AIM ITALIA FACTS 1H2015. Tribute to AIM UK s 20 th anniversary ( )

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1 AIM ITALIA FACTS 1H215 Tribute to AIM UK s 2 th anniversary ( ) Plenty to celebrate for the growth companies that have collectively raised 92bn in the 2-year history of the index that has welcomed over 3,5 companies 215 EnVent All rights reserved

2 AIM ITALIA FACTS 1H215 Tribute to AIM UK s 2th anniversary ( ) AIM UK represents the benchmark of AIM Italia ongoing successful development. Relying on the integrated LSEG-BI platform and benefiting from the unique ELITE project, AIM Italia is currently the preferred choice of Italian SMEs for accessing the Equity Capital Markets. Fiscal advantages for individual and professional investors could give a further acceleration to AIM Italia growth and liquidity.

3 1H215 Key Facts 11 new listings and 1 delisting from the beginning of the year Market Cap and number of companies listed on AIM Italia, 29-1H215 m Unit 3, , listed companies at June 3 th 215, +17% vs end 214 Total market capitalization nearly 2.7bn, +29% vs end 214 2, % 1,5 2,66 1, 2, % , % -2% +4% +14% Total market cap (left) Listed companies (right) Source: EnVent on public data, Borsa Italiana, Bloomberg, corporate websites and Admission Documents IPOs and 1 Admission in 2Q215 and 5 IPOs in 1Q215, with 25% float on average m New listings (IPOs and Admissions) in 1H215 Companies Sector Type Date Italian Wine Brands Money Raised Vendor Placing Market Cap at listing Float at listing Wine Production and Distribution IPO 29/1/ % 1 delisting in 2Q215 (Microspore) Nearly 52m additional market cap from new comers in 1H215 Mobyt DigiTouch Caleido Group Web Advertising IPO 5/3/ % Digital Advertising IPO 16/3/ % Tour Operator IPO 24/3/ % Clabo Group Ice cream showcases IPO 31/3/ % Mondo TV Suisse Production and distribution of TV series for television and cinema Admission 13/4/ % Elettra Investimenti Production of electric and heat energy IPO 21/4/ % Cover 5 Bio Due Bomi Italia Design, production and commercialization of trousers Production of medical devices and other cosmetics and nutrional products Provides logitics, warehousing and distribution services of medical devices IPO 13/5/ % IPO 2/5/ % IPO 26/6/ % Wine Production and Distribution IPO 3/6/ % MASI Agricola Note: data include, when applicable, the exercise of Greenshoe option Source: EnVent on public data, Borsa Italiana, Bloomberg, corporate websites and Admission Documents Over 11m money raised in IPO in 1H215 (+21% vs 1H214, 92m) and 25m vendor placings (+48% vs 1H214, 17m) Almost 65m collected in IPO since 29, 9% with money raisings 25 Funds collected on AIM Italia, 29-1H215 ( m) H215 Money raised Vendor placing Note: Money raisings include funds collected by the companies from new issued shares. Vendor placings include funds collected by existing shareholders from the sale of existing shares, including Greenshoe option exercise. Figures include also funds collected in IPO by delisted entities. Source: EnVent on public data, Borsa Italiana, Bloomberg, corporate websites and Admission Documents. 2

4 28m additional resources collected in 1H215: 1m with further capital raises and 18m with corporate bond issues Further capital raises and Corporate bond issues of AIM Italia listed companies, 29-1H215 ( m) H215 Further capital raise Corporate bond issue Note: Further capital raises include rights issues, reserved rights issues and warrants exercise. Corporate bond issues include convertible, non-convertible bonds and mini-bonds. Source: EnVent on public data, Borsa Italiana, Bloomberg, corporate websites and Admission Documents Steep increase in 1H215 of number and value of trades (+12% and +13% vs 1H214 respectively) on AIM Italia m Value and volumes traded on AIM Italia, 29-1H215 Units 6 16, 148, , 12, 4 1, 3 67, ,613 45, ,2 16,644 2, ,383 14, ,18 11,52 1,733 1H29 2H29 1H21 2H21 1H211 2H211 1H212 2H212 1H213 2H213 1H214 2H214 1H215 Value (left) Trades number (right) Note: including value and volumes traded on MAC Mercato Alternativo dei Capitali from 29 to 212 Source: EnVent on Borsa Italiana monthly statistics 8, 6, 4, 2, AIM Italia Velocity Turnover accelerating at 31% in 1H215 vs 23% in 1H214 Liquidity analysis 1H215 VELOCITY TURNOVER* Tot. Volumes / Free Float INDUSTRY Financial 43.3% 124.2% Energy & Cleantech 12.% 46.6% ICT 26.4% 155.9% Media 33.1% 195.9% Others 35.4% 251.7% Mean 3.7% 162.8% MARKET CAP < 1m 47.7% 241.8% 1-25m 31.3% 144.6% 25-5m 25.8% 131.3% > 5m 2.9% 148.4% Mean 3.7% 162.8% *Tot. Volumes / Num. Ordinary Shares, average FY214-1H215 AIM Italia liquidity approaching FTSE Mid Cap companies Higher velocity observed for companies in the Financial sector and for companies with market capitalization below 1m 6% 5% 4% 3% 2% 1% Velocity turnover of companies listed on AIM Italia market vs companies listed on other Italian reference markets: % 49.5% % AIM ITALIA SMALL CAP MID CAP STAR Source: EnVent on public data, Borsa Italiana, Bloomberg, corporate websites and Admission Documents 32.5% 43.7% 18 AIM Italia index vs Italy and UK reference indexes, FTSE AIM Italia Index stable at June 3 th 215 compared to 214 year end, below the Italian market performance but in line with UK market Italia Small Cap Italia All-Share UK All-Share AIM UK All-Share AIM Italia 6 1/7/213 1/1/213 1/1/214 1/4/214 1/7/214 1/1/214 1/1/215 1/4/215 3/6/215 FTSE Italia All-Share FTSE Italia Small Cap FTSE AIM Italia FTSE UK All-Share FTSE AIM UK All-Share Note: AIM Italia index launched on Source: EnVent on Bloomberg data 3

5 1H215 AIM UK Snapshot 1,69 listed companies at June 3 th 215, -3% vs end 214 6% of companies with market capitalization between GBP1-25m International companies based out of the UK count for 2% of the total Total market capitalization at GBP74bn, +4% vs end 214 1,8 1,6 1,4 1,2 1, AIM UK listed companies, H215 1,21 1,399 1,634 1,694 1,55 1,293 1,195 1,143 1,96 1,87 1,14 1, Source: London Stock Exchange, AIM UK Market Statistics, June IPOs/Admissions and 65 delistings since beginning 215 GBPm 18, 16, 14, IPOs/Admissions and Funds collected on AIM UK, H Units 6 5 GBP35m money raised in IPO in 1H215 (-8% vs 1H214), GBP2.4bn further capital raised (+22% vs 1H214) 12, 1, 8, 6, 4, 2, Money raised in IPO Further capital raises Number of IPOs/Admissions Source: London Stock Exchange, AIM UK Market Statistics, June 215 Average daily shares traded over 1,7m in 1H215, +22% vs 1H214, with average daily value at GBP134m, -35% vs 1H214 Introduction of tax advantages for private and professional investors since August 213 Over GBP8bn market value owned by the top-1 institutional investors Value of shares traded in 1H215 amounted to 22% of total market capitalization (vs 36% in 1H214) GBPm Average daily value and shares traded on AIM UK, H ,715 1, , m 2, 1,8 1,6 1,4 1,2 1, Average daily value (left) Average daily shares traded (right) Source: London Stock Exchange, AIM UK Market Statistics, June 215. London Stock Exchange, Accessing the global liquidity network, July 215 4

6 Attachments 21 IPOs and 1 Admission in 214, with 22% float on average m New listings (IPOs and Admissions) in 214 Companies Sector Type Date Money Raised Vendor Placing Market Cap at listing Float at listing 1 delisting in 214 (ARC Real Estate) Gruppo Green Power Renewables EPC, services and O&M IPO 22/1/ % Around 1bn additional market cap from new comers in 214 Sunshine Capital Investments Expert System Real Estate investing company IPO 24/1/ % ICT Semantic processes IPO 18/2/ % Gala Sale of electric energy and gas IPO 1/3/ % Triboo Media Agronomia Ecosuntek Energy Lab PLT energia Digital advertising and publishing Production and distribuction of food products Power generation from renewables energies Power generation from renewable energies and clean technologies Power generation from renewables energies IPO 11/3/ % IPO 6/5/ % IPO 8/5/ % IPO 2/5/ % IPO 4/6/ % Notorious Pictures MP7 Italia Distribution of movies for cinema IPO 23/6/ % Advertising bartering IPO 7/7/ % Iniziative Bresciane Power generation from renewables energies IPO 15/7/ % Distribution of movies for cinema IPO 16/7/ % Lucisano Media Group Blue Note MailUp Tech-Value Jazz club IPO 22/7/ % Mailing services IPO 29/7/ % ICT services IPO 5/8/ % Tecnoinvestimenti Digital trust and credit information services IPO 6/8/ % GO Internet Bio-On Internet services IPO 6/8/ % Biotechnology IPO 24/1/ % Modelleria Brambilla Axélero Foundry engineering for automotive Digital advertising e web marketing IPO 3/12/ % IPO 11/12/ % Accessories and apparel goods Admission 18/12/ % Giorgio Fedon & Figli Note: data include, when applicable, the exercise of Greenshoe option 5

7 Glossary LSEG BI ELITE SME IPO ISSUER ADMISSION MONEY RAISED VENDOR PLACING GREENSHOE OPTION GLOBAL COORDINATOR MARKET CAPITALIZATION/CAP FLOAT CORPORATE BOND CAPITAL RAISE/INCREASE WARRANT VELOCITY TURNOVER London Stock Exchange Group plc Borsa Italiana SpA Platform of integrated services offered by Borsa Italiana to small and medium enterprises, in order to strengthen their organization and foster their growth and get prepared for the capital markets Small and Medium Enterprises Initial Public Offer: sale of shares of a private company on the equity capital market within the listing process on a stock exchange Company issuing financial instruments on the capital market Transfers and just listings from other markets Funds collected in IPO by a private company from new issued shares Funds collected in IPO by existing shareholders of a private company from the sale of existing shares and from the Greenshoe option exercise Also referred to as over-allotment option, it is granted by the Issuer to the Global Coordinator, giving the faculty to increase the size of the IPO by the sale of additional existing shares Typically an investment bank, it is responsible and coordinates all aspects of a placement Total market value of 1% of a listed company's equity, calculated by multiplying total outstanding shares for the current market price Ordinary shares available for trading on the market, owned by non-significant shareholders (stakes under 5% of share capital) Debt securities issued by a company Right assigned to existing shareholders or reserved to new shareholders (with exclusion of the existing shareholders) of a company to buy additional new issued shares at a determined price Derivative financial instruments giving the holder the right to purchase new issued shares from the issuer at a determined price within a certain time frame Ratio of total traded shares to total ordinary shares in a given period 6

8 DISCLAIMER This publication has been prepared by the Research & Analysis Division of EnVent S.p.A. ( EnVent ) with the purpose to convey selected information about the AIM Italia market, compared to the AIM UK market, to our clients, partners and our network of professional contacts. EnVent does not intend to provide any recommendation about the capital market predictions and about the future results of analysed companies, but only a static description of AIM Italia trends observed in the reference period. This publication has been drawn up on the basis of public information provided by business information service companies (Bloomberg, S&P Capital IQ, Bureau van Dijk) and by other public sources (official websites, companies Admission Documents, Borsa Italiana website, London Stock Exchange website and press releases), on which EnVent has not performed an independent verification. Although EnVent makes every reasonable endeavour to obtain information from sources that it deems to be reliable, it accepts no responsibility or liability as to the completeness, accuracy or exactitude of information provided, nor regarding the data, analysis, comments and elaborations herein included. This publication does not represent to be, nor can it be construed as being, an offer or solicitation to buy, subscribe or sell financial products or instruments, or to execute any operation whatsoever concerning such products or instruments. This publication shall not in any case be used as basis of an investment decision by persons that, in case, will have to conduct independent research and analysis before taking any investment decision at their sole responsibility. The access to other information providers or a different analysis of available data may lead to observations even remarkably different from those contained in this publication. The information contained in this publication does not constitute a public offering pursuant to the art c.c., neither a solicitation to buy shares and bonds or a public offering of financial instruments pursuant to Italian Legislative Decree no. 58/98 art. 1, clause 1, let. t), as subsequently amended and supplemented. The information does not represent any expression of negotiation willingness. CONTACTS Franco Gaudenti Founder Managing Partner fgaudenti@envent.it Paolo Verna Partner Head of Equity Capital Markets pverna@envent.it Luigi Tardella Partner Head of Research & Analysis tardellaresearch@advisory.envent.it Marco Bottini Manager mbottini@envent.it EnVent Capital Markets Limited Via Barberini, Rome 25 Savile Row W1S 2ER London Phone +44 () segreteria@envent.it 7