Tinexta — Investor Presentation 2018

Sep 27, 2018

ConferenceCall Presentation

Tecnoinvestimenti Group Digital Trust Strategic Partnership InfoCert &LuxTrust Joint Venture

27 September 2018

International growth strategy through InfoCert

eIDAS Regulation: the basis for Pan ‐European Trust Services

eIDAS regulation (the regulation on electronic IdentificationAnd trustServices for electronic transactions in theinternet market) was adopted in 2014, but became effective in July 2016.

The result is that for the first time there is ^a consistent legal framework and ^a single market for the recognition of electronic signatures and digital identities across all the EU member states. This provides the sector with ^a predictable regulatory environment to develop and expand the use of electronic signatures and transactions in the EU.

The regulation has standardized market access, allowed for interoperability and opened the European market. The creation of ^a Digital Trust single market has also attracted the interest of big American players.

27

September 2018 LuxTrust Strategic Partnership ³

EU Coverage through local champions

Unifiedlegal base: EIDAS

Access to all EU countries with the same solutions and legal framework

Concentrationprocess

The market is expected to evolve towardsa scenario with a lower number of players and a larger average size

Leverage InfoCert proposition Demand growing for TOP, GoSign and other innovative products, such as MIDPKI

Increasegeographic footprint

Enter new international markets while preserving market leadership incurrent markets

Strategy

Strategic rationale

Strong brand awareness and leadership position in Luxembourg whereLuxTrust is the only QTSP

Strong institutional support: owned by the Luxembourg Government and mainfinancial institutions

Complementary offering with InfoCert proposition 2n^d R&Dcenter

Prominent client base in the financial sectorEntryway into Central Europe

LuxTrust's revenues expect to grow double‐digit in the next 3Ys thanks tosynergies with InfoCert

The only Luxembourgish Qualified Trust Service Provider (QTSP)

• Founded in 2005 LuxTrust is the only Luxembourgish Qualified Trust Service Provider (QTSP), with solid institutional background and full coverage of the electronic identities in Luxembourg
• The main shareholders are the Government of Luxembourg and the Societe Nationale de Credit et d'Investissement ‐ SNCI¹, the Luxembourg Post, the Luxembourg Chamber of Commerce, and the main Luxembourgish banks.
• LuxTrust offers two main lines of product:
• i. Trust services: authentication and signature services (e.g. eIDAS compliant advanced and qualified electronic signature, electronic timestamp, electronic advanced or qualified seal);
• ii. ID services:signature and authentication of natural or legal persons through digital certificates;

1 SNCI is a public‐law banking institution specializing in the medium‐ and long‐term financing of Luxembourgish companies . It provides loans for investment, innovation and export activities.

Revenue increased over 10% in the last 3 years

• LuxTrust has concentrated on market expansion in 2015‐2018: revenues have grown over 10% CAGR.
• In order to support further long term growth, with particular reference to its international presence, the company has invested consistently in new employees (+circa 50% from 2015 to 2018) and in the development of software applications and maintenance of IT infrastructure (2018 CAPEX ^~ 2,5 times normalized level of previous years)
• EBITDA margin, consequently, decreased from 18% to about 10% in 2018 (current forecast)
• Following the transaction, significative CAPEX and OPEX synergies are expected due to joint R&D investments, common international sales organization and increase bargaining power with key suppliers of technologies.

Transaction details

LuxTrust 50% of capital acquired Through the underwriting of € 12.0 mln capital increase Closing will take place by year‐end

PriceAdjustment

Based on calculation of Net Debt at year‐end 2018, ^a price adjustment will be paid up to ^a maximum of €4.0mln

Financing the Transaction

As per Group policy, the transaction will be funded partly by internal resources and partly by recourse to financialdebt

Accounting Treatment & Governance

The joint venture will be accounted on an equity method basis LuxTrust will be governed with ^a new Board of Directors equally sharedbetween shareholders

Take‐aways

‐aways Important transaction from ^a strategic point of view as LuxTrust provides an entryway into the large French, Dutch and Belgian markets >>>

InfoCert's Enterprise products will be critical in accessing these markets

• InfoCert acquires ^a significant stake in ^a technological leader in the Francophone markets and intends to develop further the R&D capabilities in Luxembourg >>>Significant expertise in mobile signing technologies
• Second step in creating the European Champion in Digital Trust >>> Further momentum towards the achievement of ourgoal