AIM Italia - Ernesto Mocci - Methorios Capital

The Italian IPO market‣ Borsa Italiana for equity listings is split into various markets. The MTA market represents the main market of Borsa. Thelisted companies comprise of Blue Chips (market caps >€ 1 bln) and mid and small cap companies (market caps between € 1bln and € 40 mln). The Star segment, within the MTA market, covers companies in the same market cap band as non BlueChip companies on the MTA however have higher regulatory and float requirements (35% instead of a 25% minimum forBlue Chip and Standard d segment listed companies). The exchange also has markets for investment vehicles, the MIV market,and global depository receipts (MTA International) for companies listed on exchanges abroad.‣ MAC and AIM Italia represent the multilateral trading facilities (MTF ‘s) of Borsa Italiana launched for the purpose ofenhancing the access of smaller companies for Italian equity markets‣ The below diagram indicates the number of listed companies on Borsa Italiana and market turnover. It is possible to see thatthe exchange peaked both in terms of turnover and the number of listed companies in 2007 (344 companies, turnover €1,575 bln). In years following there has been an on-going decline in turnover, although the number of listed companies hasremained relatively flat thanks to new listings on MAC and AIM Italia.Equity markets of Borsa ItalianaMTA Italian MTA Estere STAR MIVListed com mpaniesMTA International AIM Italia MAC Market Turnover4001.8001.57535031.6001.14637 4 6 8 10365 11300 2113 5 36 12 1.400365365836 1.20025076 1.0297673 75 725 5 51.00020045 5673748 850** 800150600100 208 213 210 203 192 192 40050200Turnover r €bln02006 2007 2008 2009 2010 2011** 2011 as at June 28 2011* * Market turnover for 2011 is calculated as the annually adjusted turnover from Jan to May according to trading days-Source: Borsa Italiana8