Tamburi Investment Partners

Investor Presentation • Mar 22, 2021

Virtual Star Conference 2021 March 23-25, 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 March 19, 2021.

TABLE OF CONTENTS

	page
INVESTMENTS OVERVIEW	4
PARTIAL SALE OF PRYSMIAN SHARES	6
NEW EQUITY FOR COMPANIES IN TURNAROUND	7
TIP OFFER FOR THE PURCHASE OF TIPO AND BETA	8
TIP SHARE PERFORMANCE	9
THE ITALIAN DIGITAL HUB	10
NET INTRINSIC VALUE	12
2015 – 2020 INVESTMENTS	14
DIVESTMENTS	16
RECENT YEARS RESULTS COMPARISON	17
VALUE CREATION	18
PRIVATE COMPANIES UPDATE	19
ANNEX - INVESTMENTS DETAILS	20
ANNEX - CURRENT TIPO STRUCTURE (BEFORE TIP OFFER)	22
ANNEX - A CULTURE OF SUSTAINABILITY	23

Tamburi Investment Partners S.p.A.

3 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

+140,7%*

(10 worldwide leaders) investments in portfolio total return T.I.P. (last 5 years)

20 9,22 euro per share

Net Intrinsic Value

*as at 19/3/2021

Listed companies

Private companies

(1) Market value as at 12/3/2021 for listed companies and cost initial investment for private companies

Listed companies

PARTIAL SALE OF PRYSMIAN SHARES

• Clubtre S.p.A. company of which TIP holds a 66.226% stake has announced on January 11th 2021 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 represents a partial divestiture of the significant investment made in 2010 within a club deal involving important family offices, that in any case is maintaining a significant shareholding in Prysmian. Clubtre now owns 3.577.436 Prysmian shares, representing 1.334% of the share capital and – after having reimbursed the margin loan and the shareholders' loans and distributed a dividend of about 39.5 million Euro – has cash available for 82.8 million.

NEW EQUITY FOR COMPANIES IN TURNAROUND

TIP has just created ITACA EQUITY, holding to provide equity to distressed companies and turnaround

ITACA EQUITY 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, that will be adequately capitalized, capable of activating significant financial resources and to intervene quickly and effectively in complex situations

ITACA EQUITY will act as advisor, restructuring manager and equity provider. In line with the successful Asset Italia model, Itaca will involve in the investments some family offices. TIP will directly dedicate 100 million to ITACA project out of 600 million of soft commitment guaranteed by family offices, over 5 years.

TIP OFFER FOR THE PURCHASE OF TIPO AND BETA

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

The transaction is part of the context of the "closure" of the TIPO activity and the offer is also aimed at the purchase, directly or indirectly, of the quotas of Betaclub S.r.l. (additional to those already held by TIPO) and the shares of Beta Utensili S.p.A. (further than those held by TIPO, Betaclub S.r.l. and by the majority shareholder of Beta Utensili S.p.A.).

The total value of the transaction is a maximum of 134.5 million Euro and its precise determination will depend on the extent of acceptance of the offer and the possible exercise of statutory pre-emption rights.

The completion of the transaction is estimated by April 30, 2021. Upon completion of the transaction TIP will own 49% of Beta Utensili S.p.A. and 20% of Chiorino S.p.A..

TIP SHARE PERFORMANCE

15 years as a public company

THE ITALIAN DIGITAL HUB

▪ 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	2019: 81 mln sales and 26 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
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 ▪
Co-living	2019: >30 mln sales and >5 mln Ebitda 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 ▪
Coworking, education and events	2020: 14 mln sales Year of first investment: 2015	No. 1 European co working player ▪ Already in 6 countries ▪ 11

NET INTRINSIC VALUE PER SHARE: 9,22 EURO

	Net invested capital	Bloomberg estimates (1)	Med term value(2)	intr.
Technology and innovation	124	1.006	~1.095	60%
Healthcare and industrial	30	681	~735	40%
IT services and innovation	93	324	~360	20%
StarTIP Tamburi Investment Partners
Luxury and design	106	249	~257	14%
Apparel and high-end food	156	151	~197	11%
Travel and leisure	74	74	~74	4%
Other (incl. treasury shares & advisory)	124	172	~193	11%
Net financial position of TIP S.p.A.	116	116	116
NET INTRINSIC VALUE	469	1.536	~1.699

Data as at 19/3/2021 (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) ¹²

TIP NET INTRINSIC VALUE

Net Intrinsic Value per share of 9,22 euro

5 years trend

TIP stock price Net Intr. value per share Discount on Net Intr. Value 7,35 9,22 -20,3% TIP stock price Bloomberg consensus Intrinsic value

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

ANALYST TARGET PRICE

• Equita SIM: 9 euro per share
• Stifel Europe: 8.9 euro per share
• Banca Akros: 8.8 euro per share
• Intermonte: 8.58 euro per share
• Kepler Cheuvreux: 8.3 euro per share

1.314 MILLION

		StarTIP Tamburi Investment Partners S.p.A.
583 million1	370 million	94 million	267 million

582 mln in listed companies and 732 mln in private companies

TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost

830	129	46	124	279	175	1912	265	325	204	122	2.692
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 and Beta for equity component only

TIP 2019-2020 INVESTMENTS

DIVESTMENTS

Amount cashed

Ebitda at exit

DIVESTMENTS FROM «COMPLETE EXIT»¹ 275 MILLION (2016 – 2020)

RECENT YEARS RESULTS COMPARISON

NET EQUITY AND INVESTMENTS (MLN EURO)

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

proposed dividend of 0.10 euro per share

* Consolidated group equity (including minorities)

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

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%
Welcome	2019	12	15	13,6%

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

TIP direct investments				TIP investments through vehicles
Year of first invest.	Ebitda at purchase	2019 Ebitda	Ebitda CAGR	Companies	Year of first invest.	Ebitda at purchase	2019 Ebitda	Ebitda CAGR
				Listed
			0,8%	Interpump	2003	45	302	12,6%
			13,4%	Prysmian	2010	387	960	10,6%
				Roche Bobois	2013	20	25	3,8%
				Private
			4,1%	Beta	2016	19	31	12,5%
			-4,6%	Chiorino	2017	22	23	1,8%
			20,1%
				Eataly	2014	14	25	8,6%

128 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 PRIVATE COMPANIES UPDATE

Turnover obviously collapsed reporting significant losses and need for significant cost cuts. Gabriele Burgio and his team made an unparalleled work for the rationalization of the structures, brands and portfolio offer. Investments on IT systems have been done to be at the forefront at the restart. The scouting of hotels continues. The leadership of Alpitour has not been weakened by the pandemic, the company is currently perceived even stronger and unique.

The decrease in turnover compared to 2019 is lower than 10%, Ebitda above 20 million and a market share that is certainly growing, are figures that demonstrate the strength and quality of the Company. The integration of the acquisitions made in recent years is continuing positively and several organizational changes recently promoted by Roberto Ciceri give good confidence for the future.

The direct sale of food and the online business, partially offset the drop of the turnover due to restrictions to restaurant business. Turnover decreased of less than 30% and the main drop in margins has been recorded in the USA. The expected timeline for new openings has been confirmed (in Dec. a store opened in Dallas - with great success of public - and in the next few days the London mega-store will open).

The financial statements as of August 31, 2020, showed an adjusted Ebitda of over 50 million, confirming the good trend. The main decision of the year has been the appointment of Marco Valle as sole CEO of the group and the start of several initiatives to rationalize the two divisions. The first months of the new financial year showed an increasing trend of the order book, especially for the Benetti division, and the indications for the current year are positive.

The decrease of turnover compared to 2019 is almost irrelevant, profitability showed an excellent resiliency also in 2020 and therefore is among the companies that have shielded very well. The wish for 2021 is that it could finally be the year of the external growth, which the Company has been chasing since we invested in but which, until today, despite the considerable efforts made, did not materialize.

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

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	23,3%	2018	95	1.392	n a	144	n a
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
Welcome	12,0%	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 30%] Eataly - Clubitaly	19,8%	2014	127	210	n a	14	n a
[TIP 32%] Interpump - IPGH	24,8%	2003	242	210	1.294	45	294
[TIP 66%] Prysmian - Clubtre	1,3%	2010	395	4.571	10.016	387	840
[TIP 51%] Roche Bobois - TXR	34,8%	2013	75	243	266	20	n a
TIPO investments - TIP of TIPO owns 29,29%
Betaclub / Beta Utensili	22,0%	2016	30	123	165	19	22
Sant'Agata / Chiorino	20,0%	2017	35	102	113	22	23 20

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] Alpitour 35,8%	54,5%	2017	205	1.142	747	36	-41

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 a
Private
Bending Spoons	2,4%	2019	5	30	0	3	n a
TAG	15,9%	2015	19	4	14	n s	n s

ANNEX – CURRENT TIPO STRUCTURE (BEFORE TIP OFFER*)

*Please see details on slide 8 and the related press release dated February 23, 2021 available on TIP web site

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 endeavours 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

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