Exprivia S p A : BoD approves 2020 and 2019 annual financial reports, loss of control of Italtel attested

PRESS RELEASE

EXPRIVIA BOARD OF DIRECTORS APPROVES 2020 AND 2019

ANNUAL FINANCIAL REPORTS

IN 2020 ALL MARGINS RISE AT DOUBLE-DIGIT GROWTH

RATES, NET INCOME DOUBLES,

NET FINANCIAL POSITION IMPROVES

LOSS OF CONTROL OF ITALTEL ATTESTED

20201:

• Revenues: 167.8 million euro compared to 168.5 million euro in 2019 (*)
• EBITDA: 21.4 million euro (12.7% of revenues) compared to 16.8 million euro in 2019 (*)
• EBIT: 15.0 million euro (8.9% of revenues) compared to 10.4 million euro in 2019 (*)
• Net result: 8.6 million euro compared to 4.0 million euro in 2019 (*)
• Net Financial Position: improving to-40.3 million euro compared to -43.9 million euro in 2019

2019:

1. • Revenues: 526.4 million euro compared to 623.4 million euro in 2018
   • EBITDA: 14.5 million euro (2.7% of revenues) compared to 41.8 million euro in 2018
   • EBIT:-170.5 million euro (-32.4% of revenues) compared to 21.0 million euro in 2018
   • Net result:-239.1 million euro compared to -0.8 million euro in 2018
   • Net Financial Position:-225.7 million euro compared to -214.6 million euro in 2018
2. Adjusted figures referring to the Exprivia Group net of Italtel and which for EBIT and net result discount the fullwrite-down of the investment in Italtel, equal to 25 million euro.

1As required by IFRS 10 "Consolidated Financial Statements", the assets and liabilities relating to the Italtel Group have been eliminated from the Group's Balance Sheet at the date of loss of control, recording the equity investment maintained in the former subsidiary at its fair value at the date of loss of control. As this is a "major line of business", management has represented the results of Italtel SpA and its subsidiaries (Italtel Group) as discontinued operations in accordance withIFRS 5, showing the related economic results, including the capital gain recognized at the date of loss of control, in a specific item indicated before net result for the year. Therefore, the comments that follow refer only to the results of Continuing Operations.

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PRESS RELEASE

April 30, 2021. The Board of Directors of Exprivia - a company listed on the MTA market of Borsa Italiana [XPR.MI] - today approved the Annual Financial Report as at 31 December 2019 and the Annual Financial Report as at 31 December 2020, prepared in accordance with International Accounting Standards (IAS / IFRS).

The Annual Financial Report as at 31 December 2020

Today, Exprivia's Board of Directors certified the 31stDecember 2020 as the date from which the loss of control of Italtel S.p.A. takes effect, pursuant to IFRS 10, as specified below in detail.

Based on the Reporting Package approved by Italtel's Board of Directors, the Annual Financial Report at 31 December 2020 consolidates only Italtel's income statement items in accordance with IFRS 5, representing them as "discontinued operations."

Despite the effects of the pandemic, during 2020 Exprivia records revenues in line with 2019 which, reflecting the performance of the markets in which it operates, stand at 167.8 million euro compared to 168.5 (*) million euro in 2019. All the margins are positive: EBITDA is significantly improving reaching 21.4 million euro in 2020 up 27.0% compared to 16.8 (*) million euro in 2019, EBIT stands at 15.0 million euro up 44.3% compared to

10.4 (*) million euro in 2019, EBT at 11.5 million euro up 74.0% compared to 6.6 (*) million euro in 2019 (*), to arrive at a net result of 8.6 million euro more than doubled compared to 4.0 (*) million euro in 2019. Net Financial Position is equal to -40.3 million euro, an improvement of 8.2% compared to -43.9 million euro as at 31/12/2019.

Very good performance in the Health and Aerospace market sectors, which grew at double-digit rates, the former driven by investments in technologies and solutions due to the pandemic emergency and the latter due to the growing importance of the "Space Economy" in public and private investments. The Banking and Insurance and Energy and Utilities markets held up, while the Industry and Media markets were affected by closures and project slowdowns due to Covid.

Approved the proposal to allocate the profit for the year to the equity reserves.

1. Adjusted figures referring to the Exprivia Group net of Italtel and which for EBIT and net result discount the fullwrite-down of the investment in Italtel, equal to 25 million euro.

Results of the Parent Company as at 31 December 2020

Revenues are equal to 151.2 million euro compared to 2019 revenues of 148.3 million euro. EBITDA amounted to 21.8 million euro, an increase of 29.2% (16.9 million euro in 2019).

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PRESS RELEASE

EBIT amounted to 15.6 million euro, an increase 190.3% (-17.2 million euro in 2019).

Profit before taxes is equal to 13.0 million euro compared to -20.6 million euro in 2019.

Shareholders' equity at 31 December 2020 is equal to 66.1 million euro compared to 56.3 million euro at 31 December 2019.

The Net Financial Position as at 31 December 2020 was -40.0 million euro compared to -45.7 million euro as at 31 December 2019.

The Annual Financial Report as at 31 December 2019.

Exprivia Group closed 2019 with revenues of 526.4 million euro compared to 623.4 million euro in 2018, EBITDA of 14.5 million euro compared to 41.8 million euro in 2018, EBIT of -170.5 million euro compared to

21.0 million euro in 2018, net result of -239.1 million euro compared to -0.8 million euro in 2018 and Net Financial Position of -225.7 million euro compared to -214.6 million euro in 2018. The results are affected by the significant write-downs, mainly of intangible items, made to Italtel S.p.A.'s Reporting Package, resulting from the crisis situation of the same. Italtel's consolidated figures in the Annual Report for the year ended at 31 December 2019 are based on the Reporting Package approved by Italtel's Board of Directors.

Exprivia Group, net of Italtel, closed 2019 with revenues increased by 4.4% compared to the previous year, reaching 168.5 million euro compared to 161.4 million euro in 2018. EBITDA, also as a consequence of IFRS 16, grew by 6.0% to reach 16.8 million euro (10% of revenues) compared to 15.9 million euro in 2018. EBIT stood at -14.6 million euro (-224.2% compared to 11.8 million euro in 2018 and equal to -8.7% of 2019 revenues, due to the write-down of the investment in Italtel) and net result stood at -21.0 million euro (equal to -12% of revenues) compared to -3.1 million euro in 2018. Despite the introduction of the new accounting standard IFRS 16, the net financial position improved by 4.1% to -43.9 million euro compared to -45.8 million euro as at 31 December 2018. EBIT and net result were affected by the full impairment of the investment in Italtel S.p.A..

Results of the Parent Company as at 31 December 2019. 2

Revenues stood at 148.8 million euro compared to 2018 revenues of 142.6 million euro.

2EBIT and Net Income were affected by the write-down of 25 million euro regarding the investment in Italtel S.p.A..

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PRESS RELEASE

EBITDA amounted to 16.9 million euro, an increase of 5.0% (16.1 million euro in 2018). EBIT amounted to -17.2 million euro, a decrease of 270.1% (10.1 million euro in 2018). Profit before taxes stood at -20.6 million euro compared to 7.0 million euro in 2018.

Shareholders' equity as at 31 December 2019 is equal to 56.3 million euro compared to 80.4 million euro as at 31 December 2018.

The Net Financial Position as at 31 December 2019 is equal to -45.7 million euro compared to -45.4 million euro as at 31 December 2018.

The Parent Company's 2019 results were affected by the full impairment of the investment in Italtel S.p.A..

The reasons for the deferral of approval of the 2019 Annual Financial Report and the

2020 periodic financial reports

It should be noted that already on the 13thMarch 2020 and, subsequently, on the 18thMay 2020, the Issuer had communicated the postponement of the approval of the 2019 Annual Financial Report, due to the crisis situation that affected the investee company Italtel S.p.A., culminating with the opening of the procedure for arrangement with creditors by the Court of Milan, which admitted the arrangement proposal presented considering it suitable to ensure the restructuring of debts and the best satisfaction of creditors.

The delay in approving the draft financial statements at 31.12.2019 was essentially caused by the uncertainty that characterized the outcome of Italtel's recovery process last year and by the existence or otherwise of the assumption of the latter's business continuity.

In light of the development of the aforementioned arrangement procedure, Exprivia's Board of Directors has been therefore able to proceed with the preparation and approval of its draft financial statements for 2019, as it considered the assumption of Italtel's business continuity to be valid, even in light of significant and relevant uncertainties. In particular, the preparation and approval of Exprivia's financial statements as at 31 December 2019 and 31 December 2020, is qualified by the expectations of the successful outcome of the Italtel arrangement process. The current status of the procedure and the primary level of the stakeholders on which the application is based, as well as the agreements reached to date, suggest that a positive outcome is likely.

Furthermore, following an in-depth analysis on the risks of potential significant liabilities for the Issuer in the event of a negative outcome of the composition procedure, the Board of Directors considered these risks to be negligible. In fact, the Issuer has never had management and coordination activities over Italtel and has no significant commercial relations with the investee company. Moreover, as announced the 18thMay 2020, the Issuer fully wrote down the value of the equity investment in Italtel S.p.A..

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PRESS RELEASE

It should be noted that, in order to be able to inform the market about the performance of the main components of the Exprivia Group, its Board of Directors authorized during 2020 the release to the market of management data as at 31 December 2019, 30 March 2020, 30 June 2020 and 30 September 2020.

The financial statement data as at 31 December 2019, and the management information as at 31 December 2019, as reported on the 18thMay 2020, differ, albeit not significantly, due to the deferred terms of the Board's approval of the 2019 Annual Financial Report.

Exprivia's loss of Italtel control

Exprivia's Board of Directors, also on the basis of the opinions given by its legal and accounting advisors, has attested the loss of control of Italtel S.p.A., pursuant to international accounting standard IFRS 10, as a result of the resolution of Italtel's Board of Directors of the 31stDecember 2020, which chose, as the best offer to support a proposal for arrangement, a third party proposal, making Exprivia no longer exposed to the variable returns from Italtel.

In the draft of Financial Statements as at 31.12.2020, the Issuer has thus consolidated only Italtel's income statement items through the IFRS 5 accounting standard.

Further decisions of the Board of Directors

Today's Board of Directors reviewed and approved the Relazione degli Amministratori sul Governo Societario e sugli Assetti Proprietari, the Relazione sulla Remunerazione, in accordance with the Codice di Corporate Governance delle Società Quotate promoted by Borsa Italiana, and the Dichiarazione Consolidata di Carattere Non Finanziario, pursuant to Legislative Decree 254/16.

In light of the foregoing regarding the reasons for the deferral and today's approval of the Annual Financial Report for the year ended the 31stDecember 2019, the Board of Directors also reviewed and approved the Relazione degli Amministratori sul Governo Societario e sugli Assetti Proprietari, the Relazione sulla Remunerazione and the Dichiarazione Consolidata di Carattere Non Finanziario for the financial year 2019.

The Board of Directors also resolved to adhere to the new Codice di Corporate Governance delle Società Quotate, approved and published by the Comitato per la Corporate Governance di Borsa Italiana, in line with the best practices of listed issuers. Exprivia will apply the new Code starting from the current financial year, informing the market in the Relazione degli Amministratori sul Governo Societario e sugli Assetti Proprietari to be published in 2022.

The Board of Directors has given a mandate to the Chairman of the Board of Directors and CEO to convene the Ordinary Shareholders Meeting, which will also be called to renew the company officers.

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