Tamburi Investment Partners

Investor Presentation • Apr 6, 2020

April 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

National leader

VALUE CREATION

Private companies Ebitda CAGR since TIP group first investment

Listed companies VALUE CREATION Ebitda CAGR since TIP group first investment

sales Adj. Ebitda Consolidated data in euro mln

Listed companies VALUE CREATION Ebitda CAGR since TIP group first investment

sales Adj. Ebitda Consolidated	data in euro mln
--------------------------------------	------------------

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

Aggregate amounts of the investee companies since TIP first investment

Recent years results comparison

NET EQUITY AND INVESTMENTS (MLN EURO)

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

200 million cash available for TIP (net of TIP bond 2014-2020 reimbursement) and 350 million for Asset Italia

Treasury shares owned n. 12,633,041 (equal to 7.345% of the share capital) as at March 27, 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