Tamburi Investment Partners

Investor Presentation • May 22, 2019

Italian investment conference 2019

Milan May 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.

Intrinsic value estimate of about 3,0 billion Euro of direct investments and clubdeals in leading luxury, health and technological companies

1) Minority investment in excellent companies

2) Unique network of Italian entrepreneurs

3) Outstanding returns for shareholders

12

investments in companies with worldwide leadership positions

aggregate annual revenues of the main investee companies

+156,0%*

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

Portfolio by industry:

42%	20%	17%	15%	6%
Technology and innovation	Retail, fashion and high	Health, tourism	Luxury and design	Other

*as at 14/05/2019

end food

and silver age

industries

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

TIP group investments and potential

	>3,0 billion Euro considering direct investments and club deals so far finalized
			StarTIP Tamburi Investment Partners S.p.A.
Target revenues >200 million Euro	(TIP at 28,57%) Target revenues 30 and 200 between million Euro	(TIP at 20%*) Target revenues >200 million Euro	(TIP at 100%) none
Equity size x deal <30 million Euro	Equity size x deal between 20 and 50 million Euro	Equity size x deal >30 million Euro	Target companies Innovation and digital focus
from 2001 investments finalized >1,6 billion Euro	from 2014 investments finalized >325 million Euro	from 2016 investment finalized > 250 million Euro	from 2017 investments finalized ~30 million Euro**
Liquidity available >100 million Euro	available capital to be invested ~65 million Euro	available capital to be invested 380 million Euro	available capital to be invested ~100 million Euro

Pipeline of several investments out of which some under final negotiation

*without considering tracking shares on specific investments **listed companies are valued at market price (23/05/2019)

Partial exit :

1.069 million of investments (2015 – 2019)

*without considering the original investment made before 2015

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

100% market tender offer of AB Fagerhult 100% Market tender offer of Novartis 100% acquisition by Dedalus 100% Market tender offer of Hyster-Yale Capital Holding ~13 ~20 ~22 ~90 >90 Equity and convertible bond divestment

Complete divestment in case of 100% tender offer, industrial integration and FCA disposal

Focus on 2019 investment activity

83 mln of investments already in 2019

the largest coworking space management company in Europe

29 million euro equity invested (8 mln direct) since first investment

StarTIP Tamburi Investment Partners S.p.A.

• 23 campus in 8 countries, around 2.000 talents, more than 600 companies hosted, 500 students graduated in 2018 and 43.000 events attendees
• 2.500 7.000 sqm campus focused on the digital tech community
• 6 new openings planned in 2019 (Italy, Austria, Spain and France) and many others projects/acquisitions under negotiation
• Plan to open 20 new campus in the next 5 years
• Capital increase (march 2019) of 23 million Euro subscribed by StarTIP and other important family offices and institutional investors plus new debt for 21 million Euro

TIP - dynamism

Amount (at cost) of investments finalized, including Club Deals

Aggregate amounts of the main investee companies since TIP first investment

**without considering Ferrari

Recent track record on private deals

TIPO invested about 7 million euro in AAA between 2014 and 2015.

On November 2015 AAA has been listed on Nasdaq.

On October 2017 Novartis has announced the launch of a tender offer on AAA shares of a price per share equal to 2,6x the IPO price. The capital gain for TIPO has been of about 15 million euro.

multiple on capital invested 3x in less than 3 years

TIP invested about 30 million euro in Roche Bobois between 2013 and 2014.

On July 2018 Roche Bobois has been listed on Euronext.

Market value vs capital invested 3x

TIPO invested about 32 million euro in iGuzzini between 2015 and 2016.

On March 7, 2019 AB Fagerhult has completed the acquisition of iGuzzini illuminazione S.p.A. for an amount of 375.9 million Euro (o/w 284.5 million paid in cash and 91.4 million in new Fagerhult shares).

The combining of the two companies generates one of the major European Group in the professional lighting sector.

TIPO has achieved a capital gain of approximately 60 million Euro, in addition to the dividends already collected.

Multiple on capital invested of 3x

TIP group medium term intrinsic value

Industry	Book value	Analyst consensus value(1)	Med term intrinsic value(2)
Luxury and design	94	191	~202
Technology and innovation	143	445	~575
Retail, fashion and high-end food	248	237	~302
Health, tourism and silver age	108	195	~230
Other industries (incl. advisory)	55	72	~91
Total investments	620	1.113	~1.370

1.Consensus estimates: includes the analytical valuation of each investment based on last available analyst estimates (Bloomberg)

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

*Using the multiple implied in the valuation of listed investments (i.e. 2,7x), the theoretical medium term intrinsic value of non listed investments would increase substantially.

TIP price, target price and Net Intrinsic Value Estimate evolution last 5 years

TIP stock performance

as at 17/05/2019

INTERPUMP FTSEMIB Index MONCLER

distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 17/05/2019 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 17/05/2019 of warrants 2015/20.

TIP shares

TIP volumes 5 years performance vs main indexes

Warrant TIP

WARRANT TIP 2015 - 2020

warrant 2015 -2020
Exercise window	Strike price (conversion ratio 1:1)
1 – 30 June 2019	5,00 euro per share
1 – 30 June 2020	5,41 euro per share

For the warrant holder > 20% upside in case of exercise vs TIP stock current price

warrant TIP
2010 - 2015

• 100% subscription

- 25 million Euro of proceeds from the exercise of warrants

• +3,369.6% performance

warrant TIP 2015 - 2020	71 million Euro of proceeds from the exercise of 2015 – 2020 warrants in the first three exercise windows
-------------------------------	-----------------------------------------------------------------------------------------------------------------------------------------------------------------

Warrants outstanding: 20.302.835.

Reference price of Borsa Italiana on 24/7/2015 (0,1784 euro)

Additional proceeds estimated at about 100 million euro from the 4th and 5th exercise windows

*Consolidated group equity (including minorities)

**including associated companies measured under the equity method, AFS financial assets and financial receivables ***results reported in continuity with the accounting principles of the previous years

Aggregated profit before taxes (last 8 years) above 345 million Euro

Average profit before taxes in the last 8 years 43 million Euro

Investee companies highlights

	tour operating, aviation, resorts, hotels			CAGR EBITDA 2016-2018: +29,4%
				1.682
2018 highlights		1.142	1.224
Acquisition of Eden Viaggi, the main Italian competitor ✓				6 0
Acquisition of the management contract of two important ✓	resorts in Sardinia: Tanka
Village and Colonna Resort		2016	2017	2018
New hotel in Venice ✓

2018 highlights

✓ 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

Q1 2019: outstanding revenue growth (+25% vs Q118) and strong improvement in profitability

Consultancy and system integration

2018 highlights

• ✓ 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
• Q1 2019: the best first quarter result ever, revenues +7,7% and Ebitda +24,2% vs Q1'18

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

17 Sales Adj. Ebitda Consolidated data in euro mln

Hearing aids

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

Investee companies main results

2018 highlights Key financials Revenue breakdown (2017) CAGR EBITDA '15-'17: +11,3%	2.693	2.733	2.796
2.809 2.733 2.693 More than 100 million euro in sales in the own online business ✓
Ebitda before special items on prior year level ✓ Emea America			489
63% 22% Dividend increased to 2.70 euro per share ✓ 491
In 2018 TIP has written down the book value of the investment for 33 Apac million	2016	2017	2018
15% Q1 2019: Retail sales on a comp. basis +4%, Online business +26%, 2019 outlook confirmed 2015 2016 2017

Q1 2019: revenues +10%, Ebitda margin 23%, net income +16,5% vs Q1'18

Investee companies main results

Investee companies main results

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

Digital		Magics		(StarTIP	at	23%)	is	the	main	Italian
incubator:		~1.400		projects		analysed		every		year,	50
million		invested		directly	and		through	club		deals,	61
start-ups in portfolio and 7 exit realized.

Buzzoole (StarTIP at 17%) is the European leading influencer platform with more than 2 billion indexed profiles, 260 k registered users and +850 clients.

^* Considering both direct and indirect stakes