Illimity Bank S p A : The iCCT fund, managed by illimity SGR, supports Noberasco

NOBERASCO, NEW GOVERNANCE AND NEW STRATEGIES FOR THE RELAUNCH

WITH THE SUPPORT OF THE ICCT FUND MANAGED BY ILLIMITY SGR

IN ADDITION TO THE FINANCIAL AND CAPITAL RECOVERY, THE COMPANY'S FIRST OBJECTIVES ARE: EXPORTS, PRODUCT INNOVATION AND EVEN GREATER EMPHASIS ON CONSUMERS, SUSTAINABILITY AND EMPLOYEES

Milan, 6 June 2024 - Following the period of temporary difficulty that has marked the past two years, Noberasco can now go back to planning for the future thanks to the support provided by the "illimity Credit & Corporate Turnaround" fund (the "Fund" or the "iCCT fund") managed by illimity SGR, a company of the illimity Group involved in setting up and managing Alternative Investment Funds specialising in corporate loans.

iCCT has supported Noberasco SpA ("Noberasco" or the "Company") in carrying out a detailed financial operation that consists of the entry of the Fund into the Company's capital with a minority interest, the granting of new finance and the restructuring of the Company's total financial debt. In addition to enabling the Company to strengthen its capital base and financial position, the operation is also part of a more extensive growth path agreed between illimity SGR and the Noberasco family, assisted in operations by Flavio Ferretti as the new CEO, and will allow the historical leader in the dry and dehydrated fruit industry to continue to play its role as protagonist in the sector, to which it is entitled due to its history, vocation and capabilities. In this respect Noberasco's business plan contains all the ingredients for ensuring that the Company has adequate financial and managerial resources for achieving ambitious objectives, in line with its mission, which, thanks also to the financial support of the iCCT fund, will enable it to accelerate its growth and strengthen its leadership position in the key output chains of the large-scale retail distribution sector and other sales channels.

These objectives will be achieved by leveraging further off the heritage of a historical group and focusing attention on consumer needs, developing the Horeca channel and outside-the-home consumption with increasingly trendsetting healthy products such as snack-bars and new "enriched" fruit products. Another growth driver will be sustainability, with a firm pledge to be given to an issue more topical than ever today: the constant search for innovative solutions that minimise environmental impact in every aspect of the process, from production to packaging materials. In this respect Noberasco has already selected packaging with a paper base for certain items: an Aticelca- certified green pack that ensures that packs can be disposed of in the paper circuit. A first objective, to which others will be added in time, in line with the expectations of the European Green Deal and the UN 2030 Agenda.

The long history of the Noberasco family, which since 1908 has been successful in forging the brand of the same name, continues in this way: the Company's emphasis on product quality was a starting point, creating a solid foundation on which to build its reputation; in addition, its ability to anticipate and successfully embrace new market trends, carrying out innovative marketing campaigns, has enabled the Noberasco brand to become a byword for soft dry fruit for the Italian consumer to the point of being recognised as a historical brand of national interest.

Over the past 30 years, Pier Luigi's sons and grandsons, the third and fourth generation of Noberascos, have continued investing in relations with their raw material suppliers in Italy and the rest of the world, closely following the evolution of consumers' tastes and giving emphasis to technological innovation in the production process: Noberasco was the first company in the sector to open, in addition to its single-brand stores, an online shop in 2014 enabling it to reach out directly to consumers at home, even with the rarest and most prized selections of fruit; in 2017 the Company

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opened a new business hub in Carcare, in the province of Savona, the result of an investment of more than 50 million euro, which is the most advanced plant in its sector in Europe given its high level of automation in both logistics and production. All of this has enabled Noberasco to become the undisputed Italian player of reference in the organic sector of dry and soft dehydrated fruit and arrive at a turnover of over 100 million euro in 2022 and 150 employees.

Amongst the areas for growth, particular emphasis will also be given to the export market, which has always been a strategic channel for Noberasco: in this respect the Ligure company keeps a watchful eye on markets with interesting potential such as Germany, Austria, German Switzerland and Northern Europe.

A recovery plan, therefore, supported by clear strategic guidelines: emphasis on the top quality and ethicality of its products, that "Noberasco Method" which has been a distinctive feature of the Company's operations from the start and has set as its objective an emphasis on the wellbeing and valorisation of the "heart" of the Ligure business: its employees and the whole of its workforce which over the years has been the driving force behind Noberasco and has never failed to show its support for the Company even in the most troublesome times.

History and innovation, quality and sustainability, strategy and planning: those are the ingredients of the new and successful blend for continuing to write the future of Noberasco.

Flavio Ferretti, the new CEO of Noberasco S.p.A, commented: "Noberasco's roots lie in Liguria, where it has been investing and producing for the past 116 years. Today this business, which has also been awarded the prestigious honour of 'Historical brand of national interest', can finally go back to showing the market that the difficulties suffered over the past two years are now behind it: the crisis, the result of the combined effect of a pandemic and armed conflicts exploding the day after Noberasco had made significant investments in infrastructure and production, can now be considered over, thanks also to the financial support of the iCCT fund".

Gabriele Noberasco, President of Noberasco S.p.A, adds: "Since 1908, Noberasco has operated continuously under the banner of quality, innovation, and research. Today, more than ever, the company's entrepreneurial decisions are geared towards the evolution of its operations in order to continue to distinguish itself" He continues: "Thanks to its more than one hundred-year-oldheritage and its desire to create excellence by focusing on Made in Italy, we will carry forward our brand. The family, alongside the new governance, will be united in facing new challenges, with the support of our collaborators".

Paola Tondelli, Head of UTP & Turnaround Funds in illimity SGR stated: "We have great belief in Noberasco's recovery prospects and are convinced that the Company is an icon in the Italian food industry, in particular in a market segment in tune with the new eating habits of consumers constantly in search of more healthy and functional products. We are delighted to be able to undertake this journey alongside the Noberasco family, whose values and objectives we share", while Pietro Diana, Investment Director in illimity SGR, added: "We are highly satisfied with this operation, which confirms illimity SGR's ability to foster and facilitate discussions and negotiations between entrepreneurs and creditors, in this way helping to lay the foundations for the creation of value for all of the Company's stakeholders".

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For further information:

Investor Relations & Sustainability illimity

Fabio Pelati: [phone] - [e-mail]

Vittoria La Porta, Elena Massei [e-mail]

Noberasco S.p.A.

Ad Hoc Communication Advisors Flavia Antongiovanni [phone] Simona Di Nicola [phone] [e-mail]

Noberasco S.p.A. is an Italian leader in the organic sector of the dry and soft dehydrated fruit industry. Headquartered in Albenga (Savona), the company markets a wide range of products (such as peanuts, walnuts, plums, apricots, fruit bars, etc.) under its own name (Noberasco) and for third parties (private labels). The company has always used carefully selected raw materials and thanks to its unique know-how in the processing sphere has become a point of reference for consumers assiduously seeking well-being and a healthy lifestyle.

The new CEO

Flavio Ferretti, the new CEO, built his managerial career entirely within the Lavazza Group, where he began in 1983 in the Sales Department. From 1996 to 2002, as manager in charge, he headed Marketing Trade and Consumer in Italy. Following this he took on other executive positions in Italy (Sales Director) and abroad (Home Business Emea Director). In 2012 he was appointed head of the Italian Business Unit for the Lavazza brand, a position he held until 2017. In that year he moved on to manage Nims, a recently-acquired company specialising in the distribution and direct sale of coffee in capsules. During the course of his career, Ferretti has supervised a number of acquisitions, subsequently taking charge of the merger and integration of the companies of the Lavazza Group. In May of last year, Ferretti, formerly deputy chairman of Centromarca and a member of its governing council and the governing council of GS1 Italy, was elected chairman of Ibc, the trade association that represents 33 thousand Italian businesses in the retail goods industry.

illimity SGR S.p.A.

illimity SGR is the asset management company of the illimity Group which sets up and manages alternative investment funds specialising in corporate loans. In the spring of 2021 it created its first fund, the "illimity Credit & Corporate Turnaround" fund ("iCCT"), dedicated to investments in UTP loans to SMEs with revival and relaunch prospects operating in highly diversified sectors. This fund, which since its launch in March 2021 has acquired loans of more than 400 million euro from 12 banking groups, is characterised by its flexible means of intervention, comprising various strategies ranging from the simple active management of the acquired loans to establishing more complex agreements which contemplate entry into the capital of businesses and the disbursement of funds to support investment. In August 2022 illimity SGR created its second fund, "illimity Real Estate Credit Fund" ("iREC"), dedicated to investments in distressed credits - mainly UTPs - secured by real estate assets under the form of both mortgages and lease agreements. "illimity Selective Credit", the first Italian bank loan fund for performing SMEs, was launched in the spring of 2023. As of today, illimity SGR manages assets totalling ca. 520 million euro.

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