1. © 2015 EnVent – All rights reserved
AIM ITALIA FACTS
Year End 2014
Sustained growth for AIM Italia market in 2014:
• 22 new listings (vs 15 in 2013, +47%) and over € 180m
money raised (+16% vs 2013)
• Over € 70m further capital raises and corporate bonds
issues (+15% vs 2013)
• 57 companies (+58% vs 2013), with a total market
capitalization of nearly € 2.1bn (+73% vs 2013)

2. AIM Italia Facts
1
AIM ITALIA
• AIM Italia is the Italian stock market of Borsa Italiana launched in 2009 dedicated to small and medium
enterprises with high growth potential.
• AIM Italia is an MTF (Multilateral Trading Facility) with a more flexible regulation in comparison to MTA
market, offering a simplified procedure for the IPO.
• The Nominated Adviser – Nomad plays a key role in the listing process and also in the post listing
activities, representing a guarantee for investors and the market.
NEARLY EURO 2.1BN MARKET CAP. AROUND EURO 510M FUNDS COLLECTED
• At December 2014 companies listed on AIM Italia were 57, (+58% vs 2013. CAGR 2009-2014: 70%),
with a market capitalization of € 2.1bn.
• Total Funds collected in IPO since 2009 amounted to around € 510m: € 467m by new issued shares and €
42m by the sale of existing shares.
• Approximately two thirds of companies placed in IPO a float between 10-25% of the share capital. Average
money raised in 2014 almost € 9m. At the end of 2014 nearly 80% of companies had a market capitalization
less than € 50m.
• Companies on AIM Italia collected additional funds through further capital raises and corporate bonds issues
for a total amount of € 160m since 2009.
COMPARISON WITH AIM UK
• AIM UK market counted approximately 1,100 listed companies at the end of 2014 with a total market
capitalization of around GBP 71bn. AIM UK includes also large companies and shows a wider industry
diversification and higher trading volumes, in comparison with AIM Italia.
• In 2014 AIM UK market index narrowed by 17%, while AIM Italia market index declined by 11%.
OUTLOOK
• The increasing interest on AIM Italia market and the current funding needs of companies are expected to
confirm the new listings trend in 2015.
• The incoming elections in UK are instead estimated to impact AIM UK market: there will be a rush to get
deals done in Q1, while a 20% reduction of IPOs is expected in the whole 2015.
• In both AIM Italia and AIM UK strong attention is expected to companies with credible growth plans and able
to pay stable dividends to investors.
• Few IPO expected in the Basic Materials industry, as well as in the Oil&Gas due to commodities prices.
FY 2014 Overview

3. AIM Italia Facts
1
2014 Market capitalization: € 2.1bn,
+73% vs 2013
€ 184m raised in 2014, +16% vs
2013
2014 IPOs money balanced among
three major industries
• 57 companies at December 31, 2014, +58% vs 2013
• 22 listings in the year (vs 15 listings in 2013, +47%) and 1 delisting
• Since 2009 53 IPOs, 7 admissions and 3 delistings
4
10
14
18
36
57
0
10
20
30
40
50
60
70
2009 2010 2011 2012 2013 2014
Number of companies listed on AIM Italia, 2009-2014
+150%
+100%
+29%
+40%
TOTAL MKT CAP:
€ 319m
TOTAL MKT CAP:
€ 360m
TOTAL MKT CAP:
€ 354m
TOTAL MKT CAP:
€ 493m
TOTAL MKT CAP:
€ 1,192m
+58%
TOTAL MKT CAP:
€ 2,062m
Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents
• Money raised in IPO € 184m, existing shares sale for € 25m in 2014
• Total funds collected since 2009 € 510m, 92% from the issue of new
shares
22
36
59
9
158
184
1
15
25
4
6
4
3
15
21
0
5
10
15
20
25
0
50
100
150
200
250
2009 2010 2011 2012 2013 2014
IPO and Funds collected on AIM Italia, 2009-2014
Money raised Shares Sale IPOs
€ m Unit
22
36
59
173
209
10
Note: Money raised include funds collected by the companies from new issued shares. Shares sale include funds
collected by existing shareholders from the sale of existing shares, including greenshoe option exercise.
Both the figures include also funds collected in IPO by delisted entities.
Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents
• Money raised in IPO in 2014: 37% by Energy & Cleantech companies,
34% by ICT and 22% by Media companies
• 41% concentrated on Financial and Investment companies
191
22 25 19 26
3
68
40 62
10
0
50
100
150
200
250
Financial Energy & Cleantech Media ICT Other
Money Raised in IPO of AIM Italia listed companies, 2009-2014:
analysis by industry (€ m)
2009-2013 2014
194
90
65
81
36
Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents
2014 KEY Facts

4. AIM Italia Facts
2
Capital increases declining,
bonds booming
2014 MARKET STATISTICS
Float in IPO mostly under 25%
Since 2009 money raised in IPO
mostly under € 10m
Predominance of small-caps
Industry balance
• In 2014 € 71m of additional resources raised: € 14m capital raises
(-60% vs 2013), € 57m corporate bonds (+110% vs 2013)
• Since 2009 companies of the Financial industry absorbed around
35%, followed by Energy & Cleantech companies (32%) and ICT
industry (21%)
• No capital raises and corporate bonds issues in 2009-2011
• 69% of bonds issued is convertible, 25% mini-bond and 6% non-
convertible. 40% of total amount raised by mini bond (€ 34m)
• Average interest rate on bond emissions around 7%
27
35
14
0.3
27
57
0
10
20
30
40
50
60
2012 2013 2014
Further capital raises and corporate bond issues of AIM Italia listed
companies, 2009-2014 (€ m)
Further capital raises Corporate bond issue
Note: Further capital raises include rights issues, reserved rights issues and warrants exercise.
Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents
• Two-thirds of placements between 10%-25%
• In 2014, average money raised almost € 9m
Under 10%:
2%
10-25%:
62% 25-50%:
28%
Over 50%:
8%
Float in IPO of AIM Italia listed companies
Under 5 m
51%
5-10 m
24%
10-15 m
8%
Over 15 m
17%
Money Raised in IPO of AIM Italia listed companies
Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents
• 77% of companies with a market capitalization below € 50m at
end 2014, in line with 2013
• Energy companies lead by capitalization (27% of total market cap; €
51m on average) followed by ICT (21%; € 36m) and Financial and
Investment companies (19%; € 31m)
Under 10 m
21%
10-20 m
30%
20-30 m
10%
30-50 m
16%
50-100 m
16%
Over 100 m
7%
Market Cap of AIM Italia listed companies
at 31.12.2014
Financials
401
Energy &
Cleantech
562
Media
268
ICT
429
Other
401
Market Cap of AIM Italia listed companies at 31.12.2014
by industry (€ m)
Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents

5. AIM Italia Facts
3
Velocity Turnover of AIM Italia at
34% on average
An institutional investors market
AIM Italia better than UK, below
Italian market in 2014
Low volatility
• 2014 Velocity Turnover: 36% on ordinary shares, 126% on current
free float
• Benchmark Velocity Turnover of FTSE Small Cap 110%, FTSE Mid
Cap 50% and FTSE Star Index 80%
Trading period: 01.01.2014 - 31.12.2014
Liquidity Analysis
VELOCITY TURNOVER
Tot. Shares Traded /
Num. Ordinary Shares,
weighted average 2014
Tot. Shares Traded /
Num. Shares Float,
at 31.12.2014
Financial 41% 169%
Energy & Cleantech 24% 97%
ICT 32% 100%
Media 47% 172%
Other 37% 89%
Mean 36% 126%
Source: EnVent on public data, Borsa Italiana, Bloomberg, websites and Admission Documents
• 96% of funds collected in IPO from institutional investors since 2009
Exhisting
Shareholders
0.7%
Retail
3.4%
Employees
0.1%
Institutional
Investors
95.8%
Funds collected in IPO of AIM Italia listed companies, 2009-2014
by classes of investors
Source: EnVent on Borsa Italiana data
• In 2014, the FTSE AIM Italia Index lowered 11% while the FTSE AIM
UK All–Share Index declined 17%
• At December, 31 2014 the average price drop since IPO of the
companies listed in 2014 was -21%
60
80
100
120
140
160
180
01/07/2013 01/09/2013 01/11/2013 01/01/2014 01/03/2014 01/05/2014 01/07/2014 01/09/2014 01/11/2014
AIM Italia index vs Italy and UK reference indexes:
1.07.2013-31.12.2014
FTSE Italia All-Share FTSE Italia Small Cap FTSE AIM Italia FTSE UK All-Share FTSE AIM UK All-Share
31/12/2014
Italia Small Cap
Italia All-Share
UK All-Share
AIM UK All-Share
AIM Italia
Note: AIM Italia index launched on July 1st, 2013
Source: EnVent on Bloomberg data

6. AIM Italia Facts
4
Total AIM UK market capitalization
at GBP 71bn
Total money raised in IPO since
1995: GBP 39bn
Total further capital raises since
1995: GBP 50 bn
• Strong growth from the establishment of AIM UK in 1995 up to 2007
(CAGR +25%), followed by a drop until 2013
• At December 31, 2014 the number of companies listed on AIM UK
exceeded 1,100 (+2% vs 2013)
121
252
308 312 347
524
629
704
754
1,021
1,399
1,634
1,694
1,550
1,293
1,195
1,143
1,096 1,087 1,104
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
AIM UK listed companies, 1995-2014
Source: London Stock Exchange, AIM UK Market Statistics, Dec. 2014
• Money raised in IPO in 2014 reached GBP 2.6bn, +120% compared to
2013
• Over 3,500 IPOs in 1995-2014 with over two-thirds of delistings in
the period
71 521 342 268 334
1,754
593
490
1,095
2,776
6,461
9,944
6,581
1,108
740
1,219
609 707
1,187
2,599123
145
107
75 102
277
177
160
162
355
519
462
284
114
36
102 90 71
99
118
0
100
200
300
400
500
600
0
2,000
4,000
6,000
8,000
10,000
12,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
IPO and Money raised on AIM UK, 1995-2014
Money Raised (GBP m, left) Number of IPO (Units, right)
Source: London Stock Exchange, AIM UK Market Statistics, Dec. 2014
• In 2014 further capital raises for around GBP 3.3bn (+20% vs 2013)
25 302 350 318 600
1,338
535 486
1,000
1,880
2,481
5,734
9,603
3,214
4,861
5,738
3,660
2,4492,728
3,269
0
2,000
4,000
6,000
8,000
10,000
12,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Further capital raises of AIM UK listed companies
1995-2014 (GBP m)
Source: London Stock Exchange, AIM UK Market Statistics, Dec. 2014
2014 AIM UK Snapshot

7. AIM Italia Facts
5
Steep increase of liquidity on the
market
Prevalence of mid-caps and
wide industry diversification
• Average daily shares traded around 1,400m at December 2014,
+128% vs 2007: increase of liquidity, despite the momentum and the
reduced number of listed companies
• Average daily value of shares traded at approximately GBP 170m,
+45% on 2013
2 8 10 8 21
54
19 14
26
71
167
230
297
194
133
129
154 151
117
169
4 22 26 27
84
157
111 98
228
383
430
550
608
531
813
578
705
828
1,153
1,386
0
200
400
600
800
1,000
1,200
1,400
1,600
0
50
100
150
200
250
300
350
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Average daily value and shares traded on AIM UK, 1995-2014
Average daily value (GBP m, left) Average daily shares traded (m, right)
Source: London Stock Exchange, AIM UK Market Statistics, Dec. 2014
• At December 31, 2014 the Financial industry represented 25% of
total market capitalization with 207 companies, followed by
Consumer Services and Industrials (both 14% of the total)
Oil & Gas
5,973
Basic Materials
4,038
Industrials
9,921
Consumer
Goods
5,140
Health Care
7,157
Consumer
Services
9,935
Telecom
2,233
Utilities
1,102
Financials
18,121
Hi-Tech
7,795
Market Cap of AIM UK listed companies at 31.12.2014:
analysis by industry (GBP m)
Source: London Stock Exchange, AIM UK Market Statistics, Dec. 2014
• Financials and Industrials are the most represented on AIM UK (19%
and 17% of total number respectively) followed by Basic Materials
(15%), Oil & Gas (12%) and High Tech and Consumer Services (11%)
• Approximately 50% of listed companies has a market capitalization
between GBP 100-500m, while around 25% exceed GBP 500m
Oil & Gas
12%
Basic Materials
15%
Industrials
17%
Consumer
Goods
6%
Health Care
7%
Consumer
Services
11%
Telecom
1%
Utilities
1%
Financials
19%
Hi-Tech
11%
Number of AIM UK listed companies at 31.12.2014:
analysis by industry (GBP m)
Over 1,000
9%
500-1,000
15%
250-500
20%
100-250
29%
50-100
12% 25-50
8%
10-25
5%
Under 10
2%
Market Cap of AIM UK listed companies at 31.12.2014
(GBP m)
Source: London Stock Exchange, AIM UK Market Statistics, Dec. 2014

8. AIM Italia Facts
6
IPO
ADMISSION
MONEY RAISED
SHARES SALE
GREENSHOE OPTION
MARKET CAP OR CAPITALIZATION
FLOAT
CORPORATE BOND
RIGHTS ISSUE
WARRANT
VELOCITY TURNOVER
FINANCIAL COMPANIES
ENERGY & CLEANTECH
ICT
MEDIA
OTHER
Initial Public Offer: sale of ordinary shares of a private company on the
market within the listing process on the stock exchange
Transfers and just listings from other markets
Funds collected in IPO by a private company from new issued shares
Funds collected in IPO by existing shareholders of a private company
from the sale of existing shares and from the Greenshoe option exercise
Also referred to as over-allotment option, it offers the issuer the faculty
to increase the size of the IPO by the sale of additional existing shares
Total market value of 100% of a listed company's equity. It is calculated
by multiplying total outstanding shares for the current market price
Ordinary shares available for trading on the market, owned by non-
significant shareholders (stakes under 5% of shares capital each)
Debt securities issued by a company
Right assigned to existing shareholders or reserved to new shareholders
(with exclusion of the existing shareholders) to buy additional new
issued shares of a company at a determined price
Derivative financial instrument giving the holder the right to purchase
new issued shares from the issuer at a determined price within a certain
time frame
Ratio of total traded shares to total ordinary shares in a given period
Financial and investment companies, real estate companies and
insurance companies
Companies offering products and services applied to the whole energy
industry and any other energy-related clean technology
Software companies, internet companies and other ICT and IT service
companies
Companies in publishing, communication and entertainment sector
Consumer goods, consumer services, industrial and biotech companies
not included in the above industries
Glossary

9. AIM Italia Facts
7
CONTACTS
Franco Gaudenti
Founder – Managing Partner
fgaudenti@envent.it
Paolo Verna
Partner – Head of Equity Capital Markets
pverna@envent.it
Luigi Tardella
Partner – Head of Research & Analysis
tardellaresearch@advisory.envent.it
Marco Bottini
Associate
mbottini@envent.it
EnVent S.p.A.
Via Barberini, 95 – 00187 Rome
Via dei Bossi, 4 – 20121 Milan
Corso Marconi, 10 – 10125 Turin
25 Savile Row – W1S 2ER London
Phone +39 06 896841
segreteria@envent.it
DISCLAIMER
This publication has been prepared by the Research & Analysis Division of EnVent S.p.A.
(“EnVent”) with the purpose to convey selected information about the AIM Italia
market, compared to the AIM UK market, to our clients, partners and our network of
professional contacts.
EnVent does not intend to provide any recommendation about the capital market
predictions and about the future results of analysed companies, but only a static
description of AIM Italia trends observed in the reference period.
This publication has been drawn up on the basis of public information provided by
business information service companies (Bloomberg, S&P Capital IQ, Bureau van Dijk)
and by other public sources (official websites, companies’ Admission Documents, Borsa
Italiana website, London Stock Exchange website and press releases), on which EnVent
has not performed an independent verification. Although EnVent makes every
reasonable endeavour to obtain information from sources that it deems to be reliable, it
accepts no responsibility or liability as to the completeness, accuracy or exactitude of
information provided, nor regarding the data, analysis, comments and elaborations
herein included.
This publication does not represent to be, nor can it be construed as being, an offer or
solicitation to buy, subscribe or sell financial products or instruments, or to execute any
operation whatsoever concerning such products or instruments.
This publication shall not in any case be used as basis of an investment decision by
persons that, in case, will have to conduct independent research and analysis before
taking any investment decision at their sole responsibility.
The access to other information providers or a different analysis of available data may
lead to observations even remarkably different from those contained in this publication.
The information contained in this publication does not constitute a public offering
pursuant to the art. 1336 c.c., neither a solicitation to buy shares and bonds or a public
offering of financial instruments pursuant to Italian Legislative Decree no. 58/98 art. 1,
clause 1, let. t), as subsequently amended and supplemented.
The information does not represent any expression of negotiation willingness.