Investor Presentation March 29, 2019 12/03/2019 INTRED S.P.A. 1 - PowerPoint PPT Presentation

Investor Presentation March 29, 2019 12/03/2019 INTRED S.P.A. 1

Company Overview 12/03/2019 INTRED S.P.A. 2

INTRED, The fiber company INTRED is a telecommunication and internet 1,950 km of optical fiber and 130 POP in Lombardy provider with its own fiber network infrastructure Over 26k data users in 2018 Founded in 1996 by Daniele Peli, INTRED € 28M capex since the provides: Fixed Broadband and Ultra-Wideband founding Connectivity, Fixed Telephony Services and Cloud 80 qualified resources INTRED holds a strong presence in Lombardy, 23 years of expertise in the TLC the richest region in Italy Industry 93.6% Customer Satisfaction INTRED has a fragmented customer base with a Index very low churn rate (< 3%) 3

A History of Profitable Growth DANIELE PELI EIR BRAND WAS FOUNDED LEADS THE COMPANY 2012 1997 STARTING OWN NETWORK INTRED SRL WAS FOUNDED LISTING ON AIM STOCK EXCHANGE 1996 2010 2018 4

A History of Profitable Growth 26.3K CAGR Revenues 10x Strong growth starts ‘15 - ’18 in 10 in 2010 with the years proprietary network +23.5% #Clients x5 € 17.2M Customers (000) Revenues +83% Revenues (million) 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 5

Governance Board of Directors Daniele Peli Daniele Peli; 46.2% Chairman Alessandro Triboldi Marisa Prati Indipendent Director Director Adalberto Salvi Renzo Torchiani Director Director Top Management Market; 19.9% Marisa Prati; 23.1% Employees & Managers; Value First 0.9% SICAV; 9.9% Daniele Peli Filippo Leone Chairman & CEO CFO 6

A Successfull IPO Number of Shares 15,850,500 Free Float 21.40% «The result of the IPO Market Cap 36M confirms the validity of our growth project that will allow us to seize new Shares issued 4,861,000 business opportunities.» Daniele Peli New issue 4,420,500 Greenshoe 440,500 Price Adjustement Shares 1,714,500 2.27 € Shares Price Shares Price for • The placement of the shares generated a demand greater than 2.5 2.04 € Managers&Emploeeys times the request 11,000,660 € IPO Turnover • Negotiations started on 18 July 2018 (included shares from Greenshoe option) 7

Stock Performance Price (26/3/19): € 3.73 Market: AIM Italia Since listing: Market Cap (26/3/19): € 59.1M Ticker: ITD.MI • 64.2% increase of Intred Share • Intred outperformed the AIM market by 73.1% and the FTSE MIB by 68.0% Shares: 15,850,500 Avg. Volume: 8.3K shares 190 170 150 130 110 90 70 17/07/2018 17/08/2018 17/09/2018 17/10/2018 17/11/2018 17/12/2018 17/01/2019 17/02/2019 INTRED FTSE AIM FTSE MIB FTSE Telecom 8

Market Outlook 12/03/2019 INTRED S.P.A. 9

Market Outlook FTTC Accesses FTTH Accesses 7 0.8 Number of accesses (M) Number of accesses (M) 0.7 6 0.6 5 0.5 4 0.4 3 0.3 2 0.2 1 0.1 0 0 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 • The TLC market accounts for 60% of the communications industry, totalling € 32.2B of revenues. • The accesses in FTTH have been growing in 2018 (+50%). • The increase in FTTC, FTTH and data traffic (+ 30%) is due to the growing demand for online video content on the fixed network. FTTC and FTTH have together reached 32% of total accesses. 10 *Source: report AGCOM

Market Outlook 70% Sales growth 60% Revenues 2017 50% 40% 30% 20% 10% 0% EBITDA -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% margin -10% -20% 11 Source: Corporations’ balance sheets

Business Model & Strategy 12/03/2019 INTRED S.P.A. 12

Investment Case Proven track record and experienced management team A profitable business model based on long term client relationship Broad range of services addressed to a wide range of clients Strong local presence in a thriving area At the forefront of innovation: the Network 13

Broad range of services and wide range of clients ▪ More than 95% of INTRED’s revenues are 2018 Revenues breakdown per service based on recurring fees and traffic ▪ High revenues visibility due to 85% of Broadband Wireless(RDSL ) 22.15% 11.72% anticipated invoices paid within 30 days (average payment time < 36,4 days) ▪ Very low churn rate (< 3%) Voice 11.60% ▪ Long term relationship with the customer (3Y contract with best customer and Public Ancillary services 4.33% Administration) Housing & Cloud 2.43% Other ▪ Wide range of clients, 26,268 data users at Ultra Wideband 0.84% 46.93 %. December 2018. 14

At the Forefront of Innovation: the Network 2018 1,950km INTRED has a network structure with 1,950 km of optical fiber and 130 active POP 2016 ● Coverage of Lombardy region 1,120km ● CISCO SISTEMS MPLS Technology ● Network capability: up to 80k user ● Now: 28K data connections and 8k voice connections 2017 1,500km 2014 420km 2015 850km 15

Investments Strategy focused on Network Agreement with € 3M OpenFiber for the € 20 -25 use of the fiber IN 5 optic network YEARS switched off GPON planned . investments in the next two years Agreement with Telecom Italia S.p.A. for the € 2M acquisition of about IN 1 500 km of optical YEARS IPO Proceeds net of listing fiber switched off (IRU, for 15 years). costs equal to 9.52M Goals • Becoming leader in the optical fiber connection market of periferic areas where the major competitors are not present • Development of Ultra Wideband connectivity, disinvesting from broadband connectivity by using the proprietary network • Development of the fiber network through IRU contracts with major TLC operators 16

FY 2018 Financials 12/03/2019 INTRED S.P.A. 17

After a sound 2017, profitable growth continues in 2018 • The • 2018 Company • Successful IPO on the Italian € 17.2M infrastructure network Revenues at (+19.4% YoY ‘ 17- ’ 18) increased by 30% in 1 year to Stock Exchange, AIM 1,950 km • 2018 EBITDA at € 6.8M ; segment. • 26,268 Data Users (+19.7% in • Agreements with TIM to EBITDA margin at 38.1%, 1 year) Normalised EBITDA* margin purchase 500 km of network at 41.7% • Sales FTTC and FTTH +65% infrastructure • 2018 • Agreement with Open Fiber to € 3.2M, Net profit at • 138,043 invoices issued +26.4% purchase dark fiber in order to • € 6.5M • 2018 NFP positive at € 6.6M reach a higher number of real invested in estate units with FTTH strengthening the proprietary • 2018 Net Equity at € 22.6M connections network Network Financial Corporate * Normalised EBITDA doesn’t take into account revenues/costs of listing 18

Financial Highlights, Strong Growth Revenues (€M) EBITDA (M€) * 41.7% CAGR '15 -'18: CAGR '15 -'18: +19% 8. 0 45. 0% 38.1% 38.5% 39.9% 23.5% 40. 0% 35% 7. 0 +25% 17.2 35. 0% 6. 0 +26% 30. 0% 14.4 7.3 5. 0 6.8 26% 25. 0% 11.5 4. 0 20. 0% 5.7 9.1 3. 0 15. 0% 4.0 2. 0 10. 0% 2.5 1. 0 5. 0% - 0. 0% 2015 2016 2017 2018 2015 2016 2017 2018 2018 Adj EBITDA margin Net Profit (€M) EBIT (M€) Net Financial Position (€M) CAGR '15 -'18: +26% 54.7% 26.7% +55% CAGR '15 - '18: 3.2 5. 0 23.9% 30. 0% 23.4% 6.6 45.8% 4. 5 21% 25. 0% +86% 4. 0 3. 5 4.7 20. 0% 3. 0 4.2 2.5 2. 5 15. 0% 3.5 (2.5) 15% 2. 0 1.6 (5.3) (4.1) 2.4 10. 0% 1. 5 0.9 1. 0 1.4 5. 0% 0. 5 - 0. 0% 2015 2016 2017 2018 2015 2016 2017 2018 2015 2016 2017 2018 2018 Adj EBIT margin 19 * Adjusted EBITDA doesn’t take into account revenues/costs of listing

Datalines costantly improved ▪ In 2018 the number of users with datalines increased significantly: +19.7% YoY ▪ Continuous shift from broadband to ultrabroadband ▪ Very low churn rate (< 3%) 2018 2017 Jan 22,306 18,548 Jan Feb 22,716 18,862 Feb Mar 23,206 19,275 Mar Apr 23,598 19,634 Apr May May 23,934 20,007 Jun Jun 24,217 20,335 Jul Jul 24,367 20,556 Aug Aug 24,544 20,756 Sep Sep 24,980 21,123 Oct Oct 25,451 21,455 Nov Nov 25,858 21,727 Dec Dec 26,268 21,937 - 5,000 10,000 15,000 20,000 25,000 20 2017 2018

2018 Revenues driven by Fiber Connections Revenues Breakdown Turnover Breakdown Broadband -7.5% 4% +64.7% Ultrabroadband Business Customers RDSL Connectivity -5.1% 29% Wholesale Voice +14.4% 2017 54% 2018 Hosting e Housing Household Customers -0.2% 13% Ancillary Services Public Administration +1.1% Other -59.7% 0 2000 4000 6000 8000 10000 21

EBITDA: Actual VS Last Year €/000 Listing impact on profitability 2,800 (110) 416 (263) (154) 7,281 391 (41) 6,808 (1,039) (888) The growth is 5,696 almost entirely due to the increase of clients EBITDA Increase in Other Personnel Adv. Maintenance Costs of Other EBITDA Listing Listing EBITDA 2017 Revenues Revenues Costs Costs Access Costs 2018 Revenues* Costs Reported 22 *Tax Credit

Net Debt & Cash Flow Analysis : Dec’17 – Dec’18 €m 10.0 0.3 6.6 (0.1) (0.9) 6.8 1.1 (4.1) (6.5) ∆ NWC NFP EBITDA CAPEX IPO Proceeds Interest Taxes Other NFP 2017 Expenses 2018 23