- 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 1 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 2 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 3 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, 4 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.