Tamburi Investment Partners

Investor Presentation • Oct 6, 2017

Star ConferenceLondonOctober 9, 2017

We should should all feel nothing nothing but shame for the reputation that that finance finance has earned itself in the last the last few years, but if you manage to guide healthy capital healthy capital from successful successful businesses businessesand the and the assets of families that wish to invest them intelligently intelligently in companies companies that want to grow, you you are genuinely doing one of the most beneficialbeneficial jobs in the world.

Key investment facts

12investments in companies with worldwide leadership positions ~18 billion euro

aggregate annual revenues of the main investee companies

+335,1%

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

Portfolio by industry:

3 % 4	3 2 % 3 2 %	9 %	2 5 %
Lu es xu ry a nd d ig n	Te ch no lo gy	He th al a nd si lv er a ge	O th er ve st me nt in s

Listed on Nasdaq

Note: listed companies are valued at consensus*Provided to management investment vehicle

TIP stock performance

TIP value is calculated considering the price as at 29/9/2017 plus the dividendsdistributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus thevalue as at 29/9/2017 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 29/9/2017 of warrants 2015/20.

as at 29/9/2017

TIP – 6 years of results6 of results

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

Aggregatedprofit before taxes (last 6 years) above 187 million Euro

Average profit before taxes in the last profit 6 years 6 31 million Euro31 million

IH 2017 IH ²⁰¹⁷ reported the best ever results results for the TIP Group: the result was 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 toapproximately 20,9 million Euro, related to the sale of ~1/3of Prysmian shares.

TIP group investments and potential

A unique combination of network, financial resources and skills

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

^*Considering both direct and indirect stakes.

Tamburi ITnvestment Partners S.p.A.

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 theshare 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 Update Amplifon Amplifon, Interpump Interpump and Prysmian and Prysmian most recent deals

shareholder since 2010

• TIP has sold through an ABB 3,5 million shares of Amplifon(~1/3 of TIP stake) for ^a total consideration of 42,0 millionEuro.
• The transaction took place within ^a wider medium-termpartnership between TIP and Ampliter, parent company ofAmplifon, with ^a future 50 million Euro investment in Ampliter,therefore significantly higher than the funds received fromthe sale of Amplifon shares.

shareholder since 2003

• IPG Holding - investment vehicle of Interpump entrepreneurFulvio Montipò and TIP - is the first shareholder ofInterpump.
• On March 20, ²⁰¹⁷ IPG Holding has acquired from MAISS.p.A. n. 2.000.000 shares of Interpump through ^a blocktrade. IPG Holding stake in Interpump is now 23,82% (fullydiluted).

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(sh In In ve ve st st me me nt nt s s ar es pu rc ha se s s in ce ) 2 0 1 0	3 4, 9 Eu mi ll io n ro	(sh In In ve ve st st me me nt nt es se s s ar pu rc ha s, ) pit ea se nt ed ca al in cr s a nd lo an g ra	5 6, 1 Eu mi ll io n ro
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Th eo re tic tip le pit al m ul o on n ca ca pit al al es te inv d	3, 5 x	Th eo re tic lt tip le e o o ca pit al m mu ul ipl n n al es te inv d	8, 8 x
s e o e h a r h l d	2 0 1 0 s c e r i n

• 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 inany 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 75,6million Euro

Not only a financial investor. A Not only a investor. real long term long long partnerpartner

IPO pipelinepipeline

Family and friends tranche granted to TIP / TIPOand granted

Investee companies main resultsInvestee companies

Investee companies main resultsInvestee companies

TIP group medium term intrinsic value

In In st st du du ry ry	Bo ok e e va va lu lu	An al ys t co ns en su s (1) e va lu	Me d t er m int sic rin (2) e va lu
Lu fa sh io xu ry n , es ig an d d n	5 2 0	3 0 1	~3 6 7
Te ch no lo gy	5 0	2 8 6	~3 4 8
He /s al th ilv er ag e	3 1	8 5	1 0 2 ~
T O As Ita I P se t lia , , ot he es t. r i nv	1 4 9	1 9 3	~2 5 1
Ad & vis or y tr sh ar es	8 1	3 0	~3 1
To ta l es tm en ts inv	4 4 9 9 9 9	8 9 6	1. 0 9 9 ~

Medium term intrinsic value estimates 2

Intrinsic value estimate by Intrinsic by year of investmentyear of investment

T&A, tr.

• 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 byTIP considering the medium-term outlook of the companies

TIP group intrinsic value and consensus

in the last 5 years

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

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

TIP performance as performance as at September 29, 201729, 2017

*Intermonte target price 5,40 euro per share considering warrant exercise potential dilution.**Equita target price 5,33 euro per share considering warrant exercise potential dilution.

W T I P 2 0 1 5 - 2 0 2 0 nt ar ra -
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After the exercise of n. 12.261.997 TIP S.p.A.warrants of June 2017 (with proceeds of about50,9 million Euro) the warrant outstanding are24.683.018.

Since tip/Since tip/tipo first investment investmentinvestment the aggregate aggregate aggregate amount of the main investee investee investee companies* companies* has increased increased as follows follows follows:

M&A transactions completed since TIP / TIPO first investment in their share capital*nvestment capital*

*without considering the investment in FCA and Ferrari

550 million Euro

total capital "commitment"

on july 2016, with the contribution of ~ 30 family o30 family offices on top of TIP (directly owning a 2 ffices0% stake and

being – by far – the single most relevant shareholder)

investment holding that will give each shareholder will shareholder the faculty to choosewill – ev to ery time that a proposal

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

investment subscribed

in order to maximize liquidity within five years a five business combination between asbusiness combination asset italia set and tip shall take and shall take

place and asset italia shares will be swapped with publicly traded tip shares based on independent and

coherent valuations

1

2

3

Investment of 120 of 120 mln euro

(99% via capital increase) for a stake of 32,67%

Italian leading leisure travel group

• Integrated business model across the whole tourism valuechain
• Leading italian operator as brand awareness: first andsecond player in Italian Tour operating market With Alpitourand Franco Rosso
• Leading Tour Operator online
• Leader in charter flights to tourist destinations with ^a fleetof 9 aircraft Boeing 737 and 767
• Management of ¹¹ hotels & resorts mainly located in seasidedestinations
• ²⁰¹⁶ consolidated revenues around 1,2 billion euro

TIP most recent investments

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

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

The main comain co-working hub in working hub Europe

• Coworking spaces for digital ecosystems to meet, work, learnand collaborate.
• ¹⁸ campuses in ⁶ countries, 1.500 talents working in TAG and35,000 members of the club
• TAG has completed ^a round of equity and debt financing of ¹²million Euro mainly subscribed by TIP / TIP families and friendsand prestigious international investors.

Leader in high quality leather bags and Leader in high quality leather bags and quality accessoriesaccessories

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

Investment of ~ 40 million euro (75% via capital euro increase) for a stake of about 12%

world leading manufacturer of mega 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 ⁷⁰countries, more than 2.100 employees.
• ²⁰¹⁶ consolidated revenues around ⁷⁰⁰ million euro.

TIPO most recent investmentsTIPO most recent

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One of the worldwide leaders in architectural One the architectural lighting

TIPO bought ^a 14.3% of the group in 2015.

Direct and indirect interest in iGuzziniiGuzzini

• In July ²⁰¹⁶ TIPO and some members of the Guzzini family haveset up GH S.r.l. to acquire 17.32% of Fimag S.p.A., that controlsiGuzzini illuminazione S.p.A. (the main asset) and some otherassets. The implicit total stake in iGuzzini is now around 24%.
• ²⁰¹⁶ consolidated revenues of around ²³² million euro andebitda of around 29 million euro.

Chiorino, Chiorino, iGuzzini iGuzzini and Beta Utensili UtensiliUtensili business business cases are examples examples examples of the capability capability of TIP / TIPO tohelp families help families in the process process process of simplifyingsimplifyingsimplifying shareholding shareholding and governance governance