Italian M&A. Acquisition financing is also in a very good. Average M&A multiples still stay at a record highlevel.

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1 NEWSLETTER Italian M&A F oreign Over the last months, the M&A market confirmed its positive trend. Industries such as food and beverage, packaging, chemicals and industrial components registered a high number of transactions. Minority investments are more frequent, and the role of new investment instruments such as SPAC, family offices, investment clubs, is increasing. Fashion and Luxury: Armònia Alberto Aspesi Gansu Gangtai Holding Group Buccellati Phi Industrial Acquisitions Boglioli Style Capital Forte_Forte Retail chains: Douglas Holding Limoni and La Gardenia Beauty EdRip D.I.M.AR Giochi Preziosi Furniture and home design: Keter Group ABM Italia Tourism, Travel and Leisure: CDP Equity Hotelturist Chinese Investors AC Milan Värde Partners Boscolo Group Food and beverage: Alto Partners Ro.Mar Associated British Food Acetum Marr Speca Alimentari Orsero Fruttital Firenze and Galandi, Hermanos Fernandéz Lòpez Pastificio Di Martino Grandi Pastifici Italiani Sfoglia Torino Idea Quick Valeo Foods Dolciaria Val d Enza Industrial manufacturing and components: AGIC Capital Gimatic Charme Capital Partners and IMA ATOP De Wave Precetti Guangdong Xingye Investment CMI Indel B Autoclima Investment AB Latour - Vimec Isa Altanova Marazzi Emilceramica Palladio Holding RCF Group Machinery and Engineering: Alcedo Agrimaster Dana Brevini Power Transmission and Fluid Power business Emak Group Lavorwash NB Comelz Tennant IP Cleaning Packaging: Aetna Group OCME Constantia Flexibles TR Alucap LBO France VetroElite Progressio Garda Plast Triton Partners and Bormioli Luigi Bormioli Rocco s pharma packaging and tableware business Electrical appliances: Culligan Group Blupura October 2017 strategic investors were very active, in particular from China and U.S. Acquisition financing is also in a very good shape, with a variety of alternative lenders approaching the Italian market. Average M&A multiples still stay at a record highlevel. will speak at the Italian M&A and Equity Forum 2017 Milan - October 19 th, 2017 Automotive and Auto Components: Autodis OVAM, Ricauto and Top Car Bain Capital FinTyre Baosteel Group Emarc SSCP Isoclima Wise Tatuus Racing Healthcare and medical services: BC Partners DentalPro Educational services: Aksìa Alpha Test Chemicals, cosmetics and pharmaceuticals: Alto Partners Tricobiotos Blackstone De Nora Chequers Capital Giovanni Bozzetto Financial Investors Primat Intercos Cosmint NB Renaissance and Chequers Capital Biolchim Viscolube Bitolea ICT, Media and communication: Exprivia Italtel F2i and Marguerite Fund MC-Link Wolters Kluwer Tagetik Software Banks, insurance and financial services; Anima Aletti Gestielle

2 Fashion and luxury: Armònia Alberto Aspesi In December 2016, the Italian private equity fund Armònia SGR S.p.A. agreed to acquire a 90% stake in Italian fashion group Alberto Aspesi for a bout Euro 55 million, while the founder of the brand will retain 10% stake in the Company. In 2008, Mr. Alberto Aspesi already sold 50% of his shares to Italian investment fund Investitori Associati, for a consideration of Euro 150 million, before buying them back in Founded by Mr. Aspesi in 1969, the Italian fashion house is mainly known for its down jackets and high-tech outerwear. Aspesi operates multiple boutiques across Europe and Japan and posted 2016 revenues of Euro 40 million and EBITDA of Euro 5.2 million with 30% of turnover generated overseas. The transaction is the 1st investment made by the investment Armònia fund, recently founded by a group of Italian entrepreneurs and investors. based on Alberto Aspesi s 2016 figures: Armònia Alberto Aspesi 1.4x 10.6x Gansu Gangtai Holding Group Buccellati Holding Italia In August 2017, the listed Chinabased conglomerate Gansu Gangtai Holding Group completed the acquisition of an 85% stake in Buccellati Holding Italia S.p.A., from the Italian private equity firm Clessidra SGR S.p.A. (59.5%) alongside the founding family (25.5%) for Euro Following the transaction, that values the Company at approximately Euro 270 million, existing investors will retain the remaining 15% stake in the jewellery producer. In particular, both Clessidra and the Buccellati family will own a 7.5% stake each. Buccellati, founded in Milan in 1919, is one of the most prestigious jewelers in, wellknown for its made in handcrafted techniques. The Company has an international presence especially in Europe and the US with flagship stores and distribution agreements. Buccellati was totally family owned until 2013 when Clessidra acquired a 67% stake, with the remaining 33% retained by the Buccellati family. Buccellati generated 2016 sales of Euro 44 million and employs approximately 180 people. This acquisition allows Gansu Gangtai Holding Group to further strengthen its business internationally. The implied multiple is 6.2x, based on 2016 figures. Phi Industrial Acquisitions Boglioli In May 2017, the Spanish investment fund Phi Industrial Acquisitions announced the acquisition of Boglioli from the Italian mid-market private equity firm Wise SGR S.p.A. Mr. Perrone will maintain his role as CEO of Boglioli with the objective to keep growing the Group. Wise initially invested in Boglioli in 2007, acquiring a majority stake, while it acquired the remaining 20.33% stake from the founding family later in March Founded by the Boglioli family in the outskirts of Brescia in 1974, the Company is a well-known luxury menwear tailor fashion house. The Company recorded 2016 sales of around Euro 23 Boglioli filed for a bankruptcy procedure (concordato in continuità) last January in order to be protected by creditors and go on with a relaunch plan. Following the entry of new investors and financial capital, Boglioli presented to the Court a new business plan to continue its recovery path and further growth internationally. Style Capital Forte_Forte In April 2017, Style Capital SGR S.p.A. announced the acquisition of a majority stake (around 55%) in Forte_Forte S.r.l. from the founder family for approximately Euro 10 Established by the Forte brothers in 2001, Forte_Forte designs and manufactures women wear and 2

3 3 its products are currently available in 500 multiband stores. Headquartered near Vicenza, the Company generated 2016 sales of Euro 14.8 million, 70% of which generated by export (mainly France, the US and Japan) with an EBITDA of around Euro 1.8 Style Capital will boost the brand international expansion especially in the Eastern market. It will support the opening of flagship stores and the debut in e- commerce channel enhancing its catalogue with a total look collection. The Company is expected to reach sales of Euro 40 million by based on Forte_Forte s 2016 figures: Style Capital Forte_Forte 0.9x 7.5x EV/EBIT 8.5x Tourism, Travel and Leisure: CDP Equity Hotelturist In August 2017, Cassa Depositi e Prestiti through CDP Equity acquired a 46% stake in Hotelturist S.p.A. (TH Resorts) for Euro 20.4 million of capital increase. Founded 40 years ago, TH Resort is an Italian leading tour operator managing around nineteen 3 and 4 stars-hotels with around 3,500 rooms. It employs approximately 2,500 people and generated 2016 sales of Euro 46 CDP will support the Hotelturist grow plan, aiming at double its network through the opening of over 10 new hotels and resorts in the next 5 years and to become the Italian leading player in its market segment. Chinese Investors AC Milan In April 2017, the China-based investment consortium Sino- Europe Sports Investment Management Changxing Co.Ltd completed the acquisition from Fininvest of the entire stake owned in AC Milan (equal to 99.93%). The deal with the Chinese consortium, which includes the participation of a Chinese State investment fund and the Chinese investor Yonghong Li, values the soccer club at Euro 740 million, including the club s indebtedness of approximately Euro 220 million as of June 30th The buyers also confirmed their commitment to undertake significant capital increases and liquidity injections aimed at strengthening AC Milan s financial structure. Värde Partners Boscolo Group In April 2017, the US-based investment firm Värde Partners completed the acquisition of 100% of Boscolo Group for around Euro 150 million, via an auction. The deal includes 9 luxury hotels located across Italian key touristdriven cities (Rome, Florence, Milan and Venice), France (Nice), Hungary (Budapest) and the Czech Republic (Prague), including over 1,300 rooms. As part of the transaction, the Boscolo family will retain the domestic tour operator Boscolo Tours and Hotel Airone, a 97- room hotel in Chioggia as well as the ownership of the Boscolo and Exedra brands, which will be franchised out to Värde. The agreement follows Värde s acquisition of over 90% of the Group's outstanding debt from its original lenders for around Euro 240 The Group has been valued at around Euro 500 Founded in 1976, Boscolo is an Italian luxury hotel group controlled by the Boscolo family. The Group registered 2016 revenues of Euro 180 million with an EBITDA of Euro 33 In particular, the luxury hotel division generated sales of Euro 105 million with an EBITDA of around 27%. This transaction is one of the largest deals in the Italian hotel sector since global financial crisis. The new investor will support Boscolo with additional capital and strong management to follow a new path to growth. Retail chains: Douglas Holding Limoni and La Gardenia Beauty In May 2017, the Germany-based Douglas Holding AG, portfolio company of CVC Capital Partners signed an agreement to acquire Limoni S.p.A. and La Gardenia Beauty S.p.A. together trading as

4 Leading Luxury Group S.r.l. (LLG) from a group of investors led by private equity firm Orlando Management S.A. for Euro 200 Both Limoni and La Gardenia are -based operators of chain of perfume-shops; they joined forces in 2013 creating a leading beauty and perfumery retailer in. With approximately 500 stores across all regions, LLG runs the most extensive beauty and perfumery network in, which perfectly complements Douglas' existing 126 stores in the country. LLG generated 2016 combined turnover of approximately Euro 370 million, with a combined EBITDA of around Euro 27 Douglas, leading retailer in the European beauty sector, has recently acquired Spanish perfumery chain Bodybell. The purchase of LLG is a further step in the international strategy of Douglas that aims to strengthen its position in the core market in Europe. In, Douglas currently operates 126 perfumeries and online store employing about 1,100 people. Post deal, Douglas will operate 2,000 perfumeries across Europe from Portugal to Latvia, combined with a network of online shops, in 19 European countries. Closing of the transaction is subject to customary conditions. based on LLG s 2016 expected figures: Douglas Holding LLG 0.5x 7.4x EdRIP D.I.MAR In August 2017, the Francebased private equity firm Edmond de Rothschild Investment Partners won the auction to acquire a majority stake in D.I.MAR S.r.l. from Argos Soditic. The current CEO and the Mucci family will hold a minority stake (almost 10%) in the Company which has been valued at around Euro 65 Founded at the beginning of the 90s, D.I.MAR is a leading frozen seafood specialized retail chain in with over 100 stores, trading under the Sapore di Mare brand. It generated 2016 sales of approximately Euro 80 million, with an EBITDA of Euro 6.5 EdRIP is expected to support D.I.MAR s network expansion mainly through the opening of further directly operated stores in. based on D.I.MAR s 2016 figures: 0.8x EdRIP D.I.MAR Giochi Preziosi 10.0x In July 2017, Giochi Preziosi has bought back a 49% stake in the Company from the Chinese holding Ocean Gold Global for around Euro 100 The amount has been raised through the sale to the Italian baby care player Artsana of a 50:50 jv between Artsana and Giochi Preziosi for Euro 105 Established in the outskirts of Milan in 1978, Giochi Preziosi is an Italian market leader in the distribution and retail of children toys, with a wide range of products from early childhood through the teenage. In addition, together with Artsana, it runs a toys and children garments retail chain of more than 600 stores under the Toys Center (), Bimbo Store (), King Jouet (France), Prenatal (, Spain, Portugal and Greece) brands as well as a wide franchising network. In 2016, Giochi Preziosi generated sales of Euro 905 In 2015, Ocean Gold Global acquired a stake in Giochi Prezioni from Clessidra SGR, Unicredit Group and Intesa Sanpaolo. Furniture and home design: Keter Group ABM Italia In March 2017, the Israel-based Keter Group, backed by the UK private equity firm BC Partners Ltd, completed the acquisition of a controlling stake in ABM Italia S.p.A. from Clessidra SGR S.p.A. for around Euro 410 million (EV). Established near Treviso in 1972, ABM Italia is one of Europe s leading manufacturer of high-end resin storage systems for domestic/office applications such as cabinets & shelves and storage boxes. The Company s products are sold under the Kis brand mostly in Europe and North America. The Group operates also in the medical sector through the brand AP Medical with the production of disposable resin containers for 4

5 5 sharps and special hospital waste. ABM Italia employs approximately 600 people across its 3 production facilities in and Canada. It is expected to reach an EBITDA of The acquisition enables Keter, one of the world s leading manufacturers of resin-based household and garden consumer products, to strengthen its European and North America platforms taking advantage of potential opportunities across several countries and categories. The implied multiple is around 10x based on 2016 expected figures. Food & Beverage: Alto Partners Ro.Mar In May 2017, Alto Capital III, a fund managed by the private equity house Partners SGR S.p.A. completed the acquisition of a 70% stake in Ro.Mar S.r.l. through a buy-out transaction whereby the founding Semenzato family will retain the remaining 30% stake. Established near Venice in 1890, Ro.Mar produces and markets sliced bread, bread for tramezzini/sandwiches and loaves under the Semenzato brand and private label for Italian and international large-scale retailers. The Company, thanks to the attention to raw materials and the use of modern technologies manufactures high quality products and it is considered one of the leading players in its reference market. Ro.Mar posted a 2016 turnover of Euro 18 million, 20% of which generated abroad. The deal is the eighth and latest investment of the fund Alto Capital III. Alto Partners is expected to consolidate Ro.Mar s position in the domestic market and to support its expansion on an international scale. Associated British Foods Acetum In September 2017, the UKbased food, ingredients and retail group Associated British Foods (ABF) agreed to acquire an 80% stake in Acetum S.p.A. from the private equity firm Clessidra. The deal has been valued at around Euro 350 Based near Modena, Acetum is one of the Italian top manufacturer of balsamic glazes, wine and apple vinegars and other condiments. Its products sell in 60 different countries, with its largest markets being the US and Germany. Its brands include Mazzetti (leading brand in Germany and Australia), as well as Acetum and Fini. It reported 2016 sales of Euro 103 million with an EBITDA margin above 30%. Clessidra acquired an 80% stake in the Company from the founders two years ago and it made significant investments during under its ownership in order to strengthen the management structure and to support the product offering. The new investor is expected to support Acetum s growth plans to broaden its international presence in speciality foods. The deal is subject to the Antitrust Authority approval and it is expected to complete by end of year. Marr Speca Alimentari Effective from January 2017, Marr S.p.A. acquired Speca Alimentari S.r.l. Based near Verbania, Speca Alimentari has been active in the food distribution for restaurants and hotels for over 30 years. The Company, which generated 2016 sales of Euro 11 million, is a reference player in the Lake Maggiore area and employs around 30 people. The transaction is in line with Marr s investment strategy and allows the Company to improve the food service distribution in the northern area. Orsero Fruttital Firenze and Galandi, Hermanos Fernandéz Lòpez In July 2017, Orsero S.p.A. acquired a 50% stake in Fruttital Firenze S.p.A and Galandi S.p.A. from Pi.Da, a company belonging to the Maestrelli family, for a total consideration of Euro The remaining 50% stake in Fruttital Firenze and Galandi is already owned by Orsero through its subsidiary GF Distribuzione. Fruttital Firenze and Galandi are both active in the distribution of fresh fruit and vegetables in Tuscany. The Companies reached 2016 revenues of respectively over Euro 40 million and about Euro 30 Orsero, listed on the AIM Italia, is a European leading importer and

6 6 distributor of fruit and vegetables. The Company has recently acquired a 50% stake in Hermanos Fernandéz Lòpez SA (HFL) for Euro 19 HFL is a fruit and vegetables distributor in Spain with revenues of Euro 181 The remaining 50% stake in Hermanos Fernandez Lopez is already owned by Orsero through its subsidiary GF Distribuzione. based on 2016 figures: Orsero Fruttital Firenze and Galandi, Hermanos Fernandéz Lòpez 3.7x 7.3x Pastificio Di Martino Grandi Pastai Italiani In May 2017, Pastificio Di Martino Gaetano & F.lli S.p.A. announced the acquisition of a 66.67% stake in Grandi Pastai Italiani for Euro 7 million via a capital increase. Established in Reggio Emilia in 1961, Grandi Pastai Italiani offers a wide range of first courses such as filled pasta, potato gnocchi, special pasta shapes and gourmet products distributed as private label and under the Pasta di casa mia and Bertarini brands. With a workforce of 200 employees, the Company generated 2016 sales of Euro 52 million and it is expected to reach 2017 sales of Euro 59 The transaction enables Pastificio Di Martino to scale up its revenues, recording Euro 250 million over the next 3 years and to increase its pasta production capacity in some Italian regions such as Campania, Emilia- Romagna and Lombardy. The implied multiple is around 0.4x based on Grandi Pastai Italiani s figures. Sfoglia Torino Idea Quick In April 2017, Sfoglia Torino S.p.A. acquired 100% of the capital of Idea Quick S.r.l., supported by the French agrifood private equity firm Unigrains. Headquartered in Turin, Idea Quick is a frozen puff pastry producer focused on mini puff pastry pizzas, sweet pastries, savoury puff pastry tarts and appetizers. In 2016, Idea Quick registered sales of approximately Euro 11 The investment in Idea Quick reinforces Sfoglia Torino s presence on its cross-channel business model (retail, HoReCa and B2B). The transaction is in line with Sfoglia Torino expansion process, firstly launched last February through the acquisition of Righi S.r.l. The deal allows Sfoglia Torino to further consolidate the Italian frozen puff pastry sector creating a Group with a combined turnover of over Euro 30 We estimate an implied multiple of 7x, based on Idea Quick s 2016 figures. Valeo Foods Dolciaria Val d Enza In April 2017, Irish food group Valeo Foods, portfolio company of CapVest Equity Partners announced the acquisition of Dolciaria Val d Enza S.p.A. from the private equity fund Alto Capital III (96.6%) and the Company s Management (3.4%). The acquisition did not include the Artebianca Natura e Tradizione S.r.l., purchased by Dolciaria Val d Enza in June 2016 and which was carved out prior to the completion of this deal. Dolciaria Val d Enza, founded in 1977, was initially an artisan laboratory producing fresh cakes for the local area of Reggio Emilia. The Company is currently focused on the industrial manufacturing of oven-baked products such as pies and tartlets distributed to large retail chains as private labels and under the Dolci del Castello brand. The Company generated 2016 sales of over Euro 18 million with an EBITDA margin of approximately 20%. Alto Partners acquired a minority stake in 2013 and took full control two years later. It reaped a 42% IRR from the investment. Industrial manufacturing and components: AGIC Capital Gimatic In June 2016, Euro-Asian private equity fund AGIC Capital announces the acquisition of a large majority stake in Gimatic S.r.l. from Xenon Equity Limited for over Euro 100 Existing investor Xenon Equity, as well as the Company s CEO and co-founder have also

7 7 invested in a minority stake. Founded near Brescia in 1985, Gimatic manufactures cuttingedge pneumatic and mechatronic components and system solutions for consumers and suppliers. Thanks to a broad product portfolio and to more than 100 patents, Gimatic is a leading player in the arm tools for industrial automation and robotic applications. Its components and systems for automation are used in the automotive, plastics, electronics, food, pharmaceutical and medical technology business. AGIC s investment will enhance Gimatic s market position in the robotic gripping tools and accelerate its internationalization and expansion in Asia, in particular China. Gimatic achieved 2016 consolidated sales of Euro 33 million, with an EBITDA margin of 40%. Europe accounted for almost 80% of the Company s revenue, with Germany and as two main contributors, while Asian sales were under 10% of total turnover., based on Gimatic s 2016 figures: 3.9x AGIC Capital Gimatic 9.9x EV/EBIT 10.2x Charme Capital Partners and IMA ATOP In May 2017, the pan-european private equity fund Charme Capital Partners SGR S.p.A. along with the listed industrial group IMA S.p.A. and private investors, acquired ATOP S.p.A. In particular, Charme will own a 63% stake in ATOP, while IMA invested Euro 15.8 million in exchange for a 21% stake in ATOP and the founders reinvested to acquire a 16% stake of the Company's share capital. Atop has been valued at around Euro 100 Founded near Florence in 1993, ATOP is a leading manufacturer of innovative machineries and automatic lines for the production of rotors and stators for electric motors. ATOP offers innovative technological solutions and it is active in the e-mobility, automotive, household appliances and power tools industries. The Company registered a growth rate of more than 10% over the last 3 years, with 2016 revenues of about Euro 48 million, an EBITDA of Euro 10 million and over 180 employees. It is expected to generate revenues of Euro 60 million in The deal will allow ATOP to expand its operations along with the customer base globally, and to invest in R&D in order to widen its range of quality machines and automatic lines. IMA, worldwide leader in the design and manufacturing of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee will also benefit from the transaction, strengthening its presence in automatic machines segment. based on ATOP s 2016 figures: Charme Capital Partners and IMA ATOP 2.1x De Wave Precetti In July 2017, De Wave S.r.l., company specialized in marine interiors and portfolio company of Xenon Equity, completed the acquisition of 100% stake in Precetti S.r.l. and Precetti Inc. Headquarered in Treviso and Miami, the marine services Group Precetti is focused on the design, manufacturing, installing and refitting of interiors and marine catering systems. It supplies a range of stainless steel products, custom-made furniture, decorative materials, stainless bulkheads and deck heads for catering areas and it manufactures panels and doors, modular cabins in B15, walls and ceilings. The Group has a sales office in Singapore. The acquisition allows De Wave to strengthen its market position and benefit from the Precetti s global network in USA, Europe and Asia. De Wave and Precetti will join their forces to create a wellestablished industrial and global network know how acting as a global and turnkey player in the marine interior business within the cruising industry. Guangdong Xingye Investment CMI 10x In May 2017, the Chinese holding Guangdong Xingye Investment LLC, which controls the listed

8 8 Chinese Group Guangdong Saca acquired a 91.5% stake in CMI (Cerniere Meccaniche Industriali) from Italglobal Partners and partially from the founders, who retained the rest of the shares together with the CEO. Based in Bologna, CMI is a manufacturer of household appliance hinges, with around 150 employees and branches in and Poland. CMI operates 3 production sites and produces made in quality mechanical hinges for dishwashers and kitchen ovens reaching 2016 sales of approximately Euro 25 This acquisition allows Xingye to enter the home appliance components market in Europe with CMI becoming the European hub of the Chinese Company. Cash multiple for the sellers has been about 5.2x. based on CMI s 2016 figures: Guangdong Xingye Investment CMI 1.1x 7.2x Indel B Autoclima EV/EBIT 9.4x In July 2017, Indel B announced the acquisition of a 100% stake in Autoclima for Euro 31.4 Autoclima, based near Turin, is focused on the design and production of A/C systems for end-users and distributes spare parts for A/C systems. In 2016, Autoclima reported sales of Euro 29 million, with an EBITDA adj. margin of 12.4%. This acquisition allows Indel B, listed on Borsa Italiana s MTA market, to enhance its European presence in the mobile air conditioning and mobile refrigeration markets addressed to some different vehicle segments such as (bus, minibus, rail and subway and special vehicles). based on Autoclima s 2016 figures: Indel B Autoclima around 1.0x around 9.0x Investment AB Latour Vimec In May 2017, the Stockholmlisted investment firm Investment AB Latour announced the acquisition of Vimec S.p.A. from the Italian PE firms IGI SGR (around 67%) and NEIP III (Finint & Partners). Established near Reggio Emilia in 1980, Vimec is an Italian leading manufacturer of stairlifts, homelifts, platform stairlifts and mobile stairclimbers for elderly and disabled people. It operates through its direct subsidiaries in Spain, France, UK and Poland as well as through a network of over 300 distributors in 60 countries. Vimec employs 166 people and reported 2016 sales of Euro 44 million with 2017 expected revenues of about Euro 50 Vimec strongly complement Latour s existing holding Aritco (company acquired in the 2nd quarter of 2016) by adding significantly strengthened presence in key markets in Europe. The new investor will support Vimec's growth through expanding in new geographies and developing new products. ISA Altanova In April 2017, NEIP III (Finint & Partners) and Gino Amadi announced the merger of ISA Advance Test and Monitoring Solutions (Varese) and Techimp (Bologna) to form the new global player Altanova. ISA is an Italian leading company in the field of design and manufacturing of portable test equipment and online monitoring solutions for electrical energy systems, power plants and electrical substations. Techimp is a global leader in services and solutions for the condition assessment of Medium and High voltage apparatus. ISA and Techimp count more than 100 employees in, Germany, India, US and Singapore and are globally present in more than 100 countries and in 2016 recorded about Euro 20 million in total revenues. Altanova will become a true global player with a widen product range, moving closer to its customers and helping asset managers with customized condition assessments to fulfill their tasks to maintain highest availability of medium and High Voltage networks within budget limitations. based on consolidated 2016 figures: 1.4x ISA Altanova 7.0x

9 9 Marazzi Emilceramica In April 2017, Marazzi Group S.p.A. completed the acquisition of Emicleramica S.p.A. from private investors. The ceramic tiles manufacturer Marazzi, is an -based group owned by Mohawk Industries, Inc., a listed US-based producer of floor covering products for residential and commercial applications. With a 2015 turnover of more than Euro 150 million, an export share higher than 90% and two factories with around 500 employees in, Emilceramica is one of the most important companies in the Sassuolo ceramic district and one of the top 10 Italian tile manufacturers in terms of turnover. Established in 1961, Emilceramica is currently positioned in the high end of the market, and its products are distributed through more than 5,500 points of sale in 70 countries worldwide. This acquisition confirms Mohawk Industries strong focus on Italian operations in order to strengthen its leadership position and capacity for innovation in the ceramic sector. Palladio Holding Rcf Group In May 2017, Palladio Holding S.p.A. (PFH) announced the acquisition of a 30% stake and the joint control in Rcf Group S.p.A. Rcf, founded in Reggio Emilia in 1949, is a world leader in the design, production and marketing of high-technology professional and commercial audio products. The Company s products, sold in over 120 countries worldwide under the Rcf and db Technologies brands, are addressed to every sound and music reproduction need: from single systems to large-scale, complex projects. Rcf currently employs more than 400 people and has a commercial network of selected professional distributors worldwide and subsidiaries in the United States and Germany. Rcf was delisted from the Milan Stock Exchange in April In 2016, Rcf reached revenues of approximately Euro 118 million, 80% of which generated by export, and an EBITDA of over Euro 22 The acquisition will help Rcf in its future growth plans, which could include acquisitions in the short or medium term. Machinery and Engineering: Alcedo Agrimaster In September 2017, Alcedo SGR, through the fund Alcedo IV, acquired a majority stake of Agrimaster from B4 Holding I, investment company managed by B4 Investimenti SGR. Established in the outskirts of Bologna in the early 1980s, Agrimaster is a leading player in the design, manufacturing and marketing of machinery and equipment for the agricultural industry, mainly focused on soil maintenance and preparation. Furthermore, at the beginning of 2016, Agrimaster acquired Breviglieri, a leading Italian producer of agricultural equipment based near Verona. The Group reported 2016 sales of about Euro 26 million, with an EBITDA of Euro 3,7 Alcedo will sustain Agrimaster s strategy based on further geographical and commercial expansion, to be implemented both through organic growth and additional strategical acquisitions either in or abroad. implied transaction multiple based on the Group s May 2017 LTM figures: Alcedo Agrimaster 1.05x 6.6x Dana Brevini Power Transmission and Fluid Power business In February 2017, the US-based listed Dana Incorporated completed the acquisition of an 80% stake of the powertransmission and fluid power businesses of Brevini Group S.p.A with an option to purchase the remaining 20% by Dana has valued the Brevini businesses at Euro 325 Founded in 1960, Brevini is an Italian company designing and producing power transmission and hydraulic systems used in off-highway equipment and industrial applications, with core technology in planetary gearboxes. Headquartered in Reggio Emilia,

10 10 Brevini operates engineering and manufacturing facilities in, Germany and China, with a network of 30 sales subsidiaries and 9 services around the world and employs approximately 2,300 people. The business acquired reported sales of Euro 388 million in 2015 (aggregated turnover Brevini Power Transmission and Brevini Fluid Power). The acquisition of Brevini aligns with Dana's enterprise strategy, which includes leveraging core expertise, strengthening customer centricity, expanding global markets, commercializing new technologies, and accelerating hybridization and electrification. The purchase expands Dana's portfolio of innovative products with complementary technologies; the combination of Brevini and Dana Off-Highway creates a leading player in the market with complementary, advanced technologies. The implied multiple is around 0.8x, based on 2015 figures. Emak Group Lavorwash In July 2017, Comet S.p.A., subsidiary of Emak Group completed the acquisition of an 83.1% of Lavorwash Group from Zenith S.p.A. (Lanfredi family) and the Migliari family at a provisional price of Euro 54.8 A further 14.7% stake held by Zenith S.p.A. and Migliari family is regulated by a put and call option agreement to be exercised in 2020 (at a price calculated on the basis of the results obtained in the period ) while the current Lavorwash minority shareholders have retained the remaining 2.2% stake. Lavorwash, headquartered near Mantua, is a Group active in the design, production and marketing of a wide range of both hobby and professional machines for the cleaning sector such as high pressure washers, vacuum cleaners, floor scrubbers. It has manufacturing facilities in, China and Brazil, and distributing subsidiaries in Spain, France, UK, Poland and China. In 2016, Lavorwash Group had a turnover of Euro 70 million, with an adjusted EBITDA of Euro 9.5 Lavorwash Group's activity is strongly complementary to the activities of the Emak Group's Pump and High-Pressure Water Jetting segment. based on Lavorwash s 2016 figures: Emak Group Lavorwash Group 0.78x NB Comelz 5.78x In September 2017, NB Renaissance Partners, the Neuberger Berman s arm dedicated to private equity investments in, acquired a majority stake in Comelz S.p.A. from the Zorzolo family that will retain a minority interest in the Company. Established in the renowned footwear district of Vigevano 75 years ago, Comelz is focused on the production of cutting machines for the footwear and leather goods industry. It has a wide international network of distributors and subsidiaries and operates two production plants with a workforce of approximately 160 people. Comelz generates most of its turnover abroad. It has increased its sales from around Euro 23 million in 2012 to approximately Euro 50 million expected as the end of The new investor will support Comelz in a new phase of growth across international markets. Tennant IP Cleaning In April 2017, the listed US-based group Tennant Company, leading player in the professional cleaning market, completed the acquisition of 100% in IP Cleaning S.p.A. from the private equity firm Ambienta SGR S.p.A. for a total consideration of Euro 330 Earlier in 2014, Ambienta acquired IP Cleaning from Synergo SGR investing around Euro 50 million to support growth. In 2016, IP Cleaning completed the acquisition of Vaclensa, independent distributor of professional cleaning machines in the UK. Headquartered near Venice, IP Cleaning is a European leader in professional and consumer cleaning machines. With around 1,000 employees, IP Cleaning operates 4 plants in Northern and distributes its products in over 100 countries. It reached 2016 sales of Euro 192 million, 80% of which coming from Europe with the remaining 20% coming from America and

11 11 Asia Pacific areas and an adjusted EBITDA of Euro 28 The transaction increases Tennant s presence and market share in Europe doubling its current EMEA business and projects the new group towards the strategic goal of $1 billion turnover. based on IP Cleaning s 2016 figures: Tennant IP Cleaning 1.7x Packaging: adj. 11.8x Aetna Group OCME In May 2017, Aetna Group and OCME S.r.l. agreed to merge their activities. Under the terms of the deal Aetna Group, through Robopac purchased a 50% stake in OCME from the Gratteschi family, valuing the Company over Euro 60 Robopac, established in 1982, is the world leader in wrapping technology. It generated 2016 sales of Euro 160 Established by the Gatteschi family in Parma in 1954, OCME is a leading packaging machinery supplier of premium, innovationbased solutions for packaging consumer goods. It generated 2016 sales of Euro 130 The acquisition will create a leading player in the packaging machinery with a turnover of Euro 290 million, 1,400 employees, 9 production facilities and 16 international subsidiaries. The new entity will be among the 5th leading Italian players in the packaging machinery business. Constantia Flexibles TR Alucap In February 2017, the Austrian group Constantia Flexibles Group GmbH, a portfolio company of Wendel SA, completed the acquisition of 100% of the share capital of TR Alucap from the private equity fund Gradiente I, managed by Gradiente SGR, and La Finanziaria Trentina. TR Alucap, headquartered near Trento, is a leading dairy lidding company and is also active in the food market. Alucap generated 2016 sales of Euro 17,8 million, with export share representing about 50%. Constantia Flexibles is one of the world s leading manufacturers of flexible packaging products and labels. The acquisition of TR Alucap allows Constantia Flexibles to extend its market share in the Italian dairy market and to strengthen its position as a leading player in the European foil packaging market. This transaction represents the third divestment for the Gradiente I Fund. LBO France VetroElite In May 2017, French private equity house LBO France announced the acquisition of VetroElite from Gradiente SGR for around Euro 35 million (EV). Headquartered near Treviso, VetroElite, is a leading designer and manufacturer of a wide range of fancy glass bottles and containers for the spirits, cosmetics and food industries. VetroElite generated 2016 revenues in the region of Euro 20 million (75% of which generated by export) and an EBITDA greater than 20%. In July 2013, Gradiente acquired a controlling stake in VetroElite, from the plastics injection moulding company Arredo Plast S.p.A. This transaction represents the fourth divestment for the Gradiente I Fund. Progressio Garda Plast In July 2017, Progressio SGR S.p.A. through Progressio Investimenti II Fund acquired a 70% stake in Garda Plast S.p.A. from the Tonoli family, with the Tonoli brothers retaining a 30% stake in the business. Established in 1996, Garda Plast is the Italian leader and one of the main European players in the production of preforms in P.E.T. for mineral water, soft drinks and detergents. The growth strategy enacted by Progressio, building on past performance, aims at strengthening and consolidating Garda Plast position on current markets and expanding into adjacent segments. Over the last 24 months, Progressio has made 4 investments (Italchimici, Giorgetti, Industrie Chimiche Forestali and Garda Plast) and 2 exits (Duplomatic, sold to Alcedo Equity SGR, and Italchimici, sold to Recordati S.p.A.).

12 12 Triton Partners and Bormioli Luigi Bormioli Rocco s pharma packaging and tableware business In July 2017, the UK-based private equity firm Triton Partners, agreed to acquire the Bormioli Rocco s pharma packaging business from Vision Capital LLP. Vision Capital agreed to sell the Bormioli Rocco s tableware division to Bormioli Luigi S.p.A. Established in 1825, Bormioli Rocco is a leading Italian pharma primary packaging and glass tableware manufacturer. Bormioli Rocco is a wholly-owned subsidiary of Bormioli Rocco Holdings S.A. focused on two Business Units (home and pharma); it has 8 manufacturing plants, 2 decoration ateliers, several subsidiaries and 7 monobrand stores featuring tableware products. The Group exports its products to more than 100 countries worldwide. It employs over 2,000 people and has an annual turnover of Euro 440 Vision Capital acquired the business along with a number of smaller assets in 2011 as part of a portfolio transaction from Banco Popolare, driving significant transformation to reposition the business as a more profitable and focused company. During the Vision ownership, Bormioli Rocco achieved substantial operational improvements in production operations, purchasing, supply chain, product rationalisation, and sales and marketing, with the benefit of significant capital investment. The transaction is subject to regulatory approval in the relevant jurisdictions. Electrical appliances: Culligan Group Blupura In June 2017, the US-based water technology provider Culligan Group announced the acquisition of Blupura S.r.l. from the founders. Established in 2008, Blupura is a water cooler manufacturer headquartered in Recanati. It supplies water refrigeration and water carbonization systems for commercial, office and domestic uses and generated 2016 sales of Euro 6 Through this acquisition Culligan, an Advent portfolio company, will boost Blupura exploiting new opportunities within the world of water cooler production and widening its customer base. Automotive and Auto Components: Autodis OVAM, Ricauto and Top Car In March 2017, the French Group Autodis (Autodistribution), backed by the private equity firm Bain Capital, acquired a majority stake in OVAM, Ricauto and Top Car. The three leading Italian wholesaler distributors operate in the North and Center of the country. Founded near Milan in 1963, OVAM achieved 2016 turnover of over Euro 80 million and employs around 150 professionals. Established respectively in 1973 and 1989, Ricauto and Top Car are based in Padua and together represent the major player with GIADI, the Autodistribution s partner purchasing group in through the affiliated subsidiary AD. In 2016, Ricauto and Top Car generated a combined turnover of more than Euro 40 million and employing 47 professionals. The newly formed Italian structure would generate revenues in excess of Euro 120 million and will become one of the domestic leaders in, also by attracting new independent distributors. Bain Capital Fintyre In May 2017, the US-based private equity firm Bain Capital LLC, through its Europe IV fund, acquired the entire capital of Fintyre S.p.A. from BlueGem Capital Partners LLP. Under the terms of the deal, existing Fintyre lender Blackstone Group subsidiary GSO Capital Partners will support the Group in its business development through a unitranche debt instrument. Fintyre is among the leading distributors of replacement tyres in Europe and one of the few in the world that covers a comprehensive range of vehicles (cars, trucks, motorcycles,

13 13 industrial and agricultural vehicles). The Company operates across the wholesale and retail value chain through 11 warehouses and 36 retail outlets across. Established as Pneuservice in Empoli in the 1970s, Fintyre has grown the business in recent years both organically and through acquisitions, consolidating its position as domestic market leader. In 2016, Fintyre generated sales of approximately Euro 400 million and distributed 6.3 million tyres to more than 15,000 customers. The deal gives Bain Capital the opportunity to benefit from crossselling synergies by combining Fintyre's product offering with its French portfolio company Groupe Autodistribution SA, leading supplier of cars and trucks spare parts. Baosteel Group Emarc In April 2017, the Chinese iron and steel producer Baosteel Group announced the acquisition of a 75% stake in Emarc S.p.A. from Italian state-backed private equity firm Fondo Italiano d'investimento SGR S.p.A. - FII (31%), MA S.r.l. and the Company s CEO who will retain the remaining 25% stake. Both Baosteel and the Company s CEO will underwrite a capital increase to support Emarc. In 2014, Baosteel and Emarc created through Baosteel Metal a joint venture in Shanghai, to make R&D on ultralight auto components to be proposed to local car producers. In July 2012, FII acquired a 31% stake in Emarc via a capital increase of Euro 10 Founded near Turin in 1978, Emarc is a manufacturer of components for vehicles and industrial machinery. It generated 2015 sales of Euro 142 million and an EBITDA of Euro 8.5 SSCP Isoclima In July 2017, Stirling Square Capital Partners (SSCP), a leading pan-european midmarket private equity firm, acquired Isoclima Group through a management buyout transaction. Established in Este in 1977, Isoclima is the global solutions leader in transparent armour and high-performance glass products. The Group employs over 700 staff in operations across, Croatia and Mexico and its products are mainly addressed to the civilian and military armoured vehicles, specialty vehicles, marine, architecture, aerospace and rail end-markets. Stirling Square will support Isoclima's international development strategies focused on product development and delivery into new sectors and geographies. The transaction represents the seventh platform investment in SSCP s third Fund. The transaction enables Isoclima to capitalize on its strengths and tap its true potential which includes organic development, external alliances and acquisitions. Wise Tatuus Racing In March 2017, the private equity firm Wise SGR S.p.A. through its fund Wisequity IV, completed the acquisition of a controlling stake in Tatuus Racing S.p.A. via a capital increase and the acquisition of a stake from actual shareholders, that will retain about 15% stake each. Founded in 1980, Tatuus Racing designs, produces and sells racing cars working for the major automotive brands such as Renault, Toyota, Honda, Abarth and Ford and reached 2016 revenues of over Euro 10 million with EBITDA margin of approximately 20%. The transaction is aimed at accelerating and strengthening the Tatuus development strategy also through add on acquisitions. Healthcare and Medical Services: BC Partners DentalPro In April 2017, funds advised by private equity firm BC Partners reached an agreement to acquire DentalPro from Summit Partners, VAM Investments and other private investors. Management together with founders of the company and VAM reinvested a minority stake alongside BC Partners. Founded in Milan in 2010, DentalPro is the market leader in the Italian dental clinic market. It offers dental services through 115 full-service clinics, operating across 40 Italian provinces.

14 14 DentalPro has opened more than 50 new clinics since 2012, and completed two acquisitions in 2016: Giovanni Bona and DB Group. DentalPro generated 2016 sales of approximately Euro 110 million, with an EBITDA margin of over 20% and is expected to experience significant growth in 2017 on the back of the continued roll-out of DentalPro clinics and synergies from the recent acquisitions made BC Partners has strong expertise in the healthcare sector, having invested in Elysium in 2016, UK s mental healthcare facilities, in Synlab in 2009 (laboratory diagnostics services) and in leading hospital groups across Europe, such as the UK-based GHG (2000), the Switzerland Hirslanden (2002) and the Spanish-based private clinic Teknon in BC Partners will support DentalPro s further consolidation on the Italian market. The transaction is subject to regulatory approvals. Educational services: Aksìa Alpha Test In March 2017, the private equity firm Aksìa SGR S.p.A. though its fund Aksìa Capital IV, acquired a 70% stake in Alpha Test S.r.l. from its founding shareholders and the Italian private equity fund Alcedo III (45%). Alpha Test is a leading player in the field of professional education, specialized in books and courses for preparation at university admission test and the Italian market leader in University admission test preparation. Founded in Milan 1987, Alpha Test has a catalogue that includes more than 600 titles, 100 new editions per year, 5 million copies sold and 40,000 hours of lessons offered in 35 Italian cities to over 80,000 students. Aksìa aims to support the management in the further development of the business, expanding the range of products on offer and entering adjacent market segments, either directly or through acquisitions. Chemicals, cosmetics and pharmaceuticals: Alto Partners Tricobiotos In June 2017, Alto Capital IV, a fund managed by the private equity house Alto Partners SGR S.p.A. acquired a 71.8% stake in Tricobiotos S.p.A. along with Mr. Selleri (3.2% stake) from the Bucaioni family that still remain with a 25% stake in the Company. Founded in Tuscany in 1982, the Company specializes in the production and marketing of professional haircare products both under its owned brands and as exclusive dealer in for primary international brands. In particular it manufactures a broad range of professional colours, bleaching, oxidizers, straightening products, styling products (hairsprays, gels, waxes, sprays, mousses, oils) and treatment products (scalp treatment shampoos, conditioners, restructuring sprays, lotions and fluids) addressed to the professional channel (hairdressers, beauty centres, SPA). It is currently present in over 60 countries thanks to a wide network of distributors, reaching 2016 sales of Euro 21 million, over 55% of which generated abroad, and an EBITDA margin of 18%. This transaction represents the first investment of Alto Capital IV fund, which completed the first closing in April 2017 at Euro million and is currently in fundraising. Alto Partners will consolidate Tricobiotos domestic business and will boost its international presence. Blackstone De Nora In April 2017, the NYSE listed investment firm Blackstone through its Tactical Opportunities fund agreed to acquire a minority stake (around 33%) in De Nora from the De Nora family for around Euro 650 million (EV). Founded in Milan in 1923, De Nora is a leading global designer, manufacturer and supplier of electrode and water technology. The electrode technologies division involves the manufacture of proprietary, patented electrodes and cells used in a wide range of major industrial electrochemical applications,

15 15 including chlorine production, electronics, swimming pools and mining. The water technologies branch provides innovative and sustainable disinfection and filtration technologies, as well as complete water treatment and after-sale support, serving the water and waste water needs of the energy, marine, municipal and industrial markets. It has manufacturing plants across the US, South America, Europe and Asia and generated turnover of Euro 431 million in 2016 with an EBITDA margin of 15%. De Nora has grown internally through continuous innovation and externally with major acquisitions in USA, Japan, England and. It is present in 12 countries worldwide with 23 offices, 12 manufacturing facilities and R&D centers in, USA and Japan. The Group currently owns 355 patent families with more than 2,700 territorial extensions. The acquisition enables De Nora to achieve significant growth, entering a new phase of development and expansion into new markets. The implied multiple is under 10x, based on De Nora s 2016 figures. Chequers Capital Giovanni Bozzetto In August 2017, the Francebased private equity firm Chequers Capital acquired a controlling stake in Giovanni Bozzetto Group, alongside its management team headed by Mr. Curreri, from Synergo SGR. Headquartered near Bergamo, Giovanni Bozzetto Group is a specialty chemicals company that started its activity in 1919 as a textile chemicals company, producing and distributing chemical agents used throughout textile production processes in order to enhance their efficiency. Starting from the 1980s, the Group expanded into other markets such as building materials, detergents and agriculture chemicals, both organically and through acquisitions. Bozzetto has a strong international presence serving customers in 80 countries with sales generated in 2016 for Euro 118 Bozzetto operates 5 production plants located in, Spain, Poland, Turkey and Indonesia, as well as a partnership in China. Chequers Capital will support Bozzetto in the implementation of its strategic plan and in pursuing external growth. Financial Investors Primat In May 2017, the investment fund HAT SICAF S.p.A. (HAT Orizzonte Group) along with the UK-based investment management company Tendercapital and the Luxembourg-based investment holding Compagnie Financiere Saint Exupéry Sicav-Sif, acquired a 66.67% of Primat S.p.A. from the private equity firm Wise SGR in a management buyout transaction. In November 2014, Wise SGR through its fund Wisequity III, acquired Primat from private equity firm Arner. The acquisition will enable Primat to widen its range of services and to continue consolidating its leading position at a European scale. Founded near Lecco in 1972, Primat is a coating services company leader in the anticorrosion coating of screws, bolts and fasteners used in several fields, chief among them the automotive industry. After the management buy out, Primat invested in a new innovative plant in order to increase the production capacity and the efficiency. In 2015 Primat acquired 100% of the capital of Zincatura Reggiana and in % of IEB: the acquisitions completed the product range of coating services and diversified the customer base outside the automotive industry. Primat reported 2016 turnover of Euro 30 million with an EBITDA margin of 35% and and it is expected to reach 2017 sales of Euro 40 Intercos Cosmint In June 2017, Intercos Group, leading producer of third-party cosmetics, announced the acquisition of 100% stake in Cosmint Group from the Masu family. Founded in 1993 and headquartered near Como, Cosmint is an Italian leading contract manufacturer of cosmetic products, serving the most prestigious international cosmetic brands. Cosmint generated 2016 sales of Euro 140 The deal will create one of the largest B2B beauty groups