Tamburi Investment Partners

Investor Presentation • Nov 22, 2016

PMI italiane quotate: outlook 2017 November 23, 2016 Milan

We should all feel nothing but shame for thereputation that finance has earned itself inthe last few years, but if you manage to guide healthy capital from successful businessesand the assets of families that wish to investthem intelligently in companies that want togrow, you are genuinely doing one of the most beneficial jobs in the world.

	L is	t e c om e s d pa ni		Pr iv	t e e a c om pa ni s
~9 0 m Eu ill ion ro	~5 Eu 0 m ill ion ro	~6 Eu mi lli on ro	0 m Eu ~4 ill ion ro	Eu ~1 0 m ill ion ro (ve ) nd or lo an	20 Eu ~1 mi lli on ro
00 Eu ~1 mi lli on ro sh / m are s, b on ds and . co nv.	~3 0 m Eu ill ion ro bo nd	~5 Eu 0 m ill ion ro	15 5 m Eu +1 ion ro ill	~1 0 m Eu ill ion ro (Co es) * ert e n ot nv ibl	~3 0 m Eu ill ion ro
~ 4 00 Eu mi lli on ro	~ 2 00 Eu mi lli on ro	~ 3 00 Eu mi lli on ro	Eu ~8 mi lli on ro *Pr ovi ded to man age men t in	ves tme nt veh icl e
A I e t t s s Tam i In P ves tme bur nt	a l i a s S .p.A ner art
Inv est men ts inc lud ing clu b d	eal s	ad vi s or y	~2 5 m Eu ill ion ro Lis Na ted on sda q	~2 00 Eu mi lli on ro	~7 5 m Eu ill ion ro 2

11 YEARS FROM LISTING5 YEARS RETURN

As se t c la ss	5 9/ 11 /0	3 1/ 10 /1 6	Ca sh m ul tip le
T I P	8 1,	(**) 9 4,	2, 7 5 x
S & P 5 0 0	1.2 18 6 ,	2. 12 6, 2	1, 7 4 x
S & P pe rt gl ob al p ro y	14 6, 2	18 5, 4	1, 2 7 x
S & P gl ob al l ux ur y	97 5, 7	1. 92 3, 9	1, 9 7 x
S & P te e q ty pr iva ui	13 9, 6	11 6, 1	0, 8 3 x
Go ld	46 1, 4	27 3, 7 1.	2, 7 6 x
Si er lv	7, 6	17 8 ,	2, 3 4 x
Br en t	59 7 ,	46 9 ,	0, 7 8 x
U S D	0, 8	0, 9	7 1, 0 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 ofwarrants 2015/20

as at 11/11/2016

• 1. N. 13.3 millions of warrantfreely 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 November 11, 2016 of +142.2% (imp. yield of 3.0%)

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 150entrepreneurial familiesable to provide uncommonindustrial know how

Team

More than 40 years of professionalexperience in investments andfinancial advisory. A team of about20 professionals strongly focusedon results

Long term

partner

Governance

Deep understanding offamily dynamics and abilityto simplify governance. Alignment of interest withentrepreneurs that retainthe operating management

No exit predetermined:

create value is the

only target pursued

Lean and fast investment

process

Advisory

A partner with a long timeexperience in M&A andfinancial advisory able togive a real support to theentrepreneur

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 10companies with worldwide leadership positions

E C t o n s. d a a i n u r o m l n	S e a l s	E t b i d a	t e f t n o s o n p r o i s
A f m p l i o n	8 0 4	1 1 9	e e a l l t i m r c o r d
B e	9 7	1 1	A t e e c o l l i m r r d
* E t a a l y	3 8 0 ~	5 2 / 3 0	t e e a l l i m r c o r d
F e r r a r i	2 2 6 9	6 2 9	t e e a l l i m r c o r d
* F u r l a	3 3 9	4 4	t e e c o a l l i m r r d
H B u g o o s s	1. 9 6 8	3 4 6	S t e e e f t l i g h d c r a s i n p r o i f t e e r o m a l l i m r c o r d
I t e n r p u m p	6 9 3	5 2 1	t e e c o a l l i m r r d
M o c e n l r	6 3 9	n a	t e e c o a l l i m r r d
P s r y m i a n	5 6 6 0	5 2 7	t e e c o a l l i m r r d
* R B e o c o o s h b i	5 2 0 ~	5 2 / 3 0	e e t c o a l l i m r r d

Average Ebitda margin of the main investee companies of about15%

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

2. Intrinsic value estimates: analytical evaluation of each investmentelaborated by TIP considering the medium-term outlook of the companies

Tip – numeri chiave

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

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

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

number ofemployees, 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 tochoose – every time that a proposal arises – each individual investmentsand to receive the shares of the specific class related to theinvestment subscribed.
• 1. In order to maximize liquidity within five years a business combination between ASSET ITALIA and TIP shall take place and Asset Italia shareswill be swapped with publicly traded TIP shares based on independentand coherent valuations.

one of the leaders worldwide in the production andsale 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

world leading manufacturer of mega - yachts

• 15 times over the past 16 years ranked as first in the GlobalOrder 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

15

Convertible loan of 15million euro to beautomatically swapped intoFurla shares at the listing

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

5 T Du 2 0 1 I P O ng ri ha d
1 4. 3 % e t e e t ac q ui r d a in r s
G in i u z z in i, o n e o f th e
or e e e rs w l dw id l ad in
t e tu ti ar ch i c ra l l ig h ng
w i th an nu al sa l e s in
E 2 3 0 e xc e s s o f io o m il l n ur

TIPO recently increased its position in iGuzzini group

In July 2016 TIPO and some members of the Guzzini family haveset 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.

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

million Euro

Overall the implicit stake in iGuzzini (direct and indirect) is around 24%.

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 articulatedfamiliar contexts

TIP has invested about 5 million euro in Digital Magics and today is the single biggest shareholderwith ^> 18%

B o o m i n g e t m a r k	D g t s o e s e e e s e c t o  i i a l i n w p r v a i v i n v r y r S e e t e t e e f t e t d c a p i a l a r l y s a g i s o n o h m o s  - o s e t p r m i i n g m a r k
L e e s a d r h i p	D M I g t g c s s t e t c t o  i i a l a i i h m a i n a l i a n i n u b a r a n d ( ) 6 t e o o e t o c e s e c e c e s h n l y n w i h l a l p r n b r a n h ( T G 2 8 % D M e t e e t a l n a r d n o w n d b y i g i a l a g i c s a n d  ) 5 T T F F 2 % I P I P 's & s t e c o- o b y a n d i h m a i n w r k i n g E o e. h u b i n u r p	1. "P " e f e e r r r d a c c e s s t o d i g i t a l m a r k e t s
O e p n t i n n o v a i o n + e e t s d c a p i a l + e t e a r l y s a g	6 0 5 0 0 s t a r t u p s i n p o r t f o l i o m o r e t h a n j o b s  - c r e a t e d O I e o t o o g s t o t  p n i n n v a i n p r r a m w i h m a j r a l i a n F P N R C S I c o e s s c s o s t e, c e, t t o m p a n i u h a i l a , Q o t o o t e s u i d i a n a n d h r	T 2. S I P / t t u p p o r o T I P O e t e e i n v s c o e s t o m p a n i o c g t a p p r a h d i i a l m a r k e t s a n d e t f i d n i y "c " t o n i g u o u s
G o t r w h + s t c t e r u u r	D M t e t e e e e f t e i g i a l a g i c s : a g g r g a d r v n u s o h  ( ). 5 7 2 0 1 3 2 4 % t t f e e + s a r u p s i n o o v r m i l l i o n u r o 7 2 0 1 1 0 0 t e t e a r g : m i l l i o n u r o D M 9 t e t e e e e i g i a l a g i c s : c o m p a n i s w i h r v n u s h i g h r  1 t h a n m i l l i o n T A G 1 7 4 2 0 1 7 e e e : c a m p u s s i n c o u n t r i s. t a r g t :  2 0 E S 7 5 0 % 2 0 1 6 e. e + > c a m p u s i n u r o p a l s i n	t t s a r u p s 3. I e s t e t n v m n o p p o r t u n i t i e s i n t h e m o s t p r o m i s i n g T I P / t t f s a r u p s o r T I P O

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

5 YEARS OF PROFIT BEFORE TAX

NET EQUITY AND INVESTMENTS

(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

*Consolidated group equity (including minorities)

**including associated companies measured under the equity method, AFS financial assets and financial receivables

Data in 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 ofaround 78 million Euro, at consolidated level.
• 2016 P&L: only considering the capital gain on Moncler reflected in the resultsas at 30.9.2016, the current year looks like ^a really exceptional one, from the profitability point of view.