Tamburi Investment Partners

Investor Presentation • May 24, 2017

Italian investment conference Milan

May 24, 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 ~17 billion euro

aggregate annual revenues of the main investee companies

+288,0%

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

Portfolio by industry:

34%	33%	12%	21%
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 19/10/2017 plus the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the value as at 19/5/2017 of treasury shares freely distributed to the shareholders and of warrants 2010/15 on the last trading day plus the price as at 19/5/2017 of warrants 2015/2020.

*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 offices 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

Data in million euro

** 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 Prysmian and Interpump most recent deals

shareholder since 2010 shareholder since 2003

• Clubtre S.p.A. has sold 4 million ordinary shares of Prysmian S.p.A., representing 1.85% of Prysmian's share capital, for a total consideration of 97.6 million Euro.
• The transaction represents a partial divestiture (less than 1/3) of the significant investment made in 2010 by TIP – within a club deal involving important family offices – that in any case is maintaining through Clubtre a significant shareholding in Prysmian.
• Clubtre owns approximately 8.7 mln of Prysmian shares, representing 4% of the share capital, remaining, on the basis of the information available, the individual most important shareholder.

TIP in Clubtre
NAV Clubtre (at market value)	150 million Euro
% of TIP	43,28%
Value of TIP quota	64,7 million Euro
Capital invested already completely reimbursed

• IPG Holding the 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 IPG Holding

Investments (shares purchases, capital increases and loan granted)	56,1 million Euro
Proceeds (disposal of shares, dividends and refunds)	34,5 million Euro
Net capital invested by TIP	21,7 million Euro

Market value of TIP quota	185,0 million Euro
Multiple on capital invested	8,5 x

as at 19/5/2017

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 201 237 276 und. Americas Emea RoW 40%

3M '15 3M '16 3M '17

Key financials Revenues breakdown (2016)

17% Italy 14%

29%

TIP group medium term intrinsic value

Industry	Book value	Analyst consensus value(1)	Med term intrinsic value(2)
Luxury, fashion and design	254	296	~356
Technology	55	244	~354
Health/silver age	44	122	~128
TIPO and other investments	105	141	~195
Advisory & tr. shares	15	27	~27
Total investments	473	830	~1.060

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

11	15	>20	~20	31	68
years as	million Euro	million Euro1	million Euro2	million Euro	million Euro3
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.

1. Including 2016 dividend approved by the Shareholders' meeting of 10,1 million Euro

TIP performance as at May 19, 2017

*Target price 5,40 euro per share considering warrant exercise potential dilution.

	Warrant TIP 2015 -2020
Exercise window	Strike price (conversion ratio 1:1)
1 – 30 June 2017	4,15 euro per share
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*

ASSET ITALIA

Asset Italia

THE club of TIP club deals

550 million Euro

total capital "commitment"

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

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.

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

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

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 21