Servizi Italia

Investor Presentation • Mar 27, 2018

SERVIZI ITALIA AT^A GLANCE

• • Undisputed leader in providing industrial LAUNDRY AND ^STERILIZATION SERVICES TO THE ^HEALTHCARE SYSTEM, thanks to a consolidation strategy made of internal growth and acquisitions.
• • ^HIGH QUALITY OF MIXOF PRODUCTS AND SERVICES, satisfying expectations and needs of customers.
• • ^A business model which contributes to the ^RATIONALIZATION OF ^HEALTHCARE COSTS and SOCIAL SUSTAINABILITY in Italian regions and wherever it operates.

WASH-HIRE

(75.4%of 2017 revenues)

Washing and hire of flat linen (sheets, sleepers, blankets), packed clothes (gowns, scrubs, hospital uniforms), mattresses and pillows.

TEXTILE^STERILIZATION

(8.1%)

Sterilization Reusable Textile for operators gowns, towels and procedural kits for surgical activities, as well as accessory parts for disposable material.

SURGICAL ^INSTRUMENTSSTERILIZATION(16.5%)

Collection, conditioning, maintenance and sterilization of surgical instruments, kits composition and management of the CSSD.

INTERNATIONAL^PRESENCE

Since 2012, SERVIZI ITALIA has been spreading at an international level and, thanks to its technologically advanced production platform, it is now present in ⁶COUNTRIES.

SERVIZI ITALIA Group counts more than 3,470 employees distributed throughout ²⁴ laundries, ⁶ linen sterilization centers and ²⁰surgical instruments sterilization centers.

• •14 laundries in North-Centre of Italy
• •4 laundries in the State of Sao Paulo, Brazil
• •5 laundries in Turkey
• •1 laundry in India
• •23 CSSDs (linen/instruments) in Italy
• •1 CSSD for surgical instruments in Albania
• •1 CSSD for surgical instruments in Turkey
• •1 CSSD for surgical instruments in Morocco

International Development Strategy

• •Increased incidence of revenues from abroad.
• •Business model consolidation in the Countries already covered.
• •Development in new areas with similar market characteristics compared to the existing ones.

GROUP^EVOLUTION

BUSINESS^OVERVIEW

SERVIZI ITALIA is the partner of choice of the healthcare service and hospitals, thanks to its provenand recognized quality service.

1. LONG-TERM CONTRACTS AND ACTIVITY PLANNING FOR FUTURE YEARS

• Revision of contracted prices according to regulations in force;
• High quality of credits (mainly government bodies);
• Cross-selling opportunities on wash-hire contracts for higher value added services.

2. INVESTMENTS MADE ONLY AFTER CONTRACT ACQUISITIONand refund according to contract.

1. MIX PRODUCT/SERVICE which creates strong barriers on entry.

Creating value over time:

• • Optimization of costsboth logistics and productive
• Commercial synergies and common processes
• -Development of high value-added services
• -International development strategy
• Renegotiation of expiring contracts at improved conditions

4 YEARSWash-hire

6 YEARSSterilizat.

FOCUS ON^ITALIAN ^MARKET

In 2016, the Italian industrial laundry market registered in the healthcare wash-hire segment ^a total turnover equal to Euro ⁷⁶⁰million, divided by segment as follows:

SERVIZI ITALIA, even if it is mainly active in the North-Centre of Italy, has ^a market share of ²⁸%, which identifies it as absolute leader of the healthcare sector.

SERVIZI ITALIA's main customers are hospitals and relevant local districts, private clinics, emergency services etc. As of today SERVIZI ITALIA is managing more than 60,000beds, equal to the ⁴¹% of total available beds in Italy.

NEWMARKETS

In the countries where it is active, Servizi Italia has found some interesting features in order to export its businessmodel.

• Fast growing markets looking for qualified operators in order to meet the high demand connected to wash-hire and sterilization activities, partly due to anincrease of the so-called medical tourism;
• High penetration rate in the market: only ^a few of wash-hire services are currently outsourced to private operators, both in public and private healthcare;
• Low competitiveness: average operators are small, with low self-financing capacity and inefficient management models.
• Old fashioned laundry plants, lacking of an industrial management model with real opportunity to make efficiency by exporting technical management of thebusiness models adopted by the Group.

FOCUS ON^BRAZILIAN MARKET

The SERVIZI ITALIA Group is present in Brazil, in the State of SaoPaulo, and it is considered as ^a landmark for both private andpublichealthcare.

Brazilian market is characterized by ^a high penetration rate: only the ⁴⁵% of wash-hire services is currently outsourced to private operators, while in Italy the percentage is nearly ⁹⁵%.

At the moment SERVIZI ITALIA has ⁴ active plants on the Area of Sao Paulo. All of them are technologically advanced andstrategically positioned all over the area. The Group counts inBrazil over 1,250employees.

WASH-HIRE POTENTIAL MARKET:≈^REAIS 840 MILLION

OVER 700,000 KG/DAY OF POTENTIAL LINEN ONLY IN THE ^AREA OF ^SAO^PAULO

≈ 1,000 HEALTHCARE STRUCTURES COUNTING OVER 92,500 AVAILABLEBEDS*

Brazilian market suffered great changes during the last 4-5 years. The arrival of SERVIZI ITALIA in the country marked the start of ^a market consolidation process. Where in the past there were many small, family-run laundries, today there are two large industrial groups which effectively divide the industrial laundry market.

FOCUS ON^TURKISH MARKET

The SERVIZI ITALIA Group is present in Turkey with two different companies dealing with industrial laundry (ANKATEKS) and sterilization(SAS STERILIZASYONSERVISLERI).

ANKATEKS, main Turkish operator in hospital laundry sector, known as "Ankara Laundry" and active in the area of Ankara and – through thecontrolled company ERGULTEKS– in Izmir as well.

5 INDUSTRIAL LAUNDRY PLANTS which are technologically advanced and strategically positioned in the country (Ankara, Izmir and Mersin). The Group counts in Turkey over 300 employees. PPP

PROJECTS: local reforms will lead to the construction of new hospitals with publicprivate participation, which is estimated to increase the number of beds in the market up to about 250,000 over the next few years.

At the moment there is no predominant group in wash-hire and sterilization markets: some hospitals performthese services internally, while others rely on companies which offer cleaning and laundry services for other sectors.

FOCUS ON^INDIAN MARKET

Servizi Italia Group is present in India, in the area of NewDelhi, with the start-up ShubhramHospital Solutions P. Ltd.

The Indian market has recently started the outsourcingprocess of wash-hire andsterilization activities.

¹ technologically advanced laundry plant in Delhi NCR.

OVER 195,000 HEALTHCARE FACILITIES IN INDIAOVER90,000 BEDS IN DELHI NCR

OVER200,000,000 KG OF LINEN

FOCUS ON^ALBANIAN MARKET

TOTAL VALUE AWARDED:EURO⁷⁰MILLION

OVERALL DURATION OF CONTRACT10 YEARS

R INTERVENTIONS/YEAR:OVER50,000

Servizi Italia is present in the market with the ³⁰% participated company SaniService, which subscribed of ^a 10-year contract for sterilization, maintenance and renting of surgical instruments, as well as sterilization management of re-usable medical devices andsupply of disposable medical devices to all public and privatehospitals of the Republic of Albania.

FOCUS ON^MOROCCAN MARKET

Starting from 2017, Servizi Italia is present in Morocco through anindirect participation in the company Servizi Italia Marocco, beingthe first company active in offering sterilization services to Healthcare customers in the Country.

GROUP^VALUES

Focus on customers

Investing in research of tailor solutions to propose and carry out together with customers.

Efficiency research

Services are based on a process of industrial production subjected to frequent analysis, in order to production efficiency goals.

Organizational solidity and reliability

Servizi Italia is a deep-rooted company, with a wideproduction network.

Product and processinnovation

Backed by a strong cooperation with research centers and international university centers.

Safetyand transparency

Guaranteed by the traceability of products and the quality system certification process.

Professionalism

Enhance skills and talents, attracting and retaining the best resources.

Internationalization

Being a multinational company for organization,culture, modes of presence and respect in global markets.

Values

The approach of SERVIZI Italia is set toguarantee ^a high level of service tobenefit of patients and citizens, as beneficiaries of assistance and healthservices.

^S ha ring Transparency ResponsibilityAwarenessConsistency

STRATEGIC^GROWTH ^GUIDELINES

1. STRENGTHENINGOF LEADERSHIP IN ^ITALY

• •Contracts awarding and cross-selling opportunities
• •Customer retention activities
• •Acquisition of new target companies

3. CONSOLIDATION OF ^EXISTINGMARKETS

• • Development and consolidation of business model in Brazil and Turkey.
• • Development and growth in areas where the Group presence is still limited (Albania, India, Marocco)

5. INTERNATIONAL^EXPANSION

• Identification of potential new opportunities for International growth in New Markets and/or strenghtening of Areas alreadycovered.

2. DIVERSIFICATION OF ^BUSINESS TO ^ADDED VALUE^SERVICES

• • Sterilization of surgical instruments, procedure kits for operating room and supply of textiles in TTR and/or TNT.
• Validation services for sterilization machinery.

4. MANAGEMENT^OPTIMIZATION

• Operational and organizational efficiency in order to maintain margins and profitability.

MAINDETAILS ON ^STOCK ^EXCHANGE

De ta ls ha i on s re s ( da ta at 13 /0 3/2 01 8) as
S ha ta l i re c ap	3 1, 8 0 9, 4 5 1
S ha ic re p r e	5, 7 8 €
Ca ta l t i iz io p a n	ln 1 8 3, 9 € m

Analyst coverage Reccomendation Target Price (euro) Date Intermonte SIM Outperform 7,50 26-Mar-18 Midcap Partners Buy 7,4014-Mar-18

RELEVANT SHAREHOLDERS

Source Consob. Updated as at 13,03,2018

DIVIDENDS/SHARE DISTRIBUTED PER YEAR: Averagepay-out ⁴⁰%

ECONOMIC& FINANCIALS ^DATA

ECONOMICS – ^CONSOLIDATED^RESULTS FY2017

'0 0 0 E u r o	D b e c e m e r 3 1 t, 2 0 1 7 s	( 1 )	D b e c e m e r 3 1 t, 2 0 1 7 s d t d j a u s e	D b e c e m e r 3 1 t, 2 0 1 6 s	C h a n g e s A d t d j u s e	C h a n g e % d j. a
R e v e n u e s	2 5 2 1 0 2 ,		2 5 2 1 0 2 ,	2 3 7, 7 1 6	1 4 3 8 6 ,	6 1 %
E B I T D A	6 9 8 2 9 ,	1, 3 2 6	7 1, 1 5 5	6 4 0 2 2 ,	7, 1 3 3	1 1. 1 %
E B I T D A %	2 7. 7 %		2 8 2 %	2 6 9 %
E B I T	1 6 3 7 6 ,		1 7, 7 0 2	1 3 7 4 5 ,	3, 9 5 7	2 8 8 %
E B I T %	6 5 %		7. 0 %	5 8 %
N t P f t i e r o	1 4 3 6 5 ,	( 3 1 1 )	1 5 3 8 0 ,	1 0 5 1 5 ,	4 8 6 5 ,	4 6 3 %
N t P f t i % e r o	5 7 %		6 1 %	4 4 %

(1) The adjusted data do not take account of non-recurring costs relating to the restructuring and industrial reorganisation of the North-West area for Euro ⁵⁵⁷ thousand, in particular incentives, indemnities and Naspi (acronym for Italian monthly compensation for unemployment), before the tax effect of Euro ¹³⁴ thousand and one-off costs of the indemnity to theaffiliated company Focus S.p.A. for Euro ⁴⁰⁸ thousand, before the tax effect of Euro ¹¹⁴ thousand and the payment of registration tax and accessory charges for the acquisition of Lavanderia Industriale Z.B.M. S.p.A. for Euro ³⁶¹ thousand, gross of other charges and the tax effects of Euro ⁶³ thousand.

ECONOMICS – ^CONSOLIDATED^RESULTS FY2017

16

ECONOMICSPER ^BUSINESS ^LINE

REVENUES PER BUSINESS LINE (mln euro)

PROFITABILITY %PER BUSINESS LINE

MAINFINANCIAL RESULTS

( Eu t ho d ) us ro an	F Y 2 0 1 7	F Y 2 0 1 6
Op t t w k ta l ing ing i er a n e or c ap	1 0. 9 3 4	1 2. 6 0 8
O t he ho t- te ts / l b l t ia i i ies r s r rm a ss e	( 1 2. 0 0 0 )	( 1 1. 6 9 2 )
Ne t w k ta l in i or g ca p	( 1. 0 6 6 )	9 1 6
F d ts Me d / Lo te ixe iu as se m ng rm – is io p ro v ns	2 1 8. 3 5 3	2 1 6. 4 5 7
In te d ta l i ve s ca p	2 1 7. 2 8 7	2 1 7. 3 7 3
S ha ho l de ' Eq ty ( B ) i re rs u	1 4 1. 6 3 9	1 3 7. 7 5 6
Ne t f l De b t ( A ) ina ia nc	7 5. 6 4 8	7 9. 6 1 7
In te d ta l ( C ) i ve s ca p	2 1 7. 2 8 7	2 1 7. 3 7 3
Ge ( A / A+ B ) in ar g	3 4, 8 %	3 6, 6 %
Ne t De b t / Eq ty ( A / B ) i u	5 3, 4 %	5 7, 8 %

HISTORICAL NET DEBT (mln euro)

CREDIT LINES FY2017 (mln euro)

NET DEBT / EQUITY (mln euro)

GENERATION OF CASHFLOW

Even in presence of ^a capital intensive business, Servizi Italia is able to generate important positive cashlows fromits operativeactivity.

During the last few years, the management decided to invest its resources into structural investments, for consolidatingits leadership position and for ^a constant growth and improvement of Group perfomance.

Net of operating investments, Servizi Italia generated cash over Euro ²¹⁰ million from²⁰⁰⁶ to 2017.

DISCLAIMER

This presentation has been prepared by Servizi Italia S.p.A. ("Servizi Italia" or the "Company") and must be read in conjunction with its oral presentation.

The information contained in this presentation does not purport to be comprehensive. Neither Servizi Italia S.p.A. nor any of its officers, employees, advisers or agents accepts any responsibility for/or makes any representation or warranty, express or implied, as to the truthfulness, accuracy or completeness of theinformation contained in this presentation or any other information relating to Servizi Italia S.p.A., its subsidiaries or associated companies, whether written, oral or in ^a visual or electronic form, transmitted or otherwise made available.

The information contained in this presentation must be treated as highly confidential and cannot be distributed without the expressed written consent of Servizi Italia S.p.A.

This document is confidential and is being provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. Neither this document nor any part or copy of it may be taken or transmitted into the United States (US) or distributed, directly or indirectly, in the US or to any "US person", as that term is defined in the US Securities Act of 1933, as amended (the "Securities Act"). Neither this document nor any part or copy of it may be taken or transmitted into Australia, Canada or Japan or to any resident thereof, or distributed directly or indirectlyin Australia, Canada or Japan or to any resident thereof. Any failure to comply with this restriction may constitute ^a violation of US, Australian, Canadian or Japanesesecurities laws. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes shouldinform themselves about, and observe, any such 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.

No reliance may be placed for any purposes whatsoever on the information or opinions contained in this document or any other material discussed at thepresentation, or on its completeness, accuracy or fairness.

The information in this document and any other material discussed at the presentation are provided as at the date of this presentation and is subject to completionand change without notice.

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

Servizi Italia S.p.A.

Via S. Pietro, 59/b43019 Castellina di Soragna (PR) ItalyTel.+39 0524 598511 - Fax+39 0524 598232 Share capital: Euro 31,809,451 fully paid-upFounded: 1986 Tax ID Number and Parma Business Registry Code: 08531760158Market: MTA – STAR segment

Sector: IndustrialISIN code for ordinary shares: IT 0003814537 Reuters: SRI.MI --- Bloomberg: SRI IMSpecialist: Intermonte SIMInvestor Relations Department: Giovanni Manti (IR), Innocenti Luigi Email: investor@si-servizitalia.comweb site: www.si-servizitalia.com