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CORPORATE OVERVIEW
1
2
CFO SIM Overview 4
Investment Banking Overview 6
Corporate Finance 8
Research 9
Sales, Trading & Market Making 10
Italian Stock Exchange 11
AIM Italy 13
Corporate Clients 16
Recent Transactions 17
Corporate Broking Client Track Record 18
Selected Institutional Relationships 19
Corporate Roadshows 20
Events 21
Team 22
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CONTENTS
2000 CFO is founded
1,700,000,000 Euro under management
2015 Investment Banking Division Launched
4
CFO SIM is the largest independent Family Office in Italy, founded in
2000 by a group of experienced professionals to satisfy the financial needs
of families and companies with innovative tailored solutions. CFO SIM
serves 5,200 clients through eight offices in Italy, Switzerland and
Luxembourg.
CFO SIM: OVERVIEW
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CFO SIM is recognized as a NOMAD for AIM ITALY by Borsa Italiana.
CFO SIM is subject to supervision by the Bank of Italy, and has obtained
all permissions for the receipt and transmission of orders, proprietary
trading and fund raising, with CONSOB resolution no. 13208 of 24 July
2001.
CFO SIM is authorized by CONSOB to perform all investment and
ancillary services throughout all 27 EU countries, the only Italian SIM to
be so authorised.
CFO SIM is an official Equity Markets Partner of Borsa Italiana. Equity
Markets Partners and Borsa Italiana work together to support small and
medium sized Italian companies in their own growth.
AUTHORISATIONS
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CFO SIM: INVESTMENT BANKING OVERVIEW
Global Coordinator
AdvisoryCorporate
Broker
M&ACapital
Increases
SponsorNomad
International Roadshows
Fundraising
Stock Liquidity
Book running
Equity Brokerage
Bond Brokerage
Corporate Finance Research SalesOurClients Receive
Independent Boutique Investment Banking Firmdedicated to fast growing Italian SMEs
CFO SIM is a Milan AIM Nominated Advisor, Market Maker
and Corporate Broker, providing a full range of services from
private fundraising through to full public listings.
On-going advice and support is provided by an experienced
team drawn from our Corporate Finance, Equity Sales and
Research departments.
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Focus:
We focus on working with and listing
outstanding companies on the Milan AIM and
guiding them to the Star segment of the MTA via
the fast-track program. This gives investors an
attractive entry valuation and the benefits of
improved visibility and liquidity once the
passage to the main market is competed.
An Experienced Team:
Our Equity Capital Markets team has
structured, and raised capital in, over 35 IPOs on
various European Exchanges. We have an
multilingual sales force of experienced
professionals dedicated to the stock and bond
markets.
Network:
We have unrivalled connections with
international investors, providing them with first
class research, advice and trading services. We
have an international database containing more
than 10,000 institutional investors, which we
target based on various factors such as market
cap, sector and others.
Execution:
We provide bespoke roadshow services,
analyzing our client company to find the right
appointments with the most appropriate
investors, in addition to full planning, scheduling
and execution of the roadshow. We compile a full
report and analysis of investor meetings and
post-meeting feedback.
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CORPORATE FINANCE
Eq
uit
y C
ap
ita
l M
ark
ets
Financial advice / Extraordinary
Transactions
Equity Capital Markets Advisory
NOMAD
Global Coordinator
De
bt
Ca
pit
al
Ma
rke
ts
Debt Structuring Advisory
Arranger/Lead Manager
Merg
ers
& A
cqu
isit
ion
s Financial advisory/Corporate Finance
transactions with institutional investors
Private Equity Advisory
Execution & Financial Due Diligence
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RESEARCH
Eq
uit
y R
ese
arc
h
Carrying out fundamental and technical research of Italian and foreign
markets, or on single issuers and their financial instruments traded in
these markets.
The research activity supports the other activities of the structure:
Equity Sales & Trading, Equity Capital Markets.
In relation to the role of Market Maker/Corporate Broker, Equity
Research is dedicated to the production of financial analysis to the
highest market standards.
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SALES, TRADING & MARKET MAKING
Sa
les,
Tra
din
g &
Ma
rke
t M
ak
ing Corporate Broking
Fund Raising & Brokerage
Market Maker
Providing ongoing advice to our corporate clients. Our brokers deal with allaspects of investor relations including roadshows to existing and potentialshareholders.
Sales activity in the primary and secondary markets.
Management of stock liquidity on the market.
MTA
Electronic Stock Market
MIV – Electronic Market for Investment Vehicles
Reg
ula
ted
Mar
ket
s
No
n
Reg
ula
ted
Mar
ket
s
The Italian Stock Exchange is divided into different markets, including:
• MTA The leading Italian Equity Market dedicated to mid and large size companies. The MTA also includes the STAR
segment, for leading companies that meet specific criteria, for example transparency, governance and liquidity.
• MIV (Electronic Market for Investment Vehicles), dedicated to investment vehicles.
• AIM Italy, The Multilateral Trading Facility of Borsa Italiana devoted to Italian small and medium enterprises with high
growth potential.
PRIVATE COMPANIES
FA
ST
TR
AC
K
ITALIAN STOCK EXCHANGE
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Since 2007 the number of listings on regulated markets has dropped dramatically, and is still significantly below pre-
crisis levels. This has been accompanied by exponential growth in the AIM market, currently with more than 80 listed
companies.
source: Borsa Italiana
ITALIAN STOCK EXCHANGE STATISTICS
Years MTA STAR Aim Italia
2005 7 4
2006 13 7
2007 20 7
2008 5
2009 1 4
2010 1 1 7
2011 2 1 4
2012 1 0 4
2013 1 2 15
2014 2 3 22
2015 3 5 22
2016 3 0 12
2017 4 1 15
63 31 105
#IPO
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• The number of companies listed on
the AIM has increased from just 4 in
2009 to 75 at year end 2016.
• The total market capitalization of
AIM listed companies has increased
from €0.5bn to almost €3bn between
2012 and 2016.
AIM ITALY
AIM Italia - Alternative Capital Market is the Italian stock exchange dedicated to small and medium-sized Italian
companies with high growth potential.
As an MTF it is a non-regulated market and mainly dedicated to equity securities.
AIM Italia has been particularly successful in the last few years as an alternative financing instrument, as has the UK AIM.
Source: Borsa Italiana
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AIM ITALY STATISTICS
• More than €1 billion has been raised on the
Milan AIM since it opened in 2009.
• 17% of raises over €20 million, with 27% over
€10 million.
• More than 50% of AIM listed companies have a
free float of more than 20%.
• 35% of AIM listed companies have a free float
above 30%.
Source: CFO Sim elaborations on Bloomberg data
Source: CFO Sim elaborations on Bloomberg data
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• A Nomad is a central figure for AIM Italia. The
Nomads must be approved by Borsa Italiana and
included on the AIM Italia Register.
• 19 Nomads currently registered with Borsa
Italiana.
• A wide variety of sectors represented with
everything from industry to consumer services and
goods.
• Consumer services, financials, technology and
industry the most heavily represented sectors.
Source: Borsa Italiana
Source: CFO Sim elaborations on Bloomberg data
CORPORATE CLIENTS
Software
Food & Beverage
Food & Beverage
Renewable Energy
Web Hosting
Technology
Industrial
Generalist SPAC
Pharmaceuticals
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Communication
IT Services
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INITIAL PUBLIC OFFERING
LEAD MANAGER
€ 11.500.000
Luglio 2015
CONVERTIBLE BOND
LEAD MANAGER
€ 5.000.000
Luglio 2015
INITIAL PUBLIC OFFERING
JOINT BOOKRUNNER
€ 80.000.000
Novembre 2015
RECENT TRANSACTIONS
INITIAL PUBLIC OFFERING
JOINT BOOKRUNNER
€ 4.200.000
Luglio 2016
INITIAL PUBLIC OFFERING
GLOBAL COORDINATOR
€ 4.000.000
Giugno 2017
CONVERTIBLE BOND
GLOBAL COORDINATOR
€ 2.000.000
Giugno 2017
RECENT TRANSACTIONS
INITAL PUBLIC OFFERING
NOMAD & SPECIALIST
Luglio 2017
INITIAL PUBLIC OFFERING
GLOBAL COORDINATOR
€ 98.000.000
Luglio 2017
INITIAL PUBLIC OFFERING
NOMAD & GLOBAL
COORDINATOR
€ 23.000.000
Dicembre 2015
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Client: Start of CFO SIM coverage:
Price at start of coverage:
Price at31/12/17:
Percentagechange:
Percentage change(including free
warrants*):
Piteco 31/7/15(IPO)
€3.30 €5.15 +56.1% +56.1%
Orsero 10/11/15(IPO)
€10+ free warrants
€9.25 -7.5% +18.8%*
Italian WineBrands
2/3/16(Corporate Broking mandate)
€9.15 €12.58 +37.5% +37.5%
PLT energia 6/6/16(Corporate Broking mandate)
€1.8813 €2.482 +31.9% +31.9%
Siti B&T 31/3/17(Corporate Broking mandate)
€7.5718 €8.435 +11.4% +11.4%
Digital360 13/6/17(IPO)
€1.15 €1.267 +10.2% +10.2%
Glenalta 16/7/17(IPO)
€10+ free warrants
€10.03 +0.3% +3.7%*
Pharmanutra 18/7/17(IPO)
€10+ free warrants
€12.7 +27.0% +60.6%*
DBA Group 14/12/17(IPO)
€4+ free warrants
€4.028 +0.7% +4.4%*
CORPORATE BROKING CLIENT TRACK RECORD
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SELECTED INSTITUTIONAL RELATIONSHIPS
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A
B
C
D
EF
G
H
I
JK
L
A
B
C
D
E
F
G
H
I
J
K
L
Italy: Milan, Rome
England: London
France: Paris
Spain: Madrid
Germany: Frankfurt, Munich, Nuremberg
Luxembourg
Monaco
Sweden: Stockholm
Denmark: Copenhagen
Switzerland: Geneva, Zurich, Lugano
Austria: Vienna
Ireland: Dublin
SingaporeM
M
CORPORATE ROADSHOWS
CFO SIM organises and sponsors a variety of events to complement our service offering
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CF&B Large & Mid Cap Event
CFO SIM ItalianEquity Event
DeutscheBoerse GermanEquity Forum
Borsa Italiana Small Cap Conference
Paris:
Frankfurt:
Nuremberg:
Milan:
CF&B Small Cap Event
Paris:
April
11
Mar
18
DVFA SCC Small Cap Conference
Frankfurt:
Aug
30
DVFA SpringtimeInvestor Conference
Frankfurt:
May
8
CFO SIM GermanIndependent AssetManagement Event
Nuremberg:
Oct
14
Nov
29
Nov
21
Oct
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CORPORATE EVENTS
John Paul Everitt, Graduated in InternationalBusiness from the University of Hull (UK) andwent on to study International Business andFinance at the Bryan School of Business andEconomics (USA), and has professionalexperience working in the UK, USA, SouthKorea and Italy. Prior to starting his currentposition in CFO SIM, he was in charge ofInternational Institutional Sales in Integrae SIMwhere he dealt with IPOs on the Milan AIM andworked on developing the Specialist andCorporate Broking services. John has alsoworked for 5 years for a Luxembourg basedboutique advisory firm specialized infundraising for small to medium sizedcompanies on various European exchanges. Heis English mother tongue with full professionalproficiency in Italian.
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Luca Di Liddo holds a degree in BusinessAdministration from Bocconi University inMilan and has been working in investmentbanking for over 15 years.Prior to joining CFO SIM with the task ofdeveloping Equity Capital Market activities, hewas a Founder and Head of Corporate Financeof Integrae SIM where he successfully executedmore than 15 listings on the Italian AIM marketand structured several capital increasetransactions of listed companies as well asissuance of Convertible bonds. Previously hewas Head of Execution at Abaxbank andManager of ABN AMRO Rothschild. Luca is amember of AIAF (Italian Association ofFinancial Analysts).
Luca Arena holds a university degree inBusiness Administration and Finance from theUniversity of Turin. He has more than 15 yearsof equity analysis experience both in domesticand international institutions. Prior to joiningCFO SIM with the role of Head of EquityResearch, he had previously worked as SeniorEquity Analyst at ICBPI, Berenberg Bank, wherehe contributing to open the Italian business ofthe bank, focusing on mid-small cap coverage,in Mediobanca, a leading domestic investmentbank and in Cheuvreux, a French Pan-Europeanstockbroker. Luca is an ordinary member ofAIAF (Italian Association of Financial Analysts)
Filippo Maria Palmarini graduated in PoliticalSciences (Business Law), from the StateUniversity of Milan, Master in Financialmarkets from Bocconi University of Milan, 25years working in Investment Banking. Prior tojoining CFO SIM with the task of developingthe placement of securities in the primarymarket and supporting the liquidity ofsecurities post-listing, he was a founder ofIntegrae SIM and held the position ofPartner/Head of Equity Sales and Trading,where he was involved in over 15 listings onthe AIM Italy market, also providing Specialistand Corporate Broking services to more than 20listed companies. He was also Head ofCorporate Broking and Equity Sales ofAbaxbank, and Head of Syndication of BancaAletti.
TEAM
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Giovanni Tommasi holds a degree inmanagement engineering, majoring in financefrom Milan Politecnico. Prior to joining CFOSIM, with the role of senior analyst of theCorporate Finance team, he gained 3 years ofexperience working in a consulting firm on M &A and Debt Restructuring and in Integrae SIM ,where he accomplished 7 quotations on AIMItaly . Giovanni is a Level II candidate for theCFA Program.
Ben Atter holds a degree in Politics from theUniversity of East Anglia (UK) and a certificatein Financial Markets from Yale University. Hehas been working in Italy for 15 years, and priorto his current position at CFO SIM wasresponsible for three branches of the Wall StreetInstitute (part of the Pearson Group). He isEnglish mother tongue with full professionalproficiency in Italian. and has also completedthe CFA Institute Investment Foundationscertificate program.
Federico Oriani has a degree in managementengineering with a specialization in financefrom Milan Politecnico, he is both an industrialengineer and a IT engineer. He has acquired anumber of technical qualifications, participatedin national conferences and published books.He is also an auditor for associations of nationalimportance. He has been in CFO since 2008, andholds a senior position in Corporate Financeand the Real Estate division.
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This document is for informational purposes only and should not be regarded as an offer orsolicitation to buy the securities or other instruments mentioned within. Neither it not any partof it form the basis of and should not be relied upon in connection with any contract. CFO SIMS.p.A. shall not be liable for any direct or indirect damages, including lost profits arising in anyway from the information contained in this manual. This material is for the use of intendedrecipients only, and only for distribution to professional and institutional investors.
CFO SIM S.p.A. uses reasonable efforts to obtain information from sources which it believes tobe reliable but the contents of this document have been prepared without any substantiveanalysis being undertaken into the companies concerned or their securities and it has not beenindependently verified. No representation or warranty, either express or implied, is made norresponsability of any kind is accepted by CFO SIM S.p.A., its directors or employees either tothe accuracy or completeness of any information contained in this document.
Opinions expressed are our current opinions as of the date appearing on this material only(25/10/2016). The information and opinions expressed are provided for the benefit of CFO SIMS.p.A. clients as at the date of this document and are subject to change without notice.
This document is being supplied to you solely for your information and may not be reproduced,re-distributed or passed to any other person or published in whole or in part for any purpose.The material in this document is not intended for distribution outside the European EconomicArea. This material is not directed at you if CFO SIM S.p.A. is prohibited or restricted by anylegislation or regulation in any jurisdiction from making it available to you, and persons whocome into possession of this material should inform themselves about, and observe, any suchrestrictions.
By accepting this document you agree that you have read the above disclaimer and to be boundby its limitations and/or restrictions.
DISCLAIMER
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NOTES
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Milano
CFO – Corporate Family OfficeHead officeVia dell’Annunciata, 23/420121 MilanoTel. +39 02 303431
Branch OfficeV.le della Libertà 6733170 PordenoneTel. +39 0434 546711
Branch OfficeVia Cefalonia 7025124 Brescia
www.cfosim.com
