Tamburi Investment Partners

Investor Presentation • Feb 24, 2021

Virtual Roadshow

February 25th, 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 February 19, 2021.

TABLE OF CONTENTS

	page
INVESTMENTS OVERVIEW	4
PARTIAL SALE OF PRYSMIAN SHARES	6
NEW EQUITY FOR COMPANIES IN TURNAROUND	7
TIP SHARE PERFORMANCE	8
DYNAMISM	9
NET INTRINSIC VALUE	10
2015 – 2020 INVESTMENTS	12
DIVESTMENTS	14
RECENT YEARS RESULTS COMPARISON	15
VALUE CREATION	16
PRIVATE COMPANIES UPDATE	17
THE HUB OF THE DIGITAL MADE IN ITALY	18
ANNEX - INVESTMENTS DETAILS	19
ANNEX - A CULTURE OF SUSTAINABILITY	21

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

+130,2%* (10 worldwide leaders) investments in portfolio total return T.I.P. (last 5 years) > 20 8,67 euro per share Net Intrinsic Value

*as at 19/2/2021

THE INVESTMENTS¹

(1) Market value as at 22/2/2021 for listed companies and cost initial investment for private companies

• On September 27, 2020 the shareholders' agreement between Asset Italia 2 S.r.l., company controlled by Asset Italia S.p.A., on one side, and Amplifin S.p.A., controlling shareholder of Ampliter S.r.l., controlling company of Amplifon S.p.A., on the other side, has expired and it has not been renewed. Therefore n. 6,110,634 Amplifon shares (of which n. 1.346.661 to TIP) has been assigned to the shareholders of Asset Italia S.p.A. that have taken part to the investment in Ampliter.

5 ** Clubtre S.p.A. has announced on 11/1/2021 the successful completion of the sale of 10 mln ordinary shares of Prysmian for a total consideration of 292.5 million Euro.

PARTIAL SALE OF PRYSMIAN SHARES

• Clubtre S.p.A. company of which TIP Tamburi Investment Partners S.p.A. (TIP.MI) 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. Upon completion of the transaction (settlement date on January 14th, 2021), Clubtre will own indeed approximately 3.577 million of Prysmian shares, representing 1.334% of the share capital.

NEW EQUITY FOR COMPANIES IN TURNAROUND

EQUITY

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 max 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 TIP Pre-IPO S.p.A. ("TIPO"), 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 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.

TIP SHARE PERFORMANCE

15 years as a public company

Aggregate amounts of the investee companies since TIP first investment

Ranking by revenues	2019	At purchase	Ranking by Ebitda	2019	At purchase	Ranking by employees	2019	At purchase
Prysmian	11.519	4.571	Prysmian	960	387	Prysmian	28.714	12.352
Hugo Boss	2.884	2.572	Moncler	575	192	Amplifon	17.000	4.970
Alpitour	1.992	1.142	Hugo Boss	467	591	Hugo Boss	14.633	12.496
Amplifon	1.732	708	Interpump	302	45	OVS	6.970	6.970
Moncler	1.628	581	Amplifon	301	97	Interpump	6.921	2.363
Sesa	1.551	1.363	OVS	156	144	Eataly	5.056	2.400
OVS	1.370	1.392	Sesa	95	63	Alpitour	4.178	2.800
Interpump	1.369	212	Octo Telematics	85	99	Moncler	3.975	1.132
Azimut Benetti	914	611	Alpitour	71	36	Elica	3.800	3.800
Eataly	527	210	Azimut Benetti	70	32	Sesa	2.061	1.900
Elica	480	472	Elica	42	40	Azimut Benetti	1.800	1.800
Roche Bobois	275	243	Beta	31	19	Be	1.300	810
Telematics Octo	200	166	Bending Spoons	28	3	Chiorino	917	800

NET INTRINSIC VALUE PER SHARE: 8,67 EURO

	Net invested capital	Bloomberg estimates (1)	Med term value(2)	intr.
Technology and innovation	105	929	~1.007	59%
Healthcare and industrial	12	617	~678	40%
IT services and innovation	93	312	~329	19%
StarTIP Tamburi Investment Partners
Luxury and design	102	220	~241	14%
Apparel and high-end food	156	136	~182	11%
Travel and leisure	74	74	~74	4%
Other (incl. treasury shares & advisory)	142	191	~203	12%
Net financial position of TIP S.p.A. (incl. TIP bond 2024 of 300 mln)	109	109	109
NET INTRINSIC VALUE	470	1.441	~1.598

Data as at 19/2/2021 [including the effects of Clubtre transaction] (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) ¹¹

TIP NET INTRINSIC VALUE

1.271 MILLION

		StarTIP Tamburi Investment Partners S.p.A.
562 million1	370 million	73 million	267 million

561 mln in listed companies and 711 mln in private companies

TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost

830	129	46	124	279	175	1912	265	325	204	102	2.673
2002- 2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	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

2019-2020 INVESTMENTS

and the stake held by TIP is now 27.489% of the share capital

14

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)

99,9 million (pro forma) consolidated 2019 net profit

21,0 million (pro forma) consolidated 9M 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

Companies	Year of first invest.	Ebitda at purchase	2019 Ebitda*	Ebitda CAGR
Listed
Alkemy	2017	4	4	0,7%
Amplifon	2010	97	301	13,4%
Be	2007	-5	23
Digital Magics	2013		n s
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%
TAG	2015	n s	n s
Welcome	2019	12	15	13,6%

Direct investments Investments through vehicles

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%

ASSET ITALIA
TAMBURI INVESTMENT PARTNERS S.P.

Investments	Year of first invest.	Ebitda at purchase	2019 Ebitda*	Ebitda CAGR
Ampliter1 / Amplifon	2017	187	301	17,2%
Alpitour	2017	36	71	25,1%

¹Holding company of Amplifon

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

Last FY NFP*

*Year ending 2019. Net of IAS 16 effect *year ending 2019 except for Azimut Benetti (3/8/2019)

original investment was a clubdeal Last FY NFP*

Last FY

NFP*

787

124

PRIVATE COMPANIES UPDATE

After good results during the first months of 2020, Alpitour's operations were significantly impacted by the pandemic. Costcutting and cash flow management actions were immediately taken and continue to be implemented, although investments in IT projects and strategic initiatives also continue. In any case 2020 will end with a significant loss, but the financial situation is solid.

The company's operations in the first half of 2020 were temporarily closed and the market contracted. The experience gained at a plant located in the first designated "red zone" helped to implement quick safety measures and prompt restart of operations and customer service. The July and August figures indicate a good and gradual recovery.

After the record 2018/19 year, the company forecasted a year of consolidation. The outbreak of the pandemic impacted production and scheduled deliveries in March - May. Sales did not stop - even in the most difficult months - and at the end of June the Group has a slightly lower backlog than the previous year.

The company, following a first quarter in line with budget, from April saw a gradual contraction in orders which resulted in a drop in revenues and a consequent slight dip in earnings. Starting from June the company has experienced a significant improvement in the order intake.

The company was impacted by the virus in terms of the major restrictions on restoration across the world, particularly in North America in which excellent earnings and growth have always been generated.

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.

THE HUB OF THE DIGITAL MADE IN ITALY

35 million directly invested 73 million including clubdeal

190 million euro of annual revenues

• Unmatched (in Italy) skills and attractiveness gathered by TIP, Digital Magics and Talent Garden for a booming market
• 100 million euro available to invest on digital / innovation companies
• Digital Magics for seed capital and StarTIP for the following rounds to faster scale the market

TIP main direct investments	% owned	Year of first invest.	Book value at 31/12/2019	Revenues at purchase	2019 revenues	Ebitda at purchase	2019 Ebitda	Ebitda cagr	Last NFP	Employees at purchase	2019 employees
Listed
Amplifon	2,7%	2010	155	708	1.732	97	301	13,4%	787	4.970	17.000
Amplifon - previously through Ampliter	0,6%	2017	10	1.133	1.732	187	301	17,2%	787	14.000	17.000
Be	27,5%	2007	17	45	152	-5	23	0,0%	2	810	1.300
Elica	20,2%	2019	41	472	480	40	42	4,1%	47	3.800	3.800
Hugo Boss	1,5%	2015	47	2.572	2.884	591	467	-4,6%	83	12.496	14.633
Moncler	0,8%	2013	82	581	1.628	192	575	20,1%	-663	1.132	4.569
OVS	23,3%	2018	93	1.392	1.370	144	156	8,4%	310	6.970	6.970
ITH - holding company of Sesa	20,6%	2019	37	1.363	1.551	63	95	22,5%	-55	1.900	2.061
Private
Azimut Benetti	12,1%	2015	32	611	914	32	70	21,6%	97	1.800	1.800
Welcome	12,0%	2019	6	50	58	12	15	13,6%	-10	176	185

TIP investment through specific vehicles	% owned	Year of first invest.	Book value at 31/12/2019	Revenues at purchase	2019 revenues	Ebitda at purchase	2019 Ebitda	Ebitda cagr	Last NFP	Employees at purchase	2019 employees
Unisted
Eataly - Clubitaly [TIP 30%]	19,7%	2014	124	210	527	14	25	8,6%	51	2.400	5.056
Listed
Interpump - IPGH [TIP 32%]	24,3%	2003	242	210	1.369	45	302	12,6%	298	2.363	6.921
* Prysmian - Clubtre [TIP 66%]	5,1%	2010	207	4.571	11.519	387	960	10,6%	1.971	12.352	28.714
Roche Bobois - TXR [TIP 51%]	34,8%	2013	27	243	275	20	25	3,8%	-11	900	823
TIPO investments - TIP owns 29,29% of TIPO
Betaclub / Beta Utensili	22,0%	2016	22	123	177	19	31	12,5%	53	550	787
Sant'Agata / Chiorino	20,0%	2017	35	102	115	22	23	1,8%	-21	800	917

* Clubtre has announced on 11/1/2021 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 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. Upon completion of the transaction (settlement date on January 14th, 2021), Clubtre will own indeed approximately 3.577 million of Prysmian shares, representing 1.334% of the share capital.

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 31/12/2019	Revenues at purchase	2019 revenues	Ebitda at purchase	2019 Ebitda	Ebitda cagr	Last NFP	Employees at purchase	2019 employees
Alpitour [TIP 35,8% of tracking shares]	54,5%	2017	205	1.142	1.992	36	71	25,1%	124	2.800	4.178

NOTE: on September 27, 2020 the shareholders' agreement between Asset Italia 2 S.r.l., company controlled by Asset Italia S.p.A., on one side, and Amplifin S.p.A., controlling shareholder of Ampliter S.r.l., controlling company of Amplifon S.p.A., on the other side, has expired and it has not been renewed. Therefore n. 6,110,634 Amplifon shares (of which n. 1.346.661 to TIP) has been assigned to the shareholders of Asset Italia S.p.A. that have taken part to the investment in Ampliter.

StarTIP main investments - TIP owns 100%	% owned	Year of first invest.	Book value at 31/12/2019	Revenues at purchase	2019 revenues	Ebitda at purchase	2019 ebitda	Ebitda cagr	Last NFP	Employees at purchase	2019 employees
Listed
Alkemy	7,6%	2017	5	34	85	4	4	0,7%	15	208	511
Digital Magics	22,7%	2013	13	2	3	n s	n s	n s	1	10	10
Private
Bending Spoons	2,4%	2019	5	30	83	3	28	848,0%	-17	50	130
Buzzoole	22,0%	2018	3	5	5	n s	n s	n s	n s	50	50
TAG	15,9%	2015	8	4	17	n s	n s	n s	n s	40	165

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

Corporate responsibility is particularly important for 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.

The cover page of all TIP documents for external use has 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 - from more than ten years - the TIP Group's mission.

The most significant possible impact that we can seek to have on the environment around us is to continue to promote sound, safe and balanced economic growth of the investee companies through our work and impulse.

TIP Group is fully aware that, in its capacity as investor and shareholder, in addition to sitting in important boards of directors of listed and unlisted companies, it has an extremely important role to play in developing initiatives in support of social responsibility and sustainability.

The evaluation of environmental, social, ethical and governance criteria has always formed an integral part of the investment process, and this focus has meant that TIP has always invested in companies that make a positive contribution to society and the environment, avoiding companies that adopt harmful or unsustainable business models.

TIP has always used its influence to encourage virtuous practices in the management of environmental, social, ethical and governance aspects through a constant and proactive contribution.

Every company of TIP portfolio is strongly committed in delivering sustainability programs and actions, in some cases being also the forefront of this culture in its market.

Given the nature of its business, the new direct initiatives promoted by the TIP Group are more focused on information regarding the economic scenario, through editorials and interviews published in major Italian and, in some cases, international media. As part of the clear sense of responsibility that TIP's top management have always felt in the educational arena, since the early Nineties it has published its views (in the "Privatization and Corporate Governance Bulletin") on privatization and corporate governance in Italy, when no one in the country was yet focused on these matters.

• 10 of the Italian hospitality structures are certified GSTC (Global Sustainable Tourism Council), a certification sustained by United Nations and by UNWTO.
• 2020: among the best companies in the «Italy's best employers» ranking

▪ Historical MSCI-ESG Rating: AA (from 2016 to present)

▪ 2019: 1st place in the ranking «Great Place to Work in Italy for Millennials»

▪ Certified EMAS (Eco-Management and Audit Scheme) since 2015; within its industry sector, Chiorino is the only company with this certification.

▪ Since its foundation, Eataly works in partnership with SlowFood.

▪ 2020: confirmed as a top employers company.

▪ 2020: included in the 2020 "Diversity Leaders" ranking edited by Financial Times (ranking of 700 companies in 10 European countries that offer the most diverse and inclusive workplace).

• The sustainability principles identified by The Natural Step (nongovernment association founded Sweden in 1989) are the foundation of OVS #wecare programme.
• Since 2016, OVS has been using the B Impact Assessment to integrate its analysis and assessment models and to gain an overall view of the impact generated by the organization and any initiatives underway.
  • OVS is the first Italian company to participate in ECAP (European Clothing Action Plan), a European project that aims to define a more sustainable model for the European fashion industry. The project is being promoted as part of the Environment and Climate Action Programme in the European community.
  • OVS is compliant to STANDARD 100 by OEKO-TEX, an independent and international test and certification system applied to raw materials, semi-finished and finished textile products in the processing phase.

• 2019: entered for the first time the Dow Jones Sustainability Indices World and Europe and recognized as the Industry Leader in the 'Textiles, Apparel & Luxury Goods" sector.
• Commitment to become carbon-neutral regarding its global direct emissions by 2021.

• 2020: joined the "50 Sustainability and Climate Leaders", a forum about climate change hosted on Bloomberg website and 50 climate leaders hub.
• MSCI-ESG Rating: A (from 2019 to present)
• 2019: included in other valuable Sustainability Indices, such as FTSE4Good Global Index, STOXX Italy 45 ESG-X e STOXX Europe 600 ESG-X, as well as in the "Carbon Clean 200" Report edited by "As You Sow" (American non-profit entity).

▪ In collaboration with FCBA (Forest Cellulose Wood-building Furnishings), Roche Bobois has developed its own qualitative assessment tool, Eco8.

▪ 2020: started the procedures for being granted the B Corp international certification issued by B Lab (non-profit entity), as commitment for a long-term sustainable development.

▪ 2020: Awarded at the 5° edition of the «Welfare Index Pmi», acknowledgment conferred by Generali to the companies that stand out for their welfare.