D&B Plus. In This Report. Identification & Summary ADVISE SRL. Risk Indicators Overview. Identification Main Trading Address.

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D&B Plus Report viewed 27 Jun 2018 Subscriber Number 878-153133 Your Reference DNB In This Report Payment experiences data updated on 01 Jun 2018 Chamber of commerce data updated on 26 Jun 2018 Identification & Summary ADVISE SRL Risk Indicators Overview D&B Rating 1A 1 Risk Indicator 1 2 3 4 - D&B Failure Score 93 D&B Delinquency Score 80 D&B Maximum Credit 550.000 Days Beyond Terms 0 Protested Bills indicator Legal Events Indicator Special Events Indicator Financial Data Latest Accounts Date 31 Dec 2017 Net Worth 1.190.158 Turnover 117.756.636 No No No Identification Main Trading Address VIA TRIESTE ANG. PZZA VERGINE 34 FUCECCHIO (FIRENZE) ITALY 50054 Telephone Number 057121247 Fax Number 057121247 D-U-N-S Number 43-462-9935 Registration Number (CCIAA) RM 1479495 VAT Number 02333430466 code 02333430466 Website Registered Address Line of Business (SIC) Parent Company www.advisesrl.it VIALE LUCA GAURICO 9/11 ROMA (ROMA) ITALY 00143 MISCELLANEOUS BUSINESS SER- VICES (7399) MANAGEMENT & PUBLIC RELATIONS CONSULTANTS (7392) PERSONAL SERVICES PROVIDERS (7299) TRUNK HOLDING SRL Over the last 12 months information on this company had been requested 6 time(s) by our domestic and Worldwide customers.

Risk Evaluation MINIMUM Risk Of Business Failure D&B Rating 1A 1 Financial Strength 1A Based on net worth of 1.190.158 D&B Credit Advice 550.000 Maximum recommended credit amount, based on subject's information, level of risk, and the industry sector it operates within. Risk Indicator(1-4) 1 Represents a minimum risk of business failure. D&B Failure Score 93 out of 100 D&B Delinquency Score 80 out of 100 7% of companies in Italy have a lower risk of failure and 93% of companies in Italy have a higher risk of failure. 20% of companies in Italy have a lower risk of paying significantly late and 80% of companies in Italy have a higher risk of paying significantly late. Main Influencing Factors for Risk Evaluation This business has a satisfactory cash flow This business has a medium degree of indebtedness The current ratio tends towards equilibrium. Our records show this business meets its commmitments on time. Payment of accounts shows a positive trend Our records show this business is in a medium risk industry sector The D&B Failure Score predicts the likelihood that a company will obtain legal relief from its creditors or cease operations with unpaid obligations over the next 12 months. It is calculated on the basis of continuous monitoring of demographic, financial variables as well as payment performance and negative information. The D&B Rating, based on the financial strength of a business and the D&B Failure Score, predicts the likelihood of a business failing within the next 12 months. Financial strength is calculated referring to the net worth or capital. The risk indicator is determined from the D&B Failure Score. The D&B Delinquency Score predicts the likelihood that a business will pay its obligations late within the next 12 months. It is calculated on the basis of continuous monitoring of demographic, financial variables as well as payment performance and negative information.

D&B Rating & Score - Trend & Industry Sector Comparison History and Industry Comparison of D&B Failure Score The graph below shows the history of the D&B Failure Score for ADVISE SRL over the last 24 months compared to the average for its industry group. Comparison of Financial Strength Financial Strength of ADVISE SRL: 1A Number of businesses in the same industry with determined net worth: 85.684, of these 1.417(1,7%) have a higher Financial Strength. 951 (1,1%) have the same Financial Strength. 83.316 (97,2%) have a lower Financial Strength. Payment Information Commentary Today's Failure Score of 93 indicates that ADVISE SRL is less likely to fail than industry average. Total number of businesses in the same industry group as ADVISE SRL : 362.582 Average Industry Score : 53 D&B collects in excess of 100 million payment experiences on pean businesses each year. The information shown below indicates how ADVISE SRL has been paying its bills. Average Days Beyond Terms Within terms Paydex 80 Number of payment experiences (last 12 months) 4 Total value of experiences (s) 56.810 Average Value of Experiences 14.203 Summary of payment experiences: Value Bands in Number of Experiences terms days days days Total Value % paid within 1-30 31-60 61-90 s > 100.000 - - - - - - 75.000-99.999 - - - - - - 50.000-74.999 - - - - - - 25.000-49.999 - - - - - - 10.000-24.999 4 56.810 100 - - - < 10.000 - - - - - - Total 4 56.810 91+ days In some instances, payment beyond terms can be the result of overlooked or disputed invoices.

Payment Information - Industry Sector Comparison History and Industry Comparison of the Payment Behaviour. Shown below is an industry comparison based on the 77.795 other businesses in same industry group as ADVISE SRL where D&B has payment experiences. Comparison of Days Beyond Terms and Payment Score ADVISE SRL pays to terms Payment Score of 80 Upper quartile (top 25%) pays within terms Payment Score of 80 Median (middle 50%) pays 3 days beyond terms Payment Score of 78 Lower quartile (bottom 25%) pays 19 days beyond terms Payment Score of 66

Risk of Failure and Payment Performance - Industry Sector Comparison This section compares the D&B Failure Score and the D&B Delinquency Score of the subject to the averages of the industry sector and the country. Commentary ADVISE SRL pays within terms This is 14 days better than the national average of 14 days beyond terms. When compared to similar businesses ADVISE SRL pays faster than the industry average of 3 days beyond terms. The D&B failure score of 93 predicts that the risk of failure within the next 12 months for ADVISE SRL is minimal. This compares to an industry average D&B Failure Score this month of 53 and a national average of 50. Protested Bills In this section are included protested bills registered in public sources and already processed by our systems. A check is done on: company on headquarters addresses (previous, current) and branches included in our database; principals on headquarters addresses (previous, current), branches included in our database and their registered home address; shareholders with more than 50% of shares, check based on fiscal code. Protested bills check is negative. Principals MASSIMO BAGNOLI : Sole Administrator Born 25 Apr 1982 City of Birth EMPOLI County of Birth FIRENZE Country of Birth ITALIA Home Address VIA DELLA CHIESA 22/A Town CASTELFRANCO DI SOTTO County PISA Appointment Date 10 Oct 2013 Code BGNMSM82D25D403U Associations Name Office Province TRUNK HOLDING SRL Sole Administrator ALTOPASCIO (LUCCA)

TRUNK HOLDING SRL : Partner Home Address VIA CAVOUR 5 Town ALTOPASCIO County LUCCA Appointment Date 20 Jan 2016 Code 02401610460 FRANCESCO CAPPABIANCA : Procurator Born 10 Jun 1981 City of Birth IVREA County of Birth TORINO Country of Birth ITALIA Home Address VIA CARLO CASINI 328 Town ROMA County ROMA Appointment Date 18 Nov 2014 Code CPPFNC81H10E379Y Shareholders Shareholder Name Percentage TRUNK HOLDING SRL, CF 02401610460 100.00% Parent Company Immediate Parent Company Name TRUNK HOLDING SRL Company Address VIA CAVOUR 5 55011 ALTOPASCIO IT Interest 100.00% D&B Rating C 2 Legal Structure Legal Form Private Limited Liability Company Date Started 10 Oct 2013 Date of Registration 19 May 2016 Date of Incorporation 10 Oct 2013 Business activity start date 01 May 2015 Duration Date 31 Dec 50 Nominal capital 100.000 Paid Up Capital 100.000 Issued capital 100.000

History Started on 10 Oct 2013 Registered office was located in ALTOPASCIO (LUCCA),VIA CAVOUR 5 - Changed on 19 May 2016 Trading office was located in ALTOPASCIO (LUCCA),VIA CAVOUR 5 - Changed on 01 May 2015 Operations Operates As SIC Code ATECO NACE RAE 2002 Code MISCELLANEOUS BUSINESS SERVICES 7399 511 74.87 630 MANAGEMENT & PUBLIC RELATIONS 7392 74142 74.14 630 CONSULTANTS PERSONAL SERVICES PROVIDERS 7299 71401 93.05 840 Operations ACQUISTO E VENDITA TRAFFICO TELEFONICO VOIP. CONSULENZA NEL SETTORE DELLE TECNOLOGIE DELL'INFORMATICA. Employees Employees 12 In the past number of employees was 2 Premises Offices / Premises Registered Address Dispone di office VIALE LUCA GAURICO 9/11,ROMA,ROMA,00143,ITALY Banks Banca Popolare Commercio e Industria Credito Cooperativo di Cambiano Bankers Financial Summary 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014 31 Dec 2013 Net Sales 117.756.636 108.908.824 34.843.843 2.764.995 75.447 Profit(Loss) 694.328 484.149 110.877 18.699 24.281 Net worth 1.190.158 605.832 150.930 40.058 34.280 Fixed Assets 19.080 15.350 4.353 0 0 Liquid Assets 6.533.221 7.663.863 4.308.520 658.216 67.654 Inventory CURRENT ASSETS 6.533.221 7.663.863 4.308.520 658.216 67.654 Current Liabilities 5.412.843 7.125.952 4.215.131 621.007 34.918 Total Assets 6.622.624 7.738.131 4.366.599 661.065 69.198

BalanceSheet Assets 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014 31 Dec 2013 SUBSCRIBED CAPITAL 0 0 0 0 5.000 UNPAID TOTAL TANGIBLE 89.083 74.241 58.052 2.849 1.423 INTANGIBLE AND FINANCIAL ASSETS INTANGIBLE ASSETS 10.666 1.765 2.714 2.849 1.423 TANGIBLE ASSETS 19.080 15.350 4.353 0 0 - Land & Buildings 0 0-0 0 FINANCIAL ASSETS 59.337 57.126 50.985 0 0 - AMOUNTS OWED BY ASSOC./AFFILIATED CO.S - Including: EQUITY INVESTMENTS - Own Shares - - 0 0 0 CURRENT ASSETS 6.505.795 6.802.336 4.301.653 657.681 62.762 STOCKS - FINISHED GOODS & WORK IN PROGRESS DEBTORS 6.267.946 6.727.365 4.254.637 644.635 27.206 - SHORT-TERM DEBTORS 6.267.626 6.727.338 4.254.610 644.635 27.085 - TRADE DEBTORS 4.591.781 5.932.152-0 - - SHORT-TERM TRADE 4.591.781 5.932.152 - - - DEBTORS FINANCIAL ASSETS - Own Shares - - 0 0 0 CASH AND BANK 237.849 74.971 47.016 13.046 35.556 PREPAYMENTS & ACCRUED 27.746 861.554 6.894 535 13 INCOME TOTAL ASSETS 6.622.624 7.738.131 4.366.599 661.065 69.198 Liabilities 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014 31 Dec 2013 SHAREHOLDERS' EQUITY 1.190.158 605.832 150.930 40.058 34.280 - SHARE CAPITAL 100.000 100.000 19.608 19.608 10.000 - SHARE PREMIUM RESERVE

- Revaluation reserve PROVISIONS FOR RISKS AND CHARGES - Provisions for taxation Provision for severance 19.623 6.347 538 0 0 indemnity CREDITORS 5.231.346 5.472.056 4.199.999 578.685 34.896 SHORT-TERM CREDITORS 5.231.346 5.472.056 4.199.999 578.685 34.896 - TRADE CREDITORS 3.216.562 4.852.913 0 0 0 - AMOUNTS DUE TO BANKS - 1.611.979 227.607 - - - SHORT-TERM AMOUNTS DUE TO BANKS - MEDIUM/LONG-TERM ACCRUED EXPENSES AND 181.497 1.653.896 15.132 42.322 22 DEFERRED INCOME TOTAL LIABILITIES AND 6.622.624 7.738.131 4.366.599 661.065 69.198 SHAREHOLDERS' EQUITY MEMORANDUM ACCOUNTS - - 0 0 0 - Accumulated depreciation of tangible assets - - 1.538 - -

Profit & Loss Account Profit & Loss Account 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014 31 Dec 2013 Value Of Production 117.795.639 108.909.497 34.844.147 2.765.203 75.447 - Revenues 117.756.636 108.908.824 34.843.843 2.764.995 75.447 - Change in stocks of finished goods & work in progress - Total changes - Other revenues 39.003 673 304 208 0 Production Costs 116.721.375 108.114.691 34.633.459 2.737.899 36.580 - Purchase Of Raw Materials & Goods 114.805.463 106.607.960 33.711.834 2.522.726 154 - Change In Materials - Consumption Of Materials 114.805.463 106.607.960 33.711.834 2.522.726 154 - Overheads 1.451.765 1.309.118 880.383 199.526 34.747 Provisions for risks & other 0 0 0 1.271 0 - Value Added 1.538.411 992.419 251.930 44.222 40.546 - staff costs 330.246 107.838 10.265 162 1.252 Provision for severance indemnity 16.076 5.811 538 0 0 - G.O.M. 1.169.162 883.908 241.361 42.581 39.294 - Amort./Deprec/Writed. of fixed assets - Amortisation/depreciation/writed owns - Amortisation of intangible assets 7.220 4.024 2.413 801 356 30.459 33.913 17.458 801 356 3.412 949 875 801 356 Depreciation of tangible assets 3.808 3.075 1.538 0 0 Profit / (Loss) From Ordinary Operating Activities 1.138.703 849.995 223.903 41.780 38.938 - Other Income / Charges (74.759) (76.206) (17.997) (12.498) (373) Interest receivable & similar income 36 28 49 19 3 Operating Profit / (Loss) 1.063.944 773.789 205.906 29.282 38.565 Financial Charges 26.876 217 805 369 0 Profit / (Loss) Before Extraordinary Op.S Adjustments To Value Of Financial Assets (+/-) Extraordinary Income/Charges (+/-) 1.037.068 773.572 205.101 28.913 38.565 - - 0 0 (1) Profit / (Loss) Before Taxation 1.037.068 773.572 205.101 28.913 38.564 TAXATION 342.740 289.423 94.224 10.214 14.283 PROFIT (LOSS) FOR THE PERIOD (+/-) 694.328 484.149 110.877 18.699 24.281 Cash Flow 724.787 518.062 128.335 19.500 24.637

Key Ratios Returns Ratios 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014 31 Dec 2013 ROE % 58,34 79,91 73,46 46,68 70,83 Return on Sales % 0,59 0,44 0,32 0,68 32,18 ROI % 17,19 10,98 5,13 6,32 56,27 ROA 0,16 0,10 0,05 0,04 0,56 M.O.L 0,01 0,01 0,01 0,02 0,52 Turnover Invested Capital Turnover 17,78 14,07 7,98 4,18 1,09 Current Assets Turnover 18,10 16,01 8,10 4,20 1,20 Equity and Financial Ratios Net Assets Cover 0,18 0,08 0,03 0,06 0,50 Fixed Assets Cover 13,36 8,16 2,60 14,06 24,09 Short-term Banks on Current 0,25 0,03 0,00 0,00 0,00 Assets Gearing 5,56 12,77 28,93 16,50 2,02 Liquid Ratio Current Ratio 1,21 1,08 1,02 1,06 1,94 Acid-Test Ratio 1,21 1,08 1,02 1,06 1,94 Productivity Ratios Turnover per Employee 10.705.148,73 - - - - Operating Value Added per 139.855,55 - - - - Employee Labour Cost per Employee 30.022,36 - - - - Labour Cost on Turnover - - - - 0,02 Operating Value Added on Sales 0,01 0,01 0,01 0,02 0,54 Days of Credit to Customers or 14,04 19,61 - - - Duration of Amounts owed by Customers Incidence Ratios for Costs Labour Costs on Costs 0,00 0,00 0,00 0,00 0,03 Depreciation and Devaluation on 0,00 0,00 0,00 0,00 0,01 Costs General Expenses on Cost 0,01 0,01 0,03 0,07 0,95 Development Ratios Revenues Variations 0,08 2,13 11,60 35,65 - Variations in Production Costs 0,08 2,12 11,65 73,85 - Variations in Shareholders' Equity 0,96 3,01 2,77 0,17 - Variations in Total Assets (0,14) 0,77 5,61 8,55 - Comments Analysis on 2017 balance sheet shows the following financial scenario(s) Quick test ratio good, improving when compared to last year Current test ratio fair, improving when compared to last year Short terms Liabilities ratio average compared to net worth and decreased if compared to previous balance sheet Return on Equity good, worse than last year Return on Sales trend increasing

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