IBL CQS S.r.l. - private transaction INVESTORS REPORT

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1 INVESTORS REPORT Private Transaction - Series ,200,000 Class A Asset Backed Fixed Rate Notes due October 2038 Private Transaction - Series ,200,000 Class B Asset Backed Fixed Rate Notes due October 2038 Contacts Securitisation Services S.p.A. Via V.Alfieri, Conegliano (TV) Marta Righetti / Diana Busana IBL_CQS_pr@finint.com Tel.: / 477 Recipients Moody's Investors Service DBRS Ratings Limited Originator/Servicer/Corporate Servicer Back-up Servicer Back-up Servicer Facilitator Representative of the Noteholders Cash Manager Calculation Agent Paying Agent/Accounts Bank Reporting Dates Investors Report Date 27/10/2014 Payment Date 23/10/2014 Collection Period 01/09/ /09/2014 Interest Period 22/09/ /10/2014 This report is freely available in our web site:

2 - 2 - Table of contents 1. Assets and Notes Description Transaction Description Class A Notes Interest Payments and Distribution Class A Notes Coupon Calculation Class B Notes Interest Payments and Distribution Class B Notes Coupon Calculation Class C Notes Interest Payments and Distribution Collections Issuer Available Funds Pre-Enforcement Priority of Payments Post-Enforcement Priority of Payments Cash Reserve and Trigger Asset Coverage Test Portfolio Description Stratification Tables - 17/18 - This Investors Report is prepared by Securitisation Services in accordance with the criteria described in the Transaction Documents. Certain information included in this report is provided by the Parties. Please be advised that Securitisation Services will have no liability for the completeness or accuracy of such information. Page 2

3 Assets and Notes Description 1.1 Assets & Notes Initial Portfolio: ,68 Transfer Date 12/05/2012 Underlying assets: personal to be reimbursed through a Salary Assignment or, alternatively, assisted by a Payment Delegation issued in favour of IBL Banca S.p.A. The Notes: ISIN Code Nominal Amount Currency Listing Legal Maturity Type of Redemption Fixed rate Class A IT ,00 EUR Luxembourg October 2038 Amortising 2,50% Class B IT ,00 EUR Luxembourg October 2038 Amortising 3,00% Class C IT ,00 EUR Luxembourg October Ratings Rating Agencies: Moody's Investors Service DBRS Ratings Limited Ratings: Original Ratings Current Ratings Moody's DBRS Moody's DBRS Class A Aa2 A (high) A2 AA (high) Class B Baa1 BBB (low) Baa1 BBB (low) Class C Page 3

4 Transaction Description 2.1 Relevant dates & main features Payment Date definition (a) prior to the delivery of a Trigger Notice, the 23 day of each calendar month in each year or, if such day is not a Business Day, the immediately following Business Day; and (b) following the delivery of a Trigger Notice, any day on which any payment is required to be made by the Representative of the Noteholders in accordance with the Post Trigger Event Priority of Payment, the Conditions and the Intercreditor Agreement, provided that the First Payment Date will fall on 23 October 2012 and the second Payment Date will fall on 27 December 2012 Interest Period definition First Payment Date each period from (and including) a Payment Date to (but excluding) the next following Payment Date 23/10/2012 Ramp-up period NO* Hedging Agreement: NO * Ramp-Up Period means the period starting from the Issue Date and up to the Payment Date falling in July 2013 (included) 2.2 Counterparties Issuer: IBL CQS S.r.l. Originator: IBL Banca S.p.A. Servicer: IBL Banca S.p.A. Back-Up Servicer: Securitisation Services S.p.A. Back-up Sub-Servicer: Figenpa S.p.A. Back-up Servicer Facilitator: Intesa Sanpaolo S.p.A. Calculation Agent: Securitisation Services S.p.A. Cash Manager: Finanziaria Internazionale Alternative Investments SGR Italian Account Bank: The Bank of New York Mellon (Luxembourg) S.A., Italian Branch English Account Bank: The Bank of New York Mellon, London Branch Paying Agent: The Bank of New York Mellon (Luxembourg) S.A., Italian Branch Corporate Servicer: IBL Banca S.p.A. Page 4

5 Class A Notes Interest Payments and Distribution ISIN IT Nominal Amount Eur Before payments Payments After payments Interest Period Payment Date Amount A Paid-up amount B Interest Amount A + B Pool Factor Unpaid Interest 29/06/ /10/ /10/ , , , ,18 0, /10/ /12/ /12/ , , , ,52 0, /12/ /01/ /01/ , , , ,54 0, /01/ /02/ /02/ , , , ,22 0, /02/ /03/ /03/ , , , ,16 0, /03/ /04/ /04/ , , , ,14 0, /04/ /05/ /05/ , , , ,03 0, /05/ /06/ /06/ , , , ,95 0, /06/ /07/ /07/ , , , ,21 0, /07/ /08/ /08/ , , , ,89 0, /08/ /09/ /09/ , , , ,27 0, /09/ /10/ /10/ , , , ,07 0, /10/ /11/ /11/ , , , ,65 0, /11/ /12/ /12/ , , , ,17 0, /12/ /01/ /01/ , , , ,01 0, /01/ /02/ /02/ , , , ,14 0, /02/ /03/ /03/ , , , ,46 0, /03/ /04/ /04/ , , , ,23 0, /04/ /05/ /05/ , , , ,51 0, /05/ /06/ /06/ , , , ,29 0, /06/ /07/ /07/ , , , ,34 0, /07/ /08/ /08/ , , , ,83 0, /08/ /09/ /09/ , , , ,89 0, /09/ /10/ /10/ , , , ,60 0, Page 5

6 Class A Notes Coupon Calculation Interest Period Payment Date Beginning Balance Amount Interest Rate Accrual Period Accrued Interest (Coupon Amount) Interest paid Interest Unpaid in this period Cumulative Interest Unpaid 29/06/ /10/ /10/ ,12 2,50% , , /10/ /12/ /12/ ,18 2,50% , , /12/ /01/ /01/ ,52 2,50% , , /01/ /02/ /02/ ,54 2,50% , , /02/ /03/ /03/ ,22 2,50% , , /03/ /04/ /04/ ,16 2,50% , , /04/ /05/ /05/ ,14 2,50% , , /05/ /06/ /06/ ,03 2,50% , , /06/ /07/ /07/ ,95 2,50% , , /07/ /08/ /08/ ,21 2,50% , , /08/ /09/ /09/ ,89 2,50% , , /09/ /10/ /10/ ,27 2,50% , , /10/ /11/ /11/ ,07 2,50% , , /11/ /12/ /12/ ,65 2,50% , , /12/ /01/ /01/ ,17 2,50% , , /01/ /02/ /02/ ,01 2,50% , , /02/ /03/ /03/ ,14 2,50% , , /03/ /04/ /04/ ,46 2,50% , , /04/ /05/ /05/ ,23 2,50% , , /05/ /06/ /06/ ,51 2,50% , , /06/ /07/ /07/ ,29 2,50% , , /07/ /08/ /08/ ,34 2,50% , , /08/ /09/ /09/ ,83 2,50% , , /09/ /10/ /10/ ,89 2,50% , , Page 6

7 Class B Notes Interest Payments and Distribution ISIN IT Nominal Amount Eur Interest Period Payment Date Amount A Before payments Payments After payments Paid-up amount B Interest Amount A + B 29/06/ /10/ /10/ , , , ,82 0, /10/ /12/ /12/ , , ,82 0, /12/ /01/ /01/ , , , ,40 0, /01/ /02/ /02/ , , ,40 0, /02/ /03/ /03/ , , ,40 0, /03/ /04/ /04/ , , ,40 0, /04/ /05/ /05/ , , ,40 0, /05/ /06/ /06/ , , ,40 0, /06/ /07/ /07/ , , , ,91 0, /07/ /08/ /08/ , , ,91 0, /08/ /09/ /09/ , , ,91 0, /09/ /10/ /10/ , , ,91 0, /10/ /11/ /11/ , , ,91 0, /11/ /12/ /12/ , , ,91 0, /12/ /01/ /01/ , , ,91 0, /01/ /02/ /02/ , , ,91 0, /02/ /03/ /03/ , , ,91 0, /03/ /04/ /04/ , , ,91 0, /04/ /05/ /05/ , , ,91 0, /05/ /06/ /06/ , , ,91 0, /06/ /07/ /07/ , , ,91 0, /07/ /08/ /08/ , , ,91 0, /08/ /09/ /09/ , , ,91 0, /09/ /10/ /10/ , , ,91 0, Pool Factor Unpaid Interest Page 7

8 Class B Notes Coupon Calculation Interest Period Payment Date Beginning Balance Amount Interest Rate Accrual Period Accrued Interest (Coupon Amount) Interest paid Interest Unpaid in this period Cumulative Interest Unpaid 29/06/ /10/ /10/ ,85 3,00% , , /10/ /12/ /12/ ,82 3,00% , , /12/ /01/ /01/ ,82 3,00% , , /01/ /02/ /02/ ,40 3,00% , , /02/ /03/ /03/ ,40 3,00% , , /03/ /04/ /04/ ,40 3,00% , , /04/ /05/ /05/ ,40 3,00% , , /05/ /06/ /06/ ,40 3,00% , , /06/ /07/ /07/ ,40 3,00% , , /07/ /08/ /08/ ,91 3,00% , , /08/ /09/ /09/ ,92 3,00% , , /09/ /10/ /10/ ,92 3,00% , , /10/ /11/ /11/ ,92 3,00% , , /11/ /12/ /12/ ,92 3,00% , , /12/ /01/ /01/ ,92 3,00% , , /01/ /02/ /02/ ,92 3,00% , , /02/ /03/ /03/ ,92 3,00% , , /03/ /04/ /04/ ,92 3,00% , , /04/ /05/ /05/ ,92 3,00% , , /05/ /06/ /06/ ,92 3,00% , , /06/ /07/ /07/ ,92 3,00% , , /07/ /08/ /08/ ,92 3,00% , , /08/ /09/ /09/ ,92 3,00% , , /09/ /10/ /10/ ,92 3,00% , , Page 8

9 Class C Notes Interest Payments and Distribution ISIN IT Nominal Amount Eur Interest Period Payment Date Amount A Before payments Payments After payments Paid-up amount B Interest Amount A + B 29/06/ /10/ /10/ , , , ,14 0, /10/ /12/ /12/ , , ,14 0, /12/ /01/ /01/ , , , ,62 0, /01/ /02/ /02/ , , ,62 0, /02/ /03/ /03/ , , ,62 0, /03/ /04/ /04/ , , ,62 0, /04/ /05/ /05/ , , ,62 0, /05/ /06/ /06/ , , ,62 0, /06/ /07/ /07/ , , , ,92 0, /07/ /08/ /08/ , , ,92 0, /08/ /09/ /09/ , , ,92 0, /09/ /10/ /10/ , ,92 0, /10/ /11/ /11/ , , ,92 0, /11/ /12/ /12/ , , ,92 0, /12/ /01/ /01/ , , ,92 0, /01/ /02/ /02/ , ,92 0, /02/ /03/ /03/ , , ,92 0, /03/ /04/ /04/ , , ,92 0, /04/ /05/ /05/ , ,92 0, /05/ /06/ /06/ , ,92 0, /06/ /07/ /07/ , ,92 0, /07/ /08/ /08/ , ,92 0, /08/ /09/ /09/ , ,92 0, /09/ /10/ /10/ , ,92 0, Pool Factor Unpaid Interest Page 9

10 Collections Collection Period and Interest Instalments Late charges Prepayments Other Recoveries Payments under the Transfer and the Servicing Agreements Payments under the Warranty and Indemnity Agreement Total Collected in the period 12/05/ /09/ , , , , ,81 01/10/ /11/ , , , , ,43 01/12/ /12/ , , , , ,48 01/01/ /01/ , , , ,15 01/02/ /02/ , , ,74 610, ,13 01/03/ /03/ , , , , ,29 01/04/ /04/ , , , ,04 01/05/ /05/ , , , , ,09 01/06/ /06/ , , , , ,91 01/07/ /07/ , , , ,88 01/08/ /08/ , , , ,95 01/09/ /09/ , , ,94 350, ,85 01/10/ /10/ , , , , ,31 01/11/ /11/ , , , , ,69 01/12/ /12/ , , , , ,22 01/01/ /01/ , , , , ,83 01/02/ /02/ , , , , ,04 01/03/ /03/ , , , , ,21 01/04/ /04/ , , , , ,82 01/05/ /05/ , , , , ,60 01/06/ /06/ , , , , ,69 01/07/ /07/ , , , , ,05 01/08/ /08/ , , , , ,61 01/09/ /09/ , , , , ,68 Page 10

11 Issuer Available Funds Payment Date Collections and Recoveries Amounts received from the Originator Amounts standing to credit to the Payments Account Interest accrued from the Eligible Investments Interest accrued on the accounts Proceeds deriving from the sale of Receivables Other amounts received from any party Cash Reserve Amount Management Fee Prepayment Amount (if any) (i) (ii) (iii) (iv) (v) (vi) and (vii) (viii) (ix) (x) 23/10/ , ,26 460, , , ,44 27/12/ , , , ,67 23/01/ , , , ,65 25/02/ , , , , ,86 25/03/ , , , ,26 23/04/ ,83 * , , , ,46 23/05/ , , , , ,57 24/06/ , , , ,44 23/07/ , , , ,36 23/08/ , , , , ,76 23/09/ , , , ,59 23/10/ , , , ,60 25/11/ , , , ,02 23/12/ , , , ,93 23/01/ , , , ,33 24/02/ , ,25 93, , ,42 24/03/ , , , ,31 23/04/ , , , ,53 23/05/ , ,50 1, , ,17 23/06/ , ,64 364, , ,87 23/07/ , ,30 1, , ,63 25/08/ , ,00 0, , ,18 23/09/ , , , ,35 23/10/ , , , ,97 * Amount relating to the purchase price adjustment pursuant to Clause 4.2 of the Transfer Agreement Page 11

12 Pre-Enforcement Priority of Payments Payment Date Expenses, Retention Amount & Agents Fees Interest on the Class A Notes Interest on the Class B Notes Cash Reserve Target Amount Purchase Price on the Class A Notes on the Class B Notes Adjustment Purchase Price Any other amount to the Originator due under the Transaction Documents Interest on the Class C Notes on the Class C Notes Any Additional Remuneration Σ [(i) - (iv)] (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) 23/10/ , , , , , , /12/ , , , , , , /01/ , , , , , , /02/ , , , , , , /03/ , , , , , , /04/ , , , , , , , /05/ , , , , , , /06/ , , , , , , /07/ , , , , , , /08/ , , , , , , /09/ , , , , , , /10/ , , , , , /11/ , , , , , , /12/ , , , , , , /01/ , , , , , , /02/ , , , , , /03/ , , , , , , /04/ , , , , , , /05/ , , , , , /06/ , , , , , /07/ , , , , , /08/ , , , , , /09/ , , , , , /10/ , , , , , Page 12

13 Post-Enforcement Priority of Payments Applicable only after a Post-Enforcement Notice Payment Date Expenses, Retention Amount an Agents Fees Interest on the Class A Notes on the Class A Notes Interest on the Class B Notes on the Class B Notes Adjustment Purchase Price and any amount due as Purchase Price Any other amount to the Originator Remuneration due and payable on the Class C Notes on the Class C Notes Any Additional Remuneration Σ [(i) - (iv)] (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) Page 13

14 Cash Reserve and Trigger Cash Reserve as at Issue Date: ,01 Interest Period Payment Date Beginning Balance Cash Reserve Cash Reserve Target Amount Cash Reserve on Paid-Up Amount Amortisation Ending Balance Cash Reserve Shortfall in the Target Cash Reserve (if any) Cumulative Default Ratio Cumulative Net Default Ratio (A) The Cash Trapping Condition is satisfied if (A) < 5,00% Class B Notes Trigger if (A) 10,00% 29/06/ /10/ /10/ , , , ,36-0,06% 0,00% passed passed 23/10/ /12/ /12/ , , ,36-0,07% 0,01% passed passed 27/12/ /01/ /01/ , , , ,91-0,08% 0,00% passed passed 23/01/ /02/ /02/ , , ,91-0,11% 0,00% passed passed 25/02/ /03/ /03/ , , ,91-0,15% 0,04% passed passed 25/03/ /04/ /04/ , , ,91-0,24% 0,13% passed passed 23/04/ /05/ /05/ , , ,91-0,28% 0,00% passed passed 23/05/ /06/ /06/ , , ,91-0,38% 0,09% passed passed 24/06/ /07/ /07/ , , , ,17-0,49% 0,17% passed passed 23/07/ /08/ /08/ , , ,17-0,51% 0,02% passed passed 23/08/ /09/ /09/ , , ,17-0,55% 0,05% passed passed 23/09/ /10/ /10/ , , ,17-0,75% 0,25% passed passed 23/10/ /11/ /11/ , , ,17-0,84% 0,32% passed passed 25/11/ /12/ /12/ , , ,17-0,91% 0,37% passed passed 23/12/ /01/ /01/ , , ,17-1,08% 0,50% passed passed 23/01/ /02/ /02/ , , ,17-1,24% 0,63% passed passed 24/02/ /03/ /03/ , , ,17-1,38% 0,69% passed passed 24/03/ /04/ /04/ , , ,17-1,53% 0,70% passed passed 23/04/ /05/ /05/ , , ,17-1,72% 0,83% passed passed 23/05/ /06/ /06/ , , ,17-1,92% 0,96% passed passed 23/06/ /07/ /07/ , , ,17-2,12% 1,12% passed passed 23/07/ /08/ /08/ , , , ,27-2,30% 1,19% passed passed 25/08/ /09/ /09/ , , , ,47-2,45% 1,28% passed passed 23/09/ /10/ /10/ , , , ,12-2,60% 1,34% passed passed Page 14

15 Asset Coverage Test Payment Date Portfolio Due at the end of the Collection Period Cash Reserve (D) Rated Notes (E) Asset Coverage Test Initial Portfolio (A) Further Portfolio * (B) (C)=(A)+(B) 23/10/ , , , , ,00 satisfied 27/12/ , , , , ,34 satisfied 23/01/ , , , , ,94 satisfied 25/02/ , , , , ,62 satisfied 25/03/ , , , , ,56 satisfied 23/04/ , , , , ,54 satisfied 23/05/ , , , , ,43 satisfied 24/06/ , , , , ,35 satisfied 23/07/ , , , , ,12 satisfied 23/08/ , , , , ,80 satisfied 23/09/ , , , , ,19 satisfied 23/10/ , , , , ,98 satisfied 25/11/ , , , , ,56 satisfied 23/12/ , , , , ,08 satisfied 23/01/ , , , , ,92 satisfied 24/02/ , , , , ,06 satisfied 24/03/ , , , , ,38 satisfied 23/04/ , , , , ,14 satisfied 23/05/ , , , , ,42 satisfied 23/06/ , , , , ,20 satisfied 23/07/ , , , , ,26 satisfied 25/08/ , , , , ,74 satisfied 23/09/ , , , , ,81 satisfied 23/10/ , , , , ,51 satisfied * Including the Further Portfolio purchase on the relevant Payment Date Page 15

16 Portfolio Description Not Yet Due Instalments Due and Unpaid Accrued Interest Unpaid Interest Instalments Collection Period Performing Receivables Delinquent Receivables Performing Receivables Delinquent Receivables Performing Receivables Delinquent Receivables Collateral Portfolio Performing Receivables Delinquent Receivables Default Receivables 12/05/ /09/ , , , , ,54 01/10/ /11/ , , , , , , , , ,84 01/12/ /12/ , , , , , , , , ,54 01/01/ /01/ , , , , , ,31 01/02/ /02/ , , , , , ,74 01/03/ /03/ , , , , , , , , ,90 01/04/ /04/ , , , , ,95 01/05/ /05/ , , , , , , , , ,70 01/06/ /06/ , , , , , , , , ,57 01/07/ /07/ , , , , , ,50 379, , ,58 01/08/ /08/ , , , , , , , , ,48 01/09/ /09/ , , , , , , , , ,98 01/10/ /10/ , , , , , , , , ,20 01/11/ /11/ , , , , , , , , ,43 01/12/ /12/ , , , , , , , , ,25 01/01/ /01/ , , , , , , , , ,21 01/02/ /02/ , , , , , , , , ,95 01/03/ /03/ , , , , , , , , ,46 01/04/ /04/ , , , , , , , , ,95 01/05/ /05/ , , , , , , , , ,02 01/06/ /06/ , , , , , , , , ,11 01/07/ /07/ , , , , , , , , ,51 01/08/ /08/ , , , , , , , , ,65 01/09/ /09/ , , , , , , , , ,45 Page 16

17 Stratification Tables Further Portfolio BREAKDOWN BY OUTSTANDING PRINCIPAL Range (Euro) Range (Euro) 01) < , ,84 01) < , ,27 02) , ,06 02) , ,52 03) , ,77 03) , ,71 04) , ,13 04) , ,33 05) > , ,79 05) > , ,70 Range (Euro) Range (Euro) 01) < 2 YEARS , ,71 01) < 2 YEARS , ,37 02) 2-4 YEARS , ,95 02) 2-4 YEARS , ,31 03) 4-6 YEARS , ,39 03) 4-6 YEARS , ,01 04) 6-8 YEARS , ,52 04) 6-8 YEARS , ,08 05) 8-10 YEARS 0-0,00-05) 8-10 YEARS Region Region NORTHERN ITALY , ,07 NORTHERN ITALY , ,31 EMILIA ROMAGNA , ,39 EMILIA ROMAGNA , ,46 FRIULI VENEZIA GIULIA , ,76 FRIULI VENEZIA GIULIA , ,87 LIGURIA , ,31 LIGURIA , ,22 LOMBARDIA , ,02 LOMBARDIA , ,38 PIEMONTE , ,24 PIEMONTE , ,88 TRENTINO ALTO ADIGE , ,59 TRENTINO ALTO ADIGE , ,17 VALLE D'AOSTA , ,36 VALLE D'AOSTA , ,09 VENETO , ,38 VENETO , ,46 CENTRAL ITALY , ,70 CENTRAL ITALY , ,68 ABRUZZO , ,41 ABRUZZO , ,42 LAZIO , ,85 LAZIO , ,82 MARCHE , ,54 MARCHE , ,11 MOLISE , ,16 MOLISE , ,90 TOSCANA , ,85 TOSCANA , ,69 UMBRIA , ,73 UMBRIA , ,99 SOUTHERN ITALY , ,93 SOUTHERN ITALY , ,33 BASILICATA , ,83 BASILICATA , ,34 CALABRIA , ,84 CALABRIA , ,33 CAMPANIA , ,48 CAMPANIA , ,72 PUGLIA , ,53 PUGLIA , ,39 SARDEGNA , ,48 SARDEGNA , ,58 SICILIA , ,42 SICILIA , ,32 Category Category CQS , ,16 CQS , ,19 DP , ,01 DP , ,25 Delinquent Instalments Further Portfolio Further Portfolio Further Portfolio Further Portfolio BREAKDOWN BY RESIDUAL LIFE BREAKDOWN BY REGION OF THE ADMINISTRATION BREAKDOWN BY TYPE OF LOAN BREAKDOWN BY DELINQUENCY LEVEL Delinquent Instalments IN BONIS , ,89 IN BONIS , , , , , , , , , , , , , ,47 > , ,27 > , ,41 DEFAULTED LOANS (>=8) , ,12 DEFAULTED LOANS (>=8) , ,49 JOB/LIFE DAMAGE , ,25 JOB/LIFE DAMAGE , ,22 Page 17

18 12.2 Stratification Tables Insurance Company Further Portfolio BREAKDOWN BY INSURANCE COMPANY (Life insurance) Insurance Company AXA FRANCE VIE S.A , ,45 AXA FRANCE VIE S.A , ,14 AXERIA PREVOYANCE S.A AXERIA PREVOYANCE S.A , ,77 CARIGE Assicurazioni S.p.A CARIGE Assicurazioni S.p.A , ,15 CF AssicurazioniI S.p.A CF AssicurazioniI S.p.A , ,18 HDI Assicurazioni S.p.A , ,05 HDI Assicurazioni S.p.A , ,22 NET INSURANCE LIFE S.p.A , ,21 NET INSURANCE LIFE S.p.A , ,92 Società CATTOLICA di Assic.ni , ,90 Società CATTOLICA di Assic.ni , ,90 VITTORIA Assicurazioni S.p.A , ,91 VITTORIA Assicurazioni S.p.A , ,60 Insurance Company Further Portfolio BREAKDOWN BY INSURANCE COMPANY (Credit insurance) Insurance Company AXA FRANCE IARD S.A , ,45 AXA FRANCE IARD S.A , ,14 CARIGE Assicurazioni S.p.A CARIGE Assicurazioni S.p.A , ,77 CF AssicurazioniI S.p.A CF AssicurazioniI S.p.A , ,18 HDI Assicurazioni S.p.A , ,05 HDI Assicurazioni S.p.A , ,22 NET INSURANCE S.p.A , ,21 NET INSURANCE S.p.A , ,92 Società CATTOLICA di Assic.ni , ,90 Società CATTOLICA di Assic.ni , ,90 VITTORIA Assicurazioni S.p.A , ,91 VITTORIA Assicurazioni S.p.A , ,60 Administration PRIVATE COMUNE PRIVATE A PARTECIPAZIONE PUBBLICA PROVINCIA REGIONE STATALI PENSIONATI Further Portfolio BREAKDOWN BY ADMINISTRATION Administration , ,07 PRIVATE , , COMUNE , , , ,28 PRIVATE A PARTECIPAZIONE PUBBLICA , , PROVINCIA , , REGIONE , , STATALI , , PENSIONATI , ,82 Employer n. Further Portfolio Employer description THE FIRST TWENTY EMPLOYERS BY OUTSTANDING PRINCIPAL (Total) (excluded INPS and MEF) Employer Type 1 ANAS SpA , ,57 1 ATAC SpA , ,39 2 ISTITUTO POLIGRAFICO ZECCA STATO , ,19 2 COMUNE DI MILANO , ,63 3 RAI S.P.A , ,61 3 ESSELUNGA SPA , ,69 4 AMA S.P.A , ,21 4 SMA S.p.A , ,60 5 ATM SERVIZI SPA , ,83 5 RAI S.P.A , ,61 6 SMA S.p.A , ,29 6 FINMECCANICA , ,22 7 ACEA ATO 2 SPA , ,46 7 AUCHAN SPA (GRUPPO RINASCENTE) , ,30 8 AMSA S.p.A , ,96 8 COMUNE DI ROMA , ,54 9 AZIENDA NAPOLETANA MOBILITA' SPA , ,51 9 COMUNE DI CATANIA , ,82 10 POLIGEST S.P.A , ,84 10 ANAS SpA , ,67 FIRST TEN EMPLOYERS , ,02 FIRST TEN EMPLOYERS , ,66 11 COTRAL SPA , ,98 11 ISTITUTO POLIGRAFICO ZECCA STATO , ,92 12 AUCHAN SPA (GRUPPO RINASCENTE) , ,59 12 COMUNE DI NAPOLI , ,51 13 ESSELUNGA SPA , ,19 13 ATM SERVIZI SPA , ,20 14 ROMANO AUTOLINEE REGIONALI SPA , ,33 14 GTT GRUPPO TORINESE TRASPORTI SPA , ,74 15 MIROGLIO FASHION SRL , ,15 15 REGIONE CAMPANIA , ,54 16 AUTOGRILL SPA , ,39 16 AUTOGRILL SPA , ,51 17 ENAV SPA , ,73 17 COMUNE DI TORINO , ,03 18 SERVIZI ASSOCIATI SOC. COOP , ,43 18 LIDL ITALIA SRL , ,75 19 ARST SPA , ,63 19 PROVINCIA DI ROMA , ,72 20 FEDERAZIONE CICLISTICA ITALIANA , ,67 20 AMA S.P.A , ,80 FIRST TWENTY EMPLOYERS , ,47 FIRST TWENTY EMPLOYERS , ,53 Region Page 18