CORPORATE OVERVIEW

1 2 CONTENTS

CFO SIM Overview 4 Investment Banking Overview 6 Corporate Finance 8 Research 9 Sales, Trading & Market Making 10 Italian Stock Exchange 11 AIM 13 Corporate Clients 16 Recent Transactions 17 Corporate Broking Client Track Record 18 Selected Institutional Relationships 19 Corporate Roadshows 20 Events 21 Team 22

3 CFO SIM: OVERVIEW

CFO SIM is the largest independent Family Office in Italy, founded in 2000 by a group of experienced professionals to satisfy the financial needs of families and companies with innovative tailored solutions. CFO SIM serves 5,200 clients through its offices in Italy and Switzerland.

2000 CFO is founded

1,700,000,000 Euro under management

2015 Investment Banking Division Launched

4 AUTHORISATIONS

CFO SIM is recognized as a NOMAD for AIM ITALY by Borsa Italiana.

CFO SIM is subject to supervision by the of Italy, and has obtained all permissions for the receipt and transmission of orders, proprietary trading and fund raising, with CONSOB resolution no. 13208 of 24 July 2001.

CFO SIM is authorized by CONSOB to perform all investment and ancillary services throughout all 27 EU countries, the only Italian SIM to be so authorised.

CFO SIM is an official Equity Markets Partner of Borsa Italiana. Equity Markets Partners and Borsa Italiana work together to support small and medium sized Italian companies in their own growth.

5 CFO SIM: INVESTMENT BANKING OVERVIEW Independent Boutique Investment Banking Firm dedicated to fast growing Italian SMEs

CFO SIM is a Milan AIM Nominated Advisor, Market Maker On-going advice and support is provided by an experienced and Corporate Broker, providing a full range of services from team drawn from our Corporate Finance, Equity Sales and private fundraising through to full public listings. Research departments.

Corporate Stock Book Advisory Broker Liquidity running

Sponsor Equity Nomad Brokerage Our Corporate Finance Research Sales Clients Receive Global Bond Coordinator Brokerage

Capital International M&A Fundraising Increases Roadshows

6 Focus: Network: We focus on working with and listing We have unrivalled connections with outstanding companies on the Milan AIM and international investors, providing them with first guiding them to the Star segment of the MTA via class research, advice and trading services. We the fast-track program. This gives investors an have an international database containing more attractive entry valuation and the benefits of than 10,000 institutional investors, which we improved visibility and liquidity once the target based on various factors such as market passage to the main market is competed. cap, sector and others.

Execution: An Experienced Team: We provide bespoke roadshow services, Our Equity Capital Markets team has analyzing our client company to find the right structured, and raised capital in, over 35 IPOs on appointments with the most appropriate various European Exchanges. We have an investors, in addition to full planning, scheduling multilingual sales force of experienced and execution of the roadshow. We compile a full professionals dedicated to the stock and bond report and analysis of investor meetings and markets. post-meeting feedback.

7 CORPORATE FINANCE

Debt Structuring Advisory Markets Financial advice / Extraordinary

Transactions Capital Capital Arranger/Lead Manager

Equity Capital Markets Advisory Debt Markets

Financial advisory/Corporate Finance

NOMAD transactions with institutional investors Equity Equity Capital

Acquisitions Private Equity Advisory

Global Coordinator &

Execution & Financial Due Diligence Mergers

8 RESEARCH

Carrying out fundamental and technical research of Italian and foreign markets, or on single issuers and their financial instruments traded in these markets.

The research activity supports the other activities of the structure: Research

Equity Sales & Trading, Equity Capital Markets. Equity Equity

In relation to the role of Market Maker/Corporate Broker, Equity Research is dedicated to the production of financial analysis to the highest market standards.

9 SALES, TRADING & MARKET MAKING

Providing ongoing advice to our corporate clients. Our brokers deal with all Corporate Broking aspects of investor relations including roadshows to existing and potential

shareholders. Making

Fund Raising & Sales activity in the primary and secondary markets. Brokerage

Sales, Trading Market & Market Maker Management of stock liquidity on the market.

10 ITALIAN STOCK EXCHANGE

The Italian Stock Exchange is divided into different markets, including:

• MTA The leading Italian Equity Market dedicated to mid and large size companies. The MTA also includes the STAR segment, for leading companies that meet specific criteria, for example transparency, governance and liquidity.

• MIV (Electronic Market for Investment Vehicles), dedicated to investment vehicles.

• AIM Italy, The Multilateral Trading Facility of Borsa Italiana devoted to Italian small and medium enterprises with high growth potential.

MTA

Electronic Stock Market

FAST FAST TRACK

Markets Regulated

MIV – Electronic Market for Investment Vehicles

Non

Markets Regulated

PRIVATE COMPANIES

11 ITALIAN STOCK EXCHANGE STATISTICS

Since 2007 the number of listings on regulated markets has dropped dramatically, and is still significantly below pre- crisis levels. This has been accompanied by exponential growth in the AIM market, currently with more than 100 listed companies.

#IPO Years MTA STAR Aim Italia 2005 7 4 2006 13 7 2007 20 7 2008 5 2009 1 4 2010 1 1 7 2011 2 1 4 2012 1 0 4 2013 1 2 15 2014 2 3 22 2015 3 5 22 2016 3 0 12 2017 4 1 15 63 31 105

source: Borsa Italiana

12 AIM ITALY

AIM Italia - Alternative Capital Market is the Italian stock exchange dedicated to small and medium-sized Italian companies with high growth potential.

As an MTF it is a non-regulated market and mainly dedicated to equity securities.

AIM Italia has been particularly successful in the last few years as an alternative financing instrument, as has the UK AIM.

AIM Italia development

100 7.000 • The number of companies listed on 6.000 80 the AIM has increased from just 4 in 5.000 2009 to 94 at year end 2017.

60 4.000

M € 40 3.000 • The total market capitalization of 2.000 20 AIM listed companies has increased 1.000

0 - from €0.5bn to almost €6bn between 2009 2010 2011 2012 2013 2014 2015 2016 2017 2012 and 2017.

Companies Market Cap

Source: Borsa Italiana 13 AIM ITALY STATISTICS

Raise (€M) 100% 90% 17% • More than €2.5 billion has been raised on the 80% 9% 70% 16% Milan AIM since it opened in 2009.

60% € 50% 19%

40% 2.4 Bn • 26% of raises over €20 million, with 41% over 30% €10 million. 20% 39% 10% % Free Float 0% < 5M 5 - 10M 10 - 20M 20 - 40M > 40M Total Free Float ≤ 15% Free Float ≥ 30% 23% Source: CFO Sim, Bloomberg data 31%

• More than 55% of AIM listed companies have a free float of more than 20%.

Free Float ≤ 20% • 30% of AIM listed companies have a free float Free Float ≤ 30% 21% 11% above 30%. Free Float ≤ 25% 14%

Source: CFO Sim, Bloomberg data 14 Nomad

Envent Integrae SIM 30% 13% • A Nomad is a central figure for AIM Italia. The Nomads must be approved by Borsa Italiana and

CFO SIM UBI Banca included on the AIM Italia Register. 6% 7%

Banca IMI • 17 Nomads currently registered with Borsa 7% Others 12% Italiana.

Banca Finnat Advance SIM 13% Banca Akros 5% 6% Industry -ICB

Source: Borsa Italiana Technology 12 Financials 19 Utilities 5 • A wide variety of sectors represented with Consumer Services 20 everything from industry to consumer services and Health Care 4 goods. Consumer Goods 12 Industrials 14 Basic Materials 2 • Consumer services, financials, technology and Oil & Gas 6

industry the most heavily represented sectors. 0 5 10 15 20 25

Source: CFO Sim, Bloomberg data

15 CORPORATE CLIENTS

Software Web Hosting

Food & Beverage Technology

Food & Beverage Industrial

Renewable Energy Pharmaceuticals

Industrial

Communication

IT Services

Clothing Clothing

16 RECENT TRANSACTIONS

RECENT TRANSACTIONS

Luglio 2015 Luglio 2015 Novembre Luglio 2016 Giugno 2017 2015

INITIAL PUBLIC OFFERING CONVERTIBLE BOND INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING € 11.500.000 € 5.000.000 € 80.000.000 € 4.200.000 € 4.000.000

LEAD MANAGER LEAD MANAGER JOINT BOOKRUNNER JOINT BOOKRUNNER GLOBAL COORDINATOR

Dicembre 2017 Luglio 2018 Giugno 2017 Luglio 2017 Giugno 2017

CONVERTIBLE BOND INITITAL PUBLIC OFFERING INITITAL PUBLIC OFFERING INITITAL PUBLIC OFFERING INITITAL PUBLIC OFFERING € 2.000.000 € 98.000.000 € 23.000.000 € 23.000.000

GLOBAL COORDINATOR NOMAD & SPECIALIST GLOBAL COORDINATOR NOMAD &GLOBAL NOMAD &GLOBAL COORDINATOR COORDINATOR

17 CORPORATE BROKING CLIENT TRACK RECORD

Client: Start of CFO SIM Price at start of Price at Percentage Percentage change coverage: coverage: 31/07/18: change: (including free warrants*): Piteco 31/7/15 €3.30 €4.50 (IPO) +36.4% +36.4%

Orsero 10/11/15 €10 €7.56 (IPO) + free warrants -24.4% -2.9%*

Italian Wine 2/3/16 €9.15 €12.85 Brands (Corporate Broking mandate) +40.4% +40.4%

PLT energia 6/6/16 €1.8813 €2.76 (Corporate Broking mandate) +46.7% +46.7%

Siti B&T 31/3/17 €7.5718 €7.30 (Corporate Broking mandate) -3.6% -3.6%

Digital360 13/6/17 €1.15 €1.30 (IPO) +13.0% +13.0%

CFT 16/7/17 €10 €8.96 (IPO) + free warrants -10.4% -3.1%* Pharmanutra 18/7/17 €10 €15.25 (IPO) + free warrants +52.5% +92.9%* DBA Group 14/12/17 €4 €3.70 (IPO) + free warrants -7.5% -4.7%* Monnalisa 12/7/18 €13.75 €13.99 (IPO) +1.7% +1.7% Averages: +15.9% +23.9%

18 SELECTED INSTITUTIONAL RELATIONSHIPS

19 CORPORATE ROADSHOWS

A Italy: Milan, Rome

B England: London

C France: Paris

D Spain: Madrid, H E Germany: Frankfurt, Munich, Nuremberg I F Luxembourg L B G E H Sweden: Stockholm F

I Denmark: Copenhagen C K J J Switzerland: Geneva, Zurich, Lugano A K Austria: Vienna G L Ireland: Dublin D M Singapore

M 20 CORPORATE EVENTS CFO SIM participates in and sponsors a variety of events to complement our service offering

Sponsorship Participation

German Spring Frankfurt Conference

Deutsches Frankfurt Eigenkapitalforum Paris CF&B Large & Mid Cap Event

Milan AIM Italia Conference - Milan

London AIM Italia Conference - London

21 CFO SIM ECM TEAM

22 TEAM – Corporate Finance

Luca Di Liddo holds a degree in Business Administration from Bocconi University in Milan and has been working in investment banking for over 15 years. Giovanni Tommasi holds a degree in Federico Oriani has a degree in management Prior to joining CFO SIM with the task of management engineering, majoring in finance engineering with a specialization in finance developing Equity Capital Market activities, he from Milan Politecnico. Prior to joining CFO from Milan Politecnico, he is both an industrial was a Founder and Head of Corporate Finance SIM, with the role of senior analyst of the engineer and a IT engineer. He has acquired a of Integrae SIM where he successfully executed Corporate Finance team, he gained 3 years of number of technical qualifications, participated more than 15 listings on the Italian AIM market experience working in a consulting firm on M & in national conferences and published books. and structured several capital increase A and Debt Restructuring and in Integrae SIM , He is also an auditor for associations of national transactions of listed companies as well as where he accomplished 7 quotations on AIM importance. He has been in CFO since 2008, and issuance of Convertible bonds. Previously he Italy . Giovanni is a Level II candidate for the holds a senior position in Corporate Finance was Head of Execution at Abaxbank and CFA Program. and the Real Estate division. Manager of ABN AMRO Rothschild. Luca is a member of AIAF (Italian Association of Financial Analysts).

23 TEAM – Equity Sales

Filippo Maria Palmarini graduated in Political John Paul Everitt, Graduated in International Sciences (Business Law), from the State Business from the University of Hull (UK) and University of Milan, Master in Financial went on to study International Business and markets from Bocconi University of Milan, 25 Finance at the Bryan School of Business and years working in Investment Banking. Prior to Economics (USA), and has professional joining CFO SIM with the task of developing experience working in the UK, USA, South the placement of securities in the primary Korea and Italy. Prior to starting his current market and supporting the liquidity of position in CFO SIM, he was in charge of securities post-listing, he was a founder of International Institutional Sales in Integrae SIM Integrae SIM and held the position of where he dealt with IPOs on the Milan AIM and Partner/Head of Equity Sales and Trading, worked on developing the Specialist and where he was involved in over 15 listings on Corporate Broking services. John has also the AIM Italy market, also providing Specialist worked for 5 years for a Luxembourg based and Corporate Broking services to more than 20 boutique advisory firm specialized in listed companies. He was also Head of fundraising for small to medium sized Corporate Broking and Equity Sales of companies on various European exchanges. He Abaxbank, and Head of Syndication of Banca is English mother tongue with full professional Aletti. proficiency in Italian.

Fabrizio Tito has more than 20 years of experience in Institutional Equity Sales for many domestic and European brokers (Rasfin, Stefano Aquilino graduated in International , Dresdner Kleinwort, Berenberg, Business BSc with a joint degree from the Ben Atter graduated in Politics from the Centrobanca-UBI, , Kepler- University of Birmingham (UK) and Bocconi University of East Anglia (UK) and also holds Cheuvreux). He has covered both Equity Sales University in 2016. During his studies he gained the CISI Level 3 Certificate in Investments for institutional foreign clients on the Italian professional experience from working with (Securities). He has been involved in 6 IPOs on market and Pan European equity sales for Entrepreneurs/Micro Businesses in the Milan AIM and is English mother tongue institutional domestic clients. Over the last two Birmingham, and from interning as an Investor with full professional proficiency in Italian, years he has worked as a sales and Corporate Services Analyst with JP Morgan Chase in having lived and worked in Italy for more than Broker for a domestic player specialised in the London. Prior to joining CFO Sim he completed 15 years. Ben is an Associate Member of the Italian AIM market, contributing to listings and a contract role as a Revenue Data Specialist with Chartered Institute for Securities & Investment. a significant number of capital initiatives for Dun and Bradstreet (UK). Currently Stefano is a more than ten firms on the Italian AIM and UK Level I candidate for the CFA program. AIM.

24 TEAM – Equity Research

Luca Arena holds a university degree in Emanuele Oggioni started his career in 1999 as Business Administration and Finance from the a financial analyst at Eptasim before moving University of Turin. He has more than 15 years onto his experience in asset management as of equity analysis experience both in domestic analyst and fund manager both at hedge funds and international institutions. Prior to joining and at long-only SICAVs, focussing on the CFO SIM with the role of Head of Equity European market (Banca Zarattini, Banca Research, he had previously worked as Senior Albertini Syz, Saint George Capital Equity Analyst at ICBPI, Berenberg Bank, where Management, Carthesio). Emanuele dealt with he contributing to open the Italian business of both the industrial sector (e.g. refiners, oil & oil the bank, focusing on mid-small cap coverage, services, automotive, durable and consumer in , a leading domestic investment goods) and utilities (local multi-utilities, power bank and in Cheuvreux, a French Pan-European generators, renewables, regulated stockbroker. Luca is an ordinary member of infrastructure, tower infrastructure). AIAF (Italian Association of Financial Analysts)

25 DISCLAIMER

This document is for informational purposes only and should not be regarded as an offer or solicitation to buy the securities or other instruments mentioned within. Neither it not any part of it form the basis of and should not be relied upon in connection with any contract. CFO SIM S.p.A. shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this manual. This material is for the use of intended recipients only, and only for distribution to professional and institutional investors.

CFO SIM S.p.A. uses reasonable efforts to obtain information from sources which it believes to be reliable but the contents of this document have been prepared without any substantive analysis being undertaken into the companies concerned or their securities and it has not been independently verified. No representation or warranty, either express or implied, is made nor responsability of any kind is accepted by CFO SIM S.p.A., its directors or employees either to the accuracy or completeness of any information contained in this document.

Opinions expressed are our current opinions as of the date appearing on this material only (25/10/2016). The information and opinions expressed are provided for the benefit of CFO SIM S.p.A. clients as at the date of this document and are subject to change without notice.

This document is being supplied to you solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. The material in this document is not intended for distribution outside the European Economic Area. This material is not directed at you if CFO SIM S.p.A. is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you, and persons who come into possession of this material should inform themselves about, and observe, any such restrictions.

By accepting this document you agree that you have read the above disclaimer and to be bound by its limitations and/or restrictions. 26 NOTES

27 CFO – Corporate Family Office Head office Via dell’Annunciata, 23/4 20121 Milano Tel. +39 02 303431 www.cfosim.com 28