Tamburi Investment Partners

Investor Presentation • Jun 16, 2015

New York - York BostonJune 17 June17 – 19, 2015

We should We all feel nothing but shame for the for reputation that finance finance has earned itself itself in the last few years, but if you manage manage to guide healthy healthy healthy capital capital fromsuccessful businesses businesses and the assets of families that wish to invest themintelligently in in companies companies that really want to want to grow, you are genuinely genuinelygenuinely doing one of the most beneficial beneficial jobs in theworld.

Tip – numeri chiave numeri chiaveinvestments

*Including the agreement related to Hugo Boss the total amount could be considered around 2 billion Euro

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*consensus value - *consensus - for listed companies listed - as reported on Bloomberg reported on Bloomberg**without considering any agreement with third parties

m&a as a trigger of value creation m&a as a trigger of value creation Tip – numeri chiave numeri chiave M&A transactions M&A completed completed by investee companies since TIP / TIPOentrance in entrance in their share capital 1 ¹ 8774598144 ⁶⁸2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Total

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

• Increased interms of annual revenues revenues, from 10,1 to 13,4 billion Euro (+33,6%)
• Increased interms of annual Ebitda, from 1,5 to 2,0 billion Euro (+32,1%)
• Increased interms of number of employees employees, from about 44.000 to about 55.000 (+24,6%)

Investments toInvestments to date, including including club deals ~1,5 billion ⁵ Euro

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

Average Ebitda Average Ebitda marginof margin themain the investee maininvestee companies companies companies above above17%

During the the last years the industrial industrial "content" content"content" of TIP has been*: (i) technology: between : between 25% and 41%; (ii) luxury/ fashion/ luxury/ fashion/ design: between : between 12% and 30%; (iii) healthcare / healthcare / third age: between : between 10% and 17%; (iv) other industries industries: between : betweenbetween 16% and 27%; (v) cash: between : between 2% and 17%.

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

Tip – numeri chiavenumeri chiaveResults

5 YEARS OF PROFITS

31,8

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

The increase in equity and investments among the financial years 2012 and 2013 is mainly

due to the indirect investment in moncler.*Consolidated group equity (including minorities) *Capital gain from Printemps divestment of 31,9 million EuroData in million Euro

Tip – numeri chiave numeri chiaveBook value Book Consensus estimates¹AssetsData in million Euro ~380~ 650Intrinsic value estimates ² >770 >770 Bonds, treasuryshares, advisory Hugo Boss div., otherMonclerInterpumpPrysmianAmplifonEatalyRocheBoboisBeBolzoniNoemalifeOtherCashTechnologyLuxury / fashion / designHealthcare and third ageSpecial food & retailOtherCashSince 2007/2008Since 2010Since 2011Since 2012Since 2013Since 2014Since 2015

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 valuationof each investment based on analyst estimates (Bloomberg) as at June 8, 2015.

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

available

TRANSACTIONS

• ^INVESTMENT IN INAAA IN Q1 2014 - AAA IPO PROCESS FOR LISTING ON ^NASDAQ IS EXPECTED FORNEXT AUT./WINT.
• ^INVESTMENT IN IN IGUZZINI IGUZZINI ILLUMINAZIONE(14,29%)

Throughout an investment in Digital an in an Magics (www.digitalmagics.com) TIP in may 2015 has entered int www.digitalmagics.com) TIP in may has into the promising market of start the start-up, seed capital and up, seed capital and up, and early stage transactions that early stage transactions that early recently has recently has demonstrated great dynamism also in also in Italy

Digital Magics Magics is by far the biggest Italian Italian holding holding specialized specialized in accelerating accelerating digital digital start ups and early stage stage initiativesinitiatives with stakes in about ⁴⁵ companies companiescompanies.

Digital Magics Digital Magics is listed on AIM Italia, ^a market dedicated dedicated to small and medium-sized Italian Italian enterprises enterprises with high high growth potential, potential, organized organized and managed managed managed by the Italian ItalianItalian Stock Exchange, Exchange, part of London Stock Exchange StockExchangeExchange.

Tip – numeri chiave numeri chiaveLast 5 yearsyears total return

As at 12.6.2015 the ²⁰¹⁵ total the returntotal for return shareholders shareholders in thelast the ⁵ years ⁵ has been hasabout ¹⁹⁷ 197%

As at 12.6.2015 the ²⁰¹⁵ annual the average annualaverageaverage total returntotal for return shareholders shareholders has been hasabout ³⁹ 39%

In89% of days of the ⁵ years ending 12.6.2015 TIP has overperformed overperformedoverperformed:

• Stoxxs EuropeEurope index
• MSCI Europe Europe index
• MSCI small small cap index
• IT StarIT
• Ftse MibMib
• Ftse ItalianSmall cap

Volatility in the5 years ⁵ ending years ¹² 12.6.2015 has ²⁰¹⁵ been around ¹⁹ around19,9%(vs ²⁵ 25,7% ofFtse of Mib FtseMib).

In the last 5 years the performance performance of the warrant warrantwarrant - freely assigned assignedassigned to the shareholders shareholders shareholders - since the

first trading first tradingtrading day has been of 2.984,8%.

Tip – numeri chiave numeri chiaveStock performance in the last 5 yearsStock last years

Market cap. ~500 millionmillion Euro

Tip – numeri chiave numeri chiaveVolumes and target and target target price

Source: TIP estimates based on Bloomberg data as of 12.6.2015

• Given the the great efficiency of the instrument instrument (for the shareholders and for TIP), its outstanding performance (2.984,8%) in our case, for the 2010-2015 warrants, due to the fact that this that this last exercise exercise period is during the current current month, in order to keep in place such ^a flexible and market friendly friendly instrument, instrument, it has been approved approved by the ³⁰th of April of April ²⁰¹⁵Shareholders' Meeting, Meeting, another anotherfree assignment free to shareholders of new TIP warrants (1 every ⁴ shares) ⁴shares) shares) to be exercised in five (or more) periods periods within June ³⁰ June 30, ²⁰²⁰
• The new The new assignment assignment will be in July ²⁰¹⁵ in order to allow all the underwriters underwriters of TIP shares deriving fromthe ²⁰¹⁰ – ²⁰¹⁵ warrants to take benefit of it
• The global The amount of those new warrants is up to ²⁰⁰ millioneuro
• The April The shareholders' shareholders' meeting also approved approved ^a 0,061 Euro dividend dividendper share (aggregate (aggregate amount of amount of dividends distributed in the last ⁵ years has been of 34,4 millionmillion Euro)
• TIP shares TIP shares buyback programcontinues continues(over ¹⁷ million Euro of buyback in the last ⁵ years)

TIP is an independent, independent, diversified diversified and global investment investment - merchant merchant bank that has been focusing on«excellent» companies, operates as advisor andand investor investor

TIP is ^a real public company that has, as stable shareholders, stable shareholders, some of the most important importantimportant Italian Italianentrepreneurial families entrepreneurial families, able to provide industrial know-how and sometimes to participate, , as coinvestor, in transactions of especially relevant size; TIP's top top management management owns around 9,3% of the share capital capitalcapital and represents represents the second shareholdershareholder

Investment strategy Investmentstrategy:

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

TIP is not ^a private private private equity firm and does not «impose» «impose» exits: on the contrary, following the growth of the investee companies, it aims to invest with ^a long-term perspective and to accompany the companiesover time instead of aiming to «have back» the money invested

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