Azimut Holding — Earnings Release 2015

May 7, 2015

1Q 2015 Results

Short "termism" is institutionally banned

Milan, 7 May 2015

1Q 2015 Results Table of contents

Asset Management

Distribution

1Q 2015 Financials

Summary & Outlook

About Azimut

1Q 2015 Highlights

• Asset Management
• Distribution
  • 1Q 2015 Financials
  • Summary & Outlook
    • About Azimut

1Q 2015 Highlights

The greatest quarter in Azimut history €238mln (up 103% vs. €118mln in 1Q14) Record revenues in a single quarter; solid recurring fees and excellent variable fees thanks to superior performance generation Total Revenues Financials Net Profit Net Financial Position €128mln (up 250% vs. €37mln in 1Q14) Record results carried to bottom line level; profitability intact while focusing on growth €459mln (up 16% vs. €395mln at 1Q14) Highest NFP achieved and consistently strong balance sheet; more flexibility in the horizon thanks to new regulatory changes +103% Total Revenues (€mln) +250% Net Profit (€mln) +16% NFP (€mln) 37 128 1Q 2014 1Q 2015 118 238 1Q 2014 1Q 2015 395 459 1Q 2014 1Q 2015

Source: Company data

Assets under Management evolution

AuM growth accelerating: combination of excellent net inflows together with strong performance

Total Assets increasing of 14% in just four months, mostly thanks to:

Net Inflows of ca. €2.3 bn, including ca. €0.5bn of acquisitions abroad (a further € 0.6bn are expected in May thanks to the Quest acquisition)

• Net weighted average performance in excess of 6% YtD contributing for ca. €2bn of increased AUM
• AuM and Total Assets remain at all time highs

Source: Company data

1Q 2015 Highlights

Asset Management

• Distribution
• 1Q 2015 Financials
  • Summary & Outlook
  • About Azimut

Asset Management - Performance

Azimut WAP is ca. 180bps above the Italian Industry; net performance YtD stands at +6.4%

Luxembourg Funds breakdown

Fund of funds have the same margin as in house funds

TARGET	FORMULA TARGET 2015, INSTITUTIONAL TARGET, BOND TARGET 2015, BOND TARGET GIUGNO 2016, INT. BOND TARGET GIUGNO 2016, BOND TARGET SETT. 2016, BOND TARGET DICEMBRE 2016, BOND TARGET 2016 EQUITY OPTIONS, BOND TARGET 2017 EQUITY OPTIONS, BOND TARGET 2018 EQUITY OPTIONS
0-30% EQUITY	F1 CONSERVATIVE, CONSERVATIVE, CORPORATE PREMIUM , CGM OPPORTUNISTIC CORPORATE, CGM OPPORTUNISTIC GOVERNMENT, SOLIDITY, INCOME, TOP RATING
0-70% EQUITY	EUROPEAN DYNAMIC, DIVIDEND PREMIUM, STRATEGIC TREND
0-100% EQUITY	F1 ABSOLUTE, TREND, ITALIAN TREND, PACIFIC TREND, AMERICAN TREND, EUROPEAN TREND, LONG TERM VALUE, CGM OPPORTUNISTIC EUROPEAN, CGM OPPORTUNISTIC GLOBAL, GLOBAL GROWTH SELECTOR, ASIA ABSOLUTE
MARKET NEUTRAL	F1 ALPHA PLUS, MARKET NEUTRAL
QUANT	QBOND, QPROTECTION, QTREND, QINTERNATIONAL
MACRO	MACRO DYNAMIC TRADING, GLOBAL MACRO, MACRO VOLATILITY
INSURANCE LINKED SECURITIES	CAT BOND FUND
EQUITY LONG/SHORT	ACTIVE SELECTION, CORE BRANDS
RENMINBI	RENMINBI OPPORTUNITIES, RENMINBI OPP. FIXED INCOME
CASH MANAGEMENT	CASH OVERNIGHT, CASH 12 MESI
HYBRID	HYBRID BOND
OTHER	OTHER SINGLE MANAGER (US INCOME, GLOBAL SUKUK, CARRY STRATEGIES, LIRA PLUS, REAL PLUS, ETC.)
FOFs	MULTIMANAGER FOFs

Azimut funds breakdown

Well diversified AuM split across categories

AuM by Category

Short "termism" is institutionally banned

Azimut funds breakdown

Well diversified AuM split across categories

Short "termism" is institutionally banned

• 1Q 2015 Highlights
• Asset Management

Distribution

• 1Q 2015 Financials
• Summary & Outlook
  • About Azimut

Distribution - Funds

Distribution – the landscape in Italy

• 1Q 2015 Highlights
• Asset Management
  • Distribution

1Q 2015 Financials

• Summary & Outlook
• About Azimut

Consolidated reclassified Income Statement IAS/IFRS Compliant

Income Statement

€/000	1Q 2015	1Q 2014	2014 FY
Entry commission income	3 275 ,	2 567 ,	9 213 ,
fees Recurring	123 255 ,	88 786 ,	393 611 ,
Variable fees	97 045 ,	17 599 ,	108 231 ,
Other income	2 412 ,	1 589 ,	8 134 ,
Insurance revenues	12 254 ,	7 034 ,	33 065 ,
Total revenues	238 241 ,	117 575 ,	552 254 ,
Distribution costs	(72 128) ,	(57 786) ,	(256 326) ,
load products Commission on no	-	(765)	(4 718) ,
Personnell and SG&A	(30 341) ,	(19 495) ,	(87 309) ,
/provisions Depreciation , amort	(1 688) ,	(1 259) ,	(10 813) ,
Operating costs	(104 157) ,	(79 305) ,	(359 166) ,
Operating profits	134 084 ,	38 270 ,	193 088 ,
income Interest	14 391 ,	4 567 ,	10 082 ,
operating Net costs non	(480)	(868)	(6 273) ,
Interest expenses	(2 746) ,	(3 014) ,	(12 051) ,
Profit before tax	145 249 ,	38 955 ,	184 846 ,
Income tax	(11 022) ,	(2 465) ,	(93 761) ,
Deferred tax	(6 281) ,	49	2 156 ,
profit Net	127 946 ,	36 539 ,	93 241 ,
Minorities	140	23	1 145 ,
Consolidated Profit Net	127 806 ,	36 516 ,	92 096 ,
(excluding one-offs*) Consolidated Profit Net	127 806 ,	36 516 ,	174 308 ,

Source: Company data

Note*: net of extraordinary costs in the 4Q14 largely due to the agreement with the tax authority

Consolidated reclassified Balance Sheet IAS/IFRS Compliant

Balance Sheet

€/000	31/03/2015	31/12/2014	31/03/2014
due banks: Amounts to	(40 248) ,	(40 272) ,	(53 459) ,
Senior Loan	(40 148) ,	(40 172) ,	(50 195) ,
Trademark lease back -	(100)	(100)	(3 264) ,
issued: Securities	(214 242) ,	(216 685) ,	(231 838) ,
subordinated bond Azimut 09 -16 0% 4	-	-	(17 600) ,
Azimut 11-16 senior 2 5%	(826)	(840)	(822)
convertible bond Azimut 13 20 2 125% -	(213 416) ,	(215 845) ,	(213 416) ,
TOTAL DEBT	(254 490) ,	(256 957) ,	(285 297) ,
CASH AND CASH EQUIVALENTS	713 632 ,	569 343 ,	679 999 ,
NET FINANCIAL POSITION	459 142 ,	312 386 ,	394 702 ,

• Treasury shares are not booked within the NFP (ca. 7.2% of shares are linked to the convertible bond)
• NFP at the end of March does not include:
• ca. €103mln dividends (May 20, 2015)
• Cash and Total debt at the end of March do not include:

• €10mln Senior loan partial repayment (June 30, 2015)

• 1Q 2015 Highlights

• Asset Management
  • Distribution
  • 1Q 2015 Financials

Summary & Outlook

About Azimut

Summary & Outlook

Enjoying a record quarter while concentrated on delivering long term goals
	What's done	Outlook
FINANCIAL RESULTS	 Record quarter on all fronts  Recurring fee profitability rising  Variable fees, in just 3 months, in line with the average of the past 3 full-years	Strong variable fees retained also in April: ca. €22million FY 2015 Net Profit is estimated to be in the region of €200- 300mln; in any case the highest in Azimut history Further improvement on profitability
PRODUCTION	 Strong performance YtD thanks to supportive markets and quality products	Continue exploiting supportive markets while being ready and more balanced for different market conditions
DISTRIBUTION	 Once again number 1 in FA productivity  Accelerating net inflows trend	Target to recruit 80-100 FAs in the FY 2015 Focus on productivity and Wealth Management
INTERNATIONAL EXPANSION	 Reinforced presence in Turkey (Bosphorus) and Brazil (LFI and Quest)	Leverage on our worldwide expertise while consolidating our presence in existing markets (e.g. Australia)
M&A / USE OF CASH	 Started a reorganization process to free up a significant portion of capital	Remain vigilant on potential M&A opportunities in Italy, also given the local Banking reforms, with particular interest on the distribution side
ALTERNATIVES	 "Libera Impresa" activities up and running (Private Equity, VC, etc.)	Continue attracting new entrepreneurs-clients offering alternatives to the banking channel while fostering the "Sistema Italia"

Short "termism" is institutionally banned

New reorganization and directive opportunity

As announced in March, Azimut is the first company to grasp the opportunity from the new directive

Overview of the issues and the new directive

Azimut has been under the CRD IV directive because it had groups of financial institutions (distribution companies or "SIMs") within the Group. This significantly limited the use of cash available to the Group and shareholders

With the new European and Italian directives regarding AIF, UCITS and FICOD, asset management companies ("SGRs") have authorization to operate on a wider pool of activities including selling products and services, perform placement activities and, thanks to the AIFMD, collect orders, thereby eliminating the need to maintain distribution companies within the Group

Azimut solution and next steps

• Azimut grasped this opportunity announcing a reorganization following which all product and distribution companies shall be transformed into asset management companies
• Following this reorganization the CRD IV won't apply anymore to the Group, aligning Azimut to other international players.
• The regulatory capital will be calculated only on an individual basis at the level of the asset management and insurance company, with the consequent release of a significant portion of regulatory capital which will become fully available.
• This transaction is expected to be approved by the competent authorities by 2015

Note: The transaction – which will need to fulfill all terms, conditions and procedures vis-a-vis the current laws – will be submitted, in respect of the applicable regulation, for approval by the competent authorities, and may be completed only subsequent to the obtainment of all necessary authorizations.

New reorganization and directive opportunity

Strong balance sheet (€460mln Net Cash) fully available for growth and value creation, thereby also improving the overall cost of capital

	Situation
Instrument	Today	Post-reorganization
Buyback / Own Shares	Limited Need approval from both AGM as well as Bank of Italy	 Need approval, on a yearly basis, from AGM only  Active Buyback plan as the Group has done in the past
Dividend	As per Business Plan: >60% or >75% Payout	 Less need to retain part of the earnings  Dividend policy may be significantly increased
M&A	Limited No use of leverage	 Use of leverage permitted  Open and ready for potential acquisition opportunities

Note: The transaction – which will need to fulfill all terms, conditions and procedures vis-a-vis the current laws – will be submitted, in respect of the applicable regulation, for approval by the competent authorities, and may be completed only subsequent to the obtainment of all necessary authorizations.

• 1Q 2015 Highlights
• Asset Management
  • Distribution
  • 1Q 2015 Financials
    • Summary & Outlook
    • About Azimut

Azimut Group Structure

Azimut Group business overview

Our world-wide presence

Where we are and where we want to be: at least 10% of AuM outside Italy by the end of 2019

International expansion – Turkey

2011: Start of a building block leading us to become the largest independent player in Turkey

• In 2011 Azimut entered the Turkish market through AZ International Holdings S.A. ("AIH") with the aim of growing on both the production and distribution sides of the business
• In October 2014 Azimut acquired 70% of Notus, a Turkish independent asset management company with ca. €50mln(1) AUM. Notus manages discretionary portfolio mandates for 45 individual and corporate clients ensuring diversified and efficient asset allocation plans across local and international markets.
• In December 2014 Azimut acquired 100% of AZ Global (renamed Azimut Portfoy) to continue its growth plans in Turkey
• In January 2015 Azimut reached an agreement to acquire 70% of Bosphorus Capital, with AUM of ca. €400mln(2) . At completion Azimut consolidated AuM in Turkey will be in excess of € 750mln.
• The commercial and industrial integration of Azimut Portföy, AZ Notus Portföy and Azimut Bosphorus Capital Portföy creates Turkish largest independent player with a 2.5% market share
• Azimut is looking to grow a diversified product range and distribution network with both proprietary financial advisors and third party distributors

Short "termism" is institutionally banned

International expansion – Brazil

2013: Azimut enters LATAM with a JV in the Brazilian asset management market

• On 10 October 2013 Azimut acquired 50% of Legan, an asset management company with currently more than R\$ 710mn (ca. €220mn) under management. The transaction contemplated an acquisition from the founding partners (for a cash consideration of around € 3.3mn) and a subscription of a capital increase (for a countervalue of around € 3.4 million) to finance the business plan. Azimut has also call/put options.
• Subsequently, on 13 February 2014, Azimut completed the acquisition of 50% of AZ FI Holding, for a total consideration of € 3.9 mln.
• AZ FI Holding controls M&O (financial services through advisory on asset allocation, funds selection and financial education) and FuturaInvest (dedicated to asset management services through funds of funds and managed accounts).
• In February 2015 Azimut completed the acquisition of a 50% stake in LFI, with AUM of ca. €150mln(1) and focused on Wealth Management
• In April 2015 Azimut announced the acquisition of a 60% stake in award-winning Quest Investimentos, managing around € 615 million mainly in equity products and one of Brazil's bestperforming fund managers..

International expansion – Mexico

2014: Azimut expands LATAM with a JV in the Mexican market

• On 17th June 2014 Azimut through its subsidiary AZ International Holdings S.A. ("AIH") acquired 82.14% of Profie S.A. a Mexican holding company controlling the entire equity capital of Más Fondos S.A. ("Más Fondos"), Mexico's largest pure independent asset management distribution company.
• Más Fondos, founded in 2002 , distributes third party funds and has asset under custody equal to Ps\$ 7.1bn (equivalent to more than € 371mn*) as at 30th September 2014. It operates as a comprehensive distributor of investment funds having agreements with 12 local mutual fund houses and a market share of 10.4% as of May 2014. The company has also developed the leading system for fund analysis in Mexico called ARYES.
• Through this partnership, Azimut and Más Fondos will cooperate to develop an integrated platform centred on a proprietary financial advisors network working in an open-architecture environment to exploit the growth potential of the Mexican market.

Short "termism" is institutionally banned

International expansion – China / HK

2010: Definition of a frame agreement with local entrepreneurs/partners

• Azimut's partnership philosophy has been implemented also in China by involving local partners with an expertise in the local asset management industry.
• An Zhong (AZ) Investment Management in Hong Kong is the Holding company controlling two operating subsidiaries. Azimut, through the Holding company, oversees them and has relocated three Senior PMs from Luxembourg. Today Azimut manages one of the largest RMB fund in the world with around € 600mn in AuM.
• Through the operating subsidiaries Azimut aims at creating a regional hub and developing local production and distribution of asset management products and investment advisory services with a focus on qualified investors.

International expansion – Taiwan

2013: Azimut widens its Asian presence with a JV in the distribution business in Taiwan

• On 27th June 2013 AZ International Holdings S.A. ("AIH") and An Ping Investment, a Taiwanese holding controlling the entire capital of Sinopro Financial Planning Taiwan Limited ("Sinopro"), signed an investment and shareholders agreement to start a partnership in the distribution of asset management products in Taiwan.
• In particular, Azimut purchased 51% of An Ping Investment's capital from its existing shareholders for an investment of ca. € 3mn to finance the business development activities, and has also call/put option rights. Sinporo's AuM are currently US\$ 80mn*.
• The partnership increases Azimut presence in the Asian market together with a strong and dedicated financial planning and distribution partner, which will contribute in developing the financial knowledge and will respond to planning and financial consulting needs of Taiwanese investors

International expansion – Singapore

2013: Azimut signs a JV with a Singapore based asset management company

• On 2 nd October 2013 AZ International Holdings S.A. ("AIH") and Athenaeum Ltd, a Singapore independent asset management company, have signed an investment and shareholders agreement to start a partnership in the local market. Athenaeum, manages around US\$ 31mn AuM (equivalent to almost € 23mn*).
• In particular, Azimut purchased 55% of Athenaeum's corporate capital through a capital increase for a countervalue of around € 1.5 million, which will be employed to finance the business plan. The agreements also contain a price adjustment mechanism linked to AuM growth in the following two years and call/put option rights.
• Through this partnership, Azimut and Athenaeum will aim at maximising the potential of Athenaeum's existing funds and develop an internal sales structure to service institutional and HNWI investors in South East Asia. In addition, the partners will work to leverage these asset management competences via Azimut international presence and clients.

International expansion – Australia

2014: Azimut signs an agreement to enter the Australian asset management market

• On November 3 rd , 2014, Azimut acquired a 93% stake in Next Generation Advisory ("NGA"), an Australian based newco established with the purpose of consolidating financial planning businesses providing asset allocation and advisory services to local retail, HNW and institutional clients.
• The Australian wealth management industry is the largest market in the Asia Pacific region and the 4th largest in the world with over AUD 2.41 trillion (equivalent to € 1.67 trillion*) in AuM as at June 2014. Australia has one of the world's leading pension system (Superannuation), which has underpinned the growth of the Australian asset management industry.
• The transaction, entails a long term investment plan to consolidate a defined number of financial planner companies and develop the NGA platform. In case of full implementation of all the envisaged acquisitions, an overall investment of around AUD 8 million (ca. €5.5mn) per year is expected to finance the business plan, which targets to reach AUD 7.6bn of consolidated AuM (ca. €5.3bn) in the next 12 years. The agreement also contains for call/put option rights

Short "termism" is institutionally banned

International expansion – Monaco

2011: Agreement for a 51% stake acquisition

• On 10th May 2011 Azimut through its subsidiary AZ International Holdings S.A. ("AIH") signed a binding frame agreement with CGM (Compagnie de Gestion privée Monegasque); the acquisition of a 51% stake has been completed on 30th December 2011.
• AuC of CGM stood at nearly €800m (o/w more than €600m AuM) – consideration of ~€ 15m (including shareholders' equity) paid entirely with treasury shares. Currently total AUM is in excess of € 1bn.
• The partnership added new competences to Azimut Group targeting UHNWI also thanks to CGM's operating subsidiary in Italy.
• Current CGM management entered Azimut's shareholders' agreement.

Azimut pre-IPO history

20+ years of growth and evolution

Azimut 2004-2015

A dynamic Group at the verge of product and corporate innovation

Azimut's shareholder base

Total shares issued: 143.3m

One of the few true public companies in Italy

Timone – the Shareholders agreement

A strong agreement for a long term commitment

Participants	Promotori, employees and management organised in separate areas
Duration	3 years automatically renewed unless the absolute majority of the voting rights refuses. Already renewed in 2010 and 2013
Share lock-up	66%-75% of each participant's shares are locked until retirement, regardless of the tenure within the Group
	The residual 25%-34% can be sold at any time but subject to pre emption right amongst other participants.
	The price for this transfer is a 30 days rolling average.
Governance	A share trust includes 100% of the voting rights of the participants.
	A committee is responsible for managing and monitoring the participants' obligations and rights under the agreement

Short "termism" is institutionally banned

Product innovation: Azimut success story

Innovation has and will be one of Azimuts' key success factors

Despite a volatile market environment, new products have helped to defend the existing client base and attract net new money from existing and new customers

• A successful turnaround of the product offering including both strategic and tactical solutions:
• Products launched since 2012 weigh 28% of AUM
• Products launched since 2008: 58%
• Products launched from 2005: 84%

Azimut and Entrepreneurs

While remaining focused on the core business of asset management, Azimut is enlarging its scope of activities by supporting entrepreneurs and fostering the "Sistema Italia"

Main growth trend - Clients, FAs and AuM

Continuous growth throughout the decade, notwithstanding turbolent years

Asset Management – Breakdown by type

Fund of Funds are quite entirely for asset classes not managed in house

2009-2015 A beta stock with a strong P&L

Solid financial performance (€mln)

Contacts & Corporate calendar

IR Contacts		Upcoming events
Vittorio Pracca	tel. +39.02.8898.5853	23 July 2015: Board of Directors approval of 1H 2015
Gabriele Blei	tel. +39.02.8898.5849	results
Email	investor.relations@azimut.it	5 November 2015: Board of Directors approval of 9M
Website	www.azimut.it	2015 results

Disclaimer – Safe harbour statement

This document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the information contained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, or other third parties.

Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its members, directors, officers or employees or any other person. The Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person acting on behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

The information in this document might include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement.

The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and/or investment products mentioned and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations.