A selection of consolidated reclassified economic data of Equita Group for 1Q 2018 and 1Q 2017

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1 The Board of Directors of Equita Group S.p.A. has approved the results of the first 3 months of 2018 The consolidated net income has doubled in 1Q 2018 Work continues on the listing of shares on the MTA market, targeting the STAR segment Milan, May 17th, 2018 Total net revenues at Euro 18.7 million, up 43% against 1Q 2017 (Euro 13.1 million) Net income at Euro 4.4 million, increasing 97% vs. 1Q 2017 (Euro 2.2 million) Net equity at Euro 83.2 million, up 5% against December 31st 2017 (Euro 79.0 million) The advisors have been appointed for the listing process of shares on the MTA market, targeting the STAR segment Milan, May 17th, 2018 Today the Board of Directors of Equita Group S.p.A. (hereinafter, Equita Group, Equita or the Company ) has approved the 1Q 2018 results, featuring significant progress compared to 1Q 2017 numbers, mainly on the back of the staggering performance in the Investment Banking area and thanks to the steady progression of Alternative Asset Management. A selection of consolidated reclassified economic data of Equita Group for 1Q 2018 and 1Q 2017 (Euro millions) 1Q 2018 % N.R. 1Q 2017 % N.R. Change Y-o-Y Investment Banking 9,6 51% 3,1 24% 209% Sales & Trading 4,8 25% 6,1 46% -21% Proprietary Trading 3,5 19% 3,5 26% 1% Alternative Asset Management 0,9 5% 0,5 4% 82% Net Revenues 18,7 100% 13,1 100% 43% Personnel costs (9,3) 50% (6,6) 50% 40% Other expenses (3,3) 18% (3,1) 24% 6% Profit before taxes 6,2 33% 3,4 26% 82% Income taxes (1,8) 10% (1,2) 9% 54% Net Income 4,4 23% 2,2 17% 97% Net revenues Revenues from the Investment Banking business line improved from Euro 3.1 million in 1Q 2017 to Euro 9.6 million in 1Q 2018 (+209%) thanks to the remarkable growth in the number of extraordinary financial transactions coordinated by the Company in the first quarter of 2018, as well as the expansion in the range of services provided and the team of dedicated professionals, and finally thanks to the favourable conditions of Italian and international financial markets. In 1Q 2018 vs. 1Q 2017, Equity Capital Markets, Debt Capital Markets and Merger & Acquisitions areas all reported a significant increase in the number of transactions coordinated by the Company and in revenues, in close coordination with the Sales & Trading team. As to the Equity Capital Markets deals, in 1Q 2018 Equita acted as a Global Coordinator and Sole Bookrunner for the listing of SPAC Life Care Capital shares on the AIM Italia market, Equita Group S.p.A. Via Turati, Milano Tel investor@equitagroup.it

2 raising Euro 140 million; moreover, it acted as a Nominated Adviser and Joint Bookrunner for the listing of SPAC ALP.I. shares on the AIM Italia market, raising Euro 100 million; as Joint Bookrunner for the listing of SPAC Spaxs shares on the AIM Italia market, raising Euro 600 million; as Sole Bookrunner in the ABB over Tecnoinvestimenti shares for Euro 13 million, and as Joint Bookrunner in the Credito Valtellinese capital increase, raising Euro 700 million. As to Debt Capital Markets deals, in 1Q 2018 Equita acted as Sole Bookrunner and Placement Agent for the bond issuance for Euro 180 million by the Carraro Group and as Co-Lead Manager for the bond issuance for Euro 550 million by the SIAS Group. As far as Merger & Acquisitions are concerned, in 1Q 2018 Equita acted as financial advisor for Business Integration Partners and its shareholders for the sale of the company s majority stake to the private equity fund Apax Partners; it acted as financial advisor for Cassa di Risparmio di Rimini, Cassa di Risparmio di Cesena and Cassa di Risparmio di San Miniato for the integration with the Credit Agricole Cariparma Group, as financial advisor for Atlantia for the purchase of a minority shareholding in Hochtief in the framework of the investment deal in Abertis Infraestructuras and as financial advisor for Armonia SGR in the acquisition of Gruppo Servizi Associati. Revenues from the Sales & Trading business line, net of commission expenses and interests, declined from Euro 6.1 million in 1Q 2017 to Euro 4.8 million in 1Q 2018 (-21%), in line with expectations. The decrease is mainly ascribable to the reduction in total traded volumes on the Italian market in the first quarter against the same period the previous year, which had featured a particularly favourable market performance, and to the introduction of MiFID 2. In particular, volumes traded on behalf of third parties on the MTA market reported a 17% decrease in 1Q 2018 vs. 1Q 2017 (source: Assosim), with FTSEMIB at 2.6% vs. 6.5% the previous year. In 1Q 2018 the business line was busy with the transition to MiFID 2, whereby some delay was reported in finalizing the contracts with some customers: this is expected to have a positive impact on the performance of the coming months. It should be noted that in 1Q 2018 the revenues from the Sales & Trading business line had not yet benefited from the acquisition of the Brokerage & Primary Market and Market Making assets of Nexi S.p.A.; the acquisition, announced in March 2018, will contribute to Equita Group s consolidated revenues as from the second half of Revenues from the Proprietary Trading business line, net of commission expenses and interests, were substantially stable at Euro 3.5 million in 1Q 2018 (+1%), with a healthy contribution from client driven revenues, which in 1Q 2018 accounted for approximately 42% of the business line s total revenues. The acquisition of the Brokerage & Primary Market and Market Making assets of Nexi S.p.A represents an important development factor also for the Proprietary Trading business line, as it will enable the increase of the revenues component in the debt area, featuring low risk, lower capital absorption and strong synergies with other Equita activities. Revenues from the Alternative Asset Management business line went from Euro 0.5 million in 1Q 2017 to Euro 0.9 million in 1Q 2018 (+82%), as a result of an increase in the assets managed by both the Private Debt fund and on behalf of third parties. In particular, Assets under Management amounted to Euro 641 million as of 31 March 2018, slightly down from Euro 654 million in 31 December In 1Q 2018 the Private Debt fund performed its fifth investment, joining the private equity fund Aksìa in the acquisition of the Modena-based company CRM by underwriting a bond issued by the investment vehicle owned by the fund. Moreover, in 1Q 2018 EPS Equita PEP SPAC approved the business combination with Industrie Chimiche Forestali, a leading Italian company in the production of adhesives and fabrics for tips and counters for the following industries: footwear, leatherwear, automotive, packaging and upholstered furniture. The accounting effects of the business combination will be visible in the second half of In February 2018 Equita s Ufficio Studi (research unit), a crucial pillar of Equita Group s business model on which the other business lines also rely, came up first in the ranking of the Institutional Investor publisher for its quality research on Italian stocks. As a result of the above, the intermediation margin soared from Euro 13.1 million in 1Q 2017 to Euro 18.7 million in 1Q 2018 (+43%). 2

3 Profit from ordinary business Profit from ordinary business rose from Euro 3.4 million in 1Q 2017 to Euro 6.2 million in 1Q 2018 (+82%), since the incidence of personnel costs on net revenues was stable in terms of percentage, whereas the incidence of other administrative expenses on net revenues was lower, although they had increased in absolute value. In particular, personnel costs increased from Euro 6.6 million in 1Q 2017 to Euro 9.3 million in 1Q 2018 (+40%), with a stable incidence on revenues at 50%, whereas other administrative expenses climbed from Euro 3.1 million in 1Q 2017 to Euro 3.3 million in 1Q 2018 (+6%), with incidence on net revenues falling from 24% in 1Q 2017 to 18% in 1Q2018. Net income The net income improved from Euro 2.2 million in 1Q 2017 to Euro 4.4 million in 1Q 2018 (+97%), as a result of both increased profit from ordinary business and lower incidence of income tax, which dropped from 35% of profit from ordinary business in 1Q 2017 to 29% in 1Q 2018, due to the removal of the corporate income tax surcharge on Equita SIM S.p.A. and the benefits arising from ACE. Total Capital Ratio The Total Capital Ratio as of 31 March 2018 amounts to 25.11% vs % of 31 December The difference is mainly ascribable to more sizeable investments in financial companies. The CEO Andrea Vismara commented the result as follows: We are very pleased with the results achieved in the first quarter of 2018 as well as of the steady progression in the Investment Banking and Alternative Asset Management areas, allowing for a further growth and diversification of revenues, in line with the message conveyed to the market during the IPO 3

4 Foreseeable evolution of the business In April 2018 the Italian stock market reported a positive performance, however political uncertainty combined with some signs of economic slowdown in Europe are driving institutional investors to adopt a cautious approach. In April 2018 the volumes traded on behalf of third parties on the Italian stock market dropped by 2% against April 2017 (source Assosim). In the second quarter of 2018 the heightened advisory activity provided by the Investment Banking business line to companies involved in extraordinary financial transactions has continued. In particular, Equita acted as Joint Global Coordinator and Joint Bookrunner for the listing of N.B. Aurora on the MIV market, raising Euro 150 million; as Placement Agent and Joint Bookrunner for the bond issuance for Euro 165 million by Maire Tecnimont Group and as financial advisor for the Elliott fund for the renewal of TIM s Board of Directors. As to Alternative Asset Management, in May the business combination between EPS Equita PEP SPAC and Industrie Chimiche Forestali was finalised with limited exercise of the right of withdrawal (5.9% of capital). The Industrie Chimiche Forestali shares have been trading on the AIM Italia market since 14 May EPS Equita PEP SPAC 2, a company demerged from EPS Equita PEP SPAC, is very busy scouting for the second business combination. In the effort of further developing the business line, Matteo Ghilotti has taken up the position of Co-Head of the Alternative Asset Management business line, thus joining Stefano Lustig. Several projects to further boost the growth of the business line are currently being investigated, including the purchase or establishment of a management company (SGR) and the launch of a new debt product in cooperation with an international partner. Following the appointment of Matteo Ghilotti to the Alternative Asset Management area, Luigi De Bellis and Domenico Ghilotti have taken up the position of Co-Heads of Equita s Ufficio Studi (research unit). Work has progressed to transfer the Equita Group shares from AIM Italia to the MTA (Mercato Telematico Azionario) market, STAR segment, by the end of 2018; on April the Company s Shareholders Meeting approved the General Meeting Regulations that will come into force subject to the listing on the MTA market and the admission to trading on that market; it also approved the conversion of all Class B shares (multiple-vote securities) in ordinary shares (the shares that are currently allowed to be traded on the AIM Italia market) and the new bylaws that will enter into force on the first trading day subject to the listing on the MTA market. The advisors that will assist the Company in the process have been appointed: Mediobanca - Banca di Credito Finanziario S.p.A. will act as a Sponsor, Linklaters as legal advisors, Dentons Europe Studio Legale Tributario as legal advisors on corporate governance matters; KPMG S.p.A. are the auditors. This press release is available on Investor Relations section, and on Press section. Contacts Equita Group S.p.A. Investor Relations Via Turati, Milan investor@equitagroup.it 4

5 Statement of Financial Position of Equita Group Assets 31/03/ /12/ Cash and cash equivalents Financ ial assets at fair value through profit or loss a) financial assets held for trading b) financial assets at fair value - - c) other financial assets at fair value Financ ial assets at amortised c ost a) due from banks b) due from financial entities c) due from customers Equity investments P roperty and equipment Intangible assets Tax assets a) current b) deferred Other assets * Total assets * Receivables for variation margins as at 31 March 2018 have been reclassified from the line item Other assets to the line item Financial assets at amortised costs, in agreement to Bank of Italy circular of 22 December

6 Liabilities and equity 31/03/ /12/ Financ ial assets at amotised c ost a) payables Financial liabilities from trading Tax liabilities a a) current B b) deferred O ther liabilities Post employment benefits Provision for risk and charges , b) other provision Share capital Treasury shares (-) ( ) ( ) 140 Share premium Reserves P rofit of the year Total liabilities and equity