The main terms and conditions of the financing set out in the term sheet (to be followed by a formal loan agreement) are, inter alia, as follows:

a) the subdivision of the financing into an amortising term loan of EUR 232 million and a revolving line of credit of EUR 100 million.

b) an annual interest rate equal to the reference Euribor plus a variable spread depending on the leverage ratio, which is more favourable for the Company than the spreads on the current financing.

c) a single covenant represented by the leverage ratio (i.e. net debt/EBITDA). This covenant must not exceed (i)  3.45x at 31 December 2017, (ii) 3.25x at 31 December 2018, and (iii) 3x at 31 December of each subsequent year;

d) a repayment plan for the amortising term loan, with repayment of EUR 15 million at 31 December 2017 and thereafter six-monthly instalments of EUR 12.5 million.

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