© 2017 EnVent Capital Markets – All rights reserved

AIM ITALIA FACTS

September 30th, 2017

Booming performance of AIM Italia Market in 9M 17:

88 companies listed with a total market

capitalization of almost €5bn (+71% vs FY16)

€1bn additional market cap by newcomers and

€771m of funds invested in IPOs (vs €106m in

9M 16)

€93m further funds raised through capital

increase and corporate bond issuance (+173%

vs 9M 16)

Velocity turnover at 51.2% strongly above 9M

16 (14.5%) and the entire 2016 (24.6%)

PIR plans, selective institutional investors and

newcomers with an attractive and compelling equity

story represent turning points in the growth of AIM

Italia Market

D

u

e

t

o

AIM Italia Facts

This snapshot 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. Each and every investment/divestiture decision is the sole responsibility of the party receiving the advice and recommendations, who is free to decide whether or not to implement them. Therefore, EnVent and/or the author (s) of the present publication cannot in any way be held liable for any losses, damage or lower earnings that the party using the publication might suffer following execution of transactions on the basis of the information and/or recommendations contained therein. This document may not be distributed in the United States, Canada, Japan or Australia or to U.S. persons

AIM ITALIA MARKET LIQUIDITY SNAPSHOT

Solid performance of volumes and prices on AIM Italia Market for the first nine months leads to a rise in our full year guidance. The FTSE AIM ITALIA index increased by +24% vs FY2016 and AIM Italia volumes grew by +180% over the same period of the previous year and by +115% from the end of 2016. The stock performance improvement is partly due to the increase in liquidity caused by the PIR effect (tax efficient savings vehicle for retail investors) and partly to the upsurge in the quality of listed companies since the beginning of FY2015. Specifically the Compounded Annual Growth Rate (CAGR) analysis of AIM share prices (including warrants) from IPO dates to September 30th 2017 highlights:

0,00

2,00

4,00

6,00

8,00

10,00

12,00

14,00

16,00

18,00

20,00

02/01/2017 02/02/2017 02/03/2017 02/04/2017 02/05/2017 02/06/2017 02/07/2017 02/08/2017 02/09/2017

Volumes on AIM Italia, Q3 2016 vs Q3 2017

01.01.2016 - 30.09.2016 01.01.2017 - 30.09.2017

Units/ Mln

january february march april may june july august september

An average CAGR of 88 listed companies

equal to 14% Only 13 (30%) of the 43 (49%)

companies listed from 2009 to 2014 with positive CAGR

32 (71%) of the 45 (51%) companies listed from 2015 to today (51% of the market) with positive CAGR

PIR effect and the increase in the quality of the companies make AIM Italia Market an interesting investment opportunity both in the short and medium term.

0

2.000

4.000

6.000

8.000

10.000

12.000

0,00

2,00

4,00

6,00

8,00

10,00

12,00

14,00

16,00

18,00

20,00

FTSE AIM Italia Index vs AIM Italia Volumes 01.01.2016 - 30.09.2017

AIM Italia Volumes (left) FTSE AIM Italia (right)

Units/MlnEuro

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

180,00

200,000

1/0

1/2

01

6

01

/02

/20

16

01

/03

/20

16

01

/04

/20

16

01

/05

/20

16

01

/06

/20

16

01

/07

/20

16

01

/08

/20

16

01

/09

/20

16

01

/10

/20

16

01

/11

/20

16

01

/12

/20

16

01

/01

/20

17

01

/02

/20

17

01

/03

/20

17

01

/04

/20

17

01

/05

/20

17

01

/06

/20

17

01

/07

/20

17

01

/08

/20

17

01

/09

/20

17

FTSE Italia PIR Mid Small Cap Index 01.01.2016 - 30.09.2017

Source: EnVent on Bloomberg Data

SELFIEWEALTH ROBOADVISOR – A SIMULATION OF A PIR COMPLIANT MODEL PORTFOLIO

SelfieWealth RoboAdvisor (www.selfiewealth.com) simulates a PIR compliant high risk portfolio where AIM Italia companies are a weighted part of an investment mix.

Market Ticker Weight Name PIR COMPLIANT PORTFOLIO

LFG.MI 2,2% Leone Film Group SpA  

FIC.MI 2,5% First Capital SpA  CDR.MI 2,1% CDR Advance Capital SpASB.MI 1,7% Safe Bag S.p.A.

IWB.MI 4,0% Italian Wine Brands SpA  

ASSI.MI 1,3% Assiteca SpA

IB.MI 3,8% Iniziative Bresciane Inbre SpA  

PRI.MI 9,1% Prima Industrie SpA  

SG.MI 7,2% SAES Getters SpA

CMB.MI 9,4% Cembre SpA  

PIA.MI 9,5% Piaggio & C. SpA  

LD.MI 6,8% La Doria SpA

SAB.MI 7,2% Sabaf SpA

CLF.MI 8,1% Caleffi SpA

GE.MI 4,2% Gefran SpA

GEO.MI 9,1% Geox SpA  

BFE.MI 9,3% Banca Finnat Euramerica SpA  

20%

Avg. daily volumes

€ 93,645

AIM

MID/SMALL CAP

MAIN MARKET

80%

Avg. daily volumes

€ 1,363,964

The reported portfolios, based on SelfieWealth’s analysis and algorithms and on EnVent Capital Markets’ knowledge on Italian Mid and Small Caps, represents a simulated exposure on Italian SMEs to target an alternative investment opportunity.

The trading strategy selects few shares and assumes a more cautious approach in dealing with securities with low liquidity.

Source: EnVent on SelfieWealth data

EnVent Capital Markets and SelfieWealth agreed a partnership to develop RoboAdvisor portfolio analysis focused on mid and small caps.

AIM Italia Facts

1

88 listed companies at September 30th

2017

15 new listings, 1 admission, 3 delistings

and 2 transfers to the MTA Market in 9M

17

Total market cap of almost €5bn, +71%

vs year-end 2016

8 IPOs in Q3 17, double Q3 16 in terms of

number, 5x in terms of funds invested

(€583m in Q3 17 vs €116m in Q3 16)

1 admission of instruments with existing

free float for Pharmanutra

1 incorporation of Industrial Stars of Italy

2 (SPAC already listed on AIM Italia) in

SIT S.p.A.

Average IPO float of 23% (excluding

SPACs)

Additional market cap of €673m from

newcomers in Q3 17 (vs €174m in Q3 16)

€771m funds collected in IPO in 9M 17

The bulk of liquidity comes from SPACs

collecting funds of €696m in Q3 17 (90%

of funds collected in 9M 17)

SPACs listed on Italian Stock Markets are

growing because they facilitate SMEs’

access to capital markets through lower

procedural costs and bureaucracy

0,3 0,4 0,4 0,51,2

2,1

3,0 2,9

5,0

410 14

18

36

57

7477

88

0

20

40

60

80

100

0,0

1,0

2,0

3,0

4,0

5,0

6,0

2009 2010 2011 2012 2013 2014 2015 2016 3Q 2017

Market Cap and number of companies listed on AIM Italia, 2009-Q3 2017

Total market cap (left) Listed companies (right)

€bn Unit

+13% -2% +39% +142%

+73%+43%

-2%+71%

Source: EnVent on public data, Borsa Italiana, Bloomberg

€m New listings (IPOs and Admissions)

Companies Business Type DateMoney

Raised

Vendor

Placing

Market Cap

at listing

Float

at listing

Culti Milano

Home fragrances IPO 17/07/2017 4,5 0,0 16,1 28,0%

Pharmanutra

Nutraceuticals and

medical devicesAdmission 18/07/2017 0,0 0,0 69,5 24,0%

Glenalta

SPAC IPO 19/07/2017 98,0 0,0 98,0 100,0%

Sprintitaly

SPAC IPO 21/07/2017 150,0 0,0 150,0 100,0%

Alfio Bardolla Training Group

Personal financial

education and trainingIPO 28/07/2017 3,1 0,0 10,6 17,3%

EPS Equita PEP SPAC

SPAC IPO 01/08/2017 150,0 0,0 150,0 100,0%

Capital For Progress 2

SPAC IPO 04/08/2017 65,0 0,0 65,0 100,0%

Neodecortech

Decorative papers and

cardsIPO 26/09/2017 12,4 0,0 14,3 23,7%

Spactiv

SPAC IPO 27/09/2017 100,0 0,0 100,0 100,0%

TOTALE 583,0 0,0 673,5 66% Source: EnVent on public data, Borsa Italiana, websites and Admission Documents. Data include, when applicable, the exercise of Greenshoe option

22 34 599

158 186252

202

751

1

823

32

6

20

0

100

200

300

400

500

600

700

800

2009 2010 2011 2012 2013 2014 2015 2016 3Q 2017

Funds collected in IPO on AIM Italia, 2009-Q3 2017 (€m)

Money raised Vendor placing

22 3459

166209

10

284

208

771

Note: Money raised includes funds collected by companies through newly issued shares. Vendor placings include funds invested by existing shareholders from the sale of existing shares, including the exercise of greenshoe option. Figures also include funds collected in IPO by subsequently delisted companies. Source: EnVent on public data, Borsa Italiana, websites and Admission Documents.

Q3 17 AIM Italia Key facts

AIM Italia Facts

2

€93m further funds raised in 9M 17 vs

€34m in 9M 16 (+173%) and over the

entire of 2016

Further capital raises represented 70%

of additional funds collected, of which

50% comes from warrant conversion

(around €30m)

Corporate bond issues accounted for

30%, of which 57% non-convertible

Steep increase in number and value of

trades in 9M 17 (respectively, +707% and

+382% vs 9M 16)

AIM Italia Velocity Turnover accelerating

to 51.2% as of end September 2017 (vs

14.5% as of end September 2016) in line

with Mid Cap and the half of Small Cap

and Star Indexes

9M 17 confirmed the higher velocity

turnover of companies with market cap

lower than €10m

Media (72.0%), Energy & Cleantech

(63.0%) and Industrials (58.3%) the

most traded industries

Liquidity analysisVELOCITY

TURNOVER*

Tot. Volumes /

Free Float

INDUSTRY

Financial and Inv. Companies 25,0% 71,7%

Digital 39,5% 337,3%

Media 72,0% 307,5%

Energy & Cleantech 63,0% 291,7%

Food & Beverage 36,6% 61,7%

Industrials 58,3% 268,0%

Consumer goods and services 51,6% 273,5%

Other 122,2% 392,2%

Mean 51,4% 261,4%

MARKET CAP

< €10m 112,3% 642,6%

€10-25m 58,1% 246,0%

€25-50m 49,0% 233,3%

> €50m 27,1% 138,4%

Mean 51,4% 261,4%

*Tot. Volumes / Num. Ordinary Shares , average last twelve months

Source: EnVent on publ ic data, Borsa Ita l iana, Bloomberg, webs ites and

Admiss ion Documents

Trading Period: 01/01/2017 - 30/09/2017

In Q3 17 FTSE AIM Italia Index increased

by +24% compared to year-end 2016,

below FTSE Italia Small Cap (+39%) and

over FTSE AIM UK All-Share (+19%)

2735

14 19

38

66

2757

34

46

27

0

20

40

60

80

100

2012 2013 2014 2015 2016 2017

Further capital raises and Corporate bond issues on AIM Italia, 2009-Q3 2017 (€m)

Further capital raise Corporate bonds issued

27

62

71

53

84

93

3Q 2017

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, websites and Admission Documents

0

20.000

40.000

60.000

80.000

100.000

120.000

140.000

160.000

180.000

200.000

0

100

200

300

400

500

600

700

1Q2

00

9

2Q2

00

9

3Q2

00

9

4Q2

00

9

1Q2

01

0

2Q2

01

0

3Q2

01

0

4Q2

01

0

1Q2

01

1

2Q2

01

1

3Q2

01

1

4Q2

01

1

1Q2

01

2

2Q2

01

2

3Q2

01

2

4Q2

01

2

1Q2

01

3

2Q2

01

3

3Q2

013

4Q2

01

3

1Q2

01

4

2Q2

01

4

3Q2

01

4

4Q2

014

1Q2

01

5

2Q2

01

5

3Q2

01

5

4Q2

01

5

1Q2

016

2Q2

01

6

3Q2

01

6

4Q2

01

6

1Q 2

017

2Q 2

017

3Q 2

017

Value and volumes traded on AIM Italia, 2009-Q3 2017

Value (left) Trades number (right)

€m Units

Source: EnVent on Borsa Italiana Monthly Update

51,2%

108,7%

57,8%

93,3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

AIM ITALIA SMALL CAP MID CAP STAR

Velocity turnover of companies listed on AIM Italia vs companies listed on other Italian reference markets: Q3 2017

Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents

60

80

100

120

140

160

180

200

220

AIM Italia index vs Italy and UK reference indexes, 1.07.2013 - 30.09.2017

Italia Small Cap

Italia All-Share

UK All-Share

AIM UK All-Share

AIM Italia

Note: AIM Italia index launched on July the 7th, 2013 Source: EnVent on Bloomberg

AIM Italia Facts

3

959 listed companies as of September

30th 2017, -2.3% vs FY2016

Number of AIM UK companies is still in

decline, while the cumulated market

capitalization continues to improve

reaching GBP100bn (+24% vs FY2016)

The average market capitalization of AIM

constituents increased to GBP105m

(+27% vs FY2016)

53 IPOs/Admissions in 9M 17 (vs 52 of

9M 16) and 76 delistings (vs 96 in 9M 16)

GBP1,225m money raised in IPO in 9M 17

(+25% compared to 9M 16)

Predictions of a sharp recession after the

Brexit vote did not seem to affect AIM UK

liquidity, with the average daily shares

traded and daily value increasing by

125% vs 9M 16

As of September 2017 value of shares

traded accounted for 50% of total market

capitalization (vs 27% of September

2016)

121

252308 312 347

524629

704754

1.021

1.399

1.634 1.6941.550

1.2931.195

1.1431.096 1.087 1.104 1.044

982 959

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

AIM UK listed companies, 1995 - Q3 2017

Source: London Stock Exchange, AIM UK Market Statistics

121142

10775

102

277

177160

162

355

520462

284

114

36

102 90 7199 118

61 64 53

0

100

200

300

400

500

600

0

2.000

4.000

6.000

8.000

10.000

12.000

IPOs/Admissions and Money raised on AIM UK, 1995 - Q3 2017

Money raised in IPO Number of IPOs/Admissions

UnitsGBPm

Source: London Stock Exchange, AIM UK Market Statistics

Note: the comparability of above figures with previous publications may be impracticable due to a data

restatement by London Stock Exchange in April 2017.

2 8 10 821

52

18 1323

60

150

225

286

164

111

160

190 192

157

223

165 172

265

4 22 26 2579

142

106 99 222358

380516 568

468

649780

1.0911.344

1.937 2.302

2.669

2.740

3.497

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

0

50

100

150

200

250

300

350

Average daily value and shares traded on AIM UK, 1995 - Q3 2017

Average daily value (left) Average daily shares traded (right)

mGBPm mGBPm

Source: London Stock Exchange, AIM UK Market Statistics

Note: the comparability of above figures with previous publications may be impracticable due to a data

restatement by London Stock Exchange in April 2017.

Q3 17 AIM UK Snapshot

1.

AIM Italia Facts

4

ADMISSION

CAPITAL RAISE/INCREASE

CORPORATE BOND

FLOAT

GREENSHOE OPTION

IPO

MARKET CAPITALIZATION/CAP

MONEY RAISED

SPAC (Special Purpose Acquisition Company)

VELOCITY TURNOVER

VENDOR PLACING

VOLUMES

WARRANT

Transfers and just listings from other markets

Money raised by a company through a right assigned to existing shareholders or reserved

to new shareholders to underwrite additional new issued shares at a determined price

Debt securities issued by a company

Ordinary shares available for trading on the market, owned by non-significant

shareholders (stakes under 5% of share capital on AIM Italia)

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

Initial Public Offer: sale of ordinary shares of a private company on the equity capital

market within the listing process on a stock exchange

Total market value of 100% Equity of a company listed on a stock exchange

Funds collected in IPO by a private company from the underwriting of new issued shares

New company usually formed for the sole purpose of raising capital to identify and

acquire a suitable business opportunity

Ratio of total traded shares to total ordinary shares in a given period

Funds collected in IPO (or in other placement) by existing shareholders of a company

from the sale of existing shares and from the Greenshoe option exercise

Number of financial instruments traded in a certain period

Derivative financial instrument giving the holder the right to underwrite new issued

shares of a company at a determined price within a certain time frame

Glossary

2.

AIM Italia Facts

5

CONTACTS Franco Gaudenti

Chief Executive Officer

fgaudenti@enventcapitalmarkets.co.uk

fgaudenti@envent.it

Paolo Verna

Director – Head of Equity Capital Markets

pverna@enventcapitalmarkets.co.uk

pverna@envent.it

Luigi Tardella

Partner – Co-Head of Research & Analysis

tardellaresearch@advisory.envent.it

EnVent Capital Markets Limited

42 Berkeley Square – W1J 5AW London

Via Barberini, 95 – 00187 Rome

Via della Spiga, 52 - 20121 Milan

Phone +44 (0) 2035198451

+39 06 896841

segreteria@envent.it

www.enventcapitalmarkets.co.uk

DISCLAIMER This publication has been prepared by the Research & Analysis Division of EnVent Capital Markets

Ltd (“EnVent Capital Markets”) 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 Capital Markets Limited is authorised and regulated in the United

Kingdom by the Financial Conduct Authority (Reference no. 651385).

EnVent Capital Markets 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. It is not, under any circumstances, intended for

distribution to the general public. Accordingly, this document is only being communicated to

persons and residents in UK to whom it may lawfully be issued under The Financial Services and

Markets Act 2000 and COBS 4.12 of the FCA’s New Conduct of Business Sourcebook. For residents in

Italy, this document is intended for distribution only to professional clients and qualified

counterparties as defined in Consob Regulation n. 16190 of the 29th October 2007, as subsequently

amended and supplemented.

No part of this document may be reproduced in any manner without the written permission of

EnVent Capital Markets.

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 Capital Markets has not performed an

independent verification. Although EnVent Capital Markets 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 price of the investments and the income derived from them can go

down as well as up, and investors may not get back the amount originally invested.

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.

This document and its contents do not, and are not intended to, constitute, or form any part of, an

offer for sale, invitation to subscribe for or purchase or otherwise acquire transferable securities

within the meaning of sections 85 and 102B of the Financial Services and Markets Act 2000, as

amended (“FSMA”) or according 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.