1. The Italian Venture Capital industry IFISE Meeting A.I.F.I. Italian Venture Capital and Private Equity Association Anna Gervasoni Pavia, 15 th October 2001

2. Number of Seed and Start up investors A.I.F.I.

3. Seed/Start up investments by number and amount A.I.F.I.

4. Average invested amount in Venture Capital (Euro mln) A.I.F.I.

5. % of amount and number of investments in the high tech sectors A.I.F.I.

6. 1 st Sem. 2001 - Stage distribution by % of investments in the high tech sectors A.I.F.I.

7. Comparison Italy – Europe: high-tech investments (number) A.I.F.I.

8. 1 st Sem. 2001 – Seed/Start up investments by sectors (Euro mln) A.I.F.I.

9. 1 st Sem. 2001 - Seed/Start up investments by Number A.I.F.I.

10. 1 st Sem. 2001 – Early Stage Distribution (% amount) 2 % 98% 23% 77% A.I.F.I.

11. 1 st Sem. 2001 – Early Stage Distribution (% number) 4 % 96% 43% 57% A.I.F.I.

12. 1 st Sem. 2001 - Number of early stage investments by type of investors A.I.F.I.

13. 1 st Sem. 2001 - Amount of early stage investments by type of investors (Euro mln) A.I.F.I.

14. 1 st Sem. 2001 – Seed/Start up investments by type of investors (% amount) A.I.F.I.

15. 2000 - Sectoral distribution of amount invested in high tech (PE+VC) A.I.F.I.

16. 1999-2000: Evolution of investments (number) in some specific sectors A.I.F.I. No investments were made on semiconductors

17. 1999-2000: Evolution of amount invested (Euro mln) in some specific sectors A.I.F.I. No investments were made on semiconductors

18. 2000 - Sectoral distribution of amount invested in Venture Capital A.I.F.I.

19. 2000: Sectoral distribution of Seed/Start up deals A.I.F.I.

20. 2000 - Italy: regional Early stage investments distribution by number A.I.F.I.

21. 2000 - Italy: regional High Tech investments distribution by number A.I.F.I.

22. Seed/Start up high tech deals A.I.F.I.

23. 2000 - Italian Venture Capital: Industry Concentration A.I.F.I.

24. First Semester 2001 Italian Venture Capital: Industry Concentration A.I.F.I.

25. 2000 - Fund raising targets A.I.F.I.

26. Some final issues…

27. …concerning the Italian VC market A.I.F.I. most deals are related to second round financing; most of Seed and Start up investments come from corporate spin off;

28. “patient money” concept is coming back; consolidation of the market; more focused players with industrial expertise; the need to rethink the public role to fill the gap is fully shared… …trends A.I.F.I.

29. Public player: what kind of role? A.I.F.I.