Tamburi Investment Partners

Investor Presentation • Dec 5, 2016

Luxury & Finance December 6, 2016 Palazzo Mezzanotte (Milan)

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

11 YEARS FROM LISTING 5 YEARS RETURN

Asset class	9/11/05	31/10/16	Cash multiple
TIP	1,8	(**) 4,9	2,75 x
S&P500	1.218,6	2.126,2	1,74 x
S&P global property	146,2	185,4	1,27 x
S&P global luxury	975,7	1.923,9	1,97 x
S&P private equity	139,6	116,1	0,83 x
Gold	461,4	1.273,7	2,76 x
Silver	7,6	17,8	2,34 x
Brent	59,7	46,9	0,78 x
USD	0,8	0,9	1,07 x

(*) Consensus value – for listed companies – reported on Bloomberg

(**) TIP value is calculated considering the price as at 31/10/2016, the dividends distributed (in case of re-investment of proceeds in TIP shares on the ex-date), the value as at 31/10/2016 of treasury shares attributed for free, the price of warrants 2010/15 on the last trading day and the price as at 31/10/2016 of warrants 2015/20

as at 2/12/2016

• 1. N. 13.3 millions of warrant freely given in 2010; performance of 3,369.6% since the distribution.
• 1. «Value» of warrants freely given in July 2015 to be exercised within 2020 for a maximum amount of 200 million Euro (equal to capital increases in case of exercise); performance from listing to December 2, 2016 of +136.8% (imp. yield of 2.9%)

	2,5 billion Euro considering club deals and committed capital
		Asset Italia Tamburi Investment Partners S.p.A.
	focus
Target revenues between 30 and 200 million Euro	Revenues > 200 million Euro	Target revenues > 200 million Euro
Equity size x deal Between 20 and 60 million Euro	Equity size x deal < 30 million Euro	Equity size x deal > 30 million Euro
	Over 1 billion to be invested in the next few years (excluding warrant TIP 15-20 capital increase)
Investments done > 290 million Euro	Investments done > 1,5 billion Euro	Committed capital 550 million Euro
Residual capital to be invested > 80 million Euro

Pipeline of about 30 investments out of which 5 under intense negotiation

** Including the investment in Furla announced on May 2, 2016 and exclujding 550 million Euro of committed capital for Asset Italia

A unique network

Direct access to a unique network of about 150 entrepreneurial families able to provide uncommon industrial know how

Team

More than 40 years of professional experience in investments and financial advisory. A team of about 20 professionals strongly focused on results

Long term

partner

Governance

Deep understanding of family dynamics and ability to simplify governance. Alignment of interest with entrepreneurs that retain the operating management

No exit predetermined:

create value is the

only target pursued

Lean and fast investment

process

Advisory

A partner with a long time experience in M&A and financial advisory able to give a real support to the entrepreneur

8

TIP industrial "content" in the last few years has been: (i) technology: between 25% and 41%; (ii) luxury / design: between 12% and 40%; (iii) healthcare / third age: between 10% and 17%; (iv) other industries: between 16% and 30%; (v) cash: 0% / 17%.

Investments in more than 10 companies with worldwide leadership positions

Cons. data in Euro mln	Sales	Ebitda	notes on profits
Amplifon	804	119	all time record
Be	97	11	All time record
* Eataly	~380	25/30	all time record
Ferrari	2.269	629	all time record
* Furla	339	44	all time record
Hugo Boss	1.968	346	Slight decrease in profit from all time record
Interpump	693	152	all time record
Moncler	639	n.a.	all time record
Prysmian	5.660	527	all time record
Roche Bobois *	~250	25/30	all time record

Average Ebitda margin of the main investee companies of about15%

* 2015 full year results

Amounts related to cash have been calculated net of short-term financial assets (liquidity investment in bonds) and liabilities and gross of bonds outstanding due to their long-term nature.

• 1. Consensus estimates: includes the analytical valuation of each investment based on analyst estimates (Bloomberg) as at 11/11/2016
• 1. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-term outlook of the companies

Since tip/tipo first investment THE AGGREGATE AMOUNT OF THE MAIN INVESTEE COMPANIES HAS INCREASED*:

annual revenues, from 11,1 to 16,0 billion Euro (+44,1%)

annual Ebitda, from 1,6 to 2,3 billion Euro (+39,6%)

number of employees, from about 46.000 to about 61.000 (+32,7%)

Asset Italia

THE club of TIP club deals

550 million Euro

total capital commitment

• 1. On July 2016, with the contribution of ~ 30 family offices on top of TIP owning a 20% stake.
• 1. Investment holding that will give the shareholders 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.
• 1. 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.

Convertible loan of 15 million euro to be automatically swapped into Furla shares at the listing

one of the leaders worldwide in the production and sale of high quality leather bags and accessories

• 415 shops in >100 countries, >1,550 employees
• 2015 revenues amounting to 339 million Euro, 80% out of Italy (+30%), 44 million euro EBITDA (+29%)

During 2015 Furla opened many shops all over the world; the most relevant were the flagship store in Rome - in Piazza di Spagna, on the Scalinata di Trinità dei Monti - New York, Hong Kong, Madrid, Moscow, St. Petersburg, Vienna, Macau e Singapore and has a plan to open, in 2016, further important shops in London, Paris, Melbourne and Shanghai

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

world leading manufacturer of mega - yachts

• 15 times over the past 16 years ranked as first in the Global Order Book
• 11 shipyards, a sales network of 138 dealers in over 70 countries, > 2,100 employees, annual value of production of over 700 million Euros
• controls Fraser Yachts, the world's leading full service yachting company and many valuable port concessions

	$\ldots$ P Follo ٠. TIP - PRE IPO S.P.A.

During 2015 TIPO had
acquired a 14.3% interest
in iGuzzini, one of the
worldwide leaders in
architectural lighting
with annual sales in
excess of 230 million Euro

TIPO recently increased its position in iGuzzini group

• In July 2016 TIPO and some members of the Guzzini family have set GH S.r.l. for the purpose of acquiring 17.32% of the share capital of Fimag S.p.A., that controls of iGuzzini illuminazione S.p.A. and some other assets.
• Overall the implicit stake in iGuzzini (direct and indirect) is around 24%.

Acquisition of 100% of the group (club deal) for ~200 million Euro

market leader in Italy in the production and distribution of high-quality professional hand tools

• catalogue with more than 10,000 references
• about 530 employees
• 3 production plants, more than 100 distributors worldwide, direct presence abroad with 7 subsidiaries

Roche Bobois, iGuzzini and Beta Utensili business cases are examples of the capability of TIP / TIPO to help families in the process of simplifying the shareholding and the governance in articulated familiar contexts

TIP has invested about 5 million euro in Digital Magics and today 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 market
Leadership	Digital Magics is the main Italian incubator and  the only one with local presence (6 branches) Talent Garden (28% owned by Digital Magics and  25% by TIP and TIP's F&F) is the main co-working hub in Europe.	1. "Preferred" access to digital markets
Open innovation + seed capital + early stage	60 startups in portfolio - more than 500 jobs  created Open innovation programs with major Italian  companies such as Poste, Nice, RCS, Il Fatto Quotidiano and others	2. Support to TIP / TIPO investee companies to approach digital markets and identify "contiguous"
Growth + structure	Digital Magics: aggregated revenues of the  startups in 2015 of over 32 million euro (+ 74%). 2017 target: 100 million euro. Digital Magics: 9 companies with revenues higher  than 1 million TAG: 17 campuses in 4 countries. 2017 target:  >20 campus in Europe. Sales +750% in 2016	startups 3. Investment opportunities in the most promising startups for TIP / TIPO

Talent garden has successfully completed a round of financing of 12 million Euro mainly subscribed by TIP and TIP families and friends, but also with prestigious international investors.

NET EQUITY AND INVESTMENTS

5 YEARS OF PROFIT BEFORE TAX

(1) Average net profit before tax in the last 5 years 20 million Euro

Aggregate net profit before tax of the last 5 years above 100 million Euro

• In july 2016 Clubsette (52% owned by TIP) has received a share allocation of a 5.125% stake in Moncler S.p.A., in execution of agreements with Ruffini Partecipazioni. The liquidation of Clubsette is ongoing, a substantial part of the pro-quota distribution to the quota-holders – net of any outstanding debt – has been already performed and TIP owns directly its stake ( > 2 % stake).
• According to IAS / IFRS the transaction is giving TIP Group a capital gain of around 78 million Euro, at consolidated level.
• 2016 P&L: only considering the capital gain on Moncler reflected in the results as at September 30, 2016, the current year looks like a really exceptional one, from the profitability point of view.