Azimut Holding — Interim / Quarterly Report 2015

Nov 6, 2015

9M 2015 Results

They hate us cause they ain't us

Milan, 5 November 2015

9M 2015 Results Table of contents

• 9M 2015 Highlights
• Asset Management
  • Distribution
  • 9M 2015 Financials
    • Summary & Outlook
    • About Azimut

9M 2015 Highlights

• Asset Management
• Distribution
  • 9M 2015 Financials
  • Summary & Outlook
    • About Azimut

9M 2015 Highlights

9M results remain excellent notwithstanding a difficult 3Q on financial markets €548mln (up 37% vs. €401mln in 9M14) Realized the same level as in the entire 2014; balanced mix of recurring and variable fees Total Revenues Financials Net Profit Net Financial Position €208mln (up 68% vs. €124mln in 9M14) An excellent start to the year more than offset a volatile 3Q; record Net Profit result €348mln (up 11% vs. €312mln at FY14) Maintained a healthy NFP post dividend payment and investments for growth in Italy & abroad +37% Total Revenues (€mln) +68% Net Profit (€mln) +11% NFP (€mln) 401 548 9M 2014 9M 2015 124 208 9M 2014 9M 2015 312 348 FY 2014 9M 2015

They hate us cause they ain't us

Source: Company data

Assets under Management evolution

Net Inflows remain at record levels; markets behavior in the 3Q limits performance contribution

• Total Assets increasing by 18% in the first 9 months of 2015, mostly thanks to:
• Net Inflows in excess of €5 bn, including ca. €1.8bn of acquisitions abroad
• Limited yet improving net weighted average performance; close to 3% YtD (vs. ca. 0% at the end of September)
• More than doubled Total Assets in less than 4 years

Stability of the business model

Quarterly variations are normal, however yearly figures confirm the stability of the model

Recurring fee margin*

Sensible mix of fees

Charging of variable fees is directly related to the performance of financial markets, as 3Q confirms

• Variable fees are a consistent revenue stream for Azimut; the last 6 years, with both good and bad cycles, show that they are steadily generated and may provide a significant upside in more supportive markets
• … with significant upside coming from This translates in the delivery of a solid performance to our customers in the medium/long term, above industry, and in line with the scope of a mutual fund investment

Update on the Libera Impresa project (1/2)

Starting to show first results: deeper client/prospect relationship, enhanced brand recognition among HNWI

• €20mln + still to be invested

• Reviewed more than 800 opportunities with a significant contact with entrepreneurs

• Providing corporate finance services (M&A, advisory, strategic planning, etc.) to entrepreneur clients

• 400 marketing meetings with entrepreneurs of which more than 200 prospect

• Currently on 4 live deals, more than 10 in pipeline

• Ca. 70 investments

• €5 million invested

Siamosoci:

• 3k registered startups
• 82 startups in funding
• 37 financed startups
• € 10 mln raised

Update on the Libera Impresa project (2/2)

Starting to show first results: deeper client/prospect relationship, enhanced brand recognition among HNWI

• Elite project partnership aimed at bringing entrepreneurs closer to the IPO stage
• Partnership with Electa Group to launch a pre-IPO SPAC fund
• 4 enterprises introduced by Azimut into the Elite program
• Over 60 companies contacted and interested in the offer
• Developing stronger relationship with Milan Stock Exchange
• "IPO Club" SPAC fund to be launched in 2016

9

9M 2015 Highlights

Asset Management

• Distribution
• 9M 2015 Financials
  • Summary & Outlook
  • About Azimut

Asset Management – Performance

Good recovery post August/September volatility; net performance at +3%, still ahead of industry

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, ARBITRAGE
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, MULTIADVISORY FOFs

Azimut funds breakdown

Well diversified AuM split across categories

AuM by Category

Azimut funds breakdown

• 9M 2015 Highlights
• Asset Management

Distribution

• 9M 2015 Financials
• Summary & Outlook
  • About Azimut

Distribution - Funds

2006 – 15 Funds' net inflows as a % of total managed assets

They hate us cause they ain't us

Source: Company out of Assogestioni monthly figures Note *: CGM acquisition, ** Augustum acquisition

16

Update on the Italian landscape – 9M Assoreti figures

Distribution network well in shape; confirmed 1st place in network productivity

• 9M 2015 Highlights
• Asset Management
  • Distribution

9M 2015 Financials

• Summary & Outlook
• About Azimut

Consolidated reclassified Income Statement IAS/IFRS Compliant

Income Statement

€/000	9M 2015	9M 2014	2014 FY
commission income Entry	720 7 ,	6 818 ,	9 213 ,
fees Recurring	364 307 ,	286 965 ,	393 611 ,
Variable fees	134 001 ,	77 850 ,	108 231 ,
Other income	495 7 ,	021 5 ,	8 134 ,
Insurance revenues	34 104 ,	24 151 ,	33 065 ,
Total revenues	547 627 ,	400 805 ,	552 254 ,
Distribution costs	(217 009) ,	(191 988) ,	(256 326) ,
load products Commission on no	-	(3 173) ,	(4 718) ,
Personnell and SG&A	(90 883) ,	(63 879) ,	(87 309) ,
/provisions Depreciation , amort	(6 859) ,	(11 546) ,	(10 813) ,
Operating costs	(314 751) ,	(270 586) ,	(359 166) ,
Operating profits	232 876 ,	130 219 ,	193 088 ,
Interest income	13 804 ,	9 251 ,	10 082 ,
operating Net costs non	(3 310) ,	(5 319) ,	(6 273) ,
Interest expenses	(8 218) ,	(9 378) ,	(12 051) ,
Profit before tax	235 152 ,	124 773 ,	184 846 ,
Income tax	(18 273) ,	(9 727) ,	(93 761) ,
Deferred tax	(6 938) ,	9 519 ,	2 156 ,
profit Net	209 941 ,	124 565 ,	93 241 ,
Minorities	891 1 ,	736	1 145 ,
Consolidated Profit Net	208 050 ,	123 829 ,	92 096 ,
Consolidated Profit (excluding one-offs*) Net	208 050 ,	123 829 ,	308 174 ,

Source: Company data

Consolidated reclassified Balance Sheet IAS/IFRS Compliant

Net Financial Position

€/000	30/09/2015	31/12/2014	30/09/2014
due banks: Amounts to	(30 196) ,	(40 272) ,	(43 478) ,
Senior Loan	(30 096) ,	(40 172) ,	(40 153) ,
Trademark lease back -	(100)	(100)	(3 325) ,
issued: Securities	(221 793) ,	(216 685) ,	(216 734) ,
Azimut 11-16 senior 2 5%	(782)	(840)	(836)
convertible bond Azimut 13 20 2 125% -	(221 011) ,	(215 845) ,	(215 898) ,
TOTAL DEBT	(251 989) ,	(256 957) ,	(260 212) ,
CASH AND CASH EQUIVALENTS	600 057 ,	569 343 ,	613 823 ,
NET FINANCIAL POSITION	348 068 ,	312 386 ,	353 611 ,

• Treasury shares are not booked within the NFP (ca. 7.2% of shares are linked to the convertible bond)
• NFP at the end of September is net of:
• €103mln ordinary dividends (May 20, 2015)

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

• 9M 2015 Highlights

• Asset Management
  • Distribution
  • 9M 2015 Financials

Summary & Outlook

About Azimut

Summary & Outlook

Financial markets uncertainty remains, however quality companies with a solid business model still deliver
	What's done	Outlook
FINANCIAL RESULTS	 Overall a record 9M notwithstanding an unexciting 3Q  Average margins retained throughout the 9M  Cost control	Confirm the FY 2015 Net Profit outlook to €220-300mln Assuming current market conditions, variable fees in the 4Q could provide an upside and offset a weaker 3Q
PRODUCTION	 Good recovery in terms of net weighted average performance; close to +3% (net of fees) and always above industry	Focused on closing the year above industry, generating yet another positive year Cross-country product innovation in progress Uncertainty and volatility may create opportunities on the production side
DISTRIBUTION	 Maintained leadership in FA productivity  Solid recruitment across the 9M (119 new additions)	Important recruits to be finalized by Q4 Working to overcome last years record Net Inflows figure
INTERNATIONAL EXPANSION	 Completed 5 acquisitions in Australia  Reorganized Turkey	Could foresee more corporate rationalization/reorganization in existing countries Focused on both organic and new potential JVs

Update on the 2015-2019 Business Plan

1 year ago we announced our new Business Plan; Azimut is firmly on track

• 9M 2015 Highlights
• Asset Management
  • Distribution
  • 9M 2015 Financials
    • Summary & Outlook
    • About Azimut

Azimut Group Structure

They hate us cause they ain't us

²⁵ Source: Company data as at 5/11/2015 Note (1): Controls distribution companies M&O Consultoria, FuturaInvest and LFI Investimentos.

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

27

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
• In September/October 2015 Azimut announced the reorganization of it's Turkish platform to extract stronger commercial synergies and operational efficiencies. At regime, Azimut Bosphorus and AZ Notus will be merged into Azimut Portfoy creating the largest Turkish independent asset management player

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. (renamed AZ Mèxico) 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.

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.

They hate us cause they ain't us

33

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. Australia has one of the world's leading pension system (Superannuation), which has underpinned the growth of the Australian asset management industry.
• The business plan targets to reach AUD 7.6bn of consolidated AuM (ca. €5.3bn) in the next 12 years, and in the first year of operations AZ NGA has already consolidated 5 practices for ca. € 1bn AuM
• In August 2015, a majority stake (76%) was acquired in Ironbark Funds Management (RE) Ltd (renamed AZ Sestante), a company operating as trustee and manager of Australian mutual funds, necessary to launch and offer funds locally.

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

Client segmentation and geography

Continued focus on HNWI concentrated in strategic geographic areas

• Medium Wealth: from € 12,500 to € 125,000
• Affluent: from € 125,000 to € 500,000
• High Net Worth Individuals: above € 500,000

	% of FA	% of AuM
North	80%	77%
Centre	15%	19%
South	5%	4%

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 Part of each participant's shares are locked following a table based on the tenure within the Agreement. The residual 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. Years in the agreement % of locked shares < 3 75% 3 - 6 66% 6 - 9 33% > 9 25%

A committee is responsible for managing and monitoring the participants' obligations and rights under the agreement

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 30% of AUM
• Products launched since 2008: 56%
• 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

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

Solid financial performance (€mln)

Source: Company data as of 30/09/2015 44 Note: 4Q14 Net Profit excludes one-offs

Contacts & Corporate calendar

IR Contacts		Upcoming events
Vittorio Pracca	tel. +39.02.8898.5853
Gabriele Blei	tel. +39.02.8898.5849
Email	investor.relations@azimut.it
Website	www.azimut.it

2016 calendar to be announced in January

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.