Tamburi Investment Partners

Investor Presentation • Mar 14, 2016

March, 15 – 16 2016

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

Cons. data in Euro mln	Sales	Ebitda	notes on profits
Amplifon	1.034	167	all time record
Be	115	15	All time record
Bolzoni	138	14	~ 20% from record
Eataly	~380	25/30	all time record
Ferrari	2.854	748	all time record
Hugo Boss	2.809	594	all time record
Interpump	895	180	all time record
Moncler	880	300	all time record
Prysmian	7.361	623	~ 4% from record (raw materials effect)
Roche Bobois	~250	25/30	all time record

10 YEARS OF LISTING 5 YEARS RETURN

Asset class	9/11/05	6/11/15	Cash multiple
TIP	1,8	(**) 4,8	2,67 x	Total return T.I.P. (last 5 years)	+119,4%
S&P500	1.218,6	2.579,6	2,12 x	Yearly average T.I.P. total return
S&P global property	146,2	201,6	1,38 x	(last 5 years)	+23,9%
S&P global luxury	975,7	2.281,3	2,34 x	Total return T.I.P. last year	-4,4%
S&P private equity	139,6	137,2	0,98 x	Total return T.I.P.	+20,2%
Gold	461,4	1.088,9	2,36 x	from Dec. 31st, 2014
Silver	7,6	14,7	1,93 x	Performance warrant T.I.P. 15-20 vs. reference price of Borsa Italiana as at	+122,0%
Brent	59,7	44,4	0,74 x	24.7.2015 (0,1784 euro)
US dollar	0,8	0,9	1,10 x		as at 9/3/2016

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

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

We remain confident that the real economy, its businesses and their ability to generate value added are crucial and we believe that this is only a transition stage, a period of adjustment between on one side a system which is drunk on finance and on other side a continued growth (+3,4% in 2016, based on a recent update by the IMF) although wobbly, perhaps due to an excess of misleading information.

In our opinion the real reasons behind the current financial market turmoil should not be found in the slowdown of the growth pace in China, in oil price or commodities, or even in the difficulties of certain emerging markets or in the implications of the upcoming tightening phase in the United States. For sure these are not the correct answers; or, at least, not the key ones.

The most relevant reasons behind the current situation should be found in the practical impossibility to manage the massive liquidity injected by central banks in the system, resulting in the alleged "need" for computers and algorithms to replace experienced and knowledgeable brains who should have managed it.

The general market turmoil described above is about to reach a peak once we realize that Netflix is trading at over 100x EBITDA or Amazon (based on Thomson Reuters data) is trading at over 300x 2016 P/E but when Apple hits the \$100 resistance it eventually bounces back, despite announcing record-breaking results.

It is, in fact, reasonable that companies which are ahead of their time or have a greater technology exposure should enjoy a higher valuation - in particular if compared to those which we are still pleased to define as "old economy" - but why should Apple be valued at 10x its net profits when Alibaba or Facebook are trading at 30x ? Perhaps Apple's 200 billion dollar cash holdings turn out to have a negative value ?

The foolish predominance of finance over the real economy, fundamentals seems to be still ignored.

www.tipspa.it/homepage

• 1. N. 13,3 million 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 the allocation to March 9, 2016 of +122,0% (imp. yield of 2,7%)

* excluding the investment on Hugo Boss by the Marzotto family of about 500 million Euro.

** *including the effect of the mandatory tender offer on Bolzoni announced on February 15, 2016 6

Amounts related to cash have been calculated net of short-term financial 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 31/12/2015

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

Average annual investments on non current assets of the previous year (2011-2014)

Average annual divestment on non current assets of the previous year (2011-2014)

*Investment companies index: panel that includes Camfin, CIR, Mittel, Dea Capital, Exor, Intek / KME and Italmobiliare.

Since TIP/TIPO first investment the total aggregate of the main investee companies has increased:

• in terms of annual revenues, from 10,8 to 15,7 billion Euro (+44,6%)
• in terms of annual Ebitda, from 1,6 to 2,3 billion Euro (+41,3%)
• in terms of number of employees, from about 46.000 to about 61.000 (+32,9%)

Investments in more than 10 companies with worldwide leadership positions

"Value consensus" of the investments as at today, including club deals ~1,9 billion Euro

Average Ebitda margin of the main investee companies of about16%

TIP industrial "content" in the last few years has been*: (i) technology: between 25% and 41%; (ii) luxury / design: between 12% and 39%; (iii) healthcare / third age: between 10% and 17%; (iv) other industries: between 16% and 30%; (v) cash: 0% / 17%.

*considering the intrinsic value: analytical valuation of the assets elaborated based on investee companies' forecasts

NET EQUITY AND INVESTMENTS 5 YEARS OF PROFIT BEFORE TAX

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

Aggregate net profit before tax of the last 5 years 101 million Euro

Total investment of about 40 million euro for a stake of about 12% of the share capital

world leading manufacturer of mega - yachts

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

Investment of about 10

million euro

global leader in providing insurance telematics services

• market share of about 37% and a leading position in Italy, USA and UK
• 3,7 millions of customers use today its services
• employs 238 people of which 68 dedicated to IT and R&D

Acquisition of 100% of the
group	(club	deal	+
entrepreneur) for
approximately 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 employs
• 3 production plants, more than 100 distributors worldwide, direct presence abroad with 7 subsidiaries

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

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  Talent garden is the main European hub of co  working	1. "Preferred" access to digital markets
Open innovation + seed capital + early stage	53 startups in portfolio  More than 60 startups have joined incubation  programs More than 500 jobs created  Open innovation programs with major Italian  companies such as Poste Italiane, Nice, RCS, Uvet, Il Fatto Quotidiano and others	2. Support to TIP / TIPO investee companies to approach digital markets and identify "contiguous" startups
Growth	Digital Magics: total revenue of the startups in  2015 of over 32 million euro (18 million euro in 2014, + 74%). Target 2017: 100 million euro TAG: 17 campuses in 4 countries. Target 2017: 50  campus in Italy and Europe	3. Investment opportunities in the most promising startups for TIP / TIPO

• 1. the establishment of a new company with a substantial level of "callable" capital, ideally several hundreds of millions, but – unlike similar initiatives - with no mandatory subscription of each proposed investment; effectively every investor will retain the option to subscribe, from time to time, only those transactions considered "worthwhile" of their tranche payment, except for TIP which will mandatorily subscribe to all rounds of investments
• 1. the number of participants will be restricted and TIP will offer them the option to invest through the club deal format for a five-year period on an exclusive basis
• 1. ASSET ITALIA's Board of Directors will mainly be composed of third-party investors
• 1. TIP will propose to its Board of Directors to participate with around 100 million Euro (or at least 20% of the total capital), will ensure - at minimum cost - the operating and commercial support and will retain - as a company and not to at its individual partners level – a percentage of any final profit based on reasonable metrics (5% instead of the customary 20%), over a threshold of 50%
• 1. in order to maximize liquidity at the envisaged end of the investment horizon, after a 5-year period all shares in Asset Italia will be swapped with publicly traded TIP shares based on independent and coherent valuations