Tamburi Investment Partners

Investor Presentation • Feb 16, 2016

Frankfurt February, 17 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

(*)

	Asset class	9/11/05	6/11/15	Cash multiple
	TIP	1,8	(**) 4,8	2,67 x
	S&P500	1.218,6	2.579,6	2,12 x
	S&P global property	146,2	201,6	1,38 x
	S&P global luxury	975,7	2.281,3	2,34 x
	S&P private equity	139,6	137,2	0,98 x
	Gold	461,4	1.088,9	2,36 x
	Silver	7,6	14,7	1,93 x
	Brent	59,7	44,4	0,74 x
	Dollaro USA	0,8	0,9	1,10 x

(**) 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

• 1. Amount of 13.327.059 warrants freely given to shareholders in March 2010 and expired on June 2015; performance 3,369.6% since the distribution.
• 1. Market value of 20,0 million euro of new TIP warrants freely given to shareholders (1 every 4 shares) to be exercised before June 30, 2020 for a maximum amount of proceeds of 200 million Euro. Performance from the allocation (July 27) to February 5, 2016: +79,9% (imp. yield of 2,3%).

*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 4

~ 75 million Euro* since 2010	~ 40 million Euro Since August 2015	~ 45 million Euro * since 2007 (5 investors)	Tip – numeri chiave ~ 13 million Euro * since 2007
~ 8 million Euro * since 2013	120 million Euro since 2014 (19 investors)	~ 100 million Euro Shares, mandatory convertible and bonds	~ 35 million Euro Since 2015-2016
~ 60 million Euro *	~ 450 million Euro *	~250 million Euro *	~ 40 million Euro *
Since Jan./march 2015	since 2002 (6 in. investors)	since 2013 (7 investors)	since 2011 (4 investors)
~ 10 million Euro *	~ 281 million Euro *	~ 30 million Euro	~ 2 million Euro
Since 2015 (2 investors)	since 2010 (3 investors)	since 2013 (5 investors)	since 2007

*consensus value - for listed companies - as reported on Bloomberg

*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 2,2 billion Euro (+38,3%)
• in terms of number of employees, from about 46.000 to about 61.000 (+32,9%)

NB: in July TIP increased its stake from 35% to 43.28% of Clubtre, while the other shareholders proportionally reduced their stakes. The transaction took place through an increase of the existing loan.

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/ fashion/ design: between 12% and 37%; (iii) healthcare / third age: between 10% and 17%; (iv) other industries: between 16% and 30%; (v) cash: between 0% and 17%.

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

TIPO was shareholder from January 2014

IPO on Nasdaq on November 11, 2015 and TIPO further increased its stake

Requests from institutional investors on IPO book more than 4 times the offer

TIPO total investment has already more than doubled and the performance from the IPO (as at February 5) has been of +61%

• AAA is a radiopharmaceutical company founded in 2002 as a spin-off of CERN (Geneva) by some Italian academics and entrepreneurs to develop innovative diagnostic and therapeutic products.
• The Company is one of the main players in the molecular nuclear medicine market and is focused on products aimed at imaging and molecular therapy for the tailored treatment of serious diseases.
• AAA is the only company worldwide that operates in both the main sectors of molecular medicine: diagnostics and therapeutics.

NET EQUITY AND INVESTMENTS

Average net profit in the last 5 years 16,5 million Euro

NET PROFIT

Aggregate net profit of the last 5 years 82,5 million Euro

*Consolidated group equity (including minorities)

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

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

Capital increase of ~30 million Euro (August 2015) and acquisition of a 3% stake As a consequence TIP holds about the 12% of the share capital

• Azimut Benetti is the world leading manufacturer of yachts and mega yachts over 24 meters, 15 times over the past 16 years ranked as first in the Global Order Book, a research that identifies the biggest producers of the industry, globally.

• Azimut Benetti operates through 11 shipyards, a sales network of 138 dealers in over 70 countries, approximately 2,179 employees, with an annual value of production of over 650 million Euros, also controls Fraser Yachts, the world's leading full-service yachting company a and a few marinas.

• Octo is a group founded in Italy in 2002 by Fabio Sbianchi, CEO of the company, and today is the first company, globally, in telematics services mainly for the insurance industry with a market stake of about 37% and a leading position in the 3 main markets: Italy, USA and UK.

• Octo holds the most complete database of statistical data in the world (the company is therefore able to «capture, store and elaborate» a very high number of data every minute) thanks to a multi-service center that manages millions of data. 3,7 millions of member use today Octo services.
• The company headquartered in London and with offices in Rome, Spain, Germany, Brazil and USA - employs 238 people of which 68 dedicated to IT and R&D.
• In 2014 Renova Group has acquired the stake previously held by the Fund Charme II (Montezemolo & Partners Sgr) and as at today has a stake of 68,6%, the remaining stake is owned by Pamplona Capital Management (26,4%) and the management (5,0%).

TIP has financially supported Octo management to buy part of its 5% stake

• On February 15, 2016 Hyster Yale Materials Handling, inc. listed on the NYSE and one of the leading players in the industry – has announced the agreement to acquire the indirect control of Bolzoni.
• TIP, the most relevant minority shareholder of Bolzoni with a 12% stake, has always supported the shareholders and the management both with its member in the Board of Directors and has also increased its stake (first investment in the company in 2006 than additional investments in 2007, 2010, 2011, 2012, 2013 and 2015).
• Based on the tender offer price the implicit capital gain for TIP is of 6,3 million Euro.

Bolzoni is a leading worldwide producer of attachments for forklift trucks. Through the design, production and distribution of a wide range of attachments, Bolzoni has an important presence in the market niche of lifttruck attachments and industrial material handling

TIPO	THE FIRST YEAR	TRANSACTIONS
40 INVESTORS ALMOST ALL  FAMILY OFFICES COMMITTED CAPITAL OF 140  MILLION EURO TARGET COMPANIES WITH  REVENUES BETWEEN 30 AND 200 MILLION EURO, EBITDA MARGIN HIGHER THAN 9/10%, SOLID FINANCIAL SITUATION, WITH THE INTENTION TO GO PUBLIC IN THE FOLLOWING YEARS	1.500 COMPANIES IDENTIFIED  ~400 COMPANIES ANALYSED  ~150 INTERESTING COMPANIES  SELECTED ~80 COMPANIES ALREADY MET  10 OFFERS ALREADY ISSUED  Other investments in advanced negotiations	INVESTMENT IN AAA IN Q1  2014 INVESTMENT IN IGUZZINI  ILLUMINAZIONE (14,29%) INVESTMENT IN BETA UTENSILI  IN JANUARY 2016 (TIPO + CLUB DEAL + ENTREPRENEUR =100%)

TIP Pre-IPO S.p.A., together with the entrepreneur Roberto Ciceri, acquired the entire capital of the group for approximately 200 million Euro

• Beta, established in 1923 in Sovico (MB), is the market leader in Italy in the production and distribution of high-quality professional hand tools. All the products marketed are sold with its own brand and the catalogue currently includes more than 10,000 references.
• Consolidated revenues for 2015 are expected in excess of 125 million euro. Historical margins are sound and the net financial position is significantly cash positive. Beta currently employs around 530 people located in 3 production plants.
• More than 50% of revenues are generated abroad thanks to a distribution network of more than 100 distributors worldwide, in addition to the direct presence through 7 subsidiaries in Brazil, China, France, United Kingdom, Benelux, Poland and Spain.

Throughout the investment in Digital Magics (stake of 18.1%) TIP has entered into the promising market of start-up, seed capital and early stage transactions

TAG: 50 campuses in Europe

Last 5 years TIP total return: 102,5% - Annual average totale return: 20,5%

Source: TIP estimates in Bloomberg data

TIP is an independent, diversified and global investment - merchant bank focused on «excellent» companies, operates as advisor and investor

TIP is a real public company that has, as stable shareholders, some of the most important Italian entrepreneurial families, able to provide industrial know-how and sometimes to participate, as co-investor, in transactions of specially relevant size; TIP's top management owns around 9,7% of the share capital and represents the second shareholder

Investment strategy:

• I. real medium / long term perspective
• II. minority interests, leaving operating management to the entrepreneurs
• III. «leverage» on the enormous know-how / network built over time (unique in Italy)

TIP is neither a private equity nor an investment fund and does not «impose» exits

Team of about 20 people; lean, fast, flexible and strongly focused on results / performance

Tip – numeri chiave Annex: key financials of the investee companies

		2014 results				9M 2015 results
Company	Stake	Industry	Revenues	Ebitda	Ebitda margin	NFP	Revenues	D% vs 9M 2014	Ebitda	D% vs 9M 2014	Ebitda margin	NFP
TIP direct investments
Hugo Boss	0,9%	Fashion	2.571,6	571,5	22,2%	43,3	2.058,7	9,0%	419,3	-0,2%	20,4%	201,2
Amplifon	4,2%	Healthcare Equipment	890,9	137,7	15,5%	248,4	733,7	17,7%	103,5	24,4%	14,1%	251,4
FCA NV	0,1%	Automotive	96.090,0	8.417,0	8,8%	10.638,0	83.092,0	20,4%	6.745,0	17,2%	8,1%	10.998,0
Ferrari	0,4%	Automotive	2.762,4	678,5	24,6%	566,0	2.110,0	4,9%	562,0	15,9%	26,6%	827,0
Azimut Benetti	12,1%	Yachting	611,2	32,4	5,3%	50,4			Undisclosed
Octotelematics	na	Insurance Telematics	162,7	103,6	63,7%	ns.
BE	23,4%	Consultancy and IT services	97,6	12,9	13,2%	17,0	79,2	13,5%	9,4	12,1%	11,9%	21,7
Bolzoni	12,0%	Material Handling Machinery	119,9	8,6	7,2%	22,6	102,3	15,8%	10,7	68,8%	10,4%	33,0
Noemalife	16,3%	Healthcare application software	65,3	10,3	15,8%	23,5	45,5	8,1%	2,8	40,0%	6,2%	25,8
TIP investments through club-deals
Moncler	4,5%	Fashion	694,2	232,9	33,5%	111,2	561,5	25,0%	174,5	28,2%	31,1%	152,9
Interpump	20,2%	High pressure piston pumps	672,0	136,1	20,3%	152,0	681,9	33,7%	141,3	33,7%	20,7%	283,1
Prysmian	5,9%	Electrical Components	6.840,0	496,0	7,3%	802,0	5.569,0	11,1%	455,0	18,8%	8,2%	983,0
Eataly	20,0%	Food & Beverage retailer	300,0	25,0	8,3%	ns.
Roche Bobois	38,34%	Household furnitures	242,7	23,6	9,7%	12,6			Undisclosed
*Through investment vehicles
TIPO

AAA	1,6%	Pharmaceutical	69,9	3,4	4,9%	-18,2
iGuzzini	14,3%	Electrical Equipment	200,5	22,7	11,3%	16,4	Undisclosed
Beta Utensili	100,0%	Machinery	115,2	17,3	15,0%	-14,6