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MAILUP PRESENTS"A MARKETING TECHNOLOGY STORY”ABOUT SAAS, BIG DATA, MACHINE LEARNING, CHATBOTS AND MORE1Nazzareno Gorni CEO

MAILUP GROUP @ A GLANCELeading industrial group active in the field of marketing technologies, with afocus on data driven omnichannel marketing automationOVER 21MN1413 CONTINENTS14 BILLION400 MILLION16,000 Argentina, Denmark, Italy, Spain, andUS and JVs in Indonesia and JapanContacts database6. April 2017Employeesmessages sent every yearcustomers worldwide2Group Revenues ( 129% 2016 vs 2015)Mainly recurring revenues from SaaS

WIDE, COMPLEX, SEGMENTED REFERENCE INDUSTRY Marketing Technology industry: wide,complex and segmented MailUp Group addresses a continuum ofsegments within the marketing technologyindustry MailUp Group is one of the very few B2Bplayers that targets both marketers (endusers) and developers6. April 20173FROM EMAIL AND MOBILE MARKETINGTO DATA DRIVEN OMNICHANNEL MARKETING AUTOMATION

MAILUP GROUP MILESTONES: MOVE OR DIEEstablished in 2002 as a mere e-mail service provider (ESP), over the last 15 year MailUphas kept growing through both organic growth and strategic M&A in order to fit marketevolution and demand and becoming a fully integrated marketing technology group201720042014eCommerce was launched2015Developer platform2006API IntroductionEuro mn2006SMS, Fax, Voice areadded to theoffered services2016Acquisition of Acumbamail (*), BEE is spun-off and becomesAgile Telecom (**) Globase (**) an independent business unit20142015IPO on AIM Italia stock market(2013A Revenues Euro 6.3mn)MailUp 9 is introduced in February,improving some of the featuresthat were yet available on theprevious version as well asintroducing new ones.2016BEE plugin2017 Euro 21mnRevenues (***)ONWARDSMarketingtechnology Developers25201510506. April 20172003200420052006(*) Consolidated as of 2015FY200720082009(**) Consolidated as of 2016FY2010201120122013201420152016(***) IPO promise delivered (Forecasted Revenues 2016E Euro18.2mn)42002

A WIDESPREAD GEOGRAPHIC FOOTPRINT Throughrecentlyestablished JVs,MailUp hasoperations inAsia as well. Ca. 30% of Revenuesfrom abroad– Europe– America– Asia6. April 20175 Operations in three continents

WHERE “THE WHOLE IS GREATER THAN THE SUM OF ITS PARTS” (ARISTOTLE)MESSAGING FACTORY(AGILE T.)FREEMIUM PLAYER(ACUMBAMAIL)INTEGRATEDMARKETING PLATFORM(MAILUP 9)PROFESSIONALSERVICES(GLOBASE)EDITOR SPECIALIST(BEE)HEAD, STRATEGY, SHAREDSERVICES6. April 20176(MAILUP SpA)

THE “HOLY” MAP OF INTRAGROUP SYNERGIESMESSAGING SERVICESFREEMIUM TOOLEMAIL EDITORMESSAGING SERVICESPROFESSIONAL SERVICESEMAIL EDITOR6. April 20177EMAIL EDITOR

BROAD-SHOULDERED COMPETITIVE POSITIONINGin Italy in the email and sms marketing /marketing automation segment Prefer to offer bundled-only services; Provide customers' with expensive solutions that only largecorporations can actually afford; Have limited flexibility / integration possibilities with other solutions.Protected from both above andbelow due to pricing and strengthof product, in a market with highbarriers to entryAMONG THE TOP THREE PLAYERSin Italy for messaging technologyAMONG THE TOP FIVE-TENplayers in Europe6. April 2017SMALLER PLAYERS Have constrained possibilities, since the initial tech investment tobear to enter is market is really high; Do not provide customers with consulting services and offer only lowquality solutions; Have limited cross selling opportunities.8LEADERLARGER PLAYERS

MARKET LANDSCAPELarge and diversified players vs small but focused onesSMALL BUSINESS 30 / monthMEDIUM BUSINESS 30/250 / month 250-500 / monthLARGE BUSINESS 500-700 / month 700-15K / month 15K / monthORACLE MARKETING CLOUDADOBE CAMPAIGNSALESFORCE MARKETING CLOUDIBM MARKETING CLOUDEMAIL VISIONADESTRAMARKETODOTMAILERMAILUPBRONTOCONSTANT CONTACTMAILCHIMPAWEBERICONTACTCAMPAIGN MONITOREMARSYS6. April 20179GETRESPONSE

MAILUP 9 @ WORK6. April 2017TEAM COLLABORATIONDYNAMIC, PERSONALIZEDDASHBOARDAUTOMATED WORKFLOWSINCLUDE BOTH EMAIL & SMS11NEWLY REDESIGNED INTERFACE

MARKET LANDSCAPE 15B in M&A Activity Since 2010, Recent Marketo acquisition at 7.5x RevenuesAnnouncementDateBidderTargetTransaction Value(USD, mn)EV / LTM SalesJuly 2016OracleNetsuite9,30010.3xMay 2016Vista Equity PartnersMarketo1,8007.5xMarketo's marketing automation software helps marketers to engage customersand prospects.April 2016Vista Equity PartnersCvent1,6007.1xCvent provides online software for Event Management, Web Surveys, & EmailMarketing as well as a global event venue directory.April 2015NetsuiteBronto2006.7xBronto Software is a commerce marketing automation provider, enabling retailersto drive revenue through their email, mobile and social campaigns.April 2014IBMSilverpopDecember 2013OracleResponsys1,5007.7xLeading email marketing and cross-channel solution now from in Oracle MarketingCloud.June 2013SalesforceExactTarget2,5008xCurrently known as "Salesforce Marketing Cloud" is a provider of digital marketingautomation and analytics software and services.December 2012OracleEloqua8719.7xOctober 2012ExactTargetPardot969xNow powered by Salesforce, Pardot is a leading marketing automation platform thathelps marketers create more leads, generate more pipeline, and empower sales toclose more deals.August 2010IBMUnica4804.1xNow offered as IBM Omni-channel marketing, Unica software delivers personalizedexperiences across channels to increase customer engagement.NetSuite provides integrated cloud business software suite, including businessaccounting, ERP, CRM and ecommerce software. In 2015 it acquired Bronto.Not Disclosed Not Disclosed Now powered by IBM, Silverpop is a cloud-based digital marketing platform thatprovides email marketing, lead management and mobile engagement solutions.(Hint: 270)(Hint: 3x)Currently known as Oracle Eloqua, delivers marketing automation and revenueperformance management software.126. April 2017Target Description

AGILE TELECOM – THE MESSAGING FACTORYItaly-based A2P and Wholesale messaging services providerIt offers both high-quality and standard services Highly segmented reference market, where small-sized playerscompete among each other and also large TELCOs play theirrole Mobile marketing does not include SMS only, newtechnologies generally outpace a firm capability to keeprunning matching the industry necessitiesCompetitive Positioning Price-Leader in Italy (vs. Mobyt and Rdcom) Top quality client base (e.g. high tech companies) Competing globally with players such as CLX Communications,Infobip, CLX, Linkmobility6. April 2017Products Inbound - Outbound SMS management MNP database accessBusiness Model Effective and efficient SMS procurement strategy Offering best execution in SMS delivery to both end-users andwholesalers Highly flexible and scalable platform13Market Environment

ACUMBAMAIL – THE FREEMIUM PLAYERSpain-based freemium email marketing platformIt represents MailUp's way to access the Spanish-speaking universeBorn as a pure email marketing services provider, it now offers also mobile messagingMarket Environment Email marketing Editing tools Mobile messagingBusiness ModelCompetitive Positioning Reference market: Price-conscious end users Most important local competitors: Mailrelay, EmailManager,FromDoppler, E-Goi, Envialosimple6. April 2017 100% in-bound marketingHigh flexibility i.e. unbundling of email and mobile solutionsFreemium approachMostly subscription based (monthly fee)Lean, effective, scalable structure14 Highly segmented reference market Market players attempt to get large customers number byreaching as many unsophisticated customers as possibleProducts

GLOBASE – THE PROFESSIONAL SERVICES COMPETENCE CENTREDenmark-based expert in technology, implementation,and execution of effective dialogue marketingGroup's arm in Nordic countriesMarket EnvironmentCompetitive Positioning Reference market: mid-large corporates requesting for morethan mere email marketing services i.e. professional services /consultancy Local competitors: Apsis, Mailplatform, Agillic. International competitors are: Salesforce (Marketing Cloud),Oracle (Marketing Cloud), Adobe Campaign.6. April 2017 Proprietary digital marketing software platformConsultancy in digital marketing / marketing automationEmail marketingMobile messagingBusiness Model Few clients, but large and well served Highly fidelized customer base Direct sales network15 Highly sophisticated and quality-oriented market High barriers to entryProducts

BEE – THE EMAIL EDITOR SPECIALISTSaaS email editing toolDesigned in Silicon Valley, developed in ItalyMarket Environment Cloud market i.e. global by definition Two sides: professional end users (email designers, digitalagencies) and developers (SaaS applications)Products BEE Free, basic version for non-paying end users BEE Pro, top version for paying end users BEE Plugin designed for developer that want a full integration ofemail editor with their systems (i.e. developers connection)Competitive Positioning6. April 2017Business Model Internally developed and financed (ca. 750k seed capital) 100% inbound marketing (250.000 active users monthly) Full scalability16 Addressing the whole spectrum: free, paying, and developers Top quality client base (e.g. high tech companies) Global competitors: Taxiforemail, EDMDesigner, Litmus EmailBuilder

HIGH REVENUES VISIBILITYLast Twelve Months (LTM) graphs on various legal entities revenues evolution.Total 2016:9,581,545Total 2016:9,562,441Total 2015:8,442,1846. April 2017201620152016172015Total 2015:7,941,647

HIGH REVENUES VISIBILITYLast Twelve Months (LTM) graphs on various legal entities revenues evolution.Total 2016:166,167Total 2016:415,888Total 2015:7,6546. April 2017201620152016182015Total 2015:266,289

WELL DESIGNED CAPITAL AND SHAREHOLDERS’ STRUCTUREA fully committed and well mixed management team, working together since 2002LANGMBLUCA AZZALINAZZARENO GORNIMATTEO BETTONIFOUNDER / MANAGERFOUNDER / MANAGERFOUNDER / MANAGER14.92%14.92%14.85 %AMMMGSALBERTO MISCIAMATTEO MONFREDINIGIANDOMENICO SICAFOUNDER / MANAGERFOUNDER / MANAGERSHAREHOLDER/MANAGER14.93 %14.94 %3.51% 26 mn11.33 2.20TOTAL ENTERPRISEVALUETOTAL # OF SHS(MN)MARKET PRICE 25 mn 0.95 mn 0.06 mnMARKETCAPITALIZATIONNET CASH( MN)MINORITY INTEREST@ BOOK6. April 201719TOTAL SHARES: 86.36% 13.64% FREE FLOAT

OUR LATEST FINANCIAL RESULTSRevenues from Professional ServicesOtherTotal Value of ProductionCOGSGross ProfitEBITDAEBITEBTNet Income (Loss)6. April 2017% 4,446(141,214)(116,709)(100,492)% 44,51078%258%(940%)(1066%)912,859(908%)20Revenues from EmailRevenues from SMSRevenues from 5,9431,127,801812,367

6. April 2017Strong market positioningBrilliant financial positionSolid R&D backgroundM&A experienceHigh cash generationExploitable synergies ahead21REASONS TO INVEST IN MAILUP GROUP

April 2014 IBM Silverpop Not Disclosed (Hint: 270) Not Disclosed (Hint: 3x) Now powered by IBM, Silverpop is a cloud-based digital marketing platform that provides email marketing, lead management and mobile engagement solutions. December 2013 Oracle Responsys 1,500 7.7x Leading email marketing and cross-channel solution now from in Oracle .