Equita Group

Investor Presentation • Oct 7, 2024

EQUITA Group 1H'24 Financial Results (as of 30 June 2024)

Italian Excellences Mid Corporate Conference October 8th, 2024 - Paris

• 1. EQUITA at a glance
• 2. 1H'24 financial results and recent initiatives
• 3. What's next and closing remarks
• 4. Appendix

Who we are: the leading independent Italian investment bank

The most respected independent partner in Italy for investors, institutions, corporates and entrepreneurs, with a fifty-year history, listed on the Italian Stock Exchange and managed by a partnership of committed professionals

(1) Source: 2024 Institutional Investors' survey. (2) Source: Dealogic. Ranking by # of deals. Deals below €10m size are excluded. (3) Source: Mergermarket. Ranking by # of deals. Proforma to include EQUITA SIM and EQUITA K Finance deals. (4) Source: Bloomberg and Bond Radar. Ranking by # of High Yield and Not Rated issues. (5) Shareholding Structure and Market Cap as of 27 September 2024. (6) Market float figure includes 5% stake of Fenera Holding

Our story: half-a-century of independent thinking

EQUITA was founded in 1973 as one of the first independent Italian merchant banks

Our unique business model and what we bring to the table

The Group acts as broker, financial advisor and alternative asset management platform, and offers a full range of services to investors, corporates and institutions

Building blocks of the "EQUITA" model

The leading independent broker in Italy

Our team has always been at the top of investors' preferences for its outstanding research – especially on small & mid-caps – and its trading, execution, sales and corporate access services

1H'24 financial results and recent initiatives

1H'24 performance benefitting from a good set of results in 2Q'24

Key Consolidated Highlights

Key Divisional Highlights

Improving environment in Italy, especially for S&T and large M&A, but still weak levels of activity on small-mid caps and in ECM. Potential turning point expected in the next months

Third Parties Brokered Volumes in Italy (1)

Capital Markets and Corporate Finance

(1) Source: AMF Italia (Assosim); MOT figures referred to the aggregate of DomesticMOT, ExtraMOT and EuroMOT. (2) Source: Dealogic; FY'22 figure excludes the right issue completed by Stellantis (€732m). (3) Source: Bondradar and Bloomberg. (4) Source: KPMG.

Strong positioning confirmed by recent achievements and initiatives, in all areas

(1) AMF Italia – 1H'24 market shares – Third party brokerage. (2) Institutional Investor – Extel 2024 survey. (3) Selected deals from year-to-date mandates and investments. (4) Excluding performance fees and fees from Investment Portfolio.

Improving market environment, still not contributing materially to the revenues of all divisions

Directional Trading Client-Driven Trading Sales & Trading

• Double-digit growth in S&T thanks to high volumes on Italian banks and blue chips
• Still weak volumes on small & mid-caps
• Normalized levels of trading on fixed incomes and derivatives compared to the previous year
• Directional Trading performing in line with the previous year and including the contribution of an HTC portfolio

Alternative Asset

Management

3,7 3,1

4,4 4,1

Var % (6%)

• Large M&A mandates finally back to market
• Soft performance in mid-market M&A due to seasonality, expected to recover by year-end
• Capital markets still below 1H'23, suffering the lack of ECM mandates, despite the very good performance in DCM

• Intense capital deployment, with 4 investments closed by the private debt team and 2 by the private equity team to date
• 2Q'23 included an equalization fee deriving from the final closing of EQUITA Smart Capital – ELTIF

Disciplined approach on costs confirmed

Key Consolidated Highlights Focus on Personnel Costs

	1H'24	1H'23	Var %	2Q'24	2Q'23	Var %
Net revenues	40,9	42,8	(5%)	23,7	23,5	1%
Total Costs (1)	(29,3)	(31,2)	(6%)	(16,4)	(17,3)	(5%)
% (1)(2) Cost/Income Adjusted	(71,8%)	(70,9%)		(68,9%)	(70,2%)
Cost/Income % (1)	(71,8%)	(72,8%)		(68,9%)	(73,5%)
taxes (1) Profit before	11,5	11,7	(1%)	7,4	6,2	18%
Taxes (1)	(3,4)	(3,4)	0%	(2,2)	(1,9)	19%
Tax rate	(29,6%)	(29,3%)		(30,3%)	(30,1%)
Minorities	-	(0,1)	€0.7m in	-	(0,1)
LTIP	-	(0,1)	FY'23	-	(0,0)
Net Profits	8,1	8,0	1%	5,1	4,2	19%
Net Profits (1)(2) Adjusted	8,1	8,7	(7%)	5,1	4,8	5%
ROTE	25%	23%

	1H'24	1H'23	Var %
Costs (1) Personnel	(18,9)	(20,0)	(6%)
FTEs (End of Period)	192	195	(2%)
Comps / Revenues	(46,3%)	(46,8%)
Normalized Comps / Revenues	(47,0%)	(47,1%)		Increase in IT expenses related to higher post
Focus on Operating Expenses				trading business in Global Markets requiring infoproviding services (fully variable cost)
	1H'24	1H'23	Var %
Operating Costs	(10,4)	(11,1)	(6%)
o/w Information Technology	(3,3)	(3,2)	5%
o/w Trading Fees	(1,7)	(1,7)	0%	Non-recurring items, mainly
o/w One-offs (anniversary…)	-	(0,8)	n.a.	linked to the 50th anniversary of
o/w Other (marketing, governance)	(5,4)	(5,5)	(2%)	EQUITA (new visual identity, new website,
				events…)
Operating Costs (excl. one-offs)	(10,4)	(10,3)	1%
Cost/Income % (1)	(71,8%)	(72,8%)
% (1)(2) Cost/Income Adjusted	(71,8%)	(70,9%)

What's next and closing remarks

Considerations about the next 18 months

Market scenario	▪ Soft-landing or no-landing scenario for all major economies ▪ Decrease in interest rates and expansionary monetary policies ▪ Further progress in institutional initiatives to ease access to capital markets and increase liquidity in financial markets, especially on small & mid-caps
Business outlook	▪ Improving environment for Investment Banking activities also in Italy, as experienced by international peers in the US and other developed countries in the first part of 2024 ▪ Growing number of M&A announcements, mainly driven by smaller-size deals ▪ Turning point expected in ECM with the re-opening of the IPO market ▪ Positive contribution from brokerage business, enhanced by the increasing interest for small & mid-caps ▪ Increase in AuM and AM fees, mainly driven by fundraising of new illiquid proprietary products (EPD III, EGIF), and first carried interest on private debt funds from 2025 and	Resources set aside or built since IPO: ≈€9m of retained earnings, ≈€10m of reserves deriving from issue of new shares linked to incentive plans / remuneration policies ≈€10m of other former reserves available
Expectations	▪ FY'24 results coherent with Target: €50m+ cumulated dividends ('22-'24), shareholders' remuneration targets of which €33.9m already distributed ('22-'23) ▪ Significant improvement of Group's + 1H'24 Net Profits [€8.1m / ≈€0.16 EPS] + 2H'24 Net Profits results starting from 2025	for distribution

• Significant resources set aside since IPO

Widespread institutional effort to promote capital markets

that could accelerate growth of the

business

A lot of initiatives and investments made. What's next

Global Markets and Research Investment Banking Alternative Asset Management Group M&A & Strategic ▪ Further optimisation of rental spaces and focus on business-related marketing to boost revenues with clients ▪ No other material additions of workforce or investments needed ▪ Adequate structure to benefit from increase in business volumes, revenues and net profits (operating leverage) ▪ Scouting of external growth opportunities with bolt-on acquisitions, in Italy and abroad ▪ Always open to strategic partnerships Revenues & Positioning Costs Strategy ▪ Diversification of the product offering (bonds, certificates, derivatives, US equities…), new team dedicated to family offices and expansion of the research coverage (increasing # of foreign listed companies and inclusion of ESG analysis) ▪ Implementation of new business solutions (CRM, CMS) to boosts productivity and generate commercial synergies ▪ Acquisition of EQUITA K Finance minorities and rebranding into EQUITA Mid Cap Advisory Key Investments Completed (last 3 years) What to Expect in the Future ▪ Office space increased to accommodate growing workforce and corporate events ▪ Renewal of corporate bodies, with strong presence of Independent Directors and female members in the BoD (including the Chair) ▪ Increase in brand awareness by leveraging on the EQUITA 50th anniversary. New corporate and visual identity ▪ Equity volumes on mid-small caps expected to recover ▪ Fixed income desk benefitting from EQUITA's increasing positioning and renewed investors' focus on bonds ▪ Expansion of research coverage on Italian and European listed companies ▪ Hiring of senior professionals (MDs in Consumer, FIG, Industrial, Struc. Finance) and new senior advisors, constantly engaged with the team ▪ Increasing presence in Italy (Piedmont, Northeast, Rome…) ▪ Cross-selling opportunities with other areas of business ▪ Strong pipeline in M&A, both in mid-market, large and public deals ▪ ECM underlying activities expected to improve from 2025 ▪ Further increase in positioning, also thanks to previous senior hirings, contribution from senior advisors and new areas of expertise (real estate, debt advisory) ▪ Fund raising of EQUITA Smart Capital – ELTIF (private equity) ▪ First investment outside Italy (e.g. DACH area) completed by EPD II and first closing of EPD III ▪ Launch of a new asset class (renewable infrastructure), first closing completed successfully in 2024, and appointment of Stefano Donnarumma as senior advisor ▪ Transition to new SFDR ▪ Growth in illiquid proprietary assets following fundraising of EPD III, EGIF and new products ▪ Focus on capital deployment investing in private capital opportunities, on the basis of current interesting pipeline ▪ Positive contribution to Net Revenues from the Investment Portfolio, with contribution of carried interest expected from 2025

Initiatives

Focus of Net Revenues (€m)

Focus on Shareholders Remuneration

	Adj. Earnings per share (EPS, fully diluted)(1)	€0.24 FY'17	€0.33 FY'23	Var '17-'23 +38%	CAGR '17-'23 +5%	€96.4m Cumulated Net Profits
Rewarding returns for shareholders,	Dividend per share	€0.22 FY'17	€0.35 FY'23	Var '17-'23 +59%	CAGR '17-'23 +8%	since IPO vs €88.2m of dividends paid out
following EPS accretion and increase in DPS	VS
	Outstanding shares	45.3m FY'17	50.3m Oct'24	Var '17-'23 +11%

Why us?

Some Reasons to Invest

Appendix

Track-record in diversification, growth, remuneration and business transformation

Evolution of Net Revenues (2008-2023)

(1) Net Profits 2021 adjusted to normalise tax rate to 28% (average tax rate of 2020 and 2022 fiscal years). (2) Total Shareholder Return in the period 22 November 2017 – 13 September 2024. (3) Including the second tranche of the €0.35 dividend per share approved by the Shareholders' Meeting in 2024.

Investment Banking: the largest contributor to growth, with plenty of opportunities

Offering & Expertise Key Facts

Why Us?

• Leading ECM franchise in Italy, #6 in M&A and Top 10 in DCM (#1 among non-lenders)
• The only one-stop-shop in Italy, combining independence, access to markets and diversified product offering
• Increasing standing and brand awareness, with several high-profile mandates and recent strategic senior hirings (4 MDs)
• Major source of growth during the last ten years and plenty of opportunities to grow more by adding new verticals and expanding the reach of the team in Italy
• Low capital absorption and strong operating leverage

Selected 2023 Credentials

Evolution of Net Revenues since IPO

^{20 26 18 28 38 41 36} 2017 2018 2019 2020 2021 2022 2023

Increasing market share in temporary decreasing fee pot size (1)

1.039 ^{696 555 552 754 597 572}

2017 2018 2019 2020 2021 2022 2023 DCM M&A Market share %

2,7% 3,8% 3,3% 5,1% 5,1% 6,9% 6,3%

Investment Banking: more than 50 mandates in 2023

Public & Large M&A (selected credentials) Mid-Market M&A (selected credentials)

0 DEACAPITAL	Postevita	(IDB) belien (brainers Brue	I MEF (ATTINN AIRWAYS	unieuro	:= IIM	મે Servizi Italia	nexi Novel
DeA Capital	Postevita	Italian Design Brands	MEE	Uniouro	TIM	Servizi Italia	Acquisition of the meechant
Tender Offer by Fam. De Agostini €128.6m	Tender Offer on Net Insurance shares €187.8m	Disposal of a 51% stake of Investindesign to TIP €72m	Sale of a stake of ITA Airways to Lufthansa €325m	Acquisition of Covercare €60m	Disposal of NetCo €21.7bn	Tender Offer By Cometa €21.7mm	acquiring business of Banca di Cividale €30.8m
Fairness Opinion	Financial Advisor	Financial Advisor	Financial Advisor	Financial Advisor	Financial Advisor	Fairness Opinion	Financial Advisor
EEQUITA	EEQUITA	EEQUITA	SEQUITA	EEQUITA	EEQUITA	EEQUITA	EEQUITA
January, 2023	April, 2023	May, 2023	May 2023	October, 2023	November, 2023	November, 2023	December, 2025

Equity Capital Markets (ECM)

Debt Capital Markets (DCM)

eni mis	amco ASSET MARAGEMENT COMPAN	C BCC BANCA	& Banca Ifis	MAIRE	CARRARO	cdp	ALERIONCLEANPOWER
Eri	Arnco	lecrea Banca	Banca Ifis	MARE	Carraro	Cassa Depositi e Prestiti	Alerion Clean Power
Sustainability-Linked	Senior Unsecured	Social Senior Preferred	Senior Preferred	Sustainability-Linked	Initial Public Offering	Senior Unsecured Retail	Senior Unsecured
Bond itsue	Bond Issue	Bond Issue	Band issue	Bond Issue	OPO	Bond Issue	Green Bond Issue
€2be	€500m	€500m	€110mm	€200m	€690m	€2bri	€170m
Dealer	Joint Lead Manager	Co-Manager	Sole Dealer	Placement Agent	Co-Manager	Dealer	Placement Agent
EEQUITA	EEQUITA	EEQUITA	EEQUITA	EEQUITA	E EQUITA	EEQUITA	EEQUITA
January, 2023	January, 2023	January, 2023	March, 2023	October, 2023	November, 2023	November, 2023	Docember, 2023

Investment Banking: an increasing footprint outside Italy in M&A and corporate finance

Solid track record in the execution of cross-border M&A transactions, helping corporates and private equity funds

30+ Countries covered by Claifield 80% Cross-border Mandates Top 10 M&A Advisor in European mid-market 790+ Deals Closed (1) €30bn Value of Mandates (1) 400+ Professionals EQUITA is exclusive member for Italy of Clairfield International, the global partnership of corporate finance boutiques active all over the world in M&A advisory Selected Credentials was sold to Industrial services sold a company backed by to and Alternative energy technology sold 25% to Apparel, gear & accessories America ▪ Argentina ▪ Brasil ▪ Canada ▪ Mexico ▪ United States Europe ▪ Austria ▪ Belgium ▪ Czech Republic ▪ Denmark ▪ Finland ▪ France ▪ Germany ▪ Hungary ▪ Italy ▪ Norway ▪ Netherlands ▪ Poland ▪ UK ▪ Romania ▪ Spain ▪ Sweden ▪ Switzerland Australasia ▪ Australia ▪ China ▪ Japan ▪ India ▪ Israel ▪ Malesia ▪ Thailand ▪ Turkey ▪ Vietnam Africa ▪ Nigeria

Note: 2023 rankings based on "Refinitiv midmarket league tables". (1) Cumulative figures 2019-2023 (last 5 years)

▪ South Africa ▪ Sub-Saharian Area

Global Markets: very profitable historical business and high barriers to entry

Offering & Expertise Key Facts

Research Team: a team of experts, at the top of international rankings

Why Us?

• Independent outstanding research, covering equity and fixed income issuers
• Leading position in Italy, with a team of analysts constantly ranked at the top of international surveys (Institutional Investors)
• Wide coverage of Italian listed companies (96%+ total market cap in Italy) and increasing coverage of European and international issuers
• Multi-sector expertise, proven track-record in understanding key trends in advance, and deep knowledge of Mid & Small Caps
• Professionals who provide valuable insights to the other areas of business of the Group (Investment Banking, Global Markets, Alternative Asset Management)

Alternative Asset Management: the rising star, where sky is the limit

Offering & Expertise Key Facts

		Liquid Products
Private Debt Customized debt instruments as complementary solutions to bank lending. Focus on financing LBOs sponsored by leading private equity funds, through unitranche and subordinated notes			Private Equity	Infrastructures & Renewables	Liquid Strategies
			Expansion and replacement capital, management buy out and buy-in	Renewable energy fund focused on European PV, wind and biogas assets	Management of discretionary portfolios and UCITS funds on behalf of banking groups who want to access a strong third-party brand
EPD (€100m) fully invested	EPD II (€237m) fully invested by YE	EPD III (≈€300m) fundraising	EQUITA Smart Capital – ELTIF (€98.5m) investment phase	EQUITA Green Impact Fund - EGIF (≈€200m) fundraising	3 discretionary portfolios	2 flexible equity funds (UCITS)	1 equity advisory contract

404 ^{681 880 744 770} 557 546 100 100 ^{100 200 279} 337 337 150 150 57 ^{49 61 110 39} 654 ⁹⁸⁰ 1.019 ⁹⁴⁴ 1.106 955 993 2017 2018 2019 2020 2021 2022 2023

Increasing mix to illiquid assets

Evolution of Net Revenues since IPO

Liquid strategies Private Debt Private Equity Other

• One of the few multi-asset manager in Italy, with a diversified offering, combining liquid and illiquid assets, debt and equity, institutional and banking clients
• Among pioneers and leaders in private debt in Italy, with a growing footprint abroad (Germany)
• Solid track-record in the launch of products, performance generation and in growing team size
• Model based on recurring revenues' stream from alternative assets, potential upside from carried interest, and significant synergies from the collaboration with other areas of the Group (research, trading floor, investment banking)
• Low capital absorption, strong operating leverage, scalable business

A reliable partner with a strong brand and an improving positioning, committed to sustainability

Recent initiatives dedicated to sustainability The EQUITA brand

• Voluntary CSR Report 2023 Launch of a new sustainable finance team to address clients' needs and advise investors, corporates, entrepreneurs and institutions in the delicate transition to sustainability
• Launch of a new asset class dedicated to green infrastructures (EGIF)
• Integration of research reports with ESG analysis
• Assessment of Group's carbon footprint and achievement of carbon-neutrality in 2022, before 2024 target
• Establishment of Fondazione EQUITA, with focus on young students, financial education, art and culture, local communities and environment.

3,300+ mentions

On domestic and international newspapers and media in the last 12 months

Why Us?

• ESG and sustainability at the core of our strategy, to support business development
• Strong perception of EQUITA as brand, with high-reputation among institutions, entrepreneurs and decision makers
• Business model dedicated to «entrepreneurs» and managed by managers who are «entrepreneurs»
• Families, leading institutions and entrepreneurs among «loyal» shareholders in the share capital
• Growing presence on newspaper and media as evidence of the strong EQUITA brand
• Opinion maker with significant engagement in institutional initiatives dedicated to capital markets and finance in general (participation to the European Commissions' Technical Expert Stakeholder Group (TESG) on SMEs, Consob Stakeholder Group, Ministry of Economics and Finance Taskforce…)

		2017 (IPO)	October 2024	Variation
					Majority of shares distributed to professionals to: Execute M&A deals ▪
	No. of shares	50.0m	52.9m (1)	+2.9m	Serve incentive plans ▪ required by applicable
Share Capital	No. of treasury shares	4.7m	2.6m	+2.1m	regulation ▪ Align interests of new
	No. of outstanding shares	45.3m	50.3m	+5.0m	senior hirings
					+11% outstanding shares (9% dilution)
Key	Adjusted Net Profits	€11.2m	1H'24 LTM Net Profits €16.2m	+€5.0m	+45% vs IPO
Financials	Adj. Earnings per share (EPS, fully diluted) (1)	€0.24	€0.32	+€0.08	+33% vs IPO
	Management and EQUITA professionals	54% / 60%	40% / 54%	Management still the largest shareholder with 33% stake and 47% of votes in the
	Of which Management Pact	38% / 42%	35% / 49%	Shareholders' Meeting
Ownership Structure	Float / Market	37%/ 40%	55% / 46%	Significant increase in market float
(% share capital / % votes in the Shareholders' Meeting)	of which Significant Shareholders (Fenera Holding)	- / -	5% / 7%
	Of which Families, Entrepreneurs and institutions (May'23 - Placement)	- / -	11% / 8%
	Treasury shares	9%/ -	5% / -

Healthy balance sheet, with capital ratios well above minimum requirements

(€m)	1H'24	1Q'24	FY'23	9M'23	1H'23	1Q'23	FY'22	1H'22	FY'21	FY'20
Cash & Cash equivalents	90.5	87.5	130.5	75.1	74.0	106.3	107.9	125.3	136.1	117.2
Financial assets at fair value with impact on P&L	94.0	102.0	77.4	99.3	95.5	90.4	111.7	79.6	49.2	43.8
Financial assets at amortized cost	118.2	122.7	101.2	122.5	144.6	128.0	99.6	97.1	91.4	86.1
Equity investments	0.6	0.6	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Intangible assets	26.6	26.6	26.6	26.7	26.8	26.8	26.9	27.1	27.2	27.5
Tangible assets	4.3	5.7	6.0	5.7	5.8	6.0	4.1	4.6	5.2	6.2
Tax assets	3.1	3.6	3.2	4.9	5.3	8.1	7.5	4.7	4.4	3.1
Other assets	27.2	32.6	34.1	36.0	34.0	39.4	41.7	42.1	1.9	1.6
Total Assets	364.5	381.3	379.7	370.3	386.1	405.0	399.5	380.5	315.6	285.8
Debt	208.1	213.7	213.9	203.0	220.0	222.5	221.3	197.4	175.6	171.3
Tax liabilities	4.1	2.6	1.3	1.6	1.1	5.3	3.6	3.4	6.0	2.2
Other liabilities	50.7	49.1	50.8	64.1	66.1	62.7	64.4	87.7	27.9	21.7
Employees' termination liabilities	1.9	1.9	1.9	2.0	2.2	2.2	2.1	2.1	2.4	2.3
Allowance for risks and charges	2.1	2.3	3.2	2.4	2.1	3.8	3.8	3.2	4.4	2.7
Total Liabilities	266.8	269.6	271.1	273.1	291.4	296,5	295.2	284.8	216.3	200.1
Share capital	11.9	11.7	11.7	11.6	11.6	11.6	11.6	11.6	11.6	11.6
Treasury shares	(2.6)	(2.7)	(3.2)	(3.2)	(3.2)	(3.3)	(3.9)	(4.0)	(4.1)	(4.1)
Reserves	80.3	96.4	80.0	78.5	78.2	96.3	79.4	76.5	69.9	65.4
Net Profits of the period	8.1	3.0	16.8	10.3	8.1	3.8	17.3	11.7	22.1	12.9
Third parties' equity	-	3.4	3.2	-	-	-	-	-	-	0.1
Shareholders' Equity	97.7	111.7	108.6	97.2	94.7	108.5	104.3	95.7	99.3	85.7
Total Liabilities and Shareholders' Equity	364.5	381.3	379.7	370.3	386.1	405.0	399.5	380.5	315.6	285.8
ROTE %	25%	21%	26%	22%	23%	26%	29%	38%	44%	27%
IFR %	364%	360%	360%	402%	373%	382%	N/A	N/A	N/A	N/A

Disclaimer

This presentation shall be considered as confidential. It may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. The views presented herein, which do not purport to be comprehensive, are for discussion purposes only and are based upon publicly available information that is believed to be reliable, but which has not been verified by EQUITA Group S.p.A. or any subsidiary of EQUITA Group S.p.A. ("EQUITA").

Equita is not advocating any of the courses of action presented herein, which are being presented to solely illustrate a range of available options. No representation or warranty, express or implied, is or will be given by EQUITA or its directors, officers or employees as to the accuracy or completeness of this Presentation and, so far as permitted by law, no responsibility or liability is accepted for the accuracy or sufficiency thereof, or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. In particular, but without limitation, (subject as aforesaid) no representation or warranty, express or implied, is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts and nothing in this Presentation is or should be relied on as a promise or representation as to the future. Neither EQUITA, nor any of its directors, officers and employees shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this Presentation or any other written or oral communication with the Recipient and any such liability is expressly disclaimed. This Presentation does not constitute an offer or invitation or a solicitation of any offer or invitation for the sale or purchase of securities or of any of the assets, business or undertaking described herein. In addition, it is not intended to form the basis of or act as an inducement to enter into any contract or investment activity, and should not be considered as a recommendation by Equita. In furnishing this Presentation, Equita does not undertake any obligation to provide any additional information or to update this Presentation or to correct any inaccuracies that may become apparent.

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