EPH SpA

Investor Presentation • May 14, 2019

Q1 RESULTS

MAY 14TH 2019

DISCLAIMER

This presentation has been prepared by ePRICE S.p.A. for information purposes only and for use in presentations of the Group's results and strategies.

For further details on the ePRICE Group, reference should be made to publicly available information.

Statements contained in this presentation, particularly regarding any possible or assumed future performance of the Group, are or may be forward-looking statements based on ePRICE S.p.A.'s current expectations and projections about future events, and in this respect may involve some risks and uncertainties.

Actual future results for any quarter or annual period may therefore differ materially from those expressed in or implied by these statements due to a number of different factors, many of which are beyond the ability of ePRICE S.p.A. to control or estimate precisely, including, but not limited to, the Group's ability to manage the effects of the uncertain current local and global economic conditions on our business and to predict future economic conditions, the Group's ability to achieve and manage growth, the degree to which ePRICE S.p.A. enters into, maintains and develops commercial and partnership agreements, the Group's ability to successfully identify, develop and retain key employees, manage and maintain key customer relationships and maintain key supply sources, unfavourable development affecting consumer spending, the rate of growth of the Internet and online commerce, Italian advertising market, competition, fluctuations in exchange rates, any failure of information technology, inventory and other asset risk, credit risk on our accounts, regulatory developments and changes in tax laws.

ePRICE S.p.A. does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance of the ePRICE Group shall not be taken as an indication of future performance. This document does not constitute an offer or invitation to purchase or subscribe to any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

By attending the presentation you agree to be bound by the foregoing terms.

ePRICE AT A GLANCE

"Serving the evolution of Italian households"

A unique online offer to cover customer needs… …powered by a complete e-Commerce platform

1st & 3rd PARTY MARKETPLACE, FOCUSED ON E-COMMERCE AND E-SERVICES

#1 Online Italian Retailer in Major Domestic Appliance Sales …with Unique Assets and Services

• Effective Info-commerce platform for vendors

> 3.4M offers with a dynamic pricing • Top brands & products on MDAs on Core Categories

• Original Contents and Online • Advisory Solutions

• Premium installation services and delivery customization for clients

• Unique last mile operations and real time information management platform

Q1 2019 SUMMARY

11. Halved Losses on Ebitda: 40% reduction, from 2,8M to 1,6M
21. Gross Margin improves: 50 bps from 16,2% to 16,7%
3 Effective results HR cost control: -12% on Payroll vs. Q1 18
Efficiency on Marketing&Sales : Online ADV -40%, Free Shipping -40% 4
Progress in Fulfillment and Damages cost (20% reduction on incidence vs. Q1 18) 5

month	event	what's up	results
March 2018	FY 2017 RESULTS & BUSINESS PLAN UPDATE 2018-2023	• Shifting low contribution margin 1P Sales to 3P Marketplace • New Marketing Strategy SEO Driven • Cost Control and reduction	• Management reorganization and HR reduced to 160 people • New «Product» Unit • Halved Ebitda losses
April-Aug 2018	NEW MARKETING INITIATIVES	• Brand association with mass brands & events for Italy • Partnership with Radio Italia • Partnership with FC Internazionale	• Spontaneous brand awareness=4X share of voice TV • 72% aided brand awareness
August 2018	MDAs SALES PARTNERSHIP WITH AMAZON	• Started selling a range OF MDAs on Amazon • Work in progress on installation services	• Intercepting different clients -segments with lower basket size • Better understanding of market momentum
October 2018	MARKETPLACE SELLER DAY	• 250 Italian sellers attending • New initiatives to empower our marketplace relevance in Italy and abroad	• 1,898 active seller FY 18 (+36% YOY) • +19% GMV growth in Q4
November 2018	BLACK WEEKEND	• Pushing Black Hour, Black Friday and Cybermonday waves in Italy • Dedicated initiatives from 5th to 26th november	• Double digit growth on MDAs • +50% Home Service Growth • +50% marketplace growth
December 2018	PARTNERSHIP WITH E-SQUARE	• ePRICE joining one of the most significant international retail group (5,6€ BN purchases/year)	• Relevance with vendors • Volumes • International visibility
April 2019	AGREEMENT WITH CARREFOUR ITALIA	• ePRICE supplying Major Domestic Appliances for 50 Hypermarkets in Italy	• Relevance with vendors • Offline Volumes, new channel • Working with 3rd parties to exploit assets

MAIN EVENTS & INITIATIVES

2019 OUTLOOK– MARKET ASSUMPTIONS

2017-2019 TECH&APPLIANCES RETAIL MARKET VIEW, € BN AND % GROWTH

Q1 19 EXECUTION HIGHLIGHTS

(1) Restated according to IFRS 16

ePRICE Q1 19 GMV & REVENUES (1) (2)

(1) Gross Merchandise Volume includes revenues from products, shipping and 3P marketplace sales, net of returns and VAT included. (2) Revenue from services includes deliveries, warranties, B2B, ADV&Infocommerce and other revenues. GMV from services does not include B2B, ADV&Infocommerce;. Services&other have been restated and now include warranties.

REDUCED LOSSES ON EBITDA & CASH CONSUMPTION

€MN

Ebitda vs Q1 18:

• 0,6M recovery on Marketing
• 0,5M savings on Fulfilment
• 0,5M recovery from G&A also thank to R&D
• Negative impact from Total Gross Profit (-0,4) and IT expenses (-0,2)

Restated according to IFRS 16

Cash Consumption:

• 10,8M reduction of cash consumption in Q1 19 vs Q1 18
• +9,4M from WC
• +0,9M from Ebitda cash
• +0,5M from Capex & investment in subsidiaries

Q1 NFP EVOLUTION 18 VS. 19

Q1 2019 P&L

Profit & Loss	Q1 2019	Q1 2018 restated ias16	Q1 YOY	Q1 2018
Total Revenues	35,5	39,0	-9,0%	39,0
Cost of Revenues	-29,6	-32,7	-9,6%	-32,7
Gross Profit	5,9	6,3	-5,8%	6,3
Gross Margin %	16,7%	16,2%		16,2%
Sales & Marketing	-2,2	-2,8	-21,5%	-2,8
Fullfilment	-3,8	-4,3	-11,1%	-4,7
IT	-0,6	-0,4	54,2%	-0,4
G&A	-1,0	-1,7	-41,4%	-1,8
EBITDA ADJUSTED	-1,6	-2,8	42,1%	-3,4
Ebitda Adjusted %	-4,6%	-7,2%		-8,8%
Non recurring costs	-0,1	-0,1	29,6%	-0,1
EBITDA	-1,8	-2,9	39,8%	-3,5
Ebitda %	-4,9%	-7,5%		-9,0%
EBIT	-4,3	-5,4	20,3%	-5,5
Ebit %	-12,1%	-13,8%		-14,0%
-
EBT from continuing operations	-4,5	-5,6	19,4%	-5,6
Ebt %	-12,7%	-14,4%		-14,4%
EBT from discontinued activies	1,6	0,8		0,8
Net result	-2,9	-4,8	38,9%	-4,8
	-8,3%	-12,4%		-12,4%

Comments

Q1 2018 has been restated considering application of IFRS 16

Gross Margin

GM up by 50 bps vs. Q1 18 mainly due to marketplace contribution & reduced returns for damaged goods (see chart GM waterfall)

S&M

S&M decreases 21,5% YoY because of Paid Advertising Optimization

Fulfilment

FF decrease 11,1% mainly due to sales volume reduction and cost optimization

G&A & IT

G&A Q1 19 including 0,7M€ tax credits contribution for R&D. Net of this impact G&A&IT costs are stable yoy.

GROSS MARGIN Q1 19

GROSS MARGIN Q1 18 TO Q1 19, % OF REVENUES

Q1 19: CUSTOMER KPI's

13

(1) Some of marketplace buyers possibly duplicated and in common with total ePRICE buyers, which are undpulicated

(2) Spending per Buyer is calculated on revenue from products, deliveries and revenue from 3P marketplace, net of returns and VAT included

FY 2019: GUIDELINES

• 1. GMV and revenues back to solid growth, raising customers' satisfaction through our services offer 1
• 1. Gross Margin improvement by partnership with vendors and recovery of reverse value
• 1. Ebitda FY 2019 around breakeven, back-end loaded
• 4 NFP substantially unchanged at year's end
• 5 Up to € 12M from earn-out of previous disposals and operations

FINANCIAL CALENDAR

Date	Financial Event
14 May	Q1 Approval
12 September	H1 Approval
12 November	9M Approval

SHAREHOLDER STRUCTURE

The share capital of Eprice S.p.A. is equal to Euro 826.297 composed by n.41.314.850 ordinary shares without par-value.

RELEVANT SHAREHOLDERS	NUMBERS OF SHARES	% SHARE CAPITAL
Paolo Ainio*	9,452,615	22.88%
Arepo BZ S.a.r.l.	8,613,850	20.85%
Pietro Boroli**	2,181,200	5.28%
Treasury Shares	1,011,372	2.45%

*of which 221.750 (0,54%) held trough PUPS S.r.l., 80% controlled by Paolo Ainio. ** of which 2.158.700 held through Vis Value S.r.l.

There are no other shareholders, outside of those listed above, with a shareholding of more than 5% that have notified Consob and Eprice S.p.A. according to art. 117 of Consob Regulation no. 11971/99 on notification requirements of major holdings.

ANNEX

BALANCE SHEET

€ MN

Balance Sheet	31_12_18	31_03_19
Property, plant and equipment	6,4	6,0
Goodwill	12,8	12,8
Intangible assets	14,9	26,8
Financial assets	1,3	1,2
TOTAL ASSETS	35,4	46,9
NWC	1,2	2,6
Deferred tax assets	8,7	8,7
Provisions	(2,2)	(2,3)
Other non current debts	(0,4)	(0,4)
Net Invested Capital	42,7	55,5
Net Equity	49,4	46,6
Net Financial Position	(6,7)	9,0
Total Sources	42,7	55,5

Comments
Balance Sheet
Intangible assets increase due to IFRS 16 Application
NFP increase due to IFRS 16

NET WORKING CAPITAL

€ MN

Net Working Capital	31_03_18	31_12_18	31_03_19
Inventories	15,3	16,1	15,5
Trade receivables	8,5	6,8	5,6
Trade Payables	(23,0)	(22,5)	(21,4)
Other receivables and payables	3,1	0,7	2,8
NET WORKING CAPITAL	3,9	1,1	2,5
DOI	43	42	48
DSO	18	12	13
DPO	42	39	40

Comments
NWC
Days of Inventory increase due to weaker than expected topline