The Board of Directors of Archimede S.p.A. ("Archimede") deliberated the next formal start-up of the listing process on the AIM Market of the Italian Stock Exchange targeting EUR 30 - 47 million funding.

Archimede is the new Special Purpose Acquisition Company (SPAC) promoted by:

• Andrea Battista, well known insurance manager with a start in McKinsey, between 2014 and 2017, the CEO at Eurovita Assicurazioni and, before, he was Country Manager and CEO of Aviva Group in Italy. In the previous years he also served as C-level manager in several positions in Cattolica Assicurazioni Group.
• Matteo Carbone, one of the top international InsurTech Influencers and has published a bestseller dedicated to InsurTech: "All the insurance players will be insurtech". He is Founder and Director of the IoT Insurance Observatory and previously he spent eleven years in Bain & Company.
• Giampiero Rosmarini, known professional and banking expert.

The objective of the project is - also through the business combination - the set-up of the first Insurtech Insurance Company of the Italian market which, leveraging on the specific successful managerial and entrepreneurial track-record of the proponent-team and of the management team, generates:

• a strengthening and profitable growth in the reference segment of the insurance company deriving from the business combination;
• an independent non-life bancassurance platform;
• a distinctive service capacity for innovative insurance distribution networks;
• a full employment of InsurTech innovation in all insurance processes.

Technological innovation will be embedded inside the whole insurance value-chain of risks underwriting and management of the business combination by assuming a business accelerator role. That - in line with the "make-buy-ally" flexible model - through the progressive integration of digital innovations (InsurTech) in order to support the activity of the intermediated distribution channels, to develop a distinctive "InsurTech-enabled" product offering and to characterize the Business Combination as the reference "Bancassurance Platform" for the new fintech entrants and for the development of the "incidental channels" on the Italian markets. This pervasive InsurTech approach represents a strategic element of the industrial plan and is inspired by the thesis which has been presented by Carbone on the stage of many international conferences and in many interviews in the past months: all the insurance players will be InsurTech.

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The Company signed a non-binding letter of intent for the implementation of the business combination with Net Insurance Group - leading operator of the Italian market in the insurance coverages for loans on salary products - as a basis for the start-up of the entire project. The understanding is subject to the following signing of a binding agreement and to the obtaining of the foreseen regulatory approvals.