Tamburi Investment Partners

Investor Presentation • Oct 12, 2021

Star conference

Milan October 13-14, 2021

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 October 8, 2021.

TABLE OF CONTENTS

	page
INVESTMENTS OVERVIEW	4
2021 DYNAMISM	6
2021 TREND	7
PARTIAL SALE OF PRYSMIAN SHARES	8
NEW EQUITY FOR COMPANIES IN TURNAROUND	9
TIP ACQUISITION OF TIPO AND BETA	10
TIP SHARE PERFORMANCE	11
THE ITALIAN DIGITAL HUB	12
NET INTRINSIC VALUE	14
2015 – 2021 INVESTMENTS	16
DIVESTMENTS	17
RECENT YEARS RESULTS COMPARISON	19
VALUE CREATION	20
2020 – 2021 PRIVATE COMPANIES UPDATE	21
ANNEX - INVESTMENTS DETAILS	22
ANNEX - A CULTURE OF SUSTAINABILITY	24

Tamburi Investment Partners S.p.A.

5 billion of direct investments and club deals in leading companies

1) Limited risk thanks to light diversification and great quality

2) Outstanding long term returns for shareholders

*as at 8/10/2021

an independent and diversified

industrial group

Market value as at 8/10/2021 for listed companies and cost initial investment for private companies. ¹Vianova formerly Welcome Italia

2021 DYNAMISM

> 485 MILLION OF INVESTMENT – DIVESTMENT ACTIVITY UNTIL OCTOBER 2021

292,5 mln

divestment

Without considering the 100 mln commitment of TIP to ITACA Equity Holding out of the total committed amount of 600 mln euro

2021 TREND

H1 revenues 2021				H1 revenues 2021
vs H1 2020	vs H1 2019		vs H1 2020	vs H1 2019
+20,0%	+6,9%		+59,5%	-7,9%
+58,0%	+17,1%		+21,0%	+3,2%
+27,9%	+43,8%		+45,6%	+18,5%
+46,3%	+12,9%		+39,1%	+15,5%
+36,1%	+6,3%		+24,1%	+15,6%
+35,7%	-15,9%		+7,6%	+18,5%
+22,1%	+11,1%
+57%	+11%	*	+13,3%	+25,6%

PARTIAL SALE OF PRYSMIAN SHARES

• January 11th 2021: Clubtre S.p.A. (company in which TIP held a 66.226% stake) announced the successful completion of the sale of 10 million ordinary shares of Prysmian S.p.A., representing 3.729% of Prysmian's share capital, for a total consideration of 292.5 million Euro (the transaction has been concluded at a price per share of 29.250 Euro). The transaction represented a partial divestiture of the significant investment made in 2010 within a club deal involving important family offices.
• April 2021: TIP has acquired from the minority shareholder of Clubtre its 33,8% stake (TIP now owns 100% of Clubtre). In the context of the transaction Clubtre has also sold n. 1.208.253 Prysmian shares to the minority shareholder.
• TIP now owns 2.369.183 Prysmian shares, representing 0.9% of the share capital.

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 successful 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 ACQUISITION OF TIPO AND BETA

The Board of Directors of TIP has promoted in March 2021 a cash offer for the purchase of 100% of the shares of TIPO S.p.A., of which TIP held 29.29%. TIPO was a club deal established in June 2014 that after the sale of the equity investments held in AAA - Advanced Accelerated Application S.A. and in iGuzzini Illuminazione S.p.A. directly and indirectly held 21.97% of Beta Utensili S.p.A. and 20% of Chiorino S.p.A..

The total value of the transaction has been of 134.5 million Euro.

TIP now owns 49% of Beta Utensili S.p.A. and 20% of Chiorino S.p.A..

TIP SHARE PERFORMANCE

16 years as a public company

THE ITALIAN DIGITAL HUB

54 million directly invested				230 million euro of aggregate
> 110 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 faster scale the market

THE ITALIAN DIGITAL HUB

Digital and innovation consultancy	2020: 75 mln sales and 6 mln Ebitda Year of first investment: 2017	First results of the industrialization of business ▪ model registered in marginality and business resiliency: EBITDA up 23% compared to FY 2019 Listed on Star segment of Borsa Italiana ▪
App developer	2020: 97 mln sales and 27 mln Adj. Ebitda Year of first investment: 2019	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 further investment in 2021
Digital incubator	2020: >50 mln aggregated sales of portfolio startups Year of first investment: 2013	74 startups in portfolio (+5 vs 2019): 30% ▪ fintech, 24% enterprise software, 17% marketing, 10% food, 4% travel & transportation, 3% health Listed on AIM segment of Borsa Italiana ▪ further investment in 2021
Co-living	2020: 40 mln sales (18% of ebitda margin in '19) Year of first investment: 2021	No. 1 European co living player in terms of ▪ number of beds (ca. #8.000) and revenues Already in 3 countries and >10 cities ▪ Enormous and growing market ▪
Co-learning, education and corporate trasformation	2020: 14 mln sales Year of first investment: 2015	No. 1 European co-learning player ▪ Already in 6 countries ▪ 13

NET INTRINSIC VALUE PER SHARE: 12,36 EURO

	Net invested capital	Bloomberg estimates (1)	Med term value(2)	intr.
Technology and innovation	258	1.462	~1.658	65%
Healthcare and industrial	143	1.006	~1.145	45%
IT services and innovation	115	452	~513	20%
StarTIP Tamburi Investment Partners Welcome Italia
Luxury and design	112	292	~314	12%
Apparel and high-end food	193	267	~301	11%
Travel and leisure	74	74	~74	3%
Other (incl. treasury shares & advisory)	130	206	~242	9%
Net financial position of TIP S.p.A.	310	310	310
NET INTRINSIC VALUE	456	1.991	~2.279

Data as at 8/10/2021 (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) ¹⁴

TIP NET INTRINSIC VALUE

• 600 million ITACA commitment

5 years trend Net Intrinsic Value per share of 12,36 euro

MARKET STOCK PRICE AT DISCOUNT VS INTR. VALUE/SH.

Net Intr. value per share

ANALYST TARGET PRICE

price

• Banca Akros: 12.3 euro per share
• Stifel Europe: 11.3 euro per share
• Equita SIM: 11.0 euro per share

Discount on Net Intr. Value

1.379 MILLION

		StarTIP Tamburi Investment Partners S.p.A.
631 million1	370 million	111 million	267 million

627 mln in listed companies and 752 mln in private companies

TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost

830	129	46	124	279	175	1912	265	325	204	188	2.758
2002- 2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020-21	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

TIP 2019 - 2021 INVESTMENTS

Italian leader in the clothing sector TIP, with shares acquisitions in 2018, 2019, 2020 and 2021 ▪ has now 25% stake in the company.	Leader in design and technology for ventilation and air filtration In 2019 TIP acquired a 20,15% stake in the company. ▪
leading Italian IT services and solutions provider TIP acquired 15% in ITH (control. company of Sesa) in July ▪ '19 and in June '20 announced a stake increase up to 20.64%.	Stake increase in Clubtre Please see page 8. ▪
Connectivity and tlc service provider In 2019 TIP acquired a 12% stake in Vianova and recently has ▪	Stake increase in Be In 2020 TIP has acquired additional n. 5,500,000 shares of BE ▪
acquired an additional 5% stake (current stake of 17%).	and the stake held by TIP is now 27.489% of the share capital.
European leader in co-living	TIP acquisition of direct stake in Beta and Chiorino
In March 21 TIP acquired a 20% stake in the holding of Dove ▪ Vivo for 11 mln and in June subscribed a debt instr. for 2,5 m.	After the completion of the transaction described on page ▪ 10, TIP now owns 49% of Beta Utensili and 20% of Chiorino.
innovative start up for a new food shopping way	Stake increase in Bending Spoons
In March 2021 TIP and other investors have subscribed a 1 ▪ million euro capital increase in Alimentiamoci.	In June 2021 TIP has further invested 3,4 million euro ▪ (current stake of 3,6%).
Capital increase subscription	Stake increase in BE

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)

Net equity Investments

101,2 million (pro forma) consolidated HI 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 Net equity and investments in H1 2021 have been impacted by Clubtre transaction and the variation of fair value of investments

TIP - VALUE CREATION

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%

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

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% TIP direct investments TIP investments through vehicles

Eataly 2014 14 25 8,6%

135 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

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

2020 - 2021 PRIVATE COMPANIES UPDATE

Although recovering in part, the operations continue to be significantly impacted by the pandemic in 2021. Efforts continue to contain costs and manage cash flows, while maintaining investments in IT projects and in strategic initiatives in the areas of hotels & resorts and aviation. Very good summer results for the hotel management particularly for the Mediterranean destinations (Italy, Spain and Greece).

FY Revenues: 725 mln - Ebitda (before IFRS): -112 mln - NFP: 377 mln

The decrease in 2020 turnover compared to 2019 has been lower than 10%, Ebitda has been above 20 million and the growth of the market share has demonstrated the strength and quality of Beta. The M&A integration is continuing positively and several organizational changes promoted by Mr. Ciceri give good confidence for the future. In IH 2021, Beta posted consolidated revenues of 106.1 million and EBITDA of 17.3 million, on a net financial position of 48.5 million.

FY Revenues: 165 mln – Ebitda Adj. : 21,5 mln - NFP: 47,2 mln

The direct sale of food and the online business partially offset the drop of the turnover in 2020 (-30%). The company has continued with planned openings, which are being met with great success, particularly at the new point of sale in London and franchise stores in Tokyo. Due to the strong IH 2021 in US, driven by the restauration, and the good start in Europe, the Group is performing better than FY budget. Positive margin foreseen for the year-end.

After a 2019-'20 period in which the value of production decreased as a result of a contraction in demand in response to the impact of COVID - 19 on the global economy, preliminary figures for the 2020-2021 financial year ended in August posted improvements, with value of production reaching 850 million, up 100 million Euro on the previous year. Order backlog of 1.4 billion, continuous improvement of the financial position and growth in margins.

FY Revenues: 758 mln - Ebitda: 57 mln

The decrease in 2020 turnover compared to '19 has been almost irrelevant, margins showed an excellent resiliency also in '20 and therefore is among the companies that have shielded very well. In IH 2021 Chiorino posted cons. revenues of 68 mln and EBITDA of 18.3 mln on net cash of 27.4 million. In July, the company finalized a small, yet strategically important, acquisition in the US in the modular-belts segment.

FY Revenues: 113 mln – Ebitda (bef. IFRS): 23 mln – NFP (cash): -27,5 mln

2020 financial results of the company were not been impacted by the pandemic with both revenues and ebitda benefiting from the increased demand of connectivity, telecommunication and related services. In IH

2021, Vianova posted consolidated revenues of 32.8 mln and EBITDA of 8.6 mln on net cash of Euro 16.7 million.

FY Revenues: 61,8 mln – Ebitda : 16,7 mln – NFP (cash): -13,1 mln

FY Revenues: 353 mln – Ebitda : -14 mln - NFP: 116 mln

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%] Interpump - IPGH	24,8%	2003	242	210	1.294	45	294
[TIP 100%] Prysmian - Clubtre	0,9%	2010		4.571	10.016	387	840
[TIP 51%] - TXR Roche Bobois	34,8%	2013	75	243	266	20	50
TIPO investments - TIP of TIPO owns 100%
Betaclub / Beta Utensili	49,0%	2016		123	165	19	22
Sant'Agata / Chiorino	20,0%	2017		102	113	22	23 22

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 – 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