Orsero : S.p.A. - FY 2018 Results Presentation

FULL YEAR ENDED DECEMBER 31, 2018

March 2019

DISCLAIMER

This document (the Document) was prepared by ORSERO S.p.A. (Company) only for the purposes of presenting the Company.

The information contained herein may not be complete and exhaustive and no guarantee can be given as to its accuracy.

This Document was drafted on the basis of data and information of the Company and/or in the public domain, and on parameters and assumptions determined in good faith by the Company. However, these parameters and assumptions are not the only ones that could have been selected for the purpose of preparing this Document, therefore the application of additional parameters and assumptions, or the existence of different market conditions, could lead, in good faith, to analyses and assessments that may differ, in whole or in part, from those contained herein.

The information and/or the assessments contained herein have not been subjected to verification by independent experts, and are subject to changes and/or updates. The Company undertakes no obligation to give prior or subsequent communication in the event that any such changes and additions may become necessary or appropriate.

No information contained in this Document can or shall be considered a guarantee or an indication of future operating, financial and equity results of the Company.

To the extent permitted by applicable law, the Company and its corporate officers, managers, employees, and consultants do not make any declaration or guarantee and do not assume any obligation, either express or implied, or responsibility as to the accuracy, sufficiency, completeness and update of any information contained in the Document nor in respect of any errors, omissions, inaccuracies or negligence herein.

This Document is provided merely for information and indicative purposes and does not constitute in any way a proposal to enter into any contract nor a public offering of financial products, nor advice or a recommendation to buy or sell any financial products.

You are the exclusive addressee of this Document which as such cannot be delivered nor disclosed to any third parties nor reproduced, in whole or in part, without the prior authorization of the Company.

To the purpose of comparing the full year 2018 financial data consistently with the current consolidation scope, all the full year financial data displayed and commented in the "Key Financials " section of this document refers to 2017 Proforma Consolidated Financial Reports prepared on a pro forma basis in order to include all the effects of the acquisition carried on during the year 2017. Limited to this purpose, the acquired companies have been assumed fully controlled from Jan. 1,2017 and consolidated with the line-by-line method from that date onwards.

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AGENDA

• GROUP OVERVIEW PAG.4

• KEY FINANCIALS - FY 2018 PAG.9

• APPENDIX PAG.19

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GROUP OVERVIEW

THE GROUP AT A GLANCE

ORSERO is the holding company (listed on AIM

Italia stock market managed and organized by

Borsa Italiana) of the Italian and international

group with the same name, a leader in

Mediterranean Europe for the import and

distribution of fresh fruit and vegetables for over 80

years.

The Group's Business model is based on two pillars:

the DISTRIBUTION of a vast array of fresh produce ,

and the IMPORT & SHIPPING of bananas and

pineapples using its owned ships.

The Group generates consolidated sales close to

953 M€ *, of which abt. 869 M€ in the Distribution

segment.

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(*) Year 2018

(**) Internal reporting statistics