Ovs - Capital/Financing Update 2022

PRESS RELEASE

THE COMPANY'S FINANCIAL STRUCTURE HAS BEEN ADDITIONALLY IMPROVED WITH THE EXECUTION OF A "SUSTAINABILITY-LINKED" FACILITIES AGREEMENT FOR EURO 230 MILLION AIMED TO REPAY EXISTING FACILITIES

Venice, 7 April 2022 – Today OVS S.p.A. has entered into a facilities agreement consisting of two facilities amounting in aggregate to Euro 230 million, both sustainability-linked, with a 5-years maturity.

This transaction additionally improves the Company's financial structure, which has already been strengthened due to the excellent performance in terms of cash flows generated during the year 2021, the recent capital increase, and the issuance of the sustainability-linked bond. The new facilities provide significant advantages with regard to cost, extension of maturity and, more generally, contractual terms coherent with the Group's situation.

The agreement executed today allows the Company to obtain financial resources aimed, among others, at repaying and replacing: i) two facilities, including one Revolving facility for Euro 100 million and one Term facility for an outstanding amount of Euro 33 million, made available by virtue of a facilities agreement entered into in 2015 and amended in 2019, both of which have an upcoming maturity date, and ii) a facility for Euro 100 million, 80% secured by SACE, obtained by virtue of a facility agreement entered into in 2020 in order to meet the needs arising from COVID-19, and which today is no longer consistent with the Company's financial structure.

The new facilities that have been entered into will terminate in April 2027, and consist of a Term Facility of Euro 110 million with a pre-amortization period terminating on 31 May 2023 and followed by a repayment plan in eight half-yearly instalments, and a Revolving Facility of Euro 120 million. The facilities, in line with market practice, will be subject to compliance with a covenant related to the ratio of average NFP to EBITDA, set at 3.5x for the period up to 31 July 2023 and subsequently at 3.0x, levels that guarantee a wide margin with regard to the current situation and the future reasonable forecasts of the management.

The new facilities agreement presents a pricing range between 175 bps and 225 bps, to which, if positive, the value of the Euribor is to be added, showing lower costs compared to the facilities to be refinanced.

The structure of the facilities agreement also envisages a decrease or increase of the costs by 10 bps according to the achievement of sustainability targets which are consistent with those set out for the sustainability-linked bond. By virtue of this agreement all the Company's main financial facilities shall thus be linked to sustainability performance.

OVS SpA Sede legale: Via Terraglio, 17 30174 Venezia Mestre, Italy T +39 041 2397500 F +39 041 2397630 N. Iscrizione Reg. Imprese Venezia C.F. e P.I. 04240010274

www.ovscorporate.it

Capitale sociale euro 290.923.470,00 i.v.

The Company thanks all parties involved since the beginning of the process: Banco BPM, Credit Agricole CIB / Friuladria, Intesa San Paolo, MPS Capital Services and UniCredit which also acted as Global Coordinators and Bookrunners, BPER Banca and Sparkasse Cassa di Risparmio di Bolzano which participate in the financing.

For further information:

Barabino & Partners SpA [email protected] E-mail: [email protected] Via Terraglio no. 17, 30174, Mobile +39 335.42.42.78 Venezia – Mestre

Federico Steiner Investor Relations OVS S.p.A.

OVS SpA Sede legale: Via Terraglio, 17 30174 Venezia Mestre, Italy T +39 041 2397500 F +39 041 2397630 N. Iscrizione Reg. Imprese Venezia C.F. e P.I. 04240010274

www.ovscorporate.it

Capitale sociale euro 290.923.470,00 i.v.