Racing Force — Investor Presentation 2021

Dec 1, 2021

THE BEAT OF RACING HEARTS

DECEMBER 2021

TODAY'S SPEAKERS ²

RACING FORCE LEADERSHIP TEAM RACING FORCE PEOPLE

RACING FORCE AT A GLANCE ⁴

RACING FORCE OPERATES IN THE DEVELOPMENT, PRODUCTION AND MARKETING OF SAFETY COMPONENTS AND PROTECTION EQUIPMENT FOR THE MOTORSPORT INDUSTRY

RACING FORCE GROUP TODAY

Leadership in Motorsport Safety Equipment

• Widest range of products covering the full spectrum of motorsport safety equipment and beyond
• 3.400+ Customers Worldwide
• 6 sites incl. 2 manufacturing facilities, 6 showrooms and 3 R&D centers in US, Europe and Asia
• Over 400 employees from 30 nationalities

SHAREHOLDERS' STRUCTURE

Sources: Group information * Including Over Allotment Option

STRONG TRACK RECORD OF RESILIENCY AND GROWTH ⁸

AN ATTRACTIVE NICHE MARKET… ⁹

MOTORSPORT: "ANY COMPETITION OR RELATED SPORT ACTIVITY RESTRICTED TO VEHICLES THAT (I) HAVE AT LEAST FOUR NON-ALIGNED WHEELS AND (II) ARE CONSTANTLY AND ENTIRELY CONTROLLED BY A DRIVER ON BOARD THE VEHICLE"

1) the market value of goods and services (i.e., gross revenue) produced by each segment of the industry

2) including (i) 'competitors', (ii) 'officials, marshals and volunteers', and (iii) 'non-competing club members' (*) Direct relationship with promoters for the Driver's Eye

…RULED BY STRICT REGULATIONS AND HOMOLOGATIONS… ¹⁰

… AIMED AT CONSTANTLY IMPROVING SAFETY… ¹¹

LEADERSHIP IN A FRAGMENTED MARKET DOMINATED BY 3 PLAYERS ¹³

	Headquarter
Market		Worldwide		Sparco Worldwide Impact USA	Simpson (mainly USA) Stilo Worldwide
Main brands
T N R ME	Range Offer Racewear Kartwear
VE P RI UI D Q E	Helmets FHR
TS R A R P A	Intercom Seats Harnesses
	Rollbars Fire Ex. Systems
C	Steering Wheels Car Accessories

Sources: Group information and estimates Note: Bubble size proportional to the estimated turnover

Sources: Group information Note: (1) Outside consolidation perimeter

BELL – SERIOUS HEAD PROTECTION ¹⁶

ZERONOISE – "SILENCE" AND "VISION" ¹⁷

Sources: Group information (1) For additional information refer to slide 24

RACING SPIRIT – "RACING DNA" 365 DAYS A YEAR ¹⁸

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3 CUTTING-EDGE R&D CENTERS

TIGHTLY AND CONTROLLED VALUE CHAIN DELIVERING SPEED, RELIABILITY AND CUSTOMER SATISFACTION ²⁰

BRAND AWARENESS & RELIABILITY

Control over timing and quality, paired with internalization of know-how and R&D leading to brand awareness and reliability

MAXIMUM CUSTOMER SATISFACTION

360° post sales services allowing maximum customer satisfaction as a onestop-shop partner

NO SUPPLIER DEPENDENCY

Top 10 supplier accounting for less than 40% of 2020 COGS (with largest client representing ca.6%)

3 CLEAR MAIN PILLARS FOR FURTHER GROWTH

CONSOLIDATING LEADERSHIP IN LOWER PENETRATED GEOGRAPHIES - AMERICAS ²² 1

¹ CONSOLIDATING LEADERSHIP IN LOWER PENETRATED PRODUCT SEGMENTS

Sources: Group information Note: (1) Belgium Rally (Aug – 2021)

GROWTH BEYOND CORE MARKETS (MEDIUM TERM) 2

A WELL-DEFINED ACTION PLAN ALREADY IN MOTION Phase 1 Phase 2 Phase 3 Phase 5 Product Design 12 months (Completed) 4 months To be completed 3 months To be completed 6 months To be completed Industrialization Commercialization Initial studies and proof of concept Phase 4 3 months To be completed Certification DATE MILESTONE Jun-20 Shell Design Dec-20 Shell Prototyping Jan-21 Shell pre-series production (Bahrain) May-21 Lab Testing (impact, windblast, environmental) Early-22 Production Proposal Early-22 Down Select Date Mid-22 Sled Testing Mid-23 Qualification Clean Up / Manufacturing Readiness Mid-23 Production Contract Late-23 First delivery in Q3 2023 SPECIAL FORCE HEAD PROTECTION Marcel Lejeune Consultant for Ballistic Head Protection project Lothar Schuster Director of High Protection Systems SA JET PILOT HELMETS TODAY TODAY

Sources: Group information Note: phases overlap and one does not necessarily trigger the next one

25

5

STRONG TRACK-RECORD OF SUCCESSFUL INTEGRATIONS IN RECENT YEARS PROVIDES SOLID GROUND FOR FURTHER M&A POTENTIAL IN A VERY FRAGMENTED MARKET

RESILIENCY AND GROWTH…

Sources: Company's financials report, 2019FY pro-forma

… COUPLED WITH SOUND PROFITABILITY AND SOLID CASH FLOW GENERATION

Net Debt as of 1H 2021: €18.1m, including €12.4m of one-off investments / acquisition costs since 2019

1H 2021 Cash Conversion of 61.8%*

Sources: Company's financials report, 2019FY pro-forma * Operating Free Cash Flow / EBITDA

RACING FORCE: A WINNING STORY ²⁹

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5

1 6

ATTRACTIVE NICHE MARKET

Highly fragmented and attractive niche market with unique features in terms of growth and resiliency coupled with significant barriers to entry, but tremendous visibility

UNIQUE BRANDS HERITAGE

Iconic global brands enjoying a loyal and diversified customer base

LEADERSHIP IN SAFETY INNOVATION

50 years of technology leadership and innovation in a highly-regulated environment

TIGHTLY CONTROLLED VALUE CHAIN

"Speed, Reliability and Safety" is the name of the game in Motorsport

CLEAR PATH FOR FUTURE GROWTH

Strong and visible strategy offering solid growth potential

RESILIENCY, GROWTH AND CASH CONVERSION

Resilient business model characterized by fast cash conversion cycle, enabling for a sustainable growth path

World titles*

* In the last three years. In 2021 other 6 World Titles won (upd. Nov. 21)

RACING FORCE GROUP – KEY IPO FACTS AND NUMBERS ³⁰

THE OFFER

▪ Market: Euronext Growth Milan

▪ Primary Tranche: 20,250,000 €

• Secondary Tranche: 10,935,000 € (including Greenshoe; from SAYE and Nehoc)
• Floating: 26.5% (exc. Greenshoe) 29.2% (incl. Greenshoe)
• Offer Price / Mkt Cap: 4.50 € / 106.9 M€
• First Day of Trading: November 16, 2021

• Lock-up Agreements: 365 days for Managers and key management Shareholders THE KEY NUMBERS

• Days to cover books: 1

• # of Investors Met in Roadshow: >80
• Investor Conversion Rate: >85%
• Individual Lines in the Final Book of Demand: 116
• Oversubscription at the Final Offer Price: 6.1x
• Allocation to Long Only Investors: 82%

• Weight of International Investors in the Allocation Book: >40%

THANK YOU

The information contained in this documentation has been prepared by Racing Force S.p.A. (the "Company") and its consolidated subsidiaries (together, the "Group") for the sole purpose of the presentation made to you concerning the Company. This presentation and the information contained herein are strictly confidential. Disclosure of the information contained herein to anyone outside of your firm is prohibited. This presentation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (other than as required to those within your organization who agree to be bound by these restrictions) or published in whole or in part, for any purpose or under any circumstances. By attending the meeting where this presentation is made, or by reading the following presentation slides, you further agree to be bound by the following limitations, qualifications and restrictions.

This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. The information and opinions contained in this document are provided as at the date of the presentation and are subject to change. Neither the Company nor the Group nor any other person is under any obligation to update or keep current the information contained in this presentation.

To the extent available, the industry, market and competitive position data contained in this presentation come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company hasn't independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company operates. While the Company reasonably believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation.

The information contained in this presentation is preliminary in nature, subject to updating, correction and amendment and does not purport to be comprehensive. None of the Company and any of their respective subsidiary undertakings or affiliates, or their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express or implied, as to the truth, fullness, accuracy or completeness of the information in this presentation (or whether any information has been omitted from the presentation) or any other information relating to the Group, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

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This presentation and the information contained herein are not a solicitation of an offer to buy securities or an offer for the sale of securities in the US (within the meaning of Regulation S under the US Securities Act). The ordinary shares of the Company have not been, and will not be, registered under the US Securities Act and may not be offered or sold in the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the US Securities Act or unless registered under the US Securities Act and in compliance with the relevant state securities laws. There will be no public offering of any securities in the United States.

This presentation is not a prospectus for the purposes of applicable laws and regulations, and it has not been approved by any authority.