Equity investments

MINORITY SHAREHOLDINGS IN THE SHARE CAPITAL OF FOREIGN COMPANIES:

Finest can participate in the share Capital of foreign companies promoted by the enterprises of triveneto's area, for a total percentage of 25% and a maximum duration of 8 years, with significant exceptions to these limits, which can bring the share up to 49% and extend the time of intervention.

At the moment of the contract's conclusion, Finest and the Italian company that started the Joint Venture establish the methods of repurchase by the Italian company of the shares held by Finest in the foreign company, respecting the "taylor made" principle that characterizes each intervention of Finest. Each foreign project, in fact, is tailor-made according to the needs of the partner, in order to maximize the chances of success of the internationalization project, with positive consequences for all involved.

EXCEPTIONS TO THE ORDINARY LIMITS OF PARTICIPATIVE INTERVENTION OF FINEST:

In the event of particular conditions, the regulatory limits to Finest's intervention may be waived, resulting in higher participation shares, up to a maximum of 49%, and longer intervention periods.
In particular, the duration and size of the intervention can be extended in the following cases:

1. Intervention with financial institutions: in case of intervention in the investment project of international financial institutions (EBRD, EIB, IFC,..), the participation period of Finest is normally consistent with the period of the aforementioned financial institutions and can therefore be extended over the limit of 8 years;
2. Development initiatives regarding parks and districts: in case of participation in development initiatives of parks and industrial or business districts abroad, promoted and/or participated by Italian companies, the participation of Finest will have to be sold at the achievement of the objectives to which the project is finalized and and anyway not exceeding 12 years;
3. Strategic infrastructure works: in cases of Finest's intervention in foreign companies that carry out strategic infrastructure works and whose start-up terms require a longer duration of participation than the ordinary one, the maximum limit is extended to 15 years;
4. Joint intervention Finest / Simest with Share Capital (L. 19 / ' 91): in the case of joint intervention Simest-Finest the maximum ceiling for participation in the Share Capital of the foreign company is raised to 40%

SHARES IN THE SHARE CAPITAL OF ITALIAN COMPANIES:

Finest can assess, in some cases, to participate in the venture capital of Italian companies:

1. In purpose companies: when the capital increase is intended for the capitalization of purpose companies for participation in international tenders aimed at the acquisition and/or management of foreign companies;
2. For small and medium-sized enterprises: in the case of increases in share capital, carried out by SMEs which are entirely intended to carry out the acquisition of shares of enterprises or companies abroad.