VAM Investments SPAC B : Interim Financial Report 30 June 2021

Interim Financial Report for the period 7 April 2021 to 30

June 2021

Contents
Interim Board Report...................................................................................................................................................	3
Condensed Interim Financial Statements..........................................................................................................	6
Condensed statement of profit and loss and other comprehensive income ...........................................	7
Condensed statement of financial position ...........................................................................................................	8
Condensed statement of changes in equity..........................................................................................................	9
Condensed statement of cash flows......................................................................................................................	10
Notes to the Condensed Interim Financial Statements .................................................................................	11
Contact information..................................................................................................................................................	16

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Interim Board Report

General

VAM Investments SPAC B.V. ("VAM Investments SPAC" or the Company") is a private limited liability company incorporated under Dutch law (besloten vennootschap met beperkte aansprakelijkheid), with its statutory seat in Amsterdam, the Netherlands, and its registered office at Via Manzoni 3, 20121 Milan, Italy, and registered in the Trade Register of the Dutch Chamber of Commerce (handelsregister van de Kamer van Koophandel) under number 82465207, and operating under the laws of the Netherlands. The Company's Legal Entity Identifier is 724500WU54AQ8OJ2SU41.

During the period from 7 April 2021 to 30 June 2021 ("H1 2021"), the Company's efforts have been limited to organisational activities as well as activities related to preparing (i) an offer of securities issued by the Company to certain qualified investors in certain jurisdictions in which such offering is permitted (the "Offering") and (ii) the admission to listing and trading of the securities sold pursuant to the Offering (the "Admission").

VAM Investments SPAC is a Special Purpose Acquisition Company ("SPAC") and was incorporated on 7 April 2021 for the purpose of effecting the Offering and the Admission and, subsequently, a merger, demerger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with, or acquisition of, a business or company (a "Target") (a "Business Combination") operating in the consumer products and services sector (the "Target Sector") that is headquartered or operating in the European Economic Area, Switzerland or the United Kingdom, although it may pursue a Business Combination opportunity in any geography, industry or sector. VAM Investments Group S.p.A. is the sponsor of the Company (the "Sponsor").

About VAM Investments SPAC B.V. Capital structure

As at 30 June 2021, the Company's issued share capital consisted of 1 ordinary share, with a nominal value of €1.00.

Board Composition as at 30 June 2021

As at 30 June 2021, the statutory directors of the Company were Marco Piana and Francesco Trapani.

Overview H1 2021

Activity during H1 2021

Throughout H1 2021, the Company has not engaged in any activities other than the activities necessary to prepare for the Offering and the Admission. The Company was not an operating company and had no business activities as at 30 June 2021. As such there was minimal credit, liquidity and market risk exposure.

As at 30 June 2021, the Company did not have any specific Business Combination under consideration. The Company had also not engaged in substantive negotiations with any Target until after Admission.

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Outlook

The Company's main objective is to source a Target and complete a Business Combination, using the proceeds of the Offering.

Following Admission, and prior to the completion of a Business Combination, the Company will not engage in any operations, other than in connection with the selection and securing of a Target and the structuring and completion of a Business Combination.

Financial developments H1 2021

The Company did not generate any revenues during H1 2021. The Company engaged in activities necessary to prepare the Offering and the Admission. The contracts entered into in connection with such activities are estimated to result in an expense of approximately EUR 6.4 million for the financial period after H1 2021 and include, amongst others, costs related to the Offering and Admission, working capital, taxes and the search for a suitable Target. These preparatory activities have resulted in an after-taxloss of €240 over the period from 7 April 2021 until (and including) 30 June 2021.

Auditor's Involvement

The interim financial statements for the period ending 30 June 2021 have not been audited or reviewed by the Company's statutory auditor. Consequently, all information included in the interim financial report is unaudited and unreviewed.

Risks and Uncertainties

During the period covered by these interim financial statements the risks and uncertainties for the Company consisted of risks and uncertainties regarding the success of the Offering and ability to complete Admission. Otherwise reference is made to the paragraph Subsequent Events hereafter and the documents referred therein.

Subsequent Events

On 19 July 2021, VAM Investments SPAC completed the Offering and the Admission. VAM Investments SPAC was admitted to listing and trading on Euronext Amsterdam, the regulated market operated by Euronext Amsterdam N.V., following an initial public offering of securities pursuant to which it raised €210,326,560 in gross proceeds.

In connection with the Offering and the Admission, the Company's articles of association were amended pursuant to which the Company adopted a governance structure comprising a one-tier board of directors (the "Board"), consisting of executive Directors (uitvoerende bestuurders) and non-executive Directors (niet- uitvoerende bestuurders) (the "Directors").

For information regarding the Company subsequent to 30 June 2021, reference is made to the Company's prospectus dated 14 July 2021, the Company's FY 2021 annual report and the Company's H1 2022 interim financial report. These documents can be found on the Company's website (www.vaminvestments- spac.com) and, inter alia, contain descriptions of the Company's capital structure and board structure and a description of the Company's principal risks and uncertainties.

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Related Party Transactions

No related party transactions have occurred between 7 April 2021 and 30 June 2021.

Responsibility Statement

The Board hereby declares that, to the best of its knowledge, the H1 2021 interim financial statements, which have been prepared in accordance with IAS34 (Interim Financial Reporting), give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company, and that this interim Board report includes a fair review of the information required pursuant to section 5:25d(8) and (9) of the Dutch Financial Supervision Act (Wet op het financieel toezicht).

Directors of VAM Investments SPAC

Milan, 26 September 2022

______________________________________	____________________________________
Francesco Trapani	Marco Piana
Executive Director	Executive Director

______________________________________	____________________________________
René Abate	Thomas Walker
Non-Executive Director	Non-Executive Director

______________________________________

Beatrice Ballini

Non-Executive Director

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