The bridge between Italian SME industrial system and EU Capital Markets

The bridge between Italian SME industrial system and EU Capital Markets

EnVent Capital Markets Limited at a glance 1st and unique Italian independent Pan European investment banking firm and broker dedicated to Italian and EU SMEs Equity / Debt Capital Markets advisory, Investment Banking and Equity Research across Europe Since the end of 2013, EnVent Partners have progressively started networking with institutional and professional investors and family offices focused on the UK mid-market On August 15 th 2014, EnVent Partners established EnVent Capital Markets Limited, based in London, authorized and regulated by FCA since February 2 nd 2015 for advising and arranging Some 200 contacts and relationships with investors and family offices in place as of today In the meantime, since 2013, EnVent has been supporting Capital Markets activity with Equity Research services, representing a viable source of information to promote investors awareness and support stocks liquidity EnVent Equity Research is distributed on most relevant vendor platforms as Bloomberg, Standard and Poor s Capital IQ and Thomson Reuters and picked up by international investors Integrity Competence Forward thinking Bespoke advisory and arranging services to mid-market companies Consolidated presence in the Italian SME industrial system for UE reach Current and stable relationships and networking with reputable international asset management companies, institutional investors and family offices Partnership with Epic SIM for the equity and debt capital market placement 2 Dedicated Equity Research

EnVent Capital Markets at a glance EnVent Capital Markets Limited is a distinctive and specialist firm dedicated to mid-market clients providing Equity and Debt Capital Markets services, Nomad on AIM Italia, Equity Research, Merger & Acquisition advisory, Financial Restructuring and Special Situation expert. The firm assists clients with senior-level expertise and attention. By being specialized and independent, EnVent serves its clients without conflicts of interest. EnVent Capital Markets has identified and implemented a business model based on integrated equity/debt capital markets products and services. This consists of investment banking services and equity research for the EU midmarket (listed companies and companies under IPO process) and advisory and arrangement services for professional and institutional EU investors. The goal which is being achieved in EnVent Capital Markets is the creation of an independent well-established and integrated player, with a unique market proposition focused on the capital markets activities for the mid-market and the international expansion of SMEs based in Italy, United Kingdom, France, Germany, Spain and Nordics increasingly projected towards the search for diversified financial funding and capital raising. EnVent Capital Markets is strengthening its relationships with specialized EU investment funds, family offices and independent brokers and dealers, with the aim to advising and arranging investment deals such as securities and relevant investments in order to support its corporate client needs to finance the growth. EnVent Capital Markets relies on a team of outstanding bankers and professionals, directors and partners with significant financial attitude and strong professional skills, all developed in large financial institutions, investment banks, global advisory and law firms, through both national and international transactions. 3 EnVent Capital Markets Limited is: approved and registered by the Financial Conduct Authority ( FCA ) for advisory and arranging activity. Passported in all European Economic Area (EEA) The 31 st of March 2015 EnVent Capital Markets Limited. presented to the FCA the application for the authorisation of a branch in Italy. In place a commercial agreement with a Swiss Bank to cover Switzerland and Crossborder M&A. The first and unique Italian Independent Pan European investment banking firm and broker dedicated to the European SMEs world

FCA Authorised and EEA Passported for. Note: Please refer to FCA official website for further details 4

Shareholding The founding partners of EnVent Capital Markets - Franco Gaudenti and Paolo Verna - established EnVent S.p.A. in 2003 in Italy. EnVent S.p.A. is a corporate Finance firm consistently ranking amongst the top advisers and experts in M&A, Financial Restructuring and Special Situations. EnVent S.p.A. is Nomad leader for AIM Italia (LSE/Borsa Italiana Group) with 19 companies listed out of 64, whose cumulated market capitalization is over 900 million, 37% of total, the highest on AIM Italia. Please refer to EnVent S.p.A. Corporate Presentation for further details. EnVent Partners EnVent Capital Markets Limited Italian Branch Franco Gaudenti CEO Shareholder Over 25 years experience in investment banking. Franco Gaudenti started his career in Arthur Andersen. Following he joined IFIL - Fiat Group where he served as assistant to the CEO and Banca di Roma as co-head of Merchant Banking Department. In 1998 he was appointed Partner of Andersen Corporate Finance acting as Leader of the Large Clients and M&A origination managing a team of 20 professionals based in the Rome and Milan offices. In 2003 he founded EnVent as Managing Partner. On 15 August 2014 he founded EnVent Capital Markets Limited. FCA approved and regulated Paolo Verna Director Shareholder 15 years experience in investment banking. Paolo Verna started his career in Arthur Andersen, in the audit of relevant industrial groups operating in the Construction, Transportation and Food & Beverage industries. In 1999 he joined Andersen Corporate Finance, where he developed a significant experience in M&A and corporate finance activities for relevant industrial players such as Telecom Italia, Finmeccanica, ENI, Ferrovie dello Stato, Fintecna and HP/Compaq Group. In 2003 he founded EnVent, where is head of the Equity Capital Market team. On 15 August 2014 he founded EnVent Capital Markets Limited. FCA approved and regulated 5

Group operating structure Franco Gaudenti CEO Key Executive Head of Equity Research Paolo Verna Director and Anti-Money Laundering Key Executive Enrico Danieletto Director (Application in progress) Roberto Maviglia Of Counsel Legal Serena Polini Compliance Officer Equity Research team Giancarlo D Alessio Manager Key Executive Francesca Martino Manager Deputy Head of Italian Branch Key Executive Luigi Tardella Senior Advisor Co-Head of Equity Research Capital Markets Team 3 analysts with an average of 2 years experience on AIM Italia and Capital Markets Equity Research Team 2 analysts with an average of 2 years experience in Equity Research + 1 senior advisor with 15 years experience in Corporate Finance and Private Equity One of the most skilled and structured capital markets team dedicated to the SMEs world Employee Senior Advisor 6

Services and products dedicated to the European SME world Placing services dedicated to European SME ECM and for AIM Italia Debt Capital Market Corporate Advisory Internationalization of SMEs Investment Services Reception and transmission of orders in relation to one or more financial Instruments Investment Advice Placing of Financial Instrument without firm commitment Equity Research and financial analysis Equity research and financial analysis and general recommendation relating to transaction in financial instruments IPOs, reverse take over and share capital increase of listed companies Feasibility study and analysis of the project Assistance in selecting the team of advisers and consultants Support in the preparation of all the necessary documentation (business plan, information memorandum, valuation, ) Support in the definition of the offering structure Project Management of the listing process and activities with LSE and Borsa Italiana during the whole IPO process Project Management and coordination of the team of advisers (legal, tax, accounting firm) Debt Advisory Feasibility analysis Structuring the bond issuance Organizing the roadshow with investors Project Management and coordination of the team of advisers (legal, tax accounting firm) EnVent advises Investors, Listed Companies, Board of Directors and Management as Independent Advisor for: Capital raising Fairness opinion on corporate transactions and deals with related parties Compliance for quotations on regulated markets A dedicated team supports Italian small and medium sized enterprises in the expansion and development process on international markets, through several partnerships with financial professionals and industrial groups in UK, USA, India, Brazil, South Africa Post-listing assistance The goal which is being achieved in EnVent Capital Markets is the establishment of an independent and integrated EU mid-market investment banking firm and broker, able to bridge the gap between the international financial investors and the Italian SMEs. 7

Capital Markets Team Main relevant credentials since 2010 Capital raising Ongoing ADVISOR and Reverse merger with EEMS S.p.a Listing on MTA Ongoing ADVISOR and LISTED AIM COMPANY Renewable Energy Sector Reverse Takeover Ongoing ADVISOR and ABITARE IN Italian Real Estate Company Expected capital raising 10.000.000 Ongoing and add Co-Lead manager Italian Company specialized in designing infrastructure and underground works Expected capital raising 10.000.000 Ongoing and add Co-Lead manager 9.000.000 35,000,000 March 2015 7.000.000 20,000,000 March 2015 6,900,000 66,200,000 October 2014 Reverse Takeover su PMS Spa September 2014 23,000,000 108,000,000 August 2014 Convertible bond listed on the AIM Italia market of Borsa Italiana Convertible bond 5.000.000 July 2014 5,300,000 30,500,000 May 2014 Convertible bond listed on the AIM Italia market of Borsa Italiana Convertible bond 6,000,000 May 2014 Warrants listed on the AIM Italia market of Borsa Italiana March 2014 24,900,000 200,000,000 3,300,000 30,600,000 5,000,000 18,000,000 Convertible bond listed on the AIM Italia market of Borsa Italiana Convertible bond 7,000,000 13,000,000 136,000,000 5,000,000 36,000,000 8,500,000 35,000,000 March 2014 January 2014 December 2013 December 2013 December 2013 November 2013 April 2013 1,000,000 10,000,000 March 2013 Listing on the AIM Italia market of Borsa Italiana 9,000,000 November 2012 Merger of TerniGreen in TerniEnergia and consequent delisting of TerniGreen from AIM Italia 80,000,000 July 2012 Joint Financial Advisor 25,000,000 November 2010 Financial Advisor 8 10,000,000 November 2010 Financial Advisor Share capital increase and listing IPO sul admission mercato to Expandi the Star di segment Borsa of Borsa Italiana Italiana 10,000,000 31,000,000 December 2010 Luglio 2008 Financial Advisor Financial Advisor Financial Advisor of the minority shareholders for the IPO process on MAC market of Borsa Italiana March 2010 Financial Advisor

Cumulated (Euro mln) Capital Markets 2015 at a glance: EnVent confirms leadership EnVent / EnVent Capital Markets is by far the most important Nominated Adviser on AIM Italia. As of June 30 th 2015, Nominated Adviser for 19 companies out of 67 with the highest cumulated market capitalization, nearly 900 million, representing 33% of total AIM Italia market cap. 1.000 800 600 400 200 19 companies Nomad Companies in % portfolio (Euro mln) % Baldi & Partners 5 7% 185 7% Banca Akros 2 3% 65 2% Banca Finnat Euramerica 5 7% 138 5% Banca IMI 2 3% 206 8% Banca Intermobiliare 1 1% 79 3% Banca Popolare di Vicenza 4 6% 160 6% EnVent 19 28% 890 33% Equita SIM 3 4% 300 11% Integrae SIM 18 27% 359 13% Intermonte SIM 2 3% 52 2% MPS Capital Services 2 3% 69 3% UBI Banca 4 6% 168 6% Banca Aletti & C. 0 0% 0 0% Banca Profilo 0 0% 0 0% Execution Noble & Co 0 0% 0 0% Mediobanca 0 0% 0 0% UniCredit Bank 0 0% 0 0% 5 10 15 20 Number of companies in portfolio as Nomad 25 TOTAL 67 100% 2,670 100% Note: List of AIM Italia Nominated Advisers from Borsa Italiana website at June 2015. as of June 30th, 2015. Source: S&P Capital IQ and public information 9

EnVent Capital Markets Limited - 25 Savile Row, London, W1S 2ER Authorised and regulated by the Financial Conduct Authority