PRIMI SUI MOTORI BUY. Growing First Half Results, Acquisitions In Sight. Italian Research 2Q14 Results Milan, September 18, 2014

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1 Italian Research 2Q14 Results Milan, September 18, 2014 PRIMI SUI MOTORI Price (Eu): Target Price (Eu): Growing First Half Results, Acquisitions In Sight BUY Growing 1H14 results. The value of production came to Eu7.9mn, up 61.2% YoY and essentially in line with our estimate. Net of the Eu1.4mn contribution of 3 companies acquired in 2013, organic growth was steady at 32.4% YoY, driven by an increase in the number of agents, by new services introduced and by improved customer loyalty. EBITDA stood at Eu0.9mn, up strongly YoY thanks to very good operating leverage. EBIT was Eu0.3mn in the red, penalised by Eu0.6mn of provisions on receivables and Eu0.6mn of D&A. The company posted a net loss of Eu1.0mn (we were forecasting a net loss of Eu0.5mn) after Eu0.5mn of net financial charges and Eu0.3mn of extraordinary expenses. Finally, net debt increased to Eu8.3mn as at the end of June, from Eu6.6mn as at December 2013 (we were expecting Eu7.7mn) because of an increase in working capital. Positive company s outlook, acquisitions in sight. The management reaffirmed 2016 targets for production value of Eu27.3mn and EBITDA of Eu9.5mn, confirming that the company will focus on commercial network expansion, broadening its services offering and increasing wallet share, through stronger customer loyalty. With regard to 2014, the management is confident that growth will speed up in the second half of the year; indeed, sales and profitability in July and August were in line with the company s internal forecasts. However, achieving business plan goals might depend partly on acquisitions. To this end, the shareholders recently authorised the Board to proceed with a rights issue (up to Eu4.9mn in options and up to a further Eu4.9mn without option rights). Estimates downwards revised. We have left our value of production figures unchanged as we believe PSM is on track to achieve its top line targets. However, we have lowered 2014 EBITDA by 26% and 2015 EBITDA by 12% as we incorporated the delay in the cost optimisation process accumulated in 1H14. We still deem our 2016 EBITDA figure feasible, though. We have also lowered our adjusted earnings estimates by -60.0% for FY14, by -29.5% for FY15 and by -7.1% for 2016, now incorporating amortisations related to last year s acquisitions. Net debt is forecast to decrease from Eu7.8mn at the end of 2014 to Eu4.5mn in Our estimates do not incorporate any additional external growth. BUY reaffirmed and target price unchanged. We reiterate our positive view, as PSM: 1) is fully exposed to the fast-growing Italian digital market, which is expected to post a double-digit CAGR in the coming years; 2) has a competitive and scalable offer in digital marketing services; 3) is well placed to grab market shares from non-focused competitors (currently, PSM has a 1% market share of a very fragmented Eu1.0bn market) and to grow faster than the reference market, including by means of acquisitions. Our target price, based on a DCF model, remained unchanged at Eu40.0 per share. Currently, the company is trading at very attractive 2016 EV/EBITDA and P/E multiples. Key Figures 2012A 2013A 2014E 2015E 2016E Sales (Eu mn) Ebitda (Eu mn) Net profit (Eu mn) EPS - New (Eu) EPS - Old (Eu) DPS (Eu) Ratios & Multiples 2012A 2013A 2014E 2015E 2016E P/E nm nm Div. Yield 0.0% 0.0% 0.0% 0.0% 0.0% EV/Ebitda 23.8 nm ROCE 4.3% -7.1% 10.1% 27.7% 35.1% SECTOR: Industrials Jacopo Tagliaferri jacopo.tagliaferri@intermonte.it Giovanni Ovi giovanni.ovi@intermonte.it PRIMI SUI MOTORI - 12m Performance S-13 N-13 J-14 M-14 M-14 J-14 S-14 PRIMI SUI MOTORI PRIMI SUI MOTORI Rel. to BCI Index (Reb.) RATING: Unchanged TARGET PRICE (Eu): Unchanged Change in EPS est: 2014E 2015E -60.0% -29.5% STOCK DATA Reuters code: Bloomberg code: PRM.MI PRM IM Performance 1m 3m 12m Absolute 3.3% -1.5% 43.9% Relative -1.8% 4.8% 28.8% 12 months H/L: 31.04/16.91 SHAREHOLDER DATA No. of Ord. shares (mn): 1 Total No. of shares (mn): 1 Mkt Cap Ord (Eu mn): 39 Total Mkt Cap (Eu mn): 39 Mkt Float - ord (Eu mn): 17 Mkt Float (in %): 42.6% Main shareholder: Syner.it Informatica Srl 47.6% BALANCE SHEET DATA 2014 Book value (Eu mn): 9 BVPS (Eu): 6.59 P/BV: 4.3 Net Financial Position (Eu mn): -8 Enterprise value (Eu mn): 47 Please see important disclaimer on the last page of this report The reproduction of the information, recommendations and research produced by Intermonte SIM contained herein, and of any of its parts, is strictly prohibited. None of the contents of this document may be shared with third parties without Company authorization. Intermonte SIM S.p.A. Milan (Italy) - Corso Vittorio Emanuele II, 9 - phone: fax: New York - (USA) - Sales contacts: JPP Eurosecurities, 595 Madison Avenue, phone: +1 (212)

2 PRIMI SUI MOTORI - KEY FIGURES 2012A 2013A 2014E 2015E 2016E Fiscal year end 12/12/ /12/ /12/ /12/ /12/2016 PROFIT & LOSS (Eu mn) Sales EBITDA EBIT 1 (1) Financial income (charges) (1) (1) (1) (1) (1) Associates & Others (0) (1) (1) 0 0 Pre-tax profit (Loss) 0 (2) (0) 4 7 Taxes (0) 0 0 (1) (2) Tax rate (%) 194.2% 12.4% 33.0% 33.0% 33.0% Minorities & discontinue activities Net profit Total extraordinary items 0 (1) (1) 0 0 Ebitda excl. extraordinary items Ebit excl. extraordinary items 1 (1) Net profit restated (0) (1) PER SHARE DATA (Eu) Total shares out (mn) - average fd EPS stated fd EPS restated fd BVPS fd Dividend per share (ord) Dividend per share (sav) Dividend pay out ratio (%) 0.0% 0.0% 0.0% 0.0% 0.0% CASH FLOW (Eu mn) Gross cash flow 1 (2) Change in NWC 1 0 (2) (3) (3) Capital expenditure (1) (1) (1) (1) (1) Other cash items (0) Free cash flow (FCF) 1 (0) (1) 1 3 Acquisitions, divestments & others 0 (1) Dividend Equity financing/buy-back Change in Net Financial Position 3 (1) (1) 1 3 BALANCE SHEET (Eu mn) Total fixed assets Net working capital Long term liabilities (0) (0) (1) (1) (1) Net capital employed Net financial position (6) (7) (8) (7) (5) Group equity Minorities Net equity ENTERPRISE VALUE (Eu mn) Average mkt cap - current Adjustments (associate & minorities) Net financial position (6) (7) (8) (7) (5) Enterprise value RATIOS(%) EBITDA margin* 19.3% 5.8% 19.9% 29.9% 33.5% EBIT margin* 11.5% nm 8.8% 21.3% 26.1% Gearing - Debt/equity 97.8% 78.9% 85.4% 57.4% 25.0% Interest cover on EBIT 0.6 nm Debt/Ebitda ROCE* 4.3% -7.1% 10.1% 27.7% 35.1% ROE* -5.5% -27.6% -0.8% 25.6% 29.3% EV/CE EV/Sales EV/Ebit 39.8 nm Free Cash Flow Yield 1.5% -0.1% -3.1% 1.4% 7.0% GROWTH RATES (%) Sales -11.4% 11.2% 66.7% 31.7% 19.5% EBITDA* -18.0% -66.7% 474.7% 97.9% 33.8% EBIT* -23.8% nm nm 217.9% 46.6% Net profit nm nm nm nm 62.1% EPS restated nm nm nm 277.7% 62.1% * Excluding extraordinary items Source: Intermonte SIM estimates 2

3 3 1H14 Results PSM s value of production came to Eu7.9mn, up 61.2% YoY and essentially in line with our estimate. The 3 companies acquired in 2013 contributed Eu1.4mn overall: Eu0.6mn from 2ThePoint PSM (a web agency specialising in digital and traditional marketing services and focused on big clients such as FIAT, L Oreal, Unicredit and Generali), Eu0.5mn from Crearevalore (a web agency dedicated to social marketing and digital PR), and Eu0.3mn from 3ding Consulting (which specialises in web applications, mobile marketing and digital signage). Excluding these contributions, organic growth was steady at 32.4% YoY, driven by an increase in the number of agents, by new services introduced and by a higher average share of wallet. EBITDA stood at Eu0.9mn, up sharply YoY because of strong operating leverage. The biggest cost item was for services (agents commissions and call center fees), accounting for over 50% of the value of production. EBIT was Eu0.3mn in the red, penalised by Eu0.6mn of provisions on receivables and Eu0.6mn of D&A. The company posted a net loss of Eu1.0mn (we were forecasting a net loss of Eu0.5mn) after Eu0.5mn of net financial charges and Eu0.3mn of extraordinary expenses. In 1H13 the net loss was equal to Eu0.9mn. Finally, net debt increased to Eu8.3mn as at the end of June from Eu6.6mn as at December 2013 (we were expecting Eu7.7mn) because of an increase in working capital. Primi Sui Motori 1H14 P&L (Eu mn) 1H13A 1H14A YoY 1H14E A vs E Net revenues % % Other Rev enues Value of Production % % of which external of which organic % 6.5 Cost of product sold (0.3) (0.4) on value of production -6.9% -5.5% Cost of serv ices (2.8) (4.3) on value of production -56.8% -54.1% Labour Costs (1.7) (2.2) on value of production -35.4% -28.3% Others (0.0) (0.1) EBITDA nm % EBITDA margin 0.1% 11.3% 10.0% of which external 0.2 of which organic EBITDA margin 9.9% D&A (0.2) (0.6) on value of production -4.4% -7.5% Prov isions (0.3) (0.6) EBIT (0.5) (0.3) nm (0.1) nm EBIT margin nm nm nm Financial Income (Charges) (0.4) (0.5) Extraordinaries (0.2) (0.3) Pretax (1.0) (1.1) nm (0.6) nm Taxes 0.2 (0.0) tax rate nm nm Minorities/disc. operations Net income (0.9) (1.0) nm (0.6) nm Net Income Restated (0.7) (0.8) nm (0.6) nm NFP (4.4) (8.3) 87.2% (7.7) 7.2% Source: Company Data and Intermonte SIM estimates

4 Revenue Breakdown PSM s main service remains SEO (Search Engine Optimisation), which brought in Eu4.2mn of net revenue in 1H14, growing 22.7% YoY. However, as a consequence of the company s efforts to diversify its revenues, the incidence of SEO in 1H14 decreased considerably, from 76.1% in 1H13 to 54.9% in 1H14. PSM continues to offer web site construction services, including mobile versions of pages. The Other revenue item includes other services recently developed internally or acquired externally through the new companies; they encompass: keyword advertising, e-commerce, social media marketing, mobile applications, web reputation, online videos, directories and online advertising. Primi Sui Motori 1H14 Net Revenues Breakdown By Segment 1H13A 1H14A SEO YoY growth 22.7% on net revenues 76.1% 54.9% Web Sites YoY growth 14.2% on net revenues 13.7% 9.2% Others YoY growth 500.0% on net revenues 10.2% 35.9% Net Revenues YoY growth 70.2% Source: Company Data Company Outlook The management reaffirmed 2016 business plan targets for production value of Eu27.3mn and EBITDA of Eu9.5mn, confirming that the company will focus on commercial network expansion, broadening its services offering and increasing wallet share, through stronger customer loyalty. With regard to 2014, the management is confident that growth will speed up in the second half of the year; indeed, sales and profitability in July and August were in line with the company s internal forecasts. Reference Market The Italian digital market is worth approximately Eu2.7bn, of which: Eu1.7bn in online advertising (IAB Europe, June 2014), and Eu1.0bn in digital marketing services (management estimates based on AGCOM data), of which around 70% provided to SMEs. Primi sui Motori provides digital marketing services to SMEs and its market share is around 1%. The market of digital marketing services is expected to post low double-digit growth for the next few years, thanks to new products offered (social media, web reputation, mobile apps) and the increasing penetration of those that are already well-established (web sites, SEO). PSM s main competitor is Seat PG, the Italian yellow pages company. However, PSM also competes against many very small local agencies, only a few of which have agent networks. 4

5 5 Strategic Guidelines The company reaffirmed its strategic guidelines introduced earlier this year: Expand the commercial network, by hiring more agents (the company had 130 as at the end of June) and covering more areas of the country. Increase share of wallet of existing clients by strengthening relationships through a caring programme, aiming to upsell different products to the same client. Moreover, PSM will focus more on training programmes and on technological avenues (e.g. tablets) to improve agents productivity. Broaden the range of services, so as to offer full digital marketing packages to enterprises. Grow externally, through acquisitions of digital companies and web agencies. Primi Sui Motori Expected Commercial Network Growth Source: Company Presentation Change In Estimates We have left our value of production figures unchanged as we believe PSM is on track to achieve its top line targets (production value Eu27.3mn not including potential acquisitions). However, we have lowered 2014 EBITDA by 26% and 2015 EBITDA by 12%, as integration of the companies acquired last year has taken longer than expected. We now factor in a delay in the achievement of cost synergies. We still deem our 2016 EBITDA figure (we are in line with company s target of Eu9.5mn) feasible, though. We have also lowered our adjusted net income estimates by 60.0% for FY14, by 29.5% for FY15 and by 7.1% for 2016, now incorporating amortisations related to last year s acquisitions. Moreover, we have added Eu0.8mn of one-off charges in FY14, which affects our net income reported. Net debt is forecast to decrease from Eu7.8mn at the end of 2014 to Eu4.5mn in Our estimates do not incorporate any additional external growth. We forecast a strong acceleration in 2H The value of production is expected to grow by 54% YoY at Eu10.2mn, while EBITDA should land at Eu2.7mn, with an implied margin of 26.5%. Primi Sui Motori Change In Estimates (Eu mn) 2014E 2014E 2015E 2015E 2016E 2016E New Old Change New Old Change New Old Change Value of Production % % % EBITDA % % % EBITDA margin 19.9% 26.9% 29.9% 33.9% 33.5% 33.3% EBIT % % % EBIT margin 8.8% 19.6% 21.3% 28.0% 26.1% 28.3% Net Income Restated % % % NFP (7.8) (7.3) -6.0% (7.2) (6.7) -7.6% (4.5) (4.3) -5.1% Source: Intermonte SIM estimates

6 M&A Scenario The company has underlined that new acquisitions could be made in the coming months. Indeed, acquisitions could help PSM implement its strategic guidelines and achieve business plan targets. According to the management, the rationale behind acquisitions is: obtain further SG&A and production savings, eliminating duplication costs and exploiting economies of scale; acquire new products, broadening the spectrum of services offered and enabling better profit margins for agents; add new revenue streams without raising working capital, and therefore generate more cash (products other than SEO do not require sales in instalments). The management also stated that such acquisitions could be made through paper mergers where PSM would buy a majority stake of the target company. The shareholders recently authorised the Board to proceed with two separate equity offerings: the first, for up to Eu4.9mn, will be without option rights and reserved to existing shareholders of the target companies; the second, for up to Eu4.9mn, will be made by issuing options, and the proceeds would be used to provide the necessary liquidity to the target companies. We have constructed a hypothetical M&A scenario to evaluate the potential impact on our PSM figures. We made the following assumptions: the target companies would have an overall 2014 value of production of Eu8.0mn, EBITDA of Eu0.8mn and net income (net of minorities) of Eu0.1mn; the targets would achieve a CAGR of 12% in the value of production and 25% in EBITDA on a standalone basis; there would be SG&A synergies of Eu0.5mn in 2015 and Eu1.0mn from 2016 onwards; there would be commercial synergies of Eu3.5mn from 2016 onwards. Primi Sui Motori M&A Scenario Impact on P&L (Eu mn) PSM 2014 Targets Targets Synergies Combined Targets Synergies Combined PSM 2015 PSM Value of Production YoY Growth 31.7% 12.0% 19.5% 12.0% 28.1% EBITDA YoY Growth 98% 25.0% 33.8% 25.0% 36.6% EBITDA Margin 19.9% 10.0% 29.9% 11.2% 26.3% 33.5% 12.5% 28.1% Net Income Restated YoY Growth nm 40.0% 62.1% 40.0% 65.3% Source: Intermonte SIM estimates In 2016, the combined entity would be expected to have value of production of Eu42.0mn, EBITDA of Eu11.8mn (28.1% margin) and net income of Eu5.4mn. 6

7 7 We have made the following assumptions regarding the transactions: PSM would pay a multiple of 5x the target company s 2014 EBITDA; PSM would acquire a 51% stake in the target company; the target companies are debt-free; the equity offering with option rights will be fully executed and subscribed (Eu4.9mn). Primi Sui Motori M&A Scenario Dilution on Shares Prices as of 15/09/2014 Share Price (Eu) 28.2 Outstanding N Shares (mn) Mkt Cap (Eu mn) 38.9 EV/EBITDA M&A 5.0x EV Targets (Eu mn) 4.0 PSM will take 51% of targets Capital Increase "Paper" (Eu mn) 2.0 New N Shares (mn) Capital Increase "Cash" (Eu mn) 4.9 New N Shares (mn) Mkt Cap Fully Diluted (Eu mn) 45.8 Total N Shares Fully Diluted (mn) Source: Company Data and Intermonte SIM estimates Assuming the rights issues would be made at market prices, the number of shares would rise by around 18%. Below, we have summarised the effects of new acquisitions and the rights issues on our valuation of Primi Sui Motori. Primi Sui Motori M&A Scenario - Impact on Multiples - Prices as of 15/09/2014 Before After Share Price (Eu) Outstanding N Shares (mn) Mkt Cap NFP (7.8) (4.5) (2.9) 0.4 EV EBITDA Net Income EPS % dilution -3.5% -2.3% EV/EBITDA PSM 13.0x 4.6x 11.1x 3.9x P/E PSM nm 8.7x nm 8.5x Source: Company Data and Intermonte SIM Estimates Estimated 2016 EV/EBITDA and P/E multiples show that the acquisitions will be slightly accretive.

8 Valuation - DCF We used a DCF model to evaluate Primi Sui Motori. Our discounted cash flow model, with detailed estimates for the years from 2014 to 2019, yields an equity value of Eu55.7mn. Our terminal value accounts for 77% of the total enterprise value. Our DCF model contains the following assumptions: - a WACC of 9.5% (assuming, in turn, a risk-free rate of 3.0%, a risk premium of 5.5%, an unlevered beta of 1.2x, a normalised equity/debt ratio of 80/20, and an 8.0% cost of debt); - a long-term growth rate of 2.5%. Primi Sui Motori DCF DCF (Eu mn) 2014E 2015E 2016E 2017E 2018E 2019E TV Value of Production EBITDA DA (2.0) (2.1) (2.1) (1.9) (1.6) (1.1) (0.9) EBIT Taxes (0.5) (1.7) (2.5) (2.7) (3.0) (3.3) (3.4) tax rate -33.0% -33.0% -33.0% -33.0% -33.0% -33.0% -33.0% Change in WC (2.2) (3.3) (3.0) (1.0) (0.8) (0.7) (0.6) Capex (1.0) (1.0) (0.9) (0.9) (0.9) (1.0) (1.0) Capex/Revenues -5.5% -3.8% -3.2% -3.0% -3.0% -3.0% -3.0% FCF TV 90 year WACC 9.0% 9.2% 9.5% 9.5% 9.5% 9.5% 9.5% Discounted WACC Discounted Free cash flow Discounted Free cash flows 14.5 Terminal v alue 47.8 TV / Total EV Total EV (with DCF) % NFP FY 13 (6.6) other 0.0 Total EQUITY 55.7 N. of shares (mn) 1.38 Fair Value Per Share (Eu) 40.0 WACC 9.5% Terminal growth 2.5% Source: Intermonte SIM Estimates 8

9 9 Investment Case We reiterate our positive view, as PSM: 1) is fully exposed to the fast-growing Italian digital market, which is expected to post a double-digit CAGR in the coming years; 2) has a competitive and scalable offer in digital marketing services; 3) is well placed to grab market shares from non-focused competitors (currently, PSM has a 1% market share of a very fragmented Eu1.0bn market) and to grow faster than the reference market, including by means of acquisitions. At our target price, the company would be trading at 2016 EV/EBITDA of 6.3x and a 2016 P/E of 12.4x. Primi Sui Motori Implicit Multiples at target price 2014E 2015E 2016E PE nm 20.1x 12.4x EV/SALES 3.5x 2.6x 2.1x EV/EBITDA 17.7x 8.8x 6.3x EV/EBIT 39.8x 12.4x 8.1x Source: Intermonte SIM Estimates Peer Comparison A multiples comparison show PSM is trading at discount on 2016 figures to both its international peers and to Triboo Media, an Italian digital company recently listed on the AIM market. Primi Sui Motori Peer Group Multiples and Performances- Prices as of 18/09/2014 Stock EV/Ebitda 2014 EV/Ebitda 2015 EV/Ebitda 2016 P/E 2014 P/E 2015 P/E 2016 Primi sui Motori BrainJuicer Constant Contact nm Conv ersant nm Criteo Demand Media nm nm 26.6 Hi-Media Marchex Netbooster QuinStreet ReachLocal nm nm nm nm TradeDoubler Triboo Media Vocus Median Group Stock 1M 3M 6M YTD 1Y 2Y Primi sui Motori 3.5% -2.7% -2.5% 22.8% 42.4% 17.6% BrainJuicer 21.7% 2.5% 0.1% 30.0% 72.3% 28.4% Constant Contact -12.5% -2.9% 8.2% -6.7% 35.5% 46.2% Conv ersant 31.4% 40.2% 43.8% 48.7% 52.7% 99.9% Criteo 23.1% -2.8% -31.6% 3.9% Demand Media 7.5% 3.6% 7.3% -15.2% -26.6% -55.1% Hi-Media -1.5% -0.4% 21.4% 42.8% 50.0% 23.0% Marchex -12.0% -25.1% -28.6% -5.5% 18.2% 126.9% Netbooster 7.9% 10.5% 18.1% 25.1% 31.7% 17.1% QuinStreet -8.4% -14.3% -33.3% -48.3% -52.2% -48.6% ReachLocal -16.9% -22.4% -49.8% -61.2% -56.5% -61.1% TradeDoubler -1.7% -28.8% -48.3% -52.4% -59.0% -45.4% Triboo Media 2.6% -20.4% -9.5% Vocus 3.8% 23.9% 19.0% 55.7% 122.4% 220.6% avg peer group 3.5% -2.8% -6.4% 1.4% 17.1% 32.0% Ftse Italia All-Share - I 7.9% -5.1% 2.7% 10.4% 19.9% 27.4% Source: Factset and Bloomberg

10 our positive view, as PSM: 1) is fully exposed to the fast-growing Italian digital market, which is expected to post a double-digit CAGR in the coming years; 2 DISCLAIMER (for more details go to disclosures.asp) IMPORTANT DISCLOSURES The reproduction of the information, recommendations and research produced by Intermonte SIM contained herein and of any its parts is strictly prohibited. None of the contents of this document may be shared with third parties without authorisation from Intermonte. This report is directed exclusively at market professional and other institutional investors (Institutions)and is not for distribution to person other than Institution ( Non-Institution ), who should not rely on this material. Moreover, any investment or service to which this report may relate will not be made available to Non-Institution. 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The stock price indicated is the reference price on the day prior to the publication of the report. CURRENT INVESTMENT RESEARCH RATING DISTRIBUTIONS Intermonte SIM is authorised by CONSOB to provide investment services and is listed at n 246 in the register of brokerage firms. As at June 30 th 2014 Intermonte s Research Department covered 146 companies. Intermonte s distribution of stock ratings is as follows: BUY: 20.13% OUTPERFORM: 34.42% NEUTRAL: 44.15% UNDERPERFORM: 1.30% SELL: 0.00% The distribution of stock ratings for companies which have received corporate finance services from Intermonte in the last 12 months (31 in total) is as follows: BUY: 21.88% OUTPERFORM: 43.75% NEUTRAL: 34.37% UNDERPERFORM: 0.00% SELL: 0.00% CONFLICT OF INTEREST In order to disclose its possible conflicts of interest Intermonte SIM states that: o within the last year, Intermonte SIM managed or co-managed/is managing or is co-managing (see companies indicated in bold type) an Institutional Offering and/or, managed or co-managed/is managing or is co-managing (see companies indicated in bold type) an offering with firm commitment underwriting of the securities of the following Companies: Ascopiave, Banca Ifis, Banca Carige, Banca Popolare di Sondrio, Creval, Fincantieri, GreenItaly1, MPS, Poltrona Frau, Salini Impregilo, Tecnoinvestimenti, Triboo Media. o Intermonte SIM is Specialist and/or Corporate Broker and/or Broker in charge of the share buy back activity of the following Companies: Banca Etruria, Banca Ifis, Be, Biancamano, B&C Speakers, Bolzoni, Carraro, Cattolica Assicurazioni, Credito Valtellinese, Datalogic, DeA capital, Digital bros, EL.En, ERG, Ferrovie Nord Milano,Milano, Fiera Milano, Fintel Energia Group, Gefran, GreenItaly1, IGD, Innovatec, Kinexia, Lucisano, Mondo TV, Primi sui Motori, QF Alpha Immobiliare, QF Beta Immobiliare, Recordati, Reno de Medici, Reply, Saes Getters, Servizi Italia, Sesa, Snai, Tamburi Investment Partners, TESMEC, TBS Group, Ternienergia, TXT e-solutions, Vittoria Assicurazioni, VRWay Communication. o Intermonte SIM acted as Global Coordinator in the GreenItaly1 IPO on the AIM Italia market and will receive a success fee if a business combination is approved by the shareholders. o Intermonte SIM SpA and its subsidiaries do not hold a stake equal to or over 1% of common equity securities and/or warrants of any of the aforementioned subject companies, with the exception of: GreenItaly1. o Intermonte SIM SpA has provided in the last 12 months / provides / may provide investment banking services to the following companies: Atlantia, Carraro, Kinexia, RCS Media, Saes Getters DETAILS ON STOCKS RECOMMENDATION Stock NAME PRIMI SUI MOTORI Current Recomm: BUY Previous Recomm: BUY Current Target (Eu): Previous Target (Eu): Current Price (Eu): Previous Price (Eu): Date of report: Date of last report: 21/11/2013 Copyright 2010 by Intermonte SIM - All rights reserved It is a violation of national and international copyright laws to reproduce all or part of this publication by , xerography, facsimile or any other means. The Copyright laws impose heavy liability for such infringement. The Reports of Intermonte SIM are provided to its clients only. If you are not a client of Intermonte SIM and receive ed, faxed or copied versions of the reports from a source other than Intermonte SIM you are violating the Copyright Laws. This document is not for attribution in any publication, and you should not disseminate, distribute or copy this without the explicit written consent of Intermonte SIM. INTERMONTE will take legal action against anybody transmitting/publishing its Research products without its express authorization. INTERMONTE Sim strongly believes its research product on Italian equities is a value added product and deserves to be adequately paid. Intermonte Sim sales representatives can be contacted to discuss terms and conditions to be supplied the INTERMONTE research product. INTERMONTE SIM is MIFID compliant - for our Best Execution Policy please check our Website Further information is available 10