INVESTOR PRESENTATION - Piteco

1 INVESTORSOFTWARE HOUSELEADER IN THE ITALIAN TREASURY MANAGEMENT MARKETPRESENTATION2 IndexSection1 ExecutiveSummary3 Section2 CompanyPresentation5 Section3 Piteco softwareandclients14 Section4 MarketandPlayersbysector22 Section5 ListingontheAIMI taliaMarket26 Section6 FinancialResults28 Keycontacts343section 1 Executive ,drivenby2 ,theleadingItalianSoftwareHouseforpropri etarysolutionstoCorporateCashManagementa ndFinancialPlanningserving650largeindust rialgroupsactiveinahighlydiversifiednumb erofbusinesssectors( ) Piteco hasover30yearsofmarkethistoryandcoversal ldifferentlinksonthesoftwarevaluechain:R &D,project,development,implementation, :integrablewithERPsoftware(suchasOracle, SAP,Microsoftetc), ,SoftwareHouse,leaderinUSAwithproprietar ysolutionsfordigitalpaymentservicesandcl earinghousetoapproximately3,500 AmericanBanks,managingthesettlementofInt erbankfinancialflows(banktransfersandche ckscollection) ,aUScompanyactiveinthisbusinesssince2000 Piteco SPA FINANCIAL STATEMENTS FY 2016: Revenues: 14,1mllion, +5,5% (FY2015: 13,4 million) EBITDA: 5,6 million(FY2015: 5,7 million).

2 EBITDA margin40% Pre-taxProfit: 5 million, +11% (FY2015: 4,6 million), 36% revenue Net Profit: 4,5 million, +31% (FY2015: 3,4 million), 32% revenue Operating cash flow: 4,8 million (35% revenues and 85% EBITDA) Net Financial Position: positive 2,0 million(FY2015: negative 0,3 million) Dividendyield: 3,2% Payoutratio: 60%JUNIPER HIGHLIGHTS IN 2016: Revenues: $ 5,0 mllion Pre-taxProfit: $ 1,75 millionOnJuly31st,2015,PitecoSpahasbeenl istedonAIMI taliaMarketwithaGlobalOfferingamountingt o (ofwhich 5mlinConvertibleBonds).Thecompanyiswilli ngtomovetothemainmarket(MTA)inashorttime Executive Summary5 Company Presentationsection 26 PRESENTATION of PITECOPITECO,whichstandsfor PianificazioneTesoreriaComputerizzata , ,developmentandimplementationofsolutions fortreasurymanagementintermsofsize,numbe rofresources,rangeofservicesofferedandma nagedcustomersPITECO holdsthreeoperatinglocations(Milan,Padua andRome) ,theheadquarter, ,PITECOEVO, ,CBC, , ,dedicatedtoanalysisandmatchingofcomplex dataflowsThelast, ,designedformiddleandbackofficemanagemen tofsecuritiesportfolioSoftwaresales(15%o fannualrevenues)

3 AllowsPITECO togeneratesignificantrecurringrevenuesfr ommaintenancefees(50%ofrevenues,steadily increasingyearbyyear)andserviceswithhigh addedvalue(35%ofannualrevenues).Thesefea turesandthelargecustomerbase,spreadovers everalindustriesandcharacterisedbyveryhi ghretentionandtheconstantgrowthofthecomp any( ,mainlymediumtolargecompanies),enablethe companytorecordaremarkableEBITDAT hepotentialmarketincludesallindustrialco mpanies(nobanksandnopublicadministration )thatconsidertreasurymanagementimportant tooverseeandenhancethetreasuryfunctionin casetheyincreasetheirrevenuesandneedtotr acktheircashflowsCASH MANAGEMENTGLOBAL LIQUIDITY MANAGEMENTPAYMENT FACTORYFINANCIAL SUPPLY CHAINFINANCIAL PLANNINGSEPARISK MANAGEMENTSPECIALIZED SERVICES7 PRESENTATION of JUNIPERJUNIPER(formerLendingToolsbusines sactivity)servesaspecializednichemarketc alled correspondentbanking.

4 Thecompanyisleaderinthissectorwithmoreth an3,500banksandcreditunionsutilizingit (USA), , : regulatedasTransactionServiceProviderund erFFIEC; : PrivateDataCenterswithfullymirroredDisas terRecoverysite; 'righttouse' TRANFORMATIONENTERPRISE BRANCHDATA CENTER8 Piteco storylineStarting the realization of Piteco 2000 includes an integration platform for corporate accounting systems (ERP). This becomes the reference software for the most important Italian companiesThe business unit of activities related to software Piteco is separated and turned into a company: the management becomes a minority shareholderMet Group creates Piteco softwareDedagroupacquires 30% of Piteco by Met Group in partnership with managementLaunch of the new platform, Corporate Banking Communication (CBC).

5 The new authorization and dispositive platform for all payments integrates with CBI and SWIFT. Piteco becomes strategic partner of SWIFT in ItalyDedagroupand Sequenzaacquire capital of Piteco (totaling 81%)Listing on the AIM Italia marketFirst M&A transaction, Piteco acquires Centro Data business assets Second M&A transaction, Piteco acquires business assets1980199620042008200920122015 Jul-15 Apr-179 Approximately50%ofrevenuederivesfromrecu rringfeesandit scontinuouslygrowingFinancial Data 2008-2016 ( /m)3 operating locations and 85employeesPITECO software is used in more than 40 countries in 5 different Data 2015 -2016 ( /m)New clients average per year.

6 30 Piteco at a glanceOver 650 clients8,19,39,910,810,811,212,313,414,1 2,433,54,24,34,45,25,75,629,6%32,3%35,4% 38,9%39,8%39,3%42,4%42,7%39,7%0%5%10%15% 20%25%30%35%40%45%0246810121416200820092 010201120122013201420152016 RevenuesEbitda% Ebitda Margin13,414,15,75,63,44,542,7%39,7%0%5% 10%15%20%25%30%35%40%45%0246810121416182 0152016 RevenuesEbitdaNet Profit%Ebitda Margin10 ShareholdingPAOLOVIRENTIF oundingPartnerofPITECOANDREAGUILLERMAZF oundingPartnerofPITECORICCARDOVENEZIANIF oundingPartnerofPITECOMARCOPODINIP artnerofPITECOCHAIRMANCHIEF FINANCIAL OFFICERCHIEF EXECUTIVE OFFICERSALES DIRECTORS hareholding & Management3 Founders8,58%Podini's family17,48%Dedagroup ,47%Mercato18,47%Other BoDMembers: Gianni Camisa(Director); Maria Luisa Podini(Director).

7 Anna Maria di Ruscio(Independent Member)BOARD OF DIRECTORS11 GrowthDriversPITECO hasidentifiedanumberofGrowthDriversdurin gtheIPOprocess:(1)NewLargeClients:compan yresultsconfirmthecommittedgrowth.(2)New Modules: Piteco willcontinueinvestinginR&Dtoofferothermo dulesontopoftheexisting.(3)Acquisitionso nthenationalmarket: Piteco hasacquiredtheBusinessAssetsfromCentroDa ta.(4)Mid-Market: Piteco hasdevelopedaCloudsolutionandadedicatedi ndirectsalesforcetobroadenitsofferintoth eMid-market(companieswithaturnoverof 50-100m).(5)NewMarket(USA-MEX) (USAC ompany).(1)NEW LARGE CLIENTS(2)NEW MODULES(3)ACQUISITIONS (M&A)(5)NEW MARKETS (USA-MEX)(4)MID-MARKET12M&A activity Business Assets from ,500 Americanbanksandmanagesthesettlementofin terbankfinancialflows(banktransfersandch eckscollection) ,interestingonstandalonebasesconsidering itsrevenues,growthperspectivesandprofitm argins, , $ 13 ml-equity$ 3 ml-debt (10 Y )$ 10 mlData 2016 Turnover$ mlEBT (Earnings Before Tax)$ mlEmployee19 Year201713M&A activity Business Assets from Centro (MATCHIT software).

8 Thisacquisitionhasallowedthecompanytoadd newsoftwaremodulestoitsoffer,inareascorr espondingthecurrentcorebusinessandabout5 0newclientsmainlyinareasnotcompletelycov eredbythecompany, ,3%-debt23,9%-anticipatedrevenue20,8%Tur nover 2016 of Clients50 Year201514 Piteco software and clientssection315 Acquisition:firstprojectphaseconcludesth eprocesswiththesaleofPITECO softwareandcustomizationtoclient ( ) :recurrentannualmaintenancefee,onaverage (showingsteadygrowthandinflationlinked)a ndinvoicedinadvance48%36%1%15%Maintenanc e recurring feesSales of servicesOther Software salesSales BreakdownClient type Breakdown2%43%55%< 100mln 100mln > 500mln> 500mln(% on 2015 sales) (% on 2015 sales)98%oftheclientsrecordsmorethan 100millionsalesClient lifecycleThetypicalclientlifecycleconsis tsmainlyof3phases: Piteco Evo.

9 Integrated with 17 modulesCASH POOLING & IN HOUSE BANKINGECONOMIC-FINANCIAL FORECASTINGM anagementofthedifferentcentralisationstr uctures, & FINANCIAL PLANNINGCashManagement, MANAGEMENTHOME BANKINGMANAGEMENT SALES STORESCUSTOMER CASH ALLOCATIONELECTRONIC CASH RECEIPTSTRADE , MANAGEMENTA nalysisofaccountsreceivables, AND APPLICATION OF FUNDSFINANCING & DEPOSITSMORTGAGE & (bond,derivatives,contracts)Creditmanage mentforpersonaldetails,typeofuseandcost, CONTROL AND RISK RISK MANAGEMENTLINE OF CREDITLETTERS OF CREDITFINANCE INTELLIGENCEGLOBAL FINANCIAL :17 Corporate Banking Communication CBCC orporateBankingCommunication(CBC)isPITEC O.

10 Complete automation of authorisation workflows Compliancewithproceduresandbusinessorgan isation Streamliningofthetraditionalauthorisatio nprocedures Improvingthetimerequiredforthecollection ofauthorisationsincomplexstructures Usingmoderncommunicationsandauthorisatio nsystemsSafe management of workflows Centralisationinasinglesystemforauthoris ationproceduresofbankingarrangements(pay ments, ) Storageinasingledatabaseofallworkflowstr ansmitted( ) Secureworkflowsubmissiontothebankingsyst em UseofdigitalsignatureonworkflowsIndepend ence from remote banking ConnectorswithRemoteBankingfortheworkflo wsautomationthatneedtobesent :Technical and functional environment Semanticanalysisofunstructuredsequenceof data.