Methorios Capital. Small Cap Conference. Milan, 29th November 2012 Borsa Italiana Palazzo Mezzanotte Room Gialla

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1 Methorios Capital Small Cap Conference Milan, 29th November 2012 Borsa Italiana Palazzo Mezzanotte Room Gialla

2 2 Methorios Capital Group Business overview Key Numbers & Strategies

3 3 3 Overview Methorios Capital s activities THEN NOW ADVISORY + MERCHANT BANKING + ASSET MANAGEMENT M&A Equity Capital Markets Debt Corporate Finance Structured Finance Minority Investments Fee per Equity Investments Portfolio management Investment services Infrastructure fund Research & Studies

Finance Structured Finance Minority Investments Fee per Equity

4 4 4 Capital Increases Since the IPO, Methorios Capital has shown a strong ability in finding new investors and continues to do so: 7.9 million 1.5 million from Banca Etruria 18 million from IMN 9 million from IMN and Lujan IPO July 2010 Jun 2011 Jan 2012 Jun 2012 Jul 2012 Aug 2012 Today Pending 10 million from EB Finance 8.5 million free capital increase 7.9 million from Lujan Total capital increases: million Share Capital Evolution ( /000)

5 million from Banca Etruria 18 million from IMN 9 million from IMN and Lujan IPO July 2010 Jun 2011 Jan 2012 Jun 2012

5 5 5 Shareholders Methorios Shareholders base includes a number of different typologies of investors: Banks Insurance companies Asset Managers Listed Investment Vehicles Management Asset Managers Listed Investment Vehicles Banks Others Insurance Companies Management Family Offices

Managers Listed Investment Vehicles Management Asset Managers Listed

6 Pietro De Salvatore Supervisory Board under D.Lgs. 231/ Corporate Governance To ensure maximum consistency between behaviors and strategies, Methorios has created a system of rules that constitutes a model of corporate governance based on the shared responsibilities and a balanced relationship between management and control Board of Directors Paolo De Fiore (Honorary Chairman) Fabio Palumbo (Chairman) Ernesto Mocci (CEO) Antonio Marchese (Director) Giovanni Gargani (Director) Guido Venturini Del Greco (Director) Virginia Filippi (Director) Luigi Ragno (Independent Director) Key Advisors Marco Airaghi Paolo Dionisi Paolo Gagliano Aurelio Regina Francesco Ripandelli Internal Auditors Simone Manfredi (President) Marzio Pennechini Montino (Auditor) Mauro Pietrini (Auditor) Iter Audit Srl Independent Auditors

shared responsibilities and a balanced relationship between management and control Board of Directors Paolo De Fiore (Honorary Chairman) Fabio Palumbo (Chairman) Ernesto Mocci (CEO) Antonio Marchese

7 7 7 Average Market Capitalization (last 3 months) AIM Italia NEUROSOFT FIRST CAPITAL IKF COMPAGNIA DELLA RUOTA FRENDY ENERGY VRWAY FINTEL ENERGIA VITA POLIGRAFICI PRINTING PRIMI SUI MOTORI MADE IN ITALY 1 UAI PMS AMBROMOBILIARE TBS /Mln Source: Bloomberg 24/11/2012

VRWAY FINTEL ENERGIA VITA POLIGRAFICI PRINTING PRIMI SUI MOTORI

8 8 Geographical Senior Management Presence Senior Executives 1 New York 3 London 1 Munich 3 Paris Rome Office UAE

9 9 9 Current Holdings Asset Management Financial Services Real Estate Others (Industrial & Services) 8,87% 36,77% 21,7% 95,3% 4% 2,5% 16,81% MC Holding SpA 13,05% 19,9% 2,4% 0,79% 50% SPQR Capital Services Llp 0,5% 0,39% 100% Attali Inv. Partners Ltd

4% 2,5% 16,81% MC Holding SpA 13,05% 19,9% 2,4% 0,79% 50% SPQR

10 10 Methorios Capital Group Business overview Key Numbers & Strategies

11 11 Competitive Strenghts Skill and experience of the Team strong professional expertise International Business & Leadership international operations Independence from any banking or financial

11 11 11 Competitive Strenghts Skill and experience of the Team strong professional expertise International Business & Leadership international operations Independence from any banking or financial group BUSINESS MODEL BASED ON INTERNATIONAL TEAM OF SENIOR EXECUTIVES FOR LONG TERM GROWTH Focus on Small Mid Cap clients that need highly skilled services who lack in internal resources Long Term Relationship with clients generating a stable flow of advisory mandates Investments in Methorios client base consolidating its partnership and generating potential returns

GROWTH Focus on Small Mid Cap clients that need highly skilled services who lack in internal resources Long Term Relationship with clients

12 12 12 Business Sectors and Deal Size Methorios has developed a strong expertise in providing advisory services to listed and private, small and mid cap companies operating in a wide range of sectors: Deal 11/29/2012 Pending IPO M&A IPO Other Deals 4 IPOs 5 M&A Deals 1 IPO 2 Deals Mkt Cap: Total transactions: Mkt Cap: Value: 40 Mln 200 Mln $ 600 Mln Exceeding 100 Mln with placement above $ 40 Mln

Deal Closed @ 11/29/2012 Pending IPO M&A IPO Other Deals 4 IPOs 5 M&A Deals 1 IPO 2 Deals Mkt Cap:

13 13 Advisory ADVISORY M&A and Turnarounds Equity Capital Markets Debt Corporate Finance M&A activities (mergers, acquisitions, spin-offs, disposals and privatizations).

in IPOs Methorios designs funding solutions tailored to clients, according to their structural characteristics, financial needs and scheduled investments Advisor for the sale of WISCO SpA Advisor for

13 13 13 Advisory ADVISORY M&A and Turnarounds Equity Capital Markets Debt Corporate Finance M&A activities (mergers, acquisitions, spin-offs, disposals and privatizations). Methorios advisory service is aimed at the financial valuation and at the fullengineering of deals Equity Partner of Borsa Italiana, offers its support to companies as a financial advisor specialized in IPOs Methorios designs funding solutions tailored to clients, according to their structural characteristics, financial needs and scheduled investments Advisor for the sale of WISCO SpA Advisor for the sale of two environmental services Co. Sale of a 3% stake to Banca Etruria and 4,25% capital increased reserved to Veneto Banca Evaluation and disposal of Visiant Galyleo Advisor for listing on Italian MTF Advisor for structuring a real estate loan Placed structured bond to investors Brand evaluation of AT&D and disposal of the company Accounting updating to comply with Italian Law (231) on behalf of CDP Advisor for listing on French MTF Financed 0,5% of BNL acquisition Interest Rate Swap in a Securitization

14 14 Merchant Banking MERCHANT BANKING Investments Fees for Equity Minority Investments Methorios Capital acquires participations in companies through the provision of advisory services, fees for

14 14 14 Merchant Banking MERCHANT BANKING Investments Fees for Equity Minority Investments Methorios Capital acquires participations in companies through the provision of advisory services, fees for equity. In this process Methorios is able to directly benefit from the enhanced equity value after the completion of strategic corporate finance transactions, divesting the holdings in the short to medium term Methorios Capital engages in direct minority investments These investments are targeted to enable Methorios to create further sources of advisory revenues

In this process Methorios is able to directly benefit from the enhanced equity value after the completion of strategic corporate finance

15 15 15 Asset Management Methorios purchased interests in three companies operating in the Asset Management sector: SPQR Capital, Ofi InfraVia and Valore Italia with the goal of creating an Asset Management Business Unit ASSET Asset MANAGEMENT Management New Target Company incorporated in UK law and fully authorized by the Financial Services Authority ( FSA ) to provide investment services in UK OPPORTUNITY: create a partnership with an important Italian AM operator to launch AM and brokerage services and investment funds in UK and Europe Company incorporated in France that manages a 200 mln infrastructure fund. Other shareholders are the management and OFI AM (a company with 50.4 bln under management owned by Macif and Matmut, 2 French mutual insurance companies) OPPORTUNITY: the second infrastructure fund was launched (target: 400 mln) Company incorporated in Italy that has around 300 mln under management OPPORTUNITY: future potential mergers or growth deals Owns 100% of Independent Private Bankers Sim OPPORTUNITY: acquire new market players to create a strong platform in the Asset Management Aim: to create a Private Banking & Wealth Management independent Group with over 2 bln in AUM, with a network of 200 Private Bankers, providing consulting and asset management services to HNW clients

UK OPPORTUNITY: create a partnership with an important Italian AM operator to launch AM and brokerage services and investment funds in UK and Europe Company incorporated in France that manages a 200

16 16 Methorios Capital Group Business overview Key Numbers & Strategies

17 17 17 Income Statement Revenues ( /million) EBITDA ( /million) Net Income ( /million) CAGR (07-11): 23% 8,6 6,1 3,7 2,9 3, CAGR (07-11): 60% 1,1 1,6 1,4 0,2 0, CAGR (07-11): 173% 1,7 1 1,1 0,03 0, Balance Sheet Net Financial Debt ( /million) Shareholders Equity ( /million) 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5-4,5 4,1 4,0 2,5 0,6 0, H CAGR (07-11): 203% 47,5 20,5 21,6 9,8 0,2 0,7 2, H 2012 Nov. 2012

2007 2008 2009 2010 2011 Balance Sheet Net Financial Debt ( /million) Shareholders Equity ( /million) 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5-4,5 4,1

18 18 18 Financials Income Statement Income Statement 31/12/ /12/ /12/ /12/ /12/ Revenues Cost of services (1.736) (718) (1.087) (2.418) (2.773) Personnel costs (1.257) (1.003) (489) (576) (709) Other costs (512) (615) (696) (1.509) (3.709) Ebitda Ebitda margin 6% 20% 32% 26% 16% Ebit Ebit margin 5% 20% 55% 20% 15% Net Income Balance Sheet Cash Flow Statement Balance Sheet 31/12/ /12/ /12/ /12/ /12/ H Fixed Assets Net Working Capital Allowances Net Invested Capital Shareholders' Equity Net Financial Debt (Cash) Cash Flow Statement 31/12/ /12/ /12/ /12/ /12/ Net Operating Cash Flow 536 (5.453) (1.132) Net Investing Cash Flow (36) (51) (1.156) (8.185) (11.223) Net Financing Cash Flow Free Cash Flow 500 (148) (216)

302 Ebit margin 5% 20% 55% 20% 15% Net Income 28 309 950 1.093 1.670 Balance Sheet Cash Flow Statement Balance Sheet 31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011 1 H 2012.

19 19 19 Next evolution Challenge Response Initiatives 1 Change in the structure of the market Investments in internationalization and new products/industries Acquired SPQR and OFI to internationalize the activities (presence in London and Paris) SPACs New clients in the oil & gas and precious metals industries Larger clients 2 Difficult market environment Expenses reduction Number of suppliers rationalization Renegotiation of contracts (with current suppliers) 3 Financial soundness necessary to face competition Potential mergers under analysis Performed several capital increases in a difficult environment New potential capital increases under analysis Potential mergers with other financial services companies without losing the tailor made service concept

reduction Number of suppliers rationalization Renegotiation of contracts (with current suppliers) 3 Financial soundness necessary to face competition Potential mergers under analysis

20 20 20 Pipeline Listing Pipeline Methorios has a strong pipeline with 5 to 7 companies in various stages of the listing process to float on AIM Italia or other European and US Multilateral Trading Facilities M&A Pipeline Methorios is managing a number of M&A transactions in final phases in both the private and institutional sectors Other developments Analysis of an important deal in the real estate sector along with other financial and industrial players. In case of positive completion of the deal, Methorios will benefit from a stable stream of cash flows for a long period As a result of its investment in OFI InfraVia and SPQR Capital, Methorios will see an increased flow of advisory operations for restructuring and M&A transactions

of an important deal in the real estate sector along with other financial and industrial players.

21 1 Nota metodologica 21 Via Bocca di Leone 78 Roma Tel Fax

Agenda. Who we are. Our services. Contacts. Page 2. 1.1 The Company, our values and consulting approach. 1.2 Partners. Page 3. 2.1 Areas of activity

Agenda. Who we are. Our services. Contacts. Page 2. 1.1 The Company, our values and consulting approach. 1.2 Partners. Page 3. 2.1 Areas of activity Agenda Who we are 1.1 The Company, our values and consulting approach 1.2 Partners Page 2 Page 3 Our services 2.1 Areas of activity 2.2 Services Page 5 Page 6 Contacts 3.1 Contacts Page 8 1 Who we are