Tamburi Investment Partners

Investor Presentation • Sep 17, 2019

September 16, 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

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

+156,7%*

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

Listed companies

Listed companies

Private companies

Tamburi Investment Partners S.p.A.

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	144,7%
Aker	131,0%
Sofina	114,0%
Exor	105 ,1%
Investor	90,8%
Industrivarden	67 ,2%
Wendel	32,4%
Eurazeo	10,4%

2 years and YTD performance of the main listed portfolio companies

	Performance
Companies	last 2 years	since 31/12/18
Amplifon	72 ,4%	56 ,0%
Moncler	44,7%	22,7%
Interpump	17 ,4%	12,3%
Be	18,0%	14,8%
Prysmian	-19,6%	27 ,6%

TIP shareholders

last 5 years: 156,7% Total return for

annual average: 31,3%

As at 13/09/2019

*It includes: Amplifon, Prysmian, Interpump, Hugo Boss, Moncler, Be, Digital Magics, Elica, Sesa, OVS, Roche Bobois, Alkemy, FCA e Ferrari.

A market oriented public company

* TIP value is calculated considering the price as at 13/9/2019 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 13/9/2019 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 13/9/2019 of warrants 2015/20.

Outstanding warrants: 12.741.768

NET EQUITY AND INVESTMENTS (MLN EURO) 1,30 1,58 2,79 2,61 3,05 2,99 4,12 4,20 Net equity per outstanding share 4,74 * ** 1,50 1,51 2,29 2,62 3,39 3,60 5,56 5,74 TIP stock price 5,61 -2,3% +12,8% ^{175 211} 360 354 449 437 647 666 783 151 181 426 431 ^{623 644} 817 864 926 31/12/11 31/12/12 31/12/13 31/12/14 31/12/15 31/12/16 31/12/17 31/12/18 30/6/19 Net equity Investments

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	97	188	~218
Technology and innovation	174	546	~678
		StarTIP Tamburi Investment Partners
Retail, fashion and high-end food	195	273	~312
Health, tourism, silver age	106	231	~260
Other (incl. treas. shares, inv liq. & advisory)	99	119	~132
Total investments	672	1.357	~1.600
		Theoretical implied price per share: [6,53 euro]	Net intrinsic value (3) per share: 7,95 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	6	-9
	56	13	30%
	,	,	,
31/12/2018	5	6	-14
	74	69	20%
	,	,	,
11/09/2019	5	7	-26
	83	95	67%
	,	,	,

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

POTENTIAL «HIDDEN VALUE» IN PARTICULAR WITHIN PRIVATE COMPANIES VALUATION

2019 investments

2019 investments

Leader in the design and technology for ventilation and air filtration

20 milioni euro  investiti	Market leader in hoods segment with 21 million units sold and a 13% ▪
	worldwide market share 7 production plants in Italy, Poland, India, China and Mexico ▪	Performance
16% quota 	Long-standing relationships with a diversified base of international OEMs ▪	since announcement
	2018 revenues of 472 million Euro with an adjusted EBITDA of 40 million ▪	date :
	IH 2019: Own brand product sales growth, NFP improvement, Mauro ▪	+25,7%
	Sacchetto appointed CEO

2019 investments

Europe's #1 app publisher

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

▪ Founded in Copenhagen in 2013 by four Italian engineers

IN 2019 TIP HAS ACQUIRED TREASURY SHARES FOR 14 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

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

Highlight 2018

• Record results: revenues +16%, Ebitda +37%, positive NFP
• Dividend distribution (dividend yield 2.4%) and treasury shares buy back confirmed
• Organic growth targets presented in 2017-2019 business plan achieved 1 year in advance

1H2019: revenues +7,2% and Ebitda +28,8% vs 1H18

137 1 6	130	150 2 4
2016	2017	2018

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

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 491 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%

22%

Highlight 2018

2015 2016 2017

• 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. On February 25, 2019 has been announced the acquisition of Hydra Dyne Tech (35,8 million sales)

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

2 1

100

116

2 6

18

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