EARNINGS RELEASE. Strong performance against a weak Brazilian Real. Target Price: 3.66 (Prev. 3.26)

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1 April 26, 2016 EARNINGS RELEASE Target Price: 3.66 (Prev. 3.26) Kevin TEMPESTINI Giancarlo DI VONA Fabio COZZI BOMI Relative Performance Chart Market Data: Close Price ( ) Wk. High / Low ( ) 1.76/ Day Average Trading Volume 5,950 Price Change: 1 w -2.2% Price Change: 1 m -0.9% Price Change YTD P/E Ratio (FY1) 19.2x Dividend Yield 1.2% Industrial Goods and Services Strong performance against a weak Brazilian Real Bomi Italia S.p.A. delivered a strong 2015 regarding Revenues and Net Income overcoming the strong currency headwinds from Brazilian Real depreciation. Bomi 2015 results underline the solidity of its business model and its fast-growing reference market. Bomi during 2015 completed two main acquisitions, G. Carrai in Italy and Ritmo Holding in The Netherlands. Considering their full contribution to 2015 results the group exceeded 90mn in revenues with an outstanding growth: Revenues 78.93mn (+18.0% YoY), Pro-Forma Revenues 90.62mn (+35.2% YoY) EBITDA 8.25mn (+3.5% YoY), Pro-Forma EBITDA 8.62mn (+8.1% YoY) Net Income 1.87mn (+12.9%), Pro-Forma Net Income 1.88mn (+13.1% YoY) At constant currency, 2015 Revenues would have been 86.65mn and Pro- Forma Revenues 98.3mn. Top-line results above our expectation, profitability behind. Bomi experienced strong growth during 2015 fueled by the acquisition of new contracts and two acquisitions in Europe. The acquired companies, which are less profitable than Bomi, and the investments in the new subsidiaries penalized the profitability in 2015, 2015 Pro-Forma EBITDA margin is 2% lower than 2014 and filling this gap will represent a gain of 2mn in EBITDA or more 18mn in value creation. We are confident that Bomi will benefit significantly in 2016 from performance improvement in the acquired companies and commercial expansion in the new subsidiaries started with a new acquisition in a new country. On April 1 st Bomi announced the acquisition of the Panamanian Ossala S.A. for a consideration of $0.65mn and an earn-out of $0.06mn. Ossala is active in the Panama Republic, Central America, and the Carribean. Ossala generated $1.6mn in Sales in 2015 and $0.1mn in EBITDA, EBITDA margin was 6% and is well below the 10%+ which is the Bomi standard. This acquisition represents a very strategic asset for the Central America business since Panama City is one of the most important Central America hub. We expect that during 2016 Bomi will consolidate its business in Central and North America. Substantial estimate revision. In the light of mentioned acquisitions and new contracts signed with Roche, we substantially increase our estimates for the coming years and increase our expected growth rate for the business. Since listing Bomi confirmed the solidity of its business model and the possibility to offer its service to the same customer on a global basis, as testified by the Roche contracts. Rising undervaluation - 64% upside to current stock price. Currently, BOMI is trading at 19.2x 2016 P/E and 15.3x 2017 P/E which is unjustifiable considering the company outstanding performance in a year with substantial currency headwinds. Surely the headwinds will become tailwinds, and the market should start to appreciate fairly this strong and growing company. Million Total Revenues EBITDA EBITDA Margin EBIT Bomi Net Profit Net Margin EPS 2013A % % n.a. 2014A % % n.a. 2015A % % E % % E % % 0.15 KT&Partners Srl Via della Posta, 10 - Piazza Affari, Milano - Italy Tel: Fax: segreteria@ktepartners.com

2 Table 1: BOMI Italia S.p.A. - Key Figures Current price ( ) Target Price ( ) Sector Free Float (%) Industrial Goods and Services Per Share Data 2013A 2014A 2015A 2016E 2017E Total shares outstanding (mn) n.a. n.a EPS n.a. n.a Dividend per share (ord) Dividend pay out ratio (%) 0% 0% 34% 35% 35% Profit and Loss (EUR thousand) Revenues 64,763 67,004 78, , ,360 EBITDA 6,190 7,970 8,250 10,250 11,883 EBIT 4,504 5,911 5,668 7,466 8,677 EBT 3,187 3,093 2,918 4,389 5,521 Taxes - 1,461-1,434-1,045-1,580-1,988 Tax rate -46% -46% -36% -36% -36% Net profit attributable to minority 1, ,039 1,307 Net profit after minorities ,169 1,770 2,226 Balance Sheet (EUR thousand) 0.46% 1.10% 1.48% 1.74% 1.98% Total fixed assets 14,173 17,932 23,218 22,445 21,463 Net Working Capital (NWC) 462 2,667 4,196 6,298 6,968 Provisions ,855-3,048-4,340 Other asset and liabilities 1,353 1,752 1,590 1,717 1,854 Total Net capital employed 15,146 21,489 27,148 27,411 25,946 Net financial position (NFP) 8,749 14,316 9,632 6,106 1,726 Group Shareholder's Equity 4,639 5,021 14,881 17,633 19,240 Minorities 1,759 2,151 2,633 3,672 4,980 Total Shareholder's Equity 6,398 7,172 17,514 21,305 24,220 Cash Flow (EUR thousand) Net operating cash flow n.a. 6,536 7,205 8,670 9,896 Change in NWC n.a. - 2,204-1,529-2, Capital expenditure n.a. - 2,929-10,754-2,010-2,225 Other cash items/uses of funds n.a Free cash flow n.a. - 1,866-1,035 4,557 7,000 Enerprise Value (EUR thousand) Market Cap n.a n.a. 33,958 55,769 55,769 Minorities 1,759 2,151 2,633 3,672 4,980 Net financial position 8,749 14,316 9,632 6,106 1,726 Enterprise value n.m. n.m. 46,223 65,547 62,475 Ratios (%) EBITDA margin 9.6% 11.9% 10.5% 10.1% 10.6% EBIT margin 7.0% 8.8% 7.2% 7.4% 7.7% Gearing - Debt/equity 188.6% 285.1% 64.7% 34.6% 9.0% Interest cover on EBIT 30.4% 25.5% 32.5% 27.8% 23.5% NFP/EBITDA 141.3% 179.6% 116.8% 59.6% 14.5% ROCE 29.7% 27.5% 20.9% 27.2% 33.4% ROE 6.4% 14.7% 7.9% 10.0% 11.6% EV/Sales n.m. n.m EV/EBITDA n.m. n.m P/E n.m. n.m Free cash flow yield n.m. n.m. -3.0% 8.2% 12.6% Growth Rates (%) Sales n.a. 2.6% 18.0% 28.6% 10.7% EBITDA n.a. 28.8% 3.5% 24.2% 15.9% EBIT n.a. 31.2% -4.1% 31.7% 16.2% Net profit n.a. -3.9% 12.9% 49.9% 25.8% April 26,

3 FY15 Results Summary Company Description Bomi Group is a leading multinational group that provides a wide range of strategic logistic services to the Medical Device Industry. Bomi has built a strong reputation based on 30 years of relations with both the most important multinationals in the healthcare sector and the international SMEs active in the biomedical, diagnostic and biotech. FY15 Storyline Jun 2015: IPO on AIM Italia market Jul 2015: signing a 5-year logistic contract with Productos Roche Q.F. S.A. (Roche Peru) Nov 2015: RITMO holding acquisition Dec 2015: signing a 5-year logistic contract with Roche Diagnostics Turkey A.S. (Roche Turkey) Dec 2015: acquisition of tree business units in France from D Groupe Logistique SAS 2015 has been a successful year for Bomi. A substantial organic growth coupled with two strategic acquisitions allowed the Group to consistently increase both top line and earnings. Bomi during 2015 completed two main acquisitions generating an outstanding growth considering their full year contribution to the top-line: Sales 78.93mn (+18.0% YoY), Pro-Forma Sales 90.62mn (+35.2% YoY) EBITDA 8.25mn (+3.5% YoY), Pro-Forma EBITDA 8.62mn (+8.1% YoY) Net Income 1.87mn (+12.9%), Pro-Forma Net Income 1.88mn (+13.1% YoY) Strong currency headwinds significantly impacted 2015 results. Brazilian Real depreciated almost 34% during 2015, at the end of 2014 Bomi generated approximately 62% of its revenues in Brazil. According to management estimates, at constant currency, 2015 Bomi revenues would have been 86.65mn (+29.3% YoY) and EBITDA 9.25mn (+16% YoY). At constant currency 2015, Pro-Forma Revenues would have been 98.3mn and the Brazilian contribution to Pro-Forma Revenues 46.6%. Table 2: Summary Income Statement PF15 vs PF14 thousand FY2014 FY2015 PF2015 Total Revenues 67,004 78,925 90,622 Growth % 17.8% 35.2% Operating costs - 44,033-51,192-57,536 Personnel costs - 13,741-17,850-22,814 Other costs - 1,260-1,633-1,656 EBITDA 7,970 8,250 8,616 EBITDA margin 11.9% 10.5% 9.5% Growth % 3.5% 8.1% D&A - 2,059-2,582-2,786 EBIT 5,911 5,668 5,830 EBIT margin 8.8% 7.2% 6.4% Growth % -4.1% -1.4% Financial income and expenses - 1,510-1,842-1,872 Extraordinary income and expenses - 1, ,051 EBT 3,093 2,918 2,907 Income taxes - 1,434-1,045-1,031 Net income 1,659 1,873 1,876 Net margin 2.5% 2.4% 2.1% Growth % 12.9% 13.1% Minorities Net Income after Minorities 739 1,168 1,172 Source: Company data, KT&Partners elaboration April 26,

4 During 2015 Bomi consolidated its European business firmly; according to 2015 Pro-Forma results, Europe represented 50% of Bomi revenues, (37% Italy and 13% Netherland and France). In 2014, just 31% of Bomi revenues were made in Europe, mainly in Italy. The reduction in the Brazilian incidence due to the currency and the geographical diversification had a substantial impact on the minorities weights on Net Income which reduced from 55% in 2014 to 38% in Graph 1: Bomi Revenues Geographical Break-Down Source: Company data Bomi experienced a strong growth during 2015 fueled by the acquisition of new contracts, the expansion in five new countries and two acquisitions in Europe. The acquired companies, which are less profitable than Bomi, and the investments in the new subsidiaries penalized the profitability in revenues were 7% higher than our estimates while EBITDA was substantially in line with our estimates. We were expecting an EBITDA margin of 11.3%, but Bomi delivered a 10.5% EBITDA margin, down from 11.7% in Table 3: Estimates vs Actual Results thousand FY14PF FY15A FY15E A/E % Revenues % EBITDA % Net Income % Source: Company data, KT&Partners estimates In 2015 thanks to its IPO proceeds, BOMI improved significantly its Net Financial Position, its NFP/Equity Ratio decreased from 2.0x in 2014 to 0.5x in The growth in revenues did not impact the Working Capital dynamics considerably. Net Working Capital increased by 1.1mn in 2015, and we expect some improvements in the future thanks to the performance optimization of the newly acquired companies and the geographical diversification of the business. In particular, the European companies have a more favorable Working Capital profile than the Latin American. April 26,

5 Table 4: Summary Balance Sheet FY14 vs FY15 thousand FY14 FY15 Intangible fixed assets 7,134 12,154 Tangible fixed assets 7,821 10,973 Financial assets 4,779 2,154 Total fixed asset 19,734 25,281 Trade receivables 17,182 19,739 Trade payables - 14,681-15,653 Inventory Trade Working Capital 2,667 4,196 Other asset and liabilities Net Working Capital 2,617 3,722 Provisions ,855 Net Capital Employed 21,489 27,147 Shareholders' equity 7,172 17,515 Short-term NPF 7,169-4,739 Long-term NFP 7,147 14,371 Net Financial Position 14,316 9,632 Sources 21,489 27,147 Source: Company data, KT&Partners elaboration April 26,

6 FY16 Outlook: Drivers of Growth and Estimates Review Bomi has a substantial but diminishing exposure to Brazil, in 2014 Brazilian business contributed for 63% to sales and 68% in terms of EBITDA. Bomi started in 2014 an expansion program which balanced the contribution of the Brazilian business. During 2014, the Brazilian economy decelerated at an almost zero GDP growth rate. The causes of the economy slow down are mainly related to lower industrial activity and investments resulting from the Government s decision to stop investment incentives. Moreover, the country s economic perspectives have been impacted by the Petrobas Car Wash scandal that affected the oil and construction sector as well as related investments. The Brazilian Real against the Euro has depreciated more than 33% during the period was even tougher than The political scandal and economic recession were coupled by a severe contraction in commodity prices and capital outflow. All of these had a strong impact on the Brazilian currency that depreciated another 33% against the Euro and almost 40% against the US Dollar. The Brazilian currency is now at all-time low, reflecting the severe economic and political challenges the country is facing. Graph 2: Brazilian Real per the Euro: A 10-year evolution In one of the worst year in the Brazilian recent economic history - Bomi increased its sales by 7.5% in local currency confirming its business model resiliency and anticyclical profile. Moreover, Bomi is not directly exposed to the National and Regional Government credit risk since its clients are the major pharma and medical devices multinationals. The Brasilian Real per Euro exchange rate is a key variable in Bomi business plan evolution, for 2016 we expected an exchange rate of 4.29 which is the 2016 year-to-date average daily value. In our projections, we keep the exchange rate value constant at 4.29 which is very close to its all-time low. We are however confident that the company will benefit from an exchange rate appreciation over the projection period but is impossible to appreciate the timing and magnitude. April 26,

7 Bomi should reach mn in revenues in We expect the newly acquired companies in France and Panama to add 4.5mn and a top-line negative contribution of 5.2mn, due to the Brazilian exchange rate depreciation, which we estimated applying the difference between last year average exchange rate and We expect a contribution from organic growth of 11.61mn or 12.8%. Graph 3: Revenues Evolution Pro-Forma Revenues Osala acquisition France acquisitions Brazilian currency depreciation Organic growth 2016 Revenues Source: Company data, KT&Partners estimates In the light of the mentioned acquisitions and new contracts signed with Roche in Turkey and Peru, we substantially increase our estimates for the coming years and increase our expected growth rate. Since listing Bomi confirmed the solidity of its business model and the possibility to offer its service to the same customer on a global basis, as testified by the Roche contract. We assume that the BOMI top line goes up from 78.93mn (or Pro- Forma) in 2015 to mn in 2016 and to mn in We remain consistent with our previous EBITDA projections since we expect that the optimization process of the acquired companies will take longer than previously expected. On the other hand, we formulate more cautious estimates on bottom line since we have adjusted our previous D&A, interest and extraordinary expenses forecasts. After updating our model, we expect 2.8mn Net Income for the next year and 3.5mn in FY17. Table 5: Changes in Estimates thousand 2015A 2016E 2016E Change 2017E 2017E Change Prev. Curr. Prev. Curr. Revenues 78,925 86, ,561 17% 94, ,360 19% YoY Change (%) 17.8% 9.5% 28.7% 9% 11% EBITDA 8,250 10,374 10,250-1% 11,304 11,883 5% YoY Change (%) 3.5% 25.7% 24.2% 9.0% 16% EBIT 5,668 7,716 7,466-3% 8,795 8,677-1% YoY Change (%) -4.1% 36.1% 31.7% 14.0% 16.2% Net Income 1,873 3,099 2,809-9% 3,948 3,533-11% YoY Change (%) 12.9% 65.4% 49.9% 27.4% 25.8% Source: Company data, KT&Partners estimates April 26,

8 Target Price Basis Based on our estimates, we have carried out our valuation based on multiple and DCF analysis and we took the average price provided by this two model. This led to a value of 3.66 per share. Our target price takes the average of the following methods: EV/EBITDA multiple DCF analysis based on WACC of 11.0% and 1.5% perpetual growth, which returns a value of 3.64 per share. Multiple Valuation Our 12-month 3.69 target price is based on a multiple valuation approach. To value Bomi we identified a series of comparables (see Appendix). We have chosen our peer taking into consideration the business activity and the services provided. We believe that the best way to provide a fair valuation of Bomi is to focus on EV/EBITDA multiple as it better captures the company s cashgenerating ability. However, we should note that selected companies are quite different in terms of revenue size. For this reason, we used a 2016 EV/EBITDA multiple of 8.96x obtained applying a 15% size discount to 2016 EV/EBITDA peers average. We expect minorities to generate 30% of BOMI 2016 EBITDA with a Net Financial Position of 1.5 mn. The minorities valuation is based on the same EV/EBITDA multiple. Our expected minorities Equity Value is 26.1mn. Table 6: Changes in Estimates M ultiples valuation EV/EBITDA liquidity/size discount 15% EV/EBITDA 2016 post discount 8.96 EBITDA 2016 expected Enterprise Value NFP FY Equity Value minorities EBITDA (hp: 30%) 3.07 Enterprise Value minorities NFP minorities FY Equity Value minorities Bomi Italia SpA Equity Value Bomi Italia SpA number of shares target price 3.69 Source: Company data, KT&Partners estimates April 26,

9 Table 7: Peer Group Valuation Table 2016 Multiples Company Name Exchange Market Cap EV/SALES 2016 EV/EBITDA 2016 EV/EBIT 2016 P/E 2016 DSV A/S OMX Copenhagen 6, Kuhne & Nagel International AG SIX Swiss 15, United Parcel Service, Inc. Class B NYSE 82, Deutsche Post AG XETRA 31, Owens & Minor, Inc. NYSE 2, UDG Healthcare Plc London 1, Average peer group 23, Median peer group 11, BOMI Italia S.p.A. Milan Source: KT&Partners elaboration on Factset data Table 8: Peer Group Valuation Table 2017 Multiples Company Name Exchange Market Cap EV/SALES 2017 EV/EBITDA 2017 EV/EBIT 2017 P/E 2017 DSV A/S OMX Copenhagen 6, Kuhne & Nagel International AG SIX Swiss 15, United Parcel Service, Inc. Class B NYSE 82, Deutsche Post AG XETRA 31, Owens & Minor, Inc. NYSE 2, UDG Healthcare Plc London 1, Average peer group 23, Median peer group 11, BOMI Italia S.p.A. Milan Source: KT&Partners elaboration on Factset data April 26,

10 DCF Valuation We believe that DCF analysis is also an interesting way to highlight the company s positive and visible cash flow generation for the forthcoming years in addition to our multiples valuation. Our DCF analysis is based on an 11.0% WACC and a terminal growth rate of 1.5%. This results in an equity value of 55.4mn or 3.64 per share, which is in line with our 3.69 price calculated with the peer group analysis. Table 9: Cash Flow Estimates thousand 2016E 2017E 2018E 2019E EBIT 7,466 8,677 10,082 11,697 Taxes - 1,580-1,988-2,464-3,013 D&A 2,783 3,207 3,675 4,193 Net Operating Cash Flow 8,670 9,896 11,293 12,876 Change in Net Working Capital - 2, ,019 Capex - 2,010-2,225-2,460-2,720 FCFO 4,557 7,000 7,926 9,137 t g 1.5% Wacc 11.0% FCFO (discounted) 4,214 5,832 5,948 6,178 Discounted Cumulated FCFO 22,172 TV 97,627 TV (discounted) 66,010 Enterprise Value 88,182 NFP 6,743 Equity Value 81,439 Equity Value minorities 26,048 Equity Value Bomi Italia S.p.A. 55,392 Current number of shares 15,228 Value per share ( ) 3.64 Source: KT&Partners April 26,

11 Appendix Peer Description DSV A/S provides transport and logistics solutions. It operates through the following business segments: Air and Sea, Road, and Solutions. The Air and Sea segment specializes in the handling of air and sea freight through a global network. The Road segment offers road freight services including full and part loads, and temperature-controlled transport, and other specialized services across Europe. The Solutions segment covers specialized logistics solutions such as freight management, customs clearance, warehousing and distribution, information management, and e-business support. The company was founded on July 13, 1976 and is headquartered in Hedehusene, Denmark. Kühne & Nagel International AG is engaged in the provision of logistic services. It also offers strategic solutions such as hotel logistics and emergency and relief logistics. It operates through the following segments: Seafreight, Airfreight, Road and Rail Logistics, Contract Logistics, Real Estate, and Insurance Brokers. The company was founded by August Kuehne and Friedrich Nagel in 1890 and is headquartered in Schindellegi, Switzerland. United Parcel Service (UPS), Inc. is a logistics company, which provides global package delivery and supply chain management services. It offers logistics services to the global market, which includes transportation, distribution, forwarding, ground, ocean and air freight, brokerage and financing. The company operates its business through three segments: U.S. Domestic Package, International Package and Supply Chain & Freight. UPS was founded by James E. Casey and Claude Ryan on August 28, 1907 and is headquartered in Atlanta, GA. Deutsche Post AG provides mail and logistics services. It operates through the following business segments: Mail, Express, Global Forwarding Fright and Supply Chain. The Mail segment, specialized in dialogue marketing, nationwide press distribution services and all the electronic services associated with mail delivery provides domestic and international mail and parcels. The Express segment offers courier and express services to business customers. The Global Forwarding Freight segment handles the carriage of goods by rail, road, air and sea. The Supply Chain segment provides warehousing, managed transport and value-added services at every link in the supply chain for customers in a variety of industries including life sciences and healthcare. The Retail and Life Sciences&Healthcare sectors accounted for the majority of the Supply Chain gains. In 2014, Supply Chain division revenues amounted to 14.7bn and the contribution of the life science and healthcare sector was about 2.9bn (20%). The company was founded in 1995 and is headquartered in Bonn, Germany. Owens & Minor, Inc. is a healthcare logistics company that connects the world of medical products to the point of care. It provides services to the manufacturers of healthcare products, supplies and devices in the United States and Europe. The company operates though two segments: Domestic and International. The Domestic segment provides all services in the United States relating to medical supply meanwhile the logistics company serve healthcare providers and manufacturers. The International segment, comprised of the Movianto Group, provides third-party logistics for the pharmaceutical, biotechnology and medical device services in the European market. Owens & Minor was founded by Otho O. Owens and G. Gilmer Minor in 1882 and is headquartered in Mechanicsville, VA. April 26,

12 UDG Healthcare Plc provides commercialization solutions to international healthcare companies. The company operates through three segments: Supply Chain services, Sharp Packaging services and Ashfield Commercial and Medical services. The Supply Chain services segment combines all of the group's healthcare logistics based businesses. The Sharp Packaging services segment provides outsourced commercial and clinical trial packaging services to healthcare companies. The Ashfield Commercial and Medical services segment provides sales and marketing services, healthcare communications, event management, medical affairs and regulatory services to healthcare manufacturers. The company was founded in 1948 and is headquartered in Dublin, Ireland. April 26,

13 DISCLAIMER THIS DOCUMENT WAS PREPARED BY KT&PARTNERS S.R.L., WITH REGISTERED OFFICE AT VIA DELLA POSTA 10, MILAN, ITALY, MILAN COMPANY REGISTER NO , SPECIALIZING IN FINANCIAL RESEARCH AND ANALYSIS (HEREINAFTER, KT&PARTNERS ). KT&PARTNERS PREPARED THIS DOCUMENT ON BEHALF OF BOMI ITALIA SPA ACCORDING TO AN AGREEMENT ENTERED WITH THE SAME AND ON THE BASIS OF THE DATA AND PUBLIC INFORMATION PROVIDED BY THE SAME OR DERIVED FROM SOURCES DEEMED SERIOUS AND RELIABLE ON THE FINANCIAL MARKET BUT WHOSE ABSOLUTE TRUSTWORTHINESS, COMPLETENESS, AND ACCURACY CANNOT BE GUARANTEED. THIS DOCUMENT IS A SOURCE OF INFORMATION ONLY, AND IS NOT PART OF, AND IN NO WAY MUST IT BE CONSIDERED, AN OFFER TO SELL, SUBSCRIBE OR TRADE, OR A SOLICITATION TO PURCHASE, SUBSCRIBE OR TRADE, FINANCIAL INSTRUMENTS/PRODUCTS, OR IN GENERAL TO INVEST, NOR MUST IT BE CONSIDERED ANY FORM OF CONSULTING FOR AN INVESTMENT IN FINANCIAL INSTRUMENTS. THE INFORMATION PROVIDED IN THIS DOCUMENT MUST NOT BE UNDERSTOOD AS A REQUEST OR SUGGESTION TO CONDUCT OR CARRY OUT A SPECIFIC TRANSACTION. EACH INVESTOR MUST FORM HIS/HER OWN OPINION BASED EXCLUSIVELY ON HIS/HER ASSESSMENT OF THE ADVISABILITY OF INVESTING. ANY INVESTMENT DECISION MADE ON THE BASIS OF THE INFORMATION AND ANALYSES IN THIS DOCUMENT IS THE EXCLUSIVE RESPONSIBILITY OF THE RECIPIENTS OF THIS DOCUMENT, WHO MUST CONSIDER THIS DOCUMENT MERELY AS A SOURCE OF INFORMATION AND ANALYSIS TO SUPPORT SUCH DECISION. ANY OPINIONS, FORECAST OR ESTIMATES CONTAINED HEREIN CONSTITUTE A JUDGEMENT AS AT THE DATE OF THIS DOCUMENT, AND THERE CAN BE NO ASSURANCE THAT THE FUTURE RESULTS OF THE COMPANY AND/OR ANY FUTURE EVENTS WILL BE CONSISTENT WITH ANY OF SUCH OPINIONS, FORECAST OR ESTIMATES. KT&PARTNERS MAKES NO EXPLICIT OR IMPLICIT GUARANTEE WITH RESPECT TO PERFORMANCE OR THE OUTCOME OF ANY INVESTMENT OR PROJECTIONS MADE. THEREFORE, KT&PARTNERS, ITS REPRESENTATIVES AND/OR EMPLOYEES WILL NOT BE LIABLE FOR ANY EFFECT DERIVING FROM THE USE OF THIS DOCUMENT, AND HEREBY DECLINE ALL LIABILITY FOR ANY DIRECT OR INDIRECT DAMAGES, FINANCIAL OR OTHERWISE, DERIVING FROM ANY USE OF THE INFORMATION IT CONTAINS. KT&PARTNERS AIMS TO PROVIDE CONTINUOUS COVERAGE OF THE COMPANY IN CONJUNCTION WITH ANY EXCEPTIONAL EVENT THAT OCCURS AFFECTING THE ISSUER S SPHERE OF OPERATIONS AND IN ANY CASE AT LEAST TWICE PER YEAR. April 26,

14 April 26, 2016 Industrial Goods and Services Via della Posta, 10 - Piazza Affari, Milano - Italy Tel: Fax: segreteria@ktepartners.com