in the calculation of IRES (corporate income tax) or IRAP (regional productivity tax) bases, a reconciliation of the theoretical and effective IRES and IRAP is not presented.

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PART D – OTHER INFORMATION

SECURITISATION

In 2001, Cartesio S.r.l. commenced two securitisation transactions pursuant to Law no. 130/99, which were concluded in 2005 and 2004, respectively. Cartesio S.r.l. is currently managing the securitisation transaction (SAN.IM.), commenced in 2003. The structure of the portfolio of securitised receivables (SAN.IM.) and the characteristics of the notes issued are presented below.

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SAN.IM. PORTFOLIO

SECTION 1 – SPECIFIC DISCLOSURES ON THE VEHICLE’S OPERATIONS

F. SECURITISATION OF RECEIVABLES F1. SUMMARY TABLE OF SECURITISED ASSETS AND NOTES ISSUED

(Euro/’000)

Securitisation transaction at 30/06/2021 31/12/2020 ASSETS 563.673 571.858 A Securitised assets 496.929 503.011 A.1 Loans A.2 Securities A.3 Lease payments 496.929 503.011 B Use of cash from segregated assets 66.744 68.847 B.1 Debt instruments B.2 Equities B.3 Other 66.744 68.847 B.3a) Due from banks 384 416 B.3b) Tax receivables for withholdings on interest income 9 9 B.3c) Due from SPV 174 90 B.3d) Prepayments and accrued income 7.266 9.421 B.3e) Due from Swap Counterparty 0 - B.3f) Due v/Dexia CSA 58.900 58.900 B.3g) Crediti v/Clienti per autofattura 11 11 B.3h) Crediti v/Cedente 0 0 LIABILITIES 563.679 578.228 C. Notes issued 496.929 508.941 C.1 Tranche 1 notes 119.052 126.097 C.2 Tranche 2 notes 0 0 C.3 Tranche 3 notes 0 0 C.4 Tranche 4 notes 293.945 293.945 C.5 Tranche 5 notes 83.932 88.899 D. Received loans 0 0 E. Other liabilities 66.750 69.287 E.1 Reserve Fund 109 68 E.3 Due to SPV 141 145 E.4 Due to the Servicer 250 250 E.5 Trade payables 0 0 E.6 Invoices to be received 42 53 E.7 Accrued expenses 7.195 9.758 E.8 Advances to Servicer 113 113 E.9 Due to Dexia 58.900 58.900

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Securitisation transaction at 30/06/2021 30/06/2020 COSTS 12.758 16.006 F. Interest expense on notes issued 931 1.883 Transaction commissions borne G. 85 102 by the segregated assets G.1 Servicing commissions 56 65 G.2 Other services 29 37 G.2a) Current account and Notes Fees 4 6 G.2b) Corporate Servicer Fees 19 22 G.2d) Cash Manager 6 9 H. Other charges 11.742 14.021 H.1 Portfolio management expenses 53 57 H.2 Interest expense on derivative contracts 11.619 13.858 H.3 Administrative and legal services 10 1 H.4 Prior year expense - 0 H.5 Fund Rembursment 0 0 H.6 Interest expense 59 105 H.7 CSSF contribution 1 1

REVENUES 12.739 15.946 I. Interest from securitised assets 11.825 14.133 L. Other revenue 914 1.813 L.1 Interest income-banks - 0 L.2 Interest income-derivative contracts 914 1.813 L.4 Result of redemption tranche 0 0

(19) (60) PROFIT/(LOSS)

A+B-C-D-E represents the cumulative result of the transaction, whilst I+L-F-G-H represents the result for the year.

The Reserve Fund decreased by Euro 19498,47.

We set out below the accounting policies and measurement bases adopted with respect to the more significant items.

Receivables Amounts due from banks, are shown at their nominal amount, which equals their estimated realisable value. Securitised assets are shown at their transfer value, and are measured at their estimated realizable value also considering the debtor’s solvency. The use of liquidity is shown at its nominal amount, which equals realisable value.

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With regard to the possible economic impacts deriving from the evolution of the instability factors in relation to the public health emergency “Covid-19 (hereinafter "Coronavirus") currently underway, please refer to what has already been fully written into the SECTION 3 - EVENTS AFTER THE BUDGET REFERENCE DATE previously reported.

Other assets Other assets are shown at their nominal amount, which equals their estimated realisable value.

Other liabilities Other liabilities are stated at their nominal amount.

Costs and Revenue They are recognised on an accruals basis. All costs relating to the securitisation transactions are charged directly thereto.

Notes issued Notes issued are stated at their nominal amount. Accruals for interest expense are recognised separately under Other liabilities.

Derivative contracts The differential on the interest rate swaps agreed is recognised as cost/revenue on an accruals basis, showing the estimated negative or positive different at the reporting date.

QUALITATIVE INFORMATION ON THE SECURITISATION TRANSACTION F2. – DESCRIPTION AND PERFORMANCE OF THE TRANSACTION

As of 30 june 2021, Cartesio s.r.l has commenced the securitisation transaction pursuant to Law no. 130/1999 described below with respect to its most significant details.

On 5 March 2003 and 16 May 2003, Cartesio S.r.l. purchased without recourse, pursuant to the provisions of Articles 1 and 4 of Law no. 130 of 30 April 1999, a portfolio of recevaibles, arising from finance lease payments relative to certain properties, due to SAN.IM. S.p.A. from certain Local Health Agencies (ASLs) and Hospital Agencies (AOs) in the Lazio Region. Incorporated pursuant to Art. 8 of Regional Law no. 16/2001 and included in the General List under Art. 106 of the TUB, San.im S.p.A. was set up solely (i) to acquire assets forming part of the unavailable property assets zoned for hospital use of certain Local Health Agencies and Hospital Agencies in the Lazio Region; (ii) to concurrently lease back, under finance lease, the same assets to the agencies that sold them, and; (iii) to transfer all the receivables arising from the leases another company, in accordance with Law no. 130/1999. 33

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The securitisation transaction was structured through the transfer of five tranches of loans, the first four of which on 5 March 2003 and the fifth on 16 May 2003, each one of which corresponding in amount to the notes issued to finance the purchase. The portfolio purchased by Cartesio S.r.l. is worth Euro 1.252.384.442, of which Euro 1.111.384.442 relative to Tranches 1-4 and Euro 141.000.000 relative to Tranche 5. The total transfer price paid to the ASLs amounts to Euro 1.237.012.847. The transaction provides for the repayment of principal and interest on the finance lease payments in accordance with an established repayment plan, with effect from the Payment Date of 7 September 2003 until the total repayment of the residual debt scheduled for 7 March 2033.

At June 2021, the portfolio is structured as follows:

(amount in Euro)

Portfolio as of Portfolio Transfer price 30/06/2021 Tranche 1 – 4 412.996.738 1.111.384.442 Tranche 5 83.932.000 141.000.000 Total 496.928.738 1.252.384.442

However, it should be noted that the current macroeconomic environment, which is characterized by the effects on the real economy and financial markets of the health crisis linked to the spread of the COVID-19 pandemic, is not ordinary. The economic slowdown is affecting the ability of companies and individuals to meet their obligations to credit institutions, despite the provision of measures to support the economy at the initiative of governments and financial institutions, through moratoria and suspensions in the repayments of loans and loans, aimed at addressing liquidity crises of debtors. With regard to the operation of the Company, the current emergency situation outlined following the COVID-19 pandemic did not have any significant impact either on the management of the special purpose vehicle or on the securitized management, the continuation of the activity has continued regularly without interruptions or slowdowns. In fact, the operations were carried out regularly and the receipts were in line with the provisions of the amortization plan when the transaction is structured. In particular, in the course of the year, the proceeds from the holding account amounted to Euro 6.082.000 and interest income amounted to Euro 13.819.497. At the same time, the company provided for the repayment of the share capital for tranches 1-5 for 6.082.000euros, and ordered the payment of interest for a total amount of 1.128.106 euros.

F.3 – PARTIES INVOLVED

We set out below the main parties involved in the securitisation transaction referred to above, for which Merrill Lynch International and MCC S.p.A. – Gruppo Bancario Capitalia acted as Arrangers and Global Coordinators:

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Bookrunners Merrill Lynch International/MCC/Barclays Capital/Deutsche Bank AG/Lehman Brothers Originator SAN.IM Spa Servicer Unicredit Banca di Roma Principal Paying Agent and English Operating Bank Deutsche Bank AG London Cash Manager e Calculation Agent Deutsche Bank AG London Luxembourg Agent and Transfer Agent Deutsche Bank Luxembourg S.A. Italian Agent and Italian Operating Bank Deutsche Bank Spa Milano Note and Security Trustee DeutscheTrustee Company Limited Swap Counterparties Deutsche Bank AG Frankfurt, Dexia Crediop; Merrill Lynch Capital Markets Bank Ltd, Unicredito Italiano, JP Morgan Chase Bank, Barclays. Management Services Provider Wilmington Trust Sp Services Limited Corporate Servicing Provider Deloitte Business Solution Srl

F.4 - NOTE ISSUES The notes issued by Cartesio S.r.l. are asset-backed with limited recourse. Servicing of the notes issued, in terms of principal and interest, is assured solely by collections arising from or relating to the securitised portfolio. The collections arising from or relating to the administration and management of the portfolio are restricted in favour of the noteholders as required by Law 130/1999. On 5 March 2003, in conjunction with the purchase of the first four tranches of the portfolio, the vehicle issued the following asset-backed notes: Tranche 1 (Euro 200.000.000), Tranche 2 (Euro 200.000.000), Tranche 3 (USD 450.000.000) and Tranche 4 (GBP 200.000.000). The carrying amount of the USD and GBP denominated notes was determined, following completion of the currency swap contracts, applying the Eur/USD 1,078 exchange rate of Euro 417.439.703 and applying the Eur/GBP 0,6804 exchange rate of Euro 293.944.738. On 16 May 2003, following purchase of the fifth tranche of the portfolio, the vehicle issued the Tranche 5 notes in the amount of Euro 141.000.000. The total issue price of the notes was Euro 1.240.694.262. The notes issued bear interest at floating rates and the six-monthly coupons are paid to the noteholders on a six-monthly basis, i.e. on 7 March and 7 September every year.

The following table sets out the structure and characteristics of the notes at issue date: Class Currency Amount in currency Amounts Maturity profile Interest rate Tranche 1 Eur 200.000.000 200.000.000 2033 Euribor 6m+0,50%

Tranche 4 GBP 200.000.000 293.944.738 2033 GBP Libor 6m+0,62%

Tranche 5 Eur 141.000.000 141.000.000 2033 Euribor 6m+0,50%

The notes issued are quoted on the Luxembourg Stock Exchange.

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F.5 – RELATED FINANCIAL TRANSACTIONS On 5 March 2003 and 16 May 2003, with differing Swap Counterparties Cartesio S.r.l agreed interest rate swaps and currency swaps on tranches 3 and 4 in foreign currency, in order to hedge exposures to exchange rate and interest rate fluctuations. As a result of “LBIE” being placed under receivership, Cartesio S.r.l. passed resolution to extinguish the individual positions outstanding with LBIE and to finalise at the same time a new swaps with Dexia Crediop S.p.A. The terms and conditions attaching to the new swap contracts entered into with Dexia Crediop S.p.A. are the same as those previously agreed with LBIE. During 2012, the rating agencies, Moody's Investor Services Inc. ("Moody's") and Standard & Poor's Ratings Services ("S&P"), reviewed the ratings of some major banking groups in the world, currently swap counterparties of Cartesio S.r.l.. In fact, on 10 May 2012 Moody's downgraded the ratings of Dexia, from A2 to Baa2 for long- term debt and P-1 to P-2 for short-term debt (the "First Downgrading"); on 5 October 2012, to Baa3 from Baa2 for long-term debt and P-2 to P-3 for short-term debt (the "Second Downgrading") on 11 November 2012, to Ba3 from Baa3 to the debt long – term and P – 3 N/P for short term debt ( the “Third Downgrading”). Following the First Downgrading, Dexia proposed, in line with the measures under the ISDA Master Agreement dated 18 November 2008 (the "ISDA Master Agreement"), signing a collateral agreement in the form of a Credit Support Annex - Bilateral Form (1995 version) ("CSA"), and traded only on 10 January 2012 with Cartesio and Deutsche Trustee Company Limited, as Security Trustee, after a lengthy negotiation process on the documentation necessary to prepare such collateral. The CSA provides for Dexia to pay Cartesio at the terms and conditions contained therein to guarantee the obligations arising from the Dexia Agreement ISDA. The money will be credited to a segregated account newly opened in the name of Cartesio at Deutsche Bank AG London, as Cash Manager and English Operating Bank for the securitisation. In particular, at 7 February 2012 Euro 9,440,000 was credited to this bank account. During 2012 this amount was subject to constant changes in the guarantee until it was nil, along with the guarantee. As of June 30, 2021 the balance of the current account for the CSA is Euro 0. On 21 September 2011 Moody's downgraded the rating of the Credit Support Provider Merrill Lynch International Bank Limited ( “ MLIB” ) from A2 to Baa1 for long - term debt and P - 1 to P – 2 for short-term debt ( “Moody’s Downgrade” ). On 29 November 2011. S & P downgraded the rating of the Credit Support Provider MLIB from A to A-for long-term debt and A-1 to A-2 for short-term debt ("S&P Downgrade"). Following these events, MLIB proposed to Cartesio and the Security Trustee signing collateral agreement in the form of a Credit Support Annex - Bilateral Form ("CSA"), in line with their obligations under the ISDA Master Agreement and Contract on Schedule (the "ISDA Agreement") signed on 5 March 2003 with Cartesio and Deutsche Trustee Company Limited acting as Security Trustee under the Security and Intercreditor Deed. The CSA provides for MLIB to pay, at the terms and conditions contained therein, Cartesio, to guarantee the obligations arising from the MLIB Agreement ISDA. The money will be credited to a segregated account newly opened in the name of Cartesio at Deutsche Bank AG London, as Cash Manager and English Operating Bank for the securitisation. In order to integrate the CSA and the new collateral account in the contractual documentation for the securitisation transaction (the "Transaction Documents"), it’s necessary make some changes to 36

CARTESIO S.r.l. – 30 June 2021 37

the original contract documents. It was, therefore, proposed and negotiated between the parties enter into an Amendment Agreement and a Supplemental Deed of Charge dated 22 February 2012. The whole transaction was subject to confirmation by the Rating Agencies concerned, i.e., its conclusion did not entail any negative consequences to the current rating of the Bonds issued and, therefore, does not undermine the interests of the Noteholders and other secured creditors of securitisation ("Issuer Secured Creditors").

Following the above events, on 2 August 2012 S&P downgraded the credit ratings of each tranche of notes (Tranche 1,2,3,4,5) issued by Cartesio S.r.l. Tranche 2003-1 from BBB+ to BB-. During 2013, following the intervention of the Moody's Investors Service Inc., the short-term debt of UniCredit downgraded from P- 1 to P-2. Subsequently Standard & Poor's Rating Services downgraded the short-term debt from A-1 to A-2. UniCredit is one of the swap counterparties of Cartesio pursuant to a contract ISDA Master Agreement and its Schedule entered into between the same parties on March 5, 2003, and signed also by Deutsche Trustee Company Limited as Security Trustee. The ISDA agreement in place with UniCredit provides that, on the occurrence of an event of downgrading below the predetermined level, the downgraded counterparty is required to adopt specific initiatives established by the contract, including to release a collateral as security subscribing a Credit Support Annex - Bilateral Form ("CSA") in line with the provisions of the respective ISDA Master agreements. The mentioned above agreement concerns the releasing of cash deposited in a segregated account and the signing of a deed supplemental security in order to extend the guarantee to the account opened, in line with the CSA, complying with English law already currently applicable on the accounts of the securitization transaction. By specific changes to the documentation of the securitization was expected that each CSA, signed by a swap counterparty as a result of downgrading resulting in opening of its collateral account, will be part of the documents of the securitization (the " Transaction Documents") . Following the events mentioned above, UniCredit has signed, in line with the above procedure and with the provisions of the ISDA agreement dated 12 September 2013, a collateral agreement in the form of a CSA. The CSA provides for Unicredit to pay Cartesio at the terms and condition therein to guarantee the obligations arising from the Unicredit Agreement ISDA The money will be credited to a separate account in Euros that will be opened under a Collateral Account Deed , at the request of Cartesio, at Deutsche Bank AG London as Cash Manager and English Operating Bank Securitization SAN.IM. The subscribed CSA has been assessed by both Moody's and Standard and Poor's, who showed no criticality as a possible negative impact on the evaluation of the operation of the Notes. The confirmation was given by the rating agencies informally as they have stated that in such cases is not expected to issue any written communication from them. On November 16, 2017 Cartesio S.r.l. stipulated the Framework Agreement with Lazio Region, San.im SpA and Deutsche Bank for the San.im Portfolio, pursuant to which Lazio Region restructured its related indebtedness. to the San.im securitization transaction through the repurchase of the securities referred to in Tranches 2 and 3 (the "Notes") following the repurchase offer ("Tender Offer") proposed by the Lazio Region in the name and on behalf of Cartesio Srl (the "Restructuring Operation"). On basis of the Tender Offer, the lease agreements for properties related to the Notes, repurchased and cancelled, have been settled in advance.

CARTESIO S.r.l. – 30 June 2021 38

On November 3 2017, Cartesio S.r.l., with the signing of the Public Prosecutor's Act, explicitly confers to the Lazio Region a specific power of attorney so that, through its legal representative pro tempore or through special attorney, in the name, on behalf and in the interest of Cartesio Srl, has tried the total or partial closure of the Swaps and Sinking Funds, in existence in relation to Tranche 2 and 3, negotiating and agreeing by telephone, according to market practice, the closing value of the Swaps and the Sinking Funds with the Counterparties of Swaps and the Counterparty of the Sinking Funds. On December 5, 2017 the aforementioned Tranche 2 was completed, while on December 6, 2018 Cartesio repaid the last tranche of USD 3.400.000 of Tranche 3 Rule 144 A, with the total closure of the Swaps and the Sinking Fund, respectively equal to Euro 213.332 and Euro 1.309.298.

F.6 – THE TRANSFEREE’S OPERATING POWERS Cartesio S.r.l., as Transferee and Issuer, has operating powers limited by its By-Laws. Specifically, Article 2 provides that: “The vehicle’s sole business object is to carry out one or more securitisation transactions pursuant to Law no. 130 of 30 April 1999, as subsequently amended. This entails the purchase against consideration of existing and future loans and receivables, financed through the issue of notes in such a way as to exclude any credit risk being taken on by the vehicle. As established by the above Law, the loans and receivables of each transaction are segregated from the vehicle’s assets and those of other transactions, over which creditors other than the holders of the notes issued to finance the purchase of the said loans receivables cannot make any claims. The vehicle may carry out related transactions within the limits set by Law no. 130/1999 to ensure the successful outcome of its securitisation transactions or transactions pertinent to its corporate object. It may also reinvest funds obtained from managing the lons and receivables purchased and not immediately needed to meet the rights pursuant to Article 1.1.b) of Law no. 130/1999 in other financial assets (including therein loans and receivables having similar characteristics to those under the securitisation)”. All main operations associated with the management of the transaction have been outsourced to third parties (see point B.2). The securitisation vehicle shall not approve, agree or consent to any deed or act detrimental to the interests of the noteholders or the interests of other creditors.

SECTION 2 – SECURITISATION TRANSACTIONS

QUANTITATIVE INFORMATION ON THE SECURITISATION TRANSACTION

F.7 – CASH FLOWS FROM LEASE PAYMENTS

CARTESIO S.r.l. – 30 June 2021 39

30/06/2021 31/12/2020 a) Opening balance: 503.010.738 514.722.738 b) Increase: 0 0 b.1 Subsequent purchases b.2 Default/legal interest b.3 Legal expences b.4 Other charges c) Decrease: 6.082.000 11.712.000 c.1 Collections 6.082.000 11.712.000 c.2 Early redemptions 0 0 c.3Trasfer c.4 Other charges d) Ending balance: 496.928.738 538.294.429

F.8 – STATUS OF PAST DUE LOANS AND RECEIVABLES All loans and receivables have been paid at their due date.

F.9 – CASH FLOWS Cash flows are summarised as follows: (Euros)

30/06/2021 31/12/2020 Opening balance: 416.200 415.679

Collections 21.007.787 43.602.806 from principal repaid 6.082.000 11.712.000 from early redemption Tranche 2 and 3 0 0 from portfolio interest income 13.819.497 28.141.125 from derivate contract interest income 1.080.585 3.725.942 from Collateral Swap 0 0 from current account interest income 0 219 other collections 25.705 23.520 Payments: 21.040.080 43.602.285 for principal repaid 6.082.000 11.712.000 for early redemption Tranche 2 and 3 0 0 for interst expense on notes 1.128.106 3.866.677 for interst expense on derivate contracts 13.511.380 27.419.704 for Collateral Swap 0 0 Current account interest expense 0 0 for other payments 318.595 603.904

Closing balance 383.907 416.200

CARTESIO S.r.l. – 30 June 2021 40

In the first six months of the year 2021, the vehicle collected Euro 6.082.000 by way of repayment of principal on the securitised portfolio and Euro 13.819.497 by way of interest income on the portfolio; the vehicle collected Euro 1.080.585 by way of interest income on derivative contracts and Euro 0 by way bank current account interest income, and the voice “for other payments” for an amount of Euro 25.705, composed principally by repayment realized on the Expenses account. In addition, the vehicle made refunds of the Notes for Euro 6.082.000, paid interest on the Notes for the amount of Euro 1.128.106 in addition to interest on derivative contracts for Euro 13.511.380; in addition, the item "for other payments" is equal to Euro 318.595, consisting of payments of invoices and expenses relating to the securitization transaction, while interest expense on current accounts is equal to Euro 0 (zero). With reference to the contract of Collateral Support Annex entered into on February 22, 2012, the cash collateral released on the current account in Deutsche Bank AG London appears to have undergone changes up to June 2021, when the balance was reduced to nil. The cash flows for The cash flows for half-Year 2021 on the principal collections of the securited portfolio are in line with the payment schedule set in the structuring of the transaction until to the date March 8, 2021.

F.10 – STATUS OF GUARANTEES AND CREDIT FACILITIES No guarantees have been given or received with respect to the securitisation transaction, and no recourse has been made to credit facilities made available by the banking industry.

F.11 – BREAKDOWN FOR RESIDUAL LIFE ( Euros)

Item/ Up to From 3 months to 1 From 1 year to 5 Beyond 1. SecuritisedRemaining assets life 3 months year years 5 years

1.1 Credits 1.2.Securities 1.3.Lease payments 2.579.000 2.645.000 23.732.000 54.976.000 Total 83.932.000 F.12 – BREAKDOWN BY GEOGRAPHIC SEGMENT ( Euros)

CARTESIO S.r.l. – 30 June 2021 41

Item Nation Currency Amount 1. Securitised assets 1.1 Loans and receivables 1.2 Securities 1.3 Lease payments ITALY EURO 83.932.000 Total 83.932.000

F.13 – RISK CONCENTRATIONS F.13.1 – INFORMATION REGARDING THE FRACTIONING OF THE SECURITISED PORTFOLIO ( Euros)

Number of Fractioning brackets in Euro Amount tranches Between 0 and 25.000 From 25.000 to 75.000 From 75.000 to 250.000 Beyond 250.000 3 503.010.738 Total 503.010.738

F.13.2 – IDENTIFICATION OF EACH AND ANY LOANS EXCEEDING, ON A STAND-ALONE BASIS, 2% OF THE TOTAL AMOUNT OF THE SECURITISED PORTFOLIO The total amount of lease payments is represented by one, and only one, position. As a consequence thereof, the 2% risk concentration is not applicable.

CARTESIO S.r.l. – 30 June 2021 42

SECTION 3 RISKS AND HEDGING POLICIES SECTION 3.1 CREDIT RISK

Regarding the type and the nature of a credit, which is consisted of availability on the bank account opened at Intesa Sanpaolo S.p.A, the Vehicle has no particular exposures to credit risk.

1. DISTRIBUTION OF FINANCIAL ASSETS BY PORTFOLIO AND BY CREDITWORTHINESS (AS REPORTED IN THE FINANCIAL STATEMENTS)

Portfolio/Creditworthiness

Total

impaired

Unlikely to pay

Non-performing assets Non-performing not exposures Overdue

Impaired pastImpaired due exposures

Other exposures not exposures Other impaired 1. Financial assets measured at amortized cost 2. Financial assets measured at fair value with impact on overall profitability 3. Financial assets designated at fair value 4. Other financial assets necessarily valued at fair value

5. Financial assets held for sale 74.044 74.044 Total 30/06/2021 74.044 74.044 Total 31/12/2020 74.052 74.052

SECTION 3.2 MARKET RISK

3.2.1 INTEREST RATE RISK Given the type of operations involved, interest rate risk is deemed to be negligible.

3.2.2 PRICE RISK The company has no exposure to price risk.

3.2.3 CURRENCY RISK The company has transactions denominated in foreign currency outstanding. However, currency risk is null as those transactions are carried out on basis of fixed rates of exchange, agreed when the securitisation transaction was structured.

CARTESIO S.r.l. – 30 June 2021 43

SECTION 3.3 OPERATIONAL RISK Operational risk consists of risks of unexpected losses due to IT system dysfunction. The vehicle has implemented a data recovery system in the event of that the accounting system is damaged to hedge these risks. SECTION 3.4 LIQUIDITY RISK The Vehicle is not exposed to liquidity risk as the receivables are represented by the availability of the amount in its bank account. In addition, item 140 "Other assets" refers to receivables, for the recovery of expenses incurred for vehicle’s management, which equal the total payables included in item 80 "Other liabilities".

SECTION 4 – INFORMATION ON EQUITY 4.1.2.1 EQUITY: STRUCTURE

CARTESIO S.r.l. – 30 June 2021 44

Item/Account 30/06/2021 31/12/2020 1. Capital 10.000 10.000 2. Quota premium 3. Reserves -related of earning: 329 329 a) legal b) statutory c) own quotas 295 295 d) other -295 -295 Other 4. (Own quotas) 5. Valuation reserves -Capital instruments designated at fair value with an impact on total profitability - Coverage of equity securities designated at fair value with an impact on total profitability -Financial assets (other than equity securities) measured at fair value with an impact on total profitability - Material assets - Intangible assets - Coverage of foreign investments - Coverage of financial flows - Cover tools (non-designated elements) - Exchange differences - Non-current assets and groups of assets held for sale -Financial liabilities designated at fair value with impact on the income statement (changes in creditworthiness) - Special revaluation laws - Actuarial profits / losses related to defined benefit pension plans - Share of valuation reserves related to equity investments valued at netot assets 6. Capital instruments 7. Profit (loss) for the year 0 0 Total 10.329 10.329

SECTION 5 – ANALYTIC STATEMENT OF COMPREHENSIVE INCOME

CARTESIO S.r.l. – 30 June 2021 45

Total as of Total as of Items 30/06/2021 31/12/2020 10. Profit (loss) of the year 0 Other income components without reversal to the income statement Equity securities designated at fair value with an impact on 20. total income: a) change in fair value b) transfers to other components of equity

Financial liabilities deferred at fair value with impact on the 30. income statement (changes in creditworthiness): a) change in fair value b) transfers to other components of equity

Coverage of capital securities designated at fair value with 40. impact on other income components a) change in fair value (hedged instrument) b) change in fair value (hedging instrument) 50. Material assets 60. Intangible assets 70. Defined benefit plans 80. Non-current assets and groups of assets held for sale

90. Share of valuation reserves of investments valued at equity

Income taxes relating to other income components without 100. reversal to the income statement Other income components with reversal to the income statement 110. Coverage of foreign investments a) changes in fair value b) transfer to the income statement c) other changes 120. Exchange differences: a) changes in fair value b) transfer to the income statement c) other changes 130. Cash flow coverage: a) changes in fair value b) transfer to the income statement c) other changes of which: result of net positions

CARTESIO S.r.l. – 30 June 2021 46

140. Coverage tools (non-designated elements) a) changes in fair value b) transfer to the income statement c) other changes Financial assets (other than equity securities) measured at fair 150. value with an impact on total income: a) changes in fair value b) transfer to the income statement - impairment adjustments - uitli / losses to be realized c) other changes 160. Non-current assets and groups of assets held for sale: a) changes in fair value b) transfer to the income statement c) other changes 170. Share of valuation reserves of investments valued at equity:

a) changes in fair value b) transfer to the income statement - impairment adjustments - uitli / losses to be realized c) other changes Income taxes relating to other income components with 180. reversal to the income statement 190. Other comprhensive income 0 0 200. Overall profitability (Item 10 + 190) 0 0 SECTION 6 – RELATED PARTY TRANSACTIONS 6.1 FEES OF DIRECTORS AND KEY MANAGEMENT PERSONNEL

No fees were paid to the members of the Board of Directors in 2021. The Board of Directors accepted the resignation of Mr. Martin MCDermott and appointed Ms. Angela Icolaro as Chairwoman on 28 January 2015. The following table sets out the structure of the Board of Directors.

MEMBER

NAME AND SURNAME OFFICE HELD TEAM OF OFFICE

ANGELA ICOLORO BOARD CHAIRWOMAN UNTIL RESIGNATION OR REVOCATION LUCA MERCALDO DIRECTOR UNTIL RESIGNATION OR REVOCATION LUCA MANZONI DIRECTOR UNTIL RESIGNATION OR REVOCATION

No interests in the vehicle are held by the directors.

The following table shows the structure of the board and the approved annual fees.

CARTESIO S.r.l. – 30 June 2021 47

MEMBER APPOINTMENT

NAME AND SURNAME OFFICE HELD TEAM OF OFFICE FEES

GUIDO CINTI BOARD CHAIRMAN 31.12.2021 5.500 EMANUELE TOFFOLONI STATUTORY AUDITOR 31.12.2021 4.000 FABIO MAZZOLENI STATUTORY AUDITOR 31.12.2021 4.000 GIULIO TONELLI STATUTORY AUDITOR 31.12.2021 0 ANTONINO SACCA' STATUTORY AUDITOR 31.12.2021 0

As per Legislative Decree no. 39/2010 implementing Directive 2006/43/EC on the legally- required audit of the annual Half-yearly report, PricewaterhouseCoopers S.p.A. has performed the legally-required audit of the Half-yearly report as part of a specific nine-year engagement from 2019 to 2027. Under the terms of Art. 2427.1.16 bis of the Italian Civil Code, the following table shows the structure of the Board and approved annual fees, including any adjustments linked to the cost-of- living index, not including out-of-pocket expenses and taxes, the Consob supervisory contribution and VAT, approved at the meeting of 26 April 2010.

MEMBER APPOINTMENT TEAM OF OFFICE SERVICES FEES

PRICEWATERHOUSECOOPERS SPA INDIPENDENT AUDITOR 31.12.2027 AUDIT 34.000 PRICEWATERHOUSECOOPERS SPA INDIPENDENT AUDITOR 31.12.2027 ATTESTATION 1.000

6.2 LOANS AND GUARANTEES GIVEN TO DIRECTORS AND STATUTORY AUDITORS No loans or guarantees have been given to the directors.

6.3 RELATED PARTY TRANSACTION DISCLOSURES No related party transactions have been carried out.

SECTION 7 – OTHER INFORMATION

7.1 HEADCOUNT The vehicle does not have employees.

7.2 OTHER INFORMATION On 27 July 2012 the Board of Directors approved Luxembourg as its Home Member State, as an alternative to Italy, which it had previously chosen.

CARTESIO S.r.l.

______Angela Icolaro Chairwoman of the Board of Directors

47 CARTESIO S.r.l. – 30 June 2021 48

INTERNATIONAL ACCOUNTING STANDARDS APPROVED UNTIL 30 JUNE 2021

Accounting Reporting Standards Approved

IFRS 1 First-time Adoption of International Financial Reporting Standards 1126/2008 mod.1260/2008-1274/2008-69/2009-70/2009-254/2009-494/2009-495/2009- 1136/2009 - 1164/2009 - 550/2010 - 574/2010 - 662/2010 - 149/2011 - 1205/2011 - 475/2012 –

IFRS 2 Share-based Payment 1126/2008 mod. 1261/2008 - 495/2009 - 243/2010 - 244/2010 - 1254/2012 (*) - 1255/2012

IFRS 3 Business Combinations 1126/2008 mod. 495/2009 - 149/2011 - 1254/2012 (*) - 1255/2012 - 1174/2013 (*)

IFRS 4 Insurance Contracts 1126/2008 mod. 1274/2008 - 494/2009 - 1165/2009 - 1255/2012

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 1126/2008 mod.1274/2008-70/2009-494/2009-1142/2009-243/2010-475/2012-1254/2012(*)- 1255/2012 IFRS 6 Exploration for and Evaluation of Mineral Assets 1126/2008

IFRS 7 Financial Instruments: Disclosures 1126/2008 mod.1274/2008-53/2009-70/2009-495/2009-824/2009-1165/2009-574/2010-149/2011 - 1205/2011 - 475/2012 - 1254/2012 (*) - 1255/2012 - 1256/2012 (**) - 1174/2013 (*) IFRS 8 Operating Segments 1126/2008 mod. 1274/2008 - 243/2010 - 632/2010 - 475/2012

IFRS 10 Consolidated Financial Statements 1254/2012 (*) mod. 313/2013 (*) - 1174/2013 (*)

IFRS 11 Joint Arrangements 1254/2012 (*) mod. 313/2013 (*)

IFRS 12 Disclosure of Interests in Other Entities 1254/2012 (*) mod. 313/2013 (*) - 1174/2013 (*)

IFRS 13 Fair Value Measurement 1255/2012

IAS 1 Presentation of Financial Statements 1126/2008 mod.1274/2008-53/2009-70/2009-494/2009-243/2010-149/2011-475/2012-1254/2012 (*) - 1255/2012 - 301/2013 IAS 2 Inventories 1126/2008 mod. 70/2009 - 1255/2012

IAS 7 Statement of Cash Flows 1126/2008 mod. 1260/2008 - 1274/2008 - 70/2009 - 494/2009 - 243/2010 - 1254/2012 (*) - 1174/2013 (*) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 1126/2008 mod. 1274/2008 - 70/2009 - 1255/2012

IAS 10 Events After the Reporting Period 1126/2008 mod. 1274/2008 - 70/2009 - 1142/2009 - 1255/2012

IAS 11 Construction Contracts 1126/2008 mod. 1260/2008 - 1274/2008

IAS 12 Income Taxes 1126/2008 mod. 1274/2008 - 495/2009 - 475/2012 - 1254/2012 (*) - 1255/2012 - 1174/2013 (*)

IAS 16 Property, Plant and Equipment 1126/2008 mod. 1260/2008 - 1274/2008 - 70/2009 - 495/2009 - 1255/2012 - 301/2013

IAS 17 Leases 1126/2008 mod. 243/2010 - 1255/2012

IAS 18 Revenue 1126/2008 mod. 69/2009 - 1254/2012 (*) - 1255/2012

IAS 19 Employee Benefits 1126/2008 mod. 1274/2008 - 70/2009 - 475/2012 - 1255/2012

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1126/2008 mod. 1274/2008 - 70/2009 - 475/2012 - 1255/2012

IAS 21 The Effects of Changes in Foreign Exchange Rates 1126/2008 mod. 1274/2008 - 69/2009 - 494/2009 - 149/2011 - 475/2012 - 1254/2012 (*) - 1255/2012 IAS 23 Borrowing Costs 1126/2008 mod. 1260/2008 - 70/2009

IAS 24 Related Party Disclosures 1126/2008 mod. 1274/2008 - 632/2010 - 475/2012 - 1254/2012 (*) - 1174/2013 (*)

IAS 26 Accounting and Reporting by Retirement Benefit Plans 1126/2008

IAS 27 Separate Financial Statements 1126/2008 mod. 1274/2008 - 69/2009 - 70/2009 - 494/2009 - 1254/2012 (*) - 1174/2013 (*)

IAS 28 Investments in Associates and Joint Ventures 1126/2008 mod. 1274/2008 - 70/2009 - 494/2009 - 495/2009 - 1254/2012 (*) - 1255/2012

IAS 29 Financial Reporting in Hyperinflationary Economies 1126/2008 mod. 1274/2008 - 70/2009

IAS 31 Interests In Joint Ventures (Superseded by IFRS 11 and IFRS 12 effective 1 1126/2008 mod. 70/2009 - 494/2009 - 149/2011 - 1254/2012 (*) - 1255/2012 January 2013) IAS 32 Financial Instruments: Presentation 1126/2008 mod.1274/2008-53/2009-70/2009-494/2009-495/2009-1293/2009-475/2012-1254/2012 (*) - 1255/2012 - 1256/2012 (**) - 301/2013 - 1174/2013 (*) IAS 33 Earnings Per Share 1126/2008 mod. 1274/2008 - 494/2009 - 495/2009 - 475/2012 - 1254/2012 (*) - 1255/2012

IAS 34 Interim Financial Reporting 1126/2008 mod.1274/2008-70/2009-495/2009-149/2011-475/2012-1255/2012-301/2013- 1174/2013 (*) IAS 36 Impairment of Assets 1126/2008 mod.1274/2008-69/2009-70/2009-495/2009-243/2010-1254/2012(*)-1255/2012- 1374/2013 (*) IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1126/2008 mod. 1274/2008 - 495/2009

IAS 38 Intangible Assets 1126/2008 mod. 1260/2008 - 1274/2008 - 70/2009 - 495/2009 - 243/2010 - 1254/2012 (*) - 1255/2012

IAS 39 Financial Instruments: Recognition and Measurement (Superseded by IFRS 9 1126/2008 mod.1274/2008-53/2009-70/2009-494/2009-495/2009-824/2009-839/2009-1171/2009 - where IFRS 9 is applied) 243/2010 - 149/2011 - 1254/2012 (*) - 1255/2012 - 1174/2013 (*) - 1375/2013 (*)

IAS 40 Investment Property 1126/2008 mod. 1274/2008 - 70/2009 - 1255/2012

IAS 41 Agriculture 1126/2008 mod. 1274/2008 - 70/2009 - 1255/2012