1 1HVolume2HVolumeFullYearCount1HCount 35250 30 200 DealVolumeEUR(bn) 25 20150 15100 10 50 5 ActivitybyDealType 25 3 15 DealCount Expansion Earlystage Buyout 00 2014201520162017201820192020202120221H2023 2022Buyouts 115Deals (vs1152021) 25.5EUR(bn) (vs17.9EUR(bn)2021) 1H23Buyouts #25deals (vs#571H22) 3.1EUR(bn) BuyoutNon-buyout16,000 14,000 12,000 DealVolumeEUR(bn) 10,000 8,000 6,000 4,000 2,000 - (vs14.5EUR(bn)1H22) H12014 H12015 H12016 H12017 H12018 H12019 H12020 H12021 H12022 H12023 Year<100EUR(m)EV>=100EUR(m)EV 20145.99.6 20158.610.2 201610.211.2 20179.610.3 20189.09.9 20199.010.3 202010.210 20219.911.6 202212.613 H1202310.810.7 <100EUR(m)EV>=100EUR(m)EV 11.2 11.6 12.6 10.2 10.3 10.3 9.6 10 10.7 10.8 10.2 9 10.2 9.6 9.9 9.9 8.69 1413 12 10 AverageMultiples 8 6 5.9 4 2 0 201420152016201720182019202020212022H12023 VolumeandcountofItalianPEfunds FundVolumeFundCount 8,000 7,000 1314 8 8 7 6 4 4 4 3 3 2 12 6,000 FundVolumeEUR(bn) 10 5,000 FundCount 8 4,000 6 3,000 4 2,000 1,0002 -0 2013201420152016201720182019202020212022H123 3,000 2,500 2,500 2,252 2,331 1,991 1,636 1,482 1,270 1,021 903 787 854 863 785 754 733 834 845 DryPowderEUR(bn) 2,000 1,500 1,000 500 - 20072008200920102011201220132014201520162017201820192020202120222023YTD 7.0% ItalianGDP*PEbackedcompanies 6.5% 6.0%5.5%5.5% 5.2%5.2% 5.0% 4.0% 3.0% 2.0% 1.0%0.7%0.7% 0.0% 1.3% 0.3% 0.8% 20172018201920202021 8.0% 7.0% 7.4% 0.1% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% (1.0%) (2.0%) BenchmarkPEbackedcompanies