Tamburi Investment Partners

Investor Presentation • Jun 16, 2017

Workshop Banca Akros Workshop Banca June 17, 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

aggregate annual revenues of the main investee companies

+287,7%

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

Portfolio by industry:

3 2 %	3 2 3 2 % %	2 1 %	2 2 4 4 % %
Lu xu ry a nd d es ig n	Te ch no lo gy	He th al a nd si lv er a ge	O th er in ve st me nt s

Listed on Nasdaq

TIP stock performance

TIP value is calculated considering the price as at 13/6/2017 plus the dividendsdistributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus thevalue as at 13/6/2017 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 13/6/2017 of warrants 2015/20.

as at 13/6/2017

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 5 years) above 185 million Euro

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

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

TIP group investments and potential

Pipeline of about 20 about 20 investments out of which 5 under intense negotiaof 5 intense negotiation

*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 theshareholders the possibility to choose each individual investment. Within five years each shareholder will receive publicly traded TIP shares.

(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 Data in million Euro

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

shareholders since 2010

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

shareholders since 2003

• IPG Holding - investment vehicle of Interpump entrepreneurFulvio 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. IPGHolding stake in Interpump is now 23,82% (fully diluted).

T I P Am ifo in pl n		T G I P I P Ho in ld ing
To In ta l ve st me nt s	Eu 3 4, 9 mi ll io n ro	(sh In In ve ve st st me me nt nt s s ar es pu rc ha se d,	5 6, Eu 1 mi ll io n ro
(d ) Pr Pr A B B ee ee de oc oc ds ds ivi nd s a nd	4 4, 3 Eu mi ll io n ro	) ca pit al in cr ea se s a nd lo an g ra nt ed
T Ne Ne I P t c t c ap ap ita ita l l inv inv es es es te te te d d b y inv d b y	Eu 9, 9, 4 m 4 m Eu ill io io n ro ro ill n -	(d Pr ee f s re oc ds isp os al o ha s, ) ide ef div nd s a nd r un ds	5 Eu 3 4, mi ll io n ro
Ca Ca pit pit es te ea c om et el eim rs ed al al inv inv es te d a d a lr lr ea dy dy c om pl pl et el y r y r eim bu bu rs ed		T T Ne Ne T I I I P P P t c t ap ita l inv es es te te d b y inv d	7 Eu 2 2 1, 1, 7 Eu mi ll io n ro ro
T T Ma Ma I I P P et et e o e o f f re ta ke rk rk va va lu lu ma in ing ta ke	7 8, 5 m Eu Eu ill io io n ro ro mi ll n
		T Ma I P q rk et va lu e o f qu uo ot ta a	Eu 1 1 8 8 2, 2, 4 4 Eu mi ll io io n ro ro mi ll n
Mu Mu lt lt e o e o pit ve st ed ipl ipl n n ca al in inv es te d	3, 5 x	Mu lt e o ca ca pit pit ve ve ve st st ed ed ed ipl n ca pit al al al in in in st	8, 4 x

as at 13/6/2017

shareholders since 2010

• 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 TIPcompetence 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 69,6million Euro.

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

Continuous support Continuous support support in M&ASince its first investment TIP hasalways supported Bolzoni in itsgrowth strategy, also based onM&A.Support also also during stock downturnsTIP increased its stake in 2012,2013 and 2015.Divestment within Divestment within ^a public tender process launched launched within ^a clear industrial/strategic alliance alliancealliance. 2007 - 2011 2012 - ^{2015 2016} second shareholdershareholdershareholder after the founder founder

second shareholdershareholder after the founder

IPO pipelinepipeline

Investee companies main resultsInvestee companies

Investee companies main resultsInvestee companies

13

TIP group medium term intrinsic value

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

Medium term intrinsic value estimates 2

Intrinsic value estimate by Intrinsic by year of investmentyear 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 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 TIP as as at June 13, 2017²⁰¹⁷

*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 T I I P P 2 0 1 5 - -2 0 2 0 nt ar ra
Ex er cis e w do in w	St e p e rik ric (co ) 1:1 nv er sio n r at io
3 0 2 0 7 7 1 – 3 0 Ju Ju Ju 2 0 1 1 ne ne ne	5 5 5 Eu 4, 4, 4, 1 1 1 pe re ro pe r r s ha
1 –	5
3	5
0	Eu
Ju	4,
2	ro
0	pe
1	r s
8	ha
ne	re
1 –	5,
3	Eu
0	0
Ju	0
2	ro
0	pe
1	r s
9	ha
ne	re
1 –	5,
3	Eu
0	4
Ju	1
2	ro
0	pe
2	r s
0	ha
ne	re

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

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

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 years business combination between AsAsset Italia and TIP shall talia 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 Investment of 120

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

Bo om g e t in ma rk	Di ta pe e ev er se ct gi l is no w rv as iv in y or Se ed pit ea st e e of th e st ca al rl y ag is on mo pr om is in g - se en t th e ve nt e pit st rt ta gm in ur ca al in du ry pa ic ul ar ly in di gi l ,	1
L ea de rs hi p	Di Ma Ita ta th e to th e gi l gi cs gr ou p is ma ma in in lia n in cu ba r an d on ly ( ) 7 Ita e ith se ve tio th on w ra l lo ca ns ro ug h ly	"P " a re fe rr ed cc es s to ta ke ts di gi l m ar 2
O pe tio n in no va n + se ed c ap ita l + ea rl y s ta ge	7 5 2 0 0 st ar tu ps in po rt fo lio mo re th an jo bs cr ea te d - O Ita pe n in no va tio n pr og ra ms w ith ma jo r lia n co mp an ies su ch En E Fa Po Sk & Y, Ni Ci as st e, el y, st w eb ce sc o an d ot he rs , , , ( ) Re Ta Ga T A G ev t eh de of en t en l an sh ar ol r al so l rd	Su T T O I P / I P pp or t t o ve st e e ies t in co mp an o ita ap pr oa ch d ig l e ts en ti fy ma rk a nd id "c " s on tig uo us ta rt s up
G ro w th + st ru ct ur e	Di Ma ta re ce nt st re th en its e ea de gi l gi cs ha s ly ng ro l as l r in Ita th e ta ec te th rt t rt ne lia n di gi l os ys m ro ug h im po an pa rs hi ps W W W Fo / sit eb ith de an d ac q ui io ns su ch as or ki ng un rs , à In Un Te Pe ge st er sit em at no an d iv l ic a ga so 2 0 1 7 ~1 0 0 Eu ta e t of st t re ve es rg ar up ag gr nu : mi ll io n ro 9 Eu 1 co mp an ies w ith an nu al re ve nu es in ex ce ss of mi ll io n ro	3 In ve st me nt op po rt iti es t he un in mo st p ro mi si ng d ea ls T T I P / I P O fo r

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

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

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

World leading manufacturer of mega leading manufacturer of mega leading manufacturer - 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.

20

TIPO most recent investmentsTIPO most recent

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T O 7 I P h as in v e s t e d ab ou t E O I P mi l l io n ur o b e fo r e Lis Na te d o n sd aq w ith a ma rk et 1, 6 ca p o f a ro un d bl n G G B U U U z z z z e t t t t e e e s s i i u u i i n n i i a a n n d d a n n n s i i i l l l i i f f a a m m i i l l i i e e s s i n t h e p r o c e e s s o f s i n p r o c s s s	L L e e e e ch e o f op ac e e ti ca s ad ad r r in in a ni ra ra di di op ha ha rm rm ac u u ti ca l l s A A A de ve lo ps od uc es co er cia liz es mo le cu cl ea me dic e, gn os tic pr an d mm la r nu r in dia an d , & th er ap eu tic pr od uc ts in th e fie ld of on co lo gy ne ur ol og y, ca rd io lo gy an d in fe ct io us , in fl am ma to ry dis ea se s. Op Be Ca Fr Ge Isr Ita Ne Po Po er at es lg ce ae th er rt ug in ium na da an rm an y, l, ly la nd la nd al , , , , , , , Sp Sw U K U S A, 3 0 itz er its dis tr tio ne tw or co ve rs mo re th co tr ies ain la nd an d ibu n k an un , , Fr I P O A A A A D S 1 3 0 % e ve ea se re om th ha in cr d by mo th an , T T O I P / I P s e e s s c s e s e e e e e s o f t e c t t o f t o e i b b u u s i i n n s s a a r x x a a m m p p l l s h c a a p p a a b b i i l l i i y y h l p i m p l i f f y i n g s h a r e e h o l d i n g a n d g o v e e r n a n c e e i m p l i y i n g s h a r h o l d i n g g o v r n a n c 21