The first-mile incubator of AREA Science Park

knowledge is a network Innovation Factory The first mile incubator of AREA Science Park Ing. Paolo Cattapan CEO of Innovation Factory s.c.r.l. Director of the Technology Transfer Department - AREA Science Park 1

From European, National and Regional Funds 1997 2001 2006 PAT LIB PROJECT unit to transfer innovative IP management tive products and processes initia ator to FVG companies le incub a f ir st mi 2003 2002 R&D COMPETITIVENESS oach appr rs roke me t h ods ation b ld sities SYSTEM innov the fie eUniver lts on hanc esu res r to en &D Cent R and 2001 2006 2001 Quasi-Empresa project Business and tive management to move researchers initia n brokers tio unit to industry nova to tr ain in 2

Life Cycle of a start up company R&D managerial and financial Establishment of the support at the very first mile Start-up for IF EXIT EXIT Start Start up risk up price Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6 • Inn. Idea •Patents First First Market •Trade • R&D •Prototypes Product Sale Established •Sale activities to be launched •IPO on the market Pre-seed Seed Start up Expansion Incubators as usual 3

The Process from the Business Dream to the Business Plan Entrepreneurial training Scouting and Project Establishment Venture analysis Development of the company Capital Technical, managerial and financial support “Business Dream” Business Plan IF supports the Development Group IF supports the company 1 – 1,5 years 1 – 1,5 years 4

Way out At the end of the pre incubation period of the Group: Failure: The company is not some milestones established, and Innovation have note been Factory loses its investment achieved The entrepreneur and Innovation Factory establish the Start up company (the entrepreneur has Success: always the control of the company, 2 possible and IF is a shareholder) way out The entrepreneur pays back to Innovation Factory the investment, and becomes the only shareholder of his Start up company 5

Results After 2 years work: • Innovation Factory evaluated 20 project ideas • 4 Development Groups (20%) have been incubated • One of these established the first company: AMPED s.r.l. • We expect ModeFinance to establish the second company in a few months • Of the 2 of the other potential companies: 1 doing well – 1 question mark • Innovation Factory will support 2 other Development Groups starting from the end of this year 6

For more information Thank you for your attention Innovation Factory s.c.r.l. AREA Science Park Padriciano, 99 – 34012 Trieste Phone +39 040.3755152 segreteria@innovationfactory.it 7 www.innovationfactory.it

AMPED FIVE The New Forensic Image Processing Software www.amped.it

AMPED: COMPANY PRESENTATION Amped develops software for analysis and enhancement of videos for forensic and investigative applications How many times do we read things such as: “The police has the video of the criminal but the image is too bad to read the license plate”? 2005: started as University project , together with scientific investigation units of Carabinieri (RIS of Parma) 2006: won 2° prize at the business plan competition StartCup Trieste 2006 2007: project supported by Innovation Factory 2 April 2008: Amped SRL officially established

AMPED FIVE One single software for all security‐related tasks: from CCTV enhancement to fingerprint analysis Complete: more cases solved (better national security) Fast: dramatically reduces investigation times and costs (more than 90%) Easy: no need for external specialists Secure: scientifically documents the processing to certify images to the court LET’S TAKE A LOOK… 3

Contacts: Martino Jerian Amped SRL, Area Science Park Padriciano 99, 34012 Trieste, Italy Web: www.amped.it Mail: martino.jerian@amped.it Phone: 0039.040.3755333 Fax: 0039.040.3755335 Mobile: 0039.333.4455518 THANKS FOR YOUR TIME

modeFinance rating: the right tool to comprehend the financial strengths of New Europe companies. For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

Today… Lehman Brothers crack Alitalia Parmalat Cirio … BUT… Tue Sep 9, 2008 2:42pm EDT S&P said it cannot rule out cutting Lehman's ratings by more than one notch. A two‐notch downgrade NEW YORK (Reuters) would cut Lehman's current quot;Aquot; rating, the sixth‐ highest investment grade, to the quot;triple‐Bquot; range. For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

… so we need… New, clear and transparent methods to evaluate the financial risk of companies. New methods for RATING assessment with new visions: 1.Clear source of information; 2.Direct and strong relation between financial figures and final rating; 3.Completeness and comparability of data; 4.Innovative methodologies . For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

Our solution: MORE Multi Objective Rating Evaluation Our innovation: observe, study and evaluate a company as an engineering system, without “a priori” assumptions. This innovation permits a transparent evaluation of the financial and economical quality of every companies in Europe. MORE: Multi Objective Rating Evaluation, based on the more recent technologies in engineering design (Decision Theories, Fuzzy Logic, Game Theories). For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

The MORE result MORE Rating Class Rating Macro class Assessment The company's capacity to meet its financial commitments is extremely AAA strong. The company shows an excellent economic and financial flow and fund equilibrium. The company has very strong creditworthiness. It also has a good AA capital structure and economic and financial equilibrium. Difference from 'AAA' is slight. Investment Grade The company has a high solvency, The company is however more A susceptible to the adverse effects of changes in circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. BBB The company's capacity to meet its financial commitments could be affected by serious unfavourable events. A company rated 'BB' is more vulnerable than companies rated 'BBB'. BB The company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions. The company presents vulnerable financial signals. Adverse business, Non ‐ Investment B financial or economic conditions will be likely to impair the company's Grade capacity to meet its financial commitments. A company rated 'CCC' has a dangerous disequilibrium in its capital structure and financial fundamentals. Adverse market events or CCC inadequate management are highly likely to affect the company's solvency. The company shows signals of high vulnerability. In the event of CC adverse market and economic conditions, the company's strong disequilibrium could increase. C Distressed The company shows considerable danger signs. The company's capacity to meet its financial commitments is very low. The company no longer has the capacity to meet its financial D commitments. For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

modeFinance & Bureau Van Dijk Rating for more than 11 millions of companies in 41 European countries: from Portugal to Ukraine. # ID # ID # ratings # ratings Country companies Countr Country companies Country assigned assigned evaluated y evaluated …… …… …… …… 1 AUSTRIA 165.311 475.589 …… …… …… …… 2 BELARUS 5.091 10.875 RUSSIAN 3 BELGIUM 33 FEDERATION 814.840 2.876.654 359.827 2.589.439 BOSNIA AND 34 SERBIA 21.498 231.488 4 HERZEGOVI 7.085 35.536 NA 35 SLOVAKIA 10.460 33.734 5 BULGARIA 200.519 965.670 36 SLOVENIA 32.638 68.678 6 CROATIA 21.146 164.268 37 SPAIN 971.489 4.793.305 7 CYPRUS 387 1.338 CZECH 38 SWEDEN 262.847 2.062.756 8 REPUBLIC 93.869 301.349 9 DENMARK 39 SWITZERLAND 33.912 155.843 175.064 716.376 10 ESTONIA 40 UKRAINE 309.125 1.831.926 70.630 339.593 UNITED 11 FINLAND 82.589 538.909 41 KINGDOM 2.354.818 10.845.504 For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

modeFinance Credit Report For every European company we produce a credit report to evaluate the financial risk: rating and probability of default. For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

modeFinance advantages Thanks to its innovative model, modeFinance evaluates every company in Europe: MORE methodology doesn’t need the knowledge of bankrupted companies for the rating and the probability of default attribution. The modeFinance rating is particularly useful for all the countries where financial information are missing (East Europe). For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

Euroregione In order to explain how rating could be useful for public and private institutions we present a study that compares three regions: •Slovenia •Croatia •Triveneto We segregate the companies also according to their turnover. For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

The companies according to turnovers For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

The Distribution of the companies’ ratings For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

Why the differences in rating? For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

modeFinance Exclusivity The others... …but we provide more! Lack of knowledge Clear source of Objectivity of the used information: only information AMADEUS data Direct and strong No clear relation between Transparency explanation of the financial figures rating assessment and final rating Rated only “big” 11 million of Completeness companies companies For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

modeFinance • Professor at Mechanical Engineering, University of Trieste, Italy • Professor at Mechanical Engineering, University of Trieste, Italy • PhD in Numerical Methods. • PhD in Numerical Methods. Valentino Pediroda • modeFinance co‐founder • modeFinance co‐founder Tel: +39 334 6717480 Tel: +39 334 6717480 email: valentino.pediroda@modefinance.com email: valentino.pediroda@modefinance.com • Advisor for Italian rating agencies • Advisor for Italian rating agencies • PhD in Corporate Finance • PhD in Corporate Finance Mattia Ciprian • modeFinance co‐founder • modeFinance co‐founder Tel: +39 340 2948054 Tel: +39 340 2948054 email: mattia.ciprian@modefinance.com email: mattia.ciprian@modefinance.com •MBA in Corporate Finance •MBA in Corporate Finance • modeFinance Financial Analyst • modeFinance Financial Analyst Pinar Dilek email: pinar.dilek@modefinance.com email: pinar.dilek@modefinance.com For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

Where we are Trieste, Italy: AREA Science and Technology Park • The leading Science and Technology Park in Italy • Established in 1978 • Key point: only companies with high innovative technologies. modeFinance Headquarter building R3, 2nd floor c/o Innovation Factory AREA Science Park, Padriciano 99 34012 Trieste ITALY Phone1: +39 334 6717480 Phone2: +39 340 2948054 Fax: +39 040 3755176 e‐mail: info@modefinance.com Web: www.modefinance.com For more information visit: www.modefinance.com or send an e‐mail to: info@modefinance.com Trieste, 26/09/2008

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The first-mile incubator of AREA Science Park

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