We are invisible!

But we are everywhere!

Industrie Chimiche Forestali S.p.A.

Investor presentation

April 2021

2

Disclaimer

This document has been prepared by Industrie Chimiche Forestali S.p.A. ("ICF").

This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any shares or any other kind of financial instruments issued or to be issued by ICF.

Not all the information contained and the opinions expressed in this document have been independently verified. In particular, this document contains forward-looking statements and declarations of pre-eminence that are based on current estimates and assumptions made by the management of ICF to the best of their knowledge. Such forward- looking statements and declarations of pre-eminence are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results including the financial condition and profitability of ICF to differ materially from, or be more negative than, those expressed or implied by such forward-looking statements and declarations of pre-eminence. Consequently, ICF can give no assurance regarding the future accuracy of the

estimates of future performance set forth in this document or the actual occurrence of the predicted developments.

The data and information contained in this document are subject to variations and integrations. Although ICF reserves the right to make such variations and integrations when it deems necessary or appropriate, ICF assumes no affirmative disclosure obligation to make such variations and integration and no reliance should be placed on the accuracy or completeness of the information contained in this document. To the extent permitted by applicable law, no person accepts any liability whatsoever for any loss howsoever arising from the use of this document or of its contents or otherwise arising in connection therewith.

This document has been provided to you solely for your information and may not be reproduced or redistributed, in

whole or in part, to any third party.

By accepting this document, you agree to be bound by the foregoing limitations.

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Industrie Chimiche Forestali

ICF is a leading player in the technical adhesive and fabric business with the mission to pursue organic expansion of its operations while acting as an aggregator of companies operating in complementary businesses exploiting the robust Free Cash Flow generation

Why invest in Industrie Chimiche Forestali

Management

Equita;

ICF; 3.6%

1.9%

PEP;

Amundi;

5.6%

4.7%

Shareholder

structure

11. A public company.The market is the dominant shareholder

22. More than 100 years of historyin the chemical industry

33. Leading player in Technical Adhesive nichewith

V.F. Adhesives

(First Capital);

25.0%

Other Floating; 59.3%

expertise in adhesives and technical fabrics for the

Footwear, Leather Goods, Automotive, Packaging and

Upholstery sectors

44. Export oriented

55. Substantial Free Cash Flow generation

66. Strong focus on sustainability and environmental issues

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Industrie Chimiche Forestali: a 100-year History

The production of

Industrie Chimiche Forestali stops

The production of special

formaldehyde as a derivative

impregnated fabrics for the

of pyroligneous begins

producing basic chemicals and

footwear industry starts

finally focuses on the upstream

segment of the footwear industry

'20s

1918

'30s

1941

'50s

1983

The production of adhesives begins

Forestali relocates production from the plant in Sesto S. Giovanni to the new plant in Marcallo con Casone in the province of Milan

1984

1987

2005

The Forestali activity is enhanced

with the establishment of the

Società Italiana Resine SIR for the production of phenolic resins in Sesto S. Giovanni

ICF completes the Business Combination with EPS Equita PEP SPAC (then renamed ICF Group), listed on the AIM Italia exchange

Industrie Chimiche

Forestali is founded and starts with the extraction of pyroligneous acid from wood

ICF Group merges into

Industrie Chimiche

Forestali, now listed on the AIM Italia Exchange

Adhesives for Furniture and Boating are formulated and introduced into the business

network: Durabond brand is born.

Besides the formulation of high-quality and ease of use adhesives, already existing brands are purchased

ABC (Adhesive Based Chemicals) begins its own activity in 2005, within Forestali, as a company fully dedicated to the polyurethane adhesives industry for industrial applications (Automotive, flexible packaging, graphic arts)

May 2018

Aug. 2020

EPS

EQUITA PEP SPAC

The «Invisible Power»

Adhesives:

Solvent-based

Footwear &

Solvent-free

Leather

Water-based

5

Counter

The

Toe puff

Upper

«Invisible Power»

Insole

Sole Unit

Goods

Technical fabrics:

Toe-puff, counters

/ stiffeners

Linings and

reinforcing

Technical fabric is used in the toe puffs and counters of the shoe. Adhesive is used to put together mainly uppers, insoles and sole units

Technical fabric goes

Adhesive

is

used

to reinforce the handle,

to glue

different

Adhesives have a

bottom and sides of

components

of the

negligible impact

the bag. Adhesive is

upholstery

on cost of

used to glue the linings

production of the

final article…

Automotive

Adhesives:

Solvent-based

Solvent-free

Packaging

Water-based

The layers of the headliner in a vehicle. It can be applied to light vehicles (passenger and commercial)

Adhesives are used to glue

…But a relevant

impact on the

performance. A

low quality

adhesive can lead to serious issues and costs (eg. destroyed shoes or stained car roof)

The

layers

of films

The plastic cover of

The pins used in the

comprising the package

magazines and

staplers and similar

for

various

applications

periodicals

objects

(food and non food)

Product quality,

customized

solutions and

reliability are key

drivers to serve

clients

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Industrie Chimiche Forestali S.p.A. published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 April 2021 13:19:06 UTC.