Immsi Group Mission and values

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3 Immsi Group Mission and values Immsi S.p.A. is the holding company of a Group of about 40 companies which operates in different business sectors. The company was set up in 2000 following the split-up of Sirti S.p.A. During 2003, the Company s business activities developed in line with the newly implemented operating strategy and on the basis of the plans outlined by the new majority shareholders of the Company. In this context significant changes were made to the corporate mission which enabled, on one hand, to develop the traditional business of property management through dynamic new investments with Key historical milestones potentially high returns and, on the other hand, the possibility to acquire and develop substantial equity investments in industrial and service companies, while at the same time taking on the strategic and management responsibilities. The Group s target is to increase the value of current and future investments, also by re-launching companies characterized by significant growth prospects which may require contributions in terms of capital and managerial resources, with the aim of strengthening the market positions in the respective business sectors, thus creating value for the shareholders. Immsi JUL Listing of Piaggio Group... a diversified industrial group of about 40 companies worldwide AUG Apuliae constitution OCT Is Molas acquisition MAY 2004 Rodriquez Group acquisition DEC Aprilia acquisition 2008/2016 Investment in Alitalia - CAI JUN Kick-off of Immsi Real Estate disposal plan and Company leverage AUG Aprilia preliminary deal FEB Immsi creation following the split-up of the Real Estate branch of Sirti S.p.A. (Telecom Italia Group) OCT Piaggio Group acquisition From a Real Estate management company to... NOV GEN. JAN Acquisizione Immsi acquisition di Immsi da Telecom from Telecom Italia e Italia cambio di and mission change aziendale of mission JUL % Capitalia stock acquisition III

4 Immsi Group Corporate Structure The Company s investment portfolio includes businesses related to: the real estate sector (tourist and holiday resort), through the companies Is Molas S.p.A., Pietra S.r.l. and Apuliae S.p.A.; the industrial sector (production and distribution of scooters, motorcycles and light commercial vehicles), through the companies belonging to the Piaggio group; the naval sector (production of defence ships such as mine countermeasure vessels, fast patrol boats, hydrofoils and fast ferries), through the company Intermarine S.p.A. The Company also owns a real estate property, a building located in Rome (Via Abruzzi), which is currently almost entirely rented, in addition to a stake equal to 2.77% in the company Alitalia Compagnia Aerea Italiana S.p.A.. Immsi 50.49% % 2 Piaggio Group Intermarine Immsi Building in Via Abruzzi (Rome) 2.77% Alitalia (Airlines) 67.26% 3 Is Molas (Tourist resort, villas, golf) 0.05% 4 Unicredit (Banking) 77.78% Pietra (Real estate development project) 85.69% Apuliae (Real estate development project) 1) Company data as at December 31 st, 2016; net of treasury shares owned by Piaggio & C. S.p.A. 2) Stake in RCN Finanziaria S.p.A., net of treasury shares owned by RCN Finanziaria S.p.A., in its turn owning a 100% stake in Intermarine S.p.A. 3) Stake owned through ISM Investimenti S.p.A. (72.64% participated by Immsi S.p.A.) in its turn owning a 92.59% stake in Is Molas S.p.A. at December 31 st, ) Corresponding to 2,788,464 shares; source: Company data as at December 31 st, 2016 IV

5 Immsi Group Worldwide ITALY CHINA VIETNAM INDIA Company locations Markets served 2016 CONSOLIDATED GROUP NET REVENUES BY GEOGRAPHIC SEGMENT HUMAN RESOURCES BY GEOGRAPHIC SEGMENT AS OF 31 DECEMBER ,674 63,826 13% 5% Italy Rest of Europe India United States Rest of the world 68,180 Italy Italy Rest of Europe Rest of Eur Rest of the world Rest of the 339,147 24% 56% 768,180 3,014 43% 55% 3,866 2% 2% 27, Total euro / 1,000 = 1,383,848 Total = 7,054 V

6 Key financial figures Net revenues (in millions of euro) Net revenues (in millions of euro) Industrial sector 1, , ,313.1 yoy change +0.1% +6.8% +1.4% Naval sector yoy change +40.8% +9.4% +6.3% 1.274,6 1, , , Property and holding sector yoy change -5.1% +2.1% +3.0% 1.213,3 1, ,313.1 TOTAL 1, , ,383.8 yoy change +1.3% +6.9% +1.6% O Industrial sector Naval sector Property and holding sector EBITDA (in millions of euro) EBITDA (in millions of euro) Industrial sector EBITDA margin 13.1% 12.5% 13.0% Naval sector (5.7) (0.6) 2.7 EBITDA margin -10.1% -1.0% 4.0% Property and holding sector (4.6) (0.3) (4.9) EBITDA margin n/m n/m n/m TOTAL EBITDA margin 11.7% 11.8% 12.2% O (5.7) (4.6) (0.3) (0.6) 2.7 (4.9) Industrial sector Naval sector Property and holding sector VI

7 Key financial figures Net income (in millions of euro) 2014* Net income (in millions of euro) Industrial sector (68.8) (13.7) (8.3) Net margin 1.5% 0.9% 1.1% Naval sector (9.3) (11.5) (1.8) Net margin -16.5% -18.6% -2.7% Property and holding sector (78.1) (14.1) (20.6) Net margin n/m n/m n/m O 18.6 (9.3) 11.9 (11.5) 14.0 (1.8) TOTAL (68.8) (13.7) (8.3) Net margin -5.4% -1.0% -0.6% (14.1) (20.6) * For details of how this adjustment was calculated, see notes on the annual report at December 31 st (78.1) 2014* Industrial sector Naval sector Property and holding sector VII

8 Immsi Group sectors Property and holding sector: Immsi S.p.A. operates in the real estate sector both directly (through the management of a building in Rome) and indirectly (through the stakes owned in subsidiaries, in their turn involved in real estate projects). Through its subsidiary Is Molas S.p.A., Immsi manages the Is Molas resort, located in southern Sardinia about half an hour from Cagliari airport. The resort attracts golf-oriented customers thanks to: a 27-holes club (an 18-holes par 72 championship course which has hosted four Italian Opens and a 9-holes course par 36). a 4 star hotel with 80 rooms, restaurant and outdoor swimming pool with bar. On October 2004, Immsi S.p.A. acquired Is Molas S.p.A. from a bankruptcy auction. A development project of the existing resort is now ready to be implemented providing for: the construction of another 18 hole course, designed by Gary Player, extending the golf facilities up to 45 holes; the building of a new 5 stars hotel with 80 rooms (instead of the existing one), a new 5 stars suite-hotel with 39 suites, a new 9,400 sqm clubhouse and a 2,500 sqm Spa; the construction of 9 RTA ( Residenze Turistico Alberghiere, i.e. tourist apartment hotels) with 3 or 4 apartments for rent; the construction of about 200 luxury villas, divided into four categories, designed by Massimiliano Fuksas, one of the protagonists of contemporary architecture, with commercial surfaces from 350 sqm to 700 sqm (inner, terrace and veranda) and parcels ranging from 1,100 sqm for Villa Arenada to 2,500 sqm for Villa Palas. The Pietra Ligure project refers to a shipbuilding area in Pietra Ligure (Savona) that in the project approved will be converted into a real estate investment with a new Intermarine shipyard, a tourist shipyard, apartments, hotels, parkings, shops and other facilities. The area has been assigned to Immsi through a public tender in After the approval of the preliminary development project to the transformation for urbanistic purposes, the final project has been approved on the basis of the indications undertaken by the competent local authorities, the planning procedure was completed with the award of a maritime concession and planning permission. With reference to the Parent Company Immsi, further (non-controlling) investments were made through minority holdings in the company Alitalia Compagnia Aerea Italiana S.p.A. acquired with a total investment of 129 million euros. Unicredit S.p.A. with an investment at a purchase cost equal to 14.9 million euros. Industrial sector (Piaggio group) The Piaggio group is the largest European manufacturer of two-wheeled motor vehicles and one of the world s leaders in its sector: the group is also a major international player in the light commercial vehicle market. Founded in 1884 by Rinaldo Piaggio, since 2003 the group has been controlled by Immsi S.p.A. and is listed on the Italian Stock Exchange (Borsa Italiana) since The Piaggio group product range includes scooters, mopeds and motorcycles from 50 to 1,200 cc marketed under the Piaggio, Vespa, VIII

9 Gilera, Aprilia, Moto Guzzi, Derbi and Scarabeo brands. The group also operates in the three- and four-wheel light transport sector with its Ape, Porter and Quargo ranges of commercial vehicles (Ape Truck). The Piaggio group is headquartered in Pontedera (Pisa, Italy) and has production plants around the world in: Pontedera (Pisa), which produces Piaggio, Vespa and Gilera branded two-wheelers, light transport vehicles for the European market and engines for scooters and motorcycles; Noale (Venice), a technical centre for the development of motorcycles and the base of Aprilia Racing; Scorzè (Venice), which produces Aprilia, Scarabeo, Derbi branded two-wheeler and Piaggio Wi-Bike; Mandello del Lario (Lecco, Italy), which produces Moto Guzzi vehicles and engines; Baramati (in the Indian state of Maharashtra) which manufactures three- and four-wheeler light transport vehicles for the Indian market and exports, the Vespa for the Indian market and engines for the Group s commercial vehicles; Vinh Phuc (Vietnam), which manufactures scooters and engines for the local market and Asean area. The Piaggio group is also a 45% stakeholder in a joint-venture operation in China (in Foshan, in the Guangdong province) which is therefore consolidated with the equity method in the group s results. In the US, the Piaggio group Advanced Design Center operates at Pasadena, California. In addition, Piaggio Fast Forward Inc. was set up in Cambridge, Massachusetts in June 2015, a subsidiary of Piaggio & C. S.p.A., for research into innovative solutions in the mobility and transport sector. Naval sector (Intermarine S.p.A) Rodriquez Cantieri Navali S.p.A. (merged by incorporation into the former subsidiary Intermarine S.p.A.) has an outstanding experience in the worldwide market in the field of the construction of high speed ships such as hydrofoils and fast ferries (mono-hulls and catamarans) in aluminium and steel, yacht in fibreglass and aluminium, mine-hunters and fast patrol boats in composite material. The name of the group derives from the small repair yard established by Leopoldo Rodriquez in 1887 in Messina which in 1956 became the first shipyard in the world to successfully launch the world s first high-speed commercial ship. In 1993 the yard delivered the first and fastest car and passenger mono-hull ferry with speed up to 47 knots. Rodriquez Cantieri Navali acquired in September 2002 the Intermarine shipyard, based in Sarzana on the north west coast of Italy. Intermarine, founded in the early 1970 s, is a naval shipyard specialised in the design and manufacture of mine-hunters and patrol boats in composite material: the name Intermarine is historically linked to the design and construction of sophisticated minehunters, unique ships specially equipped for safely hunting and sweeping sea mines, which the company has produced for several Military Marines worldwide. The reason for this success is the innovative and unique construction technique developed by Intermarine, a technique that has been demonstrated as ideal for the construction of the hulls of those vessels used for mine countermeasure operations. Since May 2004, the Rodriquez Group belongs to the Immsi Group which supported the process of strategic and competitive strengthening of the group in order to create a solid platform for future growth prospects. IX

10 Piaggio a journey through history Vespa MP Vespa Normale Vespa Vespa P125X Lemans Airone Vespa 150GS Vespa P125X Daytona Motoleggera California Galletto Museo Piaggio Stornello 125 cc VT Saturno Sanremo Catena di montaggio Galleria del vento Rondine Bicilindrica Ape Calessino Normale Quattro cilindri Ape Cassone X

11 Piaggio in the future Ape Calessino Vespa 946 RED Scarabeo 50 2T Vespa Primavera 50 Gilera SMT 50 Limited Aprilia RSV4 RF Piaggio MP3 500 Business Moto Guzzi MGX-21 Aprilia Tuono RR Piaggio Beverly Sport Touring Moto Guzzi V9 Bobber Derbi Senda LTD Piaggio Porter Maxxi Moto Guzzi V7 III Special XI

12 The Naval Sector History La Spezia shipyards Above, Hydrofoil Freccia del Sole Messina shipyards Below, OSPREY Above, CP271 XII

13 The Naval Sector Today Fully Submerged Wings Hydrofoil: FSWH 37 Purunpää mine countermeasure vessel ordered by Finnish Navy high-speed wave-piercing aluminium catamaran: WPCAT 52 R Ocean Sapphire 41,60 m Luxury motor yacht aluminium hull built in 2010 Interior images and bridge XIII

14 Immsi S.p.A. Immsi building in Rome Is Molas Is Molas Resort project (rendering) Pietra Ligure Real Estate development project (rendering) XIV

15 Immsi Group worldwide ITALY ITALY - INTERMARINE S.P.A. CHINA JAPAN XV

16 Immsi Group worldwide VIETNAM SINGAPORE INDONESIA INDIA XVI