Tamburi Investment Partners

Investor Presentation • Jul 3, 2017

Road show Lisbon July 4, 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 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

+269,2%

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

Portfolio by industry:

34%	33%	8%	25%
Luxury and design	Technology	Health and silver age	Other investments

TIP - Group structure

Listed on Nasdaq

TIP stock performance

* TIP value is calculated considering the price as at 30/6/2017 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 30/6/2017 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 30/6/2017 of warrants 2015/20.

as at 30/6/2017

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

Aggregated profit before taxes (last 5 years) above 185 million Euro

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

In July 2016 Clubsette (52,5% owned by TIP) has received a share allocation of a 5,125% stake in Moncler and, according to IAS/IFRS, TIP has realized a consolidated capital gain of around 78 million Euro. TIP now owns directly a 2,35% stake.

TIP group investments and potential

*Asset Italia is an investment holding – with capital committed of about 550 million Euro contributed by 30 italian family office and TIP – that gives to the shareholders the possibility to choose each individual investment. Within five years each shareholder will receive publicly traded TIP shares.

Dynamism

(1) Linked to a 50 million Euro new investment in the controlling vehicle of Amplifon (Dec '17)

** Debt instrument provided to management investment vehicle

** Excluding 550 million Euro of "committed" capital for Asset Italia and Beta for equity component only

Update on Amplifon, Interpump and Prysmian most recent deals

shareholders since 2010

• TIP S.p.A. has sold through an ABB 3,5 million shares of Amplifon S.p.A. (~ 1/3 of the stake) for a consideration of 42,0 million Euro with a capital gain of more than 29 million Euro.
• The deal is part of a medium term partnership with Ampliter that includes a 50 million Euro new investment.

shareholders since 2003

• 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
Total Investments	34,9 million Euro	Investments (shares purchased, 56,1 million Euro capital increases and loan granted)
Proceeds (dividends and ABB)	44,3 million Euro
Net capital invested by TIP	-9,4 million Euro	Proceeds (disposal of shares, dividends and refunds)	34,5 million Euro
Capital invested already completely reimbursed		Net capital invested by TIP	21,7 million Euro
Market value of TIP remaining stake	69,8 million Euro
		Market value of TIP quota	171,8 million Euro
Multiple on capital invested	3,3 x	Multiple on capital invested	7,9 x

as at 30/6/2017

• Clubtre S.p.A. has sold 4 million shares of Prysmian (~ 1/3 of the stake) for a consideration of 97,6 million Euro (43,3% of TIP competence with a capital gain of 19,9 million Euro).
• The total investment of TIP in Clubtre has been totally reimbursed and the remaining stake of TIP at market price is about 69,6 million Euro.

Not only a financial investor. A real long term partner

Supporting aggregation processes

IPO pipeline

Investee companies main results

Investee companies main results

Key financials Revenues breakdown (2016) Key financials

Key financials Revenues breakdown (2016)

243

TIP group medium term intrinsic value

Industry	Book value	Analyst consensus value(1)	Med term intrinsic value(2)
Luxury, fashion and design	254	296	~357
Technology	55	291	~353
Health/silver age	31	83	~83
Asset Italia, TIPO, other invest.	142	178	~238
Advisory & tr. shares	15	27	~27
Total investments	497	875	~1.058

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

Intrinsic value estimate by year of investment

TIP group intrinsic value and consensus

in the last 5 years

TIP ORIENTATION TO THE MARKET

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 June 30, 2017

*Intermonte TP of 5,40 Euro/share considering warrant exercise potential dilution. **Equita TP 5,33 Euro/share considering warrant exercise potential dilution.

During June 2017 exercise window have been exercised nr. 12.261.997 warrants with proceeds of about 50,9 million Euro. TIP shares outstanding are 160.061.484 and the residual warrants are nr. 24.683.018.

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

Since TIP/TIPO first investment the aggregate amount of the main investee companies* has increased as follows:

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

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

Investment of 120 million Euro (99% via capital increase) for a stake of 32,67%

Italian leading leisure travel group

• Integrated business model across the whole tourism value chain
• Leading italian operator as brand awareness: first and second player in Italian Tour operating market With Alpitour and Franco Rosso
• 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
• 2016 consolidated revenues around 1,2 billion Euro

TIP has invested about 6 million Euro in Digital Magics and is the single biggest shareholder with > 18%

Booming market	Digital is now pervasive in every sector  Seed capital - early stage is one of the most promising  segment in the venture capital industry, particularly in digital	1
Leadership	Digital Magics group is the main Italian incubator and the only  one with several locations (7) through Italy	"Preferred" access to digital markets 2
Open innovation + seed capital + early stage	72 startups in portfolio - more than 500 jobs created  Open innovation programs with major Italian companies such  as Poste, Enel, Sky, E&Y, Fastweb, Nice, Cisco and others Relevant shareholder also of Talent Garden (TAG) 	Support to TIP / TIPO investee companies to approach digital markets and identify "contiguous" startups
Growth + structure	Digital Magics has recently strengthen its role as leader in  the Italian digital ecosystem through important partnerships and acquisitions such as WebWorking, WithFounders / Innogest and Università Telematica Pegaso. 2017 target of start up aggr. revenues: ~100 million Euro  9 companies with annual revenues in excess of 1 million Euro 	3 Investment opportunities in the most promising deals for TIP / TIPO

In March 2017 Digital Magics has completed a 5 million Euro capital increase of which 1,3 million subscribed by TIP

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 million Euro (80% abroad) with an YoY increase of >+24% (actual exch. rate) and Ebitda of about 60 million 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 Portugal.

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%

TIPO most recent 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 in iGuzzini is now around 24%. 2016 consolidated revenues of around 232 million Euro and  Ebitda of around 29 million Euro.
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.
TIPO has invested about 7 million Euro before IPO Listed on Nasdaq with a market cap of around 1,6 bln	Leader in a niche of radiopharmaceuticals AAA develops, produces and commercializes molecular nuclear medicine, diagnostic and  therapeutic products in the field of oncology, neurology, cardiology and infectious & inflammatory diseases. Operates in Belgium, Canada, France, Germany, Israel, Italy, Netherland, Poland, Portugal,  Spain, Switzerland, UK and USA, its distribution network covers more than 30 countries. From the IPO, AAA ADS have increased by more than 130%. 

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