The following table presents the changes in level 3 instruments for the year ended December 31, 2023:

The increase in non-current secured notes at FVTPL is related to a secured senior convertible promissory note amounting to EUR 3,182 thousand with maturity date June 14, 2028. The note has principal balance equal to the consideration paid by Stevanato Group for the note and accrue interest at 5% per annum from June 14, 2023 through November 27, 2023, and 6% per annum thereafter. The then outstanding principal and unpaid accrued interest of the note may be converted, at the option of the holder thereof, in whole or in part, into conversion shares upon the closing of any sale by the issuing company of its equity securities primarily for equity fundraising purposes. The note is measured at fair value to profit and loss since the contractual cash flows do not consist solely of payments of principal and accrued interest on the amount of principal to be repaid, but provide for the possible acquisition of equity instruments of the issuing company, considering the business opportunities and growth potential of this latter.