Disclaimer This document has been prepared by Fine Foods & Pharmaceuticals N.T.M. S.p.A. for the sole purpose described herein. The information herein is provided on a strictly confidential basis. By receiving this document the recipient undertakes with the Company to maintain the contents of the document and the document itself strictly confidential. This document may not be copied, distributed or reproduced in whole or in part, nor passed to any third party without the written consent of the Company.

The information contained herein does not purport to be comprehensive. The content of this document has a merely informative nature and is not to be construed as providing investment advice. Interested parties should conduct their own investigation and analysis of the Company and the data set forth in this document.

The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation.

The information contained in this document, unless otherwise specified is only current as of the date of this document. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forwardlooking statements as a prediction of actual results. All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or otherwise

Fine Foods

We create value

Consolidated Financial Highlights

1) The Group reclassified the revenues from services provided to customers from "other revenues" to "revenues", as the latter meet the requirements to be reported under "revenues from customer contracts." The comparative figures have been restated accordingly. Revenues from customer contracts as of 30 September 2021 are currently € 144.9 million compared to € 143.4 million presented before (Press Release issued on 12 November 2021). This did not effect the Income Statement subtotal Total revenue or other Income Statement items. The percentages for the 30 September 2021 figures have been recalculated based on the new value of customer contract revenues of € 144.9 million.

	9M-2021	9M-2022
REVENUES	€ 144.91) mln	€ 152.8 mln	+5.5%
EBITDA*	€ 18.8 mln	€ 12.6 mln	-33.3%
EBITDA MARGIN	13.0%1)	8.2%

TREND	Q4-2021	Q1-2022	Q2-2022	Q3-2022
REVENUES	€ 50.0 mln	€ 50.8 mln	€ 49.8 mln	€ 52.2 mln
EBITDA**	€ 2.3 mln	€ 4.0 mln	€ 4.4 mln	€ 4.2 mln
EBITDA MARGIN	4.7%	7.8%	8.9%	8.0%

* EBITDA ADJUSTED FOR NON RECURRING COSTS AMOUNTING TO 0.4 €M IN 9M-2022 AND 0.9 €M IN 9M-2021

** EBITDA ADJUSTED FOR NON RECURRING COSTS AMOUNTING TO 0.8 €M IN Q4-2021, 0.5 €M IN Q2-2022 AND -0.1 €M IN Q3-2022

Knowledge and technologies

Cross-fertilized innovation by exploiting our expertise in different fields and leveraging best practices and technical know-how to offer new opportunities to our customers

creams & lotions, liquids, gels, toothpaste, eau de parfume

Selection of products

o Pharmaceuticals
o Nutraceuticals
o Cosmetics

Customers' loyalty

Retained key clients acquired before 2002 with several new ones added afterwards, including those derived from our recent acquisitions in the cosmetics industry, which consolidated our high customer retention rate.

Note: Sigma -Tau & Alfa Wassermann (now Alfasigma), Mylan (now Viatris), Fidifarm (now Dietpharm)

Colgate, Bolton, Mirato, Paglieri, Esi, Equilibra, Davines are clients of the new acquired Cosmetic Division

Fine Foods key figures 2021

192.6€m Revenues in 2021 with ~11% CAGR over the last 10 years (~10% organic)

79.5€m increase in revenues over the last 5 years (63.3 organic)

~69% of products sold in 2021 has been delivered abroad (1)

~264 customers, mainly leading Pharmaceutical, Nutraceutical and Cosmetic players

(1) 74€m revenues invoiced in Italy, of which 14€m delivered abroad | (2) SKUs means "Stock-Keeping Units", namely single product codes

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>760 employees of which ~16% dedicated to R&D and QA

~2.400 SKUs(2) tailored to client needs

12.7

13.5

48.2

Fast growing Nutraceutical European Market

The European Nutraceutical Market has shown high, steady growth, and is expected to maintain a positive trend in coming years

*Source: Euromonitor International, Consumer Health 2023 Edition/Health and Wellness 2022 Edition, Retail Value RSP, EUR Fixed Ex Rates, Current Prices

EUROPEAN NUTRACEUTICAL PRODUCTION* (€bn)

Pharmaceutical European production shows consistent non-cyclical growth

* Source: Euromonitor International, Industrial, Pharmaceuticals, 2022 Edition, Production MSP, EUR Fixed Ex Rates, Current Prices

** Source: Prometeia

– Farmindustria 2021

EUROPEAN PHARMACEUTICAL PRODUCTION*

The European Pharmaceutical production is expected to continue its sound growth in coming years

EUROPEAN CDMOs (PHARMA) 2019 MARKET VALUE**

Expanding in the fast-growing Cosmetic and Biocide market

Source: Euromonitor International, Consumer Health 2023 Edition/Beauty and Personal Care 2022 Edition /Home Care Edition 2022, Retail Value RSP, EUR Fixed Ex Rates, Current Prices

Cosmetics as per aggregation of Euromonitor's Bath and Shower, Deodorants, Hair Care, Skin Care, Fragrances and Sun Care.

Biocides as per aggregation of Euromonitor's Oral Care, Dermatologicals, Surface Care, Adult Mouth Care

EUROPEAN COSMETIC AND BIOCIDE MARKET

The European Cosmetic and Biocide market is expected to accelerate growth in coming years

Consistently outperforming Reference Markets

Sources: Euromonitor International, Industrial, Pharmaceuticals, 2022 Edition Production MSP, EUR Fixed Ex Rates, Current Prices. Consumer Health, 2023 Edition, Retail Value RSP, EUR Fixed Ex Rates, Current Prices

Methodology: the three variables' time series are divided by their respective 2010 value (the basis) and multiplied by a factor of 100; the considered variables are Fine Foods revenues, European Nutraceuticals – Vitamins & Dietary Supplements segment size, European Pharmaceuticals production size and European Cosmetics size

Fine Foods has substantially outgrown its reference end-markets in the last decade, with 2021 sales at 2.9X the 2011 level

Research & Development

R&D for efficient and high-quality product development

Thanks to different approaches to each customer's requests our R&D Department is able to define, develop and deliver the best solution to their specific needs

FOOD SUPPLEMENTS & COSMETICS

PHARMACEUTICALS

employees dedicated to scientific, technical, quality & control activities representing ~16% of total workforce FINE FOODS 9M - ²⁰²²15 RESULTS PRESENTATION

Environmental Social & Governance

ESG 16

Strong holistic ESG approach since foundation

AREAS OF ACTION

Corporate Governance

Our governance is structured around an ESG responsible approach. It allows us to pursue a sustainable growth while also ensuring continuity to all our stakeholders

ESG ➝ ETHICS AND GOVERNANCE

Ratings ESG commitment Certifications

Aorningstar company

Medium Risk

Since 2021

Food)

Organizational, managerial and control models to prevent crimes

Please note that each of the certifications included in this slide is held by one or more companies of the Group, as the case may be

Certificate of GMP compliance for food supplements (CFR21 - part 111)

FINE FOODS 9M - ²⁰²²19 RESULTS PRESENTATION

Financials

FINANCIALS 20

Fine Foods Group Revenues

Group Revenues increased due to Pharma BU performance and Cosmetics BU consolidation

Q3-2022 revenues (52.2 €m) improved compared to the previous quarters: 49.8 €m in Q2- 2022, 50.8 €m in Q1-2022, 50 €m in Q4-2021

9M-2021 9M-2022

18.0 12.1 18.8 12.6 9M-2021 * 9M-2022 ** EBITDA EBITDA margin decreased due to the current economic situation that generated inefficiencies in the production chain and a significant increase in energy costs, with a peak in Q3-2022 Energy costs were 5.4 €m in 9M-2022 with an incidence on revenues of 3.5% compared to 1% in 9M-2021, with additional costs of 4 €m EBITDA REPORTED -32.6% % of revenues 12.4% 7.9% EBITDA ADJUSTED * 0.9 €m ADJ for extraordinary consultancy fees ** 0.4 €m ADJ for non recurring costs 13.0% 8.2% % of revenues -33.3%

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EBITDA ADJUSTED TREND OVER THE LAST 4 QUARTERS

Compared to Q4-2021, margins

increased due to the actions implemented by the Group including transferring increased raw and packaging material costs to customers. This included energy costs from Q3-2022, and reduction of production downtime, due to stock management policies

Q3-2022 saw a significant increase in energy costs (5% on Q3-2022 revenues vs 1.1% on Q3-2021 revenues)

Please see next slide for further details

* 0.8 €m ADJ for extraordinary consultancy fees
** 0.5 €m ADJ for non recurring costs
*** -0.1 €m ADJ for non recurring costs

FINANCIALS 23

Energy Impact on EBITDA ADJ in 9M-2022 and Q4-2021

Assuming the same Energy Cost incidence on Revenues in 9M-2021 and 9M-2022, EBITDA in 9M-2022 would be close to 11%

The chart below shows Energy Impact over the last four quarters

* Energy Adjusted EBITDA recalculated assuming the same Energy Costs incidence on Revenues in 9M 2022 compared to 9M 2021
** 0.8 €m ADJ for extraordinary consultancy fees
*** 0.4 €m ADJ for non recurring costs
**** 0.5 €m ADJ for non recurring costs
***** -0.1 €m ADJ for non recurring costs

FINE FOODS	9M - 2022 RESULTS PRESENTATION	FINANCIALS	24
	EBIT ADJUSTED	6.3%	% of revenues 0.9%
EBIT		9.2	-84.5%
EBIT decreased due to a EBITDA reduction and a slight increase in depreciation and			1.4
amortisation for the period	* 0.9 €m ADJ for extraordinary consultancy ** 0.4 €m ADJ for non recurring costs	fees 9M-2021 *	9M-2022 **
	EBIT REPORTED	5.8%	% of revenues 0.6% -88.2%
		8.3
			1.0
➝		9M-2021	9M-2022

FINANCIALS 25

Energy Impact on EBIT ADJ in 9M-2022

Assuming the same Energy Cost incidence on Revenues in 9M-2022 and 9M-2021, EBIT in 9M-2022 would be 3.5%

* Energy Adjusted EBIT recalculated assuming the same Energy Cost Incidence on Revenues in 9M 2022 compared to 9M 2021

** 0.4 €m Adjusted for non-recurring costs

% of revenues

Net income

Net Income ADJ decreased due to a EBIT reduction and financial management negative performance

Net Income Reported affected by:

1) non-cash effects for fair value evaluation on warrants and financial assets:

9M-2021:

9M-2022:

o Negative fair value evaluation on warrants (-9.7 €m)
o Negative fair value evaluation on financial assets (-7.9 €m)

Despite the negative fair value of the securities management in 9M-2022, the overall management showed a positive performance of about 3.9 €m

2) Following Fine Foods' Leakage Reimbursement Request of 6.7 €m from previous Euro Cosmetic's shareholders, the Expert established 3.5 €m as eligible for purchase price adjustment; the remaining 3.2 €m was written down. The Company will consider further action to recover the claim in its entirety.

NET INCOME ADJUSTED

* 10.3 €m ADJ:
o 0.6 €m non recurring costs net of tax effect
o 9.7 €m positive effect on warrant fair value measurement net of tax effect
** 0.3 €m ADJ for non recurring costs net of tax effect

1) The Adjusted Net Income of 7.4 €m for the 9M-2021, changed compared to 10.5 €m in the 30 September 2021 Interim Financial Report and in the related Press Release issued on 12 November 2021 incorporating the taxation on the change in the fair value of warrants specified in the reply to the question (Interpello) submitted by the Parent Company to the Inland Revenue Agency, received at the end of 2021

Solid Capital structure despite challenges

*percentage computed on revenues with 12 months Euro Cosmetic turnover

NWC change was generated by the increase in trade receivables and inventories which rose sharply due to the unavailability of raw and packaging materials

Trade Receivables Inventory Trade Payables

NET WORKING CAPITAL CAPEX AND INVESTMENTS

The main impact in 2021 derived from Pharmatek (Q1 2021) and Euro Cosmetic acquisitions (Q4 2021); ordinary capex was €11.8 million in 2022 (7.7% of revenues)

5,0 10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0

(11.8)

VAT receivable decrease 4.6

(3.9) Main effects:

(0.7)

Net Financial Position evolution from 2021 to 9M-2022 MOST SIGNIFICANT CASH-IN AND CASH-OUT (46.8) Net Income Amortization & Depreciation NWC Others CAPEX NFP 2021 NFP 30.09.2022 (15.7) (11.9) (18.9) 11.1 4.9 Buy Back and other equity movements Dividends

Inventory increase (7.5) Trade Receivables increase (9.5) Trade Payables decrease (1.9)

FINE FOODS 9M

FINANCIALS

Net Financial Position absorption over 2022 quarters

Significant improvement on Net Financial Position absorption trend over last three quarters of 2022

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FINE FOODS 9M - ²⁰²²30 RESULTS PRESENTATION

Shareholding structure

As of 17.11.2022

o Ordinary Shares listed: 22,060,125
o Multiple Voting Rights Shares unlisted: 3,500,000

Controlling Shareholder: Marco Francesco Eigenmann directly and through Eigenfin S.r.l.

o 52.7% of Share Capital
o 64.9% of voting rights (net of Treasury Shares)

Buyback

o purchasable shares: max 20% of share capital for max 26.0€m
o N. Treasury Shares as of 17.11.2022: 1,017,698
o % of Treasury Shares on Total Shares as of 17.11.2022: 4.0%

Total Shares: 25,560,125 UNLISTED SHARES

o Totally owned by Marco Francesco Eigenmann directly and through Eigenfin S.r.l.
o Conversion Ratio: 1x in Ordinary Shares
o Conversion: among others at simple request of the owner
o Same rights as ordinary shares, other than voting rights.
o Each Multiple-voting Share provides the holder with three votes in all Shareholders' Meetings

FINE FOODS 9M - ²⁰²²33 RESULTS PRESENTATION