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2016-03-14

Italeaf S.p.A. : Update on 2015 dividend hypothesis

PRESS RELEASE 14 MARCH 2016

Italeaf: Update on 2015 dividend hypothesis

Referring to the press release dated January 18, 2016 in which Italeaf
announced the intention of the Board of Directors to propose the distribution
of a 2015 dividend increased than dividend of 2014, while not having yet
visibility on the net profit, the chairman of Italeaf Mr Stefano Neri stated:
"While confirming the growth forecasts for the turnover of TerniEnergia, the
main asset in the Company's portfolio, which achieved higher revenues and
EBITDA in its history, it has seen, however, a significant decrease in the
net profit of the same company, because of some tax impacts. Because of these
circumstances, it is believed that the amount hypothesized dividend may be
affected by these contingencies arisen.
The final decision on the proposed dividend will still object of the Board of
Director's meeting to approve the financial statements 2015".

This press release is also available on the Company website:
www.italeaf.com

Certified Adviser

Mangold Fondkommission AB is the Certified Adviser of Italeaf on NASDAQ OMX
First North.

For further information please contact:
Filippo Calisti
CFO - Italeaf S.p.A.
E-mail:calisti@italeaf.com

Mangold Fondkommission AB
Tel. +46 (0)8 5030 1550
info@mangold.se

Italeaf SpA,

established in December 2010, is a holding company and a business accelerator
for companies and startups in the areas of innovation and cleantech. Italeaf
operates as a company builder, promoting the creation and development of
industrial startups in the fields of cleantech, smart energy and
technological innovation. Italeaf has headquarters and plants in Italy at
Nera Montoro (Narni), Terni, Milano and Lecce; has international offices in
London and Hong Kong and a research and development centre in the Hong Kong
Science and Technology Park. The company controls TerniEnergia, listed on the
STAR segment of the Italian Stock Exchange and active in the fields of
renewable energy, energy efficiency and waste management, WiSave in the
"internet of things" field, for the development and production of thermostats
and smart technologies for the remote control of electrical and heating items
of buildings managed through a cloud infrastructure, and Skyrobotic, in the
business development and manufacture of civil and commercial drones in mini
and micro classes for the professional market, Numanova, operating in the
field of innovative metallurgy and additive manufacturing and Italeaf RE, a
real estate company.

In attach:

* Reclassified and Cons. Balance Sheet TerniEnergia Group as at December
31st, 2015
* Reclass. and Consolidated Income Statement TerniEnergia Group as at
December 31st, 2015
* Consolidated Net Financial Statement TerniEnergia Group as at December
31st, 2015
* Reclassified Balance Sheet TerniEnergia SpA as at December 31st, 2015
* Reclassified Income TerniEnergia SpA as at December 31st, 2015
* Net Financial Statement TerniEnergia SpA as at December 31st, 205

Reclassified and Cons. Balance Sheet TerniEnergia Group as at December 31st,
2015

----------------------------------------------------------------------------------------------------------------------
| As at December, 31 As at December, 31 Change Change |
| (in Euro) 2015 2014 % |
| |
| |
| Intangible assets 4,460,745 14,143,177 (9,682,432) (68.46)% |
| Property, plant and equipment 82,616,544 91,306,645 (8,690,101) (9.52)% |
| Financial fixed assets and other intangible assets 38,206,682 45,855,510 (7,648,828) (16.68)% |
| Fixed Assets 125,283,971 151,305,332 (26,021,361) (17.20)% |
| |
| Inventories 23,329,978 10,943,522 12,386,456 113.19% |
| Trade receivables 53,064,759 79,108,151 (26,043,392) (32.92)% |
| Other assets 23,833,858 24,283,439 (449,582) (1.85)% |
| Trade payables (63,875,863) (67,172,376) 3,296,513 (4.91)% |
| Other liabilities (12,558,262) (11,731,401) (826,861) 7.05% |
| Net working capital 23,794,470 35,431,335 (11,636,866) (32.84)% |
| |
| Provisions and other non-trade liabilities (5,943,540) (7,215,228) 1,271,688 (17.63)% |
| |
| Net Invested Capital 143,134,901 179,521,439 (36,386,538) (20.27)% |
| |
| |
| Shareholders' Equity 55,791,390 71,346,754 (15,555,364) (21.80)% |
| |
| Current net financial position 8,071,478 18,337,508 (10,266,030) (55.98)% |
| Non-current net financial position 79,272,033 89,837,177 (10,565,144) (11.76)% |
| Total net financial position 87,343,511 108,174,685 (20,831,174) (19.26)% |
| |
| Net Invested Capital 143,134,901 179,521,439 (36,386,538) (20.27)% |
----------------------------------------------------------------------------------------------------------------------

Reclass. and Consolidated Income Statement TerniEnergia Group as at December
31st, 2015

---------------------------------------------------------------------------------------------------------------------------
| As at December, 31 As at December, 31 Change Change |
| (in Euro) 2015 2014 % |
| |
| Net revenues from sales and services 369,796,908 95,191,364 274,605,544 n.a. |
| Production costs (337,036,665) (71,446,441) (265,590,224) n.a. |
| Added value 32,760,243 23,744,923 9,015,320 37.97% |
| Personnel costs (7,519,175) (5,741,457) (1,777,718) 30.96% |
| EBITDA 25,241,068 18,003,466 7,237,602 40.20% |
| Amortization, depreciation, provisions and write-downs (8,110,618) (9,570,419) 1,459,801 (15.25)% |
| EBIT 17,130,451 8,433,047 8,697,404 103.13% |
| Financial income and charges (10,351,957) (10,080,568) (271,389) 2.69% |
| Portions of results attributable to the JV (665,015) 907,637 (1,572,652) n.a. |
| Pre-tax result 6,113,479 (739,884) 6,853,363 n.a. |
| Income taxes (3,555,997) 6,943,465 (10,499,462) n.a. |
| |
| Net profit for the period 2,557,482 6,203,581 (3,646,099) (58.77)% |
---------------------------------------------------------------------------------------------------------------------------

Consolidated Net Financial Statement TerniEnergia Group as at December 31st,
2015

-----------------------------------------------------------------------------------------
| As at December, 31 As at December, 31 |
| (in Euro) 2015 2014 |
| |
| Cash (20,354) (21,315) |
| Available bank current accounts (11,873,035) (14,156,175) |
| Liquidity (11,893,389) (14,177,490) |
| |
| Bond debt 1,544,521 1,544,520 |
| Current bank debt (current account overdraft) 3,683,217 3,713,874 |
| Current bank debt (advance) 7,867,675 19,978,036 |
| Financial payables to other lenders 189,279 |
| Current financial debt (other lenders) 1,882,573 1,795,955 |
| Current financial debt (other lenders) 9,207,073 13,975,757 |
| Current financial receivables (4,220,193) (8,682,422) |
| Current financial debt 19,964,867 32,514,999 |
| |
| Current net financial position 8,071,478 18,337,509 |
| |
| Bond debt 24,419,853 24,259,621 |
| Non-current financial debt (other lenders) 33,243,168 35,934,530 |
| Financial payables to other lenders 16,285 |
| Non-current financial debt (Leasing) 21,609,012 29,626,742 |
| |
| Non-current net financial position 79,272,033 89,837,178 |
| |
| Total net financial position 87,343,511 108,174,686 |
-----------------------------------------------------------------------------------------

Reclassified Balance Sheet TerniEnergia SpA as at December 31st, 2015

----------------------------------------------------------------------------------------------------------------------
| As at December, 31 As at December, 31 Change Change |
| (in Euro) 2015 2014 ...

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