Tamburi Investment Partners

Investor Presentation • Feb 6, 2020

Lugano February 7, 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

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 4, 2020.

Tamburi Investment Partners S.p.A.

3 billion of direct investments and club deals in leading companies

1) Minority investments in excellent companies

2) Outstanding returns for shareholders

3) Limited risk thanks to portfolio diversification

Not only a financial investor. A real long term partner

A UNIQUE NETWORK of more than 100 entrepreneurial family offices able to provide 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 investments and financial advisory aimed at really support entrepreneurs

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

Listed companies

Private companies

TIP share performance

5 years performance vs the main comparable european holdings

Holding	5 years performance
TIP	135 5% ,
Sofina	127 4% ,
Exor	87 0% ,
Investor	81 4% ,
Industrivarden	52 6% ,
Eurazeo	33 4% ,
Wendel	19 5% ,

Total return for TIP shareholders

last 5 years: 156,0%

annual average: 31,2%

Market orientation

* TIP value is calculated considering the price as at 4/2/2020 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 4/2/2020 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 4/2/2020 of warrants 2015/20.

Treasury shares

• On September 26 TIP announced that, in the context of the treasury shares program approved by the Shareholders' Meeting on April 30, 2019, wanted to implement a plan for the purchase of additional treasury shares up to a maximum of n. 8.000.000 shares to be executed by an independent broker within January 31, 2020. Within such program n. 1,988,910 ordinary shares (equal to 1.156% of share capital) have been purchased at a weighted average price of 6.5472 Euro. The total amount of treasury shares held in portfolio are n. 10,148,805 (i.e. 5.900% of the share capital).
• On February 3 TIP announced that wanted to implement a plan for the purchase of additional treasury shares up to a maximum of n. 6.000.000 shares to be executed by an independent broker within August 31, 2020.

Bond

▪ On December 5 TIP issued a 5-year 300 million Euro bond. The bond is listed on the Luxembourg Stock Exchange and on the Italian market ExtraMOT.

Exceeded 5% in Prysmian

▪ On January 30 TIP declared to have exceeded, taking into consideration also the shares own by the subsidiary Clubtre S.p.A., the threshold of 5% in the shareholding in Prysmian S.p.A..

Recent years results comparison

NET EQUITY AND INVESTMENTS (MLN EURO)

9 months 2019 profit before taxes above 85 million

Aggregated profit before taxes (2011–2018) above 345 million

* 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

1.238 million investments (2015 – 2020)

Investments: listed companies 533 mln private companies 705 mln

Divestments from «exit»⁵ 275 million (2015 – 2019)

(1) considering the original investment (TIP cash out) made before 2015. (2) Direct owned shares and mandatory convertible FCA bond (3) clubdeal enterprise value. (4) club deal. (5) «exit» does not include partial exit (i.e. Moncler, Ferrari, Amplifon, Prysmian)

TIP dynamism

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

Aggregate amounts of the investee companies since TIP first investment

* Excluding "committed" capital for Asset Italia and Beta for equity component only **without considering Ferrari

TIP intrinsic value

Industry	Book value	Bloomberg estimates (1)	Med term intr. value(2)
Technology and innovation	198	587	~728	41%
StarTIP Tamburi Investment Partners Retail, fashion and high-end food	181	255	~287	16%
Health, tourism, silver age	106	258	~265	15%
Luxury and design	105	204	~236	14%
Other (incl. treas. shares, liquidity & advisory)	223	253	~263	15%
Total investments	812	1.557	~1.779	100%

Net intrinsic value (3)

per share: 8,22 euro

Data as at 4/2/2020

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

TIP intrinsic value

• Intrinsic value with consistent criteria over time, anchored to the fundamentals and regardless the volatility of multiples
• The Intrinsic value of listed companies implies a multiple of 3,1x the investment at cost
• For private companies the multiple vs the Instrinsic Value is - conservatively - of 1,4x the investment at cost

Date	TIP stock price	Net Intr value per share	Discount on Net Intr Value
31/12/2017	5	6	-9
	56	13	30%
	,	,	,
31/12/2018	5	6	-14
	74	69	20%
	,	,	,
04/02/2020	7	8	75%
	09	22	-13
	,	,	,

MARKET STOCK PRICE STRONGLY AT DISCOUNT VS INTR. VALUE PER SHARE

POTENTIAL «HIDDEN VALUE» IN PARTICULAR WITHIN PRIVATE COMPANIES VALUATION

2019 investments

Leader in the design and technology for ventilation and air filtration

27 million euro invested

• Market leader in hoods segment with 21 million units sold and a 13% worldwide market share
• 20% stake
• 7 production plants in Italy, Poland, India, China and Mexico
• Long-standing relationships with a diversified base of international OEMs
• 2018 revenues of 472 million Euro with an adjusted EBITDA of 40 million
• 9M 2019: Own brand product sales growth, margins and profits up

Performance since announcement date of TIP investment (July 2019): +82%

2019 investments

▪ Also Angelini Partecipazioni has increased its stake

2019 investments

IN 2019-2020 TIP HAS ACQUIRED FURTHER TREASURY SHARES FOR 28 MILLION

Highlight 2018

• Record results in 2018 for the fourth year in a row, Ebitda and net profit at historic highs
• Strong network expansion in France, Germany and Canada
• Extraordinary year for numerous strategic initiatives: GAES acquisition, launch of Amplifon branded product and first JV in China

9M 2019: outstanding revenue growth (+27% YoY), strong improvement in profitability. Acquisition of Attune Hearing (Australia)

sales	Adj. Ebitda Consolidated data in euro mln	17
-------	-------------------------------------------------	----

Highlight 2018 Key financials Revenue breakdown (2017) CAGR EBITDA '15-'17: +11,3%

• More than 100 million euro in sales in the direct online business 2.809 2.693 2.733
• Ebitda before special items on prior year level
• Dividend increased to 2.70 euro per share 63% America

9M 2019: Stable sales, sales growth in online business accelerates to 36% in Q3

Highlight 2018

• In the last two years, sales went up by 39%, Ebitda by 45%, net income by 83%
• 30 M&A deals from entrance of TIP

9M 2019: revenues +8% YoY, Ebitda margin 23%. In 2019 have been announced the acquisitions of Hydra Dyne Tech (35,8 million sales), Reggiana Riduttori (88 million sales) and Transtecno (45 million sales).

Highlight 2018

• Annual revenue growth in France, North America and Europe
• Continuous increase in DOS openings
• Good profitability and positive NFP

9M 2019: revenues +6% vs 9M 2018 with growth in all Group regions

sales Adj. Ebitda Consolidated data in euro mln

cagr ebitda '16-'18: +9,1% cagr ebitda '16-'18: +9,6%

USA 50%

THE HUB OF THE DIGITAL MADE IN ITALY

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