Tamburi Investment Partners

Investor Presentation • May 16, 2018

Italian Investment Conference Milan May 17, 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 retail, 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

+322,1%*

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

Portfolio by industry:

34%	39%	14%	13%
retail, luxury and design	Technology and innovation	Health, tourism and	Other investments
as at 11/05/2018		silver age	2

acquired by Novartis through a tender offer

TIP stock performance

* TIP value is calculated considering the price as at 11/05/2018 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 11/05/2018 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 11/05/2018 of warrants 2015/20.

5 years performance vs main indexes

as at 11/05/2018

*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

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

Update on Amplifon, Interpump and Prysmian most recent deals

shareholders since 2010 shareholders since 2003

• TIP has sold through an ABB 3,5 million shares of Amplifon (~1/3 of TIP stake) for a total consideration of 42,0 million Euro. The transaction took place within a wider medium-term partnership between TIP and Ampliter, parent of Amplifon.

• On December 19, 2017 Asset Italia has finalized the 50 million Euro investment in Ampliter S.r.l..

• IPG Holding investment vehicle of Interpump entrepreneur Fulvio Montipò and TIP - is the first shareholder of Interpump.

• On March 20, 2017 IPG Holding has acquired n. 2.000.000 shares of Interpump through a block trade. IPG Holding stake in Interpump is now 23,82% (fully diluted).

TIP in IPG Holding

TIP in Amplifon		TIP in IPG Holding
Investments (purchases since 2010)	34,9 million Euro	Investments (shares purchases,	56,1 million Euro
Proceeds (dividends and ABB)	44,3 million Euro	capital increases and loan granted)
Net capital invested by TIP	- 9,4 million Euro	Proceeds (disposal of shares, dividends and refunds)	34,5 million Euro
Market value of TIP stake	99,7 million Euro	Net capital invested by TIP	21,7 million Euro
Theoretical multiple on capital invested		Market value of TIP stake	217,6 million Euro
	4,1 x
	as at 11/05/2018	Theoretical multiple on capital invested	10,0 x

as at 11/05/2018

shareholders since 2010

• Clubtre S.p.A. has sold 4 mln shares of Prysmian (1.85% of capital) for a total consideration of 97.6 million Euro.
• The transaction represented a partial divestiture of the investment made in 2010, within a club deal, in any case maintaining through Clubtre a significant shareholding.
• The total investment of TIP in Clubtre has been fully reimbursed and the remaining stake of TIP, at market price, is about 70,1 million Euro as at 11/05/2018.

IPO pipeline

A unique combination of network, financial resources and skills

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

StarTIP therefore can provide funds, network and cross fertilization through a crucial phase of development

TIP group medium term intrinsic value

Industry	Book value	Analyst consensus value(1)	Med term intrinsic value(2)
Luxury, retail and design	252	302	~409
Technology and innovation	101	421	~474
Health, tourism and silver age	81	146	~175
Other invest.	92	111	~118
Advisory & tr. Shares	27	42	~42
Total investments	553	1.023	~1.218

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

~ 1.218 Luxury, retail and design 34% Technology and innovation 39% Health, tourism and silver age 14% Other investments 10% Advisory and treasury shares 3%

non listed shares

*Using the multiple implied in the listed investments valuation the theoretical med term intrinsic hidden value of non listed investments might be of further ~ 269 million euro.

Medium term intrinsic value estimates ²

TIP group intrinsic value and consensus

in the last 5 years

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 within 2020 for a maximum amount of 200 million Euro.

*as at 11/05/2018; ** including the dividends that will we distributed in May 2018

TIP shares – five years performance

TIP warrant 2015 -2020
Strike price Exercise window (conversion ratio 1:1)
1 – 30 June 2018	4,55 euro per share
1 – 30 June 2019	5,00 euro per share
1 – 30 June 2020	5,41 euro per share

After the exercise of n. 12.261.997 in June 2017, the warrants outstanding are 24.683.018.

Aggregate amounts of the main investee companies since TIP first investment

M&A transactions completed since TIP / TIPO / Asset Italia first investment *

*without considering the investment in FCA and Ferrari

Investee companies main results

Investee companies main results

Sales Adj. Ebitda Consolidated data in euro mln

550 million Euro

total capital "commitment"

on july 2016, with the contribution of ~ 30 family offices on top of TIP (directly owning a 20% stake and

being – by far – the single most relevant shareholder)

investment holding that will give each shareholder the faculty to choose – every time that a proposal

arises – each individual investments and to receive the shares of the specific class related to the

investment subscribed

in order to maximize liquidity within five years a business combination between asset italia and tip shall take place and asset italia shares will be swapped with publicly traded tip shares based on independent and

coherent valuations

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) in Italian Tour operating market
• Leading Tour Operator online
• Leader in charter flights to tourist destinations with a fleet of 9 aircraft Boeing 737, 767 and 787
• Management of 12 hotels & resorts mainly located in seaside destinations

1,2 bln revenues 46 mln euro of EBITDA 2017

Liquidity to be invested

Capital increase of ~ 120 mln euro for a stake of 32,67% and acquisition, through a clubdeal, of additional ~40% stake

1

2

3

5 million invested in IPO for a stake of about 8%

Italian digital transformation company

• Support mid-sized to large Italian and international organizations in their processes of digital transformation, of their business models and their interaction with consumers through the design, planning and implementation of innovative solutions and projects aimed at developing and renewing their businesses.
• Portfolio boasts over 128 clients in many sectors, including major players in their respective segments.
• 2016 consolidated revenues of 35 million with an Ebitda of 4 million.

Convertible bond of 15 million euro to be automatically swapped into Furla shares at IPO

Leader in high quality leather bags and accessories

• 2017 consolidated revenues ~500 mln euro (80% abroad) with an YoY increase of 18%.
• 444 stores in the world (50% DOS), the products are available in more than 1.200 multibrand and department stores.
• On January 2018 Furla has announced the acquisition of Effeuno, a strategical production and supply chain partner.

world leading manufacturer of mega - yachts

• 16 times over 18 years first in the Global Order Book
• 11 shipyards, a sales network of 138 dealers in over 70 countries, more than 2.100 employees.
• Consolidated value of production of around 700 million euro.

about 12%

TIPO investments

Direct and indirect interest in iGuzzini

One of the worldwide leaders in architectural lighting

• TIPO bought a 14.3% of the group in 2015; in July 2016 TIPO and some members of the Guzzini family have set up GH S.r.l. to acquire 17.32% of Fimag S.p.A., that controls iGuzzini illuminazione S.p.A. (the main asset) and some other assets. The implicit total stake of TIPO in iGuzzini is now around 24%.
• 2017 cons. revenues of ~231 mln euro and ebitda of 31,5 mln euro.
• On January 31st 2018 iGuzzini has announced the acquisition of Sistemalux (Canada) strengthening its presence in North America.

Acquisition of 100% of the group for ~200 million Euro

Italian market leader in high-quality professional hand tools

• During 2016 TIPO and TIP have structured a club deal in order to fund the total transaction.
• 11.000 references, 100 distributors, direct presence abroad with 7 subsidiaries, around 530 employees and 3 production plants.
• 2017 cons. revenues of 137 mln euro and ebitda of ~29 mln euro.
• Recently announced the acquisition of Bm, a manufacturer of cable lugs and clamps for connecting electric cables

Acquisition of 20% of the group controlled by Chiorino S.p.A. (July 2017)

Leading worldwide manufacturers of light-weight process and conveyor belts

Chiorino, with 2017 consolidated revenues of 111 million euro and Ebitda adjusted of about 25,6 million Euro (margin steadily over 20% in the last years), is present in about 100 countries, generating more than 75% of revenues abroad.

Chiorino, iGuzzini and Beta Utensili business cases are examples of the capability of TIP / TIPO to help families in the process of simplifying shareholding and improving governance 21