Esprinet Group

Corporate Presentation 2014Star Conference - Milan 25-26 March

2

Disclaimer

This Presentation may contain written and oral “forward-looking statements”, which includes statements that do not relate solely to historical or current facts and

which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning

future events and are subject to a number of uncertainties and other factors, many of which are outside the control of Esprinet S.p.A. (the “Company”). There are a

variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statement and

thus, such forward-looking statements are not a reliable indicator of future performance.

The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise,

except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change

without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or

investment decision. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer

under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or

recommendation with respect to such securities or other financial instruments.

Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Giuseppe Falcone, in his capacity as manager responsible for

the preparation of the Company’s financial reports declares that the accounting information contained in this Presentation reflects the Esprinet’s documented results,

financial accounts and accounting records. Neither the Company nor any member of the Esprinet Group nor any of its or their respective representatives, directors or

employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance

placed upon it

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Agenda

Corporate overview

Industry and market scenario

FY 2013 financial highlights and outlook

4

ITALY75%

SPAIN25%

TITOLO DEL GRAFICO

31%

11%

12%11%

9%

7%

5%5%

9%

PC

TABLET

SUPPLIES

CONSUMER ELECTRONICS

SERVER-NETWORKING-

STORAGE

TLC

PRINTER

SOFTWARE

OTHER

RETAILERS22%

CORPORATE DEALERS

72%

OTHERS6%

Corporate Overview

Technology wholesale distributor in Italy and Spain: we buy from technology vendors and we sell to resellers

Sales € 2 billion sales, EBIT € 37 million in 2013

By far #1 in Italy, #3 in Spain(1), ~40,000 customers, 200 suppliers

#5 largest European distributor, in the worldwide ‘Top Ten’(2)

Listed on the Italian Stock Exchange since 2001 (PRT)

(1) Sirmi 2014, Channel Partner 2013 – GTDC Context 2014 (2) Factset estimates 2014

Customer MixProduct Mix (%)

Sales by country(%)

5

Group Structure

Esprinet SpA

100%100%

Esprinet Iberica: IT & CE

distributor in Spain and

Portugal

electrocomponents

distributor in Italy

Esprinet SpA: IT & CE distributor in Italy

Value-Added

Distributor

100%

Dealers’ consortium

cloud service provider

8,33%

6

Established in ‘70s under the name Comprel, semiconductor distributor in Italy

Mid ’80s: start of Celo and Micromax business, Italian IT distributors

2000: merger of Celo, Micromax and Comprel, under the brand-new Esprinet (Italian 2nd largest distributor)

July 2001: Esprinet listed on the Italian Stock Exchange (ipo price: € 1.4 per share)

2002: two acquisitions in Italy (Pisani, Assotrade, € ~300m revenue)

2003: Esprinet to reach the #1 position in the Italian market

End of 2005: acquisition of Memory Set (€ 525m in 2004), 2nd largest IT distributor in Spain

November 2006: acquisition of Actebis in Italy (€ ~130m)

November 2006: acquisition of UMD in Spain (€ 266m in 2005) to create Esprinet Iberica

Mid of 2008: restructuring program of Spanish operations

End of 2009: Spanish turnaround completed – Esprinet Iberica among the top three distributors in Spain

Beginning of 2014 - focusing on core-business: sale of Monclick, e-tailer created in 2005

Corporate milestones

7

7Esprinet position in the IT Supply Chain

Hardware & Software Vendors

IT & Consumer Electronics

Wholesale Distributors

Consumer Oriented Resellers

(Retailers – Computer Shop)

Business Oriented Resellers

(Dealer/VAR/Integrators)

Individuals Small Medium Businesses Govt. / Large Corporations

1st TIER

2nd TIERD

I

R

E

C

T

C

H

A

N

N

E

L

1st TIER

• Direct Channel: from vendors to large corporations/government (15-25% of total addressable market(1))

• 1st tier: from vendors to big resellers (25-35% of total addressable market)

• 2nd tier: from distributors to resellers (~50% of total addressable market)

(1) Company elaboration on FY 2013 Context-GTDC raw

€ 50 billion in Europe(1)

€ 4.7 b in Italy(1)

€ 2.3 b in Spain(1)

8

Clustering customers

Resellers

Dealers

System

integrators

Computer

shops

Business

oriented

Consumer

oriented

VARs

Classification Definition

Supply most of the IT infrastructure needs of mainly the SMB end-users as well

as, for the largest dealers, large accounts and public sector

Hardware/software sales, integration, support and related services to end users

typically make up 100% of their turnover

Companies that normally conduct a core consulting activity that will assess the

broad needs of a corporate client, and implement hardware and software,

including support and maintenance

Revenues are normally 95% from services and 5% from resell

Develop, customise or resell software applications combined with hardware

and related services to form a complete solution

At least 50% of revenues comes from complete solutions

Retailers Include retailers of computer/IT products as well as specialist retail

distributors and merchandisers

Sale of IT goods, from a fixed location and/or from an on-line portal, in small

lots for direct consumption by the purchaser

Others Other categories not included in the previous ones (e.g. mail order)

9

125

9678

31

57

153

56

-4

-68

-3

-43-61

-142

-200

-150

-100

-50

0

50

100

150

200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

156

120112

88

134

213

112

62

22

129

110103

55

0

50

100

150

200

250

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

6,3 6,3

14

21

27

44

32

24

32

25 2523 23

0

5

10

15

20

25

30

35

40

45

50

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

801954

1.215

1.5001.628

2.230

2.430 2.373

2.1192.205

2.0961.932

2.043

0

500

1.000

1.500

2.000

2.500

3.000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Key financials highlights(1)

Sales (€/m) Net profit (€/m) (1)

Net Financial Debt(2) (€/m)

1) 2011 Adjusted for Goodwill impairment impact

2) See definition in Financial Statement. The net debt of 2006 includes the acquisition cost + net debt of acquired companies Actebis Italia and UMD SA consolidated since

31.12.2006 without consolidation of P&L but with full consolidation of balance sheet

Net Working Capital(€/m)

10

The Business Model

Low margin – High volume business

Multinational coverage

High speed interaction with customers and vendors

Working Capital control is key for survival and success

Multiple go-to-market routes

• Consumer products on Consumer Customers (Retailers)

• Volume IT products on Business Customers (Resellers)

• «Value» IT products on Business Customers (VARs)

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Our unique advantage

Very tight cost and working capital control by means of an established «number crunching» culture

Flexibility in responding to vendor and customers needs by means of a proprietary ERP and Web engine

Multidivisional organization to tackle the different needs of our three key business areas

«Vendor Intimacy» at country level by providing intelligence on the market needs thanks to a very broad customer portfolio and sophisticated market intelligence tools

Stable management team to provide consistency in execution and relationship with key partners

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Agenda

Corporate overview

Industry and market scenario

FY 2013 financial highlights and outlook

13

Market challenges and opportunities arising from disruption

Two unprecedented disruptions occurred…

Financial SystemTechnological Market

MOBILITYFASHION DATACENTER RESILIENCE CONSOLIDATIONRE-THINKING RETAILERS

…creating New Growth Options

New technologies

Cloud

14

8,7%

0,5%

-3,2%

12,9%

3,8%

-12,5%

11,8%

-1,9% -1,8%

9,2%

-4,4%-3,6%

0,2%

-5,6%

2,1%

-2,2%

-0,9%

11,8%

lug-

12

ago-1

2

set-

12

ott

-12

nov-

12

Dec-

12

Jan-1

3

feb-1

3

mar

-13

apr-

13

mag

-13

giu-1

3

lug-

13

ago-1

3

set-

13

ott

-13

nov-

13

dic

-13

European distributors’ market: Panel GTDC(1)

(1) GTDC is an association of technology wholesalers, which includes both public companies (i.e. PRT-IT, IM-US, TECD-US, ARW-US, AVT-US, ALSN-CH, ABE-

PL,) as well as private companies (i.e. WestCoast, active in U.K.). The raw sales data are analysed by the research company Context.

FY 2013 vs 2012

+1%

15

European GTDC(1) distributors’ market: Europe vs Italy

FY 20113

3% ITA

vs +1% EU

-3,6%

1,1%

-4,2%

-13,4%

-6,5%

-2,5%2,6%

-13,1%-8,3%

5,8%

-9,3%

-3,8%

8,8%

-6,6%-7,9%

3,9%

-0,1%-0,9%

3,4%

-8,0%

2,9%

-1,9%

6,5%

24,5%

Jan-1

2

feb-1

2

mar

-12

apr-

12

mag

-12

giu-1

2

lug-

12

ago-1

2

set-

12

ott

-12

nov-

12

Dec-

12

Jan-1

3

feb-1

3

mar

-13

apr-

13

mag

-13

giu-1

3

lug-

13

ago-1

3

set-

13

ott

-13

nov-

13

dic

-13

Total Italy

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European GTDC distributors’ market: Europe vs Spain

FY 2013

+7% ESP

vs +1% EU

-11,9%

-1,3%

-13,3%

-5,6%

-8,6%

3,3%

-11,6%

1,7%

-24,2%

-6,2%

-17,8%

-7,7%

24,3%

-5,4%-6,7%

5,6%3,2%

-7,6%

3,4%

-15,3%

12,6%

5,8%

19,4%

34,8%

Jan-1

2

feb-1

2

mar

-12

apr-

12

mag

-12

giu-1

2

lug-

12

ago-1

2

set-

12

ott

-12

nov-

12

Dec-

12

Jan-1

3

feb-1

3

mar

-13

apr-

13

mag

-13

giu-1

3

lug-

13

ago-1

3

set-

13

ott

-13

nov-

13

dic

-13

Total Spain

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Italian Distributors’ Ranking

Source: management’s estimates on Sirmi 2014 data

market share

2011 2012 2013 2011 2012 2013

ESPRINET 1.576 1.503 1.543 23,4% 24,2% 24,8%

COMPUTER GROSS ITALIA 715 721 775 10,6% 11,6% 12,4%

TECH DATA 616 636 657 9,2% 10,2% 10,5%

INGRAM MICRO ITALIA 628 614 575 9,3% 9,9% 9,2%

DATAMATIC 367 374 374 5,5% 6,0% 6,0%

ATTIVA 206 218 245 3,1% 3,5% 3,9%

BREVI 147 135 156 2,2% 2,2% 2,5%

FUTURA GRAFICA 112 102 105 1,7% 1,6% 1,7%

ADVEO ITALIA 59 50 90 0,9% 0,8% 1,4%

ITWAY 68 69 70 1,0% 1,1% 1,1%

EXECUTIVE 64 69 70 0,9% 1,1% 1,1%

IL TRIANGOLO 69 68 67 1,0% 1,1% 1,1%

COMPUTERLINKS 46 53 58 0,7% 0,8% 0,9%

EDSLAN 54 56 57 0,8% 0,9% 0,9%

FOCELDA 51 53 55 0,8% 0,9% 0,9%

COMETA 50 52 53 0,7% 0,8% 0,9%

SIDIN 48 50 51 0,7% 0,8% 0,8%

ICOS 47 49 50 0,7% 0,8% 0,8%

ADL AMERICAN DATALINE 39 43 45 0,6% 0,7% 0,7%

SNT TECHNOLOGIES 49 45 40 0,7% 0,7% 0,6%

Total top 20 5.012 4.958 5.136 74,5% 79,9% 82,4%

Total aggregated market 6.723,7 6.205,0 6.233,4 100,0% 100,0% 100,0%

Var % top 20 -5,3% -1,1% 3,6%

euro million

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Spanish Distributors’ Ranking

Source: Channel Partner 2013, Ametic, GTDC, management’s estimates

market share

2010 2011 2012 2010 2011 2012

1 Tech Data 772 702 737 13,8% 12,6% 13,2%

2 Ingram Micro 649 620 589 11,6% 11,1% 10,5%

3 Esprinet Iberica 562 520 464 10,1% 9,3% 8,3%

4 Adveo (Adimpo + Spicers) 339 316 416 6,1% 5,7% 7,4%

5 Vinzeo Informatica 421 379 330 7,5% 6,8% 5,9%

6 Arrow (Diasa+Altimate+Mambo) 182 185 250 3,3% 3,3% 4,5%

7 Investronica 258 180 178 4,6% 3,2% 3,2%

8 GTI 153 161 146 2,7% 2,9% 2,6%

9 Teduinsa 285 244 133 5,1% 4,4% 2,4%

10 Afina (Audema - Westcon) 80 91 128 1,4% 1,6% 2,3%

11 MCR Info Electronic 129 126 117 2,3% 2,2% 2,1%

12 Diode 122 97 63 2,2% 1,7% 1,1%

13 Depau Sistemas 56 56 50 1,0% 1,0% 0,9%

14 Activa 2000 51 50 60 0,9% 0,9% 1,1%

15 Megasur 66 45 64 1,2% 0,8% 1,1%

16 UFP (Group) 47 44 53 0,8% 0,8% 0,9%

17 Valorista 35 40 49 0,6% 0,7% 0,9%

18 Inforpor 35 39 40 0,6% 0,7% 0,7%

19 DMI Computer 44 37 46 0,8% 0,7% 0,8%

20 Infortisa 36 36 39 0,6% 0,6% 0,7%

Total top 20 4.323 3.968 3.951 77,4% 71,0% 70,7%

Total aggregated market 5.538 4.728 4.480 100,0% 100,0% 100,0%

Var % top 20 +12,3% -8,2% -0,4%

euro million

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Agenda

Corporate overview

Industry and market scenario

FY 2013 financial highlights and outlook

20

FY 2013 financial highlights - 1

Sales 2.043.001 100,00% 1.931.900 100,00% 111.101 5%

Cost of sales -1.908.261 -93,40% -1.800.224 -93,18% -108.037 6%

Gross profit 134.740 6,60% 131.676 6,82% 3.064 2%

Sales and marketing costs -36.933 -1,81% -35.348 -1,83% -1.585 4%

Overheads and admin. costs -60.819 -2,98% -59.764 -3,09% -1.055 2%

EBIT 36.988 1,81% 36.564 1,89% 424 1%

Finance costs -2.144 -0,10% -2.765 -0,14% 621 -29%

EBT 34.844 1,71% 33.799 1,75% 1.045 3%

Income tax expenses -11.749 -0,58% -10.081 -0,52% -1.668 14%

Net income 23.095 1,13% 23.718 1,23% -623 -3%

% Var. Var. %(euro/000) FY 2013 % FY 2012

Consolidated sales were equal to € 2,043.0 million showing an increase of +6% (€ 111.1 million) compared to € 1,931.9 million as at 31 December

2012 despite the persistent weak spending in the countries where the Group operates (Italy and Spain).

Consolidated gross profit was € 134.7 million showing a soft growth (equal to 2%, or € 3.1 million), despite a weak IT spending and a tough

competition in the distribution market, compared to the same period of 2012 as a result of higher sales only partially counterbalanced by lower gross

profit margin;

Consolidated operating income (EBIT) as at 31 December 2013, equal to € 37.0 million, shown an increase of +1% compared to 31 December

2012 (€ 36.6 million), with EBIT margin decreasing to 1.81% from 1.89% due to higher operating costs (€ 2.6 million) compared to the same period of

2012;

Consolidated profit before income taxes equal to € 34.8 million, showed an increase of +3% compared to 31 December 2012 thanks to the

reduction of financial costs (€ -0.6 million);

Consolidated net income is equal to € 23.0 million, in reduction of -3% (€ -0.6 million) compared to 31 December 2012

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FY 2013 financial highlights - 2

Fixed assets 96.753 97.237 54% -484 0%

Operating net working capital 55.329 102.939 58% -47.610 -46%

Other current assets/liabilities -21.537 -9.697 -5% -11.840 122%

Other non-current assets/liabilities -12.371 -11.704 -7% -667 6%

Total assets 118.174 178.775 100% 97.444 55%

ST financial liabilities 38.569 39.800 22% -1.231 -3%

Financial receivables -6.858 -2.940 -2% -3.918 133%

Cash and cash equivalents -176.893 -111.099 -62% -65.794 59%

Derivatives 174 848 -674 -79%

LT Borrowings 3.356 12.291 7% -12.291 -100%

Net financial debt -141.652 -61.100 -35% -83.908 137%

Net equity 259.826 239.875 134% 6.566 3%

Total sources 118.174 178.775 100% -77.342 55%

220%

100%

33%

-6%

-150%

ns

-120%

Var. %

82%

47%

-18%

-10%

100%

(euro/000) 31/12/13 % 31/12/12 % Var.

• Operating net working capital as at 31 December 2013 is equal to € 55.3 million compared to € 102.9 million as at 31 December 2012;

• Consolidated net financial position as at 31 December 2013, positive by € 141.7 million, was compared to a cash surplus of € 61.1 million as at 31

December 2012.

• Such an improvement was due to a decrease of end-period consolidated net working capital which was affected for the foremost by events unrelated with

the average level of capital itself, namely a lower concentration of payments to suppliers in the last part of the year as compared to the previous year

together with an intensive use of ‘without-recourse’ sales of account receivables. Such a program is aimed at transferring risk and reward to the buyer

thus receivables sold are stripped out by balance sheet according to IAS 39. Even considering other technicalities from factoring by means of which to

obtain the result of advancing cash-in of credits on a “no recourse” basis - such as “confirming” in Spain –, the impact on financial debt was € 154 million

as at 31 December 2013 (€ 128 million as at 31 December 2012);

• Consolidated net equity as at 31 December 2013 is equal to € 259.8 million, growing by € 20.0 million compared to € 239.9 million as at 31 December

2012

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Good results for European distributors in the 4Q2013: massive sales push, namely due to shipments of tablet and Apple iPhone, which has started to be distributed by

wholesalers. The panel (source: GTDC, January 2014) grew by +3% compared to 4Q2012, with Italy and Spain strong overperformers (respectively +10% and +20.5%).

In 2013, the European panel grew by +1%, while Italy +3% and Spain +7% also due to favourable comps

Context’s analysts view particularly positive for Italy and Spain (‘worst was over for Italy and Spain’ source: Context report, December 2013). Other research

companies focused on Italy (source: Sirmi, January 2014) forecast a reduced level of decrease (-1%) compared to what occurred in 2013 (-4%)

In the first two months of current year the European panel grew by +5% compared to 2013, with Italy and Spain still in a positive trend (+9% and +11% respectively).

Results in both countries were positively affected by discontinuities represented by Apple “going indirect” with i-phone distribution along the channel and the

development of the Spanish “open market” in the smartphone segment. Actually, normalised growth should have revealed lower since the scenario of the sector

doesn’t appear as fully normalised

Even in 2014 accurate credit policy and careful investments will be crucial to manage the trade-off between growth and revenue’s quality, as well as managing the

compromise between average level of stock and availability’s index necessary to be supported by key vendors

Beginning of 2014 indicates a positive consolidated revenues’ trend, although Esprinet Iberica’s lack of contribution. Nonetheless, margin are still under pressure partly

due to a less favourable mix which is counterbalanced by sales growth.

In the current year further solutions and platforms will be rolled out to develop a more efficient pricing discipline and time-to-market capacity as management’s

strategy is highly focused on core-business and internal procedures’ optimization

Further booster will be the distribution of a wider product range, even in market categories adjacent to what historically distributed, namely in the accessory and

‘value’ area, reinforcing the vertical and specialized sales-arms

Moreover, the Esprinet Group will go on monitoring the potential of Cloud Computing phenomenon, nowadays a reality even in Italy, orienting to a cloud proposal in

line with its know-how and key capabilities in a “business system” currently under-redefinition

Outlook 2014

23

Contacts

Esprinet Spa

via Energy Park 20 – Edificio 4

20871 –Vimercate (MB) Italy

www.esprinet.com

IR

Michele Bertacco

IR Director +39 02 40496.1

michele.bertacco@esprinet.com

investor.esprinet.com