Dichiarazione

The portfolio companies identified and discussed above do not represent all of the investments made or recommended by The Equity Club S.r.l.. The companies identified were not selected based on the return on The Equity Club S.r.l.’s investment in them. Rather such companies were selected as representative examples that clarify and typify The Equity Club S.r.l.’s investment approach. It should not be assumed that any future investments will be profitable or will be comparable to the performance of the investments identified above. The investment characteristics reflected herein may not be indicative of future investment characteristics and there can be no assurance that The Equity Club S.r.l.’s future investments will have comparable characteristics. Past performance is not indicative of future results. A list of all recommendations made by The Equity Club S.r.l. is set forth under “Investments.”

Portfolio companies, as presented above, are operating businesses in which investment funds advised by The Equity Club S.r.l. or its affiliates have invested. Portfolio companies may be identified by brand names and may include multiple subsidiaries or other operating companies owned by a common platform and are therefore listed together. The companies listed within each referenced category include all The Equity Club S.r.l. portfolio companies which have consented to their inclusion on lists of The Equity Club S.r.l.’s portfolio companies. The portfolio companies listed do not necessarily represent all of the investments made or recommended by The Equity Club S.r.l., and it should not be assumed that the specific investments identified and discussed herein were or will be profitable. The investment characteristics reflected herein may not be indicative of future investment characteristics and there can be no assurance that The Equity Club S.r.l.’s future investments will have comparable characteristics. The information herein has been prepared solely for informational purposes and is not intended to constitute an offer to buy or to sell any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets. An offer or solicitation will be made only through a private placement memorandum, subscription agreement, and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Please see Important Disclosures.

Last updated: April, 30th 2019