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2015-2020 Business Plan

Milan, 18 November 2015

Disclaimer

This document contains preliminary estimates that include information on the economic-financial performance of the company and trends in reference markets.

The estimates are based on management assumptions that are believed to be reasonable and credible as of the date of this document. As estimates, they are subject to changes in the macroeconomic scenario.

Final results may be different from the information contained herein.

This document does not constitute a public offer, nor does it represent instructions for the purchase or sale of Exprivia shares and is addressed to the financial community.

2

Contents

3

1. EXPRIVIA TODAY

2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN

3. THE PLAN’S STRATEGIC POLICIES

4. FINANCIALS

Contents

4

1. EXPRIVIA TODAY

2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN

3. THE PLAN’S STRATEGIC POLICIES

4. FINANCIALS

5

42.947.0

65.8

95.990.1

100.1

120.2

132.5131.2

147.2

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Revenues EBITDA

635 700

1,179

1,277 1,243

1,394

1,813 1,792 1,806

2,008

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

€ M € M

Net Result

(2.7)

1.1

3.5

6.9

5.0 4.9

3.2

2.4 2.9 3.0

€ M

CAGR 2005-2014

[13.5%]

The Group’s history in numbers

CAGR 2005-2014

[22.1%]

CAGR 2006-2014

[13.4%]

(FTE)

2.4

5.6

10.1

15.214.6

15.313.5

12.413.1

14.5

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

6

Corporate structure of the Group

EXPRIVIA S.p.A.

Exprivia Telco & Media

Spegea S.ca.r.l.

Spain Mexico Brazil Asia

Exprivia Project

Exprivia Enterprise Consulting

Exprivia Digital

Financial Solutions

Exprivia Healthcare

7

International coverage

Exprivia is an Italian Group…with an international view

ITALY Molfetta (Bari) - Headquarters

Trento, Vicenza, Milan, Piacenza, Rome

SPAIN Madrid, Las Palmas

SOUTH AMERICA Lima, Sãn Paulo, Sãn Bernardo do

Campo

CHINA Beijing, Shanghai

NORTH AND CENTRAL AMERICA New York (NY),

Mexico City, Monterrey, Guatemala City

8

1988

1983 2005

2006

2007

Establishment (as AISoftw@re)

Abaco establishment

Merger of AlSoftw@re and Abaco

Renaming of the Group to Exprivia

Acquisition of Svimservice

and Wel.Network

2008

Acquisition of Aurora Web business unit (Siemens) and

Datilog

Acquisition of Spegea, Infaber, Network

Services and Exprivia Sl (Spain)

2010

Acquisition of Prosap Group (Spain, Mexico

and Guatemala)

2009 2011

Acquisition of Realtech Italia and Sistemi

Parabancari

2012

Acquisition of Exprivia do Brasil

History and milestones

Opening of Representative office

in China

2013

2014

Acquisition of Devoteam and establishment of

Exprivia Asia and Exprivia IT Solutions (China) and Prosap Consulting (USA)

2015

9

Markets and expertise

Telc

o &

Me

dia

Market

Capital Markets

Credit & Risk Management

Factoring

SAP

Social & Web 2.0

Telco Network

IT Governance & Infrastructure

Business Analytics BPM & EAM

Business Process Outsourcing

Cap

abili

tie

s

Healthcare

Trading Room

Credit & Risk Management

Mobile

Information Infrastructure

Monitoring

SAP Suite

Security

Voice Recognition

Solu

tion

s

Ene

rgy

& U

tilit

ies

Ind

ust

ry &

Aer

osp

ace

Ban

ks &

Fin

ance

Pu

bli

c A

dm

inis

trat

ion

Hea

lth

care

10

Business area breakdown

Italy 126,858

International (*) 14,792

Top 10 customers

39% Remaining portfolio 61%

Revenues by business area Customers (domestic and international)

Cluster revenues

Banks, Finance, and

Insurance 27,401

Industry & Aerospace

14,486

Energy 14,760

Telco & Media 11,918

Health and Healthcare

24,352

Utilities 28,183

Public Administrati

on 6,409

International Area

12,776

Other 1,363

(*) includes revenues earned abroad by Italian companies

Data in K euro as at 31.12.2014

Contents

11

1. EXPRIVIA TODAY

2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN

3. THE PLAN’S STRATEGIC POLICIES

4. FINANCIALS

Objectives of the 2010-2014 Plan

12

PLAN OBJECTIVES

Revenues 200 M

of which from external growth 60 M

of which from abroad at least 10%

of which for BPO at least 15 M

EBITDA 15%

NFP with external growth -67 M

OBJECTIVES ACHIEVED (*)

Revenues 147 M

of which from external growth 40 M

of which from abroad 12%

of which for BPO 10 M

EBITDA 10.5%

NFP with external growth -30 M

(*) Data as at 31.12.2014

Acquisitions in the 2010-2014 Plan

13

Company Investment (in K euro)

Revenues (in K euro)

Location

Prosap 1,086 + 150 9,800 Spain and Lat. Am.

Realtech Italia 1,480 9,900 Italy

Sis.Pa. 5,100 7,000 Italy

Visiant do Brasil 500 1,600 Brazil

Devoteam AuSystem (1) 500 12,000 Italy

Exprivia Sl (minorities) (1) 1,038 Spain

Total 9,854 40,300

(1) 2014

14

• The global economic crisis has had prolonged effects (W-shaped curve)

• In 2010, the outlook was for a V-shaped curve

• Slowdown in the IT market in Italy (15% in the last 5 years)

• IT expenditures in Italy have continued to be lower than other countries

• Contraction in the Industry market

• Financial instability with resulting credit crunch

• From 2010 to 2013, Group grew at the expense of profitability

• Certain acquisitions did not develop synergies in the appropriate time frame

• Organisational complexity

• Beginning in 2013, corporate reorganisation and recovery of profitability

2010-2014 Business Plan - assessment

Events that affected the plan’s implementation

Foundations of the 2015-2020 Plan

• IT will undoubtedly become more and more pervasive in the future for individuals

and society.

• The digital transformation envisages changes in the ways in which people engage

with each other and, as a result, the economy.

• Exprivia intends to play a leading role in the changing scenario.

• Exprivia is aware of the need to visualise the imaginable future, beyond trends and

technology, which are already commodity embedded.

• The market will be increasingly characterised by global networks that are able to

respond instantly to change.

15

The Plan’s vision

The vision in six years for Exprivia is based on the objective of setting a clear direction for management and for the entire stakeholder community, in a context in which the speed

and pervasiveness of change present important growth opportunities.

16

The 3 phases of the Business Plan

17

1

2

2015-2016 2017-2018

Skills and HR

Organisation

Business network

Profitability

Cash generation

Systematic M&A

Continuous internal growth

Strong global positioning

Profitability and cash flows 3

2019-2020

International expansion

Market leadership

Among the top 5 Italian IT

companies

Contents

18

1. EXPRIVIA TODAY

2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN

3. THE PLAN’S STRATEGIC POLICIES

4. FINANCIALS

The digital transformation

• Centrality of persons

• Centrality of relationships

• Centrality of cities

Changes the way information is used

• All available information, now!

• Availability and synopses (also vs. accuracy)

• Tendency to abandon the search for causality in favour of correlations (star-shaped relationships rather than hierarchy)

19

The Digital Renaissance

Exprivia’s future

20

• Exprivia believes that digital transformation will focus on the centrality of the individual within the city.

• Cities must be efficient and eco-friendly.

• There will be a strong correlation between livability, efficiency and connections through IT.

The digital transformation

“We stand today on the precipice of much bigger shifts …

In the years ahead, acceleration in the scope, scale, and economic impact of technology will usher in a new age of artificial intelligence, consumer gadgetry, instant communication, and boundless information while shaking up business in unimaginable ways.

At the same time, the shifting locus of economic activity and dynamism, to emerging markets and to cities within those markets, will give rise to a new class of global competitors.”

McKinsey Quarterly, 2014

21

Intelligent applications

Service robots

Specialised technology

The role of IT and its evolution

22

Beyond process automation Automation of services, Virtualisation

Users’ technology diet (1)

23

Pervasiveness

Continuity

(1) Source: Cefriel

Exprivia and technology

24

Represents the universe of

available building blocks (sensors,

machines, switches, etc.)

Techniques with

which these blocks

will be connected

and monitored to

provide synthetic

and aggregate

information

Location where the information will

reside and transformations will

occur

Platform on which the information

will be organised for distribution and realisation

(Customer Experience)

CRM Cloud Big Data, Analytics IoT

Exprivia for individuals and cities

25

Offer Individuals Cities

Industry, Public Services

Finance

Healthcare

Telco & Media

Energy & Utilities

Energy & Utilities

Healthcare

Industry, Public Services

Finance

Telco & Media

Examples of offering and issues

26

Market/Offer Issue

Energy & Utilities Energy efficiency

Industry: Defense & Aerospace

Tactical tables and augmented reality for simulations and war games; Resiliency of software environments in mission-critical situations

Industry, Finance, PA BYOD and mobile technology in banking Expert systems for risk assessment Orchestration and automatic configuration for the web

Healthcare ICT for genomics, proteomics, and transcriptomics IoT for healthcare Flexible environments for clinical decisions and home healthcare Voice and image recognition

All markets Big data, service robots, predictive analysis, smart robots

Telco & Media - Scenarios

27

PLUG-IN STRATEGIES FOR THE TELCO MARKET’S CHANGE PHENOMENA

• will be increasingly less local and more global

• search for technology partners/integrators who are able to manage risk sharing, including financial

• technology trends will continue that result in reduced Opex

• search for specialised, as opposed to generalist, global integrators

SERVICE PROVIDERS:

• become more specialised and are looking for partners/suppliers in order to transform fixed costs into variable costs, including through outsourcing

• search for new business models with added value for customers that increase economic margins

TECHNOLOGY VENDORS:

Telco & Media - Strategy

30

ETM

NEP

OP

Consolidation in Italy and expansion abroad

for proximinty to vertical technologies

Robust development of Network Consulting & Network System Integration abroad and in Italy

NEP: Network Equipment Providers (e.g. Ericson, Huaweii) OP: Operators (e.g. Telecom Italia, Vodafone) GI: Global Integrators (e.g. HP, IBM)

Telco & Media operators

Telco & Media, manufacturers

Global System Integrators

(Reusable) value of skills acquired in delivery

Ad

ded

val

ue

of

serv

ice

off

ered

Energy & Utilities - Scenarios

29

Business priorities

ICT trends

• Market expansion • Risk management • E&P scouting opportunities • Optimisation and

rationalisation of existing processes

• Optimisation of provisioning and logistics costs

• Growth in retail and trading • Improved system security

• Process reorganisation • System reconversion • Development of marketing

activities • Improved system security

• Asset efficiency • Optimisation of processes

supporting operations • Innovation in HSE

• Internet of Things (IoT) • Internet of Everything (IoE) • Business analytics • Predictive maintenance

• Business analytics • Predictive maintenance

• Business analytics • Predictive maintenance

• Internet of Things (IoT) • Internet of Everything (IoE) • Cloud • Business analytics

Energy & Utilities - Scenarios

• European Directive on intelligent transport systems

• Unbundling airport services

• Port community system and single window

• Smart grid

• Energy efficiency

• Electricity mobility

• Green economy

• E-building & E-lighting

• Distributed generation and renewable sources

• Cross/up-selling of electrical and gas commodities

30

Smart metering and energy efficiency

Smart grid and renewable sources

E-Mobility

Digital transformation

CRM transformation

Plant maintenance

Energy & Utilities - Strategy

31

Big Data & Analytics

IoT Cloud Web 3.0 & wearables

XaaS

Smart Home, Smart Building, Smart Lighting

Automated Meter Mgmt, Analytical & Remedial, Weather forecast, Real Time Active Monitor

Geolocalisation, Info Mobility

Proximity Market, Social Sentiment & Social Care

Customer Analitycs, Social Care, Marketing Automation

Smart Lighting, Enhanced SCADA, Outage Mgmt System, Work Force Mgmt

Industry & Public Services (PA) - Scenarios

• Focus commercial efforts on large companies and production clusters (machinery and retail/fashion)

• Consolidate presence in regions that have a significant production system: Veneto, Emilia, Piedmont

• Build re-sellable solutions for those areas not yet consolidated, such as Cloud, IoT verticalisations and applications, CRM, SCM, e-commerce, etc.

• Maximise the potential of international roll-outs of Italian customers

• Increase consulting volumes

32

Industry & Public Services (PA) Strategy (1/2)

• Expand the offer of engineering services

• Entrance in:

• Cyber intelligence & investigation domain

• Homeland protection and homeland security

domains

33

• Cyber security

• Smart sensors management

• Geo-Collaboration

• Segment of the control platforms

• Ground stations and analysis of satellite data

• Civil applications based on satellite data

34

Industry & Public Services (PA)

Internet of me Outcome economy

PaaS/Saas Intelligent Enterprise

SPID SPC Digital security

Cloud Login Italy Electronic Payments

Digital healthcare

Digital justice

Digital schools

Digital agriculture

Cloud computing

Mobile and Bring Your Own Device (BYOD)

Internet of Things (IoT)

Big Data

DIGITAL AGENDA

EXPRIVIA RESEARCH

AND INNOVATION

DIGITAL AGENDA

DIGITAL TRENDS

Financial statement and consolidation solutions Develop a consolidated financial statement solution on BPC Methods of Saas0 distribution

New social collaboration platforms Based on open source and open service innovation platforms Support the interoperability of PA

Big data solutions in digital forensics Approach increasingly focused on searching for electronic evidence More efficient use of forensics labs and consultants

Digital agriculture Farmer’s tools, managing support system IoT, sensors, managing data collected, open data

Banks and Finance - Scenarios

• Regulatory aspects

• Quantitative easing, bad banks in system

• Payment tracking, launch of electronic payments

• Breaking down procedural barriers for archiving personal data: Cloud

• Market aspects

• Mergers & acquisitions

• M&A Popolari and new laws for foundations

• Leasing and factoring

• Globalisation of commercial trading and global investment banks as intermediaries in international markets

• Development of niche players in digitalisation and Fintech

• Digital transformation and omni-channel

35

Banks and Finance - Strategy

36

Low Medium High

Nic

he

Glo

bal

5 Finance arenas

2 Factoring arenas

4 Digital Transformation

arenas

Level of market presence

Co

vera

ge o

ffer

ed b

anki

ng

sect

or

1

3 2

4

5

3

4

2

1

2 3

1

1

2

4

4 Credit arenas

Healthcare - Scenarios (1/2)

• Containment of healthcare costs

• Aging of population with increasing chronic conditions

• Patient and informal caregivers (family members, in-home nurses), players in the treatment process

37

SOCIAL TRENDS

• De-Hospitalisation: hospital used only for acute needs, treatment brought to local communities

• Increase in costs associated with aging

HEALTHCARE POLICY TRENDS

ORGANISATION • Merger of healthcare agencies across vast areas/regions

• Centralisation of ICT expenditures at regional level (in-house companies) and national level (CONSIP)

PRIVATE HEALTHCARE

• Possible contraction in activities covered by the national health service (SSN)

• New services and parties for healthcare tele-assistance to residents

Healthcare - Scenarios (2/2)

Healthcare agencies and hospitals

Gradual reduction in the limits for direct purchases of ICT products and services

Regional in-house companies

Reduction in active role in developing projects

Central agencies (CONSIP, SOGEI, etc.)

• CONSIP: expansion as purchasing hub for IT healthcare solutions

• SOGEI: likely expansion of central services (smart cards, databases)

38

MARKET TRENDS

PRIVATE HEALTHCARE

Possible mergers of private companies and growth of large groups

RESIDENTS

Active participations in treatment is creating growth in a market for tele-medicine and tele-assistance products and services

Healthcare - Strategy

39

LOCAL LEVEL

Prevention department

Prescriptions

Veterinary

Accident system

Public & environ. health

Central booking system

Mobility

Named roles and human resources

Information flows

Specialised assistance

Pharmaceutical assistance

Supported registries

Screening

Local healthcare assistance

Integrated home healthcare

Rehabilitation Prosthetics

Residential care centres

e-Prescriptions Electronic medical records

REGIONAL LEVEL

Healthcare gateways

Management

Regional blood banks

Cancer registry Epidemiological observatory

Price and technology observatory

Mortality and infectious diseases

S.I mental health departments

S.I pathological dependencies

Regional central booking system

Prevention & screening

118 S.I transplants

AGENCY LEVEL

HOSPITAL CARE ADMINISTRATION

Anatomic pathology

LIS. clinical chemistry

Operating rooms

Transfusion centre

Nephrology and dialysis

Admission, discharge and transfer

A&E

EMR Clinics

EMR Departments

RIS - PACS

Mgmt. control

Inventory Accounting

HR

Protocols and deliberations

Compensation from insurance

Globalisation: Vision

40

• Continue to expand the business and opportunities for growth beyond national borders.

• Develop within individual business organisations instances of fusion and connection resulting from a context of a globalised business and economy.

• Re-engineer business processes by developing Group best practices that are easily replicated and adapted to various social, cultural and regulatory contexts.

• Geographic areas that function as vehicles for offer

• Geographic areas for new entrance (large European countries, Asia, Middle East)

• Opportunity-drive areas

TARGET MARKETS

International development program

41

International Markets

INTERNATIONAL NETWORK

Create/enforce partnerships with customers / players / national and international

entities to cooperate in foreign markets

Input in selected markets through Mergers &

Acquisitions and greenfield investments

INT’L OPERATIONS MANAGER

GLOBAL ACCOUNT MANAGER

INTERNATIONAL OFFERING

Re-engineering of solutions and services to deliver our

differential values to foreign markets

GLOBAL PRODUCT MANAGER

Group standard procedures

Partnership: industrial-scientific-institutional-financial

Portfoglio

Change Management

DIRECT INVESTMENTS

R&D

During the previous planning period, activities were focused on the following areas:

• Cloud/SaaS: integration of multi-company components for assembly of new SaaS Services, integration with Expo2015 (E2015)

• Big Data and Mobile Assistant: management of customer loyalty programmes, recommendation systems, customer analysis and suggestions;

• Energy Optimisation: monitoring energy efficiency in buildings and identifying optimisation strategies;

• Mobile Ticketing: paying for parking and public transportation, integrating Open Data of regional public transportation schedules, planning optimal public transportation routes, traffic forecasting;

• Healthcare 2.0: monitoring of quality of life for the frail and elderly, bio-technology and customised medicine using genetic information.

42

R&D projects

43

2010 2011 2012 2013 2014 2015 2016

SLIMSAFE

SDI

LOGIN

Puglia Digitale 2.0

EFFEDIL

Pot. Lab 8 - A

LabGTP

VINCENTE

Puglia@Service

Serena

SILAB

ITS Italia 2020

Active Aging @Home

Pot. Lab 8 - B

Change drivers

The Third Platform and its technology paradigms:

• Mobile, access to information expanded to a wide range of portable devices and, above all, to their users;

• Social, means of communication and expressing opinions, preferences and tastes, as well as source of unstructured information;

• Cloud, technology platform on which IT infrastructure and solutions will be developed;

• Big Data, tool for management, interpretation and predictive analysis of the large volumes of data from sources above.

Internet of Things as accelerator: generating data from connected intelligent and economic devices at low cost.

44

The future development program

45

• Products on cloud platforms: Edotto, SAP applications, Home Factoring Solutions, Let's Care, ...

• Hybrid Cloud: cloud/on premise integration challenges Cloud Computing

• Enterprise Application Store: Mobile paradigm integration into the business application offering, mobile device use in the workplace, considering privacy and security issues

• Smart Cities

• Wellness and personal care: Assisted Living Environment, Telemedicine, medical records, wearable devices

• Smart Manufacturing

• Predictive and Advanced Analytics instruments: Security, Marketing Support

• Big Data in Cloud solutions

• Predictive Analysis: fault management in production chains, sales forecasting, marketing campaign management …

• Internet of Things: IT Manufacturing, smart factory

Mobile e Bring Your Own Device

Internet of Things

Big Data

SAP

1. EXPRIVIA TODAY

2. RATIONALE AND FOUNDATIONS OF THE 2015-2020 PLAN

3. THE PLAN’S STRATEGIC POLICIES

4. FINANCIALS

Contents

46

Finance fundamentals

Revenue Profit Cash

47

• Target: € 360 million for exogenous and endogenous growth

• Endogenous growth: for two-year periods: 2%, 5%, 10%

• Exogenous growth: € 155 million in six years Revenues

• Target: >12% in six years including the exogenous growth

• In absolute value : € 44 Million in 2020

• NWC / Revenues ≈ 30%,

• Debt / Equity <= 1,

• NFP / EBITDA < 3

• NFP/EBITDA = 2 from 2015, < 2 and down from 2016

• DSO (customer + WIP) around 175 days for the whole period of the plan

• DPO aligned to DSO

• NWC / Revenues less than 20% from 2017

EBITDA

Target of Acquisition

CAPEX

PFN

• Investments in the development of proprietary software in Medical and Banks Markets (€ 1.5 to 1.7 Million each Year)

• Net of extraordinary operations in 2015-2022 the CAPEX/depreciation ratio will remain around 1.

The future development program

48

49

Total revenues

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2014 2015 (e) 2016 (e) 2017 (e) 2018 (e) 2019 (e) 2020 (e)

Ricavi da crescita interna Ricavi da crescita esternaRevenues from external growth

• More than double current revenues, the Plan objective for 2020 is 360M, of which 205M from current business and 155M from external growth, CAGR +16%

• Time horizon of 6 years for Plan, INTERNAL GROWTH broken down into 3 two-year

periods:

• 2015-2016: consolidation

• 2017-2018: +5%/year,

• 2019-2020: ≈+10%/year,

• ABROAD: ≈20% to 2020

• CAGR: +6%

Mill

ion

s

Revenues from internal growth

50

Significant recovery in 2015 (+15% over 2014, ≈150 bps, returning to 2011 levels in terms of percentage)

Plan objective:

EBITDA of 44M in 2020 (treble the 2014 level, CAGR: +21%)

EBITDA margin 12.3%, including contribution of acquisitions

Total margin

11.5%

9.8%

11.3% 11.5% 12.3%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

2011 2012 2013 2014 2015 (e) 2016 (e) 2017 (e) 2018 (e) 2019 (e) 2020 (e)

Ebitda margin Ebitda margin %

Mill

ion

s

51

Targets, at closing, are expected to have the following parameters:

• NWC / Revenues ≈ 30%,

• D/E = < 1,

• NFP/EBITDA < 3

The total equity value necessary to implement the acquisition programme assumed in the Plan is ≈€35M, financed using the debt capacity without putting the financial ratios in stress conditions.

Acquisition targets

3.2 3.5

2.9

2.0 2.3 1.9 1.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0.0

50.0

100.0

150.0

200.0

250.0

2011 2012 2013 2014 2015(e)

2016(e)

2017(e)

2018(e)

2019(e)

2020(e)

PFN Equity PFN / EBITDA

Mill

ion

s

NFP NFP / EBITDA

52

Time horizon of 6 years for Plan, broken down into 3 two-year periods:

• 2015-2016: consolidation

• 2017-2018: +5%/year,

• 2019-2020: ≈10%/year,

• ABROAD: ≈20% to 2020

• CAGR: +6%

Revenues from internal growth

-

50.0

100.0

150.0

200.0

250.0

2011 2012 2013 2014 2015(e)

2016(e)

2017(e)

2018(e)

2019(e)

2020(e)

Ricavi Italia Ricavi estero

Mill

ion

s

Italian revenues Foreign revenues

53

Gross margin (as-is perimeter)

• Average annual efficiency is expected of ≈2% in production costs.

• An incentive plan for personnel (MBO + welfare) is expected to be launched at the end of 2015, which will cost 3.5M in 2016, increasing to 5M in 2020. 29.0%

29.5%

30.0%

30.5%

31.0%

31.5%

32.0%

2011 2012 2013 2014 2015(e)

2016(e)

2017(e)

2018(e)

2019(e)

2020(e)

Gross margin %

54

SG&A (as-is perimeter)

• SG&A is flat in the first two-year period.

• In 2017-2020, SG&A will grow ≈75% of the growth rate in revenues.

• The percentage of SG&A over net revenues will decrease to 21% from the current level of 24%. 19.0%

20.0%

21.0%

22.0%

23.0%

24.0%

25.0%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2011 2012 2013 2014 2015(e)

2016(e)

2017(e)

2018(e)

2019(e)

2020(e)

SG&A SG&A % su Ricavi

Mill

ion

s

% SG&A over revenues

55

EBITDA margin (as-is perimeter)

Important recovery in 2015 (+15%, ≈150 bps), due to the effects of the corporate and organisation restructuring.

11.5%

9.8%

11.3% 11.6%

13.3%

0

5

10

15

20

25

30

2011 2012 2013 2014 2015 (e) 2016 (e) 2017 (e) 2018 (e) 2019 (e) 2020 (e)

Mill

ion

s

Ebitda margin Ebitda margin %