Tamburi Investment Partners

Investor Presentation • Feb 21, 2022

Investor presentation

Milan February 22-23, 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 ones 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 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. Forward-looking 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 market values reported in the presentation refer to the prices on February 18, 2022.

TABLE OF CONTENTS

INVESTMENT OVERVIEW	page 4
2021 – 2022 DYNAMISM	6
2021 TREND	7
AGREEMENT FOR THE SALE OF 43.2% OF BE	8
TIP ENTERS IN LIO FACTORY	9
IPO CHIORINO	11
TIP AT 25% OF LIMONTA GROUP	13
OVS: PREVIEW 2021	15
NEW EQUITY FOR COMPANIES IN TURNAROUND	16
TIP SHARE PERFORMANCE	17
THE ITALIAN DIGITAL HUB	18
NET INTRINSIC VALUE	20
2015 – 2021 INVESTMENTS	22
DIVESTMENTS	23
RECENT YEARS RESULTS COMPARISON	24
VALUE CREATION	25
ANNEX: INVESTMENTS DETAILS and A CULTURE OF SUSTAINABILITY	26

1) Limited risk thanks to light diversification and great quality

2) Outstanding long term returns for shareholders

|--|

(10 worldwide leaders) investments in portfolio +640,8%¹

total return T.I.P. (last 10 years)

20 13,02 euro per share

Net Intrinsic Value

¹ 4 as at 18/2/2022

an independent and diversified

industrial group

Market value as at 18/2/2022 for listed companies and cost initial investment for private companies. ¹ Vianova formerly Welcome Italia

2021 – 2022 DYNAMISM

> 690 MILLION OF INVESTMENT – DIVESTMENT ACTIVITY UNTIL DECEMBER 2021

292,5 mln

divestment

400 million investments

TIP investment

Agreement for the sale of the stake Equity stake increase in DV Holding

2021 TREND

		FY revenues 2021		9M revenues 2021
	vs FY 2020	vs FY 2019	vs 9M 2020	vs 9M 2019
	+27%	+12%	+37,4%	+17,6%
	+19,6%	+12,8%	+30,5%	+49,9%
	+23,4%	+13,4%	+54%	+20%
	+43%	-1%	+24,1%	+7,6%
	+23,9%	+17,2%
	+34,6%	0%	+29,2%	+14,4%
	+25,5%	+21,6%	+28,4%	+20,3%
1	+16,6%	+34,6%	+8,7%	+15,9%

AGREEMENT FOR THE SALE OF 43.2% OF BE

AGREEMENT FOR THE SALE OF 43.2% OF BE SHAPING THE FUTURE S.P.A. (IN WHICH TIP HOLDS A 28.3% SHAREHOLDING) TO ENGINEERING S.P.A., A COMPANY CONTROLLED BY BAIN CAPITAL PRIVATE EQUITY AND NB RENAISSANCE

• On February 11 2022, TIP has announced that a letter of intent has been executed by and between, on one side, TIP, Stefano and Carlo Achermann, as shareholders of Be S.p.A., and, on the other side, Engineering - Ingegneria Informatica S.p.A. ("Engineering") together with its direct and indirect parent companies, which are controlled by the private equity funds Bain Capital Private Equity and NB Renaissance.
• The LOI contains the key terms of an agreement for the sale of 43.209% of Be to Engineering: (i) the purchase by Engineering of the 58,287,622 Be shares owned by the sellers, at price per share of Euro 3.45 (the "Price per Share"); (ii) the reinvestment by TIP and Stefano Achermann of 25 million euro for each and by Carlo Achermann for 2 million euro in the Italian holding company which controls Engineering and which would indirectly control Be.
• The Transaction, if and once completed, would trigger Engineering and the Purchaser obligation to launch a mandatory takeover bid on all the Be shares, pursuant to Articles 102 and 106 of Legislative Decree 58/1998 (the "Mandatory Takeover Bid"). for a price equal to the Price per Share. The Mandatory Takeover Bid will be aimed at achieving de-listing of Be.
• The execution of the transaction is subject to some conditions listed in the press release of February 11, 2022.

TIP ENTERS 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)
• The Lio Factory Group 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 ENTERS 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 stronger focus on Biotech, Climate / Clean Tech and Fintech sectors.
• The alliance between TIP and Lio Factory that is materialized with this transaction has been conceived with a very solid strategic rationale. It allows TIP to increase its presence in highly innovative and also complementary areas to those currently manned, 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 – a fast growing segment – which will also be offered to TIP co-investors and in which TIP will be also able to invest directly, with equity tickets that should not exceed 30 million euros for each deal.

▪ Chiorino S.p.A., of which TIP indirectly holds the 20% of the share capital through the holding company Sant'Agata S.p.A. held for the remaining 80% by the Chiorino family, has initiated a process aimed at the possible listing of the company's shares on a regulated market managed by Borsa Italiana S.p.A.

THE PURE-PLAY PROVIDER OF PREMIUM MISSION CRITICAL LIGHT WEIGHT CONVEYOR BELTING SOLUTIONS

Leadership in premium niches

Vertically integrated with innovative product portfolio

Close customers proximity leveraging a global network

Differentiated and high quality aftermarket service level

Loyal and diversified customer base

Certified "green" company, focused on ESG

Backed by a solid shareholder base

60% customized products

20 international subsidiaries

75% aftermarket sales

+20,000 total customers

Loyal and diversified customer base

IPO CHIORINO

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 of the 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 over 160 million, Ebitda margin in the range 19-20% and strong cash flow generation.

OVS: PREVIEW 2021

NET SALES AND NFD BETTER THAN EXPECTED

• 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 debt at January 31, 2022 was roughly 198 million euro, a marked improvement both compared with forecasts and with January 31, 2021.

NEW EQUITY FOR COMPANIES IN TURNAROUND

ITACA EQUITY HOLDING has been established by TIP to provide equity to distressed companies and turnaround.

ITACA EQUITY HOLDING has been conceived to support companies facing difficult periods, helping them to solve, in an integrated and flexible way, problems connected with strategic choices and levels of capitalization, with a view to identify a correct balance at equity and financial level through the involvement of an equity partner.

Launched by TIP and three partners of very high standing: Sergio Iasi, Angelo Catapano and Massimo Lucchini, who decided to share their respective experiences and networks to create a single interlocutor, ITACA EQUITY HOLDING can activate significant financial resources and intervene quickly and effectively in complex situations.

In line with the Asset Italia model, ITACA EQUITY HOLDING involves in the investments 45 family offices. TIP will directly dedicate 100 million to this project out of 600 million of soft commitment guaranteed by family offices, over 5 years.

TIP SHARE PERFORMANCE

16 years as a public company

THE ITALIAN DIGITAL HUB

55 million directly invested				230 million euro of aggregate
> 116 million including clubdeal				2020 revenues
				without considering aggregate sales of
				Digital Magics portfolio
Digital and innovation consultancy	App developer	Digital incubator	Co-living	Coworking, education and events
			MY WoWo
Food e-commerce	Influencer marketing	Coin-counter technology	Travel app	Media tech company

▪ 100 million euro available for StarTIP to invest on digital / innovation companies

▪ Unmatched skills and attractiveness gathered by TIP, Digital Magics and Talent Garden for a booming market

▪ Digital Magics for seed capital and StarTIP for the following rounds to accelerate scale up on the market

THE ITALIAN DIGITAL HUB

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 Listed on Star segment of Borsa Italiana ▪
App developer	2020: 97 mln sales and 27 mln Adj. Ebitda Year of first investment: 2019 further investment in 2021	Continuous growth in sales and margins with a portfolio ▪ of >20 iOS apps In 2020 has developed Immuni, contact tracing app to face ▪ COVID 19 pandemic in Italy
Digital incubator	2020: >50 mln aggregated sales of portfolio startups Year of first investment: 2013 further investment in 2021	74 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	2020: 40 mln sales (18% margin in '19) Year of first investment: 2021 further investment in 2021	No. 1 European co living player in terms of number of beds ▪ (ca. #8.000) and revenues - already in 3 countries The company has recently announced a 50 mln investment ▪ by the international fund Starwood to support international growth
Co-learning, education and corporate trasformation	2020: 14 mln sales Year of first investment: 2015 further investment in 2021	No. 1 European co-learning player ▪ TAG has recently announced the acquisition of the Sweden ▪ based company Hyper Island with the mission to create the leader in European ed-tech industry

NET INTRINSIC VALUE PER SHARE: 13,02 EURO

	Net invested capital	Bloomberg estimates (1)	Med term value(2)	intr.
Technology and innovation	267	1.614	~1.698	61%
Healthcare and industrial	145	1.066	~1.145	41%
IT services and innovation	122	548	~553	20%
StarTIP Tamburi Investment Partners Welcome Italia
Luxury and design	158	391	~394	14%
Apparel and high-end food	196	344	~351	13%
Travel and leisure	84	84	~84	3%
Other (incl. treasury shares & advisory)	151	227	~276	10%
Net financial position of TIP S.p.A.	(403)	(404)	(404)
NET INTRINSIC VALUE	454	2.258	~2.401

Data as at 18/2/2022 (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) ²⁰

TIP NET INTRINSIC VALUE

More than 560 MILLION EURO available:

• 120 million of liquidity
• 150 million of treasury shares
• 290 million of Asset Italia residual commitment

TIP

• 600 million ITACA commitment

• BNP Paribas: 11,6 13,5 euro per share

• Banca Akros: 12.3 euro per share
• Intermonte: 11.4 euro per share

1.551 MILLION

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

644 mln in listed companies and 907 mln in private companies

TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost

830	129	46	124	279	175	1912	265	325	204	383	2.952
2002- 2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020-22	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

Amount cashed

Ebitda at exit

DIVESTMENTS FROM «COMPLETE EXIT»¹ 275 MILLION (2016 – 2021)

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

RECENT YEARS RESULTS COMPARISON

NET EQUITY AND INVESTMENTS (MLN EURO)

2 Net equity Investments

115,9 million (pro forma) consolidated 9M 2021 net profit

35,0 million (pro forma) consolidated 2020 net profit

Consolidated group equity (including minorities)

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

without including Limonta (closing expected by the end of the year)

TIP - VALUE CREATION

		TIP direct investments
Companies	Year of first invest.	Ebitda at purchase	2019 Ebitda	Ebitda CAGR
Listed
Alkemy	2017	4	4	0,8%
Amplifon	2010	97	301	13,4%
Be	2007	-5	23
Elica	2019	40	42	4,1%
Hugo Boss	2015	591	467	-4,6%
Moncler	2013	192	575	20,1%
OVS	2018	144	156	8,4%
Sesa	2019	63	95	22,5%
Private
Azimut Benetti	2015	32	70	21,6%
Bending Spoons	2019	3	28	848,0%
Vianova	2019	12	15	13,6%

Number of	from 58		102 to
employees*	thousands	+75%	thousands in 2020

Companies	Year of first invest.	Ebitda at purchase	2019 Ebitda	Ebitda CAGR
Listed
Interpump	2003	45	302	12,6%
Prysmian	2010	387	960	10,6%
Roche Bobois	2013	20	25	3,8%
Private
Beta	2016	19	31	12,5%
Chiorino	2017	22	23	1,8%
Eataly	2014	14	25	8,6%

138 M&A transactions (> 7 billion) of the investee companies since TIP first investment

to 22,7 billion in 2020

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

¹Aggregate amount of TIP investments (without considering Stellantis, Ferrari and Fagerhult)

ANNEX

TIP main direct investments	% owned	Year of first invest.	Book value at 31/12/2020	Revenues at purchase	2020 revenues	Ebitda at purchase	2020 Ebitda
Listed
Amplifon	3,3%	2010	251	708	1.555	97	371
Be	27,5%	2007	23	45	179	-5	28
Elica	20,2%	2019	41	472	453	40	42
Hugo Boss	1,5%	2015	29	2.572	1.946	591	230
Moncler	0,8%	2013	103	581	1.440	192	601
OVS	23,9%	2018	95	1.392	1.018	144	73
ITH - holding company of Sesa	20,6%	2019	60	1.363	1.776	63	94
Private
Azimut Benetti	12,1%	2015	32	611	758	32	57
Vianova	17,0%	2019	6	50	62	12	17
TIP investment through specific vehicles	% owned	Year of first invest.	Book value at 31/12/2020	Revenues at purchase	2020 revenues	Ebitda at purchase	2020 Ebitda
Listed
[TIP 43,24%] Eataly - Clubitaly	19,8%	2014	127	210	353	14	-15
[TIP 32%] - IPGH Interpump	24,8%	2003	242	210	1.294	45	294
[TIP 100%] Prysmian - Clubtre	0,9%	2010		4.571	10.016	387	840
[TIP 51%] Roche Bobois - TXR	34,8%	2013	75	243	266	20	50
TIPO investments - TIP owns 100% of TIPO
Betaclub / Beta Utensili	49,0%	2016		123	165	19	22
Sant'Agata / Chiorino	20,0%	2017		102	113	22	23 26

ANNEX

ASSET ITALIA investments - TIP owns 20% o f ordinary shares o f Asset Italia which owns 1% shares of its assets	% owned by AI vehicle	Year of first invest.	Book value at 31/12/2020	Revenues at purchase	2020 revenues	Ebitda at purchase	2020 Ebitda
[TIP of tracking shares] 35,8% Alpitour	55,9%	2017	205	1.142	725	36	-112

TIP look-through stake in Alpitour: 19,9%

StarTIP main investments - TIP owns 100%	% owned	Year of first invest.	Book value at 31/12/2020	Revenues at purchase	2020 revenues	Ebitda at purchase	2020 Ebitda
Listed
Alkemy	7,6%	2017	3	34	75	4	6
Digital Magics	22,7%	2013	6	2	n a	n s	n s
Private
Spoons Bending	3,6%	2019	5	30	97	3	27
TAG	15,9%	2015	19	4	14	n s	n s
- [holding Vivo] DV Holding company of Dove	19,2%	2021	11	40	40	n s	n s

ANNEX - 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.

ANNEX - A CULTURE OF SUSTAINABILITY

Update on September 30, 2021

Following the approval by the BoD of the "Culture of sustainability" document, which took place on 12/3/2021, which further confirmed and detailed analytically the commitment – historically consolidated – of TIP on ESG issues, the activities relating to other commitments set out in the "Sustainability Plan" are going on. As a confirmation of the commitments made in this area, even in the investment just announced, the entry into the capital of the Limonta group, particular attention was paid to these issues. Limonta is in fact a company that boasts a strong and consolidated orientation to ESG issues, a condition that has proved to be fundamental over time in order to be – among other things – one of the strategic suppliers of the great luxury houses. As part of the commitments undertaken by TIP in the education and training sector, in September 2021 the Master Courses in Digital Marketing and UX Design organized by Talent Garden, in partnership with TIP which fully funded 10 scholarships, began.

STANDARD ETHICS ASSIGNS SUSTAINABILITY RATING TO TIP

▪ TIP announces that Standard Ethics, independent agency that analyses the sustainability policies implemented by companies, has assigned the Investment Grade rating to TIP (rating di EE-) stating that the Company "has begun implementing international sustainability recommendations in a credible manner, tailoring them to the particular nature of its business". This important recognition certifies the good - historically consolidated path followed by TIP in terms of sustainable approach to the business world.

ANNEX – SUSTAINABLE DEVELOPMENT OBJECTIVES

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

TIP has always invested time and energy for the promotion of an economic culture and awareness around the issues of healthy business growth through publications, articles, and participation in conferences.

TIP also invested in Talent Garden S.p.A.: a company that promotes high-quality, inclusive education by offering vertical training courses on technology, innovation and digital.

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.

FULL TIME MASTER IN DIGITAL MARKETING	FULL TIME MASTER IN UX DESIGN
Strategy & Funnel Marketing −	UX intro, Research & Mapping −
Paid Media −	Human Factor, Interaction Design −
Marketing Automation −	Prototyping & Information Architecture −
Content Marketing −	Information Architecture, UI Design & Usability −
Analytics −	Engineering
Deep Dive on digital marketing −	UI Design & Visual Communication −
	UX Management −

Link for subscription: https://talentgarden.org/it/news/tamburi-investment-partners-borse-studio/

ANNEX – SUSTAINABLE DEVELOPMENT OBJECTIVES

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

In its capacity as an investor, TIP provides companies with new hires to contribute to long-term sustainable development, thus rendering this sustainability objective the cornerstone of its business. In particular, the sub-goal envisaging the "promotion of development-oriented policies that support productive activities, the creation of decent jobs, entrepreneurship, creativity and innovation, and that encourage the training and growth of SMEs, including through access to financial services" summarizes TIP's ongoing commitment to supporting the companies in which it has invested or assisted. TIP also actively contributes new capital and never relies on financial leverage. This is an important component of TIP's modus operandi in comparison to traditional private equity operators, and it allows companies to achieve sustainable growth in a more structured way.

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

TIP has always helped companies to grow while making use of technological innovation as a strategic lever, which has resulted in the digitisation of services and activities in recent years. In addition, as previously mentioned, in 2017 TIP launched an investment company dedicated to start-ups and innovation (StarTIP), which is 100% owned by TIP.

ANNEX – WHERE WE ARE

ANNEX - A CULTURE OF SUSTAINABILITY

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