MARR S p A : Analysts' Presentation - business update and sustainability report (speech translation and Q&A summary)

CONFERENCE CALL 6 October 2021

The following is a free translation in English of the speech and a summary of the Q&A topics session relating to the presentation concerning a business update and the presentation of the first MARR sustainability report. The speech, being held in Italian, will prevail in case of discrepancy with the written free English translation.

Antonio Tiso - Investor Relator

Good evening and thank you for attending the MARR conference, reserved for investors, analysts and banks, concerning a business update and the presentation of the first MARR sustainability report.

It must be noted that as usual, tomorrow Thursday 7 October, the English text of the speech and a summary of the Q&A session following the presentation will be published in the Investor Relation section of the MARR website and will remain available for one week.

I will now give way to the Chief Executive Officer Francesco Ospitali to begin the presentation.

Francesco Ospitali - CEO 3)

Good evening.

We will begin with slide 3 and the summary of today's call, during which we will deal with 3 topics:

First: a few days after the end of the 3rd quarter, which in terms of seasonality is historically the most important of the MARR business year, we will examine the preliminary figures for the total revenues in the quarter and the net financial position as at 30 September.

Second: regarding the investment objectives for the strengthening and expansion of the logistical and distribution structure.

Third, and last, regarding the publication of the first MARR sustainability report for the 2020 business year.

4)

In slide 4, we will illustrate, with the preliminary figures, the performance of the total revenues and an estimate of the net financial position at the end of the third quarter.

In Italy, this period has always been the most significant for domestic tourism, and thus for out-of- home food consumption and our reference market.

The third quarter of 2021 was characterised by a number of tourists above expectations, thanks to a significant increase in the number of domestic holidaymakers, which did not however fully compensate for the decrease in those from abroad, still hampered by the Covid pandemic.

In this context, MARR has achieved total revenues amounting to about 532 million Euros, an increase of about 4% compared to 509 million in 2019 and a significant increase (about 30%) compared to 409 million in 2020.

This represents a record quarter with the highest value of revenues in the almost 50 year history of MARR.

Consequently, at the end of the first nine months, the total revenues amounted to about 1 billion and 74 million (at the same levels as the 12 months last year) with an increase of about 25% compared to 856 million as at 30 September 2020 and, as a result of the operating restrictions in the first quarter this year, a reduction of about 17% compared to one billion and 302 million in the first nine months of 2019.

This positive result confirms MARR's capacity to take advantage from and anticipate the opportunities for consumption that arise, and can be compared with Market data which, on the basis of the Confcommercio Studies Office - no. 8 of September 2021, and in the Hotels, meals and out- of-home consumption segment, show for July and August a general increase in quantity of about 10% on last year and a reduction of about 12% on the same period in 2019.

The organic performance of sales in the reference channel of restaurants, hotels and tourist resorts is at levels similar those of pre-pandemic 2019, but shows some differences in terms of:

• territory: growth in the seaside, lake and mountain areas, which have literally been flooded by numerous tourists, is significantly above average; the traditional art and culture centres (typically major cities and cities of art) have improved significantly, but are still lower than average, as the absence of foreign tourists has weighted significantly in negative terms;
• goods: the entire range of products has been received positively by the clientele, although there has been a significant focus on seafood products. This has enabled a dilution of the operating and logistical costs, but especially has guaranteed greater satisfaction, and a consequent increase in loyalty, of MARR clients, and especially the end consumers, both of which are always in search of quality.

The contribution of the Verrini Group, which became part of MARR on 1 April, is confirmed as positive, with third quarter sales amounting to about 22 million Euros, having been 16 million in the second quarter.

To complete the analysis of the quarterly revenues, the positive performance of the Wholesale segment must be noted, with above-average growth levels thanks to the concentration of some specific fishing campaigns.

Lastly, it must be noted that the net financial position at the end of the third quarter of 2021, which includes a debt of 23 million Euros for the dividends to be paid out on 20 October, is currently estimated to be more than 50 million Euros less than that as at 30 June 2021.

5)

Moving on to slide 5) and the investment objectives for the expansion of the MARR logistical and distribution structure.

Firstly, a consideration of a general nature: maintaining and increasing MARR's market share does not involve greater territorial coverage, given that the Company has had a widespread and efficient domestic distribution network in place for some time; however, it does involve the continuous improvement and constant optimisation of processes, which enables the most efficient service possible to be guaranteed to Clients.

This strategy translates into territorial vicinity, the increasingly complete range of products offered and the optimisation of the industrial processes to maximise their efficiency.

From this viewpoint, and on the basis of the confirmed forecasts for the growth of the foodservice sector, MARR has defined an investment plan, which has been cyclically present throughout the

Company's history, aimed at realising new platforms and repositioning and expanding the Operating Units, through planned interventions to be realised in the period 2021-2024.

In this timeframe, extraordinary investments amounting to about 170 million Euros are expected to be made, including the usual maintenance capex.

In its almost 50-year history, MARR has always followed a step by step approach, in other words a phase mainly aimed at increasing and adjusting the operating capacity through investments in its own logistical and distribution structure, followed by a phase of optimising and increasing the efficiency of the investments.

The investment goals of a logistical nature concern 3 contexts:

1. new distribution centres to enhance the level of customer service in areas with significant growth opportunities, as in the case of the recent opening of the MARR Catania distribution center which has enabled the service in Eastern Sicily to be enhanced with a dedicated distribution centre, and consequently focusing the Palermo distribution center on Western Sicily;
2. [second context] enhancement of the stocking platforms, starting with the project - already notified in the press release of 5 October last year - for the realisation of a new stocking platform of more than 40,000 square metres which will enable the better management of the supplies to the single Distribution Centers nationwide and the customer service in the structured restaurants and hotels sector;
3. [third context] reorganisation, in terms of Distribution Centers, of the presence in some target areas with high consumption density.

In overall terms, the project is capable of ensuring the respect of the development plans and of supporting the expected growth levels, elements which will continue to characterise the Company's path in the medium and long-term as well.

6)

We are now on slide 6) and the sustainability report.

Today, MARR has made available on its website, through the link given in the slide, its first Sustainability Report, approved by the Board of Directors last month and including the Non- Financial Declaration (NFD) prepared with the 2020 annual financial statements.

This is an important document which outlines the objectives for the ethical and sustainable development of the Company in the coming years and illustrates to all of the stakeholders the path taken by MARR to ensure also an innovative growth which will continue to characterise the choices in the future.

This first edition of the MARR Sustainability Report is driven by clear objectives that were desired and indicated by the Board of Directors and has been prepared, with involvement and conviction, by the Management team according to the universally accepted GRI standards.

The five pillars integrated with each other on which MARR's outlook is based are:

1. the valorisation of People,
2. the increased focus on the selection of sustainable sources of supply,
3. the rigorous contribution towards the respect of the environment and ecosystem,
4. the concrete support for the reduction of waste,
5. the strong attention on profitability without speculations, through the optimisation of the processes.

These are in addition to the correct and complete implementation of the Best Practices in the context of Governance.

In this context, MARR has also decided to adhere to the request to identify internal figures who facilitate the possible need for engagement activities by Investors with the Directors (Shareholder- Director Engagement), as specified in the Investor Relation section of the company website and that can be consulted through the link given on the slide.

The objective of all this is to enable, with strong responsibility being undertaken by entire commercial, logistical, management and administration workforce, an impact which we expect can objectively be positive and which over time will also be accurately quantifiable.

This all benefits not only the stakeholders, the community and the individuals, but also the entire economic, social and environmental system surrounding us and which we come into contact with daily.

I will now give way to Antonio Tiso, Investor Relator, for more details concerning sustainability.

Antonio Tiso - Investor Relator 7)

Thank you Francesco.

We will now move on to slide 7.

In the sustainability report, MARR has identified the SDG (Sustainable Development Goals) established by the United Nations and regarding projects and initiatives through which MARR may contribute towards their achievement.

These are concrete activities, as highlighted by some figures that we will now illustrate.

Firstly, the products we market; these are almost 15,000 food products, including:

• more than 2,000 green products, in other words products that enable the implementation of a Green Public Procurement policy consistent with the National Action Plan on the GPP (PAN GPP) and which satisfy one or more environmental sustainability requirements set out in MD no. 65 of 10 March 2020.
• more than 3,000 Made in Italy products, a wide assortment that promotes the values of Italian food and beverage excellence.
• more than one thousand of its private labels; it should be recalled that our private label products are packaged using recyclable material and/or cardboard made from fibres originating from certified sources managed responsibly, and which also includes environmental labelling in order to facilitate the disposal and recovery of the packaging.
  In the range of products, the line of territorial products under name "Della Nostra Terra" is worth mentioning, which includes over one thousand products selected from among IGP or DOP certified Italian excellences or in the PAT list, which is a list of traditional farm and food products according to the definition of the Ministry of Agriculture.

Regarding suppliers, there are 2,200 of them, 680 of which are listed in the internal quality procedures as responding to environmental or social sustainability criteria.

Remaining on the subject of quality, and not only, the Company has been awarded 9 international certifications regarding: quality, food safety, environment and social responsibility.

Examples of this are the MSC and ASC certifications, which are the most widely known guarantee systems for fishing and sustainable fish farming at an international level. The products that have been awarded MSC certification originate from fishing zones managed in respect of the marine

stocks, habitats and ecosystems. The ASC certification enables to demonstrate that seafood products have been sustainably farmed, reducing or even eliminating the social and environmental impacts of farming

Some tangible results of MARR's commitment towards sustainability are:

• more than 300 of the vehicles used for deliveries have a low environmental impact, or are gas powered, Euro 6 or electric;
• 75% of the waste produced is destined for recovery, the goal being to further increase this percentage; in concrete terms, this means that in 2020, more than 1,600 tonnes of waste were recovered;
• since in 2015 MARR began a supply of frozen seafood products with a content of glazing limited to that strictly necessary for the product to be protected, more than 9 thousand tonnes of water have been saved, which is the equivalent of 1,125 full fire engines.

It must also be pointed out that the results quoted and achieved are in any event part of a process aimed at continuous improvement.

These commitments and results have ensured that at the end of 2020, MARR was awarded an ESG rating of A by the MSCI, and this was confirmed last June.

8)

We will now move on to slide 8) and two summary elements.

The first is the logo and pay off "L'impronta verde di MARR" ("The green finger print of MARR") which express the commitment, through the commercial offer, to supplying products that valorise and respect the territory and reduce the impact on the ecosystem.

The second element is the table summarising the SDG goals associated to the material topics, as taken from the stakeholder materiality matrix described in the NFD, and supplemented by others deemed to be significant. The correlation table includes the reference chapters in the sustainability report, where there are more details on MARR's activities.

9)

The material topics have their associated commitments, initiatives and projects, some already completed, others being finalised and planned.

This association is analysed in detail in the sustainability report through the correlation tables contained in slide 9).

Examples of planned goals are those of procuring 100% of our electricity from sustainable sources by 2025 or, again by 2025, suspending the sale of eggs and egg products from hens raised in cages and in combined systems, and implementing a project for the transformation of polystyrene boxes into reusable resources in terms of "secondary raw material".

The hope is that the sustainability report will further enhance dialogue with the stakeholders on topics and activities aimed at an increasingly sustainable and responsible development.

We have now finished our presentation and will take your questions. Please take into account that the usual details on financials will be available and provided during the conference call relating to the approval the Interim Results as at 30 September 2021, in calendar on 12 November.