Tamburi Investment Partners

Investor Presentation • Oct 21, 2019

Star Conference

London October 22-23, 2019

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.

Tamburi Investment Partners S.p.A.

3 billion of direct investments and clubdeals in leading companies

1) Minority investments in excellent companies

2) Outstanding returns for shareholders

3) Limited risk thanks to portfolio diversification

13 ~26,5 billion

investments in companies with worldwide leadership positions aggregate annual revenues of

the main investee companies

+185,0%*

total return T.I.P. (last 5 years)

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

National leader

TIP share price

5 years performance vs main indexes

▪ TIP has over performed the main italian and european indexes while maintaining a low level of volatility (in line with the FTSE Mib one).

TIP share performance

5 years performance vs the main european holdings

Holding	5 years performance
TIP	169,1%
Aker	166,8%
Sofina	145,9%
Exor	116,3%
Investor	106,9%
Industrivarden	69,1%
Wendel	52,4%
Eurazeo	40,2%

2 years and YTD performance of the main listed portfolio companies

	Performance
Companies	last 2 years	since 31/12/18
Amplifon	67,8%	53,0%
Moncler	44,2%	20,5%
Interpump	7,9%	7,9%
Be	20,3%	21,4%
Prysmian	-24,6%	21,0%

A market oriented public company

* TIP value is calculated considering the price as at 11/10/2019 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 11/10/2019 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 11/10/2019 of warrants 2015/20.

Outstanding warrants: 12.741.768

Recent years results comparison

NET EQUITY AND INVESTMENTS (MLN EURO)

6 months 2019 profit before taxes above 41 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

1.191 million investments (2015 – 2019)

Divestments from «exit» 235 million (2015 – 2019)

* considering the original investment (TIP cash out) made before 2015. **Direct owned shares and mandatory convertible FCA bond ***clubdeal enterprise value

TIP dynamism

105 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 intrinsic value(2)
Luxury and design	99	189	~217
Technology and innovation	167	540	~671
StarTIP Tamburi Investment Partners
Retail, fashion and high-end food	193	276	~316
Health, tourism, silver age	106	230	~260
Other (incl. treas. shares, inv liq. & advisory)	104	128	~137
Total investments	668	1.364	~1.600
		Theoretical implied price per share: [6,56 euro]	Net intrinsic value (3) per share: 7,94 euro

1.Bloomberg estimates: it 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 debt)

^3.Net intrinsic value : intrinsic value net of 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 1,5x the investment at cost

Date	TIP stock price	Net Intr. value per share	Discount on Net Intr. Value
31/12/2017	5,56	6,13	-9,30%
31/12/2018	5,74	6,69	-14,20%
11/10/2019	6,35	7,94	-20,03%

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

POTENTIAL «HIDDEN VALUE» IN PARTICULAR WITHIN PRIVATE COMPANIES VALUATION

2019 investments

2019 investments

2019 investments

▪ Founded in Copenhagen in 2013 by four Italian engineers

5 million euro invested (12 mln clubdeal)

StarTIP Tamburi Investment Partners S.p.A.

• Among the top 10 worldwide app publishing companies, ahead of Snapchat, Adobe, and Twitter
• The company's apps have been downloaded 200 million times to date, a figure that's growing at a rate of 200,000 downloads per day on iOS devices
• More than 100 people, an international workforce that spans 15 nationalities
• 2018 turnover of 45 million Euro, with three-digit year-over-year growth

IN 2019 TIP HAS ACQUIRED TREASURY SHARES FOR 18 MILLION

CAGR EBITDA '16-'18: +13,6%

1.133 1.266 1.372

187

241

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

IH 2019: outstanding revenue growth (+25% vs IH18), strong improvement in profitability and acquisition of Audio Sons

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

Investee companies highlights

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 Emea
• Dividend increased to 2.70 euro per share 63% America

In 2018 TIP has written down the book value of the investment for 33 million Apac

1H 2019: Sales +3%, double digit growth of the online business and 2019 outlook confirmed 15%

CAGR EBITDA '16 -'18: +20,6%

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

1H 2019: revenues +9% + vs IH 2018, Ebitda margin 23%, net income +12% vs IH 2018. In 2019

have been announced the acquisitions of Hydra Dyne Tech (35,8 million sales) and Reggiana

Riduttori (88 million sales)

Investee companies highlights

Highlight 2018

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

1H 2019: revenues +4% vs 1H 2018, owned stores retail sales sharp increase (+8.6% YoY)

sales Adj. Ebitda Consolidated data in euro mln

Investee companies highlights

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