Tamburi Investment Partners

Investor Presentation • May 19, 2016

Le eccellenze del Made in Europe20 maggio 2016Firenze

We should We should all feel nothing nothing but shame for the reputation that that finance has earned itself in the last the last few years, but if you manage to guide healthy capital capital from successful successful businesses businessesand the and the assets of families that wish to invest them intelligently them intelligently in companies companies companies that want to grow, you you are genuinely doing one of the most beneficial beneficialjobs in the world.

*including shares, bonds and mandatory convertible bond

0 1 E E F T Y Y A A R R S S O O F L L I I S S T I I N N G G				5 E E T Y A R S R R E T U U R R N N
A e ss t cl as s	5 5 9/ 9/ 11 11 /0 /0	5 6/ 11 /1	C e as h mu l ti pl
T I P	1, 8	(**) 4, 8	7 2 6 x ,	T T I. P. o ta l r e tu rn ( ) 5 l a s t y e ar s	1 3 4 1 % + ,
S & P 5 0 0	1.2 18 6 ,	2.5 79 6 ,	2 1 2 x ,	T Y I. P. e e g e t o ta e tu ar l y av ra l r rn 2 6, + ( ) 5 l a s t y e ar s
S & P g o o e t l b a l p r p r y	14 6, 2	20 1, 6	3 8 1, x
S & P g l o b a l l u x u r y	97 5, 7	2.2 81 3 ,	2 3 4 x ,	T T. I. P. ta e tu o l r rn t e l a s y ar	-8 3 % ,
S & P t e e q t p r i v a u i y	13 9, 6	7, 13 2	0 9 8 x ,	T T. I. P. ta e tu o l r rn 2 6, + D 3 1 2 0 1 4 fr e t, o m c. s
G o l d	46 1, 4	1.0 88 9 ,	2 3 6 x ,
S e i l v r	7, 6	7 14 ,	1, 9 3 x	T. 5- P I. P. 1 2 0 e f e t r o rm an c w ar ra n v s. B I e f e e e e f ta t + r r n c pr i c o o r s a l ia na a s a ( ) 7. 5 7 2 4. 2 0 1 0, 1 8 4 e u r o 0 7 4 x ,
B e t r n	59 7 ,	44 4 ,
U S d o l l a r	0, 8	0, 9	1, 1 0 x	as	13 /5 /2 01 6 at

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

(**) TIP value is calculated considering the price as at 6/11/2015, the dividendsdistributed (in case of re-investment of proceeds in TIP shares on the ex-date), thevalue as at 6/11/2015 of treasury shares attributed for free, the price ofwarrants 2010/15 on the last trading day and the price as at 6/11/2015 ofwarrants 2015/20

• 1. N. 13,3 million 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 the allocationto May 13, 2016 of +133,0% (imp. yield of 2,9%)

Investments in Investments inmore than than ¹⁰companies with with worldwide worldwide leadership leadership positions positions

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

Average Ebitda Average Ebitda marginof themain investee companies companies of about about16%

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

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

1. Consensus estimates: includes the analytical valuationof each investment based on analyst estimates (Bloomberg) as at 29/04/2016

2. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-termoutlook of the companies

Tip – numeri chiavenumeri chiave

SINCE TIP/TIPO FIRST INVESTMENT THE TOTAL AGGREGATE OF THE MAIN INVESTEE COMPANIES HAS INCREASED

annual revenues revenues, from, ¹⁰ 10,8 to 15,7 billion ⁷ Euro (+(+44,6%)

annual Ebitda, from, 1,6 to 2,3 billion 3billion Euro (+Euro(+41,3%)

number of employees employees, from, from about ⁴⁶about46.000 to about ⁶¹ 61.000 (+32,9%)

Total investment investment of about 40 million ⁴⁰ million euro for ^a stake of about of about 12% of the sharecapital

world leading manufacturer of mega world manufacturer of mega - yachts

• • ¹⁵ times ¹⁵ times over the past ¹⁶ years ranked as first in the Global Order BookBook
• controls Fraser Fraser Yachts, Yachts, the world's leading full - service service yachting company yachtingcompany and many valuable port concessions concessions
• • ¹¹ shipyards, ¹¹ shipyards, ^a sales network network of ¹³⁸ dealers dealers in over ⁷⁰ countries, approximately approximately 2,179 employees employees; annual value of production ofover ⁶⁵⁰ million millionmillion Euros

of about ¹⁰

Investment of

million euromillion euro

AcquisitionAcquisition

group (club

million Euromillion

global leader global leader in providing insurance telematics providing insurance telematics providing insurance servicesservices

• market share share of about 37% and ^a leading leading position positionposition in Italy, USA and UK
• • 3,7 millions millions of customers customerscustomers used its services services at the end of ²⁰¹⁵
• employs ²³⁸²³⁸ people of which ⁶⁸ dedicated dedicateddedicated to IT and R&D on ³¹ December December ²⁰¹⁵

cquisition of 100% of the

group (club deal) for ~200

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

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

TIP has TIP invested, invested, through ^a capital capital increase and with purchases on the market, market, about ⁵ million euroand today and today represents represents the first single shareholder with ^a share of over 18%; Digital Magics has allocated part allocatedpart of the proceeds proceeds of the capital increase increase to raise its stake in Talent Garden to 28%

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 c t e s t g e s o e o f t e o s t d a p i a l a r l y a i n h m - o s g e t p r m i i n 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 T E e t g e s t e o e o f c o a l n a r d n i h m a i n u r p a n h u b o g w r k i n	1. "P " r e f e r r e d e t t a c c s s o d i g i a l e t m a r k s
O e p n t i n n o v a i o n + s e e c t d a p i a l + e t e a r l y s a g	5 3 s t a r t u p s i n p o r t f o l i o 6 0 M o e t s t t s e o e c t o r h a n a r u p h a v j i n d i n u b a i n o g s p r r a m 5 M 0 0 e t e t e o r h a n j o b s c r a d O I p e n i n n o v a t i o n p r o g r a m s w i t h m a j o r t a l i a n P I N R C S U c o m p a n i e s s u c h a s o s t e t a l i a n e, i c e, v e t, , I F Q l a t t o u o t i d i a n o a n d o t h e r s	T 2. S I P / o t t o u p p r T I P O e s t e e i n v c o m p a n i e s t o a p p r o a c h d i g i t 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 t t s a r u p s
G o t r w h	D M e e e f e i g i t a l a g i c s : t o t a l r v n u o t h s t a r t u p s i n ( 2 0 1 5 3 2 1 8 f e e e o o v r m i l l i o n u r o m i l l i o n u r o i n ). 2 0 1 4, 7 4 % T 2 0 1 7 1 0 0 + a r g e t : m i l l i o n e u r o T G 7 T 2 0 7 5 0 A 1 4 1 : c a m p u s e s i n c o u n t r i e s. a r g e t : E I c a m p u s i n t a l y a n d u r o p e	3. I e t e t n v s 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 / s t a r t u p s f o r T I P O

Tip – numeri chiave numeri chiaveTHE club of TIP club dealsTHE club deals

• 1. the establishment establishmentestablishment of ^a new company companycompany with ^a substantial substantial level of "callable" callable"callable" capital, capital, capital, ideally ideallyideally several severalhundreds millions millions millions, but – unlike similar similarsimilar initiatives initiatives initiatives - with no mandatory mandatory subscription of each proposed investment investmentinvestment; effectively effectively every investor investor will retain the option to subscribe subscribesubscribe, from time totime, only only those transactions considered considered "worthwhile" worthwhile"worthwhile" of their tranche tranchetranche disbursement, disbursement, disbursement, except for TIP whichwill mandatorily mandatorily participate participateparticipate – with at least its entire share – to every investment investment
• 1. the number of participants will be restricted restrictedrestricted and TIP will offer them the option to invest through the throughthe club deal format for ^a five-year period on an exclusive exclusive basis
• 1. ASSET 3. ASSET ITALIA's ITALIA's Board of Directors Directors Directors will mainly be composedcomposedcomposed of third-party investors investors
• 1. TIP will propose propose to its Board of Directors Directors to participate participateparticipate with around ¹⁰⁰ million million million Euro (or at least 20 least 20% of the total capital), capital), capital), will ensure - at minimum minimum cost - the operating operating and commercial commercial support and and will retain - as ^a company and not at its individual individual partners partners level – ^a percentage percentage of any final final profit based on reasonable reasonablereasonable metrics metrics (5% of the over performance performance instead instead of the customary 20customary 20%), over ^a threshold threshold of 50%
• 1. in order to maximize maximize liquidity at the end of the ⁵th year period period all shares in Asset Italia will be swapped with publicly publicly traded TIP shares based on independent independentindependent and coherent coherentcoherent valuations, valuations, valuations, or will be part bepart of an A.B.B.

Convertible loan

automatically swapped

million euro

Furla shares

Tip – numeri chiavenumeri chiave

loan of ¹⁵

into

listing

euro to be

shares at the listing

one of the leaders worldwide worldwide in the production and sale of high quality quality leader bagsand accessories

• ⁴¹⁵ shops ⁴¹⁵in more than ¹⁰⁰ countries countries with more than 1,550 employees
• • ²⁰¹⁵ revenues revenues amounting amounting to ³³⁹ million Euro, 80% out of Italy, (+30%), ⁴⁴ million million euroEBITDA (+(+29%)
• • Listing onMilan stock exchange exchange foreseen in ²⁰¹⁷

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

NET EQUITY AND INVESTMENTS

5 YEARS OF PROFIT BEFORE TAX

Data in million Euro

^**including associated companies measured under the equity method, AFS financial assetsand financial receivables