AIM Italia market update 2Q 2017 - Matter of Fact by CFO SIM AIM Italia total market capitalisation grew by almost 10% in 2Q 2017 thanks to capital appreciation of existing companies. During 2Q 2017 there were three admissions to AIM Italia, one delisting and one company moved successfully from AIM Italia to the Main Market (MTA), bringing total listed companies to 80. The sharp increase in volumes traded noted in the first quarter of 2017 has been reinforced throughout the second quarter. Thanks to the introduction of the PIR ‘Piani Individuali Risparmio’, or ‘Individual Savings Plan’, AIM Italia was definitely the most interesting Italian market segment in 2017 for increased liquidity and absolute performance. A total of 80 companies were listed at the end of the second quarter, with an aggregate market capitalisation close to € 4Bn.

1. MATTER OF FACT
BY CFO SIM
AIM ITALIA 2Q 2017 REPORT

2. 2Q 2017 REPORT
OVERVIEW
2
The strong results shown in 1Q 2017 have continued throughout the second quarter, the FTSE AIM growing by 11.7%
compared to 0.45% for the FTSE MIB and 1.96% for the FTSE STAR, with a significant increase in liquidity YoY.
The number of companies in the Italian stock exchange remains almost unchanged, consisting of 261 companies listed on the
main market (MTA – Mercato Telematico Azionario), of which 73 on the Star segment, and 80 companies listed on the AIM
Italia (MTF).
AIM Italia continues to be the most dynamic segment of the Italian markets. Market Cap continues to rise despite successful
companies uplisting onto the main market (in the case of 2Q 2017 LU-VE S.p.A.), and we note that AIM Italia is continuing to
attract more attention from investors (both domestically and internationally). This can be seen from the dramatic increases in
liquidity and in the fact that all three IPOs in 2Q 2017 were oversubscribed.
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
-
1.000
2.000
3.000
4.000
5.000
0
20
40
60
80
100
2009 2010 2011 2012 2013 2014 2015 2016 2017
€M
AIM Italia development
Companies Market Cap
0
50
100
150
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300
0
5
10
15
20
25
2009 2010 2011 2012 2013 2014 2015 2016 2017
€M
AIM Italia IPO
IPO Raise
Index FTSE AIM FTSE MIB FTSE STAR
Number of companies 80 261 73
Total market cap [€ bn] 3,946 574,073 39,011
Performance YTD 23,67% 7,02% 24,28%
Performance 2Q 11,70% 0,45% 1,96%
Monthly Return 2Q 3,76% 0,15% 0,65%
Daily Return 2Q 0,18% 0,01% 0,03%

3. 2Q 2017 REPORT
3
AIM Italia total market capitalisation grew by 10.7% in 2Q 2017 in particular thanks to capital appreciation of existing
companies. It is important to underline that on the 21st of June the second largest company of the market in terms of market
capitalisation, LU-VE S.p.A., moved to the MTA with a negative effect of more than € 300M on the index shown below.
The upward trend begun at the end of 2016 has persisted and even steepened compared to the 1Q 2017. It reached a peak at
the beginning of June and then remained stable for the rest of the month but with extremely high volumes.
The market remained quite diversified by industry as a result of a small number of companies which entered and left the
market. The “Consumer service” industry counts for 22% whereas “financials”, “technology” and “industrials” make up 14.8%
of AIM companies each.
The market cap range on AIM Italia is € 1 – 354 M, with an average of € 48.7M. Thanks to capital appreciation the market cap
curve is gradually shifting right with around 41% of the companies having a market cap higher than € 40M (the minimum
requirement for a listing on the MTA) and 10 companies exceed € 100M demonstrating a gradual increase in average and
median size of components.
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
PERFORMANCE
Oil & Gas; 7,4%
Basic Materials; 1,2%
Industrials; 14,8%
Consumer Goods; 12,3%
Health Care; 4,9%
Consumer Services;
22,2%
Utilities;
7,4%
Financials;
14,8%
Technology;
14,8%
AIM Italia Components by industry
2,5%
8,6%
12,3%
18,5%
23,5%
13,6%
6,2%
9,9%
4,9%
0
5
10
15
20
0-5
5-10
10-15
15-25
25-50
50-75
75-100
100-150
>150
#Companies
Market cap [€M]
AIM Italia Components by market cap
Statistics * %
2Q performance 10,7%
Monthly Return 2Q 3,4%
Daily Return 2Q 0,164%
2750
3000
3250
3500
3750
4000
4250
jan
feb
mar
apr
may
jun
€M
AIM Italia Total Market Cap
* Considering the same companies listed at the
end of 1Q 2017 returns would be respectively
14.2%, 4.5% and 0,21%

4. 2Q 2017 REPORT
4
During 2Q 2017 there were three admissions to AIM Italia, one delisting and one company moved successfully from AIM Italia
to the Main Market (MTA), bringing total listed companies to 80.
These 3 IPOs, which raised on average € 15M, were oversubscribed and exhibited strong results. In particular the
performance during the first day of trading was on average 16.6% with significant volumes (almost 20% of the free float was
traded). All these 3 companies strongly outperformed the market index and showed above average liquidity.
The AIM Italia components show some high volatility of returns with a daily median standard deviation growing up to 2.7% in
June. The volatility of returns remained roughly at the same level of the 1st quarter but a slight decrease in standard deviation
of negative returns and an increase in standard deviation of positive returns should be noted.
Regarding the performance of the 80 stocks, 70% of the companies reported positive returns during 2nd quarter, of which 9
grew by more than 50%.
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
Source: Bloomberg, Borsa Italiana, CFO Sim
NEW ADMISSIONS
# Top 10 2Q performance
1 Clabo SpA 208,9%
2 Safe Bag SPA 201,6%
3 MC Link SpA 163,5%
4 Visibilia Editore SpA 141,9%
5 Imvest SpA 132,7%
6 4AIM SICAF SpA 98,3%
7 Ecosuntek SpA 97,6%
8 Gambero Rosso SpA 87,7%
9 Siti B&T Group SpA 50,3%
10 Gruppo Green Power SpA 46,0%
# Worst 10 2Q performance
1 Gala SpA -37,3%
2 Neurosoft SA -22,3%
3 Softec SpA -19,3%
4 Technical Publications Service SpA -18,2%
5 Modelleria Brambilla Spa -15,6%
6 Telesia Spa -10,0%
7 Enertronica SpA -9,6%
8 Poligrafici Printing SpA -9,6%
9 Vetrya SpA -9,5%
10 Triboo Spa -8,2%
3,5%
9,4%
6,5%
11,4%
19,1%
5,5%
3,5%
6,4%
-1,1%
Oil & Gas
Basic Materials
Industrials
Consumer Goods
Health Care
Consumer Services
Utilities
Financials
Technology
Performance by industry
Company Industry [ICB] IPO Date
Amount raised
[€ M]
Market Cap at IPO
[€ M]
Market Cap
[€ M]
IPO Price
[€]
Last Price
[€]
Performance
since IPO
Free Float
Wiit SpA Technology 05/06/2017 31,9 115,473 125,738 45 50,3 11,8% 27,7%
Finlogic SpA Industrials 09/06/2017 6,3 24,300 33,048 3,6 5,26 46,1% 23,1%
Digital360 SpA Industrials 13/06/2017 6,6 17,677 20,229 1,15 1,43 24,3% 23,0%

5. 2Q 2017 REPORT
0%
200%
400%
600%
800%
1000%
1200%
-
50
100
150
200
250
Monthly Turnover
Monthly Turnover ΔTurnover '17 on '16
5
The sharp increase in volumes traded noted in the first quarter of 2017 has been reinforced throughout the second quarter,
particularly from May 2017. As you can see from the graph below, the market has dramatically changed in the last year,
showing almost 10 times the traded value of the same period in 2016. € 589M were traded during the second quarter, more
than twice the amount of the previous quarter, equating to an average of € 2.5M per company per month.
The upward trend in volumes continues as demonstrated by daily traded market cap which has grown from 0.037% in the 1st
quarter up to 0.075% during the second one. A similar trend was exhibited in daily turnover of the entire market which has
been constantly over € 5M with a peak of 26.3 million on June 5th. Only during the second half of June did the liquidity seems
to decline even though this is partially due to uplisting bias.
This increase in liquidity is also seen in the number of companies trading every day throughout the quarter; from just 15 in the
first quarter of this year it has almost doubled to 28.
Finlogic has also issued stock warrants assigned for free to IPO subscribers whereas Digital360 has issued a € 2M
convertible bond listed on the AIM Italia as well.
1. Wiit SpA: Wiit SpA provides information technology outsourcing services. The company specializes in critical application
outsourcing, business continuity, big data, application management, disaster recovery, hosting and cloud services. Wiit
servces medium and large enterprises in Europe.
2. Finlogic SpA: Finlogic SpA designs and manufactures packaging products. The company offers adhesive labels and
thermal transfer ribbons for foodstuffs, logistics, pharmaceutical, healthcare and cosmetics sectors. Finlogic markets its
products in Italy.
3. Digital360 SpA: Digital360 operates as a media company. The company offers advertising, digital marketing, lead
generation, editorial content and other related services. Digital360 serves customers in Italy.
Source: Borsa Italiana
LIQUIDITY

6. 2Q 2017 REPORT
6
Thanks to the introduction of the PIR ‘Piani Individuali Risparmio’, or ‘Individual Savings Plan’, AIM Italia was definitely the
most interesting Italian market segment in 2017 for increased liquidity and absolute performance.
A total of 80 companies were listed at the end of the second quarter, with an aggregate market capitalisation close to € 4Bn
(+50% compared to the first half of 2016) and the IPO pipeline is still strong: Borsa Italiana forecasts at least 30 new listings
in 2017 (there have been 11 up to 2Q 2017), the majority of which aiming for the AIM Italia segment.
As expected the liquidity grew dramatically throughout 2Q 2017 (+124% compared to 1Q); we stick to our positive view on the
trend (total turnover in 1H 2017 was more than 500% higher than 1H 2016), and predict a lower but more sustainable growth
pace for the future.
Lastly, worth mentioning is the increase in foreign investors that are coming to the market: 62% of total institutional investors.
Bio On remains broadly the most traded title with 30.6 million in the quarter followed by SMRE and Orsero.
Fourteen companies traded more than € 10M in the quarter, of which three companies trading more than € 50M – Safe Bag
SpA, Bio On SpA and Orsero SpA. Conversely it is interesting to notice that the number of companies trading less than € 1M
decresed from 30 to 14.
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
FINAL CONSIDERATIONS
# Top 10 Traded Value [M]
1 Safe Bag SPA 57,40
2 Bio On Spa 52,31
3 Orsero SpA 52,23
4 Clabo SpA 39,82
5 Siti B&T Group SpA 25,23
6 Giglio Group SpA 24,52
7 LU-VE SpA 19,40
8 Italian Wine Brands SpA 17,88
9 SMRE SpA 14,92
10 Gambero Rosso SpA 14,54
# Top 10
Daily Traded
Market Cap
Total Traded
Market Cap
1 Clabo SpA 2,87% 177,72%
2 Safe Bag SPA 1,77% 109,66%
3 Gambero Rosso SpA 1,40% 86,69%
4 Innovatec SpA 1,18% 73,08%
5 Mondo TV France SA 1,03% 63,76%
6 WM Capital SpA 1,02% 63,51%
7 Gala SpA 0,95% 58,88%
8 Energy Lab SpA 0,94% 58,20%
9 Visibilia Editore SpA 0,91% 56,60%
10 Notorious Pictures SpA 0,60% 37,02%
0,00%
0,02%
0,04%
0,06%
0,08%
0,10%
0,12%
0,14%
0,16%
0,18%
jan
feb
mar
apr
may
jun
Daily Traded Market Cap
Daily traded market cap Weekly MA
-
5
10
15
20
25
30
jan
feb
mar
apr
may
jun
€M
Daily Traded Value

7. 2Q 2017 REPORT
Date Location Event CFO's role Companies
4-5 October Paris CF&B European Large & Midcap Event Sponsor
Orsero SpA
Italian Wine Brands SpA
Pharmanutra SpA
9-10 October London AIM Italia Conference
Nomad &
Specialist
Mailup S.p.A.
Orsero S.p.A.
Pharmanutra S.p.A.
Piteco S.p.A.
Siti B&T SpA
7
UPCOMING EVENTS
ABOUT CFO SIM
CORPORATE CLIENTS
Company CFO's role Company CFO's role
Casta Diva Group S.p.A. Specialist Orsero S.p.A. Specialist
DHH S.p.A. Specialist Pharmanutra S.p.A. Nomad & Specialist
Digital360 S.p.A. Nomad & Specialist Piteco S.p.A. Specialist
Glenalta S.p.A. Nomad & Specialist PLT Energia S.p.A. Nomad & Specialist
Italian Wine Brands S.p.A. Specialist Siti B&T S.p.A. Nomad & Specialist
Mailup S.p.A. Specialist
NEXT IPOs
Company CFO's role IPO date
DBA Group S.p.A. Global Coordinator November 2017
Italian Wine Brands S.p.A. Sponsor December 2017

8. 2Q 2017 REPORT
8
INITIAL PUBLIC OFFERING
LEAD MANAGER
€ 11.500.000
July
2015
CONVERTIBLE BOND
LEAD MANAGER
€ 5.000.000
July
2015
INITIAL PUBLIC OFFERING
JOINT BOOKRUNNER
€ 80.000.000
November
2015
BUSINESS COMBINATION
SPECIALIST & CORPORATE
BROKER
February
2017
INITIAL PUBLIC OFFERING
€ 4.000.000
June
2017
CONVERTIBLE BOND
€ 2.000.000
June
2017
INITAL PUBLIC OFFERING
NOMAD & SPECIALIST
July
2017
INITIAL PUBLIC OFFERING
NOMAD & GLOBAL
COORDINATOR
€ 98.000.000
July
2017
GLOBAL COORDINATOR
NOMAD & GLOBAL
COORDINATOR
MAIN TRANSACTIONS

9. 2Q 2017 REPORT
9
AIM ITALIA COMPONENTS
Company Price
Mkt Cap
[€ M]
Return
3M
Return
YTD
IPO Date
IPO
Price
Traded Value
YTD [€]
Industry - ICB
1 4AIM SICAF SpA 595,00 7,74 98% 27% 29/07/2016 500,00 560.831 Financials
2 Abitare In SpA 331,00 42,70 29% 42% 08/04/2016 138,00 4.716.263 Consumer Goods
3 Agatos SpA 0,35 20,43 -4% -16% 11/10/2013 1,25 720.058 Utilities
4 Ambromobiliare SpA 3,19 7,82 14% 7% 23/12/2011 6,60 2.911.627 Financials
5 Assiteca SpA 2,00 65,35 8% 10% 27/07/2015 1,85 2.466.491 Financials
6 Axelero SpA 3,55 48,31 -7% 21% 11/12/2014 5,50 17.269.235 Consumer Services
7 Bio On Spa 18,81 354,10 9% 28% 24/10/2014 5,00 82.923.198 Basic Materials
8 Biodue SpA 4,99 55,63 0% 18% 20/05/2015 3,55 7.310.810 Health Care
9 Blue Financial Communication SpA 1,64 5,21 -5% -17% 11/12/2015 2,00 335.521 Consumer Services
10 Bomi Italia SpA 2,20 33,50 2% 29% 26/06/2015 2,75 8.759.233 Industrials
11 Caleido Group SpA 1,89 4,73 2% 6% 24/03/2015 3,00 1.195.258 Consumer Services
12 Casta Diva Group SpA 2,34 25,38 7% 4% 22/07/2014 3,12 2.426.138 Consumer Services
13 CDR Advance Capital SpA 0,87 11,04 15% 40% 30/07/2012 1,00 2.848.819 Industrials
14 Clabo SpA 3,64 28,14 209% 491% 31/03/2015 2,70 43.622.775 Industrials
15 Cover 50 SpA 11,55 50,82 30% 29% 13/05/2015 18,60 7.613.415 Consumer Goods
16 Crescita Spa 10,60 137,80 4% 6% 15/03/2017 10,00 3.669.860 Financials
17 Digital Magics SpA 5,45 35,82 -7% 41% 31/07/2013 7,50 11.878.874 Financials
18 Digital360 SpA 1,43 21,98 24% 24% 13/06/2017 1,15 4.154.108 Industrials
19 Digitouch SpA 1,35 18,72 -7% 16% 16/03/2015 2,30 8.599.127 Consumer Services
20 Dominion Hosting Holding SpA 9,74 13,83 3% 3% 27/07/2016 10,00 135.977 Technology
21 Ecosuntek SpA 8,50 12,67 98% 126% 08/05/2014 21,00 5.987.579 Oil & Gas
22 Elettra Investimenti SpA 7,15 27,43 26% 37% 21/04/2015 6,00 2.950.739 Utilities
23 Energica Motor Co SpA 3,12 39,85 -8% 7% 29/01/2016 3,20 9.322.443 Consumer Goods
24 Energy Lab SpA 0,59 7,15 -2% 26% 20/05/2014 1,80 5.898.914 Oil & Gas
25 Enertronica SpA 3,10 12,94 -10% -8% 15/03/2013 2,60 6.139.409 Oil & Gas
26 Expert System SpA 1,75 49,05 -3% -7% 18/02/2014 1,80 14.133.703 Technology
27 Finlogic SpA 5,26 35,51 28% 46% 09/06/2017 3,60 4.720.414 Industrials
28 Fintel Energia Group SpA 3,99 102,09 1% -12% 23/03/2010 2,30 831.532 Utilities
29 First Capital SpA 9,50 24,27 2% 12% 22/12/2010 1,03 623.171 Financials
30 FOPE SpA 4,24 19,43 39% 42% 30/11/2016 2,90 1.573.649 Consumer Goods
31 Frendy Energy SpA 0,31 18,65 8% 14% 22/06/2012 1,05 9.594.569 Utilities
32 Gala SpA 1,19 19,51 -37% -54% 10/03/2014 12,50 13.573.399 Utilities
33 Gambero Rosso SpA 1,10 15,84 88% 167% 23/11/2015 1,50 16.630.112 Consumer Services
34 Giglio Group SpA 5,55 89,02 32% 93% 07/08/2015 1,90 33.755.464 Consumer Services
35 Giorgio Fedon & Figli SpA 13,46 25,57 1% 5% 18/12/2014 7,70 1.582.760 Consumer Goods
36 GO Internet SpA 1,68 17,76 -6% 12% 06/08/2014 2,75 16.850.884 Technology
37 GPI SpA 11,76 63,15 14% 13% 29/12/2016 10,30 20.000.646 Health Care
38 Gruppo Green Power SpA 7,42 22,12 46% 145% 22/01/2014 10,50 4.009.525 Consumer Services
39 H-Farm Spa 0,79 70,90 -1% 18% 13/11/2015 1,00 4.759.217 Financials
40 Health Italia Spa 4,70 58,15 24% 18% 09/02/2017 4,00 5.088.887 Health Care
41 Imvest SpA 0,60 28,19 133% 70% 29/03/2011 1,11 4.543.975 Financials
42 Industrial Stars of Italy 2 SpA 13,08 66,05 30% 33% 27/05/2016 10,00 16.634.482 Financials
43 Iniziative Bresciane - Inbre - SpA 17,48 65,72 5% -6% 15/07/2014 21,00 1.393.900 Utilities
44 Innova Italy 1 SpA 10,47 104,70 5% 7% 19/10/2016 10,00 8.612.947 Financials
45 Innovatec SpA 0,06 8,68 6% 187% 20/12/2013 3,59 16.468.259 Oil & Gas
46 Italia Independent Group SpA 4,83 26,13 9% -18% 28/06/2013 26,00 5.253.899 Consumer Goods
47 Italian Wine Brands SpA 11,05 62,70 14% 27% 29/01/2015 10,81 26.364.044 Consumer Goods
48 KI Group SpA 3,27 18,28 7% 19% 28/06/2013 6,50 1.487.372 Consumer Goods
49 Leone Film Group Spa 4,87 68,58 22% 82% 18/12/2013 4,80 3.182.453 Consumer Services
50 Lucisano Media Group SpA 2,96 44,01 39% 107% 16/07/2014 3,50 6.407.772 Consumer Services

10. 2Q 2017 REPORT
10
Source: Bloomberg, Borsa Italiana, CFO Sim
Company Price
Mkt Cap
[€ M]
Return
3M
Return
1Y
IPO Date
IPO
Price
Traded Value
YTD [€]
Industry - ICB
51 MailUp SpA 2,90 32,84 26% 66% 29/07/2014 2,50 6.384.468 Technology
52 Masi Agricola SpA 4,40 141,46 -4% 1% 30/06/2015 4,60 7.276.889 Consumer Goods
53 MC Link SpA 14,20 45,95 163% 178% 22/02/2013 7,65 8.864.702 Technology
54 Modelleria Brambilla Spa 3,50 13,28 -16% 4% 05/12/2014 2,50 2.363.786 Industrials
55 Mondo TV France SA 0,11 11,63 -5% -6% 01/03/2013 0,11 10.494.031 Consumer Services
56 Mondo TV Suisse SpA 1,18 11,80 4% -7% 13/04/2015 2,60 4.392.446 Consumer Services
57 NET Insurance SpA 4,33 29,68 22% -1% 19/11/2013 20,10 4.366.533 Financials
58 Neurosoft SA 2,34 58,93 -22% -15% 08/05/2009 7,60 6.419.330 Technology
59 Notorious Pictures SpA 1,15 25,91 28% 37% 23/06/2014 3,00 12.023.378 Consumer Services
60 Orsero SpA 13,33 192,75 20% 28% 10/11/2015 10,00 68.746.650 Consumer Goods
61 Piteco SpA 5,29 95,88 8% 23% 31/07/2015 3,30 12.927.373 Technology
62 PLT energia SpA 2,91 69,56 16% 19% 04/06/2014 2,70 6.193.833 Oil & Gas
63 Poligrafici Printing SpA 0,35 10,67 -10% 39% 16/03/2010 1,02 1.506.181 Consumer Services
64 Primi Sui Motori SpA 1,74 11,57 -7% -8% 26/07/2012 22,00 4.258.968 Technology
65 Rosetti Marino Spa 34,34 137,36 1% -1% 12/03/2010 30,00 11.811 Oil & Gas
66 Safe Bag SPA 4,22 56,63 202% 355% 12/09/2013 2,25 59.727.096 Consumer Services
67 Siti B&T Group SpA 11,35 141,88 50% 46% 31/03/2016 8,00 26.602.440 Industrials
68 SMRE SpA 6,95 143,59 5% 192% 20/04/2016 2,50 35.055.956 Industrials
69 Softec SpA 3,35 6,99 -19% 57% 05/03/2012 16,00 2.896.925 Technology
70 Solutions Capital Management Sim SpA 10,96 20,93 2% 0% 28/07/2016 10,59 87.452 Financials
71 TBS Group SpA 2,18 92,05 27% 44% 23/12/2009 2,50 7.590.259 Health Care
72 Tech-Value SpA 3,54 10,74 1% 9% 05/08/2014 4,15 840.632 Technology
73 Telesia Spa 7,70 13,47 -10% -23% 20/02/2017 10,00 3.178.794 Consumer Services
74 Technical Publications Service SpA 4,68 27,63 -18% 46% 28/03/2017 3,20 8.417.330 Industrials
75 Triboo Spa 3,08 88,58 -8% 14% 11/03/2014 4,00 13.395.011 Consumer Services
76 Vetrya SpA 6,13 34,81 -10% 18% 29/07/2016 6,00 6.250.043 Technology
77 Visibilia Editore SpA 0,24 5,83 142% 222% 16/03/2010 6,40 4.235.468 Consumer Services
78 Wiit SpA 50,30 129,07 12% 12% 05/06/2017 45,00 5.179.446 Technology
79 WM Capital SpA 0,25 2,82 8% -75% 23/12/2013 1,00 2.833.265 Industrials
80 Zephyro SpA 7,18 68,24 -4% -28% 27/12/2013 10,00 4.613.615 Industrials

11. 2Q 2017 REPORT
11
This document is issued by Corporate Family Office SIM SpA.. 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
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