Tamburi Investment Partners

Investor Presentation • Sep 12, 2023

We should all feel nothing but shame for the reputation that finance has earned in the last few years, but if you manage to guide healthy capital from successful businesses, smart long term investors and entrepreneurial families towards companies really willing to grow, you are doing one of the most beneficial jobs in the world.

Private and confidential

DISCLAIMER

The information contained herein, particularly those regarding any possible or assumed future performance, are or may be forward looking statements and, in this respect, they involve some risks and uncertainties.

Any reference to past performances shall not be taken as an indication of future performances.

The statements contained herein are based on current logic expectations and projections.

TIP expressly disclaims and does not assume any responsibility nor liability in connection with any inaccuracy in any of the statements contained in this document or in connection with any use by any party of such current and / or forward-looking statements.

This document is being provided solely for information and cannot be reproduced or redistributed.

A unique crossroad among excellent companies and Italian prominent family offices that has so far invested more than 5 billion euro and given life to the biggest Italian network of minority but strategic and long term investments

more than100 families involved and hundreds of institutional investors worldwide

investments in 33 excellent companies of which 11 worldwide leaders

Total return of T.I.P. shares in last 10 years

⁺536%¹

an independent, diversified and long term oriented industrial group, not a fund

11 Worldwide leaders 4 European leaders 10 Italian leaders in respective segments in respective segments in respective segments

4

MAIN INVESTMENTS

Alpitour world (6 years)*	Italian absolute leader in tourism: by far the biggest tour operator of the country, #26 hotels, a dedicated airline (# 6 Boeing 787 and #9 Boeing 737), plus many other related businesses, also online
Amplifon (13 years)*	By far worldwide leader in the retail sector of hearing care with a global market share of around 12%, more than 9,400 points of sale in hearing aid solutions in almost every country
Azimut Benetti (8 years)*	Worldwide leader in the design and production of prestigious yachts (under the "Azimut" brand) and mega yachts (under the "Benetti" brand) with a production of 250 / 300 boats per year
Beta Utensili (7 years)*	One of the European leaders in the production and distribution of professional tools with more than 16,000 items into 30 product families
Chiorino (6 years)*	One of the European leaders as a pure-play provider of premium mission-critical and lightweight belting solutions
Eataly (9 years)*	A leading worldwide player in high end and niche food retail and direct distributor in several countries (mainly US and Italy) of top quality products to be marketed to a wide range of customers thanks to a superior value proposition
Elica (4 years)*	Worldwide leader in design, production and distribution of high end technological and nice-looking tools (mainly cooking hoods) for ventilation and air filtration
Engineering (1 year)*	An Italian leader in digital transformation and IT system integration, mainly for medium / big groups, still expanding its global footprint, with around 15,000 employees and over 70 offices spread across Europe, US, and South America
Farmacie Apoteca Natura (2 months)*	The first Italian pharmacy network officially recognised as "benefit" that promotes also abroad an innovative concept based on conscious health and integration of the healthcare supply chain

* TIP's presence

this document does not constitute an offer to sell or the solicitation of an offer to buy any stock or securities

5

MAIN INVESTMENTS

Interpump (20 years)*	World's largest producer of professional high-pressure pumps, as well as one of the biggest global players in the market of hydraulic components with more than 100 plants worldwide
Italian Design Brands (5 months)*	One of the italian biggest furniture producers: active in high-end items, with prestigious brands and "contract" (Gervasoni, Meridiani, Davide Groppi, Flexalighting, AXOLight, etc.) exporting worldwide
Hugo Boss (8 years)*	One of the worldwide leaders in fashion and lifestyle, active in the premium segment, offering high-quality women's, men's and kids' apparel, shoes, and accessories, based in Germany
Landi Renzo (1 year)*	A world leader in the eco-mobility sector specialized in the design and production of components and alternative power systems (ex: hydrogen, gas) for vehicles
Limonta (2 years)*	One of the leading European luxury suppliers operating in the high end textile sector (for the largest international fashion and luxury maisons)
Moncler (10 years)*	Worldwide leader in a peculiar segment in the apparel & luxury goods sector, fast growing, with direct points of sale in almost all the most important towns worldwide
OVS (5 years)*	Italian absolute leader in the apparel market in Italy for women, men and kids, with ~1.500 points of sale, a national market share slightly below 10% and with a share of >20% in the kid's market
Prysmian (13 years)*	Absolute worldwide leader in the energy and telecom cable systems industry with the highest position in high-tech segments and with almost 140 years of experience and about 110 plants worldwide
Roche Bobois (10 years)*	Worldwide market leader - France based - in high-end retail furniture with more than 300 points of sales in almost all of the most important towns in the world
Sesa (4 years)*	Leading italian digital services and IT / cybersecurity solutions provider, specialized in the small to medium companies segment

* TIP's presence

private and confidential

MAIN INVESTMENTS IN INNOVATION

	Alimentiamoci (2021)*	Special meal kit production and delivery service
	Alkemy (2017)*	Italian leading company in digital innovation advisory
	Bending Spoons (2019)*	One of the worldwide leaders in the development of mobile apps
	Buzzoole (2018)*	Influencer marketing platform
	Didimora (2022)*	Proprietary technology platform that applies algorithm and artificial intelligence to real estate appraisals
	Digital Magics (2013)*	The leading Italian startup incubator
	Dove Vivo (2021)*	The leading European co-living company
	Lio Factory (2021)*	Alternative Investments (ex: special situations) Platform
	Mulan (2022)*	Production and distribution of Asian ready meals
	Octo Telematics (2015)*	Leading operator in the connected mobility sector
	Talent Garden (2015)*	A European leader in co-working and digital education
	Telesia (2017)*	Media tech company for the out of home segment
	Vianova (2019)*	Integrated offer of fixed line and mobile network services company for the business segments
* First investment		private and confidential

Key financials

EBITDA margin 1H 23

EBITDA 1H 23

Listed companies -	Consensus			Private companies
Sales (bn €) 2023	EBITDA margin 2023	(Mln €)	Sales 1H23	Sales 1H23 vs 1H22
2,3	24,8%
0,5	10,7%	1
4,2	19,1%	2
0,3	18,2%
2,3	24,3%
3,0	40,0%
1,6	12,4%	2
15 ,8	10,2%
0,4	20,2%
3,2	7 5% ,

2	150	39,3%	n.d.	n.d.
	131	11,6%	17	13,0%
	93	9,7%	25	27,3%
	49	24,9%	n.d.	n.d.
2	602	30,3%	26	4,2%
	101	3,8%	25	24,3%
	41	10,4%	11	26,2%

778 84,8% n.d. n.d.

~ 1.200 20,0% > 150 ~ 12,5%

Average revenues growth IH 2023-2022: 26% Average Ebitda margin IH 2023: 18%

Average revenues growth 2023-2022: 7% Average Ebitda margin 2023: 19%

¹ Provisional FY results (as of August 31, 2023) based on preliminary processing

² Fiscal year as of December 31, 2022

Revenues and Ebitda margin reflect the Bloomberg consensus as of August 28, 2023 for the listed companies

private and confidential

TIP - VALUE CREATION

>190 M&A transactions (> 8 bln) of the investee companies since TIP first investment

TIP'S M&A CAPABILITIES WITH AMBITIOUS COMPANIES HAVE GENERATED AN ABOSULTELY UNIQUE GROWTH STORY

¹ Aggregate revenues, Ebitda or employees recorded in the year of the first investment made by TIP

private and confidential

IPO TRACK RECORD AND PIPELINE

TIP'S MAIN OBJECTIVE IS TO PROMOTE THE ACCELERATION OF GROWTH OF ALL OF THE INVESTEE COMPANIES

private and confidential

TIP NET INTRINSIC VALUATION July 2023

NET INTRINSIC VALUATION PER SHARE: 13,9 EURO

	Net amount invested	Bloomberg estimates (*)	Med term intr. valuation
Technology and innovation	258	1.532	~1.604	53%
Healthcare and industrial	135	1.094	~1.115	37%
IT services and innovation StarTIP Tamburi Investment Partners	123	438	~489	16%
Luxury and design	245	570	~574	19%
Apparel and high-end food	208	405	~405	13%
Travel and leisure	85	85	~142	5%
Other (incl. treasury shares & advisory)	188	299	~327	11%
TOTAL ASSETS	984	2.891	3.053
Net financial position of TIP S.p.A.		(495)	(495)
NET INTRINSIC VALUATION		2.396	~2.558
VALUATION PER SHARE		13,0	13,9
Data as at 31/7/2023 (mln euro); * Bloomberg estimates: considers Bloomberg target price for private and confidential	listed companies

TIP SHARE PERFORMANCE

CORPORATE GOVERNANCE

A REAL PUBLIC COMPANY LISTED ON MILAN STOCK EXCHANGE

MAIN SHAREHOLDERS

d'Amico family 11%

Angelini family 10%

Tamburi family 10%

BOARD OF DIRECTORS

Giovanni Tamburi	Founder, Chairman and CEO
Alessandra Gritti	Co-Founder, Vice President and CEO
Cesare d'Amico	Vice President
Claudio Berretti	Executive director and General Manager
Isabella Ercole	Independent Director
Giuseppe Ferrero	Independent Director
Sergio Marullo di Condojanni	Independent Director
Manuela Mezzetti	Independent Director
Daniela Anna Palestra	Independent Director
Paul Simon Schapira	Independent Director

TIP GROUP a culture of sustainability

100% of companies have identified targets in line with the SDGs 90% of companies have at least one fifth of independent directors Sustainability in TIP Group's investee companies >1million of training hours for employees HIGHLIGHTS

Sustainability in TIP

TIP has joined the UN Global	TIP has received a rating of "EE"	TIP has calculated its corporate
Compact and has became a signatory	(investment grade) from Standard
to the Principles for Responsible Ethics, international sustainability		joined projects of offsetting carbon
Investment (PRI).	agency.	emissions.

private and confidential