Company presentation italeaf 2014 nasdaq omx eataly

COMPANY PRESENTATION

2014 - MILAN

THE FIRST ITALIAN COMPANY BUILDER

By accepting this document, and in consideration for it being made available to such recipient, each recipient agrees to keep strictly confidential the information contained in it and any informationotherwise made available by Italeaf SpA (the "Company"), whether orally or in writing. In the case of a corporate recipient, this presentation may only be disclosed to such of its directors, officers oremployees who are required to review it for the purpose of deciding whether to make an investment in the Company. This document has been provided to each recipient at their request, solely fortheir information, and may not be reproduced, copied, published, distributed or circulated, to any third party, in whole or in part, or published in whole or in part for any purpose, without the expressprior consent of the Company. The purpose of this document is solely to provide information to persons who have expressed an interest in investigating the possibility of investing in the Company.

The information contained in this confidential document (the “Presentation”) has been prepared and distributed by the Company. It has not been fully verified and is subject to material updating,completion, revision, verification and further amendment.

This Presentation does not constitute, and the Company is not making, an offer of transferable securities to the public within the meaning of the definition cotained under article 1 letter of theLegislative Decree 58/1998 and exemptions from the offer of financial instruments to public regime do apply in compliance with article 100, letters a) and b), of the same decree. Indeed, thePresentation is being delivered for information purposes only to entities which are qualified investors pursuant to article 100 letter a) of Legislative Decree 58/1998 and to a very limited number ofpersons up to 149 persons other than qualified investors, pursuanto to article 100 letter b) of Legislative Decree 58/1998 (together, the "Relevant Persons"). This Presentation is directed only atRelevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. Any other person who receives this Presentation should not rely or act upon it. By accepting thisPresentation and not immediately returning it, the recipient is deemed to represent and warrant that: (i) they are a person who falls within the above description of persons entitled to receive thePresentation; and (ii) they have read, agree and will comply with the contents of this notice.

Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of an investment in the Company, including the merits of investing and the risksinvolved. Prospective investors should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisersconcerning any subscription of shares in the Company. Certain of the information contained in this Presentation has been obtained from published sources prepared by other parties. Certain otherinformation has been extracted from unpublished sources prepared by other parties which have been made available to the Company. The Company has not carried out an independent investigationto verify the accuracy and completeness of such third party information. No responsibility is accepted by the Company or any of its directors, officers, employees or agents for the accuracy orcompleteness of such information.

All statements of opinion and/or belief contained in this Presentation and all views expressed represent the directors’ own current assessment and interpretation of information available to them asat the date of this Presentation. In addition, this Presentation contains certain "forward-looking statements", including but not limited to, the statements regarding the Company’s overall objectivesand strategic plans, future commercial production, production targets, timetables, capital expenditures, work programs,etc. Forward-looking statements express, as at the date of this Presentation, theCompany’s plans, estimates, forecasts, projections, opinions, expectations or beliefs as to future events, results or performance. Forward-looking statements involve a number of risks anduncertainties, many of which are beyond the Company’s control, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differmaterially from those anticipated in such statements. Risks and uncertainties that could cause results of future events to differ materially from current expectations expressed or implied by theforward-looking statements include, but are not limited to, requirements of additional financing risk, competitive pressures, changes in the regulatory framework and prevailing macroeconomicconditions and other risks. No representation is made or assurance given that such statements or views are correct or that the objectives of the Company will be achieved. The reader is cautioned notto place reliance on these statements or views and no responsibility is accepted by the Company or any of its directors, officers, employees or agents in respect thereof. The Company does notundertake to update any forward-looking statement or other information that is contained in this Presentation. Neither the Company nor any of its shareholders, directors, officers, agents, employeesor advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completenessof the information contained in this Presentation or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of thisPresentation. Mangold Fondkommission AB (“Mangold”) which is authorized and regulated under Sweden applicable regulation is acting exclusively for the Company as its Certified Adviser and forno-one else in relation to the matters described in this Presentation and is not acting for any recipient of this Presentation and will not be responsible to anyone other than the Company for providingthe protections afforded to clients of Mangold nor for providing advice to any person other than the Company in relation to the contents of this Presentation. Neither the issue of this Presentation norany part of its contents is to be taken as any form of contract, commitment or recommendation on the part of the Company or the directors of the Company to proceed with any transaction or acceptany offer and the right is reserved to terminate any discussions or negotiations with any prospective investors. The Company reserves the right without any notice or liability to the recipient of thisPresentation or its advisers to: (i) change any of the procedures, timetable or requirements or terminate negotiations at any time prior to the signing of any binding agreement with investors; (ii)provide different information or access to information to different persons; (iii) agree variations to the property, rights and liabilities comprised in the Company; and (iv) to negotiate at the same timewith more than one person. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. ThisPresentation should not be considered a recommendation by the Company or Mangold or any of their respective affiliates in relation to any prospective acquisition of shares in the Company. Noundertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, Mangold or any of their respective affiliates, any of their respectivedirectors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability isaccepted for any such information or opinions or for any errors or omissions.


DISCLAIMER

2

MANAGEMENT TEAM


Stefano Neri, Chairman and Founder of the Group

He is the founder of Italeaf Group. CEO of TerniEnergia SpA. Since 1985 Prof. Neri has been a leading Administrative lawyer andsince 1997 he has been a qualified legal advisor to the Judicial Council (Magistrature superiori). He held the professorship in legalaffairs at\ the Engineering faculty of the University of Perugia. He has held the task of expert legal counsel for the Ministry ofPublic Administration and Coordination of Information and Security Services (Ministro della Funzione Pubblica e per ilCoordinamento dei Servizi di Informazione e Sicurezza). He has also held the task of Vice Chairman of Interpark Servizi perl’Ecologia S.r.l., a subsidiary of Agarini – Falk Group. He is the author of several publications in the field of Administrative Law.

Filippo Calisti, CFO

CFO of Italeaf SpA since 2014. He joined Italeaf Group in 2010 as CFO of TerniGreen, that was listed on AIM Italia in November2010 and then merged in TerniEnergia in 2012, and in 2013 he has also held the role of Planning and Control Officer inTerniEnergia SpA. From 2002 to 2010 he worked for PricewaterhouseCoopers as auditor. He graduated in Economics at the LUISSGuido Carli University in Rome in 2001

Federico Zacaglioni, External Relations & Development

CEO of Skyrobotic Srl and Head of corporate communication in TerniEnergia S.p.A., since 2012 he’s the head of External Relations& Development in Italeaf S.p.A., Founder and managing director of Global Media Snc, a Web Content and CommunicationCompany. Since 1995 he’s a Licensed Journalist – Member of Ordine dei Giornalisti (Journalist Society). Since 1990 he held therole of copy editor and contributor for many newspaper and magazines

Monica Federici, CEO

CEO of Italeaf SpA and director of Italeaf UK ltd and Italeaf HK ltd, subsidiaries of Italeaf SpA. Non-Executive Director ofTerniEnergia SpA. Formerly she was Chief Financial Officer of AlpitourWorld H&R SpA where, besides managing all theadministrative and financial activities of the company, she led different projects related to incoming foreign guests and to thepromotion of the company abroad. Graduated in chemistry at University of Rome “La Sapienza”, Master in Business Administrationat Bocconi University in Milan.

Ivano Emili, Executive Director

Ivano Emili is an authorized representative of TerniEnergia committed in Environmental plants management. From 2010 to 2012at TerniGreen with the qualification of authorised representative of BU Metals and board member, Chief Executive Officer ofT.E.R.N.I. Research Ionizing Radiations from 2005 to 2007. Technician for Non-Destructive Testing at the Terni stainless plant in1966-1990. Director of Centrotest Srl since 1985, with technical and operational management responsibilities. ProvincialPresident of Casartigiani Association and from 2010 to 2011 Vice president of CNA Association.

3

http://www.italeaf.com/?attachment_id=304




“WE TURN TECHNOLOGICAL STARTUPS INTO SUCCESSFUL GLOBAL COMPANIES”

ITALEAF OVERVIEW


• Identification, selection and promotion of industrial initiatives in the cleantech sectorand in innovative industrial productions

• Direct investment in initiatives with high growth potential• Incubator for new initiatives through first class infrastructure and facilities (industrial

site in Nera Montoro)• Operational support to new initiatives leveraging on the strong expertise and track

record of the Group in the relevant sectors

THE

BUSI

NES

S

• Reliable and efficient business models with low risk profile• Profitable, cash generative and dividend paying business• Successful historical growth and balanced diversification of the business in the Power

Generation from renewable energy and in the environmental sector• Leading positioning in the Italian market

• Fast growing sector with relatively little competition• Lack of equity investment in small and micro cap sector in Italy (venture capital

investments in Italy are 5 times lower than in the rest of Europe)*• Difficult to access credit for entrepreneurial initiatives• Italy needs to implement sustainable strategies to generate innovation• Barriers to the internationalization process for small and micro cap

THE

MA

RKET

THE

OPP

ORT

UN

ITY

* EVCA (European Venture Capital Association)

4

HISTORY


2010 2011 2012 2013

Evolution of the business

Capital market transactions

Share capital increase of TerniEnergia and access to the STAR segment of the Italian MTA market(€10.8m raised)

Listing of TerniGreenon AIM Italia market(€4.1m raised)

Merger between TerniEnergia and TerniGreen and consequent delisting of TerniGreen

November 2010

November 2011

May 2012

Acquisition of Nera MontoroIndustrial area

June 2010

Formation of Skyrobotic for the development and production of innovative unmanned aerial vehicles

December 2013

Formation of GreenLed for the development and production of LED lighting (technology is protected by international patents)

August 2012

Acquisition of a majority stake in Lucos Alternative Energies (focus on energy efficiency)

August 2011

Formation of TerniGreen focused on environmental business

September 2010

2014

Formation of WiSavedevelopment of an energy efficiency system through the Remote Control and Remote management of environments

June 2014

Demerger between Italeafand TERNI Research. Italeaf becomes the new Parent Company of the Group

February 2014

Formation of Italeaf focused on real estate management, holding activities, company builder

December 2010

5

GROUP STRUCTURE

54,84% 51%

• Renewable energies: Internationalsystem integrator in the PV sector;Power generation activity(approximately 40 MW of operating PVplants under management)

• Environmental sector: recovery of out-of-usage tyres; treatment of organicwaste through biodigesters; Energyproduction from biomasses;management of a biologic watertreatment plant; decommissioning ofindustrial plants

• Energy efficiency (through its controlledcompany Lucos Alternative Energies)

• Listed on STAR segment of BorsaItaliana. Market capitalization of about€ 80m.

• Design, development andproduction of LED lightingtechnology with highly innovativefeatures

• The product is certified to operatein conditions of high thermal stressjust in industrial environments orurban and suburban areasparticularly exposed to theelements.

• The technology is protected byinternational patents.

• Design, development andproduction of innovative UAS -Unmanned Aircraft System,initially in the mini and microclass (weight <5 kg for the miniand <25 kg for the micro)

• The products will be certifiedunder the EASA European rulesand Italian ENAC rules.


100%100%

• Promotes, supports, develops new businessand industrial activities in the cleantech andtechnological sector and commercializes theproducts developed by Group’s company

• Promotes, supports, develops new businessand industrial activities in the cleantech andtechnological sector and commercializes theproducts developed by Group’s company inthe Asia Pacific area.

WiSave

84,71% 51%

• TermoWeb (patent pending) is anelectronically integratedinfotainment system, which aims toimprove energy efficiency throughthe Remote Control and Remotemanagement environments.

23 SPV – 5 JV – 4 subsidiaries abroad

6

SHAREHOLDING AND CORPORATE GOVERNANCE

Current shareholding structure

* Skill & Trust Holding is controlled by Stefano Neri** N. 25 shareholders

Corporate Governance

Vittorio Pellegrini (Chairmen)Marco ChieruzziPaolo Sebastiani

Board of Statutory Auditors ***

Auditors

Board of Directors

PricewaterhouseCoopers


*** It is a board whose incorporation is mandatory according to the applicable Italian laws, The Board of Statutory Auditors can be considered similar to internal audit committee in English corporate law

Stefano Neri – ChairmanLegal representative

Monica Federici – CEOResponsibility of ordinary and extraordinary administration up to € 200.000Environmental Officer

Ivano Emili – Executive DirectorResponsibility of ordinary administration Manager for the Industrial activities and real estate facilities up to € 200.000Safety coordinator OfficerHuman resources Officer

Board of Directors is responsible for all not specified above

52,1%

6,7%

11,4%

13,8%

4,7%

9,0%2,3%

Skill & Trust Holding S.r.l.

Era Giovanni

Other Shareholders **

SIFIP S.p.A.

Costruzioni Baldelli S.r.l.

Royal Club Perugia S.r.l.

NerIndustrie S.p.A.

7

MANAGEMENT TEAM ORGANIZATIONAL STRUCTURE


Board of DirectorsStefano Neri (Chairman)

Monica Federici (CEO)Ivano Emili (Executive)

LogisticsFrancesco UrbaniResearch & Development

Consultant Corrado Giancaspro

Accounting/TreasuryAnna Maria Laurucci

Tax AccountingClaudio Borgna

Venture Consultant

Dante Ravagnan

CIOCristiano Manzoni General Affairs

Legal & Human ResourceMarcella Arioti BrancifortiExternal Relations

& DevelopmentFederico Zacaglioni

FinancialConsultant

Fabio Cari

SalesRoberta Scatteia

CFOFilippo Calisti

8

ITALEAF ACTIVITIES


INDUSTRIAL ESTATE

COMPANY BUILDER

• Ownership and management offacilities in Nera Montoro (Total area 24Ha; Covered area 2,3 Ha; Book Value of€18m based on an independentvaluation report) and Terni (Coworkingspace area: 1,800 sqm; Book Value of€3m based on an independent valuationreport) both functional to incubatoractivity

• Covered area expandable withrelatively low investment

• Industrial renewal through thedevelopment of an “eco-industrial park”(with the counselling of Politecnico diMilano University)

• Management of investment portfolio• Centralized service activity to Group

companies (finance, treasury, IT, legal,corporate communication, logistics, foradministrative, management andcommercial support)

• Facilitates value creation and growth forinvestee companies

• Select new initiatives in the cleantech and industrialinnovative sector

• Integrated approach to boost industrialization• Invest initial capital, launching of majority-owned

startups• Seed Incubator: Innovative incubation with seed

investments to create a high skilled company network

USING OUR TEAM’S EXPERIENCE AND NETWORK TO SCALE OUR

COMPANIES QUICKLY AND EFFICIENTLY

USING OUR FACILITIES, SKILLS AND FINANCE ON SCALABLE CLEANTECH COMPANIES WITH

GROWTH PERSPECTIVES

USING OUR STRATEGIC INFRASTRUCTURE, LOGISTICS AND

BUSINESS ECOSYSTEM TO SUPPORT COMPANIES’ INDUSTRIAL NEEDS

HOLDING

9

INDUSTRIAL ESTATEOF NERA MONTORO PARK

Facilities

• Total surface: 24 Ha

• Total covered surface: 2.3 Ha

• Storage volume : 7,000 m3 (expandable to 20,000 m3)

Infrastructure / logistics

• Distance from A1 Highway (Orte): 5 Km

• Presence of railway station of Nera Montoro

• Internal railway

TYRES RECYCLE PLANT

BIODIGESTER AND COMPOSTING PLANT

ECO-INDUSTRIALRENEWAL PROJECT

SECURITY VIRTUAL CENTER

WATER REMEDIATIONTREATMENT PLANT

LED LIGHTINING PRODUCTION

COMPANY PRESENTATIONBook Value of €21m based on an independent valuation report

10

INDUSTRIAL ESTATEINCUBATOR IN TERNI

Facilities

• Total surface: 2,000 sq.m

• Total covered surface: 1,800 sqm

Infrastructure / logistics

• Distance from Terni-Orte highway: 1 Km

• Located in the Terni industrial area (Maratta)

Advanced System Company Group

3D PROTOTYPINGFABLAB

UAV SYSTEMSPRODUCTION

ROBOTICSENGINEERING

ELECTRONICALPRODUCTIONGREEN

CHEMISTRY

SMARTCITYTECHNOLOGIES

COMPANY PRESENTATION 11

RETURN OF INVESTMENTS TROUGH THE ACHIVEMENT OF A “FACTORY OF FACTORIES”

ITALEAF BUSINESS MODEL


IDEA STARTUP EARLY STAGE EXPANSION MATURITYSTAGE OF COMPANY GROWTH

COMPANYBUILDER

HOLDINGACTIVITY

STARTUP BREEDING GROUND

SCOUTINGINCUBATION

SERVICES

BUSINESS ACCELERATIONFUNDINGSERVICES

INDUSTRIAL FACILITIES

PORTFOLIO MANAGEMENTSUPPORT TO EXIT

SERVICESINDUSTRIAL FACILITIES

WiSave

ACQUISITION VALUE BUILDING EXIT

VALUE MANAGEMENT

ITALEAF PLANS A MULTIPLE EXIT STRATEGY FROM INVESTEE COMPANIES TO PROVIDE A PROFITABLE RETURN OF INVESTEMENTS

12

EVOLUTION OF NET INCOME AND DIVIDENDS DISTRIBUTION OVER THE LAST FOUR YEARS

A SATISFYING INVESTMENT FOR ITALEAF SHAREHOLDERS


* Derived on the financial statement (TERNI Research + Italeaf) under Italian GAAP

3.218

2.3412.230

1.076

1.539 1.539

1.177 1.200

48%

66%

53%

111%

0%

20%

40%

60%

80%

100%

120%

0

500

1000

1500

2000

2500

3000

3500

2010 2011 2012 2013

Net Income * Dividend Payout ratio

Euro

'000

13

AN ECONOMICAL AND FINANCIAL BALANCED COMPANY BEFORE DIVIDENDS FROM SUBSIDIARY

ITALEAF PRO FORMA FIGURES


Values in Euro 2011 2012 2013

REVENUES 4.929.515 6.058.545 5.762.491

OPERATING COSTS 6.434.081 7.524.358 5.044.695

EBITDA (1.504.567) (1.465.812) 717.797

DEPRECIATION AND AMMORTIZATION 969.329 1.049.497 953.758

EBIT (2.473.895) (2.515.309) (235.961)

Net Financial Income 2.798.450 2.048.008 1.308.310

Extraordinary Income 1.865.352 3.070.986 249.607

EBT 2.189.907 2.603.685 1.321.956

Net Result 2.340.657 2.230.249 1.075.554

Revenues relate mainly to service provided and the charge-backcosts for utilities provided to the group companies, and also by thedevelopment of real estate (sale of industrial buildings to Groupcompanies)

Costs constituted by supplies, services relating to the managementof the property (Nera Montoro + Maratta) and the cost of personnel

Depreciation and amortization related to real estate assets

Income relating to dividends and remuneration of guaranteesissued on behalf of TerniEnergia (guarantees for about 45 millioneuros), net of interest expense

Income from extraordinary transactions (disposals business units inthe Group companies)

* Derived on the financial statement (TERNI Research + Italeaf) under Italian GAAP

14

ITALEAF NET ASSET VALUE

Equity value equal to approx. € 3.2 per share

Recent transactions (24th May, 2011): sale of 4% of total share capital at a price of € 3.02 per share


Book value (Confirmed by the Report of an independent expert)

Corresponding to the portion of Net Equity 2013

Book value (acquisition cost) These are the top lending banks of the

Group

Calculated as a percentage of the current Market Cap (€80m)

As of December 31, 2013

Tangible assets (€m):Real Estate Property (Nera Montoro & Maratta) 21,0 Photovoltaic Plants (0,8 MWp) 2.7

Controlling stake in (€m):54,84% stake in TerniEnergia SpA 43.9 84,71% stake in Greenled Industry SpA 3.0 51% stake in Skyrobotic SpA 0.5

Minority stake in (€m):Banca Popolare di Vicenza 2,5 Veneto Banca 4.0

GROSS ASSET VALUE (€m) 77.6

Net Financial Debt (€m) -17.9Holding Discount 20%NET ASSET VALUE (€m) 47.8

Numbers of share issued (m) 15 VALUE PER SHARE (€) 3.2

15

GROUP STRATEGY


INVESTING IN STARTUP COMPANIES OPERATING IN

INNOVATIVE SECTORS WITH HIGH GROWTH PERSPECTIVES

AND INTERNATIONAL VOCATION

CREATION OF AN APPLIED RESEARCH CENTRE FOR NEW

PRODUCTS DEVELOPMENT

INTERNATIONALIZATION OF GROUP ACTIVITIES THROUGH ITALEAF UK AND ITALEAF HK

EXIT STRATEGY FOR INVESTEE COMPANIES (IPO OR

SECONDARY BUYOUT) TO GENERATE ROI FOR THE

SHAREHOLDERS AND RE-INVEST IN NEW PROJECTS

REAL ESTATE ENHANCEMENT THROUGH THE REALIZATION OF UPMARKET PROPERTIES

(E.G. PROJECT WITH POLITECNICO DI MILANO

UNIVERSITY) AT THE SERVICE OF STARTUP ACTIVITIES

VALUE MANAGEMENT STRATEGY FOR INVESTEE

COMPANIES

16

ACTIONPLAN TO MEET THE NASDAQ OMX FIRST NORTH REQUIREMENTS


On June 16, 2014 it will be held the shareholders meeting to approve on:

• The listing project on Nasdaq OMX First North market• Capital increase up to € 2 MIO (private placement)

• € 2.5 per share

With this transaction the Company aims at achieving the requirements for list on First North Market

(100 shareholders – 10% of the share held by general public)

17

ITALEAF GROUP

BACKUP SLIDES

COMPANY PRESENTATION 18

ITALEAF GROUP

FINANCIAL INFORMATION


BALANCE SHEETReclassified Balance Sheet Consolitated Pro-forma Consolidated

As at March, 31 As at March, 31 As at December, 31 As at December, 31€/000 2014 2013 2013 2012

Intangible assets 5,290 5,586 5,268 5,617Property, plant and equipment 186,292 151,931 187,356 95,377Financial fixed assets and other intangible assets 27,375 17,971 24,996 19,446Fixed Assets 218,957 175,488 217,620 120,440

Inventories 8,993 8,339 8,530 8,773Trade receivables 31,934 34,962 28,381 43,810Other assets 11,526 14,882 16,065 10,126Trade payables (24,450) (20,247) (32,648) (27,461)Other liabilities (10,021) (15,679) (9,039) (13,966)Net working capital 17,983 22,258 11,289 21,282

Provisions and other non-trade liabilities (15,601) (13,115) (14,696) (9,365)

Net Invested Capital 221,339 184,630 214,214 132,357

Shareholders’ Equity 58,993 54,961 61,490 51,724

Current net financial position 15,421 54,354 31,780 42,991Non-current net financial position 146,926 75,315 120,943 37,642Total net financial position 162,346 129,669 152,724 80,633

Total indebteness and Equity 221,339 184,630 214,214 132,357

19


ITALEAF GROUP

FINANCIAL INFORMATIONINCOME STATEMENT

Reclassified Income Statement Consolitated Pro-forma Consolidated Pro-forma Consolidated Pro-forma Consolidated

Three months ended 31 March 2014

Three months ended 31 March 2013 Full Year 2013 Full year 2012

€/000

Net revenues from sales and services 10,605 9,131 68,084 70,218Production costs (4,714) (6,219) (49,740) (53,295)Added value 5,891 2,912 18,343 16,923Personnel costs (1,672) (2,006) (7,130) (8,071)EBITDA 4,219 906 11,213 8,852Amortization, depreciation, provisions and write-downs (2,032) (877) (8,419) (6,166)EBIT 2,188 29 2,795 2,686Financial income and charges (2,182) 1,544 (2,328) (2,495)Portions of results attributable to the JV 23 (147) 2,718 3,243Pre-tax result 29 1,427 3,185 3,434Income taxes 212 167 763 (398)

Net profit for the period 240 1,593 3,948 3,036

20

MANAGEMENT VALUE – TERNIENERGIA


•34.3 MW in full ownership•8.1 MW in JV 50:50•1.5 MW biomass

•272 PV Plants installed•274.1 MW installed•20,000 area lights managed

•2 Biomass plants installed•1 Discarded Tyres recovery plant installed•2 water remediation plant installed

INDEPENDENT POWERPRODUCER

INTEGRATEDENERGYSOLUTIONS

ENVIRONMENTALRESOURCESSOLUTIONS

Renewable energy production by direct investments or with primary co-investors.

Development and construction(EPC or BOT) of utility scaleplants for premium customers.Energy efficiency activity withthird part financing formula.O&M activity.

Direct investments for sustainable solutions to recover energy and material from marginal resources.

EVOLUTION OF NET INCOME AND DIVIDENDS DISTRIBUTION OVER THE LAST FOUR YEARS

MARKET CAP (€MLN)

36.030 42.194

97.370

67.881 79.361 81.618

2008 2009 2010 2011 2012 2013

* Derived on the consolidated financial statement

Euro

'000

21

CREATING VALUE – GREENLED


INDUSTRIAL LIGHTING STREET LIGHTING

EPI/CHIP PACKAGE MODULE DRIVERS LUMINAIRE CONTROL SYSTEM SERVICE

UPSTREAM DOWNSTREAMMIDSTREAM

HARDWARE SOFTWARE

22

CREATING VALUE – SKYROBOTIC


DECEMBER 20, 2013 ESTABLISHMENT OF SKYROBOTIC SRL AS A STARTUP COMPANY

€1,030MLN

SEPTEMBER, 2014

CAPITAL INCREASE €1,500MLN


HARDWARE SOFTWARE

RAW MATERIALS COMPONENTSUAV

MANUFACTURERUAV

OWNERUAV

OPERATORDATA

POSTPROCESSOR

ESACOPTER FIXED WING GCS

Small and Micro segment

23

CREATING VALUE – WiSave


JUNE 3, 2014 ESTABLISHMENT OF WiSave SRL AS A STARTUP COMPANY

€ 120,000


R&DPRODUCTS AND

SERVICE DEVELOPMENT

MARKETINGSALES AND

DISTRIBUTION SUPPORT CRM & LOYALITY

WiSave

DEVELOPMENT OF NEW PRODUCTS AND APPLICATIONS IN ENERGY SAVING, SURVEILLANCE, HOME AUTOMATION AND LIGHTING

Enable buildings to consume lessenergy through Internet of things

Innovative system mades up ofone or more WiFi thermostatscommunicating with a control andmanagement software named“Core System” that interfaces to aWeb-Server through Internet(CLOUD SYSTEM)

Energy savings up to 20% isachievable

24


“NEW STRATEGIC SECTORS FOR THE FUTURE BUSINESS DEVELOPMENT”

STARTUPS BREEDING GROUND

RESEARCH CENTER 3D PRINT & DESIGNAGRIFOOD

Development of a technologicalresearch center hub divided in3 areas:• chemical, physical and

biological analysis.• materials testing and

analysis.• prototyping and small scale

production, for real scalemechanical testing.

• Research and development• Prototyping 3D• Reverse engineering• 3D scanning• Industrial Design

Diptera will produce magmeal,a type of feed for pigs, poultryand fish that can substitute thecurrently used fishmeal.Magmeal is made of fly larvae(maggots) and can be used incombination with other typesof feeds.Magmeal can be produced atvery competitive cost and couldbe sold for less than1000$ per ton, while fishmeal(a commodity) sells for 1500-2000$ per ton.

25

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