MM Spa (3.15% Dec 2035): 22 December 2016

The notes will be secured on a senior secured basis by Security Interest created pursuant to the following Security Documents: (i) any deed or document governing the “privilegio generale” over movable present and future assets of the Issuer pursuant to Article 186 of Public Contracts Code; (ii) any Additional Security Agreement; and (iii) any deed or document from time to time amending and/or supplementing and/or extending any of the above.

MM S.p.A. is a company incorporated in Italy. The issuer is one of the main players in the integrated water service industry in the north of Italy, with a particular focus on providing services in Milan. MM is a multi-service organisation. Besides the IWS, which in terms of EBITDA represents the core business of the Issuer, its ancillary businesses include engineering services and public housing management, as well as public asset management.