Cariparma OBG S.r.l.

This is a translation of the Italian original " Bilancio dell’esercizio chiuso al 31 dicembre 2015" and has been prepared solely for the convenience of international readers. In the event of any ambiguity the Italian text will prevail. The Italian original is available upon written request to Cariparma OBG S.r.l. by e-mail to: [email protected]

Cariparma OBG Srl Registered Office: Milan, Via Pestalozza, 12/14 Quota capital: Euro 10,000 fully paid up Milan Company Registry no. 07893100961 Tax identification and VAT no.: 07893100961 Milan REA no. 1988744 Management and coordination: Cassa di Risparmio di Parma e Piacenza S.p.A.

* * * * * ANNUAL REPORT AS AT 31 DECEMBER 2015

Company business

The Company was incorporated on 19 June 2012 with the sole purpose of purchasing for a consideration, from , mortgage loans, receivables from public entities, and notes issued in the framework of securitisation transactions concerning claims of the same type, through the assumption of loans granted or guaranteed also by the originator banks, as well as the provision of guarantees for the bonds issued by the same or other banks. It therefore operates pursuant to art. 7- bis of Law no. 130 dated 30 April 1999.

The company, already registered in the list as per art. 106 of the Consolidated Banking Act, was cancelled under of Italy Order no. 1324304/15 dated 15 December 2015 since it now belongs to the Cariparma Crédit Agricole Banking Group, therefore it is not required to be registered in said list pursuant to art. 7 of Ministerial Decree 53/2015 which implemented the reform of non banking intermediaries as per Legislative Decree 141/2010.

Within the framework of corporate operations, in May 2013 the Company initiated a transaction connected with the implementation of a Covered Bond programme, purchasing receivables en bloc under art. 7-bis of Law no. 130/99, from originator banks Cassa di Risparmio di Parma e Piacenza S.p.A. (Cariparma), from Cassa di Risparmio della Spezia S.p.A. () and from Banca Popolare FriulAdria S.p.A. (FriulAdria) to the overall nominal amount of Euro 3,151,214 thousands. The purchased loans were used as guarantee for the Covered Bond issue carried out in the month of July 2013. The purchase was funded through the provision of subordinate loans granted by the said originator banks, while the covered bonds were issued only by Cariparma. The repayment of said loans is subject to the repayment of the covered bonds issued by Cariparma, while the Company, holder of the assets, provides a guarantee to the bond underwriters. The performing loans originate from medium and long term loans, including mortgage loans on residential and commercial real estate. During 2014 Cariparma changed the Covered Bank Bond Issue Programme the subject of the transaction and the agreements relating thereto in order to restructure the programme, initially organised as a so-called retained programme, into a so-called public programme and, as a result, attribute the Covered Bank Bonds a rating and be placed on the market. Further to this, on 12 November 2014 Cariparma partially cancelled euro 1,500,000 thousand of the bonds issued during

Annual Report as at 31 December 2015 1 Cariparma OBG S.r.l.

2013 and on 10 December 2014 issued a new series of floating rate covered bank bonds to the amount of euro 1,000,000 thousand due 31 January 2022. During 2015 the Originators sold to the company additional receivables portfolios to the amount of euro 2,257,165 thousand whose price was paid by offsetting them with additional subordinate loans. On 16 September 2015, Cariparma issued a new series of floating rate covered bank bonds to the amount of euro 1,000,000 thousand due 16 June 2023.

Introduction

The Company has prepared its Annual Report at 31 December 2015 in compliance with the International Financial Reporting Standards (IFRS) and in observance of supervisory instructions as per circular dated 15 December 2015 (Instructions on the preparation of the Annual Report and the Financial Statements of financial intermediaries, of payment institutions, Electronic Money Institutions, SGRs and SMIs), enforcing the options set out in art. 4, sub. 5 of Legislative Decree 38/2005, as entity controlled by a holding company whose financial statements are prepared according to the aforesaid international accounting standards. IAS/IFRS principles and the interpretations thereto (SIC/IFRIC) applied hereto are those approved by the European Union and in force at the closing date of this Annual Report.

The Company prepared its Annual Report in compliance with the Bank of Italy Provision dated 15 December 2015, reference basis for preparing financial statements of financial intermediaries adopting International Accounting Principles (IFRS). Said statements and principles were considered to be the most reasonable to provide information on the financial position, the results and the financial flows of the Company that proves relevant, reliable and understandable in regard of both company management and separate assets.

Form and content of the Annual Report

The Annual Report for the year was prepared in compliance with the dispositions set out in Legislative Decree no. 38 of 28 February 2005 and the Instructions issued by the Bank of Italy, and is comprised of: • Balance Sheet and Income Statement; • Statement of comprehensive income; • Statement of changes in quotaholders’ equity; • Statement of Cash Flows; • Notes to the Financial Statements: Part A – Accounting policies A.1 General A.2 Main financial statement captions A.3 Information on transfers between financial asset portfolios A.4 Information on the Fair Value A.5 Information on “day one profit/loss” Part B – Information on Balance sheet Part C – Information on Income Statement Part D – Other information

The accounting representation of the Covered Bond transaction was made by the Company in compliance with the provisions set out in Law no. 130 of 30 April 1999, where it sets out that “to all intents and purposes, the receivables related to each transaction are considered as separate assets from company’s and those of other transactions”. In particular, the information concerning the

Annual Report as at 31 December 2015 2 Cariparma OBG S.r.l.

Covered Bond transaction carried out was provided further to the request for information specified in the aforesaid Bank of Italy Order.

This Annual Report is also accompanied by report on operations.

The Company, which is controlled by a Public Interest Entity, as envisaged by art. 16 of the Legislative Decree 39 dated 27 January 2010, appointed Reconta Ernst & Young S.p.A. to carry out the statutory audit of its accounts for the three years from 2013 to 2015.

Annual Report as at 31 December 2015 3 Cariparma OBG S.r.l.

BALANCE SHEET AND INCOME STATEMENT

BALANCE SHEET

Assets 31/12/2015 31/12/2014

60 Loans and Receivables 9,703 9,862

120 Tax assets 1 1 a) current 1 1

140 Other assets 26,010 40,966

Total assets 35,714 50,829

Liabilities and equity 31/12/2015 31/12/2014

90 Other liabilities 25,714 40,829

120 Quota capital 10,000 10,000

Total liabilities and equity 35,714 50,829

Annual Report as at 31 December 2015 4 Cariparma OBG S.r.l.

INCOME STATEMENT

Costs – Revenues 2015 2014

10 Interest income and similar income 5 5

Interest margin 5 5

40 Commission expenses (155) (174)

Net commission income (expenses) (155) (174)

Net interest and other banking income (150) (169)

110 Administrative expenses (42,895) (45,034) (b) other administrative expenses (42,895) (45,034) 160 Other operating income (expenses) 43,046 45,204

Operating expenses 1 1

Income (loss) before tax from continuing operations 1 1 190 Taxes on income from continuing operations (1) (1)

Income (loss) after tax from continuing operations 0 0

Net income (loss) 0 0

Annual Report as at 31 December 2015 5 Cariparma OBG S.r.l.

STATEMENT OF COMPREHENSIVE INCOME

Item 2015 2014 10 Net income (loss) 0 0 Other comprehensive income, net of tax, that may not be reclassified to the income statement 20 Property and equipment 30 Intangible assets 40 Defined benefit plans 50 Non-current assets held for sale 60 Share of valuation reserves connected with investments carried at equity Other comprehensive income, net of tax that may be reclassified to the income statement 70 Hedges of foreign investment 80 Foreign exchange differences 90 Cash flows hedges 100 Financial assets available-for-sale 110 Non-current assets held for sale 120 Share of valuation reserves connected with investments carried at equity 130 Total other comprehensive income, net of taxes 0 0 140 Total comprehensive income (item 10+130) 0 0

Annual Report as at 31 December 2015 6 Cariparma OBG S.r.l.

STATEMENT OF CHANGES IN NET EQUITY - 2015 (in Euro units)

Changes in the year Allocation of prior Operations on year profit quotaholders’ equity

Amount at 01/01/20015 at 01/01/20015 Amount Reserve Reserve Amounts at 31/12/2014 31/12/2014 at Amounts dividend Changes in opening balance balance opening in Changes Other changes Other changes Changes in equity equity in Changes Quotaholders’ equity at 31/12/2015 31/12/2015 at equity Quotaholders’ Issue of new quotas quotas new Issue of Repurchase of own quotas own quotas of Repurchase Distribution of extraordinary of extraordinary Distribution Total comprehensive income year to 31/122015 31/122015 to year income comprehensive Total Dividends and other distributions other and distributions Dividends Changes in reserves reserves in Changes Quota capital: 10,000 10,000 10,000 Quota premium Reserves: a) income related b) other Valuation reserves: Equity instruments Treasury quotas Net income (loss) Quotaholders’ equity 10,000 10,000 10,000

STATEMENT OF CHANGES IN NET EQUITY - 2014 (in Euro units)

Changes in the year Allocation of prior Operations on year profit quotaholders’ equity

Amount at 31/12/2013 31/12/2013 at Amount Amount at 01/01/20014 at 01/01/20014 Amount Reserve Reserve

balance opening in Change Other changes Other changes Quotaholders’ equity at 31/12/2014 31/12/2014 at equity Quotaholders’ Changes in equity equity in Changes Issue of new quotas quotas new Issue of Repurchase of own quotas own quotas of Repurchase Changes in reserves reserves in Changes Total comprehensive income year to 31/12/2014 31/12/2014 to year income comprehensive Total Dividends and other distributions other and distributions Dividends Distribution of extraordinary dividend dividend of extraordinary Distribution Quota capital: 10,000 10,000 10,000

Quota premium Reserves: a) income related b) other Valuation reserves: Equity instruments Treasury quotas

Net income (loss) Quotaholders’ equity 10,000 10,000 10,000

Annual Report as at 31 December 2015 7 Cariparma OBG S.r.l.

STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2015 31/12/2015 31/12/2014 A. OPERATING ACTIVITIES (A) 1. CASH FLOW FROM OPERATIONS 0 0 - interest income collected (+) 5 5 - interest expenses paid (-) - dividends and similar income (+) - net commissions (+/-) (155) (174) - personnel expenses (-) - other costs (-) (42,895) (45,034) - other revenues (+) 43,046 45,204 - taxes (-) (1) (1) - profit (loss) from disposal groups, net of tax effect (+/-) 2. CASH FLOW FROM /USED in FINANCIAL ASSETS 14,956 3,652 - financial assets held for trading - financial assets designated at fair value through profit and loss - financial assets available-for-sale - due from banks - due from financial entities - loans to customer - other assets 14,956 3,652 3. CASH FLOW FROM / USED IN FINANCIAL LIABILITIES (15,115) (4,139) - due to banks - due to financial entities - due to customers - securities issued - financial liabilities held for trading - financial liabilities designated at fair value through profit and loss - other liabilities (15,115) (4,140) NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES (A) (159) (488) B. INVESTING ACTIVITIES (B) 1. CASH FLOW FROM 0 0 - sales of equity investments - dividends collected on equity investments - sales of investments held-to-maturity - sales of property and equipment - sales of intangible assets - sales of subsidiaries and business branch 2. CASH FLOW USED IN 0 0 - purchases of equity investments - purchases of investments held-to-maturity - purchases of property and equipment - purchases of intangible assets - purchases of subsidiaries and business branch NET CASH FLOWS FROM (USED IN) INVESTMENT ACTIVITIES (B) 0 0 C. FINANCING ACTIVITIES (C) - issue / repurchase of own quotas - issue / repurchase of equity instruments - dividend distribution and other NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES (C) 0 0 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (D = A + B + C) (159) (488)

Reconciliation Amount 31/12/2015 31/12/2014 Cash and cash equivalents at the beginning of year 9,862 10,350 Net increase (decrease) in cash and cash equivalents (159) (487) Cash and cash equivalents at the end of year 9,703 9,862

Annual Report as at 31 December 2015 8 Cariparma OBG S.r.l.

NOTES TO THE FINANCIAL STATEMENTS

Part A – Accounting policies

A.1 General

Section 1 - Declaration of compliance with international accounting standards

In accordance with the provisions of Leg. Decree 38/05, the Company has prepared Annual Report for the year ended 31 December 2015 in compliance with IAS/IFRS standards issued by the International Accounting Standards Board (IASB) and related interpretations of the International Financial Reporting Interpretations Committee (IFRIC) approved by the European Commission, as set out in Community Regulation 1606 of 19 July 2002. The IAS/IFRS principles in force as at 31 December 2015 (including the interpretation documents referred to as SIC and IFRIC) as approved by the European Commission were therefore applied. During the year a number of provisions set out in the Regulations issued by the European Union came into force. Below is a summary of the most important ones. New documents issued by the IASB and approved by the EU to be mandatorily adopted starting from the financial statements prepared as from 1 January 2015.

Rules, amendments and interpretations Issue date First time adoption IFRIC 21 Levies 14 June 2014 1 January 2015 (EU no. 634/2014) Amendment of IFRS 3 Business Combination 19 December 2014 1 January 2015 (EU no. 1361/2014) Amendment of IFRS 13 Fair value measurement 19 December 2014 1 January 2015 (EU no. 1361/2014) Amendment IAS 40 Investment property 19 December 2014 1 January 2015 (EU no. 1361/2014) Amendment of IFRS 2 Share-based payment 09 January 2015 1 January 2015 (EU no. 28/2015) Amendment of IFRS 3 Business Combination 09 January 2015 1 January 2015 (EU no. 28/2015) Amendment of IFRS 8 Operating segments 09 January 2015 1 January 2015 (EU no. 28/2015) Amendment IFRS 13 Fair value measurement 09 January 2015 1 January 2015 (EU no. 28/2015) Amendment IAS 16 Property, plant and equipment 09 January 2015 1 January 2015 (EU no. 28/2015) Amendment IAS 24 Related parties disclosures 09 January 2015 1 January 2015 (EU no. 28/2015) Amendment IAS 38 Intangible assets 09 January 2015 1 January 2015 (EU no. 28/2015) Amendment IAS 19 Employee benefits 09 January 2015 1 January 2015 (EU no. 29/2015) Application of these new provisions did not lead to any significant impact on the result and the new position for the period

Annual Report as at 31 December 2015 9 Cariparma OBG S.r.l.

Section 2 – General preparation principles

The Annual Report was drawn up in line with the prescriptions laid down in the Bank of Italy Instruction dated 15 December 2015 (instructions for the preparation of the annual report and the financial statements by financial intermediaries, payment institutions, Electronic Money Institutions, SGRs, SMIs) outlining the framework and regulations for the Annual Report of financial brokers under the new standards. The Annual Report was drafted to present a true and accurate view of the company's financial position, financial performance and cash flow. The Annual Report was prepared on a going concern basis (IAS 1 - section 25), income and expenses were booked in accordance with the accruals principle (IAS 1 - sections 27 and 28), and in line with the required presentation and classification of items (IAS 1 - section 45). Assets and liabilities, income and expenses were not offset unless required or permitted by a Standard or Interpretation (IAS 1 - section 32). The Annual Report is comprised of the mandatory accounting statements envisaged by IAS 1, i.e. Balance Sheet, Income Statement, Statement of comprehensive income, Statement of Changes in quotaholders’ Equity, Statement of Cash Flows and these Notes to the Financial Statements. The assets and liabilities and the other transaction of assets purchase carried out within the framework of the issue of covered bond were recognised in a specific section of the Notes and are not part of the financial statements, in accordance to the administrative instructions issued by the Bank of Italy under Article 9 of Legislative Decree 38/2005, i.e. Instructions envisaged by said Provision dated 15 December 2015. This is also in accordance with the provisions in law no. 130/99, which sets out that to all intents and purposes, the receivables related to each transactions are considered as separate assets from the company’s and those of other transactions. For the sake of completeness of information, it should be noted that no official interpretation of the accounting treatment, in accordance with international accounting principles, of financial assets and/or aggregations of financial assets and liabilities that arise within the scope of securitisation transactions as a consequence also in covered bonds transactions, has yet been given by the authorities in charge of interpreting statutory accounting principles.

The Annual Report was drawn up using the Euro as accounting currency; unless indicated otherwise, all figures reported in these Annual Report are in thousands of euro.

Below are the general preparation principles:

- Going concern Assets and liabilities are valued at their operating value, given that they are expected to be used for several years. - Accruals accounting The effects of revenues and costs are recognized when they occur, rather than when cash is received or paid, and they are reported in the financial statements of the year to which they relate. - Consistency The presentation and classification of items in the financial statements is consistent from one year to the next in order to provide the necessary comparative information, unless a standard or interpretation permits or requires otherwise or if the items concerned would be more appropriately

Annual Report as at 31 December 2015 10 Cariparma OBG S.r.l. represented, i.e. in a more reliable and relevant way. If a presentation or classification criteria is changed, this is applied retrospectively where possible. In this case, the nature and reason for the change are also provided, along with the items concerned. Entries are shown and classified pursuant to the forms set out in the Bank of Italy under Order dated 15 December 2015. - Aggregation and relevance All key aggregations of items of similar nature or function are presented separately. Items of a different nature or function, where relevant, are presented individually. - No offsetting Assets and liabilities, and costs and revenues, are not offset unless required or permitted by an International Accounting Standard or Interpretation, or by the frameworks and instructions issued by Bank of Italy. - Comparability Comparative information for the previous year is provided for all figures disclosed in the financial statements, unless otherwise required or permitted by International Accounting Standards or Interpretations. Descriptive information is also provided to help understand the figures presented. Comparable figures for the previous year are provided for each item in the accounting tables.

Section 3 – Events subsequent to financial statement date

No events have occurred after the date hereof which have led to any relevant effect with regard to the statement of financial position, the income statement and the financial positions set out herein.

Section 4 – Other aspects There are no other issues to report.

A.2 Main financial statement captions

The accounting principles adopted to prepare the Annual Report for the year ended 31 December 2015 are described below for each item reported in the Balance Sheet and in the income statement. Recognition, classification, measurement and derecognition criteria are listed for each item.

RECEIVABLES Recognition criteria Receivables are recognized at the payment date, i.e. the date the company becomes a party to the legal transfer agreement and hence also acquires legal rights to receive financial flows. The amounts are initially booked at the fair value which generally equals the amount provided or price paid. Classification criteria This item includes amounts due from banks as cash and cash equivalents of the Company, the receivables from financial institutions and receivables classified in “Other Assets” as receivables from third parties. Measurement criteria and income components recognition After they are initially brought to accounts, the receivables are measured according the amortised cost principle. Other short term receivables are measured at their original value, expressing their presumable breakup value. As regards other receivables, at every year end any objective evidence of impairment is checked. Derecognition criteria

Annual Report as at 31 December 2015 11 Cariparma OBG S.r.l.

Receivables are derecognized when the asset concerned is sold, transferring all related risks and benefits, when contractual rights expire or when the receivable is considered to be definitively unrecoverable.

PAYABLES Recognition criteria Payables are recognized at the collection date, i.e. when the company becomes a party to the legal transfer agreement and hence is legally obliged to correspond financial flows. Payables are initially booked at the fair value which generally equals the amount paid. Classification criteria Amounts due to banks, financial institutions, as well as payables recorded in “Other liabilities”, like payables to suppliers and to the national tax authority for taxes, VAT and withholding taxes are included in this item. Measurement criteria and income components recognition Payables are measured according the amortised cost principle. Short-term liabilities, for which the actual term is of no importance, are measured at their original value. Derecognition criteria Payables are derecognized when the relative liabilities have expired or been extinguished.

DEFERRED AND CURRENT TAXATION Recognition criteria Tax liabilities are brought to account when the various withholdings and taxes are known. Classification criteria This item includes current and deferred tax assets and liabilities. Measurement criteria and income components recognition Current and deferred tax assets and liabilities are recognized without offsetting. Current tax assets are disclosed at the nominal value of the relative amounts receivable for advance tax paid. Current tax liabilities are also disclosed at the nominal value of the withholdings levied, whilst tax for the current year is calculated on the basis of a realistic estimate of the tax burden under applicable tax legislation. Deferred tax liabilities are measured without taking into account any current or estimated potential losses considered for tax purposes; deferred tax assets are only booked if it is reasonably certain they will be recovered. Derecognition criteria Current taxes(assets and liabilities) are derecognized when the various taxes levied as withholding agent are paid at the official due date. Deferred taxes are derecognized to the extent that it is expected to be recovered.

COSTS AND REVENUE Costs are charged to the income statement when economic benefits are expected to decrease in the future, leading to a resultant decrease in assets or increase in liabilities, the value of which can be reasonably estimated. Costs are charged to the income statement by directly matching costs incurred to the associated revenue produced (cost/revenue matching). All costs relating to securitisation procedures are charged back directly to the securitisation transaction. Revenues are charged to the income statement when economic benefits are expected to increase in the future, leading to a resultant increase in assets or decrease in liabilities, the value of which can be reasonably estimated. This means that revenues are recognized at the same time as the recognition of an increase in assets or decrease in liabilities. The main revenue item in the Annual Report of the Company derives from the recharge to the Covered Bond transaction of costs relating to company operations.

Annual Report as at 31 December 2015 12 Cariparma OBG S.r.l.

A.3 Information on transfer between financial asset portfolios With regard to the information required under the IFRS 7 accounting standard, it should be noted that no reclassification was made of financial assets for the various portfolios.

A. 4 Information on fair value

QUALITATIVE INFORMATION Given the fact that the company is operating, there are no highlights to be noted. Receivables refer to the bank current account balance as at 31 December 2015.

QUANTITATIVE INFORMATION A.4.5.4 Assets and liabilities are not measured or measured at fair value on a non-recurrent basis: fair value by levels

31.12.2015 31.12.2014 Assets/liabilities not measured at fair value or measured at fair value on a non-recurrent basis VB L1 L2 L3 VB L1 L2 L3

1. Financial assets held to maturity 2. Loans 10 10 10 10 3. Investments property 4. Non-current assets held for sale and discontinued operations Total 10 10 10 10 1. Payables 2. Securities issued 3. Liabilities associated with non-current assets Total

IFRS 13 sets out a fair value hierarchy linked with the level of input observability of the valuation techniques adopted for measurement purposes. The fair value hierarchy level associated with assets and liabilities is defined as the minimum level for all the significant inputs used. Generally speaking, a measurement input is not considered to be significant for the fair value of an instrument if the remaining inputs account for most of the change in fair value in a three-month horizon.

More specifically, three levels are foreseen: - level 1: the fair value of the instruments included in this level is determined in accordance with the quoted prices in active markets; - level 2: the fair value of the instruments included in this level is determined in accordance with the valuation methods that use observable inputs in active markets; - level 3: the fair value of the instruments included in this level is determined in accordance with the valuation methods that mainly use significant inputs that are not observable in active markets.

The fair value of receivables from banks is deemed to match the carrying value in that these are exclusively short-term receivables relating to the current accounts.

With regard to comparative disclosures concerning 2015, although not requested by IFRS 13, it should be noted that since no changes have been introduced to the qualitative composition of the

Annual Report as at 31 December 2015 13 Cariparma OBG S.r.l. item “receivables” (this being the balance of bank current account and cash availability), this item was categorized in the same fair value level as that attributed in 2014.

A 5. Information on “Day one profit/loss” The Company did not use financial instruments in the 2015 for its ordinary operations, so there is no information to be provided related to the so-called “day one profit/loss”.

The information included in Parts B, C and D of the notes to financial statements is provided below. It should be pointed out that information is not provided for any issues not of interest to the Annual Report under review, nor are tables provided for accounting items that do not appear in the statements.

Annual Report as at 31 December 2015 14 Cariparma OBG S.r.l.

Part B – Statement of financial position data

Assets

Section 6 – Loans and Receivables – Item 60 6.1 “Due from banks” 31.12.2015 31.12.2014 Items VB L1 L2 L3 VB L1 L2 L3

1. Deposits and current accounts 10 10 10 10 2. Loans 2.1 Repurchase Agreements 2.2 Financial Leasing 2.3 Factoring - with recourse - without recourse 2.4 Other loans 3. Debt securities - structured securities - other debt securities 4. Other assets Total 10 10 10 10

Section 14 – Other assets 14.1 “Other assets” This entry posts a balance of Euro 26 thousands accounted for by receivables relating to the Issuer Retention Amount applied to segregated assets, charged for keeping the company in good-standing.

Items 31.12.2015 31.12.2014 Changes Due from segregated assets 26 41 -15 Total carrying value 26 41 -15

Annual Report as at 31 December 2015 15 Cariparma OBG S.r.l.

Liabilities

Section 9 – Other liabilities 9.1 “Other liabilities” The item, posting a balance of Euro 26 thousands, is made up by payables to suppliers.

Item 31.12.2015 31.12.2014 Changes

Due to suppliers for invoices to be received 26 41 -15 Total carrying value 26 41 -15

Section 12 – Equity

12.1 Composition of item 120 “Capital” The Quota capital at 31 December 2015 is equal to Euro 10,000 and it is held by:

- Cassa di Risparmio di Parma e Piacenza S.p.A., quota of Euro 6 thousands, equal to 60% of the Quota Capital; - Stitching Pavia, with registered office in Amsterdam (The Netherlands), quota of Euro 4 thousands, equal to 40 % of the Quota Capital.

The Quota Capital in divided into quotas.

(in euro units) Composition Amount 1. Quota capital 0 1.1. Ordinary shares 1.2 Other shares (quotas) 10,000

12.5 “Other information” The quota capital at 31 December 2015 is 10,000 euro, divided into quotas as described in point 12.1 above. The company does not hold, nor did it hold during the year in question, own quotas or shares or quotas of parent companies, either directly or through trust companies or third parties. There are no disclosures to make under IAS 1, paragraph 79 (a) (iii), (v), (vi), (vii), paragraph 136A, paragraph 137 or paragraph 80A.

In compliance with the requirements of Article 2427, paragraph 7 bis of the Italian Civil Code, the following are the details of the items in net shareholders’ equity, with the possibility of their utilisation and distribution and the utilisations in the year.

Annual Report as at 31 December 2015 16 Cariparma OBG S.r.l.

(in euro units)

Summary of amounts used in the year Possibility to Available For loss For other Nature/description Amount use portion coverage reasons Quota capital 10,000 Capital reserves Profit reserves: Profit carried forward 0 A-B-C Non distributable portion 0 Residual distributable portion 0 A: for capital increase B: for loss coverage C: for distribution to quotaholders

Guarantees, commitments and “off balance sheet” transactions Guarantees issued to third parties The company did not grant any surety to third parties except as specified in Part “D” with regard to the Covered Bond transaction carried out.

Commitments There are no commitments.

“Off balance sheet” transactions At 31 December 2015 the company had no “off balance sheet” transactions.

Foreign exchange assets and liabilities At 31 December 2015 there are no foreign currency assets or liabilities.

Annual Report as at 31 December 2015 17 Cariparma OBG S.r.l.

Part C –Income statement

Section 9 – Administrative expenses 9.3 Composition of item 110.b “Other administrative expenses” Administrative expenses are equal to Euro 43 thousands. They are expenses incurred for the ordinary management of the Company.

31.12.2015 31.12.2014 Audit of financial statements 40 40 Other administrative expenses 3 5 Total administrative expenses 43 45

Section 14 – Other operating income (expenses) 14.1 Composition of item 160 “Other operating income (expenses)” Other operating income amount to Euro 43 thousands. This item consists in the Issuer Retention Amount required to maintain the good standing of the Company.

31.12.2015 31.12.2014 Recovery of maintenance costs 43 42 Extraordinary income 0 3 Total other operating income (expenses) 43 45

Annual Report as at 31 December 2015 18 Cariparma OBG S.r.l.

Part D – Other information

Section 1 – Specific disclosure on activities

I. COVERED BOND CARIPARMA OBG SRL SUMMARY STATEMENTS OF SECURITISED ASSETS AND NOTES ISSUED

31/12/2015 31/12/2014 A. SECURITISED ASSETS

A1) Loans 4.376.662.195 2,668,990,181 TOTAL A) 4,376,662,195 2.668.990.181

B. APPLICATION OF FUNDS GENERATED BY RECEIVABLES MANAGEMENT B3) Other 1,052,293,858 511,907,878 TOTAL B) 1,052,293,858 511,907,878

D. LOANS OBTAINED 5,427,795,079 3,180,354,675

E. OTHER LIABILITIES 1,160,974 543,384

DIFFERENCE A + B - C - D - E 0 0

G. COMMISSIONS AND FEES FOR THE TRANSACTION G1) for servicing 2,097,278 1,337,007

G2) for other services 1,372,170 861,571 TOTAL G) 3,469,448 2,198,578

H. OTHER EXPENSES 97,156,702 82,527,315

I. INTEREST GENERATED BY THE 100,544,780 84,357,190 SECURITISED ASSETS

L. OTHER INCOME 81,370 368,703

DIFFERENCE I + L - F – G – H 0 0

Annual Report as at 31 December 2015 19 Cariparma OBG S.r.l.

Measurement criteria In describing the position of the transaction, consideration has been given to the provisions of Legislative Decree 87/92 and the Bank of Italy Order of 15 December 2015 - Instructions for the preparation of the financial statements of financial intermediaries, payment institutions, Electronic Money Institutions, SGRs and SIMs, in compliance with the principle of preferring the representation of substance to that of form. Specifically, this Bank of Italy Order gives the instructions for the disclosures that receivables securitisation special purpose vehicle companies must give in the Notes to the financial statements when describing the transactions put in hand. Owing to the nature of the transaction carried out and the company’s limited operational capacity, the accounting data and valuations of the Securitised Assets have been acquired by the Servicer.

Securitised assets The receivables have been reported at their presumable transfer price, which has been obtained by deducting the amounts resulting from the analytic and collective evaluation of impairment of the receivables. It was considered technically appropriate, in calculating the assets, to adjust them directly by the amounts of the pro-rata interest being accrued.

Use of funds deriving from receivables management The assets that make up this item are reported at notional amount which corresponds to their presumable transfer price, including pro-rata interest, if any, being accrued.

Loans received The debit amount is booked at notional amount.

Other liabilities The liabilities comprised in this item are booked at notional amount.

Costs and revenues Costs and revenues are accounted for on an accrual basis also measuring accrual and deferrals. Accruals and deferrals, when technically appropriate, have been utilised in the direct adjustment of the assets or liabilities items to which they refer.

Annual Report as at 31 December 2015 20 Cariparma OBG S.r.l.

Composition of the items included in the transaction position The following is the composition of the main items.

Securitised assets – Receivables The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Receivables originated by Cariparma 2,764,899 1,578,696 Receivables originated by FriulAdria 1,116,531 874,161 Receivables originated by Carispezia 521,968 232,690 Pro rata interest 2 2 Accrued income on receivables 2,699 1,499 Overdue interest receivables 76 41 Interest receivables under moratorium 135 63 Interest income receivables 1,059 944 Lump sum receivables write-down -28,576 -17,560 Analytical receivables write-down -2,055 -1,505 Overdue interest write-down -76 -41 Total A1) 4,376,662 2,668,990

Use of funds derived from managing the receivables The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Cash in the transaction current accounts 1,052,176 511,821 Receivables from inland revenue for interest tax 108 87 withholdings Accruals 10 0 Total B3) 1,052,294 511,908

Loans received The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Subordinated loan Cariparma 3,390,929 1,877,213 Subordinated loan Carispezia 618,852 272,739 Subordinated loan FriulAdria 1,365,017 994,901 Pro rata interest on subordinated loans 52,997 35,502 Total D) 5,427,795 3,180,355

Annual Report as at 31 December 2015 21 Cariparma OBG S.r.l.

Other liabilities The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Payables to suppliers for invoices received and to be 1,124 478 received Payables to own assets 26 41 Accrued charges 11 24 Total E) 1,161 543

Commissions and fees for the transaction The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Servicing 2,097 1,337 Total G1) 2,097 1,337 Sub-Servicer fees 1,156 677 Representative of Noteholders fees 4 5 Principal Paying Agent fees 2 2 Account Bank fees 1 1 Calculation Agent fees 58 31 Corporate Servicer On Going fees 97 127 Interbank Risk Office ( Centrale Rischi ) 33 1 SIA annuities 21 18 Total G2) 1,372 862 Total G) 3,469 2,199

Other expenses The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Interest paid on sub loan Cariparma 62,597 50,945 Interest paid on sub loan Carispezia 11,257 7,321 Interest paid on sub loan FriulAdria 22,642 22,840 Analytical receivables write-down 561 1,339 Lump sum receivables write-down 0 0 Overdue interest write-down 45 39 Company maintenance costs 43 42 Other 12 1 Total H) 97,157 82,527

Annual Report as at 31 December 2015 22 Cariparma OBG S.r.l.

Interest generated by the securitised assets The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Interest on receivables 94,540 78,772 Early redemption penalties 99 91 Receivables writeback 5,515 5,405 Overdue interest writeback 298 3 Overdue interest received 49 47 Overdue interest accrued 44 39 Total I) 100,545 84,357

Other income The item is composed of: Thousands of euro Position at Position at 31/12/2015 31/12/2014 Interest on current account 81 364 Extraordinary Income 0 5 Total L) 81 369

Annual Report as at 31 December 2015 23 Cariparma OBG S.r.l.

QUALITATIVE INFORMATION L.2- Description and performance of the transaction

The programme During 2013, the Company completed an agreement with Cassa di Risparmio di Parma e Piacenza S.p.A. (Issuer) under which an issue programme is to be carried out by the latter with regard to Guaranteed Bank Bonds pursuant to Law 130/1999, for a maximum amount of Euro 8,000,000 thousands. The programme sets out the participation of a number of originator banks in the programme that belong to the Cariparma Crédit Agricole Group (so-called multi-seller) . Said programme was structured with the support of Crédit Agricole Corporate & Investment Bank S.A. in its capacity as Arranger. In July 2013 the Issuer issued Euro 2,700,000 thousands of Floating Rates Covered Bonds due July 2020. In order to enable the issue, on 20 May 2013 the Company purchased without recourse a number of claims portfolio en bloc under Law 130/99; loan transfers were subsequently conditional on the receipt by the counterparties participating in the programme of the subordinate loans related to them, which took place on the effective date of 20 May 2013. Originators will be entitled to assign and transfer without recourse to the company other claim portfolios. The guarantee issued by the Company (Guarantor) on the covered bonds issued by Cariparma is supported by the claims portfolio comprised of medium and long term loans, including mortgage loans, on residential real estate. In order to fund the purchase of the claims portfolio by the Company, the latter and the originator banks entered into loan agreements whose repayment is subject to the repayment of the covered bonds issued by Cariparma. Originators - Cassa di Risparmio di Parma e Piacenza S.p.A. (Cariparma), a joint-stock company operating as bank, with head office in Parma Via Università n. 1. - Cassa di Risparmio della Spezia S.p.A. (Carispezia), a joint-stock company operating as bank, with head office in La Spezia Corso Cavour n. 86. - Banca Popolare FriulAdria S.p.A. (FriulAdria), a joint-stock company operating as bank, with head office in Pordenone Piazza XX Settembre n. 2. All three banks belong to the Cariparma Crédit Agricole banking group. Receivables assigned Receivables are accounted for by a pecuniary claims portfolio identified en bloc arising from medium and long term loans, including mortgage loans on residential real estate and real property used for business activities. Said receivables are classified as performing and identified on the basis of pre-set criteria: common and specific criteria, including the fact that the aforementioned claims arise from mortgage loan agreements featuring no any past due or unpaid instalment. The notional amount of the receivables adds up to: - Cariparma Receivables, Euro 1,879,369 thousands; - Carispezia Receivables, Euro 273,164 thousands; - FriulAdria Receivables, Euro 998,681 thousands.

Payment of the initial portfolio transfer price amount to: - Cariparma Receivables, Euro 1,877,213 thousands: - Carispezia Receivables, Euro 272,739 thousands; - FriulAdria, Receivables Euro 994,901 thousands.

Annual Report as at 31 December 2015 24 Cariparma OBG S.r.l.

Payment of the price of the portfolio was made using the proceeds of the first subordinated loans as follows: - Cariparma Loan Euro 1,877,213 thousands; - Carispezia Loan Euro 272.739 thousands; - FriulAdria Loan Euro 994,901 thousands.

On 11 November 2014, a number of the agreements entered into with regard to the secured bank bonds were amended. Said changes, approved by the board of directors and the quotaholders’ meeting, and authorised by the Representative of the Secured Bondholders, envisage that: - -the initially structured programme is reorganized into a public programme so that the bonds can be attributed a rating and then be placed on the market, - -the programme allows to invest the amounts deposited into the current accounts in the so- called “Eligible Investments”, i.e. specific types of investments classified as eligible by the rating agencies, As a result of the above, Cariparma: - On 12 November 2014, partially cancelled the bonds issued in 2013 to the amount of euro 1,500,000 thousand; at present overall they add up to euro 1,200 thousand; - On 10 December 2014, issued a new series of fixed rate secured bank bonds amounting to euro 1,000,000 thousand due 31 January 2022.

On 15 June 2015 the Originators sold to the company additional receivables portfolios whose price was paid by offsetting same with additional subordinate loans as indicated below: The par value of the receivables is: - Cariparma receivables Euro 1,532,845 thousand - Carispezia receivables Euro 349,697 thousand - FriulAdria receivables Euro 374,623 thousand Payment of the portfolio transfer price is as follows: - Cariparma receivables Euro 1,521,960 thousand - Carispezia receivables Euro 347,349 thousand - FriulAdria receivables Euro 373,592 thousand Subordinate Loans add up to: - Cariparma Loan Euro 1,521,960 thousand - Carispezia Loan Euro 347,349 thousand - FriulAdria Loan Euro 373,592 thousand. Further to the above, Cariparma: - On 16 September2015 issued a new series of floating rate covered bank bonds to the amount of euro 1,000,000 thousand due 16 June 2023.

Performance of the transaction The performance of the transaction completed in July 2013, appears to be in line with expectations as set out at the time of structuring. Also in the course of 2015, as in 2014, the assignors proposed to the Company to buy back the previously assigned claims as set out in the framework transfer agreement. Below is a summary of the claims whose principal amount has been repurchased (falling due or already fallen due):

Thousands of Euro Date Cariparma Carispezia FriulAdria Total

Annual Report as at 31 December 2015 25 Cariparma OBG S.r.l.

2013 1,303 298 953 2,554 2014 75,578 1,492 3,539 80,609 2015 10,745 8,792 1,372 20,909 Total 87,626 10,582 5,864 104,072

As set out in art. 8.1.1 of the framework transfer agreement, assignment of the aforementioned claims was disclosed through publication on the Official Gazette and at the relevant Business Registry.

L.3 – Information regarding the parties involved Ad hoc appointments were made in order to manage the transaction, as specified in detail below:

Cassa di Risparmio di Parma e Piacenza S.p.A. (Cariparma) Cassa di Risparmio della Spezia S.p.A. (Carispezia) Originators Banca Popolare FriulAdria S.p.A. (FriulAdria) All part of the Cariparma Crédit Agricole banking group.

Covered Bonds Issuer Cassa di Risparmio di Parma e Piacenza S.p.A. (Cariparma)

Cassa di Risparmio di Parma e Piacenza S.p.A. (Cariparma) Master Servicer

Cassa di Risparmio di Parma e Piacenza S.p.A. (Cariparma) Cassa di Risparmio della Spezia S.p.A. (Carispezia) Sub Servicer Banca Popolare FriulAdria S.p.A. (FriulAdria) All the companies are part of the Cariparma Crédit Agricole banking group .

Cassa di Risparmio di Parma e Piacenza S.p.A. (Cariparma) Account Bank

Guarantor Corporate Zenith Service S.p.A. Servicer

Representative of the Zenith Service S.p.A. Covered Bondholders

Asset Monitor Mazars S.p.a.

Crédit Agricole Corporate & Investment Bank S.A. (CACIB Calculation Agent for short) Milan Branch

Principal Paying Crédit Agricole Corporate & Investment Bank S.A. (CACIB Agent for short) Milan Branch

Annual Report as at 31 December 2015 26 Cariparma OBG S.r.l.

CACEIS Bank Luxembourg Listing Agent

Crédit Agricole Corporate & Investment Bank S.A. (CACIB Arranger for short) Milan Branch

L.4 – Characteristics of the issues The Company did not issue nor will it issue any notes in that, with the claims portfolio purchased and that will be purchased from time to time from Originators, it acts as guarantor for the Bank Covered Bond programme issued by Cariparma.

L.5 – Ancillary financial transactions The claims purchased were used as guarantee for the Covered Bond transactions put in place by Cariparma. Concurrently with the purchase of the claims portfolio, the Company and each originator entered into a subordinate loan agreement for the same amount, in order to have the necessary funds to purchase the claims. Loans are subject to the preliminary repayment of covered bonds. The subordinating lender provides the Company with an overall loan totalling an amount equal to the Total Commitment, as specified below: - Cariparma Euro 4,100,000 thousands; - Carispezia Euro 1,000,000 thousands; - FriulAdria Euro 2,400,000 thousands. On each payment date and depending on the funds available under the specific payment priority set out in the transaction agreements, the Company will pay the subordinate lenders a Premium calculated as the difference between the interest amounts collected on the claims portfolio and the operating costs incurred.

I.6 – Assignee company’s operational powers The assignee company has no particular operational powers.

QUANTITATIVE INFORMATION

I.7 – Receivables flow data Thousands of Euro Position at 31/12/2015 31/12/2014 Position at the beginning of the year 2.668.990 2.983.494 Receivables purchased – principal amount 2,257,165 0 Receivables purchased – interest accrued at purchase date 2,546 0 Lump sum write-down at purchase date -16,677 0 Analytical write-down at purchase date -133 0 Collections from assigned debtors – principal -518,729 -238,337

Annual Report as at 31 December 2015 27 Cariparma OBG S.r.l.

Collections on interest accrued at purchase date -2,546 -4 Collections for repurchases made by the Originator -20,909 -80,642 Pro rata interest on overdue receivables 115 466 Default interest receivables 35 37 Value adjustment on default receivables -35 -37 Interest under moratorium 72 43 Interest income accrued on receivables 1,201 -238 Analytical receivables adjustment -418 -1,339 Lump sum receivables adjustment 0 0 Writebacks 5,661 5,405 Interest accrued and added to principal 324 142 Position at the end of the year 4,376,662 2,668,990

Annual Report as at 31 December 2015 28 Cariparma OBG S.r.l.

L.8 – Evolution of overdue amounts The performance of receivables that have become due is in line with forecasts and in any case it is within the physiological limits typical of the nature of said receivables.

Thousands of Euro

Description 31/12/2015 31/12/2014 Overdue receivable – principal 2,422 2,243

Overdue receivable - interest 1,272 1,050

Overdue receivable – 0 0 miscellanea Pro-rata amounts being accrued 2,700 1,498 on receivables Receivables falling due 4,400,977 2,683,305 Write-down -30,709 -19,106 Total 4,376,662 2,668,990

Further to the new regulation introduced by the Bank of Italy, the classes to be used for representing doubtful receivables were changed and, for comparison reasons, 2014 data have been restated.

The transaction Servicers and Originators handle overdue receivables recovery in compliance with the policies laid down in the Servicing and Sub-Servicing Agreements. In order to highlight the overdue receivables recovery outlooks, the Servicer, with reference to the date hereof, reviewed and evaluated said receivables; they are reported at their presumable realization value following specific value adjustments.

Annual Report as at 31 December 2015 29 Cariparma OBG S.r.l.

L.9 – Cash flows

Thousands of Euro Position at 31/12/2015 31/12/2014 Balance at the beginning of the year 511,821 202,726 Inflows generated in the year: Collections from assigned debtors – principal 518,727 238,337 Collections from assigned debtors – interest 95,533 78,504 Collection from Originator for repurchases 20,909 80,642 Subordinated loan received 2,242,901 0 Interest accrued on current accounts and 60 288 investment Total incoming flows 2,878,130 397,771 Outflows in the year Payment of transaction expenses -2,917 -2,848 Incremental portfolio price payment -2,242,901 0 Subordinated loan repayment -12,957 0

Payment of interest on the subordinated loan -79,000 -85,828

Total outgoing flows -2,337,775 -88,676 Balance at the end of the year 1,052,176 511,821

Cash flows are in line with expectations at the time of transaction restructuring; inflows have been positively affected by early repayment. The cash flow expected from the receivables in 2016 amount to about Euro 350,744 thousands (241,334 thousands euro principal and 109,410 thousands euro interest). The flows generated by the collections related to the receivables will be mainly used to pay the expenses of the transaction and to pay the amounts due to the subordinated loans providers.

L.10 – Position regarding sureties and facilities

No liquidity line was received from third parties, and no temporary source of finance was used.

L.11- Breakdown by residual maturity

Thousands of Euro Securitised assets: Position at 31/12/2015 Position at 31/12/2014 1 – 3 months 61 ,715 39 ,803 3 – 12 months 180 ,787 119 ,168 1 – 5 years 953,920 619,065 Over 5 years 3,178 ,768 1,889 ,211 Indefinite duration 1,472 1,743 Total 4,376,662 2,668,990

Annual Report as at 31 December 2015 30 Cariparma OBG S.r.l.

Application of funds generated by Position at 31/12/2015 Position at 31/12/2014 receivables management: At sight 1,052,294 511,908 Total 1,052,294 511,908

Subordinated loans: Position at 31/12/2015 Position at 31/12/2014 3 – 12 months 225,677 35,502 Over 5 years 5,202,118 3,144,853 Total 5,427,795 3,180,355

Other liabilities: Position at 31/12/2015 Position at 31/12/2014 1 – 3 months 1,161 543 Total 1,161 543

The notional amount of subordinated loans is specified in the “over 5 years” time span since account was taken of the legal duration of the guaranteed bank bonds issued by Cariparma. I.12- Breakdown by geographical location

These are receivables in euro from Italian residents.

I.13- Risk concentration

Thousands of Euro Position at 31/12/2015 Range No. Of Amount positions 0 – 25,000 euro 4,582 64,374 25,000 – 75,000 euro 19 ,386 998 ,473 75,000 – 250,000 euro 26 ,271 3,059 ,094 Over 250,000 Euro 711 254,721 Total 50,950 4,376,662

Thousands of Euro Position at 31/12/2014 Range No. Of Amount positions 0 – 25,000 euro 3,921 52,685 25,000 – 75,000 euro 12,190 620,759 75,000 – 250,000 euro 15,628 1,832,200 Over 250,000 Euro 468 163,346 Total 32,207 2,668,990

The break-down by value bands is based on principal residual amounts.

There are no positions whose amount is in excess of 2% of the overall portfolio.

Annual Report as at 31 December 2015 31 Cariparma OBG S.r.l.

Section 3 – Information on risks and related hedging policies Given the peculiarity of the provisions laid down in the regulations concerning securitisation SPV companies there is no relevant information to be provided with regard to the so-called “ordinary management” of the Company. In particular, it should be noted that the Company was set up in order to carry out one or more securitisation transactions and that this purpose has been implemented with the performance of the securitisation transactions described herein. The securitisation transaction was structured by a leading banking institution and the activities to run it have been delegated by the Company to professional organisations specialised in providing financial and regulatory services within the scope of said transactions. With regard to the securitisation transaction carried out please refer to Part D of the Notes, Section 1.

Section 4 – Disclosure with regard to net equity

4.1 The company’s equity 4.1.1 Qualitative information The management of the Company’s assets is the combination of policies that establishes their extent in order to ensure that they are adequate for the conduct of its business and comply with the quantitative and qualitative requirements laid down by law. The set of corporate rules drawn up for this purpose is the main form of guarantee of the company’s assets. Cariparma OBG S.r.l. is a company incorporated under Law 130/1999 in the form of an Italian limited liability company, whose business purpose is to carry out covered bonds transactions. The provisions set out in the statutory laws are applied to the Company with regard to minimum capital requirements. A feature of the Company’s activity, specifically prescribed in Law 130/1999, is that the Company’s assets and liabilities must be kept separate from those related to the covered bonds transactions which are guaranteed by the said Company since it is the owner of the claims portfolios. This separateness means that the costs that the company incurs to retain its good standing are limited and are, in any case, recovered through specific contractual clauses that envisage these costs being passed on to the securitisation transaction. This ensures that the Cariparma OBG S.r.l. maintains its assets at an adequate level during the performance of the transaction.

Annual Report as at 31 December 2015 32 Cariparma OBG S.r.l.

4.1.2 Quantitative information 4.1.2.1 The Company’s net equity: composition (in euro units) Item/amounts 2015 2014 1.Quota Capital 10,000 10,000 2. Issue premium 3. Reserves - profit a) legal b) statutory c) treasury quotas d) other - other 4. (Treasury quotas) 5. Valuation reserves - financial assets available for sale - property and equipment - intangible assets - foreign investment hedges - cash flows hedges - translation differences -noncurrent assets and classes of assets being sold - special revaluation laws - actuarial profit/loss relating to defined-benefit pension plans - valuation reserve portion relating to investments valued with the equity method 6. Equity instruments 7. Profit (loss) for the year Total 10,000 10,000

Section 5 – Analytical statement of comprehensive income

There is no information to be provided with regard to the statement of comprehensive income which does not show any value.

Section 6 – Transactions with related parties 6.1 Information regarding the remuneration of executives with strategic responsibilities No remuneration to Corporate Bodies was resolved upon

6.2 Loans and sureties to directors and internal auditors No loans or sureties have been granted to directors.

Annual Report as at 31 December 2015 33 Cariparma OBG S.r.l.

6.3 Information on transactions with related parties There is nothing to note with regard to company operations. Relations connected with the Covered Bond transaction are described in Part D of these Notes.

Section 7 – Additional details 7.1 Other information All the information contained in the Annual Report is consistent with the accounting entries of the company and harmonised classification criteria for corporate events is ensured by compliance with the instructions issued on the matter.

7.2 Direction and coordination activities The Company is subject to direction and coordination by the parent company Cassa di Risparmio di Parma e Piacenza S.p.A..

Below are the main data from the most recent financial statements approved by the holding company Cassa di Risparmio di Parma e Piacenza S.p.A.

BALANCE SHEET (euro/000) 31/12/2014 31/12/2013 Receivables from clients 28,302,918 27,965,449 Net trading financial assets/liabilities 9,472 2,106 Available for sale financial assets 4,824,310 3,995,029 Shareholdings 1,287,509 1,262,969 Tangible and intangible assets 1,462,176 1,462,539 Total net assets 38,124,397 36,910,941 Direct client deposits 28,323,400 28,409,009 Indirect client deposits 48,207,029 43,240,663 - of which managed 16,755,617 14,486,733 Debts to banks, net 2,952,792 2,167,758 Group net equity 4,634,714 4,486,996 INCOME STATEMENT (euro/000) 31/12/2014 31/12/2013 Net interests 728,461 700,368 Net commissions 510,929 475,583 Dividends 36,878 24,559 Financial income 14,108 130,197 Other operating income (charges) -3,047 -13,577 Net operating income 1,287,329 1,317,130 Operating charges -680,574 -707,579 Operating result 606,755 609,551 Risk and charges provision -7,085 -38,284 Net credit adjustments -343,187 -421,631 Group net profit (loss) 138,050 126,236

Annual Report as at 31 December 2015 34 Cariparma OBG S.r.l.

Information on auditing

With regard to the provisions in article 2427 of the Italian civil code, paragraph 1 letter 16 bis, below are the fees owed in 2015 to audit firm Reconta Ernst & Young S.p.A.:

Type of service FEES (VAT AND EXPENSES Remuneration EXCLUDED ) (Euro units) Auditing Cost arising from appointment letter, 24 ,000 subject to ISTAT adjustment

Periodic control of correct Cost arising from appointment letter, 4,000 bookkeeping subject to ISTAT adjustment

Control for tax returns endorsement Cost arising from appointment letter, 1,000 subject to ISTAT adjustment

TOTAL 29,000

The amounts shown above are net of Consob fees and VAT.

Milan, 25 March 2015 Cariparma OBG S.r.l.

Signed by Dott. Stefano Marlat, Chairman of the Board of Directors

Annual Report as at 31 December 2015 35