Tamburi Investment Partners

Investor Presentation • Feb 11, 2019

European Mid Cap Event

Francoforte February 12, 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

and silver age

Other investments 12 investments in companies with worldwide leadership positions ~19 billion euro aggregate annual revenues of the main investee companies +190,9%* total return T.I.P. (last 5 years) Portfolio by industry: Luxury, design and high-end food Technology and innovation Health, tourism 33% 43% 15% 8%

*as at 6/02/2019

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 (6/02/2019)

850 million Euro of investments and 440 million Euro of divestments in the period 2015 – 2019 YTD

⁷ Data in million euro * Debt instrument provided to management investment vehicle; **closing expected in the next few months

TIP - dynamism

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

Aggregate amounts of the main investee companies since TIP first investment

**without considering FCA and Ferrari

IPO pipeline

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 December 21, 2018 TIPO entered an agreement to sell all its shareholding (direct and indirect) in iGuzzini Illuminazione S.p.A. to the Swedish Group Fagerhult AB.

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

The price agreed is 385 million Euro on a financial debt free basis and will be paid, at closing, 74% in cash and the remaing in new Fagerhult shares.

TIPO estimates to achieve with this transaction a capital gain of approximately 60 million Euro, in addition to the dividends already collected.

Adolfo Guzzini (President of iGuzzini) and Andrea Sasso (CEO) will remain in their executive roles within iGuzzini and will assume important roles in the top management of AB Fagerhult.

Multiple on capital invested of 3x

TIP group medium term intrinsic value

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 (70% of the total). The residual 30% has been estimated based on stock market value or book value.

(i.e. 2,8x), the theoretical medium term intrinsic value of non listed investments would increase substantially.

Intrinsic value per share of 6,9 euro

evolution last 5 years

* TIP value is calculated considering the price as at 6/02/2019 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 6/02/2019 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 6/02/2019 of warrants 2015/20.

as at 6/02/2019

Warrant exercise impact on net equity for the relevant period

*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 7 years) above 259 million Euro

Average profit before taxes in the last 7 years 37 million Euro

In December 2017 Asset Italia has finalized a 50 million Euro investment in Ampliter, holding company of AMPLIFON

Italian leading leisure travel group

• Integrated business across the whole tourism value chain
• Leading italian operator by brand awareness: first and second player (2 brands after acquisition of Eden) in Italian Tour operating market
• Leading Tour Operator online
• Leader in charter flights to tourist destinations with a fleet of 9 aircraft including Boeing 737, 767 and 787 dreamliner
• Ownership and management of hotels & resorts mainly located in seaside destinations
• Alpitour has recently announced a new important hotel management contract: Tanka Village, one of the most important resort in Sardinia with more than 900 rooms.

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.

Talent Garden (StarTIP at 16%*) is the largest coworking space management company in Europe with 23 campus in 8 countries, around 2.000 talents and more than 600 companies hosted.

Buzzoole (StarTIP at 15%) 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