Milan, March 15th 2016

ITWAYPresentazione del Gruppo

Enrico PetocchiInvestor Relator

These slides have been prepared solely for the use at the currentpresentation and they cannot be shown or disclosed, totally or partially, toanybody without prior written consent by Itway Group.

Agenda

• Itway Group

• Financials

The Group ITWAY S.p.A.

ASA VAR

Business-e S.p.A.100%

Business-eInfrastrutture S.r.l.

30%

IT Security S.r.l.24,9%

ASA VAD

Itway VAD S.r.l.100%

Itway France S.A.S.100%

Itway Iberica S.L.100%

Itway Hellas S.A.100%

Itway Turkyie Ltd100%

Itway MENA FZC17,1%

ASA VAS

iNebula S.r.l.75%

4 Science S.r.l.100%

BE Innova S.r.l.50%

Idrolab S.r.l.10%

Dexit S.r.l.9%

ALTRE

Diogene S.r.l.100%

Itway Cube S.r.l.100%

Itway RE S.r.l.100%

SerendepityEnergia S.p.A.

10,5%

With a total turnover of approx. 100M€, Itway Group is a reference entity in Italy and Europe, for thedesign and distribution of security products, e-business and ICT solutions provision throughout animportant Business Technology Partners network.

More than 300 professionals highlyqualified available at all the companybranchesMore than 500 technological certifications

National and internationalclients

RAVENNA (HQ)MILANOROMAMASSABARINAPOLITRENTO

ITALIAN Group, grown both in Italy and abroad, listed at Milano Stock Exchange ‐ STAR segment ‐since 2001.

About us

About us:Group Integrated Approch

Solution ApplianceInternet working

e-commerceinfrastructure

Security

RDBMS - BI

SBCE-Business Solution

Client

Value Added Distributor which provides complex software, supplyingconsultancy and training.

Model of Business recognized as one of the most innovative at European levelby operators and by independent research firm.

Focus on distribution of software addressed to realization of e-businesssolutions.

Irreplaceable link between vendors and VARs, SI e Telcos, in the chain of valueof distribution.

Dynamic structure able to concentrate itself on markets with the higher growthrates.

Infomediary, “Distrigator” and indispensable partner for VARs, SI and Telcos.

About us:VAD SBU, a model of value

About us: our main Vendors

Consultancy and production of solutions and software for e-business: creation of internet portals to manage activities b2b, CRM, Call Center e

Wireless Application, Datawarehouse;

supply of outsourcing services, knowledge management and EDI.

Solutions with Sun, HP and IBM products;

Sale and integration of products and services to centralize applications,particularly in the Cloud Computing world;

Sale and integration of products and services of logic security ofinformation systems;

Services of design, realization and maintenance of solutions basedupon Internet, Intranet and Extranet;

Security and served based computing consultancy.

About us:SBU Enterprise

About us: SBU Enterprise customersSectors: Manifacturing, Commerce, Retail & Services

About us: SBU Enterprise customersSector: Telecommunication

About us: SBU Enterprise customersPublic Sector

MARINA MILITARE ITALIANA

About us: SBU Enterprise customersSector: Finance

About us: SBU Enterprise customers

Sector: Healthcare

VAS SBU, which is in a start up phase, includes Value Added Services, addressed toSmall/Mid Cap world. In particular the new sectors are:

“In the cloud” information services and IOT: Managed Services, for SMEs in networkand cloud environment in the areas of: Security, Storage Management, VideoManagement, Business Continuity, Green IT, Energy Recovery, Internet Of Things(IOT). Commercial activity began at the end of 2013;

Assisted services in N+SOC solutions, to control information networks;

Information Technology for Science: On December 23, 2015 4Science S.r.l. wasconstituted with the objective of becoming a leader in the ICT for Cultural Heritage andData Curation services. The reference market is worth 4 billion Euros and there areslightly more than 10 players specialized in this sector at a global level.

About us:VAS SBU

About us:VAS SBU – iNebula

It is a company which offer products for the supply of services based on Cloud computing;

The company is oriented to a continuous innovation approach in order to design and offer new products and services leveraging the commercial network of Itway (more than 2.000 VAR);

The company, thanks to a capillary commercial network, is able to offer competences and proximity to its clients, with a sales model characterized by recurring revenues during the years.

About us:INebula services

About us:INebula services

iNebula safe: it’s a cloud services family born to guarantee to the clients maximum reliability and safety for the protection and preservation of one of the most important corporate assets: data.

iNebula vidio: Videoconference cloud service.

iNebula connect: platform to manage IoT data.

iNebula guardian: video surveillance cloud service.

iNebula energy: Cloud energy saving service.

iNebula security: Cloud security management service.

May 2002: Itway Group guaranteed Nato-Russia summit from hackerattacks;

December 2002: Itway included in best 40 European companiesranking for growing rate;

October 2003: Itway Group provided IT security for meeting ofEuropean leaders in Rome;

April 2004: Itway S.p.A. shares are admitted in TechStar segment ofItalian Stock Exchange;

October 2004: Itway Group provided IT security for meeting ofsignature of European Consitution in Rome;

October 2004: Itway included in the best 100 European companiesranking for growth rate;

October 2005: Itway included in the best 500 (221°) Europeancompanies ranking for growth rate

About us: Events and acknowledge

July 2009: Business-e, in some technological niche, represents absolute excellence,proven by IT security service for the annual summit meeting of the G8 heads ofGovernment in Aquila;

July 2010: Mr. G. Andrea Farina, Group Chairman, joins the Communication andBroadband Development Committee of Confindustria;

November 2011: 9 years contract for the control of the computer network (approx.15.000) Trento Public Administration;

March 2012, May 2013: IBM bestows on Itway the IBM Centre of TechnicalExcellence (CoTE) award;

June 2014 : Business-e participates to the first Città del Vaticano event «ETICA eSICUREZZA INFORMATICA NELL'ERA DIGITALE»;

February 2015: Itway VAD awarded as “Best Distributor for Safety” at the first editionof Italian Channel Awards 2014 (#ICA 2014).

About us: Events and acknowledge

In July 2015 Itway has been confirmed by Cerved, company registered as CRA (CreditRating Agency) and subject to surveillance of ESMA, which attribute Rating B1.2.

The key elements for the rating awarding were the following:

Company Profile

Strategies

Market to reference

Customers portfolio

Balance sheet analysis

Relation with third parties

Perspectives

About us: Rating Cerved

About us: Rating Cerved

Company characterized by good fundamentals with good capacity to meet financialcommitments, this could be partially influenced by severe and sudden changes in theeconomic-financial context and its sector of activity. Credit risk is anyway limited.

Strategic agreements:

March 2011: Business and Agency for the dissemination of technologies forInnovation (Ministry of Public Administration and Innovation) have signed anagreement for the creation of a Centre of expertise on secure multi-channelsystems. The center will be organized at the University of Roma 3 with thegoal of innovative integration of existing resources to make available a multi-channel reliable communication between public administrations and citizens;

May 2011: Itway strengthens its partnership with the Israeli multinationalCheck Point Software. The agreement sets down joint plans to developprograms and initiative in area of cyber security, with the objective to grow inthe Southern Europe countries where Itway operates (France, Spain,Portugal, Italy, Greece and Turkey);

Strategic agreements:

June 2011: signed a commercial agreement for the distribution of the OpenSource solutions born through the collaboration between Red Hat Inc.,worldwide supplier leader in the open source solutions, and Acronis, leaderin the production of solutions for backup, restoration and security of physical,virtual and cloud environments;

July 2011: Itway joined, trough its subsidiary Business-e, at the “ItalianEnergywise Alliance”, an initiative sponsored by Cisco Italy. ItalianEnergywise Alliance, which brings together 16 companies and researchcenters of the Italian electronics and computer science, involves thedevelopment of a “single platform power management”, able to offer energymanagers and companies in the industry all the tools needed to measure thecorrelation data, the forecast consumption, billing and purchasing energy;

Strategic agreements:

October 2011: commercial agreement for the IBM software packagedistribution, worldwide leader in the provision of software solution;

November 2011: agreement related to the constitution of Network-Security-Operation-Center Service and Control Room (N+SOC), services provided bythe subsidiaries Business-e S.p.A. and BE Innova S.r.l. (ex Business-eTrentino S.r.l.). Data Security and Monitoring Center addressed toInformatica Trentina, in-house company of Provincia Autonoma di Trento;

November 2011: new agreement with IBM for the distribution of IBMsoftware in ASL (Application Specific Licensing) modality;

January 2012: Ricci Bitti Group and Itway Group achieved from“Amministrazione Autonoma dei Monopoli di Stato” (AAMS) the grant for themanagement of the network of the gaming;

Strategic agreements:

January 2012: agreement with the US company Vidyo, specialized inthe design and production of videoconference systems of lastgeneration;

October 2014: following the alliance with Libanica S.A., Itway MENAwas established, Itway stake equal to 17,1%, company headquarter islocated in Dubai – Sharja, in Emirates. The company, exploiting thegeopolitical and technical knowledge of Libanica and the technical-specialized Itway knowledge, aims to expand in the Middle East andNorth Africa (MENA) markets, which are strongly growing especially inCybersecurity sector.

November 2014: signed distribution agreement with ExtremeNetworks, leader in the market in fixed and wireless communication

January 2015: signed distribution agreement with Alcatel, leader in themarket in networking devices and wireless communication.

Agenda

• Itway Group

• Financials

Financials: preliminary statement

In the following slides it will be illustrated the financial data of the Itway Grouprelating to the period ended at 31 December 2013, 31 December 2014 e 31December 2015.

Financials: consolidated profit & loss

2013 2014 2015 Ch '14/'15Total revenues 101.663 89.133 100.593 12,9%EBITDA 2.506 2.654 3.356 26,5%EBIT 1.905 2.212 2.912 31,6%EBT 228 412 695 68,7%Recurring net result 228 682 1.003 47,1%Net result of the year (535) (525) 25 n.m.

Financials: Profit & Loss VAD SBU

€/Mln 2013 2014 2015Total revenues 78,9 66,0 76,3EBITDA 1,1 1,2 2,4

Financials: Profit & Loss VAR SBU

€/Mln 2013 2014 2015Total Revenues 22,7 23,1 24,3EBITDA 1,40 1,42 0,90

Financials: Consolidated Balance Sheet

2013 2014 2015Total Fixed Assets 16.571 17.572 18.602Net Working Capital 16.226 12.787 13.579Short Term Financial Position (16.604) (15.421) (14.930)Adjusted Working Capital (378) (2.634) (1.351)Adjusted Net Invested Capital 16.193 14.938 17.251

Long Term Liabilities 4.423 4.457 7.244Net Equity 11.770 10.481 10.007Long Term Sources of capital 16.193 14.938 17.251

Financials: Net financial position

2013 2014 2015Cash & Equivalents 3.738 4.141 5.237Short term financial liabilities (20.342) (19.562) (20.167)Current Net Financial Position (16.604) (15.421) (14.930)Long term financial liabilities (2.631) (2.494) (5.191)Net Financial Position (19.235) (17.915) (20.121)

Thank you for attention