COMPANY. HUMAN COMPANY Via Generale Dalla Chiesa, Firenze T humancompany.com

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1 ABOUT US: FROM ECV GROUP TO HUMAN COMPANY ECV Group was founded in the eighties, brainchild of the Cardini-Vannucchi family, a Tuscan family of entrepreneurs with their roots in the textile sector in Prato. The family entered the tourism market in 1982, when it acquired its first campground in Figline Valdarno, Il Girasole. The facility was transformed from a camp ground intended for tents and caravans into a cutting-edge tourist resort ensconced in over 31 hectares of countryside featuring comfortable mobile homes, and went on to become the model for the successful formula then adopted at each of the Group's resorts over the years. A bold series of acquisitions and investments and 35 years of experience have made the Group into a leading player in the open-air tourism market in Italy, with a wide, diverse range of facilities that includes family parks, resorts, in-town campgrounds, hostels and hotels. In 2017, the Group embarked on a thorough re-branding and revamping of its corporate identity. This strategic decision was motivated by the need to emphasise the concept of a sustainable, informal holiday experience, in touch with both nature and the human element, open to all. This was also the rationale behind the transition from ECV Group to Human Company, a brand owned by the parent company, C.V. Family Holding srl, which embodies all of the values that the Group seeks to convey: people and nature united in an enduring alliance. The philosophy that inspires the new Human Company brand extends beyond mere classification as a campground rather than a resort, or as a hotel rather than a hostel: it involves creating a unique hospitality experience for people, through the transversal range of services offered by Human Company's facilities, which ensures full satisfaction of all holiday needs, even those of the most demanding guests. Through constant reflection on the nature of holiday time, Human Company offers its guests an unrivalled hospitality experience through innovative services, a professional staff and constant improvement from one day to the next, as intrinsic characteristics of the company. The Group's mission is to ensure that those who stay at its facilities families, students, couples, young peoples, senior citizens enjoy a travel, tourism and relaxation experience that is fully in line with their needs and expectations.

2 Recently, the Group has begun the process of moving from a family-run structure to professional management, entrusting general, financial and commercial aspects of management to professional managers, who continue to be led by Claudio Cardini, the Group's founder and chairman. Today the top management includes, among others, Marco Galletti, CEO & CFO, and CCO Stefano Mereu, former chief commercial officer and member of the BoD of Grandi Stazioni Retail S.p.A., who has been with the Group since last September. In addition to this role as the Group's chief commercial officer, Mereu will be appointed chief executive officer of the companies responsible for managing the Central Markets in Florence, Rome and Campi Bisenzio. Human Company currently has nine resorts in Italy (located in Tuscany, Veneto and Lazio), in addition to three innovative hostels in Florence, Berlin and Prague, and the boutique hotel Villa La Palagina, located in the hills near Figline Valdarno. Over the years, the Group has diversified its business, adding dining alongside its hospitality services by participating, among other companies, in the development of the innovative new Central Market format. This model was launched in 2014 at Florence's historical San Lorenzo Market, and then replicated in Rome at Termini Station and at the I Gigli shopping centre in Campi Bisenzio. The Central Market model has proved a successful approach to showcasing fine Italian wine and food, that each year wins acclaim from over seven million people and the entire restaurant sector. The idea is the brainchild of Umberto Montano, a restaurant entrepreneur who for more than 40 years has made fine food his business. Together with Claudio Cardini, he has succeeded in creating a new language in the food industry that turns simplicity into its greatest strength. Key facts 2016 consolidated financial statements of C.V. Family Holding srl consolidated turnover of million consolidated gross operating margin of million pre-tax profit of million profit of million

3 Consolidated net assets of million Guests (forecast for ) 2.9 million guests served at resorts 800,000 guests served at hostels and hotels 400,000 guests served in mobile homes Staff Staff 1,500 seasonal and permanent staff 70% are under age 38 The Group's numbers and values Human Company's forecast turnover for the year ending is approximately 110 million, up by 15.30% compared to 2016, with EBITDA of 34 million, up by 16.38%. In the hospitality business, 4.1 million guests were served by a staff of 1,500, 70% of whom are under 38 years of age, of 20 different nationalities, with 65% of seasonal workers employed on a recurring basis. TOP MANAGEMENT HUMAN COMPANY CLAUDIO CARDINI, Founder & Chairman MARCO GALLETTI, CEO - CFO STEFANO MEREU, CCO FORECAST INCREASE IN TURNOVER : +15,30% INCREASE IN STAFF Staff ages 18 to 38 70% Middle age 33 years Innovation, hospitality, familiarity, identity, growth and change: these are the values that have always inspired the Group, which since its creation has sought to offer its guests not just a place to stay, but a unique, high-quality experience based on a range of services that can be enjoyed by a broad segment of travellers. Facilities with expansive open spaces, proximity to historic city centres and sites of natural and cultural interest, high standards of service, and a warm, familial atmosphere are intended to offer a hospitality experience that provides excellent value for money, tailored to each individual's needs.

4 Over the years, the Group's development has been shaped by its constant desire for innovation. The first slide was installed at a camp ground in Ten years later, the first mobile home appeared, with two bedrooms and two bathrooms, followed by the first spa at an open-air facility in In 2006, the Group became the first in Italy to design a hostel offering the same level of service as a hotel, followed in 2009 by the Family Park formula (registered as a trademark), referring to the first resorts in Italy with pedestrian-only access devoted entirely to very young children. Among the many prizes received, in 2014 Norcenni Girasole Village was recognised as among the top "glamping" sites in Europe thanks to its luxurious safari tents, and in 2015 PLUS Berlin won the Best Extra Large Hostel Worldwide award from Hostelworld. All of Human Company's open-air facilities offer high standards of quality in terms of services and comfort, due in part to the Group's direct management of all of its locations. Through a perfect balance of open space and water facilities (from athletic pools to lagoons with shallow water for children), Human Company's resorts are designed to meet the needs of all guests and to make any style of open-air vacation possible. Restaurants and bars, supermarkets and stores, well-equipped athletic facilities, activities and areas devoted to young children, water parks, entertainment and excursions and mobile homes of various kinds offering every comfort (even verandas with hot tubs): Human Company's open-air facilities are perfectly organised to offer services of all kinds, like a small city, but tucked away in places of great natural beauty or located near historical city centres. Its hostels offer services such as covered or outdoor pools, saunas and Turkish baths, small gyms, high-quality restaurants and private bathrooms in all rooms.

5 Its resorts, nine in all, are located in Veneto, Tuscany and Lazio. Veneto - Jolly Camping in Town in Marghera (VE) - Altomincio Family Park in Valeggio sul Mincio (Lago di Garda, VR) Tuscany - Norcenni Girasole Village in Figline Valdarno (FI) - Firenze Camping in Town in Florence - Park Albatros Village in San Vincenzo (LI) Lazio and all in Rome - Roma Camping in Town, Fabulous Village, I Pini Family Park, Tiber Camping in Town HOSPITALITY GUEST FIGURES FOR 2017 (FCST 31.12) 2,9 millions Village, Family Park, Camping in Town FORECAST INCREASE IN GUESTS ,12% BERLIN PRAGUE 800 thousand Hostels e Hotels VENICE GARDA 400 thousand Tour Operator SAN VINCENZO FLORENCE CHIANTI MAIN MARKETS/TYPE OF HOSPITALITY NL IT 19% DE 16% UK 7% FR 6% REST OF THE WORLD 24% 28% The average duration of stay is i 7/8 nights. The average guests are a family of Dutch nationality, ages 35 to 49, with two children. ROME

6 Open-air tourism: the added value of sustainability The open-air tourism sector, including camp grounds and tourist resorts, has seen a modest yet constant increase in demand in recent years. Open-air tourist facilities have recorded an average of over 60 million guests in recent seasons. With nearly four million guests in 2016 (accounting for 5% of the total recorded at open-air facilities in Italy), Human Company is a leading player in Italy's open-air hospitality market. The Italian open-air market is served by over 2,500 tourism and hospitality companies that offer a total capacity of 1.3 million guests, employ a staff of approximately 45,000 and generate turnover of around 2.7 billion (source: ASSITAI, 2016). The average stay at a facility lasts 4.5 days and involves a party of four guests. Most guests are families with parents under age 40 and two pre-adolescent or adolescent children. Guests who opt for recreational vehicles, campers and caravans are mainly Italian and over 50 years of age. Most open-air tourists choose camp grounds near the seaside (70% of the total). The average expenditure, per guest, is around 50 a day. Nowadays, the choice to vacation at a camp ground is no longer motivated only by low price, but rather by the incredible opportunity to be in close contact with nature, with all the comforts of home, far from chaos, pollution and stress, even when the facilities are at their most crowded. Open-air tourism accounts for a significant share of the foreign tourists who visit Italy. Dutch tourists are the biggest single group of total incoming tourists by home country: they account for 36% of incoming night stays and 20% of total spending. They are followed by German, Austrian and French tourists. Last year, 2.6 million foreign guests visited Italy staying in caravans, mobile homes and tents, accounting for 6% of total foreign tourists. These tourists spent 1.1 billion per year in Italy (4% of total international spending in Italy), with 23 million nights spent in camp grounds, caravan parks and areas with services.

7 In the domestic open-air tourism sector, 3.1 million Italian tourists opted for this formula for their holidays, generating 35 million nights spent and spending of 1.6 billion. Economic, environmental and social sustainability and a particular lifestyle and approach to holidays are the main reasons behind the increasing tendency for tourists to choose open-air tourism, without sacrificing the convenience of facilities located near city centres where guests can admire Italy's artistic heritage. From an environmental standpoint, the open-air tourism formula is synonymous with a sustainable approach to holidays with a small environmental footprint, which avoids paving over the areas in which the facilities are located. This is also borne out by the third report by FAITA, the Tuscan Camp Ground Association, published in 2017, on open-air tourism in Tuscany, camp grounds, resorts and camping resorts. The new Consolidated Tourism Act: a growth opportunity for the open-air system in Tuscany, which shows that from 1978 to 2016 there have not been changes to the landscape of Tuscany's coats, where open-air tourism facilities are located. The open-air tourism formula also encourages the use of zero-impact buildings and facilities, reforestation to protect natural areas, cycle paths, botanical trails and sports in a natural setting. In addition, city camp grounds, such as Human Company's facilities in Florence, Rome and Venice, provide alternatives to hotels, offering high-quality services and an environment more conducive to socialisation, just a few kilometres from historical centres, thus reducing congestion due to high occupancy, as indicated in the new Strategic Plan for Tourism drawn up by the Permanent Committee for the Promotion of Tourism, with the coordination of the Directorate General of Tourism of the Ministry of Cultural Heritage and Activities and Tourism.

8 TOTAL AREA OF WATER PARKS mq TOTAL AREA OF OPEN-AIR FACILITIES mq OF WHICH, NATURAL AREAS 75% LOCAL IMPACT OF PARK ALBATROS VILLAGE 1,400 plots open 160 days a year a seasonal staff of permanent employees cash flow of 4 million to local and national companies that provide products and services to the resort 500,000 guests 24,000 tourists accompanied on excursions off resort grounds visitors' taxes of 400 k ( 1 per adult over age 15 per day) waste disposal tax of 600 k property tax of 125 k service tax of 6 k