March 2019 Documento strettamente riservato e confidenziale
1. MACCORP AT A GLANCE Key partners Business key highlights Unparalleled international retail presence PoS overview Founded in 1990 and headquartered in Milan (Italy), Maccorp Italiana S.p.A. (“ Maccorp ” 1 or the “ Group ”) is a leading player engaged in the forex exchange sector and specialized in the provision of international paymentservices 31 29 Maccorp is the market leader in the Italian competitive arena, operating through its 29 2 well-recognized brands and leveraging on an unparalleled network of 92 PoS 5 3 2 Undisputed leader in the forex exchange business operating through the “ Forexchange ” ◼ 2 11 11 brand 1 – Additional 11 and 5 PoS managed in Czech Republic and the UK , respectively 6 ◼ The Group is also active in the travel agency business under the “ Agenzie 365 & 92 92 - Forextravel ” brand (13 branches) which offers ticketing services 5 Strong long-term relationship, consolidated in the form of partnership agreements , ◼ with well-known and established players operating in the payments / travel market # of # ofPo PoS # such as Mastercard, DB Bahn, Trenitalia, Alitalia, WesternUnion and Vodafone Services breakdown and Target Groups More than 3m clients served annually ◼ Total Turnover: ITA AND 3 Significant potential mainly deriving from the evolution of Maccorp’s business proposition Incoming Outgoing Ethnic 345 €/ML FOREIGNERS towards the “ one stop shopping” concept, which is based on a complete and fully SCHENGHEN MATRICE TOUCH POINT/ integrated range of services offered to travelers: (TRAVELLING IN TARGET GROUP ITALY) Immediate feasibility DCC (“Dynamic Currency Conversion”) services offered through proprietary ATM and ◼ 3 Step 2 Business Travel PoS network Introduction of multi-currency pre-paid, debit and credit cards PRE TRIP (departure) ◼ na ◼ Ticketing services sold either through the existing network Pos and the newly launched proprietary ATMs TRAVELLING na The abovementioned value creation opportunities will be strengthened by the recently POST TRIP (return) na requested authorization of the “payment institution” status to Banca d’Italia RESIDENTS na na na 25/03/2019 | 02 Documento strettamente riservato e confidenziale
2. MACCORP GROUP MACCORP ITALIANA SPA MACCORP ITALIANA GRANDI MACCORP MACCORP UK MACCORP BIGLIETTERIE FINANCIAL CZECH SRO LIMITED SRL SERVICES SRL 25/03/2019 | 03 Documento strettamente riservato e confidenziale
3. OVERVIEW OF KEY BRANDS Panoramica dei marchi principali Maccorp 1 2 3 Maccorp Financial Service Srl has obtained from Banca d’Italia the Grandi Biglietterie Srl Maccorp Italiana SpA license to operate as a Payment Institute and is therefore registered in the register of Payment Institutions pursuant to art. 114 septies of the Italian leader in the forex exchange sector, ◼ Acquired in 2005 ◼ T.U. banking with identification code 36072.7. leveraging on 92 PoS across the Italian territory Network of 14 travel agencies located ◼ in the major Italian railway stations of The company is authorized to provide the following payment services: Local presence in all the major travelterminals, with ◼ the Grandi Station’s chain annual PoS rollout Full-comprehensive travel services ◼ – Unique forex exchange operator at Milano • Service that allow you to deposit cash on a payment account as ranging from ticket services, hotel MalpensaAirport reservations and holidays packages well as all transactions required for a payment account 1,2 milion travelers served each year International presence in Czech Republic and the UK, ◼ ◼ • Services that allow cash withdrawals from a payment account as operating through 11 and 5 PoS, respectively ◼ Leverages on a consolidated well as all the operations required to manage a payment account partnership with Freccia Viaggi, Long-term partnership agreements with the key- Trenitalia’s travel agency ◼ • Execution of payment orders, including the transfer of funds, to a operators active in contiguous marketing segments payment account with the payment service provider of the user or Network ATMs ◼ with another payment service provider: • Direct debit, including one-time direct debits • Execution of payment transactions by payment cards or similar devices • Execution of transfers, including standing orders • Issuance and/ or acquisition of payment instruments 25/03/2019 | 04 Documento strettamente riservato e confidenziale
4. MACCORP SERVICE RANGE OVERVIEW Categories Key Partners # txns Service Lines Currency exchange service and cash advance services 1. Purchase and sale of all main currencies. The capillarity of our network, our decades experience at other Italian airports and Forex 0.8m our efficient organization allow us to find «exotic» currencies, responding therefore to any passenger requirements. It is Exchange active through our website www.forexchange.it, the «Click and collect» service, which provides the reservation of the necessary currencies for the trip to be collected at the Airport. Travel Services Travel Services, 2.8m Maccorp, thorough its total shareholding in Grandi Biglietterie S.r.l., is a travel agency and is able to offer a wide range of TicketSale travel services. It is also present with dedicated sales points within the main Italian railway stations. Money Transfer Money Money Transfer Service through the partnership agreement with the world leading operator: WESTERN UNION. Currently 0.2m Transfer the Maccorp nerwork carries out around 300.000 remittances a year for a turnover of approximately 60 milions Euros. Management of ATM machines a. Maccorp, authorized as a Payment Institution by the Bank of Italy, is able to install proprietary ATMs. The Dynamic ATM, Digital Currency Conversion allows the foreigner to fix at the time of withdrawal the exchange value with respect to the 0.5m Channels, Payment currency of origin. cards b. Maccorp is present in the digital market to allow travelers arriving and departing, both Italian and foreign, the access from Payment cards and accounts Issuance / distribution of debit and prepaid cards linked to the main international circuits VAT Refund VAT refund for purchases of goods made by non-EU entities. Maccorp has been collaborating for decades with the main Tax 0.3m VAT Refund Refund companies such as GLOBAL BLUE, PREMIER TAX FREE, TAX REFUND FOR TOURIST, NEW TAX FREE ITALY, performing SIM the buy back service at the main airports in the city and at McArthurGlen outlets. SIM Marketing of international telephone cards and telephone products in general, including SIM cards 25/03/2019 | 05 Documento strettamente riservato e confidenziale
5. UNDISPUTED LEADER IN THE ITALIAN FX MARKET Strong presence in Italian key strategic locations Key comments Location # PoS % on total PoS 31% Wide presence across Italian key touristic locations 29 with a strong diversification among airports, train stations and city centres 29 31% 92PoS 26 Forexchange Maccorp + GB + 13 Agenzie 365 31 First specialised player in the Italian forex 35% exchange industry with a market share of c.40%, on the back of 3 3% – Ongoing consolidation in the specialized Forex exchange specialized players market share players segment 1 ° – Maccorp’s ability to consistently gain market 40% share from its competitors 30% 17% 13% Altri attori Note 1. Forexchange Italian Business only 25/03/2019 | 06 Documento strettamente riservato e confidenziale
6. DOMINANT RETAIL POSITION IN POS... … characterised by significant start-up investments Unparalleled retail network widespread on the Italian territory 1 Outlets (3) City Centre (31) ◼ Venice (4) ◼ Noventa di Piave (1) ◼ Florence (4 ) Bolzano Totale # of PoS 1 : 92 Brescia Treviso Bergamo Trieste ◼ Verona (1) ◼ Castel Romano (1) ◼ Milan (6) Venice Milan Tourin Mestre Verona ◼ Naples (2) ◼ Serravalle (1) ◼ Rome (12) Serravalle Includes the PoS Bologna Genova Forexchange and Grandi ◼ Palermo (1) ◼ Siena (1) Biglietterie Florence Airport (29) Pisa Siena ◼ Bergamo (3) ◼ Pisa (3) ◼ Milan Linate (3) ◼ Treviso (1) Rome ◼ Tourin (1) ◼ Milan Malpensa (12) Bari ◼ Verona (2 ) Olbia Napoli ◼ Olbia (1) Naples ◼ Rome (1) ◼ Naples (2) Train station (29) ◼ Naples (1 ) ◼ Bolzano (1 ) Palermo ◼ Bologna (2 ) ◼ Rome (6) ◼ Brescia(1) ◼ Tourin(1) ◼ Florence (3) ◼ Trieste (1) ◼ Genova (2 ) ◼ Venice (2) Maccorp leverages on a unique retail network of PoS located throughout ◼ Mestre (1) ◼ Verona (1) the Grandi Stazioni and Centostazioni domains ◼ Milan (7) 25/03/2019 | 07 Documento strettamente riservato e confidenziale
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