PITECO S p A : partecipa al “Smart MTA 2020”

INVESTOR PRESENTATION

INTERNATIONAL GROUP ACTIVE IN TREASURY & BANKING SOFTWARE MARKET

IRTOP SMART MTA INVESTOR DAY

Executive Summary

PITECO GROUP is an important player active in the 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. JUNIPER PAYMENTS LLC, Software House leader in the USA with proprietary solutions for digital payments 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 billion USD per day. It can be considered one of the largest US interbank networks.

• 3. 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%).

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-tax Profit 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 and Put Option

PITECO Group at a glance

30

Financial Data 2008-2019 (€/m)

25

20

15

10

5

0

2008

50% 45% 40% 35% 30% 25% 20% 15% 10% 5%

0%

2009

2010

2011

2012

Revenues

2013

Ebitda

2014

2015

% Ebitda Margin

2016

2017

2018

2019

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

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

About 3.300 financial institutions clients for Banking solutions in USA market

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

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

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

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 software platform to transmit and receive daily transactions that total over $3 billion. No other U.S. third-party service provider maintains connections to more financial institutions except the U.S. Federal Reserve.

Juniper is:

• • Regulated as Technology Service Provider under FFIEC by U.S. Federal Banking Agencies;

• • SSAE 16 Type II audited.

Juniper has:

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 centres in Kansas and Nebraska. The company has 20 long tenured employees.

• • 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 & support. Generally an average contract lasts for about 5 years or more and the contracts have a very high retention rate.

ENTERPRISE

DIGITAL TRANSFORMATION

BRANCH

DATA CENTER