The Value of the Experience in the Italian Equity Market
1
Intermonte: Company Structure As of 2008
Up to 2007 (ManagerShareholders) 100%
Gruppo MPS
INTERMONTE
Banca Monte dei
HOLDING*
Paschi di Siena
80%
INTERMONTE SIM
20%
WEBSIM (Divisione
68%
32%
INTERMONTE SIM
Web) 30%
70%
Management
MPS Venture
* INTERMONTE HOLDING is owned 100% by management
2
Intermonte: Leadership in Italian Equity Brokerage and … 3°
In 2009 Intermonte came in 3rd place on MTA, but is the leading broker with institutional investors
Intermonte is in top place for options and 3° and 4th on Euro Mot e Mot respectively
3
Intermonte values
EXPERIENCE RELIABILITY Intermonte’s management team is made up of highly experienced, closely knit partners who have been working together for over 15 years
quality of research, effective sales and efficient trading are guaranteed by the stability of management and a consistent presence in international marketplace such as London and New York
TRANSPARENCY PROFESSIONALISM assured by the independent view, focus on the core business of brokerage and analysis aimed at the generation of ideas for institutional investors
more than 450 Italian and foreign institutional investors make use of professional consultancy services from Intermonte, ranging from financial analysis to sales, trading and corporate consultancy
4
Intermonte in a nutshell EQUITY BROKERAGE • Brokerage of Italian stocks on behalf of institutional investors in Italy and abroad • Brokerage of foreign stocks, mainly on behalf of Italian institutional investors • Research on Italian and European stocks
DERIVATIVES & SPECIAL SITUATIONS • Brokerage of listed derivatives on Italian and foreign stocks, on behalf of Italian and foreign institutional clients. • Brokerage of baskets and derivatives on Italian indices on behalf of Italian and foreign institutional clients • Analysis and brokerage support on arbitrage and special situations (i.e. rights issues, takeovers, mergers)
EQUITY CAPITAL MARKETS/ CORPORATE FINANCE • IPOs • Secondary placings • Rights issues for listed companies • Buybacks • Private placements •Secondary offerings •Merger and acquisition • Company valuations • Financial advisory PRIVATE EQUITY (1) Investment on non-listed companies of own capital through closed-end funds managed by MPS Venture
(1) Business managed by MPS Venture SGR, a company managing closed funds, formed by Intermonte and MPS Capital Services merchant bank. Intermonte holds 30% of the share capital, and Gianluca Bolengo and Roberto Magnoni are on the company’s Board of Directors
WEBSIM On-line information and consultancy services on stock market investments for retail clients and bank networks (day traders, FAs, private bankers)
5
Equity brokerage: research activity
EQUITY RESEARCH
Main international awards
Intermonte’s research department is the largest on the Italian market (around 20 analysts) and has grown over time to meet the needs of our clients
2008
1o
1o
2007
2o
2o
2006
3o
3o
2005
4o
6o
2004
3o
4o
2003
3o
1o
institutional investors, offering ad-hoc consultancy to companies on
2002
1o
4o
communication to the market
2001
-
-
2000
2o
-
1999
2o
2o
1998
2o
2o
We believe that the stability of the team, seniority of our analysts
(who largely have previous experience in the relevant industry) and quality of research set Intermonte apart
our extensive coverage of the Italian market includes more than
180 listed companies, making up over 90% of the stock market capitalisation
Intermonte specialises in organising roadshows and meetings with
Intermonte’s research has consistently received significant recognition in awards for research on the Italian market from the most well respected international institutions
6
Research for institutional investors COMPANY REPORTS
In 2009 Intermonte published 815 company reports
• • •
INDUSTRY REPORTS
Periodic reports for the main sectors (financial, telecoms, technology, small caps, etc.)
Previews of quarterly results
Initiation of coverage In depth reports
DAILY NOTES AND WEEKLY STRATEGY
Morning Notes sent to our institutional investors each morning
Strategic updates
Note for quarterly results
7
Intermonte Research on Italian & European stocks, bond and corporate bond ITALIAN STOCKS
FOREIGN STOCKS
BOND & CORPORATE BOND
8
Intermonte 2009 production Category
No. of reports
TotaL
815
of which:
FTSE
FTSE MIB
Italian Sector &
All Shares
ITMC
Strategy
489
241
Foreign Stocks
25
60
Total n. of pages:
6074
N. of pages per day:
~ 24
N. of publications per day
~ 3.2
Intermonte SIM is SPECIALIST, in accordance with Italian Securities Market regulations, with the related obligation of coverage and distribution of research, for the following Companies:
Arkimedica Biancamano B&C Speakers Buongiorno Cementir Cogeme Datalogic DeA Capital Digital Bros Dmail EEMS Eurotech Fiera Milano Gefran IGD
IW Bank Kerself Kinexia M&C Management e Capitali Pierrel Reno de Medici Saes Getters Servizi Italia TAS TBS Group Ternienergia Vittoria Assicurazioni VR Way
9
The Research Team HEAD OF RESEARCH AND BANKS :
Pierluigi Passerone (38) (years of experience as financial analyst: 13)
DEPUTY HEAD OF RESEARCH AND HEAD OF MARKETING ;
Guglielmo Manetti (41) (years of experience as financial analyst: 15
DEPUTY HEAD OF RESEARCH UTILITIES AND MEDIA : Marco Corsiglia (45) (years of experience in the industry: 11; as analyst: 10)
TELECOMS Micaela Ferruta (39) ( years of experience in the industry : 4 as analyst: 10;
BANKS Christian Carrese (36)
Andrea Randone (31)
(years of experience in the industry: 3;
(years of experience in the industry: 5; as analyst: 3)
as financial analyst: 9)
CONSUMERS Elisa CorghI (38) (years of experience in the industry: 4; as analyst: 10)
ENERGY Paolo Citi (40) (years of experience in the industry: 4; as analyst: 9)
Stefano Corneliani (36) (years of experience as financial analyst: 12)
10
The Research Team INDUSTRIALS Giuseppe Puglisi (37)
UTILITIES
( years of experience as analyst: 9
Guglielmo Manetti (41) (years of experience as analyst: 15)
Federico Pezzetti (38)
(years of experience in consultancy: 7; as analyst: 4)
EUROPEAN EQUITIES )
Andrea Bergamaschi (38)
SMALL CAPS TEAM
(years of experience in consultancy: 14)
And CEMENT SECTOR
MEDIA Marco Corsiglia Micaela Ferruta
Carlo Barracchia (41) (years of experience as analyst : 10)
Fabrizio Barini
(34) Paolo Mosole (34)
(years of experience as analyst : 8)
(years of experience as analyst: 10)
INSURANCE AND ASSET MANAGEMENT Alberto Villa (40) (years of experience in the industry : 6; as analyst : 9)
ECONOMIST Giuseppe Varenna (51)
Cristian Galizzi (37) (years of experience in the industry : 7 as analyst: 4)
(years of experience as economist: 17)
REAL ESTATE Alberto Villa Federico Pezzetti
11
The Sales Force • Intermonte is the key local broker on the Italian market for institutional investors in Italy and abroad • Intermonte owns a licensed broker in the USA (JJP Eurosecurities is 100% controlled), based in New York, with the aim of facilitating relations with investors based in North America
IN 2009 INTERMONTE ORGANISED AROUND 1200 IN 2009 INTERMONTE ORGANISED AROUND 1200 MEETING BETWEEN LISTED COMPANIES AND MEETING BETWEEN LISTED COMPANIES AND INSTITUTIONAL INVESTORS INSTITUTIONAL INVESTORS
• The trading and execution desk guarantees maximum transaction efficiency to investors for block trading and secondary placings nel mondo worldwide
Milan: since 1995 (previously Intermobiliare Securities SIM)
- Salesforce: 20 - Traders: 16
NEW YORK
MILANO
New York: since 1996 - Salesforce: 3
Derivatives and special situations (Milan) since 2008 - Salesforce: 8
12
Presence in Italy
• Head of sales desk: Gianluca Parenti • Head of sales desk: Gianluca Parenti (founding shareholder of Intermonte) (founding shareholder of Intermonte) • Salesforce in Italy: 13 • Salesforce in Italy: 13 • Active clients: 80 • Active clients: 80 • Of which “long only”: around 90% • Of which “long only”: around 90% • Marketing organised in 2009: • Marketing organised in 2009: company roadhsows: 39 company roadhsows: 39 (of which 10 with FTSE MIB companies) (of which 10 with FTSE MIB companies) • Total meeting organised between • Total meeting organised between investors and companies: 200 investors and companies: 200
13
Intermonte: Derivatives & Special Situations
• Head of Derivatives & Special Situations Desk: • Head of Derivatives & Special Situations Desk: Guido Pardini and Andrea Bottaro Guido Pardini and Andrea Bottaro • Salesforce: 8 • Salesforce: 8 • Active clients: 60 • Active clients: 60 • of which “long only”: around 30% • of which “long only”: around 30% • of which foreign: around 85% • of which foreign: around 85%
14
Presence in Europe (excluding Italy and UK)
• Head of sales desk: Gianluca Bolengo • Head of sales desk: Gianluca Bolengo (founding shareholder of Intermonte) (founding shareholder of Intermonte) • Salesforce: 4 • Salesforce: 4 • Active Clients: 60 • Active Clients: 60 • of which “long only”: around 85% • of which “long only”: around 85% • Marketing organised in 2009: • Marketing organised in 2009: Company Roadshows: 21 Company Roadshows: 21 (of which 7 with FTSE MIB companies) (of which 7 with FTSE MIB companies) • Total meetings organised between • Total meetings organised between investors and company: 170 investors and company: 170
15
Presence in UK and Ireland
• Office in London: operating from 2001 to 2008 • Head of sales desk: Simon Kofler (at Intermonte since 1997) • Salesforce: 6 • Active Clients: 100 • of which “long only”: around 50% • Marketing organised in 2009: Company Roadhsows: 33 (of which 2 with FTSE MIB companies) • Total meeting organised between investor and companies: 230
* From 1/1/09 UK clients are managed directly from Milan
16
Presence in USA and Canada
• Office in New York: operating since 1996 • Head of sales desk: Paolo Bianco (with Intermonte since 1996) • Salesforce: 5 (of which 3 in NY office) • Active Clients: 90 • Of which “long only”: around 50% • Marketing organised in 2009: Company Roadhsows: 11 (of which 9 with FTSE MIB companies)
INTERMONTE OFFICE
• Total meeting organised between investors and companies: 195
17
Corporate Finance Head of Team: Roberto Magnoni * Intermonte is present in corporate finance, specialising in the following activities:
EQUITY CAPITAL MARKETS • IPO’s • Rights issues for listed companies • Buybacks
CORPORATE FINANCE • Merger and acquisition • Company valuations • Financial advisory
• Secondary offerings
* (Intermonte SIM Director in charge of Corporate)
18
Listings: Role of Global Coordinator, Sponsor/Listing Partner/Nomad and Bookrunner
IPO AIM Italia (pending)
IPO STAR (pending)
IPO AIM Italia
Nomad Global Coordinator Bookrunner
Joint Global Coordinator Joint Bookrunner
Joint Global Coordinator Joint Bookrunner € 6,3 mn December 2009
Listing MTA STAR (from Expandi)
IPO Expandi
IPO Expandi
IPO Expandi
IPO Expandi
Sole Global Coordinator Sole Bookrunner Listing Partner € 14,6 mn October 2007
Joint Bookrunner Joint Institutional Lead Manager € 52,7 mn July 2007
Joint Global Coordinator Joint Bookrunner Joint Listing Partner € 94,9 mn April 2007
Joint Global Coordinator Joint Bookrunner € 45,1 mn March 2007
Sponsor June 2009
Listing MTA STAR (from Expandi) Sponsor September 2009
Introduction AIM Italia Nomad July 2009
IPO STAR
IPO Expandi
Listing Expandi (spin off)
IPO MTA
IPO MTA
Joint Bookrunner Joint Institutional Lead Manager Co-Sponsor € 50,0 mn February 2007
Sole Global Coordinator Sole Bookrunner Listing Partner € 29,6 mn July 2006
Listing Partner June 2006
Co-Sponsor € 64,3 mn March 2003
Joint Global Coordinator Joint Bookrunner Joint Sponsor € 118,4 mn December 2000
IPO
IPO
IPO
IPO
IPO
Co-Globlal Coordinator Joint Bookrunner Co-Sponsor € 55,8 mn October 2000
Joint Bookrunner Joint Institutional Lead Manager € 131,3 mn July 2000
Joint Global Coordinator Joint Bookrunner Sponsor € 39,6 mn July 2000
Co-Global Coordinator Joint Sponsor € 121,1 mn June 2000
Joint Global Coordinator Joint Sponsor € 1.672,0 mn March 2000
IPO
IPO
Co-Global Coordinator Bookrunner € 37,8 mn June 1999
Global Coordinator Bookrunner Sponsor € 23,6 mn December 1998
19
Other Institutional Placements
Intermonte acted as Institutional Co-Lead Manager and Institutional Manager in other institutional syndicate
Rights Issue
Rights Issue & Conv. Bond
Rights Issue
IPO
Co-Lead Manager € 7.978 mn June 2009
Advisor € 47,3 mn April 2009
Sole Lead Manager Guarantor € 22,0 mn October 2007
Institutional Co-Lead Manager € 434,6 mn June 2003
Public Tender Offer
IPO
IPO
IPO
Financial Advisor to the Offeror € 62,4 mn May 2003
Institutional Co-Lead Manager € 367,9 mn June 2002
Institutional Manager € 1.915,2 mn December 2001
Institutional Manager € 100,7 mn July 2000
CTO IPO
IPO
Secondary Offering
IPO
Institutional Manager € 133,8 mn June 2000
Institutional Manager € 47,8 mn July 2000
Institutional Manager € 3.805,4 mn December 1999
Institutional Manager € 12,8 mn October 1999
IPO
IPO
IPO
Institutional Manager € 830,2 mn July 1999
Institutional Manager € 2.015,1 mn June 1999
Institutional Manager € 80,1 mn July 1999
20
Specialist for Listed Companies Intermonte is the leader in the Specialist activity on the Italian Stock Exchange (MTA and “Segmento Star”)
In order to effectively operate as Specialist, Intermonte sep up a dedicated structure, mainly involving co-ordination of dealers and equity analysts’ activities by the Corporate Finance Department’s, in addition to assisting the Company at the periodical results presentations
Specialist Ranking n. of Companies – Italian Stock Exchange 26
– Execution of all activities related to stock’s liquidity support and price stabilisation (e.g. Intermonte co-ordinates the buy backs of some companies for which it acts as Specialist) – Organisation of one-to-one meetings with Italian and foreign investors at the publication of company results and specific corporate events – Constant communication with institutional investors of main corporate events, through its research activity – Management of the mailing list of institutional investors who are our clients (for periodical meetings with the financial community)
1°
Specialist n. of Companies Italian Stock Exchange
Banca IMI
22
Abaxbank
12
Banca Aletti
12
Unicredit Umib
31 including companies advised as corporate broker or specialist on AIM Italia
11
Equita
10
Mediobanca
8 0
5
10
15
20
25
30
Source: elaboration by Intermonte on data as of 21 December 2009 provided by Borsa Italiana
MTA - Mtf
STAR
STAR
MTA
MTA
MTA
STAR
MTA
MTA
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
MTA
MTA
MTA
STAR
STAR
STAR
MTA
STAR
MIV
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
STAR
STAR
STAR
MTA
STAR
STAR
STAR
STAR
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
Specialist
21
Merger & Acquisition
Public Tender Offer
Capital Increase
Valuation
Fairness Opinion
Financial Advisor to the Company
Fairness opinion financial insitutution Fund Atlantic 8
Potential Acquisition of Eurogen
Partial Privatization
Strategic Advisory
Financial Advisor
Financial Advisor
Equity fund raising
Valuation and advice in equity fund raising
Integration Project Assistance to the Technical Commission of Bipop-Carire
Sale of a minority stake to Seat Pagine Gialle Financial Advisor to Private Selling Shareholders
Equity fund raising Financial Advisor
Public Offer on Ordinary Shares Financial Advisor to the Offeror IBI Holding B.V.
Financial Advisor
Valuation and advice for the sale to Private Buyers
Financial Advisor
Financial Advisor
Financial Advisor
DAMA S.p.A
Valuation and advice for the sale to Private Buyers
Valuation
Valuation
Financial Advisor
Financial Advisor
Financial Advisor
Dany Confezioni
FIDELITAS S.p.A
Acquisition of the Majority Stake by Private Buyers
Equity fund raising
Equity fund raising
Financial Advisor
Financial Advisor
The Airline Company
Equity fund raising Financial Advisor
Financial Advisor to the Buyer
Acquisition by a Group of Banks Financial Advisor to the Buyer
22
Private Equity Intermonte is a shareholders of MPS Venture SGR, a company that manages closed-end funds for a total amount of Eu 400 mn
Shareholders
Fund
Investments
MPS Venture 1
€ 100 milion
2003
MPS Venture 2
€ 150 milion
2006
Ducato Venture
€ 40 milion
1998
Disinv. & Reimburse completed
MPS Venture Sud
€ 25 milion
2003
Investment phase completed
MPS Venture Sud 2
€ 25 milion
2006
SME in the South of Italy
Siena Venture
€ 25 milion
2003
SME in Siena & neighbouring
Emilia Venture
€ 35 milion
2006
SME in Emilia Romagna
Start Date
Status Investment phase completed
Investment Targe SME
SME SME SME in the South of Italy
23
Websim
Intermonte
also
owns
Websim
(www.websim.it), an information and consulting website for stock market investments, for retail and banking customers (institutional traders, FAs and private bankers)
24
Appendix
25
Research Team
PIERLUIGI PASSERONE (38), HEAD OF RESEARCH AND BANKING SECTOR. Pier has been with Intermonte since 1997. After receiving his Economics degree, he worked at our New York headquarters for two years covering ADRs listed in the US. He then covered the utilities sector for 7 years before joining the banking team; since 2004, he has concentrated on blue chip banks .
MARCO CORSIGLIA (45), DEPUTY HEAD OF RESEARCH AND UTILITY AND MEDIA SECTOR. Marco has a degree in Economics and worked with Telecom Italia for ten years, filling various positions in the company over that time. Since May 2000, he has covered the telecoms sector, and began covering the media sector in 2005, adding utilities to his repertoire in 2006.
GUGLIELMO MANETTI (41) is DEPUTY HEAD OF RESEARCH AND HEAD OF MARKETING. INDUSTRIAL SECTOR. Guglielmo covered the insurance and asset management sectors for Intermonte for 11 years and also oversaw the development of European research. After an entrepreneurial experience in asset management, he has returned to Intermonte to carry out marketing activities for the research team and manage relations with listed companies. He also covers Industrial stocks.
PAOLO CITI (40), ENERGY SECTOR. Paolo worked in the planning and control department at Edison for five years. Then in 1999, he became a financial analyst covering utilities and energy stocks. He worked with Caboto, Santander and Banca IMI before joining Intermonte in 2006.
26
CHRISTIAN CARRESE (36), BANKING SECTOR. Christian has followed the banking sector with Intermonte since 2003 and has acquired thorough knowledge of the main Italian and European banks. Before coming to Intermonte, he worked as a business development analyst for an industrial company based in London.
ELISA CORGHI (38), CONSUMER SECTOR. Elisa gained four years’ experience in the food industry (with Barilla and Kraft) following her degree in Economics. She has been with Intermonte since 2000, covering mid/small cap consumer sector companies.
STEFANO CORNELIANI (36), CONSUMER SECTOR. After graduating in Economics and earning valuable experience in his family business, Stefano became the leading textile and luxury analyst for Intermonte in November 1998.
MICAELA FERRUTA (39), TELECOM AND MEDIA SECTOR. After receiving her degree from Bocconi University, Micaela worked for AT&T Italia and then at one of the top German insurance companies. With three years of experience at Infostrada under her belt as well, she became an analyst at Intermonte covering the telecom sector at the beginning of 2000.
27
CRISTIAN GALIZZI (37), INSURANCE SECTOR. Cristian joined Intermonte in 2006. From September 2005 to 2006 he worked for BPU Banca’s strategy development and integration team. He had previously worked as a strategic planner at RAS. He received a Master’s degree in Economics from Boston College in 2002 after gaining a bachelor’s degree in Economics in 2000.
ALBERTO VILLA (40), INSURANCE AND REAL ESTATE SECTOR. Alberto joined Intermonte in September 2001, initially covering small to mid cap media stocks, then subsequently specialising in the insurance and real estate sector. Previously, Alberto worked as an auditor and management consultant for Arthur Andersen for over 3 years, and was responsible for the IPOs of a number of Italian companies.
CARLO BARRACCHIA (41), SMALL CAPS TEAM AND CEMENT SECTOR. Carlo began working with Intermonte as an analyst in 1998 and has specialised in small caps since 2004. As of 2007 he is responsible of Small Caps Team. He also covers Cement stocks.
FABRIZIO BARINI (34), SMALL CAPS TEAM. In 2002, Fabrizio joined the Websim research team. He then came over to Intermonte’s team to focus on small caps in 2005.
GIUSEPPE VARENNA (51), ECONOMIST. After gaining an Economics degree from the prestigious Bocconi University; Giuseppe covered various roles in the equity sector of Banca Manusardi. After this experience, he became the main macro-economist in CIMO SIM, before carrying out the same role at Intermobiliare Securities as of 1995 and now at Intermonte SIM.
28
FEDERICO PEZZETTI, CFA (38), REAL ESTATE AND UTILITIES SECTOR. Federico has been working for Intermonte since 2007, covering the real estate and utilities sector. Previously, he worked for 7 years as a consultant for Price Waterhouse Coopers in London, focusing on the financial sector.
GIUSEPPE PUGLISI (37), INDUSTRIAL SECTOR. After graduating in Economics Giuseppe was part of the planning & marketing teams at a number of industrial groups prior to coming to Intermonte in January 2001to cover the industrial and technology sectors
ANDREA RANDONE (33), TELECOM AND INDUSTRIAL SECTOR. Andrea came to Intermonte in 2006, initially covering the telecommunications sector, focusing mainly on small caps. Before working at Intermonte, Andrea was a Professor at the Politecnico di Milano, where he earned a PhD in Managerial Engineering in 2006.
EUROPEAN TEAM ANDREA BERGAMASCHI (38), EUROPEAN EQUITIES. After 13 years of experience like Buy side analyst and Portfolio Manager he joined Intermonte in 2007 and is Responsible for research on European stocks.
PAOLO MOSOLE (34), EUROPEAN EQUITIES. Paolo has a degree in Economics as well as experience in the asset management sector in Italy and abroad. He joined the Intermonte analyst team in April 2000 and has covered several sectors, starting with telecoms and telecom equipment. He covered also auto, cement and construction stocks. Now he is covering European stocks.
29
Contacts for Research Department NAME
E-MAIL
IN ALPHABETICAL ODER DIRECT LINE
MOBILE
Fabrizio Barini
[email protected]
+39 02 77115.317
+39 348 80800.85
Carlo Barracchia
[email protected]
+39 02 77115.230
+39 348 80800.17
Andrea Bergamaschi
[email protected]
+39 02 77115.227
Christian Carrese
[email protected]
+39 02 77115.485
+39 348 80800.33
Paolo Citi
[email protected]
+39 02 77115.430
+39 348 80800.32
Elisa Corghi
[email protected]
+39 02 77115.439
+39 348 80800.51
Stefano Corneliani
[email protected]
+39 02 77115.359
+39 348 80800.35
Marco Corsiglia
[email protected]
+39 02 77115.437
+39 348 80800.36
Micaela Ferruta
[email protected]
+39 02 77115.428
+39 348 80800.37
Cristian Galizzi
[email protected]
+39 02 77115.432
+39 348 80800.40
Guglielmo Manetti
guglielmo,
[email protected]
+39 02 77115.472
+39 348 80800.44
Paolo Mosole
[email protected]
+39 02 77115.429
+39 348 80800.45
Pier Passerone
[email protected]
+39 02 77115.357
+39 348 80800.46
Federico Pezzetti
[email protected]
+39 02 77115.268
+39 348 80800.49
Giuseppe Puglisi
[email protected]
+39 02 77115.455
+39 348 80800.52
Andrea Randone
[email protected]
+39 02 77115.364
+39 348 80800.48
Giuseppe Varenna
[email protected]
+39 02 77115.262
---
Alberto Villa
[email protected]
+39 02 77115.431
+39 348 80800.41
+39 348 80800.04
30
Contacts for Sales Department
IN ALPHABETICAL ORDER
NAME
E-MAIL
F IXED LINE
MOBILE
Fabian Alì
[email protected]
+39 02 77115.365
+39 348 80800.20
Paolo Bianco
[email protected]
+1 212 521 6718
+1 917 488 0680
Gian Luca Bolengo
[email protected]
+39 02 77115.209-210
+39 348 80800.02
Mauro Calabrese
[email protected]
+39 02 77115.447-449
+39 348 80800.29
Luca Coloso
[email protected]
+1 212 521 6719
+1 917 355 2175
Marco Croce
[email protected]
+39 02 77115.462-463
+39 348 80800.16
Carmen Fratto
[email protected]
+39 02 77115.235-236
+39 348 80800.13
Simon Kofler
[email protected]
+39 02 77115.386-387
+ 39 345 37013021
Luigi Marchio
[email protected]
+39 02 77115.212-213
+39 348 80800.78
Alberto Marracino
[email protected]
+39 02 77115.473-474
+39 345 3701187
Martin Mulattieri
[email protected]
+39 02 77115.203-204
+39 348 80800.03
Gianluca Parenti
[email protected]
+39 02 77115.483-456
+39 348 80800.80
Carlo Parisi
[email protected]
+39 02 77115.207-208
+39 348 80800.08
Eduardo Pellegatta
[email protected]
+39 02 77115.234-467
+39 348 80800.69
Mario Piccioli
[email protected]
+1 212 521 6721
+1 917 951 2693
Alessandro Valeri
[email protected]
+39 02 77115.212-213
+39 348 80800.00
Mauro Valeri
[email protected]
+39 02 77115.464-465
+39 348 80800.01
Daniele Vitaloni
[email protected]
+39 02 77115.460-461
+39 348 80800.18
Massimo Rossi
[email protected]
+39 02 77115.315
+39 348 80800.12
Massimo Saitta
[email protected]
+39 02 77115.225
+39 348 80800.10
31