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Italeaf Annual Report 2014: a year with a solid growth


ITALEAF Annual Report 2014: a year with a solid growth

* Trading with Italeaf shares at NASDAQ OMX First North Stockholm started on
September 4, 2014.

Highlights during the second half

* Net asset value amounted to Euro 36.3 million (Euro 2.34 per share) on
December 31, 2014.
* The most significant events in subsidiaries after the listing: * The
Shareholders' Meeting of TerniEnergia approved the capital increase with
exclusion of the option rights for the purpose of the acquisition of Free
Energia SpA . * The shareholders' meeting of Skyrobotic approved a capital
increase in kind of Euro 0,97 million. * TerniEnergia sold 50% of the
shares of Energia Alternativa and Solter. * The Board of Directors proposed
a dividend of Euro 0.08 per share, corresponding to a total amount of
approximately Euro 1.2 million.

Financial information

* Consolidated net profit for the year was Euro 5.5 million under in
accordance with IFRS (Euro 2 million under Ita Gaap for the Italeaf parent
* Core Investments contributed Euro 33.9 million to net asset value during
2014, of which TerniEnergia (listed) Euro 29.37 million.
* Net revenues amounted to Euro 96.2 million in accordance with IFRS (Euro
3.3 million under Ita Gaap for the Italeaf parent company).
* Total NFP amounted to Euro 124,7 million in accordance with IFRS (Euro 12.6
million under Ita Gaap for the Italeaf parent company); Equity was 79.1
million in accordance with IFRS (Euro 28.8 million under Ita Gaap for the
Italeaf parent company)

2014 was a very positive year forItaleaf
, the first italiancompany builder
, both in terms of financial performance, overall creating value for
shareholders and the progress made on the start-ups subsidiaries aimed at
starting the condition for additional growth in the years to come.

Commenting on the result, Chairman Mr.Stefano Neri
"Italeaf was born to imagine the future and to create new industrial players
that, in the manufacturing and technology industrial sectors with greater
value added, have the skills and the ability to generate value with their
innovative challenges. The short term cycles of business and the expansion of
the areas of competition, make it useful to identify and develop new business
ventures often promoted by very skilled innovators, engineers, inventors who
don't have the same experience of business and financial management. Although
2014 was a year characterized by a negative macroeconomic environment,
Italeaf has made significant progress in implementing its project through new
initiatives and investments. The year closed with a profit and allows the
distribution of an interesting dividend. In the next month of May, Italeaf
will present in Stockholm its new triennial business plan. In our strategic
planning we want to clearly state our determination to continue to strengthen
the Group's growth, with a sense of ethics, in a sustainable way and to
create value for shareholders.

We turn technological start-ups into successful global companies, through a
"company builder" business model.
Business concept

Italeaf selects or creates new initiatives in clean-tech and innovative
industrial sectors. We offer to technological start-ups and innovative
companies an integrated approach that put together services, mentoring,
expertise, instruments, and facilities, everything aimed to boost the
industrialization of what was just an idea. We provide initial equity and
corporate assistance to launch our start-ups, making them grow up to
consistent businesses generating revenue and sharing profits, reducing risk.

The investment policy of the Company is to generate returns, in the form of
both capital appreciation and income to shareholders, through investing in a
portfolio of businesses. While not constricted geographically, given the
background and experience of management, it is expected that the majority of
capital invested will be in businesses operating in Europe, with a particular
focus on Italy.
Investments outside Europe will be considered where the Board believes the
opportunities are particularly attractive. The Company will look to invest in
businesses with underlying themes of strategic market position and strong
Build the net asset value

The net asset value amounted to Euro 36.3 million at year-end 2014.
Dividend policy

Our dividend policy is to distribute a large percentage of the dividends
received from the subsidiaries, as well as to make a distribution from other
net assets corresponding to a yield in line with the equity market".


Italeaf is an Italian holding and company builder with the goal of turning
technological start-ups into global companies. Italeaf specifically
identifies industrial initiatives within the cleantech sector and in
innovative industrial productions, where the Company can leverage its strong
expertise and track record.
Italeaf, supporting new start-ups, aims to replicate the success of
TerniEnergia, a company established in 2005 and listed on the Italian Stock
Exchange in 2008. After the IPO, which followed the start-up phase of the
company, today TerniEnergia is a leading global company in the field of
renewable energy, waste management and energy efficiency with a market cap of
over 80 million Euro.
With the creation of subsidiaries in London and Hong Kong, Italeaf intends to
give an international flavour to its business, broading the spectrum of
activity of scouting and looking for innovative companies.
The company is involved in the growth of three new industrial initiatives:
GreenLed Industry, in the innovative industrial lighting production,
Skyrobotic in the production of commercial and civil drones, and WiSave in
the production of smart devices for the remote control of energy consumption.
Italeaf promotes the creation of an ideal ecosystem for the creation and
growth of new companies, through three lines of business:

1 Company Builder : we co-found start-ups with direct investments, a proven
business model and a strong focus on execution. Italeaf concentrates our
activities on a clearly defined market segment, such as the cleantech
sector. We provide innovative incubation services with seed investments to
create a breeding ground for a highly skilled company network;
2 Holding : we manage our investment portfolio and we provide centralized
service activities to our Group companies (finance, treasury, IT, legal,
corporate communication and logistics for administrative, managerial and
commercial support) to facilitate value creation and growth for the
portfolio companies;
3 Real Estate : we use our strategic infrastructure, logistics and business
eco-system to support the companies' industrial needs. In particular, we
are creating (with the advice of the Politecnico di Milano University) an
Eco industrial park in our facilities in the centre of Italy. We own and
manage an industrial area with a total area of about 24 hectares and a
co-working space of 1,800 square meters.

Each of these activities are functional to the other and this is something
completely new compared to other venture capital and traditional incubators.
The track record gained over the years (with the listing of TerniEnergia and
TerniGreen on the Italian stock exchange and the constant value creation for
shareholders) prove our passion and expertise.

The capitalisation of the Company and a majority stake in TerniEnergia, listed
on the STAR segment with the high requirements of the Borsa Italiana,
mitigate the risk that is normally associated with start-up businesses.
Value creation through industrial innovation is what we have achieved in
recent years. Now, we intend to offer our vision to the market with a strong
internationalisation project. The listing of Italeaf on NASDAQ OMX First
North is, therefore, an important starting point to, with innovation, answer
to the new challenges of the global change.


Italeaf 's business is built on identifying, selecting and promoting
industrial initiatives in the cleantech sector and in innovative industrial
Potential initiatives are scouted and researched, and where suitable, direct
investments are made in companies. At an early stage initiatives3 can work in
an incubator, located on an industrial site in Nera Montoro, where Italeaf
has set up facilities and first class infrastructure.
Once the time is right, Italeaf serves as a co-founder, normally together with
the entrepreneurs behind the start-up initiative, whereby the initiatives
become portfolio companies of Italeaf. At the seed stage Italeaf combines
incubation, provision of corporate services, mentorship, network
opportunities and investment of financial resources. The operational support
given to new initiatives is a way to leverage the strong expertise and track
record in relevant sectors within the Italeaf Group.
Italeaf will stay on as an investor of the company in question throughout its
growth, providing it with services as well as the industrial facilities in
Nera Montoro. When appropriate, a partial or full exit is made through a
trade sale or an IPO. The companies that reach a mature age and are not fully
exited, help fund the initiatives and portfolio companies that are in an
earlier stage through dividends to Italeaf.
Italeaf 's strategy can be broken down into six parts as follows:

* Investing in start-ups operating in innovative sectors with high growth
prospects and an international vocation.
* Creating an international applied research center for new product
development, located in Italeaf's industrial eco-park Nera Montoro.
* Internationalizing the Group's activities through collaboration with
Italeaf UK and Italeaf HK.
* Managing the value of the portfolio companies.
* Evaluating exit opportunities for portfolio companies in order to generate
return on investment for the shareholders of Italeaf, and to re-invest in
new projects.
* Developing the Nera Montoro eco-industrial park and providing the start-ups
with real estate, done with the advice of the Politecnico di Milano
University. This includes the construction of new buildings and the
regeneration of existing buildings depending on the needs of the start-up.


Net Asset Value
At year-end 2014, net asset value amounted to Euro 36.3 million.

| NAV ITALEAF (Euro/000) Notes |
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