Italy Primary Consumer Sentiment Index - September 2016

The monthly PCSI result is driven by the aggregation of the four, weighted, sub-Indices: the PCSI Employment Confidence (“Jobs”) Sub- Index which is down 1.7 points; the PCSI Economic Expectations (“Expectations”) Sub-Index which is up 0.8 points; the PCSI Investment Climate (“Investment”) Sub-Index which is down 0.9 points; and the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index which is down 2.1 percentage points over last month.

The Italy Primary Consumer Sentiment (“Consumer Confidence”) Index (“PCSI”) as measured by the Thomson Reuters/Ipsos PCSI for September,2016 is down 0.7 percentage points over last month. The monthly PCSI result is driven by the aggregation of the four, weighted, sub-Indices noted below.

• “Current Conditions” = perceived current personal financial conditions. The Italy PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index for September 2016 is down 2.1 percentage points over last month.

• “Expectations” = perceived Economic Expectations combining both personal and community economic outlook. The Italy PCSI Economic Expectations (“Expectations”) Sub-Index for September 2016 is up 0.8 percentage points over last month.

• “Investment” = perceived investment climate.  The Italy PCSI Investment Climate (“Investment”) Sub-Index for September 2016 is down 0.9 percentage points over last month.

• “Jobs” = current job security, outlook on job security and retrospective on job security. The Italy PCSI Employment Confidence (“Jobs”) Sub-Index for September 2016 is down 1.7 percentage points over last month.

These are findings of an Ipsos online poll conducted August 26 to September 9, 2016. For this survey, a national sample of 1000+ adults aged 16-64 from Ipsos' Italy online panel was interviewed online.