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GPI SHARES

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HEALTH EXPENDITURE IN ‘OECD’ COUNTRIES AND EUROPE

Source: OECD Website

• Since the end of 2011, OECD countries overall health spending growth closely followed economic growth:

the drivers of the latest rise are renewed government and insurance spending

• EU members devoted an average 10.3% of their GDP to health spending in 2013. The data was up significantly up

from 7.3% in 2000. In Italy, this percentage was lower, and equal to 7,1%, but this gap is gradually narrowing

Public spending as % of GDP

Private spending as % of GDP

10.3 9.0 8.7 8.5 8.4 9.1 7.9 6.8 7.9 6.3 7.1 7.6 7.1 6.0

1.72.6

2.6 2.7 2.7 1.62.4

3.01.8

3.4 2.3 1.52.0

2.9

6.3

2.6

In this context, the

digitalization of the

sector will remain an

important factor for

achieving structural cost

savings for the entire

industry in Italy

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THE CHANGING HEALTHCARE PROVIDER ENVIRONMENT

CLINICAL MODEL

CLINICAL CONTENT

HEALTH METHOD

ORGANIZATION MODEL• Silos

• Isolated

• Provider-centric

• Episodic

• General

• Variable

• Face-to-face

• Data

• Isolated islands

• Manual connection

• Fee of service

• Integrated

• Collaborative

• Patient- and populations-centric

• Coordinated continuity of care

• Precision care

• Standardized

• In-person to virtual care continuum

• Knowledge and insight

• Integrated information

• Automated

• Valued-based

From: To:

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NUMBERS

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INCOME STATEMENT (IFRS)

* EBITDA ADJUSTED

€ 21.9M

Price adjustment mechanism

thresholds in 2016:

EBITDA € 21.7M

Net income € 5.9M

€M 2016 2015

Turnover 136,2 89,4

SG A (36,5) (27,7)

Labour (79,6) (53,6)

EBITDA (*) 20.1 8,0

EBITDA Margin (%) 14,8% 9,0%

D A (4,8) (5,1)

Risk provisions (0,1) (0,3)

EBIT 15,2 2,6

EBIT Margin (%) 11,2% 2,9

Net financial charges (2,5) (1,8)

Invest. earnings, net fiscal effect 0,1 -

EBT 12,6 0,8

Income tax (6,1) (1,1)

NET INCOME 6,5 (0,3)

o/w net income for the Group 6,2 (0,4)

o/w net income for Minorities 0,3 0,1

(5,2)

(5,7)

0.4 ml Euro

re-allocation

in final release

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BALANCE SHEET

€M 2016 2015 Var %

WORKING CAPITAL (44,4) (28,3) +57%

FIXED ASSETS (52,9) (34,5) +53%

OTHER ASSETS / (LIABILITIES)(26,1) (20,8) +25%

NET INVESTED CAPITAL 71,2 42,0 +70%

EQUITY 61,3 4,3 +>100%

- Group 60,4 4,1

- Third 0,9 0,2

NET FINANCIAL DEBT 9,9 37,8 -74%

EQUITY + NFD 71,2 42,0 +70%

(71.8) Cash & Equivalents

31.8 Bonds

18.1 Long Term Debts

31.8 Short Term Debts

____

9.9 NFD

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CASH FLOW

OPERATING CASH FLOW

€ 7.2M

adjusted € 9.0M

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Note: ITA GAAP consolidated financials

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EXTRACTING VALUE FROM ACQUISITIONS: cases

ACTIVITIES

UNDERTAKEN:

• improvement of the

overall efficiency

• boost on sales

• optimization of staff costs

REORGANIZATION

PROCESS:

• management of

company’s strategic

suppliers, banks and

sponsors

• reorganization of

functions and

responsibilities in the

headquarters (DE)

• re-launch of commercial

activities, exploiting group

sales network

5 months 2015 FY 2016 A (IFRS)

2014 2015 FY 2016 A (IFRS)

TURNOVER EBITDA

TURNOVER EBITDA

TURNOVER EBITDA

TURNOVER DEEP LOSS

8.8

1.1

12.5%13.5%

adj.

26.0

3.6

0.5 1.7 0.13.7

0.5

8% 16 %

Acquisition in Dec 2014

TURNOVER EBITDA

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DETAILS OF OUTSTANDING MINIBONDS

2013 2014 2015 2016 2017 2018 2019-2020 2020-2025

1st minibond – Issue date: 20/12/2013 2nd minibond – Issue date: 29/12/2015 3rd minibond – Issue date: 01/06/2016

Orizzonte

SGR

1st bond

fully

subscribed

€167.5 M

bond out

at 12/15

No debt

payments

€ 31.75 M

Bond out at

09/16

12.00

3.75

8.25

4.754.75

15.0015.00

12.00

7.19

Bond issues

Subscriptions

Repayments

• €12.0M

• Fixed rate 5.50%

• 2013-2018 (bullet)

• Listed on ExtraMOT PRO market

• €4.75M

• Fixed rate 4.25%

• 2015-2025 (amortizing)

• Not listed

• €15.0M

• Fixed rate 4.30%

• 2016-2023 (amortizing)

• Listed on ExtraMOT PRO market

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2013-2017 MAIN DEALS

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GROWTH BY M&A: our main strategic guideline for future

DIRECT ITALIAN COMPETITORSi.e. acquisitions in line with market concentration process

OFFER INCREASE within the services offered in the hospital

«VIRTUAL CARE» OUTSIDE HOSPITALwith strong link with social care services

HIGH TECH START UP COMPANIESi.e. “outsourcing” of R&D

GPI is currently evaluating a number of potential acquisitions in different business.

The main drivers for selecting future M&A deals are:

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COMPANY

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GROUP STRUCTURE

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GEOGRAPHICAL PRESENCE

countries6branches~30

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TOP MANAGEMENT

MANAGER ROLE EXPERIENCE PROFESSIONAL BACKGROUND

FAUSTO

MANZANAChairman and CEO

37 years

(o/w 28 in GPI)Founder of GPI in 1988. Operating in the IT sector

LORENZO

MONTERMINIMarketing Director

19 years

(o/w 19 in GPI)CTO from 2001 to 2014. Marketing director since 2014

PAOLO

GIRARDIGeneral Manager

20 years

(o/w 12 in GPI)CEO of Ecopulp Srl

STEFANO

CORVOCFO

28 years

(o/w 2 in GPI)Mediocredito Trentino Alto Adige and CFO of Diatec Group

EMANUELE

ROSSICTO and Head of IT

Solutions

15 years

(o/w 10 in GPI)Accenture (2003-07) and then various roles in the GPI Group

RUGGERO

PEDRI

Head of Professional

IT Services

27 years

(o/w 25 in GPI)Various roles in the GPI Group

MAURIZIO

BOSCHETTISales Director

21 years

(o/w 21 in GPI)Various roles in the GPI group

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VALUABLE PARTNERSHIPS and QUALITY CERTIFICATIONS

PARTNERS

PARTNERS

Call Center ServicesUNI EN 15838:2010

COGEBAN

405010

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GPI SHARES

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CFP1 / GPI UNIT PERFORMANCE

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Bloomberg GPI:IM

Reuters GPI.MI

ISIN IT0005221517

Share Capital € 8,526,331.90 par value

5,339,969 Ordinary Sh.

10,000,000 B Sh.

114,975 C Sh.

Market Cap € 55.1 m (March, 31)

Price € 10.32 (March, 31)

NomAd Banca Akros

Specialist UBI Banca

SHARE

Code WGPI

ISIN IT0005221475

Price € 1.362

(March, 31)

Outstanding

Warrants

2,554,700

WARRANT

Holder N. of Shares % (voting rights)

FM Srl 319,000 Ordinary S.

9,268,000 B

74.41%

Orizzonte

SGR SpA*

732,000 B 5.78%

*on behalf of the closed fund

"Information & Communication Technology"

SHAREHOLDINGS

BOND 5,5% 2013-18

ISIN IT0004981913

Market Extramot PRO

Issued

Value

€ 12.0 m

GPI ON AIM ITALIA

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WARRANTS: warrantholder wealth unchanged

• GPI BoD set Warrant Subscription Price to 9,5 € per share from 0,1 € per share.

• By consequence the exchange ratio is now 1:1 (shares:warrants) and the maximum amount of new shares is 2.5 MLN for a capital

contribution of approx. 24.2 MLN/€.

• The adjustment is permanent and does not alter nor warrantholders position neither diluition effects.

An illustrative example @ 13,30 € of share market price

FROM THE COMPANY POINT OF VIEW FROM WARRANTHOLDERS POINT OF VIEW

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GPI-CFP1 BUSINESS COMBINATION

GPI VALUATION:

€ 100 M

STRUCTURE OF THE TRANSACTION

A cashless mechanism for the warrant price adjustment is

linked to 2016 financial results and will be through the free

allocation of existing shares by FM (Manzana Family holding)

in favor of ordinary shareholders.

Price Adjustment (max 10% FM -> 9 m/€), if:

EBITDA* < 21.7 m/€ < 23.0 m/€

Implied multiple 6.5x 5.75x

NET RESULT* < 5.9 m/€

Implied multiple 16.5x

*With 5% allowance, equal scope of consolidation, in IFRS excluding

transaction costs and M&A

Share-exchange ratio1:1

GPI 100.0 € m 10.0 m Shares @ 10€

CFP1 52.6 € m 5.3 m Shares @ 10€

Thanks to the Business Combination and the IPO the company aims to:

• strengthen its presence in Italy and abroad

• achieve internationalisation in the reference markets (pharmaceutical logistics and information systems)

• grow through M&As with main industry players

WARRANT PRICE ADJUSTMENT

Outstanding

Granted to

non-dissenting

Holders

Performance

acceleration

Strike price

Share

underwriting

ratio

WARRANTS

1.5 m (3:10)

1 m (2:10 in IPO)

5 years

(with acceleration

> 13.3 € in case of listing)

9.5€

Floating Sh. A – 9.5€

Floating Sh. A - Strike price

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Maria Antonietta Pireddu

@ m.pireddu@irtop.com

T +39 02 45473884

www.irtop.com

Stefano Corvo

@ stefano.corvo@gpi.it

T +39 0461 381515

TRENTO

www.gpi.it