Tamburi Investment Partners

Investor Presentation • Aug 31, 2018

Mizuho Investment Conference Tokyo September 3-7, 2018

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.

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

Key figures

12

investments in companies with worldwide leadership positions ~19 billion euro

aggregate annual revenues of the main investee companies

+291,3%*

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

Portfolio by industry:

32%	39%	18%	11%
Luxury, design and high-end food	Technology and innovation	Health, tourism and	Other investments
as at 29/08/2018		silver age	2

by Novartis through a tender offer

* TIP value is calculated considering the price as at 29/08/2018 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 29/08/2018 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 29/08/2018 of warrants 2015/20.

Yearly average total return (last 5 y)

5 years performance vs main indexes

as at 29/08/2018

*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

TIP group investments and potential

TIP - dynamism

Data in million euro

** Debt instrument provided to management investment vehicle

** Excluding "committed" capital for Asset Italia and Beta for equity component only

Data in million euro

Not only a financial investor. A real long term partner

Advisory

3

Long time M&A and financial advisory experience with capability to really support entrepreneurs

Direct access to a unique network of about 150 entrepreneurial family offices able to provide uncommon industrial know how

Governance Reliable and real long term partner

Team 2

More than 40 years of professional experience in investments and financial advisory. A team of about 15 professionals strongly focused on constantly creating shareholders' value

Governance 4

Deep understanding of family dynamics and ability to simplify governance. Alignment of interest with entrepreneurs and investee companies that retain the operating management

Permanent capital 5 6

The holding structure allows soft and rewarding exit paths, if any

Lean/fast processes

Experience and dimension of the team allows lean and fast investment processes

IPO pipeline

Family and friends tranche granted to TIP / TIPO

The digital / innovation hub

* Considering both direct and indirect stakes and not considering the dilution from management stock options / warrants.

TIP group medium term intrinsic value

Industry	Book value	Analyst consensus value(1)	Med term intrinsic value(2)
Luxury, design and high-end food	242	304	~402
Technology and innovation	109	424	~503
Health, tourism and silver age	118	201	~230
Other invest.	67	89	~89
Advisory & tr. Shares	35	50	~51
Total investments	570	1.067	~1.275

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.

Intrinsic value estimate by year of investment

Non listed investments: theoretical medium term intrinsic valuation

11 *Using the multiple implied in the valuation of listed investments, the theoretical med term intr. value of non listed investments would increase substantially.

Medium term intrinsic value estimates ²

TIP group intrinsic value

1. N. 13.3 millions of warrants freely distributed in 2010; performance of 3,369.6% since the distribution.

2.«Value» of n. 36.9 millions of warrants freely distributed in July 2015 to be exercised for a maximum amount of 200 million Euro.

*as at 29/08/2018

TIP shares – five years performance

Aggregate amounts of the main investee companies since TIP first investment

*including the acquisition recently announced by Amplifon of Gaes Group. **without considering FCA and Ferrari 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total 1 1 8 7 7 4 7 9 8 1 3 6 7 1 2 7 9 7

Investee companies main results

Investee companies main results

apparel

Africa 2%

20%

550 million Euro

total capital "commitment"

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