A l i p e r l a t u a I m p r e s a. Development Agency Mission: to promote the development of the regional economy FRIULIA - Finanziaria Regionale del.

A l i p e r l a t u a I m p r e s a

Development Agency

Mission: to promote the development of the regional economy

FRIULIA - Finanziaria Regionaledel Friuli Venezia Giulia

Regional Government 88% of capital share

Set up in 1967

Investment Company

FRIULIA MISSION: TO SUPPORT

THE REGIONAL ECONOMY

FRIULIA MISSION: TO SUPPORT

THE REGIONAL ECONOMY

INVESTMENT COMPANY

INVESTMENT COMPANY

DEVELOPMENT AGENCY

DEVELOPMENT AGENCY

FRIULIA’s OFFICESFRIULIA’s OFFICES

Trieste head officeTrieste head office

Udine office Udine office (Friulia Lis S.p.A.)(Friulia Lis S.p.A.)

Pordenone officePordenone office

DEVELOPMENT AGENCYDEVELOPMENT AGENCY

Friulia implements regional development policies

Friulia plays a networking role between public and private sector:

• advise to local authorities • project financing•territorial marketing

Friulia manages EU funds and EC programs on behalf of the Region (Ob 2, Interreg)

DEVELOPMENT AGENCYDEVELOPMENT AGENCY

Over 35 years of investments:

More than 400 companies

More than 1000 business analisys

Financial partner to supportthe growth of regional businesses

FRI ULI A FI NANCI ALS DATA I N FEBRUARY 2005FRI ULI A FI NANCI ALS DATA I N FEBRUARY 2005

funds under managementfunds under management€ 280 million€ 280 million

funds investedfunds invested€ 204 million€ 204 million

portfolio companiesportfolio companies150150

Pordenone, 3 ottobre 2002Pordenone, 3 ottobre 2002

Friulia and Friulia LisFriulia and Friulia Lis(Friulia Group)(Friulia Group)

BusinessBusiness

Friulia and Friulia LisFriulia and Friulia Lis(Friulia Group)(Friulia Group)

BusinessBusiness

REGIONAL INVESTMENT COMPANYREGIONAL INVESTMENT COMPANY

TEMPORARY ASSUMPTION OF SHAREHOLDINGSTEMPORARY ASSUMPTION OF SHAREHOLDINGS

LEASING AND GUARANTEES THROUGH THE SUBSIDIARY FRIULIA LIS

LEASING AND GUARANTEES THROUGH THE SUBSIDIARY FRIULIA LIS

MEDIUM TERM LOANSMEDIUM TERM LOANS

WHICH COMPANIESAND

WHERE

WHICH COMPANIESAND

WHERE

Joint-Stock and limited liability companiesJoint-Stock and limited liability companies

Businesses operative in Friuli Venezia GiuliaBusinesses operative in Friuli Venezia Giulia

SECTORSSECTORS

ManufacturingManufacturing

Tourist industryTourist industry

ServicesServices

Trade (but retail)Trade (but retail)

RELATIONSHIP BETWEEN FRIULIA AND THE COMPANY

RELATIONSHIP BETWEEN FRIULIA AND THE COMPANY

Due diligence of the business plan Due diligence of the business plan

Business targets must be clearly defined Business targets must be clearly defined

The business plan must be shared: The business plan must be shared:

Business plan to be agreed togetherBusiness plan to be agreed together

• Marketing plan, financial plan and budget• Marketing plan, financial plan and budget

• Hands off approach: the company is managed by the entrepreneur

• Hands off approach: the company is managed by the entrepreneur

• The relationship between the company and Friulia is ruled by covenants

• The relationship between the company and Friulia is ruled by covenants

• Friulia shares business risk• Friulia shares business risk

• Friulia takes part in strategic decisions, sharing with the company its experience and network

• Friulia takes part in strategic decisions, sharing with the company its experience and network

Partnership

RELATIONSHIP BETWEEN FRIULIA AND THE COMPANY

RELATIONSHIP BETWEEN FRIULIA AND THE COMPANY

Shareholding and loan features tailored to :Shareholding and loan features tailored to :

• company size (start up, small or medium enterprise…)

• company size (start up, small or medium enterprise…)

RELATIONSHIP BETWEEN FRIULIA AND THE COMPANY

Flexible approach

• company and / or shareholders targets (expansion, turnover, bridge financing, IPO,…)

• company and / or shareholders targets (expansion, turnover, bridge financing, IPO,…)

• FRIULIA WAY IN and WAY OUT (face value, fixed value, market value, equity value…) • FRIULIA WAY IN and WAY OUT (face value, fixed value, market value, equity value…)

Up to 35% of equity capitalUp to 35% of equity capital

Temporary shareholding: as a rule 5 years (buy buck by entrepreneur or other way out agreements)

Temporary shareholding: as a rule 5 years (buy buck by entrepreneur or other way out agreements)

Possible presence of Friulia’s staff in company board of directors or board of auditors

Possible presence of Friulia’s staff in company board of directors or board of auditors

SHAREHOLDINGSHAREHOLDING

Duration equal to participation(as a rule 5 years)

Duration equal to participation(as a rule 5 years)

Different typologies (loan, mortgage loan, convertible loan, etc.)Different typologies (loan, mortgage loan, convertible loan, etc.)

Additional guarantees usually requestedAdditional guarantees usually requested

Interest indexed to EURIBOR + SPREAD

LOANS TO HOLDINGSLOANS TO HOLDINGS

Friulia loans coexist with other financings (FRIE, MEDIOCREDITO, etc.) to support the business plan

Benefits to invest with FRIULIA

Capitalization at reasonable cost

Clear agreementsExperience with a financial partner

FRIULIA as institutional investor works to foster the regional entrepreneurship (Company management by the entrepreneur, not Friulia)

Network of banks and other investors

Friulia provide technical assistance and professional advice

•FRIULIA LIS is the subsidiary operating in leasing and guarantees

•Planning of joint operation with Friulia Lis

•FRIULIA LIS is the subsidiary operating in leasing and guarantees

•Planning of joint operation with Friulia Lis

FRIULIA & FRIULIA LIS GROUPFRIULIA & FRIULIA LIS GROUP

FRIULIA LIS investments:which and where

FRIULIA LIS investments:which and where

COMPANIES AND PARTNERSHIPSCOMPANIES AND PARTNERSHIPS

WORKING IN FRIULI-VENEZIA GIULIAWORKING IN FRIULI-VENEZIA GIULIA

LEASING• real estate • equipment • foreign investments

LEASING• real estate • equipment • foreign investments

GUARANTEES (foreign investments too, with the support of FINEST)

GUARANTEES (foreign investments too, with the support of FINEST)

FRIULIA LIS PRODUCTSFRIULIA LIS PRODUCTS

FRIULIA S.p.A.

via Locchi 19 34127 TRIESTE

tel. 040 31971fax 040 3197400

www.friulia.it

[email protected]