31
The Value of the Experience in the Italian Equity Market
1
The Value of the Experiencein the Italian Equity Market
2
Intermonte: Company Intermonte: Company SStructuretructure
Up to 2007As of 2008
INTERMONTE HOLDING*
(Manager-Shareholders)
Banca Monte dei Paschi di Siena
WEBSIM(Divisione
Web)INTERMONTE SIM
MPS Venture
80% 20%
30% 70%
100%
* INTERMONTE HOLDING is owned 100% by management
INTERMONTE SIM
Gruppo MPS
Management
68%
32%
3
Intermonte: Intermonte: LLeadershipeadership in Italian in Italian EEquityquity BBrokeragerokerage and and ……In 2009 Intermonte came in 3rd place on MTA, but is the leading broker with institutional investors3°
Intermonte is in top place for optionsand 3° and 4th on Euro Mot e Mot respectively
4
Intermonte Intermonte valuesvalues
EXPERIENCEEXPERIENCE
Intermonte’s management teamis made up of highly experienced, closely knit partners who have been working together for over 15 years
RELIABILITYRELIABILITY
quality of research, effective sales and efficient trading are guaranteed bythe stability of management and a consistentpresence in international marketplace such as London and New York
PROFESSIONALISMPROFESSIONALISM
more than 450 Italian and foreign institutionalinvestors make use of professional consultancyservices from Intermonte, ranging fromfinancial analysis to sales, trading and corporate consultancy
TRANSPARENCYTRANSPARENCY
assured by the independent view, focus on the core business of brokerage and analysis aimed at the generation of ideas for institutional investors
5
EQUITY BROKERAGEEQUITY BROKERAGEEQUITY CAPITAL MARKETS/ CORPORATE FINANCEEQUITY CAPITAL MARKETS/ CORPORATE FINANCE
PRIVATE EQUITY (1)PRIVATE EQUITY (1)
WEBSIMWEBSIM
• Brokerage of Italian stocks on behalf of institutionalinvestors in Italy and abroad
• Brokerage of foreign stocks, mainly on behalf of Italian institutional investors
• Research on Italian and European stocks
Investment on non-listed companiesof own capital through closed-endfunds managed by MPS Venture
On-line information and consultancyservices on stock market investments forretail clients and bank networks (day traders, FAs, private bankers)
(1) Business managed by MPS Venture SGR, a company managing closed funds, formed by Intermonte and MPS Capital Services merchant bank. Intermonte holds 30% of the share capital, and Gianluca Bolengo and Roberto Magnoni are on the company’s Board of Directors
• Brokerage of listed derivatives on Italian andforeign stocks, on behalf of Italian and foreigninstitutional clients.
• Brokerage of baskets and derivatives onItalian indices on behalf of Italian and foreigninstitutional clients
• Analysis and brokerage support on arbitrageand special situations (i.e. rights issues,takeovers, mergers)
• IPOs• Secondary placings• Rights issues for listed companies• Buybacks• Private placements•Secondary offerings•Merger and acquisition• Company valuations • Financial advisory
DERIVATIVES & SPECIAL SITUATIONSDERIVATIVES & SPECIAL SITUATIONS
Intermonte in a Intermonte in a nutshellnutshell
6
EquityEquity brokeragebrokerage: research : research activityactivity
EQUITY RESEARCHEQUITY RESEARCH Main international awards
Intermonte’s research department is the largest on the Italian
market (around 20 analysts) and has grown over time
to meet the needs of our clients
We believe that the stability of the team, seniority of our analysts
(who largely have previous experience in the relevant industry) and
quality of research set Intermonte apart
our extensive coverage of the Italian market includes more than
180 listed companies, making up over 90% of the stock market
capitalisation
Intermonte specialises in organising roadshows and meetings with
institutional investors, offering ad-hoc consultancy to companies on
communication to the market
Intermonte’s research has consistently received significant recognition
in awards for research on the Italian market from the most well
respected international institutions1998
1999
2000
2001
2002
2003
2004
2006
2005
2007
-
2o
2o
2o
1o
3o
3o
4o
3o
2o
1o2008
-
-
2o
2o
4o
1o
4o
3o
6o
2o
1o
7
Research for institutional investorResearch for institutional investorss
COMPANY REPORTS INDUSTRY REPORTS DAILY NOTES AND WEEKLY STRATEGY
• Initiation of coverage
• In depth reports
• Note for quarterly results
In 2009 Intermonte published 815company reports
Periodic reports for the main sectors (financial, telecoms, technology, small caps, etc.)
Previews of quarterly results
Morning Notes sent to our institutional investors each morning
Strategic updates
8
Intermonte Research onIntermonte Research on ItalianItalian & & EuropeanEuropean stocksstocks, , bondbond and and corporatecorporate bondbond
ITALIAN STOCKS FOREIGN STOCKS BOND & CORPORATE BOND
9
No. of reports
Category
815
TotaL of which:
489 241 60
Italian Sector &Strategy
~ 3.2N. of publications per day
~ 24N. of pages per day:
6074Total n. of pages:
ArkimedicaBiancamanoB&C SpeakersBuongiornoCementirCogemeDatalogicDeA CapitalDigital BrosDmailEEMSEurotechFiera MilanoGefranIGD
IW BankKerselfKinexiaM&C Management e CapitaliPierrelReno de MediciSaes GettersServizi ItaliaTASTBS GroupTernienergiaVittoria AssicurazioniVR Way
Intermonte SIM is SPECIALIST, in accordance with Italian Securities Market regulations, with the related obligation of coverage and distribution of research, for the following Companies:
Intermonte 2009 productionIntermonte 2009 production
FTSE All Shares
FTSE MIBITMC
Foreign Stocks
25
10
The Research TeamThe Research Team
BANKS
Christian Carrese (36)(years of experience in the industry: 3;
as financial analyst: 9)
ENERGY
Paolo Citi (40)(years of experience in the industry: 4; as analyst: 9)
TELECOMS
Micaela Ferruta (39)( years of experience in the industry : 4
as analyst: 10;
Andrea Randone (31)
(years of experience in the industry: 5; as analyst: 3)
CONSUMERS
Elisa CorghI (38)(years of experience in the industry: 4; as analyst: 10)
Stefano Corneliani (36)(years of experience as financial analyst: 12)
HEAD OF RESEARCH AND BANKS :
Pierluigi Passerone (38)(years of experience as financial analyst: 13)
DEPUTY HEAD OF
RESEARCH AND HEAD OF MARKETING ;
Guglielmo Manetti (41)(years of experience as financial analyst: 15
DEPUTY HEAD OF RESEARCH
UTILITIES AND MEDIA :
Marco Corsiglia (45)(years of experience in the industry: 11;
as analyst: 10)
11
The Research TeamThe Research Team
UTILITIES
Federico Pezzetti (38)(years of experience in consultancy: 7;as analyst: 4)
MEDIA
Marco CorsigliaMicaela Ferruta
ECONOMIST
Giuseppe Varenna (51)(years of experience
as economist: 17)
REAL ESTATE
Alberto VillaFederico Pezzetti
INSURANCE AND
ASSET MANAGEMENT
Alberto Villa (40) (years of experience in the industry : 6;
as analyst : 9)
Cristian Galizzi (37)
(years of experience in the industry : 7as analyst: 4)
INDUSTRIALS
Giuseppe Puglisi (37)( years of experience as analyst: 9
Guglielmo Manetti (41)(years of experience as analyst: 15)
)
EUROPEAN EQUITIES
Andrea Bergamaschi (38)(years of experience in consultancy: 14)
Paolo Mosole (34)(years of experience as analyst: 10)
SMALL CAPS TEAM
And CEMENT SECTOR
Carlo Barracchia (41)(years of experience as analyst : 10)
Fabrizio Barini (34)(years of experience as analyst : 8)
12
The Sales ForceThe Sales Force
IN 2009 INTERMONTE ORGANISED AROUND 1200 MEETING BETWEEN LISTED COMPANIES AND
INSTITUTIONAL INVESTORS
IN 2009 INTERMONTE ORGANISED AROUND 1200 MEETING BETWEEN LISTED COMPANIES AND
INSTITUTIONAL INVESTORS
• Intermonte is the key local broker on the Italian marketfor institutional investors in Italy and abroad
• Intermonte owns a licensed broker in the USA (JJPEurosecurities is 100% controlled), based in New York,with the aim of facilitating relations with investors based inNorth America
• The trading and execution desk guarantees maximumtransaction efficiency to investors for block trading and secondary placings
Milan: since 1995 (previously Intermobiliare Securities SIM)
- Salesforce: 20- Traders: 16
New York: since 1996
- Salesforce: 3
Derivatives and special situations (Milan) since 2008
- Salesforce: 8
MILANONEW YORK
nel mondoworldwide
13
Presence in ItalyPresence in Italy
• Head of sales desk: Gianluca Parenti (founding shareholder of Intermonte)
• Salesforce in Italy: 13
• Active clients: 80
• Of which “long only”: around 90%
• Marketing organised in 2009: company roadhsows: 39 (of which 10 with FTSE MIB companies)
• Total meeting organised betweeninvestors and companies: 200
• Head of sales desk: Gianluca Parenti (founding shareholder of Intermonte)
• Salesforce in Italy: 13
• Active clients: 80
• Of which “long only”: around 90%
• Marketing organised in 2009: company roadhsows: 39 (of which 10 with FTSE MIB companies)
• Total meeting organised betweeninvestors and companies: 200
14
Intermonte: Derivatives & Special SituationsIntermonte: Derivatives & Special Situations
• Head of Derivatives & Special Situations Desk:Guido Pardini and Andrea Bottaro
• Salesforce: 8
• Active clients: 60
• of which “long only”: around 30%
• of which foreign: around 85%
• Head of Derivatives & Special Situations Desk:Guido Pardini and Andrea Bottaro
• Salesforce: 8
• Active clients: 60
• of which “long only”: around 30%
• of which foreign: around 85%
15
Presence in Europe Presence in Europe (excluding Italy and UK)(excluding Italy and UK)
• Head of sales desk: Gianluca Bolengo(founding shareholder of Intermonte)
• Salesforce: 4
• Active Clients: 60
• of which “long only”: around 85%
• Marketing organised in 2009: Company Roadshows: 21(of which 7 with FTSE MIB companies)
• Total meetings organised betweeninvestors and company: 170
• Head of sales desk: Gianluca Bolengo(founding shareholder of Intermonte)
• Salesforce: 4
• Active Clients: 60
• of which “long only”: around 85%
• Marketing organised in 2009: Company Roadshows: 21(of which 7 with FTSE MIB companies)
• Total meetings organised betweeninvestors and company: 170
16
Presence in UK and IrelandPresence in UK and Ireland
• Office in London: operating from 2001 to 2008
• Head of sales desk: Simon Kofler (at Intermonte since 1997)
• Salesforce: 6
• Active Clients: 100
• of which “long only”: around 50%
• Marketing organised in 2009: Company Roadhsows: 33 (of which 2 with FTSE MIB companies)
• Total meeting organised between investorand companies: 230
* From 1/1/09 UK clients are managed directly from Milan
17
Presence in USA and Canada Presence in USA and Canada
• Office in New York: operating since 1996
• Head of sales desk: Paolo Bianco(with Intermonte since 1996)
• Salesforce: 5 (of which 3 in NY office)
• Active Clients: 90
• Of which “long only”: around 50%
• Marketing organised in 2009: Company Roadhsows: 11 (of which 9 with FTSE MIB companies)
• Total meeting organised between investorsand companies: 195
INTERMONTE OFFICE
18
Corporate FinanceCorporate Finance
EQUITY CAPITAL MARKETS CORPORATE FINANCE
• IPO’s
• Rights issues for listed companies
• Buybacks
• Secondary offerings
• Merger and acquisition
• Company valuations
• Financial advisory
Head of Team: Roberto Magnoni *
Intermonte is present in corporate finance, specialising in the following activities:
* (Intermonte SIM Director in charge of Corporate)
19
Listings: Role of Global Coordinator, Sponsor/Listing Partner/NoListings: Role of Global Coordinator, Sponsor/Listing Partner/Nomad and mad and BookrunnerBookrunner
IPO MTACo-Sponsor€ 64,3 mnMarch 2003
IPO MTAJoint Global CoordinatorJoint BookrunnerJoint Sponsor€ 118,4 mnDecember 2000
IPOCo-Globlal CoordinatorJoint BookrunnerCo-Sponsor€ 55,8 mnOctober 2000
IPO Joint BookrunnerJoint Institutional Lead Manager€ 131,3 mnJuly 2000
IPOJoint Global CoordinatorJoint BookrunnerSponsor€ 39,6 mnJuly 2000
IPOJoint Global CoordinatorJoint Sponsor€ 1.672,0 mnMarch 2000
IPOCo-Global CoordinatorJoint Sponsor€ 121,1 mnJune 2000
IPOCo-Global CoordinatorBookrunner€ 37,8 mnJune 1999
IPOGlobal CoordinatorBookrunnerSponsor€ 23,6 mnDecember 1998
Listing Expandi (spin off)Listing PartnerJune 2006
IPO STAR (pending)Joint Global CoordinatorJoint Bookrunner
IPO ExpandiSole Global CoordinatorSole BookrunnerListing Partner€ 14,6 mnOctober 2007
IPO ExpandiJoint Global CoordinatorJoint BookrunnerJoint Listing Partner€ 94,9 mnApril 2007
IPO STARJoint BookrunnerJoint Institutional Lead ManagerCo-Sponsor€ 50,0 mnFebruary 2007
IPO ExpandiSole Global CoordinatorSole BookrunnerListing Partner€ 29,6 mnJuly 2006
IPO ExpandiJoint Global CoordinatorJoint Bookrunner€ 45,1 mnMarch 2007
IPO ExpandiJoint BookrunnerJoint Institutional Lead Manager€ 52,7 mnJuly 2007
IPO AIM Italia (pending)NomadGlobal CoordinatorBookrunner
Listing MTA STAR(from Expandi)SponsorJune 2009
Introduction AIM Italia NomadJuly 2009
Listing MTA STAR(from Expandi)SponsorSeptember 2009
IPO AIM Italia Joint Global CoordinatorJoint Bookrunner€ 6,3 mnDecember 2009
20
Other Institutional PlacementsOther Institutional Placements
Intermonte actedas InstitutionalCo-LeadManager and InstitutionalManager in otherinstitutionalsyndicate
IPOInstitutional Co-Lead Manager€ 434,6 mnJune 2003
IPOInstitutional Co-Lead Manager€ 367,9 mnJune 2002
IPOInstitutional Manager€ 1.915,2 mnDecember 2001
IPOInstitutional Manager€ 100,7 mnJuly 2000
IPO Institutional Manager€ 133,8 mnJune 2000
IPOInstitutional Manager€ 47,8 mnJuly 2000
C TOSecondary OfferingInstitutional Manager€ 3.805,4 mnDecember 1999
IPOInstitutional Manager€ 12,8 mnOctober 1999
IPOInstitutional Manager€ 830,2 mnJuly 1999
IPOInstitutional Manager€ 2.015,1 mnJune 1999
IPOInstitutional Manager€ 80,1 mnJuly 1999
Rights IssueSole Lead ManagerGuarantor€ 22,0 mnOctober 2007
Rights IssueCo-Lead Manager€ 7.978 mnJune 2009
Rights Issue & Conv. BondAdvisor€ 47,3 mnApril 2009
Public Tender OfferFinancial Advisor to the Offeror€ 62,4 mnMay 2003
21
SpecialistSpecialist forfor ListedListed CompaniesCompaniesIn order to effectively operate as Specialist, Intermonte sep up a dedicated structure, mainly involving co-ordination of dealers and equity analysts’activities by the Corporate Finance Department’s, in addition to assisting the Company at the periodical results presentations
– Execution of all activities related to stock’s liquidity support and price stabilisation (e.g. Intermonte co-ordinates the buy backs of some companies for which it acts as Specialist)
– Organisation of one-to-one meetings with Italian and foreign investors at the publication of company results and specific corporate events
– Constant communication with institutional investors of main corporate events, through its research activity
– Management of the mailing list of institutional investors who are our clients (for periodical meetings with the financial community)
Intermonte is the leader in the Specialist activity on the Italian Stock Exchange (MTA and “SegmentoStar”)
Specialist
n. of CompaniesItalian Stock Exchange
1°8
10
11
22
26
12
12
0 5 10 15 20 25 30
Specialist Rankingn. of Companies – Italian Stock Exchange
Source: elaboration by Intermonte on data as of 21 December 2009 provided by Borsa Italiana
Mediobanca
Unicredit Umib
Banca Aletti
Banca IMI
Abaxbank
Equita
31 includingcompanies advised
as corporatebroker or specialist
on AIM Italia
STARSpecialist
STARSpecialist
MTASpecialist
STARSpecialist
STARSpecialist
STARSpecialist
STARSpecialist
STARSpecialist
STARSpecialist
MTA - MtfSpecialist
MTASpecialist
MTASpecialist
STARSpecialist
MTASpecialist
MTASpecialist
MTASpecialist
MTASpecialist
STARSpecialist
STARSpecialist
STARSpecialistSTARSpecialist
STARSpecialist
MTASpecialist
MTASpecialist
STARSpecialist
MIVSpecialist
MTASpecialist
22
Merger & AcquisitionMerger & Acquisition
Equity fund raisingFinancial Advisor
FIDELITAS S.p.A
Public Offer on Ordinary SharesFinancial Advisor to the OfferorIBI Holding B.V.
Valuation and advice inequity fund raising Financial Advisor
Potential Acquisition of EurogenFinancial Advisor
Partial PrivatizationFinancial Advisor
Strategic AdvisoryFinancial Advisor
Sale of a minority stake to Seat Pagine GialleFinancial Advisor toPrivate Selling Shareholders
Valuation and advicefor the sale to Private BuyersFinancial Advisor
Equity fund raisingFinancial Advisor
Equity fund raisingFinancial Advisor
Valuation and advicefor the sale to Private BuyersFinancial Advisor
ValuationFinancial Advisor
DAMA S.p.A
ValuationFinancial Advisor
Equity fund raisingFinancial Advisor
The Airline Company
Acquisition of the MajorityStake by Private Buyers Financial Advisor to the Buyer
Dany Confezioni
Acquisition by a Groupof BanksFinancial Advisor to the Buyer
Integration ProjectAssistance to the Technical Commission of Bipop-Carire
Equity fund raisingFinancial Advisor
ValuationFairness opinion financialinsitutution Fund Atlantic 8
Capital IncreaseFinancial Advisor to the Company
Public Tender OfferFairness Opinion
23
Private EquityPrivate Equity
Intermonte is a shareholders of MPS Venture SGR,a company thatmanagesclosed-end fundsfor a total amount of Eu 400 mn
Shareholders
Fund Investments Investment TargeStart Date
€ 100 milion 2003 Investment phase SMEcompleted
MPS Venture 1
MPS Venture 2
Ducato Venture
MPS Venture Sud
MPS Venture Sud 2
Siena Venture
€ 150 milion 2006 SME
€ 40 milion 1998 Disinv. & Reimburse SMEcompleted
€ 25 milion 2003 Investment phase SME in the South of Italycompleted
€ 25 milion 2006 SME in the South of Italy
€ 25 milion 2003 SME in Siena & neighbouring
Emilia Venture € 35 milion 2006 SME in Emilia Romagna
Status
24
WebsimWebsim
Intermonte also owns Websim(www.websim.it), an information and consulting website for stock market investments, for retail and banking customers (institutional traders, FAsand private bankers)
25
AppendixAppendix
26
Research TeamResearch Team
PAOLO CITI (40), ENERGY SECTOR. Paolo worked in the planning and control department at Edison for five years. Then in 1999, he became a financial analyst covering utilities and energy stocks. He worked with Caboto, Santander and Banca IMI before joining Intermonte in 2006.
GUGLIELMO MANETTI (41) is DEPUTY HEAD OF RESEARCH AND
HEAD OF MARKETING. INDUSTRIAL SECTOR. Guglielmo covered the insurance and asset management sectors for Intermonte for 11 years and also oversaw the development of European research. After an entrepreneurial experience in asset management, he has returned to Intermonte to carry out marketing activities for the research team and manage relations with listed companies. He also covers Industrial stocks.
PIERLUIGI PASSERONE (38), HEAD OF RESEARCH AND
BANKING SECTOR. Pier has been with Intermonte since 1997. After receiving his Economics degree, he worked at our New York headquarters for two years covering ADRs listed in the US. He then covered the utilities sector for 7 years before joining the banking team; since 2004, he has concentrated on blue chip banks .
MARCO CORSIGLIA (45), DEPUTY HEAD OF RESEARCH
AND UTILITY AND MEDIA SECTOR. Marco has a degree in Economics and worked with Telecom Italia for ten years, filling various positions in the company over that time. Since May 2000, he has covered the telecoms sector, and began covering the media sector in 2005, adding utilities to his repertoire in 2006.
27
ELISA CORGHI (38), CONSUMER SECTOR. Elisa gained four years’ experience in the food industry (with Barilla and Kraft) following her degree in Economics. She has been with Intermonte since 2000, covering mid/small cap consumer sector companies.
STEFANO CORNELIANI (36), CONSUMER SECTOR. After graduating in Economics and earning valuable experience in his family business, Stefano became the leading textile and luxury analyst for Intermonte in November 1998.
CHRISTIAN CARRESE (36), BANKING SECTOR. Christian has followed the banking sector with Intermonte since 2003 and has acquired thorough knowledge of the main Italian and European banks. Before coming to Intermonte, he worked as a business development analyst for an industrial company based in London.
MICAELA FERRUTA (39), TELECOM AND MEDIA SECTOR.After receiving her degree from Bocconi University, Micaela worked for AT&T Italia and then at one of the top German insurance companies. With three years of experience at Infostrada under her belt as well, she became an analyst at Intermonte covering the telecom sector at the beginning of 2000.
28
CRISTIAN GALIZZI (37), INSURANCE SECTOR. Cristian joined Intermonte in 2006. From September 2005 to 2006 he worked for BPU Banca’s strategy development and integration team. He had previously worked as a strategic planner at RAS. He received a Master’s degree in Economics from Boston College in 2002 after gaining a bachelor’s degree in Economics in 2000.
CARLO BARRACCHIA (41), SMALL CAPS TEAM AND
CEMENT SECTOR. Carlo began working with Intermonte as an analyst in 1998 and has specialised in small caps since 2004. As of 2007 he is responsible of Small Caps Team. He also covers Cement stocks.
FABRIZIO BARINI (34), SMALL CAPS TEAM. In 2002, Fabrizio joined the Websim research team. He then came over to Intermonte’s team to focus on small caps in 2005.
ALBERTO VILLA (40), INSURANCE AND REAL ESTATE
SECTOR. Alberto joined Intermonte in September 2001, initially covering small to mid cap media stocks, then subsequently specialising in the insurance and real estate sector.
Previously, Alberto worked as an auditor and management consultant for Arthur Andersen for over 3 years, and was responsible for the IPOs of a number of Italian companies.
GIUSEPPE VARENNA (51), ECONOMIST. After gaining an Economics degree from the prestigious BocconiUniversity; Giuseppe covered various roles in the equity sector of Banca Manusardi. After this experience, he became the main macro-economist in CIMO SIM, before carrying out the same role at IntermobiliareSecurities as of 1995 and now at Intermonte SIM.
29
ANDREA RANDONE (33), TELECOM AND INDUSTRIAL
SECTOR. Andrea came to Intermonte in 2006, initially covering the telecommunications sector, focusing mainly on small caps. Before working at Intermonte, Andrea was a Professor at the Politecnico di Milano, where he earned a PhD in Managerial Engineering in 2006.
GIUSEPPE PUGLISI (37), INDUSTRIAL SECTOR. After graduating in Economics Giuseppe was part of the planning & marketing teams at a number of industrial groups prior to coming to Intermonte in January 2001to cover the industrial and technology sectors
FEDERICO PEZZETTI, CFA (38), REAL ESTATE AND UTILITIES
SECTOR. Federico has been working for Intermonte since 2007, covering the real estate and utilities sector. Previously,he worked for 7 years as a consultant for Price Waterhouse Coopers in London, focusing on the financial sector.
PAOLO MOSOLE (34), EUROPEAN EQUITIES. Paolo has a degree in Economics as well as experience in the asset management sector in Italy and abroad. He joined the Intermonte analyst team in April 2000 and has covered several sectors, starting with telecoms and telecom equipment. He covered also auto, cement and construction stocks. Now he is covering European stocks.
ANDREA BERGAMASCHI (38), EUROPEAN EQUITIES. After 13 years of experience like Buy side analyst and Portfolio Manager he joined Intermonte in 2007 and is Responsible for research on European stocks.
EUROPEAN TEAM
30
Contacts for Research DepartmentContacts for Research Department IN ALPHABETICAL ODER
MOBILEDIRECT LINEE-MAILNAME
+39 02 77115.227
+39 348 80800.41+39 02 [email protected] Villa
+39 348 80800.04
+39 02 [email protected] Varenna
+39 348 80800.48+39 02 [email protected] Randone
+39 348 80800.52+39 02 [email protected] Puglisi
+39 348 80800.49+39 02 [email protected] Pezzetti
+39 348 80800.46+39 02 [email protected] Passerone
+39 348 80800.45+39 02 [email protected] Mosole
+39 348 80800.40+39 02 [email protected] Galizzi
+39 348 80800.37+39 02 [email protected] Ferruta
+39 348 80800.36+39 02 [email protected] Corsiglia
+39 348 80800.35+39 02 [email protected] Corneliani
+39 348 80800.51+39 02 [email protected] Corghi
+39 348 80800.32+39 02 [email protected] Citi
+39 348 80800.33+39 02 [email protected] Carrese
+39 348 80800.17+39 02 [email protected] Barracchia
+39 348 80800.85+39 02 [email protected] Barini
+39 348 80800.44+39 02 77115.472guglielmo,[email protected] Manetti
[email protected] Bergamaschi
---
31
Contacts for Sales DepartmentContacts for Sales Department IN ALPHABETICAL ORDER
+39 348 80800.18+39 02 [email protected] Vitaloni
+39 348 80800.01+39 02 [email protected] Valeri
+39 348 80800.00+39 02 [email protected] Valeri
+1 917 951 2693+1 212 521 [email protected] Piccioli
+39 348 80800.69+39 02 [email protected] Pellegatta
+39 348 80800.08+39 02 [email protected] Parisi
+39 348 80800.80+39 02 [email protected] Parenti
+39 348 80800.03+39 02 [email protected] Mulattieri
+39 345 3701187+39 02 [email protected] Marracino
+39 348 80800.78+39 02 [email protected] Marchio
+ 39 345 37013021+39 02 [email protected] Kofler
+39 348 80800.13+39 02 [email protected] Fratto
+39 348 80800.16+39 02 [email protected] Croce
+1 917 355 2175+1 212 521 [email protected] Coloso
+39 348 80800.29+39 02 [email protected] Calabrese
+39 348 80800.02+39 02 [email protected] Luca Bolengo
+1 917 488 0680+1 212 521 [email protected] Bianco
+39 348 80800.20+39 02 [email protected] Alì
MOBILEF IXED LINEE-MAILNAME
+39 348 80800.10+39 02 [email protected] Saitta
Massimo Rossi [email protected] +39 02 77115.315 +39 348 80800.12
