EXCELSIOR CAPITAL PARTNERS -- RESEARCH

BACK2THEFUTUREMULTIMEDIA SPACOCTOBER 04, 2021

www.swissgrowthforum.org

m u l t i m e d i a

Back2TheFuture Multimedia SPAC will capitalize on the

renaissance of independent content produced by the transition to streaming

of filmed entertainment. B2TFM has identified its acquisition

target, Polifemo S.R.L. B2TFM will use the proceeds from its SPAC offering to produce original content in 2022, with

distribution targeted at major streaming platforms around the globe.

THE FUTUREOF ENTERTAINMENT

Excelsior Capital Partners Equity Research

by Jim Collins

Jim Collins has 30 years of global equity research experience. Jim followed the global auto and

auto components industry for more than a decade for Lehman Brothers, Donaldson, Lufkin &

Jenrette (NY,) DLJ (London) and UBS London. Jim has completed all requirements for

designation as a Chartered Financial Analyst.

Jim’s work is published 8x per month at Real Money,. Jim has also contributed to Forbes,

Seeking Alpha, and published his own newsletters under the brand Portfolio Guru. Jim’s market

commentary has been featured on Fox Business and Bloomberg TV and in publications as

diverse as the New York Times and Brazil’s Exame magazine. Jim splits his time between the

two global headquarters of Excelsior Capital Partners, NYC and São Paulo.

Jim Collins’ LinkedIn Bio

Contact Information

Excelsior Capital PartnersUS: 144-44 41st Avenue, Flushing, NY 11355

Brazil: Alameda Jaú, 1607 - Jardim Paulista - Cerqueira César, São Paulo - SP, 01420-002

jameskirkcollins@gmail.com

+1 646 823 4598

© 2021; Excelsior Capital Partners

Executive SummaryBack2TheFuture Multimedia SPAC , to be listed on AIM Italy/Euronext, will create

value for investors through the transformative acquisition of Polifemo, S.R.L. With

the acquisition of Polifemo, Back2TheFuture will create a platform for growth

Even before COVID, the top 10 global streaming platforms held a combined

audience of 500 million viewers. Lockdowns changed viewing habits. According to

Technavio, the global online streaming services market is expected to grow by USD

149.96 billion, at a CAGR of over 18% during 2020-2024.

Led by veteran Italian filmmaker Giorgio Serafini, Back2TheFuture Multimedia

SPAC will produce its own content (with global filming locations selected to

maximize individual country tax credits) and work with the leading global

streaming players to obtain online distribution.

Cinema is evolving, not dying. People still love stories, they just want them to be

delivered on newer platforms. Back2TheFuture will independently produce

content to meet that demand.

SPAC Offering/Use Of ProceedsBack2 The Future Multimedia SPAC will be organized under the aegis of AIM Italia,(Euronext Growth Milan.) Regulations in Italy, as in many European countries andas opposed to securities laws in the US, allow for the sponsor group of a SPAC toname its acquisition target in advance of its offering. In this case, Back2TheFutureMultimedia SPAC will be formed with the express purpose of the acquisition ofPolifemo, S.R.L.

This transaction will be fortiifed by the proceeds of the SPAC’s IPO, which aretargeted at €50 million. Management also intends to pursue a listing on Nasdaq.

Structure of PolifemoPolifemo currently owns and operates the Quirinetta Theater and its associatedrestaurant, Quirinetta Bistrot. Quirinetta will serve as the focal point for B2TFM’sfuture efforts, including the development of a talent academy to grow (andrepresent, for a fee) local filmmaking talent.

Polifemo is also in the process of acquiring Videa S.p.A. That transaction is at thefollowing stage, as described by management (translated from the Italian)

Currently Polifemo is awaiting confirmation by the Court of Rome of the Assignment ofVidea S.p.A. following the acceptance of the application submitted by Polifemo to Videa,on the basis of the request for "Continuously blank composition with creditors" made bythe same VideaS.p.A. to the Court of Rome.

Videa will bring Polifemo, and, eventually, Back2TheFuture Multimedia SPAC, alibrary of over 600 titles. In addition to its back catalogue, Videa comprises afully-fledged production operation, with 35 hectares of land, a 500-seat restaurant,100 offices and 80 dressing rooms.

Cash flows from these existing businesses, plus the proceeds from the SPACoffering, will be used as growth capital to fund Back2TheFuture Multimedia SPAC’supcoming projects (see last section for details on upcoming projects.)

B2TFM Management also envisions the acquisition of high-tech set designspecialist Techne (founded by Daniele Mingolla) and the initiation of QuirinettaTalent Academy, to leverage B2TFM’s brands to produce the next generation ofItalian filmmaking talent.

The following graphics represent management’s depiction of the future PolifemoS.R.L, which, of course, will be subsumed into Back2TheFuture Multimedia SPACafter the SPAC offering is completed.

Jim Collins’ Take:Quirinetta is a legendary movie house, but that should not obscure the trueimpetus of B2TFM’s business plan. Independent producers such as Polifemo hadhistorically been at a major disadvantage when competing for exhibition spaceswith major studios, owing to economies of scale. Streaming changed that dynamic,and the majority of that transition has already taken place.

The entertainment industry has been democratized. B2TFM intends to use itscontent and Mr. Serafini’s deep industry connections to leverage content with newplayers like Netflix, Amazon and Hulu, and also streamers based in Asia, such asAlibaba. At the same time, current distributors are in a adapt-or-die mode, and Mr.Serafini’s contacts there are still quite valuable. The upcoming production of TheRebel Queen, for instance, will be distributed by Lionsgate.

This is an exciting time for filmed entertainment. Back2The Future MultimediaSPAC is well-positioned to capitalize on the future of entertainment, while profitingfrom its present.

The Global Streaming Market In 2021The changes to viewing habits driven by COVID were permanent, in Excelsior Capital’sopinion. Streaming is not new media anymore. Streaming is, simply, media.

The following charts, from Statista, perfectly illustrate that point. The era of hyperbolicgrowth in streaming users, net adds, ARPU, etc. is over, in ExCap’s opinion, becauseCOVID drove adoption at a pace that was not comprehended by most industry observers.

That 1.423 billion people globally would utilize some type of streaming service in 2021 isjust mind-boggling and virtually no one was predicting that scope of end market in 2017or 2018. Excelsior Capital’s first streaming device was the Netflix player by Roku (whichstill works) which was launched in 2008 with content that was, frankly, veryunderwhelming. Fast forward 13 years, and streaming is no onger the new kid on theblock.

But, as in every industry, there have been winners and losers. Excelsior Capital used tohave accounts with Yahoo and Myspace, but obviously those platforms were essentiallyobliterated by Google and Facebook. Competition is the lifeblood of capitalism.

So, the era of “Oh my God, I can watch this on my phone” is over, although that incredulityseems to persist in the sky-high valuation of Netflix stock. Now it is a question of who canproduce content that is most compelling and capturing diverse geographies is also crucial.

There are losers. Jeffery Katzenberg’s Quibi was an epic fail that shut down after only sixmonths. Even Apple TV+, with backing from one of the world’s most well-capitalizedcompanies and Emmy Award-winners like Ted Lasso, was recently revealed (via materialsused to negotiate union payouts) to have fewer than 20 million subscribers in the US, wellbelow ExCap’s estimates and representing a huge chasm versus Netflix’s most recentlyannounced North American subscriber count of 74 million.

So, for content producers like B2TFM, the ability to remain agnostic as to streamingplatforms is paramount--and even includes Paramount--and the geographic diversity ofB2TFM’s global team is an important competitive advantage. While iQiyi and otherplatforms dominate, Netflix is unavailable in China, for instance. The presence of Mr.Serafini and the backing from Polifemo should help, but, as content is only as good as itsdistribution, distribution is only as good as its content.

To value this SPAC, ExCap will focus on B2TFM ‘s content and the distribution of thosetitles. After the presentation of the relevant data from Statista, the following few pages

detail current projects with, where applicable, B2TFM’s basic assumptions for theeconomics of the individual projects. These are not Excelsior Capital projections.

Global Streaming Market Statistics

B2TFM Upcoming Content Scheduled for 2022

Paradise Lost (Feb 2022): Will be filmed in Las Canarias

A thriller about a US-based expat in Panama whose friends keep disappearing--as he

moves into their houses--and the detective work that it took to crack the case.

Management projections:

"Paradise Lost" has a budget of € 6M and a projected net revenue between € 25M to € 35M.50% Canary Islands Tax Credit

The Polish Connection (May 2022)

Based on true events. An American journalist investigates the connection between theclergy, the Polish secret police during communism, and the murder of the man known asGod's Banker.

Management projections:

The Polish Connection has a budget € 5M and projected net revenue of € 10M - 20M

Amadeo Peter Giannini (Jul 2022)

Content Summary

A biopic that tells the amazing story of Mr. Giannini, an American born to Italianimmigrants who had the dream to found a bank...which eventually grew into Bank of

America.

The Rebel Queen (TV) (Sept 2022): Will be filmed in Poland

Management projections:

The TV series "The Rebel Queen" has a budget of USD 25M. Projected net revenues arebetween USD 40M to USD 60M. 30% Polish Tax Credit. Distribution Lionsgate.

Content Summary

The Rebel Queen is the story of a modern woman trapped by the limitations ofprofessional obligations who is unable to fulfill her personal desires and aspirations. Awoman courageous enough to break the mold and free herself from overbearingresponsibilities.

The story of Queen Christina is an adventure that transcends time and geographicalboundaries. It takes us across Sweden, France, Italy, Germany, the New Continent, andWest Africa through times of change when Europe entered modern history. It is far frombeing a drama of privileged people in a castle, but a vast canvas that covers many historicalevents including wars, revolts, discoveries, and artistic achievements. Through the eyes ofa woman who couldn’t stand the destiny that was written for her, we are immersed in themost intrepid tale of a world finding the identity it has today.

Dancing With The Enemy (Oct 2022)

True story. Based on a book. A young Jewish woman survives the Nazi concentrationcamp by organizing dance lessons.

La Cina in Vespa (China on a Vespa) (Dec 2022) Produced in collaboration withChina Film Commission

Content SummaryAfter four long Vespa journeys across 134 countries, after more than 250,000 kilometers

on his two wheels, in 2004 Giorgio Bettinelli decides to start a new life in China. Buy a

house on the left bank of the Mekong, get married. It seems the beginning of a more

sedentary, or at least quieter, season of life. And yet the demon of movement is lurking

again. The fifth trip begins in May 2006. This time it is a trip to a single country, but it will

touch all the thirty-three geographical realities that make up the im

mense Chinese mosaic: an All China Tour on two wheels that had never been realized

before nor by a Chinese nor, much less, a foreigner. With irony, with affability, with precise

annotations, the pages of Bettinelli's new book immerse us in the great question mark

represented by today's China. They take us into tiny provincial villages and immense city

construction sites, bumpy roads and ultra-modern motorway junctions, boundless deserts

and western-style shopping malls. Eighteen months, 39,000 kilometers, to meet new rich

and peasants, bureaucrats and beautiful women, old and young, to feel something of the

infinite flavors and colors, sounds and silences that punctuate everyday life in the

territories of the ancient Celestial Empire. . To know what's really inside the new Chinese

miracle. (translated from the original Italian description.)

Additional Project Under DevelopmentBillionaire Boys Club A behind-the-scenes look at the digital token world and how itis even more exciting than the Wall Street of yesteryear.

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Sponsor Group Bios

Giorgio Serafini

Has worked with actors such as Roy Scheider, Peter Bogdanovich, William Shatner,Christopher Lloyd, Jean Smart, Esai Morales, Wesley Snipes, Natalia Dyer and DolphLundgren. He has directed and/or written for companies such as CBS, Sony, Lionsgate,EOne, Voltage Pictures, Canal+, RAI and Mediaset. (IMDb Mini Biography)

Giorgio achieved considerable success with the prime time period drama "Pride". The firstseason was seen by an average of 13 million viewers per episode. To this date, he haswritten and/or directed 35 feature films or TV series and produced 11. His latestscreenplay "The Truth About La Dolce Vita" was selected at the Venice Film Festival 2020."Senior Moment" was released March 26, 2021 theatrically and VOD. It was in the Top 10VOD charts for 2 weeks and had a theatre run of 8 weeks. He is in development as theShow-Runner/Writer of the TV series "The Rebel Queen" for Lionsgate to be shot in 2022.

Peter Kimmel

He began to work for the Star Service International Holding Company in 1986, which is represented in eight

countries of the world with about 20,000 employees. After a short time he reached the position of chief executive

and associate of several enterprises. Was CEO and head of sales for SSI across Europe for the company that created

the most millionaires in NWM, trained 800,000 distributors and gained 1,650,000 customers throughout his

career. Entrepreneur in the Financial & Lifestyle Business, author of several success books, Communication &

Motivation Trainer, International gourmet & Trend scout, President of the Charity Foundation KIMMEL FOR KIDS,

Chairman of the Committee of the WORLD AWARDS. Author of 5 international Success Books. For more than a

decade he has been passing on in seminars and his books the know-how about successful power management that

brought himself up to the top. After an incredible successful Comeback in the NWM he received the prestigious

“LIFETIME ACHIEVEMENT AWARD” for more than 30 years of international Success in the Top Level of Network

Marketing. Now he dedicates his energy to “The University of Success” and lives with his family in Switzerland/Italy.

Andreea Porcelli

Andreea has over 20 years of experience in the Investment Banking, Initial Public Offerings, and InvestorRelations sectors, engaging a world-class network of contacts at the CEO level. She has raised over $2billion (US) in capital during her career for more than 400 different companies. These have included manysectors ranging from working with Twitter to raise $300 million (pre-Initial Public Offering), to helping UScompanies go public and raise funds on European exchanges, to helping establish over 80 digital assetSecurity Token Offerings. She successfully grew and sold her previous business, Monaco Growth Forumsin 2017 for $28 million, having completed an initial round of funding at $3 million just 2 years earlier.Andreea’s newest endeavor seeks to provide a new level of service to investors in their relationships withsmall capital companies. This platform provides the mentorship, expertise and professionalism inorganizing and launching funding campaigns that has been lacking in the digital asset market. It alsoextends past the initial point of investment and commits to providing her clients and investors everythingthey need to maintain ongoing healthy and trusting relationships.

Piergiorgio Bassi

Started his professional career 25 years ago in Rome. He built his professional success on relationships,building a network of national and international relations on which he has based his activities. His tiesrange from Europe, Russia, the USA, China, the Emirates, Africa, Israel, Turkey, Iran, and the Vatican. Inthe 1990s, Bassi founded Ultimate service, a company that co-organized events in Italy, from sporting tocultural, entertainment, political, and charity events. After six years, Bassi founded Ultimate management,which manages international actors and celebrities in the Italian market. Shortly afterward, he founded thePgb Group, a group of companies and professionals active in creating new financial systems, newtechnologies, and the management of government relations for the creation of a new global platform ofunity. In 2018 Bassi founded SGF, a company acting as a strategic bridge and business brokerageworldwide, active in finance, gold, and technologies.

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