STAR CONFERENCE, MILAN, 21-22 MARCH 2017

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.

PRESENTING TODAY

Paolo Ainio Founder & Executive Chairman

Founded Banzai (now ePRICE) in 2007
Launched Virgilio, the major Italian internet portal, in 1994
Sold it to SEAT Pagine Gialle in 1999, running the online business until 2002

Pietro Scott Jovane CEO

Joined Banzai (now ePRICE) in 2015
CEO and GM of Italian listed publisher RCS MediaGroup in 2012- 2015
Microsoft's CEO in Italy
CFO of Internet Division in Matrix, Seat Group / Telecom Italia.

Micaela Ferruta Head of IR and Strategic Planning

Joined Banzai (now ePRICE) in 2015
Previously: Head of Media & Telecommunications Coverage in Intermonte
Strategic and Business planning in Infostrada

ePRICE: THE NATIONAL E-COMMERCE LEADER

+23% YoY GMV(1) +18% YoY Rev

~1.6mn customers(2) ~500 installers ~900 merchants

FY 16 Eu 254mn GMV(1) Eu 178mn Revenues

133 Pick&Pay 309 Lockers 1Fulfilment center

LOCAL E-COMMERCE CHAMPION FOCUSED ON CAPTURING A HIGH-POTENTIAL, FAST-GROWING MARKET

A UNIQUE VALUE PROPOSITION TAILORED TO THE ITALIAN MARKET, SUPPORTED BY A FLEXIBLE AND SCALABLE PLATFORM

SIGNIFICANT TRACK RECORD AND GMV/REVENUE GROWTH TO GENERATE VALUE THROUGH SCALE & RELEVANCE, IN ORDER TO REACH PROFITABILTY

ePRICE SpA - March 2017 4 (1) Gross Merchandise Volume: includes revenues from products, shipping and 3P marketplace sales, net of returns and VAT included. Revenue from services includes transports, warranties, B2B and other revenues. GMV from services does not include B2B, ADV&Infocommerce.

(2) Customers who bought at least once on ePRICE or on the marketplace.

FROM BANZAI TO ePRICE

Q1 2016	Q2 2016	Q3 2016	Q3/Q4 2016	Q4 2016	Q1 2017
Launch of Home Service	Sale of Banzai Media	New brand identity & TV campaign	Sale of Saldiprivati	New Strategic Guidelines 2017-2021	Change of Name & Ticker
• 35% population coverage at launch • +50% NPS(1) vs. prev. svcs	• 45 €M EV • 17.5 €M capital gain • 3Y agreement w/ Mediaset to purchase TV ADV, 7 €M benefit	• 10 €M ADV campaign in 3 years • 8M people reached on 35-54 y.o. target	• 38 €M EV • 7.5 €M capital gain • 5Y agreement to manage fullfillment for SRP Italian activities.	• • +4/6% M/S Online Tech market • +4/6% M/S Home Service market • 3X GMV by 21 • 4-6% Ebitda margin by 21	+46% Q4 16 Share Performance

ePRICE: FROM E-COMMERCE TO E-SERVICE

OUR NEW, SERVICE-DRIVEN MISSION

"To serve the technological evolution of Italian households"

ePRICE: HIGHLIGHTS OF 2016

From Banzai to ePRICE: sale of Vertical Content division for Eu 45 mn (EV) and Saldiprivati for Eu 38 mn (EV). ePRICE expected to close 2016 with a profit, including capital gain from disposals.

ePRICE 2021 Strategic Guidelines presented, calling for: 3x GMV, 4-6% EBITDA margin by end of plan and cash positive from 2019 driven by: 1) focus on MDA and service driven categories; 2) 3P marketplace growth and 3) focus on services and innovation.

FY 16 results: GMV (1) up 23% YoY in 2016 (21% in Q4 16), driven by 18% YoY revenue growth and +123% of Marketplace GMV. +150bps improvement in Gross Margin. Eu 10 mn net profit and Eu 56 mn net cash, thanks to disposals completed in 2016.

ePRICE SpA - March 2017 7 (1) Gross Merchandise Volume: includes revenues from products, shipping and 3P marketplace sales, net of returns and VAT included. Revenue from services includes transports, warranties, B2B and other revenues. GMV from services does not include B2B, ADV&Infocommerce.

14 €BN PER YEAR OF TECH PRODUCTS. TODAY 1.7 €BN ARE ONLINE, DOUBLING IN 5 YEARS.

HUGE OPPORTUNITY SHIFTING ONLINE

Tech & Appliances Retail in Italy B2C Sales (market Eu BN)

(category Eu BN)

APPLIANCES GROWING FASTER

2016 CORE Market TECH in Italy (% growth)

Traditional Tech&Appliances 2016	Online (2) Tech&Appliances 2016	Tech&Appliances ePRICE GMV 2016
+1.0%	c.+20%	+24%

(1) €3.5BN Market size for current Technology & Appliances perimeter. Smart Home market estimate (€0.5BN) not included. Source: ePRICE re-elaboration on Forrester Research, GFK, other public sources and internal estimates, 2016.
ePRICE SpA March 2017 8 (2) LFL growth 2016 vs 2015. Including restatement of offline players' Click&Collect sales (included from 2016), market up c. +24% YoY. Source: ePRICE re-elaborations on GFK and internal estimates.

2016 BY Q: ePRICE CONSOLIDATED REVENUES AND GMV

In 2016 ePRICE posted c. +23% YoY GMV growth and +18% YOY for revenues, ahead of 2016 guidance (updated in November).

Q1: Home Service Installation services launched (installers 4x Dec 16 vs Jan 16 and +100% MDA installations);
Q2: Marketplace Anniversary (up 123% in FY 16);
Q3: Tough comparison on Home Comfort (AC) sales due to weather and Tough Q3 16 market competition, back to "normal" in Q4 16;
Q4: Positive impact of Q4 16 ePRICE TV campaign (traffic +30% YoY) driving strong Black Friday sales (+81% YoY) and strong Christmas sales.

ePRICE SpA - March 2017 9 (1) Gross Merchandise Volume: includes revenues from products, shipping and 3P marketplace sales, net of returns and VAT included. Revenue from services includes transports, warranties, B2B and other revenues. GMV from services does not include B2B, ADV&Infocommerce.

FY16 GMV & REVENUES (1) (2)

Reinforced Leadership in MDAs.
Electronic & Appliances GMV alone up 24% YoY.
Marketplace GMV strong growth +123% in 2016, driven by electronics.
Premium Installation Services and warranties as new pillar of ePRICE P&L, with Home Service January '16 successful launch.
Positive effect of Infocommerce revenues, up over 50% YoY, as our size increases and to a lower extent thanks to special initiatives.
(1) Gross Merchandise Volume includes revenues from products, shipping and 3P marketplace sales, net of returns and VAT included. Revenue from services includes transports, warranties, B2B, ADV&Infocommerce and other revenues. GMV from services does not include B2B, ADV&Infocommerce.
(2) Services&other have been restated and now include warranties.

4Q16 GMV AND REVENUES (1) (2)

³P marketplace sales, net of returns and VAT included. Revenue from services includes transports, warranties, B2B, ADV&Infocommerce and other revenues. GMV from services does not include B2B, ADV&Infocommerce.

(2) Services&other have been restated and now include warranties.

FY 16: HEALTHY CUSTOMER KPIS DRIVE GROWTH

3P marketplace, net of returns and VAT included

ePRICE TV CAMPAIGN IMPROVES AWARENESS

Improvement in consumer perception post campaign (1)

"QUALITY OF HOME SERVICE"	+14 P.P.
"BETTER THAN OTHER	+12
RETAILERS"	P.P.
"WIDE RANGE OF	+10
PRODUCTS"	P.P.

BRAND AWARENESS AND POSITIONING EFFECTS GOALS ACHIEVED THROUGH 4Q16 ADV TV CAMPAIGN

ePRICE SpA - March 2017 13 (1) Source: Mindshare Survey Commissioned by ePRICE, 2017 (2) Average number of orders growth since kick-off of ADV Campaign vs. average annual number of orders

ePRICE HOME SERVICE: MOBILE-ENABLED, TRUSTED PROFESSIONAL NETWORK DEDICATED TO MDAs & SMART HOME PRODUCTS

DESIGNED FOR SCALE & DIFFERENTIATION

Geo expansion following volumes & saturation
Service expansion towards smart home products
Bundling of products & services = solutions
Potentially open to B2B customers

THE PATH TOWARDS INNOVATION AND VALUE GENERATION

ePRICE SpA-- March 2017 14 (1) WEEE: Waste Electrical & Electronic Equipment Directive (2012/19/EU).
(2) Based on about 2.218 feedbacks

ePRICE: MARKETPLACE UPDATE

UNIQUE FEATURES OFFERED TO MERCHANTS

Boost Factor 2017

Extending services to merchants

-P&P usage: Since December, items ordered in 3P marketplace can be delivered also through Pick&Pay Network -Payments: ePRICE is the first marketplace in Europe where goods sold by 3P merchants can be paid on delivery by POS and soon by cash at P&P stores

IMPRESSIVE 3P MARKETPLACE PATTERN GROWTH IN 2016

CONSOLIDATED P&L HIGHLIGHTS

Eu mn

Profit & Loss	Q4 15 PF	Q4 16	Q4 YOY	FY 15 PF	FY 16	FY 16 YOY
GMV	75.6	91.3	20.7%	207.3	254.4	22.7%
Total Revenues	61.0	70.7	15.9%	167.7	197.9	18.0%
Cost of Revenues	(52.9)	(60.0)	13.3%	(145)	(167,7)	16.0%
Gross Profit	8.1	10.7	32.8%	23.1	30.2	30.5%
Gross Margin %	13.2%	15.1%		13.8%	15.3%
Sales & Marketing	(4.0)	(3.9)	-2.4%	(8.9)	(11.0)	23.5%
Fullfilment	(5.2)	(6.6)	28.6%	(14.3)	(19.0)	32.3%
IT	(0.3)	(0.4)	33.2%	(1.1)	(1.4)	34.6%
G&A & Holding	(2.1)	(2.3)	11.0%	(6.7)	(8.3)	23.2%
ADJUSTED EBITDA	(3.5)	(2.6)	-26.5%	(7.9)	(9.5)	20.2%
Adjusted EBITDA%	-5.8%	-3.7%		-4.7%	-4.8%
Non recurring costs	(0.1)	0.5	-709.3%	(0.9)	(0.2)
EBITDA	(3.6)	(2.1)	-40.7%	(8.8)	(9.7)
Ebitda %	-5.9%	-3.0%		-5.3%	-4.9%
EBIT	(4.7)	(3.5)		(11.9)	(14.0)
Ebit %	-7.8%	-5.0%		-7.1%	-7.1%
-
EBT from continuing operations	(4.9)	(3.7)		(12.2)	(14.7)
Taxes	2.6			2.6
EBT from discontinued activities	0.4	10.9		(1.2)	24.8
Net Result	(1.8)	7.1	n.m.	(10.8)	10.1	n.m.

FY 16 Revenues up +18% YoY (and +22.7% growth in GMV) , with Q4 recovering Q3 slowdown (+8% YoY)

FY 16 Gross margin improving by 150 bps vs. FY 15 and +190 bps in 4Q16, thanks to better mix, marketplace contribution and infocommerce

4Q16 S&M costs down 2.4% YoY, thanks to lower ADV TV cost vs. Q4 15, thanks to Mondadori agreement

Reduced Q4 Ebitda Loss by c. Eu 1mn (200 bps), thanks to lower S&M costs.

One offs: Stock options and restructuring charges partially offset by positive impact of Eu 1mn tax credit on 2016 R&D

Eu 10mn Net Profit in FY 16, thanks to Eu 24.8 mn Capital gain on Banzai Media and Saldiprivati

ePRICE SpA - March 2017 16 (1) GMV (Gross Merchandise Volume): it includes revenue from products, deliveries and revenue from 3P marketplace, net of returns and VAT included. It does not include B2B, infocommerce.

(2) Pro-forma: adjusted for the sale of Banzai Media and Saldiprivati

BALANCE SHEET & CF HIGHLIGHTS Eu mn

Balance Sheet	31/12/15	31/12/15 ProForma	31/12/16
TOTAL ASSETS	55.9	28.8	33.9
NWC	0.8	(3.5)	(4.4)
Deferred tax assets	11.9	9.7	9.7
Provisions	(3.7)	(2.0)	(2.1)
Other non current debts	(4.0)	0.0	(0.4)
Net Invested Capital	60.9	33.0	36.7
Net Equity	84.1	n.a.	92.9
Net Financial Position	(23.2)	n.a	(56.2)
Total Sources	60.9	33.0	36.7

Improved working capital, thanks to
supplier payments optimization

Eu 56 mn Net cash position as of
December,31 2016, following cash in
from disposals, and including
Eu 1.8mn to buy c. 1.3% treasury

shares, as well as c. Eu 2.1mn advance payment on the TV adv contract.

Cash Flow Highlights	FY 15	FY 16
Cash flow from Operations	-13.0	-8.2
CF from Op. from discontinued activities	0.4
Net Capex tangible & intangibles	-7.6	-7.6
Change in other non current assets	-0.7	-2.5
Acquisitions	-0.3	-1.5
CF from Investment from discontinued activities	-6.4	52.2
Cash flow from Investing Activities	-15.0	40.6

FY 16 Capex at Eu 7.6 mn, some Eu 2.5mn related to non recurring investments (IT Transformation Project)

Change in other non current assets

includes Eu 2.1mn advance payment on TV 17-18 campaign

FY 16 acquisitions: Il Post (14%

incremental stake) + Termostore (23%).

Q4 16 TAKEAWAYS

Refocus on ePRICE completed, with change of name effective during Q1 17

Confirmed stronger GMV(1) growth than reference market

Completed network of 133 Pick&Pay and 309 lockers, offering an excellent territorial coverage.

Continue to enrich last mile services, with increasing coverage and further innovation expected in 2017

Continue to build Brand equity

ePRICE SpA - March 2017 18 (1) GMV (Gross Merchandise Volume): it includes revenue from products, deliveries and revenue from 3P marketplace, net of returns and VAT included. It does not include B2B, infocommerce.

2017 GUIDANCE

GMV¹ up 20-25%, Revenues up 15-18%, with an accelerated growth in the second half of the year, after a weak February, adversely affected by the planned transition of the ERP system to SAP

Improvement in Gross margin and considerable increase in EBITDA compared to 2016

Capex to Euro 11 million, including one-off investments for the new fulfilment center

ePRICE SpA - March 2017 19 (1) GMV (Gross Merchandise Volume): it includes revenue from products, deliveries and revenue from 3P marketplace, net of returns and VAT included. It does not include B2B, infocommerce.

ePRICE: 3P MARKETPLACE AND SERVICES ARE KEY DRIVERS FOR GROWTH AND PROFITABILITY

ePRICE SpA - March 2017 21 (1) based on nature of services (delivery, warranties, custom fit, maintenance & repair, B2B2C)

ePRICE GMV EVOLUTION OVER NEXT YEARS

STRATEGIC GUIDELINES RECAP: OUR BUSINESS GOALS, LOOKING FORWARD

STRATEGIC GUIDELINE

TARGET 2021 METRICS

TARGET MODEL

	FY 15	FY 16	TARGET VS. 16	DRIVERS
MARKET GROWTH	20%	20% (4)	15-16% >2X	Secular shift from offline, mobile, innovation
(1) GMV	€207M	€254M	3X ~	Market Growth, MDA, 3P Marketplace
REVENUES	€168M	€198M	2.5X ~	Market Growth, B2B, ADV, Infocommerce
(2) GROSS MARGIN	13.8%	15.3%	20%-22%	Mix&sourcing, Rebates, 3P Marketplace, Infocommerce
(2) MARKETING	5.3%	5.6%	4.5%-5.0%	Brand Awareness, Returning Customers
FULFILMENT (2) TRANSPORT	3.5%	4.4%	5.0%-5.5%	Now including Transport&Installation service
FULFILMENT (2) INTERNAL	5.0%	5.2%	3.8%-4.3%	New fulfilment center, scale & efficiency program
(3) IT + G&A	4.6%	4.9%	1.8%-2.5%	Efficiencies and scalability
(2) EBITDA adj.	-4.7%	-4.8%	4%-6%	#1 specialty player, enhanced by services
(2) CAPEX	4.5%	3.8%	1.5%-2.0%	2017 new fulfilment, Eu 5mn

ePRICE SpA - March 2017 24 (1) GMV (Gross Merchandise Volume): it includes revenue from products, deliveries and revenue from 3P marketplace, net of returns and VAT included. Infocommerce and Advertising and B2B revenues not included., representing c. 6% of revenues in 9M16; (2) % of revenues incl non recurring; (3) % of revenues: of which 35% corporate&finance costs due to being listed; (4) LFL growth 2016 vs 2015. Including restatement of offline players' Click&Collect sales (included from 2016), market up c. +24% YoY.

ePRICE PEERS – PERFORMANCE (PRICES AS OF 03/17/17)

Peer Group - Absolute Performances	Multiple Entities Report (Local Currency) as of 03/17/17
Stock	Price	Mkt cap	Ccy	3M	6M	1Y
ePRICE (BANZAI)	3.9	159	EU	8.8%	42.5%	-1.7%
AO World Plc	1.5	623	GBP	-19.1%	-10.3%	-11.4%
Cnova NV	5.3	2,403	USD	-3.3%	0.2%	130.4%
Verkkokauppa.com Oy	7.4	335	EU	2.2%	16.5%	-5.5%
ASOS plc	59.2	4,942	GBP	21.5%	29.5%	93.7%
Zalando SE	37.4	9,255	EU	4.8%	6.4%	37.5%
YOOX Net APorter S.p.A.	22.2	2,020	Eu	-16.8%	-18.2%	-12.1%
boohoo.com Plc	1.6	1,761	GBP	15.7%	69.9%	277.7%
SRP Groupe SA	22.9	782	EU	15.0%	14.6%
MySale Group plc	1.1	162	GBP	5.3%	13.8%	146.2%

Source: Factset

ePRICE PEERS – VALUATION (PRICES AS OF 03/16/17)

Peer Group - Multiple Comparison Multiple Entities Report (Local Currency) as of 03/17/17

Stock	Price	Mkt cap	Ccy	EV/Sales 2016	EV/Sales 2017	EV/Sales 2018	EV/Ebitda 2016	EV/Ebitda 2017	EV/Ebitda 2018
ePRICE (BANZAI)	3.9	159	EU	0.5	0.5	0.4			54.6
AO World Plc	1.5	623	GBP	0.9	0.7	0.6	1,514.5	49.6	23.8
Verkkokauppa.com Oy	7.4	335	EU	0.8	0.7	0.6	21.8	17.7	14.2
ASOS plc	59.2	4,942	GBP	3.3	2.5	2.0	49.8	37.8	28.6
Zalando SE	37.4	9,255	EU	2.3	1.8	1.5	31.4	25.2	18.4
YOOX Net APorter S.p.A.	22.2	2,020	Eu	1.5	1.3	1.1	20.0	15.9	11.7
boohoo.com Plc	1.6	1,761	GBP	5.8	4.2	3.3	48.2	41.2	30.6
SRP Groupe SA	22.9	782	EU	1.3	1.0	0.8	24.2	16.5	11.8
MySale Group plc	1.1	162	GBP	1.0	0.8	0.7	45.7	26.6	20.5
E-Commerce Average				2.5	1.9	1.5	165.7	25.9	27.0
E-Commerce Median				1.3	1.1	1.0	31.4	22.9	17.8
E-Commerce Median ex Amazon, eBay, Rocket, Naspers					1.1	1.0	31.4	22.9	17.8