Investors’ Road Show: Presentation, December 2020

A TRUSTWORTHY PARTNER WITH AN OUTSTANDING ITALIAN

ENVIRONMENT FRIENDLY HISTORY APPRECIATED THROUGHOUT THE WORLD

Investors' Road Show

December 2020

SUMMARY

1. Company description
2. The Covid emergency
3. Key figures and Interim 2020 results
4. How to lead the growth

APPENDIX

COMPANY DESCRIPTION

3

SICIT, A WORLD LEADER "AT A GLANCE"

Arignano plant - storage tanks

Arignano plant - microfiltration unit

Arignano plant - automation system DCS

Chiampo plant - refining system

• SICIT was founded in Chiampo in 1960 and was the first company, worldwide, to introduce hydrolyzed proteins as biostimulant and produce plast retardant for the worldwide market
• SICIT offers their clients/partners a unique value proposition (biostimulants and plast retardants) based upon outstanding product quality and proper pre-sales, sales as well as post-sales complete reliability (test with partners and customized formulae)
• SICIT has 2 highly automated and technological production sites, 3 first-rate labs, subsidiaries in China and in the USA
• SICIT is the world's market leader of Hydrolyzed Protein of animal origin. 4 out of 5 of the biggest crop protection players sell biostimulants produced by SICIT. 6 out of 9 of the biggest plasterboard players use retardants produced by SICIT
• Within a B2B approach, SICIT's clients are the top tier of the agrochemical and chemical industry, such as: ADAMA, BASF, BAYER, ETEX, ISAGRO, KNAUF, NUFARM, SAINT-GOBAIN,SIPCAM, SYNGENTA, USG

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A WELL ROOTED COMPANY, TOTALLY IMMERSED IN THE CIRCULAR ECONOMY

• SICIT has a 60-years history, rooted in the well known Italian chemical excellence
• It offers a vital service for the Italian tannery sector, by collecting tannery residues and transforming them into high value products
• Originally. established as a costs center (to properly manage the tannery residues), it has soon evolved into an autonomous highly profitable, unique business in the world

1	Collection of tanning		2	Production		3	Finished
residues		Process		product

SICIT collects the processing residues that come from tanneries: Hair, fleshings and cuttings (by-products of animal origin - ABP); Trimmings and shavings (residues from hides that have already undergone a tanning transformation process)

Hydrolysis of the residues in the 2 highly automated plants: Arzignano (where the ABP are processed) and Chiampo (where the trimmings and shavings are processed)

Hydrolyzed protein is obtained (liquid, powder, granules) for these sectors: Agriculture (biostimulants); Industrial (retardants, other amminoacid and peptides products); Bio-fuel (animal fat);

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THE IMPORTANCE OF THE VICENZA TANNERY RESIDUES: "OUR NOTEWORTHY SOURCE"

• Every 1,000 kg of raw hides gives:
• • around 250 kg of final leather
  • up to about 600 kg of animal by-products - ABP - (e.g. fleshings, hair, cuttings), recoverable tanning waste (e.g. trimmings and shavings) and other waste considered as non-recoverable for the production of hydrolyzed protein

• Of the total produced by the Italian leather industry, the Vicenza district produces about:
• • 65% of the ABP (more than
    100 k tons/year),
  • 55% of tanning waste (approx. 150 k tons/year), among which the trimmings and shavings used by SICIT to produce hydrolyzed protein

• Of the total produced by the Vicenza district, SICIT collects about:
• • 100% of the fleshings and hair (approx. 100 k tons/year)
  • 60% of the shavings (approx. 18k tons/year)
  • 50% of the trimmings (approx. 6 k tons/year)

for transformation into hydrolyzed protein used to produce biostimulants and industrial products

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PRODUCTS

Agriculture

Retardants

Fat

Biostimulants for agricultural use

Biostimulants of animal origin that stimulate the biological activity of plants to tackle abiotic stress, which improves crop yield and quality, and favors soil microflora

Retardants for plaster

Products used to slow plaster setting time and increase its workability; used to

prepare plaster for industrial use and building

Animal fat

It derives from the by-product of animal origin (fleshing) and it is sold as a raw

material for making biofuel

Revenue

Revenue

20202019(9 months)

61%55%

Revenue

2020 (9 months)

23%

Revenue

2020 (9 months)

10%

Revenue not including other industrial products (1%) and collection services (5%)

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THE REFERENCE MARKET

Biostimulants

Biostimulants are special products in strong growth for modern agriculture:

• they improve the absorption of the nutrients contained in fertilizers;
• they optimize the use of agrochemical products and chemical fertilizers which, if used incorrectly, degrade the soil and are always less appreciated by consumers;
• they increase yield and harvest quality;
• they help plants overcome the ever-increasing conditions of abiotic stress (droughts, heavy rain, frost, etc.)

		Increase yield						Fertilizer efficiency	Saved crop protection input
140										140										140
120										120										120
100										100										100
80										80										80
	+ 5-10%					+ 5-25%				- 10-15%
60						60						60
40										40										40
20										20										20
0										0										0
																													with
		withoutSenza			Incremento		Con			withoutSenza		Incremento		with			withoutSenza			Risparmio
									Con						Con
		biostimolanti			dovuto ai		with			biostimolanti		dovuto ai		biostimolanti			biostimolanti			dovuto ai		biostimolanti 8
					biostimolanti
§ Using biostimulants generates an	§ Using biostimulants makes fertiliser from	• Biostimulants	requires 10/15 % less crop
					biostimolanti								biostimolanti									biostimolanti
increase in yield of 5/10 %				between 5% and 25% more efficient	protection inputs
																													8

THE REFERENCE MARKET

Retardants

Retardants are a necessary additive in the plaster industry.

It is an industry that is growing markedly thanks to the new construction procedures that are heading towards light, elastic and eco-friendly building all over the world, especially regarding the inner structures of buildings.

Retardants are used to produce plasterboard (main market) and for plaster used in building. They are special additives that make plaster more workable by delaying its setting.

PLASTERBOARD	GYPSUM PLASTER
75%	25%

• Dry production of panel with a core of plaster, glass fiber and paper, retardants and other additives
• Cheaper than bricks / Flexible, aesthetic, and gives other benefits

APPLICATIONS

• Used to make walls and indoor ceilings
• Used to cover cables, channels and other similar items

• Dry powder plaster mixed with water to a viscous state
• Very workable

APPLICATIONS

• Finishing material to cover indoor joints and walls
• Screed

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THE BIOSTIMULANTS AND RETARDANTS MARKET: SIZE AND GEOGRAPHICAL ANALYSIS

Growth of the global Biostimulants

market (2014-2024) USD Bn

Growth of the plasterboard market (2015-

2030) USD Bn

• The global Biostimulant market is growing strongly. In 2014 it was worth USD 1.4 Bn, in 2019 it exceeded USD 2.5 Bn
• For this sector a double-digitgrowth is guided by the EMEA area, which represents the most important market, and by Latin America, which presents the best growth prospects
• growth in all geographic areas is expected, with a CAGR for the 2019-2024 period of +12.4%
• The global plasterboard market has and will benefit from urbanisation in developing countries (Asia in particular) and from construction methods that use plasterboard inside buildings, even in Europe and the United States. The CAGR for the 2019-2030 period is expected of +5.8%

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THE COVID EMERGENCY

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COVID-19 - OPERATIONS AND INITIATIVES

• SICIT production sites never shut down during the crisis due to our being considered a strategic chemical industry
• Vicenza's leather district was partially shut down from 22nd of March to the 4th of May. Tanneries subject to receiving raw hides directly from the slaughterhouses were permitted to work
• During such period, SICIT reduced the collection of ABP and tannery waste, interrupted the production of semi-finished products (hydrolyzed protein) and continued the production of finished products using the stock of semi-finished products available
• Both for raw materials collection and production of hydrolyzed protein restarting at the end of April

Revenue

Costs

• Request for price increase to customers to mitigate the potential margin impact from COVID-19 and from the increasing costs of raw materials
• No use of Government redundancy funds (Italian CIGO) and implementation of remote working
• Strong focus on new laws related to COVID-19 prevention both at the production sites and at the headquarter to safeguard employees and operation continuity

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KEY FIGURES AND INTERIM 2020 RESULTS

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HISTORICAL FINANCIALS

SICIT has a steady growth of revenues, profitability and cash generation

	Million of Euro
				2015		2016		2017		2018		2019		LTM
																Sep'20
	REVENUES**		40.5		45.4		53.9		55.1		56.7		61.7
			13.1		17.6		22.5		22.5		21.1		23.7
	EBITDA
							40.8%
											37.2%
	EBITDA %		32.3%	38.8%	41.7%	38.4%
								13.8		18.0		17.0		16.6		19.8
	EBIT		9.4
			6.9		9.8		13.0		12.7		12.7		14.8
	NET EARNINGS
										12.8		14.4		29.3		21.2
	NET CASH*		9.3		9.8

Cagr 2015-2020

8.8%

12.6%

16.1%

16.5%

Source: Financial Statements. 2015-2016 ITA GAAP, from 2017 IFRS. 2015-2016 unaudited data. 2017-2020 include the consolidation of Sicit Chemitech S.p.A. LTM Sep'20 (Last twelve months as of 30 September 2020)

Note:* Net cash does not include financial liabilities for company warrant. The net cash at 31 December 2019 include the effect from he Business Combination ** Revenues from both finished products sales and ABP and waste collection service

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KEY FINANCIAL HIGHLIGHTS (1)

Revenue growth	EBITDA adj(2) margin	Net result adj(3) margin	Net cash(4)		Capex
+11.5%	38.7%		23.7%			21.2 million		11.1 million
43.2	48.2	16.1	18.7	9.3	11.4		29.3				11.1
			21.2
									5.2
		37.2%	38.7%
			21.7%	23.7%
		30.9.19	30.9.20	30.9.19	30.9.20		31.12.19	30.9.20	30.9.19	30.9.20
30.9.19	30.9.20

• Strong financial results in 3Q20 confirm the positive trend of the first half 2020 notwithstanding the difficult environment
• Organization responsiveness to deal with COVID-19 effects, safeguarding workers and assuring supply to customers
• Revenue growth reflecting underlying contribution mainly from biostimulants and animal fat
• Retardants suffer customers' factories shutdown both in 2Q and 3Q after the increase of revenue in 1Q driven by customers' stockpiling at start of COVID-19 lockdowns
• Robust capex at €11.1m to support future expansion and operation flexibility (focus on ri-esterification plant and granules plant in 3Q)
• Net cash at €21.2m at 30 September 2020 after payment of €8.8m of dividends

1. Euro million
2. EBIT before amortisation/depreciation and impairment losses, non-recurring costs and revenue, including Sicit Chemitech S.p.A.'s EBITDA for the period January-April (consolidated as of 2 May 2019)
3. Before non-recurring costs and revenue, costs and revenue from warrant measurement, the related tax

effect and the financial performance of Sicit Chemitech for the period January-April 2019 (consolidated as of 2 May 2019).

(4) Excluding financial liabilities for warrant

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REVENUES BREAKDOWN

Breakdown by sector	Breakdown by region
	Other	Services	Americas	MEA
Fat	1%	5%	2%
13%

10%

Retardants	Agriculture	APAC	Europe
23%	61%	27%	58%

SECTOR

• Agriculture products: continuous strong focus of key accounts to develop SICIT products in ASIA and LATAM.
• Retardants: continues the shut-down of certain customers in 3Q20. Negative outlook for the full 2020 due to the pandemic
• Fat: recover of volumes in 3Q20 after the drop suffered in 2Q20 as a consequence of Covid and tanneries shut-down. Stable selling prices in 3Q20 compared to 2Q20. Total volumes at 30.9.20 still below the 30.9.19
• Services: volumes lost in 2Q20 due to temporary shut-down of tanneries almost fully recovered in 3Q20.

REGION

(in Euro million)	30.9.19	30.9.20	Var.	Var. %
Products for agriculture	23.4	29.3	5.8	25.0%
Retardants	12.3	11.2	(1.1)	(8.8%)
Fat	4.6	5.0	0.4	8.4%
Other industrial products	0.6	0.4	(0.2)	(36.8%)
Total products	40.9	45.9	4.9	12.1%
Services	2.3	2.3	0.0	0.7%
Totale revenues	43.2	48.2	5.0	11.5%

(in Euro million)	30.9.19	30.9.20	Var.	Var. %
Italy	9.7	10.6	0.8	8.6%
Europe (w/o Italy)	14.0	14.4	0.4	2.7%
APAC	11.4	13.8	2.5	21.6%
North America	2.3	2.4	0.0	2.0%
LATAM	2.2	3.4	1.1	50.2%
MEA	1.3	1.4	0.1	8.3%
Total products	40.9	45.9	4.9	12.1%

§ Europe/APAC positively influenced by Agriculture products, confirming the positive trend of the last twelve months

• LATAM driven by Agriculture products
• North America outperforming in the retardants sector (potential negative impact from Covid in 4Q20).

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HOW TO LEAD THE

GROWTH

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HOW TO LEAD THE GROWTH - 1ST, BY STRENGHTENING ITS PRODUCTION CAPACITY

1. NEW TRIMMING PROCESS LINE

§ A new post-tanning residue (trimmings) treatment line at the Chiampo plant was completed with the conclusion of the "first wet-blue trimmings treatment phase" project and the expansion of the filtration line.

§ The production capacity of hydrolyzed protein from the collagen extracted from these residues is over 60-70 tons / day; with this new process plant we reached a production record of hydrolyzed protein.

§ It is a great success that will allow SICIT to be increasingly more reliable in the production of hydrolyzed collagen-based products.

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HOW TO LEAD THE GROWTH - 1ST, BY STRENGHTENING ITS PRODUCTION CAPACITY

2. HAIR PROCESSING PROJECT

• Another animal by-product (SOA in Italian, ABP in English) coming from the tanning cycle before the tanning phases is called "pelo" (hair).
• SICIT has realized this new process into its current one for the transformation of flashings, leading to the production of a new "family of hydrolysate" also containing the typical amino acids from keratin.
• The plant is already in operation.
• Proceeding in the direction of the more evident "green and circular economy", we have taken a further step towards the recovery and reuse of another residue from the tanning industry.

3. ENHANCING OF THE FINAL PRODUCT STORAGE

§ We have concluded installation of a new tank park with storage of more than 300 cubic meters, racks with high-capacity transport piping directly from the production plants.

• This project has been completed without disturbing production.

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HOW TO LEAD THE GROWTH - 2ND, BY IMPROVING ITS PROFITABILITY

1. FAT REFINING AND RE-ESTERIFICATION

§ The fat obtained from the first transformation phase of the animal by-product "fleshing" cannot be used directly as bio-fuel.

§ It is therefore necessary to set up a system that can refine this fat with a final reaction phase with glycerin to partially re-esterify the free fatty acids, so as to take it to a final condition whereby it can be easily used as bio-fuel.

§ The plant, already installed is under the final commissioning operations and ready to the start up phase, it will be in operation by the end of this year.

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HOW TO LEAD THE GROWTH - 2ND, BY IMPROVING ITS PROFITABILITY

2. NEW COGENERATION SYSTEM

§ The Arzignano co-generator has been successfully started, which allows the self-production of electricity and steam for the plant, improving energy efficiency; with the new authorization, we have already presented to the Authorities, we'll increase the potentiality of the energy production to 1,500 Kw/h.

§ It was necessary to take this step due to the large amount of energy required by the plant and to partially meet what was required for the reduction of the environmental impact, which has always been one of our primary objectives.

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HOW TO LEAD THE GROWTH - 3RD, BY INVESTING IN ITS FUTURE DEVELOPMENT

1. NEW SYSTEM FOR PRODUCING HYDROLYZED PROTEIN IN GRANULES OR TABLETS (TABS)

§ For some years SICIT has been experimenting with various research centers and universities on the possibility of producing biostimulants and / or industrial products with controlled release capacity.

§ Experiments that are leading us to the right technical choice.

§ We have already defined all the main equipment and already signed the final contract with companies for the construction of the final plant.

§ A pre-competitive pilot plant for the production of special tabs that will serve as tests with customers is already installed in the factory.

§ The same is for the granules; our R&D service, in collaboration with the commercial service, is launching pilot productions that are also to be tested "on the field" by the costumers.

§ Our project has certainly intrigued our most important partners, who could give us great satisfaction in the future.

§ As we have already defined the whole project and bought the main equipment, we will be able to start with the production during 2021.

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HOW TO LEAD THE GROWTH - 3RD, BY INVESTING IN ITS FUTURE DEVELOPMENT

2. NEW SYSTEM FOR PRODUCING "SPECIAL PRODUCTS"

• We presented the project "Study and development of innovative products deriving from production waste for future agriculture" at the MiSE (Ministry of Economic Development).
• We have already concluded some important experimental phases and already defined a basic project design.
• We are already producing glycine with a prototype plant that has allowed the stable formulation of a new product that has already entered the sales phase.

3. NEW, STRENGTHENED LABORATORIES

• We are concluding the construction of the new laboratories at the

Arzignano facility to improve our Chemical and Process research, Agronomic research and Quality Control lab.

• This phase, also partly stopped because of the COVID problem that arose at the start of this year, is now accelerating and we should conclude by the end of 1Q21.
• It will give SICIT the opportunity not only to bring together the three laboratories in a single building adjacent to the executive offices, but also to expand the R&D and QC phases, already considered today by most as being of the highest scientific level.

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HOW TO LEAD THE GROWTH - 3RD, BY INVESTING IN ITS FUTURE DEVELOPMENT

4. NEW WAREHOUSE AND PRODUCTION BUILDING

§ The new building for the finished products warehouse is being built, which will give the possibility, already in 2020, of installing the re-esterification plant section as well as renovating and enlarging the finished products warehouse to make room in the old warehouse for the insertion of some important equipment for granulating and coating granule and tablet products and for the new "special plant" project to be completed during 2021.

§ The project will be completed in full by the end of 2020 and the first months of 2021.

§ On the roof of this new warehouse, we are installing a photovoltaic system to produce about 275,200 Kwh per year (installed energy power 191 Kwh) with a CO2 saving 101,500 Kg/year; this energy will be integrally used by our Arzignano facility.

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HOW TO LEAD THE GROWTH - 3RD, BY INVESTING IN ITS FUTURE DEVELOPMENT

5. OUR FIRST NEW PRODUCTION PLANT ABROAD

§ We put the project for the construction of a new production plant in Brazil on standby, and at the same time we concentrated our efforts on the realization of a special project in China.

§ This project does not involve the construction of a plant for the production of hydrolyzed protein from the collagen of tanning residues but the realization of the "final phase" of the formulation of our special products.

§ The hydrolyzed proteins produced by SICIT in Italy will be imported into China and exported as a raw material for the on-site formulation of both biostimulant products and for all other SICIT industrial products, in particular the retardant for gypsum industry.

§ In addition to being one of the most important markets in the world for our products, also the Chinese authorities want to somehow approach the world of our biostimulants for both crops and soil, this production plant will also offer the opportunity to be much more present in as many countries in the APAC area.

§ We are already at a very good stage with both the Chinese Tianjin Authorities for acquisition of the land, being the place already identified.

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OUR SUBSIDIARY SICIT USA

• Based in Larchmont (NY), 3 people employed, 5 third party warehouses across USA to provide customer proximity
• Currently focused on retardants only: import of goods from Italy, custom clearance, distribution and invoicing
• Managing a business worth of roughly 3 million USD
• Development plan:
• • Managing Director replacement (due on July 1st, 2021): candidate already identified, to join on Jan 19th
  • Focus on biostimulant business development
  • Support and optimize retardants business

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DISCLAIMER

• This document (the "Document") has been prepared by Sicit Group S.p.A. ("SICIT", and, jointly with the other companies controlled by it or otherwise affiliated to it, the "Group") for use during meetings with investors and financial analysts and is solely for information purposes. It contains solely data and information provided by the Group or already in the public domain. The information set out here in has not been verified by an independent audit company.
• SICIT and/or the Group accepts no responsibility for the correctness, accuracy and/or completeness of the information contained in the Document and disclaims all liability for any omissions from the Document and for statements, express and/or implicit, otherwise deriving from any other form of written or oral communication, save in the case of gross negligence and/or willful misconduct.
• This document may contain forward-looking statements about SICIT and/or the Group based on current expectations and opinions developed by SICIT and/or the Group, as well as based on current plans, estimates, projections and projects of SICIT and/or the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of SICIT and/or the Group) which could cause a material difference between forward-looking information and actual future results. SICIT and/or the Group does not make any guarantee that subsequent to the date of the Document, there will not be any changes to the activities and/or earnings situation of SICIT and/or the Group.
• Any reference to past performance or trends or activities of SICIT and/or the Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.
• With respect to the foregoing, neither SICIT and/or the Group nor any of its members of the management and supervisory governing bodies, general management, staff and advisors may in any way be held responsible for any direct and/or indirect damages that may be suffered by third parties who relied on the statements made in or omitted from the Document. All liability deriving directly or indirectly from use of the Document is hereby expressly disclaimed.
• In furnishing the Document, SICIT and/or the Group does not enter into any obligation to provide the recipient hereof with any further information and/or documentation. Neither receipt of the Document on the part of the recipient nor any information contained therein or subsequently disclosed to any party may be construed as investment advice on the part of SICIT and/or the Group.
• The information set out in this Document is provided as of the date indicated herein. Except as required by applicable laws and regulations, SICIT and/or the Group assumes no obligation to provide updates of any of the aforesaid forward-looking statements.
• The Document in no way constitutes a proposal to execute a contract or solicitation or advice or recommendation to purchase or sell any financial instrument. The Document does not represent an outright offer or a commitment on the part of SICIT and/or the Group to subscribe for a financial instrument of any kind.
• SICIT's securities referred to in the Document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
• This Document may not be reproduced or distributed, in whole or in part, by any person other than the SICIT. By viewing and/or accepting a copy of the Document, you agree to be bound by the foregoing limitations.
• The manager responsible for preparing the company's financial reports Giampaolo Simionati declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained herein corresponds to the document results, books and accounting records.

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