Tamburi Investment Partners

Investor Presentation • Sep 15, 2020

ITALIAN CHAMPIONS CONFERENCE

Milan September 16, 2020

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 September 11, 2020.

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

+79,1%* (10 worldwide leaders) investments in portfolio total return T.I.P. (last 5 years) > 20 7,59 euro per share Net Intrinsic Value

*as at 11/9/2020

THE INVESTMENTS¹

(1) Market value as at 11/9 for listed companies and cost initial investment for private companies

(2) TIP has announced that 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, will expire on September 27, 2020 and the renewal is not foreseen. Therefore approximately 6,100,000 Amplifon shares (of which about 21% referable to TIP) will be assigned to the shareholders of Asset Italia S.p.A. that have taken part to the investment in Ampliter.

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. Based on the commitments that will arrive from the family offices, TIP has planned to directly dedicate between 50 and 100 million directly to the ITACA project, over max 5 years.

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
Octo Telematics	200	166	Bending Spoons	28	3	Chiorino	917	800

7,59 EURO NET INTRINSIC VALUE

Industry	Book value	Bloomberg estimates (1)
Technology and innovation	205	666	~751	46%
StarTIP Tamburi Investment Partners
Retail, fashion and high-end food	158	136	~205	13%
Health, tourism, silver age Net intrinsic value per share:	108	263	~299	18%
7,59 euro
Luxury and design	102	193	~213	13%
Other (incl. treas. shares & advisory)	120	148	~156	10%
Net financial position of TIP S.p.A. (incl. TIP bond 2024 of 300 mln)	224	224	224
NET INTRINSIC VALUE	469	1.182	~1.400

Data as at 11/9/2020

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

2.Net Intrinsic value: analytical valuation of each investment elaborated by TIP considering the medium-term outlook of the companies (net of net financial position) ⁸

TIP NET INTRINSIC VALUE

5 years trend Net Intrinsic Value per share of 7,59 euro MARKET STOCK PRICE AT DISCOUNT VS INTR. VALUE/SH. TIP stock price Target price Intrinsic value Date TIP stock price Net Intr. value per share Discount on Net Intr. Value 11/09/2020 5,79 7,59 -23,7%

More than 700 MILLION EURO available:

• 380 million of Asset Italia residual commitment
• 230 million of liquidity

• 90 million of treasury shares

• ITACA potential commitment to be defined (page 5)

TIP

1.260 MILLION

		StarTIP Tamburi Investment Partners S.p.A.
555 million1	370 million	68 million	267 million

554 mln in listed companies and 706 mln in private companies

TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost

830	129	46	124	279	175	1912	265	325	204	87	2.657
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

DIVESTMENTS

Amount cashed

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

26,7 million (pro forma) consolidated IH 2020 net loss

* 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.

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

¹Holding company of Amplifon

121 M&A transactions ( 5,9 billion) of the investee companies since TIP first investment

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

original investment was a clubdeal

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 68 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
Be	23,4%	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	3.975
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
Listed
Eataly - Clubitaly [TIP 30%]	19,7%	2014	124	210	527	14	25	8,6%	53	2.400	5.056
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

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
Ampliter - Amplifon [TIP 20% of tracking shares]	2,8%	2017	51	1.133	1.732	187	301	17,2%	787	14.000	17.000
Alpitour [TIP 35,8% of tracking shares]	54,5%	2017	205	1.142	1.992	36	71	25,1%	124	2.800	4.178

*TIP has announced that 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, will expire on September 27, 2020 and the renewal is not foreseen. Therefore approximately 6,100,000 Amplifon shares (of which about 21% referable to TIP) will be assigned to the shareholders of Asset Italia S.p.A. that have taken part to the investment in Ampliter.

StarTIP

Tamburi Investment Partners S.p.A.

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	32,5%	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 - A CULTURE OF SUSTAINABILITY

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.

ANNEX - A CULTURE OF SUSTAINABILITY

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.