Tamburi Investment Partners

Investor Presentation • Jul 1, 2020

Digital Italian Sustainability Week 2020 Milan July 1-3, 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 June 30, 2020.

Tamburi Investment Partners S.p.A.

3 billion of direct investments and club deals in leading companies

1) Minority investments in excellent companies market leaders

2) Outstanding long term returns for shareholders 3) Limited risk thanks to patient portfolio diversification approach

NOT ONLY A FINANCIAL INVESTOR. A REAL LONG TERM PARTNER

a reliable and real long term partner

A UNIQUE NETWORK of more than 100 entrepreneurial family offices with uncommon industrial know how

PERMANENT CAPITAL, since the holding structure allows soft and rewarding exit paths, if any

CEO with more than 40 years of professional experience in investment and financial advisory

TEAM of about 15 professionals strongly focused on constantly creating shareholders' value. Experience and dimension of the team allow lean and fast understanding of the issues and decision about investments

Deep understanding of FAMILY DYNAMICS and ability to simplify governance. Alignment of interest with entrepreneurs and investee companies that always retain the operating management

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.

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.

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

A CULTURE OF SUSTAINABILITY

TIP Group is fully aware that, in its capacity as investor and shareholder, in addition to occupying important seats on the boards of directors of major listed and unlisted Italian 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, while avoiding companies that adopt harmful or unsustainable business models, and has used its influence as an investor to encourage virtuous practices in the management of environmental, social, ethical and governance aspects through a constant, 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 the subject of privatization and corporate governance in Italy, when no one was yet focused on these matters.

THE INVESTMENTS¹

(1) Market value as at 22/5 for liste companies and cost initial investment for private companies

Companies	Year of first invest.	Ebitda at purchase	2019 Ebitda*	Ebitda CAGR	Last FY NFP*
Listed
Alkemy	2017	4	4	0,7%	15
Amplifon	2010	97	301	13,4%	787
Be	2007	-5	23		2
Digital Magics	2013		n s		1
Elica	2019	40	42	4,1%	47
Hugo Boss	2015	591	467	-4,6%	83
Moncler	2013	192	575	20,1%	-663
OVS	2018	144	156	8,4%	310
Sesa	2019	63	74	17,5%	-42
Private
Azimut Benetti	2015	32	70	21,6%	97
Bending Spoons	2019	3	28	848,0%	-17
TAG	2015	n s	n s
Welcome	2019	12	15	13,6%	-10

Direct investments Investments through vehicles

Companies	Year of first invest.	Ebitda at purchase	2019 Ebitda*	Ebitda CAGR	Last FY NFP*
Listed
Interpump	2003	45	302	12,6%	298
Prysmian	2010	387	960	10,6%	1.971
Roche Bobois	2013	20	25	3,8%	-11
Private
Beta	2016	19	31	12,5%	53
Chiorino	2017	22	23	1,8%	-21
Eataly	2014	14	25	8,6%	53

*Year ending 2019. Net of IAS 16 effect *year ending 2019 except for Sesa (end date 30/4/2019), Azimut Benetti (end date 3/8/2019)

original investment was a clubdeal

TIP - VALUE CREATION

Investments	Year of first invest.	Ebitda at purchase	2019 Ebitda*	Ebitda CAGR	Last FY NFP*
Ampliter1 / Amplifon	2017	187	301	17,2%	787
Alpitour	2017	36	71	25,1%	124

¹Holding company of Amplifon

*Year ending 2019. Net of IAS 16 effect *year ending 2019 except for Alpitour (end date 30/10/2019)

original investment was a clubdeal

116 M&A transactions ( 5,8 billion) of the investee companies since TIP first investment

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	Telematics Octo	85	99	Moncler	3.975	1.132
Interpump	1.369	212	Sesa	74	63	Elica	3.800	3.800
Azimut Benetti	914	611	Alpitour	71	36	Alpitour	4.178	2.800
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

TIP SHARE PERFORMANCE

MARKET ORIENTATION

TIP WARRANT 2015 - 2020

Exercised more than 97% of warrants 2015-2020

67 millions Euro only in the Fifth exercise period

108 million Euro in the previous four exercise periods

> 700 MILLION FIREPOWER

More than 700 MILLION EURO available:

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

TIP

▪ 80 million of treasury shares

2015 – 2020 INVESTMENTS

1.250 MILLION

544 mln in listed companies and 706 mln in private companies

TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost

125	146	239	116	47	157	129	46	124	279	175	1912	265	325	251	2.617
2002- 2005	2006	2007	2008	2009	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

DIVESTMENTS

DIVESTMENTS FROM «COMPLETE EXIT»¹ 275 MILLION (2015 – 2020)

TIP INTRINSIC VALUE

Industry	Book value	Bloomberg estimates (1)	Med term intr. value(2)
Technology and innovation StarTIP Tamburi Investment Partners	193	540	~671	42%
Retail, fashion and high-end food	158	144	~208	13%
Health, tourism, silver age	106	233	~277	17%
Luxury and design	102	192	~210	13%
Other (incl. treas. shares, liquidity & advisory)	207	226	~227	14%
Total investments	766	1.335	~1.593	100%

Net intrinsic value (3)

per share: 7,14 euro

Data as at 30/6/2020

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

2.Intrinsic value: analytical valuation of each investment elaborated by TIP considering the medium-term outlook of the companies (gross of long term debt)

3.Net intrinsic value : intrinsic value net of short and long term debts 15

TIP INTRINSIC VALUE

▪ Intrinsic value with consistent criteria over time, anchored to the fundamentals and regardless the volatility of multiples

RECENT YEARS RESULTS COMPARISON

NET EQUITY AND INVESTMENTS (MLN EURO)

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

Treasury shares owned n. 14.440.332 (equal to 8.39% of the share capital) as at June 29, 2020

* Consolidated group equity (including minorities)

** Accounting data that includes associated companies measured under the equity method, investments measured at FVOCI plus financial receivables and assets

2019-2020 INVESTMENTS

Italian leader in the clothing sector

• 1.700 stores (750 dir. managed) focused on "value fashion"
• Market share of more than 8% (two times the main peer) and 18% market share in the kid segment
• Diversification of revenues both in terms of geographical distribution in Italy and of segment (kid 43% sales, by far Italian n° 1)
• Highly integrated operation system (creation, production, distribution)
• 2019 revenues of 1.370 mln, Ebitda Adj. of 156 mln and NFP (31/01/ 20) of 310 mln

Leader in the design and technology for ventilation and air filtration

• Market leader in hood segment with 21 million units sold and a 13% worldwide market share
• 7 production plants in Italy, Poland, India, China and Mexico
• 52% of 2019 revenues coming from own brands, longstanding relationships with a diversified base of international OEMs
• 2019 revenues of 480 million, Normalized EBITDA of 42 million and NFP of 47,2 million (vs 56,3 as at 31/12/2018)

leading Italian IT services and solutions provider

• TIP has recently announced the increase of its stake in ITH (controlling company of Sesa) up to 20.64%
• Leading player for the digital transformation
• Computer Gross (100% Sesa): leading player in Italian Value Added Distribution with a customer base of over 13,000 business partners

• Var Group (100% Sesa): reference IT system integrator for Enterprise and SME segments with a customer base of over 10,000 final users

• Third stake increase in Clubtre (5,1% of Prysmian)

• TIP owns 66,23% of Clubtre, investment vehicle that owns 5% of Prysmian share capital which, based on the actual market cap of Prysmian, accounts for about 235 million euro

▪ 2020: revenues 1.775 mln (+14%)

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	10,7%	2019	37	1.363	1.551	63	74	17,5%	-42	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

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