The Bridge Loan for Invitalia

The bridge financing has been entered into only to cover a temporal misalignment between
the expiry of these notes and the issue of a new bond that Invitalia is planning in the coming months. Being firm that it is a single transaction, the financing is made up by two separate facility
agreements regulated by Italian law: (1) a bridge loan entered into with Santander Corporate &
Investment Banking, as Mandated Lead Arranger and Original Lender, for an amount of €175 million; and (2) a bridge loan entered into with Banco BPM, as Mandated Lead Arranger and
Original Lender, for an amount of €175 million.

The Bridge Loans, with a three-month term which may be extended by Invitalia for a further
three-month period, are interconnected and substantially include the same conditions save
for the different economic terms applied by each banking intermediary. Invitalia’s obligations under the Bridge Loans rank and will rank, at least, pari passu with the claims of all other unsecured and unsubordinated creditors except for obligations mandatorily preferred by law.

Invitalia was assisted by Giovanardi Studio Legalewith the salary partner Luca Baroni and the in house legal team, the General Counsel PasqualeAmbrogio, Maurizio Demasi and Davide Corrado. Luca Baroni is a salary partner focusing on finance, regulatory, capital markets, funds and
corporate law.