PITECO S p A : aggiorna la comunità finanziaria

Cari investitori,

la nostra società aveva programmato la partecipazione a due importanti incontri con gli investitori europei, a Parigi durante il mese di aprile e a Francoforte a maggio, che dati gli eventi legati alla pandemia sono stati ovviamente annullati.

Ci sentiamo però in dovere di mantenere il contatto con la comunità finanziaria e con i nostri investitori attuali e potenziali e abbiamo quindi preparato questa presentazione per dare un aggiornamento non solo sui risultati dell'anno trascorso, ma anche una rinnovata visione sull'operatività completa delle aziende che compongono il nostro gruppo nella convinzione che queste informazioni possano essere utili per aggiornare tutti coloro che sono interessati all'andamento della nostra società.

I primi mesi tre mesi del 2020 confermano certamente il trend di crescita delle Business Unit del Gruppo.

In relazione al segmento del Treasury Management PITECO SPA ha proseguito il suo trend di espansione del business con la sottoscrizione di numerosi contratti con nuovi clienti nel territorio italiano mentre la neonata Myrios Switzerland ha contrattualizzato il suo primo cliente internazionale, la multinazionale del caffè Cofiroaster con sede a Ginevra.

Nel Financial Risk Mng Myrios Srl sta lavorando a pieno regime per lo start-up dei nuovi clienti recentemente acquisiti fra i quali si segnalano per importanza Telecom Italia Spa e Medio Credito Centrale. Le trattative con potenziali nuovi clienti proseguono e si conferma un interesse crescente delle Large Corporate e del segmento Mid-Banking alle soluzioni software offerte da Myrios.

Sul fronte USA (Banking) la controllata Juniper Payments è impegnata nella realizzazione di soluzioni fortemente innovative per la comunicazione tra gli istituti bancari, da proporre alla sua clientela e a nuovi istituti di credito.

La nostra capogruppo ha proseguito anche in questo periodo particolare il suo percorso di acquisizioni di realtà software specializzate in ambito finanziario; avrete avuto notizia della recente acquisizione del ramo di azienda Everymake, una start-up innovativa nel settore del Financial Data Matching, che noi già presidiamo, con soluzioni in cloud per il mondo delle Utilities, dei beni di consumo e altri settori in crescita anche in questo momento di incertezza.

Insomma, non ci fermiamo! Anche se la diffusione del Covid-19 ha creato un contesto di generale incertezza i cui effetti sull'economia mondiale non sono ad oggi ancora prevedibili, siamo ancora più convinti che le nostre soluzioni software ed il percorso di crescente digitalizzazione delle aziende continuerà a sostenere l'ampliamento delle nostre operazioni. Il nostro Gruppo si è mosso con rapidità affinché tutti i processi operativi potessero continuare a svolgersi in modo efficiente ed in sicurezza attraverso una organizzazione completa in modalità smart working. Tutti i servizi e gli strumenti software che caratterizzano la nostra offerta sono implementabili e fruibili in modalità remota e sicura da tutti i nostri Clienti e risultano ancora più strategici in situazioni di incertezza economica come queste, per comprendere meglio i fenomeni finanziari e poter orientare al meglio le decisioni delle aziende.

Alla luce di tutto ciò rimaniamo convinti che anche il 2020 possa rappresentare per Piteco un ulteriore anno di crescita e rafforzamento della propria posizione di leadership sul mercato italiano e contemporaneamente vedere proseguire la nostra penetrazione sui mercati internazionali anche attraverso ulteriori opportunità di M&A.

Vi ringrazio dell'attenzione e vi saluto cordialmente in attesa di un prossimo incontro.

Marco Podini - Presidente

INVESTOR

PRESENTATION

INTERNATIONAL GROUP ACTIVE IN TREASURY & BANKING SOFTWARE MARKET

Index

Section 1	Executive Summary		3
Section 2	Group Presentation			5
Section 3	PITECO			19
	3.1	Software and clients
	3.2	Market info
Section 4	JUNIPER			34

1. Software and clients
2. Market info

Section 5	MYRIOS		45
	5.1 Software and clients
Section 6	Listing on the Stock Exchange			51
Section 7	Financial Results			53
	Key contacts			60

3

Executive Summary

Executive Summary

PITECO GROUP is an important player actives in Financial Software market, offering Risk, Treasury & Banking software solutions.

The GROUP is listed on the MTA managed by Borsa Italiana.

It is developing a challenging internationalization and diversification

process, driven by 3 business lines:

1. PITECO Spa,the leading Italian Software House for Corporate Cash Management and Financial Planning serving more than 650 large industrial groups active in a highly diversified number of business sectors.
2. MYRIOS S.r.l., an Italian Software House offering Risk Management, Capital Markets and Compliance software dedicated to Banks (60% of revenues) as well as to the manufacturing and service industries (40%).
3. JUNIPER PAYMENTS LLC, Software House leader in USA with proprietary solutions for digital payment and clearing house services to approximately 3.300 American Banks, managing the settlement of Interbank financial flows (bank transfers and checks collection) for over 3 billions USD per day. It can be considered one of the largest US interbank networks.

PITECO GROUP FINANCIAL STATEMENTS FY 2019:

• Revenues: € 24,0 million, +19% (FY 2018: € 20,2 million)
• EBITDA: € 10,2 million, +24% (FY 2018: € 8,3 million);
  EBITDA margin 43%
• Pre-taxProfit Adjusted*: € 6,4 million, +11% (FY2018: € 5,7 million)
• Net Profit Adjusted*: € 5,7 million, +8% (FY 2018: € 5,3 million)
• Operating cash flow: € 7,3 million (32% Net Revenues; 71% Ebitda)
• Net Financial Position: € 14,6 million (FY2018: € 15,3 million)
• Net Financial Position including Put option: € 27,5 million (FY2018: €
  26,8 million)

*Adjustment due to accounting € 2,7 million financial costs related to the revaluation of Earnout e Put Option

5

Group Presentation

Since 1980 Piteco is a software house absolute leader in Italy in proprietary solutions for Treasury Management and Financial Planning. Piteco is operating in all industry sectors by means of hundreds of projects carried out in well known national and international Groups.

Juniper Payments is a USA market leader in Digital Payments services. Juniper Payments serves more than 3,300 Banks and Credit Unions managing their transactions on its platform.

Juniper is the third largest payment service provider after Federal Reserve and the first among those controlled by private parties.

Myrios is a software house marked by strong competence in Finance and Risk Management topics. Years of experience in finance issues enabled Myrios to develop an innovative application platform; Myrios Financial Model.

Presentation of PITECO

PITECO, which stands for "Pianificazione Tesoreria Computerizzata", has been active for over 30 years on the Italian market. It is the leading company in Italy for design, development and implementation of solutions for treasury management in terms of size, number of resources, range of services offered and managed customers

PITECO holds three operating locations (Milan, Padua and Rome) and more than 650 software installations. Milan, the headquarter, coordinates the activities and hosts the customer care service

The company offers three product families. The first, PITECO EVO, presents an integrated solution for the management of corporate finance and consists of 17 different modules. The second, CBC, meets the requirements of efficient management of the workflows of companies towards national and international banks.

The third, MATCH.IT, dedicated to analysis and matching of complex data flows

Software sales (about 15% of annual revenues) allows PITECO to

generate significant recurring revenues from maintenance fees (55%

of revenues, steadily increasing year by year) and services with high added value (30% of annual revenues). These features and the large customer base, spread over several industries and characterised by very high retention and the constant growth of the company (it acquires approx. 35 new clients per year on average, mainly medium to large companies), enable the company to record a remarkable

EBITDA

The potential market includes all industrial companies (no banks and no public administration) that consider treasury management important to oversee and enhance the treasury function in case they increase their revenues and need to track their cash flows

CASH MANAGEMENT

FINANCIAL PLANNING

PAYMENT FACTORY

RISK MANAGEMENT

GLOBAL LIQUIDITY MANAGEMENT

SEPA

SUPPLY CHAIN FINANCE

SPECIALIZED SERVICES

8

Presentation of JUNIPER

Juniper Payments serves a specialized niche market of wholesale correspondent banking. The company is the market leader in this sector with more than 3.300 banks and credit unions utilizing its online platform software to transmit and receive daily transactions that total over $3 billion. No other U.S. third-partyservice provider maintains connections to more financial institutions exception the U.S. Federal Reserve.

SaaS Model. All products and support are delivered as services over the Internet. The system is modular in design, so correspondents may add new modules to their product over time. These modules may then be enabled for all or for a sub-set of the end user financial institutions. This provides a highly customized and dynamic service to meet each customers specific requirements

Juniper's headquarters is in Wichita, Kansas (USA), with data center in Kansas and Nebraska. The company has 20 long tenured employees.

Juniper is:

• Regulated as Technology Service Provider under FFIEC by U.S. Federal Banking Agencies;
• SSAE 16 Type II audited.

Juniper has:

• Private Data Centers with a fully mirrored Disaster Recovery site;
• 99,999% uptime since inception of company.

Juniper's business model is based on recurring revenues. 90% of annual revenues are based on "right to use" services by end-users via

principal customer contracts. The remaining 10% is due to

customization fees and technical advisory and support. An average contract lasts generally for about 5 years or more and the contracts have a very high retention rate.

ENTERPRISE	DIGITAL TRANSFORMATION	BRANCH	DATA CENTER

9

Presentation of Myrios

Myrios develops treasury, capital markets and risk management

software:

Myrios Financial Modelling, a software solution dedicated to the manufacturing and service industries (40%) as well as to banks (60%). The solution helps clients with the complex calculations and procedures of the Finance & Risk Management areas.

The business model is based on software rental license fees and on

methodological-functional advisory, ensuring high revenues leveraged on the consolidated customer portfolio.

The company has software engineers skilled in financial issues, financial analysts and professionals in the quantitative assessment of derivatives, securities, financial instruments and consultants with a

strong knowledge of the processes.

TREASURY & CAPITAL MARKET	FINANCIAL MODELLING

Myrios is based in Turin and Geneva (CH).

More than 50% of the turnover is represented by recurring fees, granting relevant cash-flow visibility. Software lumpsum licenses reach 20% of the turnover. The company offers massive returns and generates huge visible cash flows.

Myrios has high retention rate of rental contracts due to high flexible

and scalable configuration as a result of recent design and innovative technology. This is one of the main reason for the success in the software substitution of competitors.

RISK MANAGEMENT	COMPLIANCE

10

Storyline

P

I

T

E

C

O

			Second M&A
	Dedagroup acquires 30% of	First M&A transaction,	transaction, PITECO
Met Group	PITECO by Met Group in	PITECO acquires Centro	acquires
creates PITECO	partnership with	Data business assets	LendingTools.com	Admission to MTA
software	management		business assets	market

1980		2004		2008		2012		2015		Jul-15		Apr-17		Jul-18		Sep-18

The business unit of activities	Dedagroup acquires	Listing on the AIM	Third M&A transaction,
related to software PITECO is	capital of PITECO up to	Italia market	PITECO signs a binding
separated and turned into a	81%		agreement for Myrios
company			company

J

U N I P E R

	Implemented first Banker's	Implemented first	Implemented	LendingTools.com
LendingTools.com	Correspondent Live	business assets
Bank on ExtraNet FP-S	OnWe Image
founded	Wire interface to U.S.	acquired by Juniper
Correspondent Gateway	Exchange Networ
	Federal Reserve	Payments

2000		2001		2002		2004		2007		2007		2011		2011		Apr-17

Developed and	Began offering ExtraNet	First full examination	Implemented first Corporate
implemented first modules	FP-C Business Quick	under FFIEC	Credit Union and ACH Advance
of ExtraNet	Connect	guidelines	interface to U.S. Federal Reserve
FP-S Correspondent
Gateway

11

PITECO Group at a glance

30									Financial Data 2008-2019 (€/m)
														42,3%	42,5%							43%
25
						38,9%	39,8%	39,3%						39,7%				41%
															37,9%
20					35,4%
		32,3%
	29,6%
15
8,1	2,4	9,3	3,0	9,9	3,5	10,8	4,2	10,8	4,3	11,2	4,4	12,3	5,2	13,4	5,7	14,1	5,6	17,0	6,5	20,2	8,3	24
10	10,2
5
0
2008	2009	2010	2011	2012	2013		2014	2015	2016	2017	2018	2019
											Revenues				Ebitda		% Ebitda Margin

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

About 650 Corporate clients for Cash Management and Financial Planning solutions in 50 different countries

About 3.300 financial institutions clients for Banking solutions in USA market

About 50 Corporate & Bank clients for Risk Management solutions in manufacturing and service industries.

Approximately 60% of revenues derives from recurring fees and it's continuously growing

About 130 employees in Italy (Milan, Rome, Padua, Turin), Switzerland and USA

12

The DEDAGroup

100%

Myrios Switzerland

Piteco is part of DEDAGROUP, an important Italian company with strong IT competences. The group boasts a significant international presence in Europe, USA and South America.

Turn over group: 220 mln €

Turn over USA: 25 MLN €

Dedagroup people: + 1,600

13

Shareholding & Management

Shareholding PITECO

	3 Founders
	5,70%
Market	Podini's family
27,39%
	11,56%
	Dedagroup S.p.A.
	55,35%

BOARD OF DIRECTORS

MARCO PODINI	PAOLO VIRENTI
Partner	Founding Partner

CHAIRMANCEO

RICCARDO VENEZIANI	ANDREA GUILLERMAZ
Founding Partner	Founding Partner

CFO	SALES DIRECTOR
Other BoD Members:
Mauro Rossi (Independent)	Annamaria Di Ruscio (Independent)
Maria Luisa Podini (Director)	Francesco Mancini (Independent)

Shareholding JUNIPER

Jorge Jimenez - LLC

20,0%

Piteco NA

60,0%

Jon Budd - LLC

20,0%

BOARD OF DIRECTORS

JORGE JIMENEZ

JON BUDD

CHAIRMANCEO

MARCO PODINI

ALESSANDRO POCHER

BOARD MANAGER

BOARD MANAGER

14

Shareholding & Management

Shareholding MYRIOS

Piteco S.p.a.	Marco Pecetto
22,84%
56,00%
	Sandro Calderini
	5,29%
	Alessandro Gribaldo
	5,29%
	Other Founders
	10,58%

Shareholding MYRIOS SWITZERLAND

MYRIOS Srl

MYRIOS Srl

100,0%

BOARD OF DIRECTORS

MARCO PODINI	MARCO PECETTO
CHAIRMAN	FOUNDING PARTNER
	CEO
PAOLO VIRENTI
BOARD MANAGER	ALESSANDRO GRIBALDO
	FOUNDING PARTNER
RICCARDO VENEZIANI	CIO
BOARD MANAGER

BOARD OF DIRECTORS

MARCO PECETTO	ROBERT DE PICCIOTTO
CHAIRMAN	EXECUTIVE MANAGER
RICCARDO VENEZIANI	PAOLO VIRENTI
BOARD MANAGER	BOARD MANAGER

15

Growth Drivers

PITECO has identified a number of Growth Drivers during the IPO process:

1	NEW LARGE CLIENTS
2	NEW MODULES
3	ACQUISITIONS (M&A)
4	MID-MARKET
5	NEW MARKETS

1. New Large Clients: company results confirm the committed growth.
2. New Modules: PITECO will continue investing in R&D to offer other modules on top of the existing.
3. Acquisitions on the national market: PITECO has acquired the Business Assets from Centro Dataand the majority shareholding of MYRIOS Srl
4. Mid-Market: PITECO has developed a Cloud solution and a dedicated indirect sales force to broaden its offer into the Mid-market (companies with a turnover of € 50-100m).
5. New Market (USA): PITECO has acquired the Business Assets from LendingTools.com(USA Company).

16

M&A activity

acquisition of majority stake in Myrios Srl

The company acquired the majority stake (56%) in Myrios Srl, with effect from 15 October 2018, by the founding shareholders, remaining in the company to run the business. The majority shares have been paid Euro 11,1 million.

The founding shareholders have a put option for the remaining 44% of the share capital, exercisable in the period between the approval of the financial statements 2020 - 2024.

At least 50% of the exercise price will be paid for by assigning Piteco SpA shares.

Financials	FY2018	FY2019
Turnover	3,0 ml	3,9 ml
EBITDA	1,8 ml	2,5 ml
Net Profit	1,3 ml	1,8 ml
Ebitda Margin	60%	63%

17

M&A activity

Business Assets from LendingTools.com

The company acquired the Business Assets from LendingTools.com Inc. with effect from 7 April 2017. LendingTools.com Inc. is the leader in USA for digital payment services and clearing houseto approximately 3.300 American banks and manages the settlement of interbank financial flows (bank transfers and checks collection) for over 3 billion USD per day. It can be considered one of the largest US interbank networks.

This acquisition, interesting on stand alone bases considering its revenues, growth perspectives and profit margins, has even more value considering the future integration synergies with Piteco product portfolio and the related combined offer.

On top of this strategy, Piteco will be able to speed up the development of the US Corporates market with its Treasury solutions in a more effective way.

Capital Injection on 2017	$ 13 ml
- equity	$ 3 ml
- I/C debt (10 Y: 2,5%)	$ 10 ml
Financial FY2019
Turnover	$ 5.1 ml
EBITDA	$ 1,8 ml
EBIDA margin	36%

18

M&A activity

Business Assets from Centro Data

The company acquired the Business Assets from Centro Data S.r.l. with effect from 1 July 2015. Centro Data S.r.l. is providing solutions for financial transactions reconciliation and complex data matching. (MATCHIT software).

This acquisition has allowed the company to add new software modules to its offer, in areas corresponding the current core business and about 50 new clients mainly in areas not completely covered by the company, as insurance and consumer credit.

Equivalent	€ 1.085.000
- cash	55,3%
- debt	23,9%
- anticipated revenue	20,8%

Turnover 2019	€ 1.600.000
Number of Clients	50

19

PITECO

Software and clients

Client lifecycle

15%

55%

30%

Maintenance & recurring fees

Sales of services

Software sales

22

Integrated Treasury Management Platform: EVO

PITECO EVO is the functional response to business needs in Treasury and

Financial Planning.

PITECO EVO is chosen by over 3,500 business worldwide operating in all business sectors: from construction to retail, from fashion to mechanics, from utilities to consumer goods manufacturers, from services to finance.

Cash Management

Financial

Planning

Digital Payments

Complete outlook on companies' liquidity, on behalf, financial item, currency and country. Group's Cash Position consolidation throughout control and centralization models.

Liquidity planning fine-tuned by

Collection and Payment strategies. Precautionary control of financial dynamics carried out by Cash Flow and Net Financial Position forecasts.

Centralization, coordination and traceability of all payment procedures set by the companies towards banks.

Supply Chain Finance

Risk Management

Trade

Finance

Working Capital streamlining and control supported by functionalities which consent an optimal collection and allocation performance of companies liquidity.

Corporate Financial Risk management and the related risk exposure governance in terms of foreign exchange and interest rates, related to middle and back office.

Management of global market financial requirements throughout functionalities for commercial operation in foreign currencies.

All rights reserved PITECO ®

Integrated Treasury Management Platform: EVO

PITECO EVO is a wide range

of integrated modules

offering a set of features

Cash Management

Liquidity,CashFlowForecast.

BankRelationshipManagement.

Retail & e-Commerce

Stores collection, accounting and forecasting management. E-commerce management.

Payments

Financial and accounting processes governance. of Corporate payments.

Home Banking

Daily reporting and account reconciliation.

Customer Reconciliation

Matching platform for collection, closing and reconciliation.

Netting

Regulation of Intercompany debt and credit items.

Credit Lines

Registry management by type of use, costs and commission.

Bills Portfolio

Cash orders, SDD, Payment via advice, Bills of exchange, Foreign effects.

In House Banking

Treasury in the name and on behalf, Cash pooling, ZBA, Intercompany, Centralisation and consolidation.

dedicated to every single business requirement.

Long-T. loan & Leasing

Amortisation plans, amortised cost and IFRS16

Trade Finance

Import - Export letter of credit financial operation management.

Short-T. loan & Deposits

Corporate and Intercomapny loans and deposits Management.

FX & IR Derivatives

Exchange and interest rate hedging transactions in terms of middle and back office management.

Guarantees

Guarantee sureties - bond, performance bond, bid bond.

Supply Chain Finance

Factoring, Reverse Factoring e Dynamic Discount.

Global Financial Reporting		Financial Planning
Advanced tool for reporting management.		Integrated features for short, medium and long term
	planning management.

All rights reserved PITECO ®

Integrated Treasury Management Platform: CBC

Corporate Banking Communication is Piteco's Digital Payments proposal to manage authorisation workflows and safe dispatch of disposal flows towards national and international banking systems.

Workflow Implementation of company

procedures, profiling and centralization of authorisation steps.

Digital	Dematerialization, delocalization
	and simplification of corporate
	payment authorisation processes.

Traceability Procedures and completed authorisation workflows centralisation and storage.

Security Iterability guarantee of the workflows transmitted to the banking institutions. Access and identification through Strong Customer Authentication and with authentication systems (credentials, Smart Card, Token, OTP, App).

Mobility	Multi-device applications:
	desktop, laptop, smartphone,
	tablet.

Banking	Connection with the main online
Hub	banking systems, Swift and
Service Bureau.

All rights reserved PITECO ®

Integrated Treasury Management Platform: MATCH.IT

MATCH.IT is a validation and reconciliation tool for heterogeneous databases, based on recognition and parametric matching criteria.

Improves Cash Collection processes, eliminates manual activities and guarantees better operative performances.

Semantic	Sematic analysis of disorganized
Analysis	data, transformation and
					normalization activity of
					information from different
					corporate departments. (orders,
					warehouse, expenses reports)
Validation	Application of logical parametric
					matching, rules and procedures
					allowing the automation of
					further reconciliation steps.

Flexibility	Parametric definition of data
	structure and report

customising.

Audit	Traceability of each operational
	matching sequence and
	assistance of audit activity.

Data Matching

95 %

Operating costs

- 80 %

Managerial efficiency

+ 50 %

Integration

Self-learning, matching percentage improvement, management efficiency guarantee.

Significant reduction of manual and semi-automatic data recognition and matching activities.

Better interchangeability and

flexibility of resources,

qualitative improvement of controls.

Integration with PITECO EVO, companies' ERP and Treasury

software.

All rights reserved PITECO ®

Piteco High Value Proposal: Solution Deliver

SaaS

PRIVATE
		ON PREMISE
CLOUD

Ready-to-use cloud		Dedicated cloud		Installed locally
Standard Solution		Customizable Solution		Standard & Customizable
Annual Fee		Annual Fee		One-Off Fee

Support 24/7

All rights reserved PITECO ®

FinTech Solutions: Piteco Integration

SUPPLY CHAIN FINANCE

VIRTUAL		FACTORING
PAYMENT	DYNAMIC	Credit optimization
Credit card plafond	Improved cash flow
	DISCOUNT
DPO improvement	Quick funding
	Liquidity Optimization
Payment Process Efficiency
	Partnership with suppliers

System	Real time	Efficiency
Integration	data update

WORKING CAPITAL

	CURRENCY
	ACCOUNTS
REVERSE	Tailored solutions
FACTORING	Fast payments
Improved Cash Flow
Reduced Early Payment Requests
Long-term Relationship

AutomationMonitoring

All rights reserved PITECO ®

PITECO clients

Business sector breakdown of Piteco clients

ERP Breakdown of Piteco clients

OTHERS

21%

MICROSOFT

2%

ORACLE	SAP
16%	61%

Data on company estimate

• PITECO currently counts more than 600 clients well-distributed across all industries

MECHANICS & STEEL

CHEMICALS & PHARMA

SERVICES

CONSUMER GOODS

FOOD

FASHION

UTILITIES

CONSTRUCTION & TILE

RETAIL4,4%

INSURANCE4,3%

MEDIA4,1%

FINANCE3,9%

LOGISTICS3,7%

AUTOMATION3,7%

AUTOMOTIVE3,3%

TELECOM 1,7%

COMPUTER - INFORMATICS 1,3%

PAPER 0,9%

OTHERS 0,4%

13,9%

9,4%

8,9%

8,3%

7,4%

7,2%

6,7%

6,5%

Data on company estimate

• 100% of PITECO's clients already employ a management software (ERP)

• The three main management software tools (SAP, Oracle and Microsoft) count for approximately 80%

29

Examples of Clients

AUTOMATION		AUTOMOTIVE		CHEMICALS		ENGINEERING & CONSTRUCTION

CONSUMER GOODS		FASHION		FINANCE		INSURANCE

FOOD		LOGISTIC & SHIPPING		INDUSTRY		MEDIA

RETAIL		SERVICES		TLC		UTILITIES

30

Market info and trends

Market sub-segments: management application software

SOFTWARE MARKET: € 6,2 billion

SYSTEM SOFTWARE

Software which guarantees basic functions (operative systems, e.g. MAC OS or Windows)

INFRASTRUCTURE SOFTWARE

Set of programs that act as intermediaries between different applications and software components

APPLICATION SOFTWARE

Programs used for office automation (e.g. Word, Excel), particular professional needs and assets (e.g. the treasury, warehouse management), creation of software, and optimisation of computer processes.

MANAGEMENT APPLICATION SOFTWARE: € 4,5 billion

ACCOUNTING		STORAGE		PRODUCTION		BUDGETING		MANAGEMENT &
				FINANCIAL ANALYSIS
SOFTWARE		SOFTWARE		SOFTWARE		SOFTWARE
				SOFTWARE
								TREASURY SOFTWARE

Fons: all data are refered to a Research of Assinform/NetConsulting, 2017	32

Future growth of the Treasury Management Systems industry

Companies using TMS

Companies using TMS

TMS use per corporate revenue size

							0 - 250mil.
					18%
					YES
Europe
37%					NO
		Europe
		63%				0 - 250mil.
				82%

COMPANIES					YES
	COMPANIES
49%
	51%			NO

		North
			Asia
		America							250 - 999 mil.
			40%
North		40%					250 - 999 mil.		44%
				Asia
America							56%
					60%
60%

YES NO

33

Current trends in the TMS industry

Use of specific software in Treasury

Europe		North
13%		America
		21%

TMS in Cloud

Europe

21%

North

America

39%

North

America

				North
Europe				America
87%				79%			YES
							NO
		World

Europe

79%

61%

Asia	20%
26%

Asia
	World
74%
	80%

Asia	World
26%	27%

		World
Asia
74%		73%

34

JUNIPER

Software and clients

Client life cycle

37

Juniper's product families

38

ExtraNet FP-S Correspondent Gateway

Administration

and Control

Payments Origination

Transmission and Settlement

ExtraNet CL

ExtraNet FT

Risk Management

Reporting and Audit

ExtraNet FP-S Base System	Security, content and user experience management
Archival	Transaction retention and download
Authentication	Extensive multi-factor validation including biometric scanning

ACH Advance	Automated delivery/transmission to ACH Operator
ACH Entry/Management	Origination/upload/validation/processing of ACH and auto-orgination of files per pre-defined schedules
International ACH - IAT	Origination of ACH transactions to US FedGlobal
Domestic Wires - Live Wire	Automated wire transfers to/from US Federal Reserve
Domestic Wires Entry	Origination/upload/validation of US wires
Domestic Wires - FR-ETA	Origination/upload/validation of US Electronic Tax wires
International FX	Interfaces to various FX providers for foreign wires and currency
Check Image Returns	Create check image returns from receipt files
Check Adjustments	Online entry of check image correction adjustments
Account to Account Transfers	Direct transfers between respondents
Fed Funds/EBA Management	Online display/entry of overnight investment orders
Vault Cash Orders	Online entry of domestic branch cash orders
Foreign Currency Orders	Online orders buy/sell foreign currency, travelers checks, drafts, cash letters, collections
OnWe® Clearing Network	Check image direct exchange between respondents
Secure File Transfer	Validation/tranmission of check image files
OFAC Scanning	Immediate validation of ACH/Wires against US Treasury lists
ACH Risk Management	Limits and reporting for ACH origination files
Wire Risk Management	Limits and reporting for wire transfers
Trend Analytics ACH/Wires	Multi-day trend analysis for transactions/files
Account Inquiry	Balance and transaction listing with core interface
Real Time Interface	Immediate cash position of intra-day activity
Report File Delivery	Unlimited report delivery classes-online/download
Loan Pyament/Advance	Submit and report payment and advance requests
Credit Card Payment	Submit and report end user credit card payments
	39

ExtraNet FP-C Business Quick Connect

Automated Wires,

RTP, On-WE

24 Hrs Outsourced

Monitoring

Branch level, wizard assisted, entry with dual approval options Integrated OFAC screening and management

Flexible workflows based on roles, departments and operations Core integrated balance checks and auto-posting via API Real-time acknowledgement options

Integration options for business internet banking

User facing dashboard includes daily wire data - inbound & outbound

Federal Reserve Bank balance monitoring

Exception Management for decisioning and approval Integrated audit, activity, and balance reporting Complete control of roles, access, permissions and wire types Integrated risk management tools

On demand document creation - integrated electronic signature options

Archive

40

LIVEWIRE-Instant Payments Hub

Administration

and Control

Payments and Compliance

Reporting and Audit

Internet based platform for community financial institutions to business customers Modular structure and control available at multiple levels

Includes multi-factor authentication and user level permissions and limits

Operates as a stand alone offering or integrated into Juniper's FP-S transaction flow

Business customer entry level program for Automated Clearing House (ACH) and wire transfer payments Facilitates one-time payments, templates for repetitive payments and upload of formatted payment files from other systems

Integrated Office of Foreign Asset Control (OFAC) scanning for compliance with regulations

Complete tracking of all activity in Audit Trail reports with multiple search options Report delivery to business customer level also included

Account balance data available via BAI file import

41

Juniper clients

Check	ExtraNet FP-S
10%	63%
Intranet
1%
OFAC
8%

Authentication 14%

	ExtraNet FP-S
ExtraNet FP-C	ExtraNet FP-C

4%	Authentication
	OFAC
	Intranet
	Check

42

Market info

Juniper market

Totale Bank Industry Assets

$17,2

trillion

JP Morgan Chase Total Assets

$2,1 trillion

Wells Fargo Bank Total Assets

$1,7 trillion

Bank of America Total Assets

$1,6 trillion

Citibank Total Assets

$1,4 trillion

Number of institutions

5.733

Average asset size

$1,8 billion

Median asset size

$201 million

% of institutions with $25 million or less in total assets

3%

% of institutions with $100 million or more in total assets

77%

Fonte: FDIC Q3 2017

Graph: Juniper market share

Total Credit Union Industri Assets

$1,3 trillion

16.000

Navy Federal CU Total Assets

$83,7 billion

14.000

State Employees' FCU Total Assets

$37,1 billion

CAGR

Pentagon FCU Total Assets

$22,8 billion

12.000

-7,1%

Boeing Employees CU Total Assets

$17,6 billion

10.000

SchoolsFirst Total Assets

$13,9 billion

8.000

The Golden 1 Total Assets

$11,3 billion

6.000

First Technology Total Assets

$11,1 billion

4.000

Number of institutions

5,589

CAGR

Average asset size

$204 million

2.000

+7,3%

Median asset size

$30 million

0

% of institutions with $25 million or less in total assets

45%

2012

2013

2014

2015

2016

2017

Juniper Fls

U.S. Fls

% of institutions with $100 million or more in total assets

27%

Fons: FDIC and NCUA annual summaries 2012 - Q3 2017 (FDIC), Q2 2017 (NCUA)

Fons: NCUA Q2 2017

44

Market Trends in US

Providing Faster Payments to	Better user experience and	Better integration with bank systems
consumers and businesses			value adds	and 3rd parties

2016 MC acquires Vocalink (provider of	2020 Intuit buys credit Karma (provider	2020 VISA acquires Plaid 5.3 billion-
Faster Payments) for almost 1 billion USD	of credit activity) for 7.1 billion USD	multibank balance check

Juniper is investing R&D in all three areas

MYRIOS

Software and clients

Client life cycle

Sales:Process includes contracts that establish a recurring revenue annuity for services with correspondent customer as a subscription to utilize the software for its respondents. Additional contract revenue derives from one-timeup-front purchase, implementation and integration fees associated with contract.

Maintenance: Yearly subscription billing provides further recurring revenue for the duration of the contract period, which automatically renews.

Enhancements: Customers often purchase a subset of total modules offering in initial phase of implementation followed by purchase and implementation of additional modules over the contract period. This process included additional one-time

purchase/implementation fees. Additionally, custom programming services are utilized to facilitate correspondent customer operational or market differentiation needs.

48

Integrated Treasury Management Platform: FM

Myrios FM suite is the solution dedicated to governance of Corporate Financial Risk Management processes and to management of Front, Middle, Back Office & Risk Management activities.

Exposure	Management of industrial and
Management
financial exposures.

Hedging	Management of the most
	widespread hedging instruments:
	FX Hedging, Interest Rate Hedging
	and Commodity Hedging.

Valuation	Derivative Instrument evaluation
			and its efficiency test
			performance in real-time and
			deferred, MTM calculation
			storage in the database.

Deal Management

Emir

Market

Data

Administrative, events, Workflow and Confirmation operation management.

Reporting to the Trade Repository as required by Emir legislation, through automations which simplify the process implementation.

Useful information loggin - prices, rates, curves, volatility - through connections with the most common info providers.

Hedge Accounting

Fair Value Hedge/Cash Flow Reporting Hedge (IAS 39, IFRS 7, IFRS 9, IFRS

13), Hedging Card creation and in case of IR component, creation of amortised cost too.

Position Analysis, Liquidity

Analysis, Risk Analysis, What If

Analysis, Portfolio Analysis,

CVA/DVA.

Integrated Treasury Management Platform: FM

Multi company and multi currency modular FM suite is integrated with PITECO EVO, with the most popular ERPs and with the accounting management systems.

Forex

Industrial exposure in currency: budget, commercial offers, orders, invoices, collections / payments.

Foreign currency financial exposures: loans, bond issues, equity investments, shares, bonds, funds, payables / receivables in foreign currency, current accounts.

Forex derivatives: Fx Forward, Spot, FxSwap, not Deliverable Forward, Cross Currency Swap, Forex Option, Barrier Option, Zero Cost Collar, Flexible Forward, Forward/Option Accumulator, Exotic Forex Option.

Commodities

Industrial exposure in Commodities:

Requirements plan, purchase and sale orders for commodities, subdivision of orders with definition of quantities and prices, invoices

Commodities derivatives: Listed, Option Listed, Spread Listed, Swap, Option OTC, Zero Cost Collar, Exotic Commodities Options.

IR Risk

Emissions: bonds, inflation - linked bonds.

Bank loans: fixed rate, float rate with minimum maximum rate pooled, intercompany. Credit lines: Revolving, Hot Money, Passive Deposits, Guarantees.

IR derivatives: Interest Rate Swap, Basis Swap, Cross Currency Swap, Cap, Floor, Collar.

Portfolio Investments

Position, performance, Income Statement, Risk Analysis.

Bond, Equity, Fund, Derivatives, MM, FX.

Myrios clients

Sales Breakdown by product.	Example of clients
Revenue is for the period FY 2019

Software sales	Recurring Fees &
28%	Maintenance
	47%

Sales of services

25%

All rights reserved PITECO ®

51

Listing on the Stock Exchange

Listing on the Stock Exchange dati old

ISSUED INSTRUMENTS

	Stock			Convertible Bond
ISIN code		IT0004997984		ISIN code	IT0005119083
IPO value		€ 3,30		Issued	€ 5 mln
Value at September 30, 2019		€ 5,20		Coupon	4,5%
Capital Raised on IPO		€ 11,5 mln		Maturity	2015-2020
Market Cap at Sept. 30, 2019		€ 94,5 mln		Strike price	€ 4,20

Performance of the stock since the IPO day (July 31, 2015) to Sept 30, 2019

Performance

since IPO: +58%

53

Financial Results

IAS-IFRS

Income Statement Piteco Group FY 2019/2018

Data in EUR/1000

Profit and Loss	FY2019	%	FY2018	%	Changes	Ch %
Net Sales Revenues	22.774	94,7%	19.374	95,9%	3.400	18%
Other Revenues	1.286	5,3%	940	4,6%	346	37%
Work in Progress (change)	-21	-0,1%	-100	-0,5%	79	-79%
TURNOVER	24.039	100,0%	20.214	100,0%	3.825	19%
Raw Materials	146	0,6%	306	1,5%	- 160	-52%
Personnel Costs	9.372	39,0%	8.122	40,2%	1.250	15%
Services	4.138	17,2%	3.442	17,0%	696	20%
Other Costs	145	0,6%	78	0,4%	67	86%
OPERATIVE COSTS	13.801	57,4%	11.948	59,1%	1.853	16%
EBITDA	10.238	42,6%	8.266	40,9%	1.972	24%
Depreciation and Amortization	2.983	12,4%	1.867	9,3%	1.116	60%
EBIT	7.255	30,2%	6.399	31,6%	856	13%
Gain (Loss) Forex	158	0,7%	392	1,9%	- 234	-60%
Financial Incomes (Costs)	-612	-2,5%	-517	-2,6%	- 95	18%
Fin. Incomes (Costs) Fair V alue a	-2.694	-11,2%	177	0,9%	- 2.871	-1622%
Extraordinary Incomes (Costs)	-428	-1,8%	-719	-3,6%	291	-40%
EBT	3.679	15,3%	5.732	28,4%	- 2.053	-36%
Tax	662	2,8%	467	2,3%	195	42%
NET PROFIT (Loss)	3.017	12,6%	5.265	26,1%	- 2.248	-43%
Fin. Incomes (Costs) Fair V alue a	2.694		-177
NET PROFIT ADJUSTED	5.711	23,8%	5.088	25,2%	623	12%

55

Balance Sheet Piteco Group FY 2019- FY 2018

Data in EUR/1000
Balance Sheet	FY2019	FY2018	Changes
	Work in progress	107	128	-21
	Trade credits	6.368	4.680	1.688
	Tax Credits	11	28	-17
	Other current credits	502	501	1
	(A) Current Assets	6.988	5.337	1.651
	Accounts payable	927	673	254
	Debts from financial contracts	597	299	298
	Tax Debts	1.166	172	994
	Other current Debts	3.618	3.216	402
	(B) Current Liabilities	6.308	4.360	1.948
	(A-B) Net Working Capital	680	977	-297
	Tangible Assets	4.015	2.098	1.917
	Intangible Assets	56.900	58.301	-1.401
	Financial Assets	20	23	-3
	Tax Accounts	1.153	462	691
	(C) Non Current Assets	62.088	60.884	1.204
	Severance pay and other funds	1.398	1.294	104
	Other non current Funds	54	50	4
	Deferred Tax	2.439	2.587	-148
	(D) Non Current Liabilities	3.891	3.931	-40
	(NWC+C-D) Net Invested Capital	58.877	57.930	947
	Share Capital	19.125	18.155	0
	Reserves	7.025	5.901	0
	Profit (loss) previous years + reserves FTA/IAS	2.253	1.815	0
	Profit (loss) of the year	3.016	5.265	0
	(E) Total Equity	31.419	31.136	0
	Cash and Deposits	3.046	5.572	-2.526
	Current Financial Assets	99	262	-163
	Short Term Financial Credits	609	0	609
	Bank Debts within 12 months	-3.635	-1.960	-1.675
	Debts to other lenders within 12 months	-6.101	-4.119	-1.982
	Put Options over 12 months	-12.859	-11.512	-1.347
	Debts to other lenders over 12 months	-2.356	-5.352	2.996
	Bank Debts over 12 months	-6.261	-9.685	3.424
	(NFP) Net Financial Position	-27.458	-26.794	-664
	(E-NFP) Total Sources	58.877	57.930	947	56

Summary by Business Sector Piteco Group FY 2019/2018

Data in EUR/1000

		FY 2019						FY 2018						changes
Profit and Loss	Total	Treasury	Banking		Financial		Total		Treasury MNG		Banking		Financial Risk		Total	Treasury		Banking		Financial
MNG		Risk MNG					MNG (*)		MNG			Risk MNG
Net Sales Revenues	22.774		4.512		3.207		19.374		14.090		4.451		833		18%		7%		1%		285%
15.055
Other Revenues	1.286	863	60		363		940		738		108		94		37%		17%		-44%		286%
Work in Progress (change)	- 21	-54	-		33		-100		-17		-		- 83		-79%		218%				-140%
Turnover	24.039	15.864	4.572	3.603		20.214	14.811	4.559	844		19%		7%	0%	327%
Raw Materials	146					306					-52%		-48%
121	2		23			234		13		59				-85%		-61%
Personnel Costs	9.372	6.747	1.505		1.120		8.122		6.307		1.564		251		15%		7%		-4%		346%
Services	4.138	2.342	1.449		347		3.442		2.280		1.101		61		20%		3%		32%		469%
Other Costs	145	60	28		57		78		66		9		3		86%		-9%		211%		1800%
Operative Costs	13.801	9.270	2.984	1.547		11.948	8.887	2.687	374		16%		4%	11%	314%
EBITDA	10.238	6.594	1.588	2.056		8.266	5.924	1.872	470		24%		11%	-15%	337%
Ebitda Margin	43%	42%	35%	57%		41%	40%	41%	56%
							(*) Finalcial Risk MNG (Myrios Srl) data 2018 only 2,5 months

57

Net Financial Position Piteco Group FY 2019/FY 2018

Data in EUR/1000

Net Financial Position	FY2019	FY2018	Changes	%19/18
Cash and Deposits	3.046	5.572	-2.526	-45,3%
CASH	3.046	5.572	-2.526	-45,3%
Current Financial Assets	99	262	-163	-62,2%
Bank Debts within 12 months	-3.635	-1.960	-1.675	85,5%
Debts to other lenders within 12 months	-6.101	-4.119	-1.982	48,1%
Current Financial Position	-9.637	-5.817	-3.820	65,7%
Current NET Financial Position	-6.591	-245	-6.346	2590,2%
Non Current Financial Assets	609	0	609
Bank Debts over 12 months	-6.261	-9.685	3.424	-35,4%
Debts to other lenders over 12 months	-2.356	-5.352	2.996	-56,0%
Non Current Financial Position	-8.008	-15.037	7.029	-46,7%
NET Financial Position	-14.599	-15.282	683	-4,5%
Put Options over 12 months	-12.859	-11.512	-1.347	11,7%
NET Financial Position with PUT	-27.458	-26.794	-664	2,5%

58

Cash Flow Statement Piteco Group FY 2019/2018

Data in EUR/1000

Cash Flow Statement		FY2019	FY2018
NET PROFIT (Loss)	3017	5265
Financial Incomes (Costs)	3306	338
Taxes		707	457
Depreciation and amortization		2936	1862
increases in fixed assets for internal processing and minus-plus		-863	-607
Cash Flow from operation before change in NWC	9103	7315
Financial Incomes (Costs) paid	-621	-336
Taxes paid		-336	-648
Total changes N.W.C.		-960	-107
Total changes in funds		74	15
Operating Cash Flow	7260	6239
% on Net Sales	32%	32%
% on Ebitda		71%	75%
Capex		-134	-10642
Free Cash Flow Before Debt Repairment	7126	-4403
Loan/Lease Disbursement (Repayment)	-6071	9260
Equity changes		-3792	-4438
Financial Changes	-9863	4822
Changes in Liquidity	-2737	419
Cash beginning of the year	5572	5153
Cash at the end of the year	2835	5572

59

Income Statement Piteco SpA FY 2019/2018

Data in EUR/1000

Profit and Loss	FY2019	%	FY2018	%	Ch %
Net Sales Revenues	15.074	94,9%	14.090	95,2%	7%
Other Revenues	863	5,4%	734	4,9%	18%
Work in Progress (change)	-54	-0,3%	-16	-0,1%	238%
TURNOVER	15.883	100,0%	14.808	100,0%	7%
Raw Materials	232	1,5%	312	2,1%	-26%
Personnel Costs	6.746	42,5%	6.307	42,6%	7%
Services	2.499	15,7%	2.318	15,7%	8%
Other Costs	60	0,4%	65	0,4%	-8%
OPERATIVE COSTS	9.537	60,0%	9.002	60,8%	6%
EBITDA	6.346	40,0%	5.806	39,2%	9%
Depreciation and Amortization	633	4,0%	360	2,4%	76%
EBIT	5.713	36,0%	5.446	36,8%	5%
Gain (Loss) Forex	157	1,0%	392	2,6%	-60%
Financial Incomes (Costs)	-721	-4,5%	-135	-0,9%	434%
Extraordinary Incomes (Costs)	-338	-2,1%	-719	-4,9%	-53%
EBT	4.811	30,3%	4.984	33,7%	-3%
Tax	564	3,6%	385	2,6%	46%
NET PROFIT (Loss)	4.247	26,7%	4.599	31,1%	-8%
Fin. Incomes (Costs) Fair V alue adj.	1.394		85
NET PROFIT ADJUSTED	5.641	35,5%	4.684	31,6%	20%	60

Balance Sheet Piteco Spa FY 2019- FY 2018

Data in EUR/1000

Balance Sheet	FY2019	FY2018	Changes
Work in progress	67	122	-55
Trade credits	4.607	4.010	597
Tax Credits	0	0	0
Other current credits	250	193	57
(A) Current Assets	4.924	4.325	599
Accounts payable	913	658	255
Debts from financial contracts	511	287	224
Tax Debts	972	138	834
Other current Debts	2.949	2.656	293
(B) Current Liabilities	5.345	3.739	1.606
(A-B) Net Working Capital	-421	586	-1.007
Tangible Assets	3.129	1.274	1.855
Intangible Assets	29.026	28.874	152
Equity Investments	13.952	13.952	0
Financial Assets	19	22	-3
Tax Accounts	864	321	543
(C) Non Current Assets	46.990	44.443	2.547
Severance pay and other funds	1.211	1.151	60
Other non current Funds	53	50	3
Deferred Tax	263	234	29
(D) Non Current Liabilities	1.527	1.435	92
(NWC+C-D) Net Invested Capital	45.042	43.594	1.448
Share Capital	19.125	18.155	970
Reserves	10.036	8.889	1.147
Profit (loss) previous years + reserves FTA/IAS	2.400	2.400	0
Profit (loss) of the year	4.247	4.598	-351
(E) Total Equity	35.808	34.042	1.766
Cash and Deposits	215	2.386	-2.171
Short Term Financial Credits	2.401	1.318	1.083
Bank Debts within 12 months	-9.509	-4.768	-4.741
Short Term Financial Debits	-188	0	-188
Long Term Financial Credits	6.429	6.544	-115
Long Term Financial Debits	-2.322	-5.348	3.026
Bank Debts over 12 months	-6.260	-9.684	3.424
(NFP) Net Financial Position	-9.234	-9.552	318
(E-NFP) Total Sources	45.042	43.594	1.448	61

Net Financial Position Piteco SpA FY 2019/FY 2018

Data in EUR/1000

Net Financial Position	FY2019	FY2018	Changes	% 19-18
Cash and Deposits	215	2.386	-2.171	-91,0%
CASH	215	2.386	-2.171	-91,0%
Debts to other lenders within 12 months	-6.062	-2.807	-3.255	116,0%
Bank Debts within 12 months	-3.635	-1.961	-1.674	85,4%
Short Term Financial Credits	2.401	1.318	1.083	82,2%
Current Financial Position	-7.296	-3.450	-3.846	111,5%
Current NET Financial Position	-7.081	-1.064	-6.017	565,5%
Long Term Financial Credits	6.429	6.545	-116	-1,8%
Bank Debts over 12 months	-6.260	-9.685	3.425	-35,4%
Debts to other lenders over 12 months	-2.322	-5.348	3.026	-56,6%
Non Current Financial Position	-2.153	-8.488	6.335	-74,6%
Net Financial Position	-9.234	-9.552	318	-3,3%

62

Cash Flow Statement Piteco SpA FY 2019/2018

Data in EUR/1000

Cash Flow Statement	FY2019	FY2018
NET PROFIT (Loss)	4247	4598
Financial Incomes (Costs)	721	135
Taxes	609	377
Depreciation and amortization	586	355
increases in fixed assets for internal processing and minus-plus	-482	-364
Cash Flow from operation before change in NWC	5681	5101
Financial Incomes (Costs) paid	670	-137
Taxes paid	-218	-329
Total changes N.W.C.	52	333
Total changes in funds	25	6
Operating Cash Flow	6210	4974
% on Net Sales	41%	35%
% on Ebitda	98%	86%
Capex	-440	-11327
Free Cash Flow Before Debt Repairment	5770	-6353
Loan/Lease Disbursement (Repayment)	-4773	9311
Equity changes	-3378	-3612
Financial Changes	-8151	5699
Changes in Liquidity	-2381	-654
Cash beginning of the year	2385	3039
Cash at the end of the year	4	2385

63

Via Imbonati, 18

20159 - Milan

Phone: [phone]

E-mail: [e-mail]