1. In early 1999 he joined Banca Commerciale Italiana in Milan – headquarter - Research Department, as Equity and Financial Analyst. He made
analysis of publicly-traded companies for institutional investors focused on investments in Italian equities. The mainly industries followed by
Francesco at the time have been: Electronics, ICT, Construction, Utilities, Media and some companies operating in the Internet segment. In the
following two years, he participated as analyst in the structuring and implementation of few IPO deals. In Banca Commerciale Italiana then he
moved to the Merchant Banking Division (today Private Equity Service of Banca Intesa San Paolo), working as private equity Investment
Manager in the industrial sectors of the Bank’s interest. Francesco, during that time, has been part of the building up of the following deals: Seat
Pagine Gialle, Interpump, Grove, Guala Clousers, Full Service Providers, Jean Pascale AG, Gruppo Limoni and Cantieri del Pardo.
In the second half of 2001 he moved to 21 Nextwork, venture capital company of the Benetton group, as Investment Manager. 21 Nextwork is a
venture capital and private equity firm founded by 2 former partner of Boston Consulting Group and 21investimenti. 21 Nextwork maintains the
traditional private equity investments and business start-ups in partnership with larger companies (mainly Italian financial institutions and
medium-sized Italian firms). The top deal realized by Francesco had been the selling of the UK target Travelselect to the bidder Lastminute.com
(www.lastminute.com) - net yield of the investment (IRR) = 60%. Moreover, Francesco has been working on few business plans for retail banks
aimed at optimizing their affiliate income and to the development of innovative products for retail customers (asset management, consumer
credit and revolving cards).
Francesco D’Antonio (1/2)
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Degree in Economics (110/110 cum laude), MBA from IMD in Lausanne, Francesco has spent his professional
experience in private equity and investment banking in addition to hold managerial positions for several years in
Italian and some foreign industrial companies.
Francesco, after graduation in 1992, began his professional career as a certified public accountant and certified
auditor. After a few years as a professional practitioner was hired as an analyst at Società per l’Imprenditorialità
Giovanile S.p.A – Rome (company of the Treasury in charge of managing the funds L.44 for starting new
business ventures in Central-Southern Italy). In 3 years at Rome performed a search on applied companies
financed by venture capital and L.44; the paper has been published by the Journal of Italian Economy
He moved to Milan at a financial boutique named MDA Consulting and specialized in corporate finance and
M&A. He worked as advisor and on medium-sized companies M&A deals.

2. At the beginning of 2003 Francesco joined Unipol Merchant - the Investment Bank of the banking and Insurance Group Unipols – as head of
Investment Banking Division including Capital Markets Service (7 persons) and Private Equity (3 people). He was appointed as board member
of: Vemer- Siber Group, publicly traded company, and Sangemini (www.sangemini.it). Oversaw the Investment Banking Division starting with
the development of the activity of investment in risk capital (private equity) and capital markets activity, especially with Stock quotes
(coordinating and managing 5 IPO’s). At the same time he developed the consulting activities, especially for M&A Division.
From the second half of 2006, first as a consultant and later as Chief Executive Officer, he was responsible for industrial and financial
restructuring of a Mid Cap Italian company called Wings. Wings, with factories in Italy and in California, produces clothing for sports activities
with “board” (the so-called “board-sports”) such as surfing, snowboarding, kite boarding, skateboarding etc. The operation ended successfully
through the sale of the company to an institutional investor. Francesco masterminded the turnaround and sale of the company to a private
equity fund
In 2007 he was hired as Director of the Business Development Unit at Kerself group, a listed company, classified as the Italian photovoltaic
industry leader. Among other deals he managed the acquisition of two companies in photovoltaics and finance these acquisitions by a capital
increase in the financial markets. Then he followed the integration of acquired companies and worked on the general organization of the Kerself
Group
From 2008 to 2010, he was appointed as General Manager of a private equity investment company called Investimenti e Sviluppo Mediterraneo
S.p.A. (recently Meridie Investmenti S.p.A.). The company invested in the development of companies in the Centre-South of Italy. Francesco
dealt with the start-up of the activity and the overall coordination of all business functions. In this period, Francesco analysed over 150 target
opportunities and few investments have been made in the renewable energy sector, mechanical industry and in aviation.
Since the beginning of 2010 and half 2011, Francesco worked as an independent consultant, following three special situations such as a
financial restructuring, a turnaround and an efficiency improvement to optimize business functions (i.e. sales and marketing) of some Italian Mid-
Cap located in the Northern Italy (Emilia Romagna and Lombardy). The first project concerned the debt restructuring with a period of grace
which is consistent with the company's business plan, which has been verified in its basic assumptions. The second project was the
streamlining of the sales network in Europe through the coordination of vendors and the establishment of sales managers for the different areas.
The third project, finally, was intended to integrate common business functions after an acquisition. At the same time, Francesco worked as
consultant at Kerself S.p.A. preparing the Offering Circular for the issuance of an high yield bond to be listed in international markets.
Francesco D’Antonio (2/2)
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3. Chronological order according to CV experience:
1995-1998, Società per l’Imprenditorialità Giovanile: along with analyst, Francesco makes an applied research on companies that have
concluded the first phase of startup and that may be the investment target of private equity. The applied research had a good success with
some concrete interests of some operators of PE and was published in the Journal of Italian Economy.
1998-mid1999, MDA Consulting M&A boutique: as analyst he followed the closing of 2 M&A operations by an international operator: a logistics
operation, and another in shipping
1999-2001, Banca Commerciale Italiana (now Intesa San Paolo): as equity analyst in the Research Department, Francesco participates in few
IPO operations in which was involved Banca Commerciale Italiana (Comit) especially in the following industries: utilities, multi-utilities and ICT.
In the merchant banking/private equity division, as Investment Analyst, he participates in few private equity deals in which it was involved the
Comit. Moreover, Francesco actively contributes and managed the revival of Gruppo Limoni (retail shop of perfumeries) passing from 15 to 35
shop in Italy. At the same time, by analysing the equity investment of Comit in the company Cantieri del Pardo (sailing boat) aimed at
restructuring and the acquisition of the French competitor DuFour, he expressed a negative opinion on such transaction which has not produced
the expected results in terms of performance. Today, Cantieri del Pardo and Dufour has been acquired by the German shipyard Bavaria which
is trying a recovery operation.
2001-2002, 21 Nextwork – 21 Investimenti: the company carries out corporate venturing operations (i.e. traditional private equity investments
and business start-ups in partnership with larger companies mainly Italian financial institutions and medium-sized Italian enterprises specifically
linked to the Benetton family). As Investment Manager, Francesco followed and managed the sale of its investee Travelselect (online booking)
at Lastminute.com listed in UK. The deal was successfully closed and made an IRR of 60%. At the same time, Francesco develops and
contributes to the realization of some ventures for retail banks aimed at optimizing the affiliate income and to the development of innovative
products for retail customers (asset management, consumer credit and revolving cards). These initiatives despite some changes were
implemented in the major Italian banks, at the this moment of time.
2003-mid 2006, Unipol Merchant (today Unipol Gruppo Finanziario): as head of Investment Banking Division Francesco leads 5 IPO (utilities,
retailing and real estate/industrial). As head of Private Equity, in addition to manage the activity (formerly absolutely flat) he coordinates the
activities of portfolio optimization of companies held together with the Brescia holding HOPA.
2006-2007, Wings S.p.A.: Francesco deals with the financial and industrial restructuring of Wings S.p.A., a sportswear manufacturer with
factories in Italy and California. The operation ended successfully through the sale of a business and brand to an institutional investor (Atlantis
Capital Partners).
Francesco D’Antonio main results & track record
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4. 2007, Kerself Group: as development manager Francesco leads 2 acquisitions of photovoltaic companies and its financing made by a capital
increase in the financial market. Then he deals with the integration of acquired companies
2008-2010, Investimenti e Sviluppo Mediterraneo: as Managing Director, Francesco participates in the listing of an investment vehicle that
collects EUR 100 m and the start-up of the whole initiative. In this period were analysed 150 investment opportunities and investments have
been made in the renewable energy sector, in industry and in aircraft maintenance mechanics.
2010-2011, independent consultant: Francesco followed three special situations such as a financial restructuring, a turnaround and an efficiency
improvement to optimize business functions (i.e. sales and marketing) of some Italian Mid-Cap located in the Northern Italy (Emilia Romagna
and Lombardy). All of them have been successfully completed. The first project specifically concerned the debt restructuring with a period of
grace which is consistent with the company's business plan, which has been verified in its basic assumptions. The second project was the
streamlining of the sales network in Europe through the coordination of vendors and the establishment of sales managers for the different areas.
The third project was intended to integrate business functions after an acquisition. At the same time Francesco played the role of consultant at
Kerself S.p.A. for preparation of the Offering Circular for the issuance of an risk/yield (High Yield Bond) bond in the international markets.
2011-2012, Gruppo Aion Renewables: as responsible for the planning and development, Francesco follows the restructuring and relaunch of a
corporate division that deals with the production of engines and electric pumps for water. Recovery actions have concentrated on reducing the
range of products, on the rationalization of the production costs, on a moderate increase in sales prices and the strengthening of foreign trade
relations. From a turnover almost equal to zero, turnover leads to approximately EUR 2 m in one year without having access to credit lines and
in the context of financial crisis of Aion Renewables Group.
Francesco D’Antonio main results & track record
Reference list available
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Strictly private and confidential