Annual Investor Meeting: Letter of the Chairman
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Annual Investor Meeting: Letter of the Chairman

Alessandro Binello – Presidente / Chairman

“Quadrivio aims to take advantage of the opportunities in the Italian Market.
Our main goal is to achieve significant results
.”

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Alessandro-Binello-lettera
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Dear Investors,

During 2013 the Firm has continued its growth path investing in teams dedicated to the following investment strategies:
Private Equity, Clean Energy, Venture Capital, Private Debt and Funds of Funds.

We believe that the Italian market of alternative investments in niche products is driven by two potential success factors
that make it particularly attractive.

The first one is the opportunity to invest in assets with an entry valuation lower than the European average due to the
fact that the Italian market is still affected by the recent economic and liquidity crisis.

The second factor is the opportunity to take advantage of the limited competition due to the lack of professional operators
in this market niche, relative to the size of the Italian market. This allows us to negotiate deals outside of competitive
auctions and with strong downside protection.

These are the reasons we launched two new funds at the end of 2013 and will be launching another three in 2014, one
for each investment strategy.

In particular, we are currently raising the “Quadrivio Green Energy Fund” and are about to hold a first closing. The fund intends
to take advantage of the opportunity offered by the secondary photovoltaic market in Italy. This market is characterized by
low prices, due to the instability of current regulations, following a vast euphoric period.

The second fund in fundraising is TT Venture Two, dedicated to investments in innovative technologies. This new fund aims
to consolidate the experience gained with the previous fund in the Life Science and New Materials sectors.

In conclusion, Quadrivio aims to take advantage of the opportunities in the Italian Market. Our main goal is to achieve
significant results over the medium-term, optimizing the ratio between risk and return.

Sincerely

Alessandro Binello

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