INNOVA ITALY 1 S.P.A. AND FINE FOODS & PHARMACEUTICALS N.T.M. S.P.A. ANNOUNCE THE SIGNING OF A BUSINESS COMBINATION AGREEMENT

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1 INNOVA ITALY 1 S.P.A. AND FINE FOODS & PHARMACEUTICALS N.T.M. S.P.A. ANNOUNCE THE SIGNING OF A BUSINESS COMBINATION AGREEMENT INNOVA ITALY 1 S.p.A. ( INNOVA ), a SPAC focused on highly-innovative manufacturing companies, and FINE FOODS & PHARMACEUTICALS N.T.M. S.P.A. ( FINE FOODS ) announce a Business Combination. FINE FOODS is the largest Italian independent contract development and manufacturing organization ( CDMO ) of solid oral form products for the nutraceutical and pharmaceutical 1 industries, covering development and manufacturing activities for major players in the reference markets. In case of Business Combination approval, FINE FOODS will be merged into INNOVA and, as a consequence, will be listed on the AIM Italia Stock Exchange with a free float approximately equal to 44% (in the zero withdrawals scenario). In light of the merger between the two entities, 100% of INNOVA s financial resources (excluding withdrawals effects) will be contributed to FINE FOODS to accelerate business expansion through organic growth and acquisitions. Milan, June 7, 2018 The Board of Directors of INNOVA, an Italian SPAC listed on AIM Italia Mercato Alternativo del Capitale set up and managed by Borsa Italiana S.p.A. ( AIM Italia ), and the Board of Directors of FINE FOODS have approved the signing of a framework agreement for the integration of the two companies ( Business Combination ) to be executed by means of a merger of FINE FOODS into INNOVA (the Merger ), defined in accordance to art. 14 of AIM Italia s Regolamento Emittenti (Rulebook of Issuers) as a reverse take-over transaction. Today, INNOVA and FINE FOODS have signed the above-mentioned framework agreement and their respective Boards of Directors have approved the merger deed. COMPANIES INVOLVED Established in 1984, FINE FOODS is a leading Italian company operating in the thirdparty contract development and manufacturing sector of solid oral forms for the nutraceutical and pharmaceutical industries. 1 Source: management analysis on the basis of public data on the main identified Italian competitors. The analysis does not consider multinational pharmaceutical and nutraceutical groups.

2 The company enjoys a strong market reputation for high quality standards; it keeps established and long-term relationships with most of its customers (overall, more than 100), has c. 469 employees (as of December 31, 2017), and generated approx. 59% of its 2017 sales abroad. FINE FOODS, as of today, is fully-controlled by Marco Eigenmann, both directly (5%) and indirectly (95%), through the holding company Eigenfin S.r.l. ( Eigenfin ), in turn controlled with a 99% stake. During the fiscal year ending on December 31, 2017, FINE FOODS posted revenues equal to Euro million (compared to Euro million during the fiscal year ending on December 31, 2016), with an Adjusted EBITDA 2 equal to Euro 16.7 million (compared to an EBITDA equal to Euro 15.1 million during the previous year), an Adjusted EBIT 3 equal to Euro 10.2 million (compared to an EBIT equal to Euro 9.3 million during the previous year), an Adjusted Net Income 4 equal to Euro 7.1 million (compared to a Net Income equal to Euro 6.2 million during the previous year) and a net debt equal to Euro 20.4 million (compared to Euro 19.3 million as of December 31, 2016). Between 2012 and 2017, FINE FOODS grew at a sustained rate: revenues increased at a compounded annual grow rate ( CAGR ) equal to 9.0% and, over the same timeframe, EBITDA grew at a CAGR equal to 9.9%. Between 2012 and 2017 the average EBITDA margin has been 13.6%. INNOVA is a special purpose acquisition company, listed on AIM Italia since October 19, 2016 and sponsored by Fulvio Conti (Chairman), Paolo Ferrario (CEO), Marco Costaguta, Francesco Gianni and Alessandro Pansa (the latter sadly passed away in November 2017), which raised Euro 100 million for the purpose of a merger with an Italian high-tech manufacturing company with attractive growth prospects. INNOVA s shareholders are mainly top-tier Italian institutional investors and, in detail, according to available data on the first day of listing, it was distributed as such: 32% private banking, 26% pension funds and bank foundations, 22% banks, 16% asset managers and 4% insurance companies. INNOVA s ordinary shares and warrants are traded on AIM Italia. KEY TERMS OF THE TRANSACTION 2 Adjusted EBITDA is equal to EBITDA net of proceeds and expenses generated by non-recurring events, linked to the change of the company s IT system and the production plants expansion. In 2017 such non-recurring expenses amounted to Euro 1.2 million. 3 Adjusted EBIT is equal to EBIT net of proceeds and expenses generated by non-recurring events, linked to the change of the company s IT system and the production plants expansion. In 2017 such non-recurring expenses amounted to Euro 1.2 million. 4 Adjusted Net Income is equal to Net Income net of proceeds and expenses generated by non-recurring events, linked to the change of the company s IT system and the production plants expansion. In 2017 the after-tax impact of such non-recurring expenses amounted to Euro 0.9 million.

3 Following the shareholders meeting expected to occur during the first half of July, and subject to the terms included in the framework agreement, FINE FOODS will be merged into INNOVA. The latter will take the Fine Foods & Pharmaceuticals N.T.M. S.p.A. company name, in short Fine Foods N.T.M. S.p.A., and will remain listed on AIM Italia with the goal of a subsequent translisting on Mercato Telematico Azionario, set up and managed by Borsa Italiana S.p.A. ( MTA ). As consequence of the merger, INNOVA s financial resources, up to Euro 100,000,000 (excluding withdrawals from INNOVA s shareholders during Business Combination approval), will be entirely dedicated to FINE FOODS development, thus accelerating both organic and external growth. Within the scope of the transaction, Marco Eigenmann who will maintain the executive Chairman position will not sell (either directly or indirectly) any of his FINE FOODS share, and will hold a substantial stake in the listed combined entity, approximately equal to 54% of the share capital in the scenario of no INNOVA shareholder exercising the withdrawal right. Such stake will be under a 20-months lock-up, starting from the Business Combination effective date. Moreover, taking into consideration FINE FOODS multiple-voting shares held by Marco Eigenmann (through Eigenfin), the latter will receive, upon Business Combination, 3,500,000 multiple-voting shares of the combined entity (each carrying 3 (three) votes in the shareholders meeting) which will bring his voting rights in the shareholders meeting to approximately 65%, in the scenario of no INNOVA shareholder exercising the withdrawal rights. For the purposes of the shares exchange ratio computation, FINE FOODS has been valued at an enterprise value of Euro million, corresponding to a 2017 Adjusted EBITDA 5 multiple approximately equal to 8.4x, which implies, given a net debt equal to Euro 20.4 million, an equity value equal to Euro 120 million. The agreement includes representations and warranties and related indemnity obligations from Eigenfin, as customary in similar transactions. In addition, within the scope of the Business Combination, the involved parties have agreed to assign 1,200,000 redeemable shares to Eigenfin, which may be used to pay for the above-mentioned indemnities ex art sexies of the Italian civil code. The agreement also foresees 4,000,000 warrants to be assigned to Marco Eigenmann (through Eigenfin) (the FINE FOODS Shareholders Warrants ) which will become exerciseable subject to the following conditions: (i) in full amount, in case the share price of the combined entity (listed either on AIM or on MTA) will not be lower than Euro for at least 15 out of 30 straight open market days, within three years from the Business 5 EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization.

4 Combination effective date; provided this condition is not met within the three years timeframe, then (ii) 25% of FINE FOODS Shareholders Warrants, in case the share price of the combined entity will not be lower than Euro for at least 15 out of 30 straight open market days, during the 4 th and 5 th year from Business Combination effective date, and (iii) independently from the occurrence of point (i) 75% of FINE FOODS Shareholders Warrants starting from the 6 th year (included) from Business Combination effective date and for the next 12 months period. The Acceleration Price, with reference to the computation of the number of warrants underlying shares, is set equal to Euro As a result of the Business Combination, the Board of Directors of the combined entity will be composed of 7 members, of which 4 Directors appointed by Marco Eigenmann (in detail, the Executive Chairman of the Board of Directors and the CEO, Marco Eigenmann and Giorgio Ferraris, respectively, as well as Adriano Pala e Federico Oriani appointed as Directors) and 3 Directors appointed by INNOVA promoters (namely, Fulvio Conti, Paolo Ferrario and Marco Costaguta). As foreseen by the current INNOVA by-laws, the first tranche (25%) of INNOVA promoters special shares will be converted into ordinary shares of the combined entity seven days after the Business Combination effective date. INNOVA shareholders, resulting to be so on the day before Business Combination, with the exclusion of shareholders exercising the withdrawal rights, will receive n. 3 new Warrants for every n. 10 ordinary shares, with the same features of and in addition to the previously assigned n. 2 Warrants every n. 10 ordinary shares. Marco Eigenmann, FINE FOODS Chairman, declared: The transaction with INNOVA represents a milestone for FINE FOODS: the company, having already reached a leading position in Italy in its reference sector and having set up a high-standing management team, Giorgio Ferraris (CEO) and Pietro Bassani (CFO), among all, is now collecting significant financial resources to fuel growth. This transaction also proves our intention to keep investing, after the recent expansion in production plants, and to accelerate our growth process, both organically and through acquisitions. It is our pleasure to partner with INNOVA promoters, who will certainly give a precious contribution to our strategic decisions. Fulvio Conti and Paolo Ferrario, INNOVA Chairman and CEO respectively, declared: We are honoured to bring this opportunity to our investors: an Italian company with solid fundamentals, a highly qualified and close-knit management team and excellent growth prospects. As a matter of fact, FINE FOODS combines the resilience of its reference end-markets, which have shown little correlation with economic cycles, with significant companyspecific organic and inorganic growth prospects, within a highly fragmented sector; moreover, the company exhibits a strong international footprint, with c. 59% of revenues

5 being invoiced abroad. We are pleased to support Marco Eigenmann and the management team in future expansion. CONDITIONS AND TIMING The transaction closing is mainly subject to: (i) Business Combination approval by the shareholders meeting of INNOVA (provided that the required majorities as of art. 49, comma 1, lett. g) of the Regolamento Consob n /1999 are met) and of FINE FOODS; and (ii) an aggregate withdrawal amount, by INNOVA shareholders, representing less than 30% of INNOVA share capital. Starting from the Business Combination effective date, INNOVA will take the FINE FOODS & Pharmaceuticals N.T.M. S.p.A. company name. The companies have requested from the Court of Milan s nominated expert the independent assessment of their balance sheet and financial situation in accordance to art sexies of the Italian civil code, thus eliminating the need of guarantees to safeguard creditors interests, in accordance to art. 2503, comma 1, of the civil code; as a consequence, given the independent assessment and subject to all the merger conditions, the Business Combination is expected to become effective by October FURTHER INFORMATION In addition, the INNOVA Board of Directors, having empowered the Chairman with all related powers, resolved to convene the following shareholders meetings: (i) an ordinary shareholders meeting, for: 1) the approval and authorization of the Business Combination, 2) the acknowledgement of the resignation of the current Board of Directors members and the nomination of a new Board of Directors, 3) the acknowledgement of the resignation of the current Board of Statutory Auditors members and the nomination of a new Board of Statutory Auditors, 4) the acknowledgement of the termination of the mandate with the current INNOVA auditor and the appointment of a new auditor 5) miscellaneous resolutions; (ii) an extraordinary shareholders meeting, for: 1) the merger of FINE FOODS into INNOVA, in accordance to the merger deed which has been approved by the Board of Directors 2) the INNOVA share capital increase, 3) the amendments to the INNOVA by-laws 4) the warrants issuance and the related INNOVA share capital increase and 5) miscellaneous resolutions. The Documento Informativo (Prospectus) drafted as of art. 14 of AIM Italia s Regolamento Emittenti (Rulebook of Issuers) is at INNOVA s headquarters as well as on its website INNOVA (as Issuer) and Banca IMI (as Nomad) have

6 made their public statement to Borsa Italiana on the transaction, in accordance to the same art. 14 of AIM Italia s Regolamento Emittenti. The other relevant Merger and Business Combination documentation will be made public by means and within the deadlines pursuant to law. ADVISORS Innova Italy 1 S.p.A. has been advised by Long Term Partners for the business due diligence, by Studio Gianni Origoni Grippo Cappelli & Partners as legal advisor and by KPMG for financial and fiscal due diligence. FINE FOODS has been advised by EY as exclusive financial advisor, and by Studio Legale Grimaldi as legal advisor. Banca IMI has acted as Nomad and Specialist of Innova Italy 1 S.p.A. and will take the same roles for FINE FOODS from the Business Combination effective date. Banca IMI and Banca Akros have acted as Joint Global Coordinator and Joint Bookrunner of Innova Italy 1 S.p.A in the context of the listing of its ordinary shares and of its warrants on AIM Italia. *** Innova Italy 1 S.p.A. is a special purpose acquisition company, listed on AIM Italia, with an investment focus on mid-sized Italian high-tech companies, pursuing an industrial approach in the choice of the target, the latter showing significant value-creation opportunities. INNOVA has a two-fold goal: (i) to offer a solid investment opportunity for its institutional investors, and (ii) to offer access to capital markets to companies pursuing growth. INNOVA Board of Directors is composed by: Fulvio Conti (Chairman), Paolo Ferrario (CEO), Marco Costaguta, Francesco Gianni, Corrado Sciolla, as well as Stefano Proverbio and Valerio Bellamoli as independent Directors. *** THIS CURRENT PRESS RELEASE IS NOT INTENDED FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA. THE CURRENT PRESS RELEASE IS NOT A SOLICITATION TO THE SALE OF FINANCIAL INSTRUMENTS IN THE UNITED STATES OF AMERICA. THE FINANCIAL INSTRUMENTS TO WHICH REFERENCE IS MADE IN THIS PRESS RELEASE ARE NOT, AND WILL NOT BE, REGISTERED PURSUANT TO THE 1933 UNITED STATES

7 SECURITIES ACT, AS AMENDED, AND CANNOT BE OFFERED OR SOLD IN THE UNITED STATES OF AMERICA, UNLESS UNDER APPLICABLE EXEMPTIONS. NO PUBLIC OFFER OF FINANCIAL INSTRUMENTS IS BEING MADE IN THE UNITED STATES OF AMERICA OR IN OTHER JURISDICTIONS. * * * For information: Innova Italy 1 S.p.A. Banca IMI S.p.A. - Nomad Investor Relations Paolo Baruffaldi ir@innova-italy.it paolo.baruffaldi@bancaimi.com