Tamburi Investment Partners

Investor Presentation • Nov 22, 2017

KT&Partners Milan November 23, 2017

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.

2,0 billion euro considering direct investments and club deals finalized in leading multinational & technological companies

Key investment facts

12

investments in companies with worldwide leadership positions

~18 billion euro

aggregate annual revenues of the main investee companies

+303,9%

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

Portfolio by industry:

33%	32%	9%	26%
Luxury and design	Technology	Health and silver age	Other investments

Listed on Nasdaq

TIP stock performance

* TIP value is calculated considering the price as at 20/11/2017 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 20/11/2017 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 20/11/2017 of warrants 2015/20.

*Consolidated group equity (including minorities); **including associated companies measured under the equity method, AFS financial assets and financial receivables

Aggregated profit before taxes (last 6 years) above 187 million Euro

Average profit before taxes in the last 6 years 31 million Euro

2017 results are significantly impacted by the capital gain of approximately 29,2 million Euro on the sale of ~1/3 of Amplifon shares and the share of the result of Clubtre, equal to approximately 20,9 million Euro, related to the sale of ~1/3 of Prysmian shares.

TIP group investments and potential

A unique combination of network, financial resources and skills

• Digital Magics is the main Italian incubator, the only with offices in 7 locations through Italy, 66 startups in portfolio and more than 500 jobs created.
• Talent Garden is the largest coworking space management company in Europe with 18 campus, more than 1.500 talents and 400 companies.

^* Considering both direct and indirect stakes.

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

Dynamism

Data in million euro

On September 27, 2017 TIP has signed (i) the investment agreement which provides the enter of TIP (or of Asset Italia S.p.A.) into the share capital of Ampliter through the acquisition from Amplifin, for 50 million Euro, of a minority stake, the precise percentage of which will be calculated on the basis of the value of the consistency of Ampliter's assets and liabilities at the closing date and (ii) the shareholders' agreement related to Ampliter that will become effective on the date of the closing.

** Debt instrument provided to management investment vehicle

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

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 company of Amplifon, with a future 50 million Euro investment in Ampliter, therefore significantly higher than the funds received from the sale of Amplifon shares.

• 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 from MAIS S.p.A. n. 2.000.000 shares of Interpump through a block trade. IPG Holding stake in Interpump is now 23,82% (fully diluted).

TIP in Amplifon		TIP in IPG Holding
Investments (shares purchases since 2010)	34,9 million Euro	Investments (shares purchases, capital increases and loan granted)	56,1 million Euro
Proceeds (dividends received and ABB)	44,3 million Euro	Proceeds (disposal of shares, dividends and refunds)	34,5 million Euro
Net capital invested by TIP	-9,4 million Euro	Net capital invested by TIP	21,7 million Euro
Market value of TIP remaining quota	75,5 million Euro	Market value of TIP quota	205,4 million Euro
Theoretical multiple on capital invested	3,4 x	Theoretical multiple on capital invested	9,5 x

shareholders since 2010

• Clubtre S.p.A. has sold 4 mln shares of Prysmian (1.85% of share capital) for a total consideration of 97.6 million Euro.
• The transaction represents a partial divestiture of the significant investment made in 2010 by TIP, within a club deal, that in any case is maintaining through Clubtre a significant shareholding in Prysmian.
• The total investment of TIP in Clubtre has been totally reimbursed and the remaining stake of TIP at market price is about 75,1 million Euro.

Not only a financial investor. A real long term partner

IPO pipeline

Family and friends tranche granted to TIP / TIPO

Investee companies main results

Investee companies main results

Africa 2%

Americas 20%

2014 2015 2016

243

71%

TIP group medium term intrinsic value

Industry	Book value	Analyst consensus value(1)	Med term intrinsic value(2)
Luxury, fashion and design	246	292	~358
Technology	52	289	~350
Health/silver age	31	85	~102
Asset Italia, TIPO, other invest.	153	196	~243
Advisory & tr. shares	19	30	~31
Total investments	501	892	~1.084

Medium term intrinsic value estimates ²

Intrinsic value estimate by year of investment

Data in million Euro

• 1. Consensus estimates: includes the analytical valuation of each investment based on last available analyst estimates (Bloomberg)
• 1. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-term outlook of the companies

761

*Using the multiple implied in the listed investments valuation the theoretical med term intrinsic hidden value of non listed investments might be of further ~ 201 million euro.

TIP group intrinsic value and consensus

in the last 5 years

TIP price, Target price and Intrinsic Value Estimate evolution since January 2011

A REALLY MARKET ORIENTED PUBLIC COMPANY

11	15	>20	~20	31	68
years as	million Euro	million Euro1	million Euro2	million Euro	million Euro
public company	Free distribution of treasury shares	Free distribution of warrants 2010 – 2015	Free distribution of warrants 2015 – 2020	Buy back of treasury shares since the IPO	Dividend distributions since the IPO

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

2.«Value» of warrants freely distributed in July 2015 to be exercised within 2020 for a maximum amount of 200 million Euro.

TIP performance as at November 20, 2017

Warrant TIP 2015 -2020
Exercise window	Strike price (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 first investment

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

*without considering the investment in FCA and Ferrari

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 1 2 3

Capital increase of ~ 120 mln euro for a stake of 32,67%

• 1,2 bln revenues
• 45 mln euro of EBITDA 2017E
• Liquidity to be invested

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 and 767
• Management of 11 hotels & resorts mainly located in seaside destinations

TIP most recent investments

25% owned by TIP / TIP's F&F and 19% owned by Digital Magics

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

The main co-working hub in Europe

• Coworking spaces for digital ecosystems to meet, work, learn and collaborate.
• 18 campuses in 6 countries, 1.500 talents working in TAG and 35,000 members of the club
• TAG has completed a round of equity and debt financing of 12 million Euro mainly subscribed by TIP / TIP families and friends and prestigious international investors.

Leader in high quality leather bags and accessories

• 2016 consolidated revenues >420 mln euro (80% abroad) with an YoY increase of >+24% (actual exch. rate) and Ebitda of about 60 mln Euro.
• 444 stores in the world (50% DOS), the products are available in more than 1.200 multibrand and department stores.
• During 2016 the group has opened an important store in Brompton (London), acquired minority stakes of Furla business in Australia and subscribed a joint venture agreement for the shops in Portogallo.

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.
• 2016 consolidated revenues around 700 million euro.

Investment of ~ 40 million euro (75% via capital increase) for a stake of

about 12%

Acquisition of 20% of the group controlled by Chiorino S.p.A.

Leading worldwide manufacturers of light-weight process and conveyor belts

Chiorino, with 2017 expected consolidated revenues of more than 110 million euro (growth of about 8.5%) and Ebitda margin steadily over 20% in the last years, is present in about 100 countries, generating more than 75% of revenues abroad.

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.
• 2016 consolidated revenues around 130 million euro and ebitda of around 25 million euro.

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 in iGuzzini is now around 24%.
• 2016 consolidated revenues of around 232 million euro and ebitda of around 29 million euro.

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 governance 21