Tamburi Investment Partners

Investor Presentation • Oct 11, 2022

Investor presentation

October 12, 2022

We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies that want to grow, you are genuinely doing one of the most beneficial jobs in the world.

@TamburiTip

DISCLAIMER

The information contained herein, particularly the one regarding any possible or assumed future performance of the TIP Group, 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.

These forward-looking statements and valuation indications may include statements regarding our (or our portfolio companies') plans, objectives, goals, strategies, future events, future revenue or performance, financing needs, plans or intentions relating to acquisitions, investments or capital expenditures, business trends or other information that is not historical information. Forwardlooking statements are related to future, not past, events and are not guarantees of future performance. These statements are based on current expectations and projections about future events and, by their nature, address matters that are, to different degrees, uncertain and are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them.

TIP expressly disclaims and does not assume any responsibility nor liability in connection with any inaccuracies in any of these forward-looking statements or in connection with any use by any party of such forward-looking statements.

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

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any stock or securities.

The recent events in Ukraine and their impact on raw materials and energy costs could have an impact on our portfolio companies, even if their strong positioning and leadership on the respective markets should be a strong barrier against any heavy consequence on their profitability.

The market values reported in the presentation refer to the prices on October 7, 2022.

TABLE OF CONTENTS

	page
INVESTMENT OVERVIEW	4
2021 – 2022 DYNAMISM	6
2022 YTD RESULTS	7
NEW DEVELOPMENT PHASE OF EATALY	8
TIP INVESTS IN MULAN	9
TIP INVESTS IN SIMBIOSI	10
ITACA EQUITY HOLDING INVESTS IN LANDI RENZO	12
SALE OF 43.2% OF BE	14
TIP INVESTS IN LIO FACTORY	15
TIP AT 25% OF LIMONTA GROUP	17
OVS	19
TIP SHARE PERFORMANCE	20
THE ITALIAN DIGITAL HUB	21
NET INTRINSIC VALUE	22
2015 – 2022 INVESTMENTS	24
DIVESTMENTS	25
RECENT YEARS RESULTS COMPARISON	36
VALUE CREATION	27
PRIVATE COMPANIES UPDATE	28
A CULTURE OF SUSTAINABILITY	34

1) Limited risk thanks to light diversification and great quality

2) Outstanding long term returns for shareholders

an independent and diversified industrial group

2021 – 2022 DYNAMISM

> 950 MILLION OF INVESTMENT – DIVESTMENT ACTIVITY UNTIL SEPTEMBER 2022

350 mln

divestment

400 million investments (inc. club deals)

2022

> 200 million of investment – divestment activity in the first 9 months

2022 YTD RESULTS

	IH revenues 2022			IH revenues 2022
vs FY 2021 vs FY 2019			vs FY 2021	vs FY 2019
+8,1%	+24,7%	1	+17,3%	+54,1%
+7,7%	+21,6%	1	+17,4%	+8,3%
+46,5% +23,2%			+10,9%	+27,9%
+31,4%	+45,9%		+24,3%	+43,8%
+47,7%	+61,0%		+5,7%	nd
+17,8%	+8,5%		+12,3%	+33,1%
+31,7%	+35,9%
+27,2%	+50,7%

NEW DEVELOPMENT PHASE OF EATALY

TIP, THROUGH CLUBITALY, PARTICIPATES IN THE NEW DEVELOPMENT PHASE OF EATALY

• On September 21, 2022 Clubitaly, a company of which TIP is the major shareholder has signed the agreements reached for the strategic and capital strengthening of Eataly which provide – in the event of fulfillment of the conditions precedent provided – for entry into the shareholding of the parent company Eataly S.p.A. of a company of the Investindustrial group with a majority stake.
• Clubitaly, following the fulfillment of the conditions precedent, at closing:
  • 1. will acquire a further stake in Eataly under conditions that allow it to significantly lower the average book value;
  • 1. will not sell Eataly shares;
  • 1. will have the right to be represented on the Eataly Board of Directors.
• On that date will became effective the shareholders' agreements already well defined among shareholders that will discipline the future governance of the group and which provide, among other things, at the time of the future enhancement of shares in Eataly's capital, for the mechanisms to protect the book value in Clubitaly.
• The planned transaction, in addition to allowing Eataly to benefit from additional and significant financial and managerial resources, will allow to proceed and possibly speed up the development plan of the Eataly group already planned for years, which had been postponed and partially downsized due to the consequences of the pandemic.
• On October 3rd , 2022 Eataly has announced the appointment of the new CEO Andrea Cipolloni a person with a strong track record in food retail business - that will lead the company from December 2022.

TIP INVESTS IN MULAN

LEADING GROUP IN ASIAN CUISINE

• Mulan Group, founded by the Zhang family, led by CEO Giada Zhang, who recently took over the entrepreneurial leadership, is aiming for increasingly important growth. The group produces and distributes ready meals, fresh and frozen, Asian-inspired but strictly Made in Italy, operates directly online via its website, through food delivery platforms such as Glovo and Getir, but above all is present in more than 8,000 retail outlets in Italy (including Coop and Esselunga) and Europe (France, Germany, Switzerland, Austria and Slovenia).
• In 2022, Mulan Group expects revenues of more than 15 million with growth of more than 50 per cent per annum in the period 2018-2022 and margins at best-in-class levels in the industry.
• Together with TIP, three investors with specific industrial expertise are participating in the transaction: Antonio Marchetti and Enrico Bolla, partners and directors of Bertagni 1882 S.p.A., one of the international leaders in the production of ravioli and part of the Ebro Foods group, and Matteo de Brabant, chairman of Jakala S.p.A..
• TIP and the other investors will support Giada Zhang in the industrialization of the production process, which also includes major investments, and in the further development on the European market as a leading player in the supply of Asian ready meals.
• The shared medium-term objective is the listing of Mulan Group on the stock exchange.

TIP INVESTS IN SIMBIOSI

TECHNOLOGY PROVIDER FOR AGRIBUSINESS AND THE CIRCULAR ECONOMY

• Simbiosi (www.simbiosi.tech) is the parent company of some companies, originally attributable to Neoruralehub S.r.l. - the first Nature Based Solutions Valley, started by Piero Manzoni on the intuition of Giuseppe Natta, pioneer of the circular economy since the seventies - which develop technologies, solutions and patents that can be used in many applications aimed at saving natural resources (air, water, materials and soil) and energy.
• Piero Manzoni who has a long experience in the development of technological systems for the environmental and energy industry - is co-founder and CEO of Simbiosi.
• Simbiosi after an articulated corporate process will control all the activities and technologies developed in over 20 years, also tested at the Giulio Natta Innovation Center and large "captive" farms, to provide ecosystem services to industrial companies and municipalities.
• Starting from the concept of circular economy, Simbiosi has developed know-how, skills, technologies and unique patents to maximize the intelligent use of resources, mainly agri-food and to use them responsibly to reduce the quantities of CO² emitted by recovering resources from waste, to produce energy from innovative renewable resources and to fight climate imbalances.
• With the transaction, TIP works alongside Piero Manzoni and the top management to accelerate the development of Simbiosi in market growth, in a clearly strategic segment of the global economy and an environment that will certainly be increasingly circular, healthy and sustainable.

SIMBIOSI TECHNOLOGIES

• Simbiosi technologies already partially proposed with great success to primary customers of the agri-food and multi-utility industry - are able to meet the needs of companies through:
  • − proprietary solutions for recovering the nutritional elements of organic waste matrices (so-called digesters) to produce fertilizers for agronomic use and clean, renewable and storable energy, for an agriculture capable of capturing high quantities of CO² by reducing the use of chemistry, for a regenerative agriculture with low consumption of resources. A digester with a capacity of 120,000 t / year of waste and effluent has been already installed and is fully functional and totally autonomous in terms of energy;
  • − proprietary cold production solutions and control systems capable of drastically reducing energy consumption for refrigeration (the so-called "Chiller"). Now, a number of Chillers are installed in the factories of leading agri-food companies with electricity savings of around 60% (equivalent - for each Chiller - to 1,200 tons of CO2, the absorption of about 25,000 trees);
  • − Integrated cogeneration and heat recovery plants, with "machine learning" systems to recover the thermal energy of the engines and production processes and thus maximize the overall efficiency of the system, already used by many plants of leading companies;
  • − plants for enhancing the thermal content of water to activate energy savings and allow savings of CO2 and water;
  • − Environmental Block Chain systems for measuring decarbonisation in production processes, also using satellites for monitoring and saving CO2 already proposed and used by agri-food companies.

IEH INVESTS IN LANDI RENZO

ITACA EQUITY HOLDING WILL INVEST IN LANDI RENZO THROUGH A CAPITAL INCREASE

• The Board of Directors of March 15th approved the commitment to cover the subscription, through Itaca Equity Holding S.p.A., up to a maximum of 39.5 million euros, of the foreseen capital increase for a maximum of 60 million euros of Landi Renzo S.p.A., a company listed in the Euronext Star Milan segment operating in the production, assembly and distribution of products and fuel systems for motor vehicles that use alternative sources, in particular natural gas and hydrogen as well as compression systems.
• TIP's commitment is part of a non-binding term sheet signed on March 15th between Girefin S.p.A. and Gireimm S.r.l., which will continue to hold approximately 59% of Landi Renzo S.p.A., and Itaca Equity Holding, relating to the entry of the latter in the Landi Renzo group. Girefin and Gireimm have in turn undertaken the commitment to subscribe, through voluntary offsetting of credits, the share of capital necessary to guarantee - having taken into account the commitment undertaken by TIP - the same capital increase up to 50 million euros.
• On September 19, 2022 Landi Renzo has announced that the capital increase has been fully subscribed. The overall investment of Itaca Equity Holding has been of about 36,6 million euro through a joint vehicle with Landi family.

IEH INVESTS IN LANDI RENZO

BUSINESS OVERVIEW

▪ Landi Renzo is a major player in the international market of technologies that allow a more ecological mobility; the global leader in the Methane gas, Liquified Natural Gas, hydrogen and Liquefied Petroleum Gas components and systems for the motor vehicles sector. The company designs, produces and distributes components and alternative power systems for vehicles to car manufacturers (OEM) and retailers. Landi Renzo Group is also active in the construction of CNG stations, in the Oil & Gas and Biogas business. Over the last 20 years the Group has grown also through acquisitions demonstrating its ability to acquire and integrate different industrial companies.

2021 FY pro forma figures: Revenues of 298 mln and Adj. Ebitda of 22,3 mln

• The new strategic plan sets the path for being a leading player along the full Renewable Natural Gas (RNG) and Hydrogen value chain, from infrastructure to mobility. The Group wants to play a significant role in the Energy transition as strategic specialist in the biomethane and hydrogen segments, with a complete offering along the entire value chain: STRATEGIC PLAN
  • Infrastructure: compression solutions for natural/renewable gas and hydrogen along the entire pipeline, from post generation to grid injection, from gas transportation to distribution
  • Green transportation: complete range of products for the hydrogen & gas/biogas mobility, both for passenger cars as well a Mid & Heavy duty where the Group aims to be leader in hydrogen high pressure components.
  • Thanks to the strengthened capital base, Landi Renzo Group is also willing to act as an aggregator of companies that stand out for their advanced technology and excellent market positioning in the field of RNG and hydrogen.

COMPLETION OF THE TRANSACTION RELATING TO THE ACQUISITION BY ENGINEERING - INGEGNERIA INFORMATICA S.P.A. OF A CONTROLLING STAKE IN THE SHARE CAPITAL OF BE

▪ On September 26, 2022, TIP has announced the execution of definitive and binding agreements regarding:

• the purchase by Engineering Ingegneria Informatica S.p.A. ("Engineering") of no. 58,287,622 ordinary shares representing 43.209% of Be Shaping the Future S.p.A. ("BE") owned by a group of shareholders (the "Sellers") which includes: TIP, Stefano Achermann and Carlo Achermann at a price per share of Euro 3.45 and
• the reinvestment of the Sellers, of certain key managers of BE as well as of other investors (the "Reinvestors"), through a vehicle controlled by the Sellers (namely Overlord S.p.A.), in Centurion NewCo S.p.A., the Italian holding company which controls Engineering. In particular, the Sellers and the BE key managers have invested through Overlord S.p.A., a total amount of Euro 55.200.000,00 (of which Euro 26.900.000,00 reinvested by TIP, Euro 24.909.400,00 re-invested by Innishboffin S.r.l., Euro 1.990.600,00 re-invested by Carma Consulting S.r.l. and an aggregate amount of Euro 1.400.000,00 invested by the key managers of the Be Group).

TIP CASH IN from BE stake sale: 132 MLN

TIP CAPITAL GAIN from BE stake sale: 100 MLN

TIP INVESTS IN LIO FACTORY

STRATEGIC PARTNERSHIP TO ACCELERATE DEVELOPMENT IN ALTERNATIVE INVESTMENTS

• Acquisition by subscription of a reserved capital increase of 10% of Lio Factory, parent company of a pan-European platform of Alternative Investments guided by a data driven approach (www.liofactory.com)
• Lio Factory was founded by Francesco Marini about ten years ago and quickly achieved a prominent position in sectors expected to be growing strongly, in which TIP is not present.
• The investment activities of the Lio Factory Group have always been characterized by a very innovative "single name" and "Deal-by-Deal" approach and operations are carried out through corporate vehicles customized to specific operations. The Group's innovative approach concerns the technological expertise gained, as many decision-making processes of the investment teams are developed utilizing proprietary algorithms and artificial intelligence.

TIP INVESTS IN LIO FACTORY

STRATEGIC PARTNERSHIP TO ACCELERATE DEVELOPMENT IN ALTERNATIVE INVESTMENTS

• The Lio Factory platform is currently operating in: (i) Value Added Real Estate: dedicated to direct investment in niche segments in Real Estate, both in Distressed and Development phases; (ii) Special Opportunities: purchase of corporate disputes and assumption of bankruptcy agreements with particular technical-legal complexities; (iii) Deeptech: development and investment in innovative projects, with a focus on Biotech, Climate / Clean Tech and Fintech sectors.
• The alliance between TIP and Lio Factory has been conceived with a very solid strategic rationale. It allows TIP to increase its presence in highly innovative and also complementary areas and Lio Factory to further broaden its scope both in terms of sector skills and network articulation and, for both parties, to accelerate and increase "club deal" transactions on alternative investments which will also be offered to TIP co-investors and in which TIP will be also able to invest directly, with equity tickets that will not exceed 30 million euros for each deal.

TIP AT 25% OF LIMONTA GROUP

strategic partnership to accelerate growth

• Investment of 89 million euros partly through a capital increase and partly through the purchase of shares – in Limonta Group
• Limonta is one of the leading European player in the high-end textile sector: a complete textile supply chain, which is combined with resin coating, coating, coagulation and printing technologies, with particular focus on the development of sustainable products
• The transaction aims to support the ownership and management in the growth path of the group also for external lines - so that Limonta can have the role of aggregator in the high value-added textile sector in Italy, with a view to "make system" in a sector that is still very fragmented
• The majority of the new investment has been done by TIP, the residual amount through Asset Italia

• The Limonta family and TIP have also agreed to foresee the listing of the company on the stock exchange in the medium term.

• Limonta is one of the European leaders in the high-end textile sector, able to carry out both warping, weaving, ennobling processes, as well as coating, resin coating, coagulation and printing processes.

• The coexistence of these two productive and technological "souls" makes Limonta unique in the international competitive panorama of plain, jacquard and coated fabrics.
• It has developed skills, know-how and a range of processes and technical solutions to position itself as the privileged partner of all the largest international luxury maisons, with which Limonta has been partnering for a very long time.
• It designs and manufactures fabrics for the clothing, accessories and furniture sectors (both indoors and outdoors).
• Limonta is also active in the production, distribution and retail sale (also online) of luxury household linen under the Society brand.
• Limonta has shown a strong and consolidated commitment towards ESG issues, a condition that has proved necessary over time to be one of the strategic suppliers of the great luxury maisons (that - in fact – evaluate and verify the Group on a constant basis to this respect).
• 2021 turnover of 173,9 million Euro, an Ebitda of 41,1 million and a net profit of 25,4 million with a cash position of 83,9 million.

STRONG PERFORMANCE AND ROBUST GROWTH

• Higher than expected net sales for the year ended on January 31, 2022: 1.36 billion euro (+ 34.6% vs 2020 and in line with 2019). Fourth quarter net sales at 380 million euro, + 35% compared with 2020 and in line with the prepandemic situation. E-commerce sales increased of 23% over 2020 and by more than 100% compared with 2019. Adjusted net financial position at January 31, 2022 was roughly 198 million euro, a marked improvement both compared with forecasts and with January 31, 2021. The ordinary shareholders' meeting has approved the distribution of a dividend of 0.04 Euro per share.
• Sales trend update: Considering the sales being recorded, which resulted higher than expectations, the management has confirmed forecasts for growth in economic and financial results in 2022.
• On June 27, 2022 OVS has announced the signing of a letter of intent with all the shareholders of Coin S.p.A. regarding the possible acquisition of 100% of the share capital of the latter. Coin is the most widespread department store in Italy, with building sales for approximately Euro 400 million, a network of 37 full-format stores in the best locations in city centres and 100 Coincasa stores.
• The Board of Directors has approved the results for the IH 2022 reporting a robust growth in sales (+17,8% vs H1 2021) and margins (Ebitda margin of 11.7% compared to 10.0% in H1 2021). Adjusted net financial position at 31 July 2022 of 228.7 million euro. Additional 20 million euro in buybacks announced.

TIP SHARE PERFORMANCE

16 years as a public company

THE ITALIAN DIGITAL HUB

	55 million directly invested	300 million euro of aggregate 
	> 116 million including clubdeal	2021 revenues 1
Digital and innovation consultancy	2021: 95 mln sales and 10,5 mln Ebitda Adj. Year of first investment: 2017	First results of the industrialization of business model registered in ▪ marginality and business resiliency: EBITDA up 70% compared to FY 2020
App developer	2021 PC : 118 mln sales and 33 mln Adj. Ebitda Year of first investment: 2019 further investment by TIP in 2021 and 2022	Continuous growth in sales - organically and through M&A - and ▪ improvement in margins a portfolio of >20 iOS apps with a strong presence in the video and ▪ photo editing segment
Digital incubator	2021: >100 mln aggregated sales of portfolio startups Year of first investment: 2013 further investment by TIP in 2021	99 startups in portfolio - Listed on EGM of Borsa Italiana ▪ DM has recently announced (i) an 8 mln capital increase to support ▪ start-ups growth and investments; (ii) a strategic partnership with Luiss University with an additional reserved capital increase of 2,5 mln
Co-living	2021: 58 mln sales (pro forma consolidated) Year of first investment: 2021 further investment by TIP in 2021	No. 1 European co living player in terms of number of beds ( 11.000 ▪ beds and 3.000 apartments) and revenues - already in 3 countries Jan. '22: 50 mln investment by Starwood to support growth ▪ Feb.-Mar. '22: acquisition of Altido, UK-based short-term property ▪ manager and Chez Nestor, French co-living company
Co-learning, education and corporate trasformation	2021: 16 mln sales Year of first investment: 2015 further investment by TIP in 2021	No. 1 European co-working and co-learning player ▪ November 2021: acquisition of the Sweden-based company Hyper Island ▪ to further improve TAG's role as leader in European ed-tech

NET INTRINSIC VALUE PER SHARE: 13,14 EURO

	Net invested capital	Bloomberg estimates (1)	Med term intr. value(2)
Technology and innovation	252	1.400	~1.600	57%
Healthcare and industrial	127	960	~1.128	40%
IT services and innovation	125	440	~472	20%
StarTIP Tamburi Investment Partners Welcome Italia
Luxury and design	156	401	~426	15%
Apparel and high-end food	208	325	~376	13%
Travel and leisure	84	84	~84	3%
Other (incl. treasury shares & advisory)	173	245	~297	10%
Net financial position of TIP S.p.A.	(361)	(361)	(361)
NET INTRINSIC VALUE	514	2.094	~2.422

Data as at 7/10/2022 (mln euro)

1.Bloomberg estimates: considers Bloomberg target price for listed companies

2.Net Intrinsic value: analytical valuation of each investment elaborated by TIP considering the med-term outlook of the companies (net of net financial position) ²²

TIP NET INTRINSIC VALUE

• 290 million of Asset Italia residual commitment
• • 563 million ITACA residual commitment

• BNP Paribas: 9.0 12.5 euro per share
• Kepler Cheuvreux: 9.7 euro per share

1.561 MILLION

		StarTIP Tamburi Investment Partners S.p.A.
668 million1	509 million	116 million	267 million
			

644 mln in listed companies and 917 mln in private companies

TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost

830	129	46	124	279	175	1912	265	325	315	435	3.055
2002- 2010	2011	2012	2013	2014	2015	2016	2017	2018	2019 - 20	2021-22	TOT.

Euro million.

1) considering the original investment (TIP cash out) made before 2015 for Prysmian and Interpump

2) Excluding "committed" capital for Asset Italia. Beta for equity component only

DIVESTMENTS

DIVESTMENTS FROM «COMPLETE EXIT»¹ 407 MILLION (2016 – 2022)

mln euro	Ebitda at purchase	Ebitda at exit	Amount cashed
BE	-5	37	132
Furla	41	84	3 5
Nice	41	45	5
FCA*	2.972	6.668	9 0
Iguzzini Illuminazione	23	34	9 0
Noemalife / Dedalus	3	42	2 0
AAA	3	8	2 2
Bolzoni	11	14	1 3
TOTAL			407

* EBIT adjusted

1) «exit» does not include partial exit (i.e. Moncler, Ferrari, Amplifon, Prysmian, Hugo Boss)

RECENT YEARS RESULTS COMPARISON

128 million (pro forma) consolidated 2021 net profit

24 million (pro forma) consolidated IH 2022 net profit (excl. BE stake sale capital gain of about 100 million euro)

¹ Consolidated group equity (including minorities)

² Accounting data including associated companies with the equity method, investments measured at FVOCI plus financial receivables and assets.

TIP - VALUE CREATION

TIP direct investments
Companies	Year of first invest.	Ebitda at purchase	Last Year Ebitda	Ebitda CAGR
Listed
Alkemy	2017	4	11	21,3%
Amplifon	2010	97	483	15,7%
Elica	2019	40	57	12,6%
Hugo Boss	2015	591	568	-0,6%
Moncler	2013	166	2 603	17,5%
OVS	2018	144	156	4,1%
Sesa	2019	63	168	27,7%
Private
Azimut Benetti	2015	32	65	12,5%
Bending Spoons	2019	3	33	122,4%
Vianova	2019	12	18	11,2%

to 105 thousands in 2021 from 58 thousands Number of employees* +79%

Companies	Year of first invest.	Ebitda at purchase	Last Year Ebitda	Ebitda CAGR
Listed
Interpump	2003	45	380	12,6%
Prysmian	2010	387	976	8,8%
Roche Bobois	2013	20	50	14,1%
Private
Beta	2016	19	31	8,1%
Chiorino	2017	22	36	10,6%
Eataly	2014	14	14	s n

155 M&A transactions ( 8 billion) of the investee companies since TIP first investment

*Year ending 2019. Net of IAS 16 effect original investment was a clubdeal

¹Aggregate amount of TIP investments (without considering Stellantis, Ferrari and Fagerhult); ² data refers to EBIT

Italian leader in the travel industry

2021 financial summary (no IFRS 16), year-end at October:

Revenues: 598 million euros – Ebitda Adj. : (56) million (negative)

• 2021 Groups' operations has been significantly impacted by the pandemic. Efforts keep containing costs and managing cash flows, while maintaining investments in IT projects and other strategic initiatives in the areas of hotels & resorts and aviation.
• Throughout 2021 the Group pursued a number of initiatives aimed at reinforcing the leadership of Alpitour and to be ready once the emergency is over: i) capital increase of 50 million euro to strengthen the Group's financial position; ii) IT capex to maximize the efficiency of the offer; iii) "Ca' di Dio" hotel opening in Venice (5-star); iv) acquisition of "Palazzo delle Stelline" hotel management in Milan; v) signing of a lease contract for the "Tropea Beach" resort; vi) signing of a 24 years lease contract for the "Tanka Village"; vii) agreement relating to 4 new B 737 Max at favourable conditions; viii) increase the fleet by 2 new B787 Dreamliner; ix) in 2021 the company has received 56,4 mln of Covid subsidies related to 2020 losses, a new request has been made for the following period.

The order book is showing a continuous growth across all destinations therefore in 2022 is expected a strong improvement of volumes compared to 2021, even if not yet back at the pre-Covid level.

Global leader in the luxury yachts / mega yachts industry

2022 financial summary (preliminary accounts):

Value of Production: >950 million euro – Ebitda Adj. : 100 million – Cash Position: 270 million

• After a 2019-20 period in which the value of production decreased as a result of a contraction in demand due to the impact of COVID -19 on the global economy, figures for the 2020-21 financial year ended in August posted a strong improvements, with value of production reaching 843 million, higher by 85 million than previous year, +11%, with a similar speed between the two main business units, Azimut and Benetti. The same trend has been recorded in 2021-22 financial year with revenue expected of more than 950 million.
• Operating profitability recorded the highest level of recent years thanks to the investments for the improvement of manufacturing efficiency and products' content. Ebitda reached 65 million euros in 2021 and about 100 mln in 2022 with a double-digit margin.
• Strong results and operating cash flows also benefitting from the advance payments due to the order backlog allowed the Group to close with a net liquidity position around 270 million euros at 2022 fiscal year end.
• For more than 20 years the Group has been the leader in the «Global Order Book», the ranking of largest yachts manufacturers worldwide. The largest private group in the yachting sector.

The favourable momentum for the yacht industry is still witnessed by the strong order backlog of the Group, about 3 billion euros, suggesting that volumes and operating results could further improve over the next few years.

Italian and European leader in the professional tool sector since 1923

2021 financial summary:

Revenues: 204 million euros – Ebitda Adj. : 31 million - NFP: 54 million

• After having demonstrated a strong resilience in 2020 during the Covid outbreak (decrease in revenues lower than 10%), in 2021 Beta experienced a significant recovery of volumes and, also benefitting from several organizational changes promoted by Mr. Ciceri during 2020-2021, was able to reach a turnover beyond 200 million euros for the first time ever (+24% vs. 2020 and 15% vs. 2019).
• Operating margins strongly improved compared to the previous year (Ebitda 31 million euros, or 15,2% on revenues, vs. 21,9 million in 2020) in line with 2019 (31,1 million, or 17,5% on revenues) due to the general increase in production costs experienced in 2021, such as freights, energy and raw materials, partially mitigated by the strategic decision of the Group to buy in advance some relevant supplies, thus protecting the profitability and service level.
• Following the investment made by TIP in 2016, the Group has progressively expanded its business through several acquisitions, thus confirming the leadership in Italy and with sales abroad higher than 40%.
• The integration of recently acquired companies has continued positively in 2021 and has demonstrated the strength and quality of Beta in generating synergies even in such a challenging period: BM Group, 3D Beta, VGF, Abra Beta and Elpa Abrasivi currently represents around 25% of Beta Group's consolidated revenues.

2022 is performing very well with revenues in the first semester of about 118 mln Euro (+11% vs 2021 and 28% vs 2019)

The pure-play provider of premium mission-critical light-weight belting solutions

2021 financial summary:

Revenues: 143 million euros – Ebitda Adj. : 36 million – Cash Position: 11 million

• Chiorino demonstrated a strong resilience in 2020 during the Covid outbreak, with an organic -4% year-on-year on revenues thanks to the high portion of recurring after-market revenues, strongly mitigating the decrease of investment in new machinery by most part of the OEMs. Adjusted Ebitda was 22%, even slightly higher than 2019.
• In 2021 the Group experienced a significant recovery of volumes driven by the strong rebound of the investment cycle in durable goods throughout all the industries and, also thanks to the acquisition of the US-based company Safari in July 2021, Chiorino achieved the best performance ever: turnover around 143 million euros (+26% vs. 2020) and Ebitda of 36 million euros (25% on revenues).
• The Group has been able to effectively manage the increase in raw material costs by means of a timely passthrough to the sales prices, as well as to strongly mitigate the impact of the increase in energy-gas costs through "ad-hoc" investments aimed at improving efficiency / savings coupled with an effective hedging policy.
• Following the investment made by TIP in 2017, the Group has progressively expanded its business both organically and through acquisitions, thus strengthening its worldwide presence, with sales abroad currently around 80%. The integration of Safari with Chiorino America has continued positively in late 2021 and 2022 and is currently demonstrating the ability of Chiorino to generate synergies even in such a challenging period and gain market share in the US, one of the most important market for the conveyor belts.

IH 2022 is also very strong both in terms of revenue growth (85 mln, +24% vs 2021 of which +15% organic) and margins (Ebitda margin of 26%). The cash position is of 8.5 mln and the order book very robust.

Global leader in the made in Italy food retail

2021 financial summary :

Revenues: 462 million euros – Ebitda Adj. : 14,4 million

• 2021 performed better than expectations: the "original" budget reported revenues for 443 million, the preclosing accounts foresees 462 mln rev. The most of US stores performed very well with the reopening of restaurants and the restart of "traffic"; Europe results have been more impacted by the slow reopening in most of the countries but in line with budget.
• In 2021 has been opened a new important flagship in London: more than 40,000 sqft spread over 2 floors with a wide variety of high-quality Italian products. Eataly London will also be home to selected local products from producers that adhere to the quality standard and sustainable values.
  • New flagship store opened in 2022 :
    • Silicon Valley (San Josè, USA): Store of about 51,000 sqft over 3 floors. One of the most productive malls in the country that has historically outperformed Century City. The proximity to Apple flagship store represents a unique asset.
    • Verona (Italy): Building of 6,500 sqft composed by 5,400 sqft dedicated to the Store and 1,100 sqft hosting a Museum. A restaurant dedicated to the "fire" with a big open terrace. Gastronomy, coffee bar, gelateria, pizza alla pala counters and a big space dedicated to retail shopping.
  • New openings expected also for the franchise network in Italy (Fiumicino airport and Serravalle Outlet).
  • Expectations for 2022 are for a strong return to the growth path.

One the leading companies in Italy in the TLC sector

2021 financial summary:

Revenues: 67 million euros – Ebitda : 18 million – Cash position: 23 million

• Integrated telecommunications group focused on B2B and providing fixed and mobile TLC services as well as a complete suite of integrated and converging Over The TOP services (developed in-house, including mail, meeting, phone, conference call, desk, fax, drive, cloud and centrex).
• Network of more than 100 business partners which are system integrators operating in the ICT sector. Significant attention paid to customer satisfaction and after sale services (dedicated customer care team of c. 45 employees).
• Control over the network infrastructure with an in-house developed system for detecting traffic volumes and monitoring customer's lines; data centers housed within the company's offices, in direct contact with the network operation centers and constantly monitored.
• TLC market experiencing a booming phase, driven by growing demand for connectivity services and the supporting OTT collaboration services. Financial figures characterized by recurring revenues stream with significant customer loyalty rate (+95%) and growing profitability with significant cash flow generation.
• In November 2021 TIP finalized the acquisition of a further 5% of Vianova, of which it already owned 12.04%

IH 2022 consolidated revenues of 36.7 million (+12.3% vs 2021) and an Ebitda of 10 million (+16.3% vs 2021). Net cash as at 30 June 2022 of 24 million.

A CULTURE OF SUSTAINABILITY

For a detailed description of TIP activities related to sustainability please refer to www.tipspa.it/sustainability

Corporate responsibility is particularly important to TIP and plays a very significant role in building a better workplace and an increasingly responsible community capable of protecting the environment and of developing the skills of its people according to an ethical approach so as to ensure that all areas of its endeavors prosper, thereby promoting employment and innovation and creating new enterprises focused on an approach to doing business that is healthy, sound and sustainable in the medium term and, ideally, in the long term as well.

For more than ten years, the cover pages of all documents prepared by TIP intended for external counterparties have contained the following statement:

"We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies that want to grow, develop and generate value, you are doing one of the most beneficial jobs in the world".

This is the TIP Group's mission. Indeed, the most significant possible impact that we can seek to have on the local community and the environment around us is to promote sound, balanced economic growth by companies through our work.

A CULTURE OF SUSTAINABILITY 2021 results

• The process of gradual decrease of the use of plastic, especially disposable, in offices was completed. For this purpose, water dispensers have been inserted, water bottles delivered to employees and cutlery, glasses and other material useful for business lunches have been replaced with recyclable material.
• Some projects are being tested which aim to achieve a substantial CARBON OFFSET deriving from TIP's core business.

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10 SCOLARSHIPS FINANCED BY TIP

• To help young people gaining specialized expertise in the digital and innovation sector and to introduce them to the world of work, TIP has financed 10 scholarships for students enrolled on courses run by Talent Garden Innovation School.
• The "publishing" activity as well as training continued, TIP's management collaborates on a constant basis with universities and associations, contributing with their own critical judgment on the issues of economic growth and corporate finance.
• An important work has been carried out to update the ETHICS CODE and the 231 MODEL. In particular (i) the ethics code has been updated in order to make it an instrument that is even more consistent with the policies and objectives that the company sets itself in terms of sustainability; (ii) 231 Model incorporates the most recent regulatory changes in addition to the indications expressed by the Confindustria guidelines issued in June 2021. The combination of the two documents distinct in content but interconnected by nature, allows TIP to orient its business according to a preventive control system with respect to the commission of crimes.

A CULTURE OF SUSTAINABILITY 2021 results

STANDARD ETHICS UPGRADES TO POSITIVE THE OULOOK ON TIP

Standard Ethics has upgraded the outlook from "Stable" to "Positive" confirming the Investment Grade rating to TIP (rating di EE-) stating: "the process of implementing the international guidelines on Sustainability, which started in previous years and was adapted to the specific characteristics of TIP's business, has clearly accelerated in recent months; particularly in terms of the governance of Sustainability (with changes to the Code of Ethics) and on a strategic level through the Sustainability Plan. The Plan defines the objectives with greater precision and determination, especially with regard to investment policy, engagement and supervision of the investees in ESG matters".

SDGs COMMITMENT

Ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all.

Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.

Ensure sustainable consumption and production patterns

A CULTURE OF SUSTAINABILITY 2021 results

	TIP SUSTAINABILITY PLAN
	1 - implement a plan to share information on the company's ESG initiatives
TIP'S COMMITMENT TO SUSTAINABILITY	2 - collaborate with the Control, Risks, Related Parties and Sustainability Committee to update the progress of medium-term activities on an ongoing basis
	3 - maintain relations with international ratings agencies to obtain ratings and certifications attesting to the company's commitment to sustainability
	4 - incorporate an analysis of ESG activities into the investment process
INVESTMENT POLICY	5 - draft a sustainability report for at least 60% of the companies in the TIP Group
	6 - receive ongoing updates from 100% of the companies on the execution of ESG plans
	7 - at least one third of the unlisted companies invested in by the TIP Group must have BoDs with at least one third of members from the less-represented gender
GOVERNANCE	8 - at least 90% of unlisted companies in the TIP Group must guarantee that at least 20% of the members on its BoDs are independent
	9 - all unlisted companies must adopt employee profit-sharing plans including, by way of example: MBO plans, stock options, or stock grant plans
	10 - all industrial companies must adopt measures to contain emissions