Azimut Holding — Interim / Quarterly Report 2016

May 5, 2016

1Q 2016 Results

Short "termism" is institutionally banned

Milan, 5 May 2016

1Q 2016 Results Table of contents

Asset Management

Distribution

1Q 2016 Financials

Summary & Outlook

About Azimut

1Q 2016 Highlights

• Asset Management
• Distribution
  • 1Q 2016 Financials
  • Summary & Outlook
    • About Azimut

1Q 2016 Highlights

Quarter reflects market volatility, strong fundamentals of the business remain intact

• Total Assets at €37.4bn as of 1Q 2016 (+13% vs. 1Q 2015)
• €39bn at end-April; all time high for the Group
• Net inflows at €1.7bn in the 1Q 2016
• €2.8bn at end-April thanks to the €1.1bn Net Inflows recorded last month
• Total revenues €133.2 million (vs. €238.2 million in 1Q15)
• Recurring fees, including insurance revenues, €122 million (vs. €135 million in 1Q15)
• Variable fees €5.7 million (vs. the record €97.0 million in 1Q15)
• Net profit €20.3 million (vs. €127.8 million in 1Q15), almost entirely due to the extraordinary variable fees generated in the record 1Q15
• Net Financial Position €320.5 million (vs. €336.3 million as of FY2015)
• Continuous growth overseas, now at 14% of Total Assets
• Australia one of the largest contributors, reaching almost A\$3bn in Total Assets
• AGM approved €1.5 DPS, equivalent to €200 million, and confirmed the proposed Board of Directors with Pietro Giuliani as Chairman

Source: Company data

Assets under Management evolution

Strong inflows and Asset growth despite highly volatile markets in the 1Q

Total Assets (€bn)

International Italy *

• Total Assets reached all time high at € 39 billion
• Almost doubled in just over 3 years
• Italy business shows solid growth trends Overseas keeping up the pace thanks to new JVs and existing partnerships
• Net Inflows reached € 2.8bn in the first 4 months of 2016; record figure for the Group Successful recruitment mixed with good productivity from the existing network
• Performance had a limited impact on Assets; a negative start has been offset by more positive performance in the last couple of months

Cleared out uncertainties: focused on business

	In 2016 tackled a number of important investors concerns; now fully focused on the business
	Concern / Uncertainty	Potential impact on AZM	Status
1.	Timone / Management Sellout	 Lower commitment by Azimut top management	 Chairman Pietro Giuliani is strongly buying back Azimut shares (€5mln in total, or €100k per month, for the next 4 years)  More than 1,100 colleagues are following a similar trend: a total of €32mln (including Mr. Giuliani's part) have been collected for a 4-year share purchase plan on Azimut shares  In addition, 100+ managers took part in a "Call" with a total premium of ca. € 5 mln, including €0.5mln invested by Mr. Giuliani alone. Strong belief in share price appreciation; if it doesn't reach at least €30 in the next 4 years, their investment would be entirely lost
2.	ESMA / IOSCO Papers	 Change calculation of Performance Fees	 Final Report is out: no change has been proposed  Different methods of calculation remain allowed, including Azimuts'  IOSCO final paper still pending however no consequence is expected (different entity with a different purpose). A similar finding to 2004 is likely to come out, already factored in the ESMA report
3.	CRD IV / Bank of Italy	 Limited "cash" available for Dividends, Buybacks, M&A	 Received Bank of Italy approval on most of the re-organization process aimed at removing Azimut from the application of the CRD IV (minor part of the approval likely to arrive in the next few weeks)  Dividend payout confirmed at €1.5ps, remaining €1.0ps expected to be paid in the Q4  Top management delivered ahead of the AGM, as targeted

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1Q 2016 Highlights

Asset Management

• Distribution
• 1Q 2016 Financials
  • Summary & Outlook
  • About Azimut

Azimut funds breakdown

Well diversified AuM split across categories

AuM by Category

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Azimut funds breakdown

Well diversified AuM split across categories

Short "termism" is institutionally banned

• 1Q 2016 Highlights
• Asset Management

Distribution

• 1Q 2016 Financials
• Summary & Outlook
  • About Azimut

Distribution – Azimut vs. Industry

Net Inflows as a % of beginning Total Managed Assets: consistently above industry levels

Note*: Jan-Mar 2016 figures are annualised 1Q numbers from Assogestioni. Jan-Apr 2016 are annualised numbers based on Azimut latest figures, Assogestioni are not still available to this date.

Source: Assogestioni, Azimut. Excludes foreign operations

Distribution – Consistent improvement in Net Inflows

Strong recruitment coupled with best-in-class productivity is leading to record results

• Solid growth trends and consistent rise in Net Inflows, despite market volatility and more conservative attitude of clients
• Recruitment remains strong, following over 150 new additions in 2015, Azimut recorded almost 50 new hires in the 1Q 2016
• Good contribution from the Wealth Management division: ca. €0.5bn Net Inflows as of Apr. 2016 YtD (including both recruitment and existing Bankers)

• Strong synergies from the "Libera Impresa" project: since it's start, the number of clients with more than €500k invested in Azimut increased of 45%

• 1Q 2016 Highlights

• Asset Management
  • Distribution

1Q 2016 Financials

• Summary & Outlook
• About Azimut

Consolidated reclassified Income Statement IAS/IFRS Compliant

Income Statement

€/000	1Q 2016	1Q 2015	4Q 2015
Entry commission income	1 572 ,	3 275 ,	2 431 ,
fees Recurring	112 666 ,	123 255 ,	120 260 ,
Variable fees	5 724 ,	97 045 ,	24 465 ,
Other income	3 908 ,	2 412 ,	2 772 ,
Insurance revenues	9 366 ,	12 254 ,	10 014 ,
Total revenues	133 236 ,	238 241 ,	159 942 ,
Distribution costs	(74 975) ,	(72 128) ,	(73 753) ,
Personnell and SG&A	(31 454) ,	(30 341) ,	(34 948) ,
/provisions Depreciation , amort	(2 745) ,	(1 688) ,	(4 251) ,
Operating costs	(109 174) ,	(104 157) ,	(112 952) ,
Operating profits	24 062 ,	134 084 ,	46 990 ,
income Interest	(243)	391 14 ,	588
Net operating costs non	(276)	(480)	(1 755) ,
Interest expenses	(2 727) ,	(2 746) ,	(2 797) ,
Profit before tax	20 816 ,	145 249 ,	43 026 ,
Income tax	(3 724) ,	(11 022) ,	(5 282) ,
Deferred tax	3 602 ,	(6 281) ,	2 302 ,
profit Net	20 693 ,	127 946 ,	40 046 ,
Minorities	350	140	675
Consolidated Profit Net	20 343 ,	127 806 ,	39 371 ,

Net Financial Position IAS/IFRS Compliant

Net Financial Position

€/000	31/03/2016	31/12/2015	31/03/2015
due banks: Amounts to	(30 085) ,	(30 096) ,	(40 248) ,
Senior Loan	(30 085) ,	(30 096) ,	(40 148) ,
Trademark lease back -	-	-	(100)
issued: Securities	(223 680) ,	(221 826) ,	(214 242) ,
Azimut senior 5% 11-16 2	-	(778)	(826)
convertible bond Azimut 125% 13 20 2 -	(223 680) ,	(221 048) ,	(213 416) ,
TOTAL DEBT	(253 765) ,	(251 922) ,	(254 490) ,
CASH CASH EQUIVALENTS AND	270 574 ,	588 215 ,	713 632 ,
NET FINANCIAL POSITION	320 505 ,	336 293 ,	459 142 ,

• Treasury shares are not booked within the NFP (ca. 7.5% of shares are linked to the convertible bond)
• NFP at the end of March does not include the payment of the €200mln ordinary dividends approved in the AGM, of which:
• ca. €67mln to be paid in May 2016
• the remaining ca. €133mln expected to be paid in the Q4 2016*
• Cash and Total debt at the end of March do not include:
• €10mln Senior loan partial repayment (June 30, 2016)

Short "termism" is institutionally banned

Source: Company data

• 1Q 2016 Highlights
• Asset Management
  • Distribution
  • 1Q 2016 Financials

Summary & Outlook

About Azimut

Summary & Outlook

Historically, weak quarters are followed by stronger ones; €15mln+ of Variable Fees collected in April

• Volatility prevailed in the 1Q 2016
• Conservative asset allocation, especially during the Quarter
• Flat performance YtD
• Net Inflows remain strong
• Indicating solid underlying fundamentals
• Good recruitment YtD (almost 50 additions between Financial Advisors and Private Bankers)
• Contribution from Wealth Management

International business keeps growing

• 14% of Total Assets at April 2016
• Australia the largest foreign market with ca. A\$3bn AuM
• Cleared non-business related uncertainties and concerns
• ESMA issue officially closed; no changes were proposed in the performance fees calculation
• Top Management and employees significantly buying Azimut shares
• Bank of Italy & regulatory capital almost fully resolved: received the bulk of the authorization, confident to be able to pay the remaining €1ps Dividend in the Q4

• New appointments and strengthening in the top management; external CEO expected by the summer

• 1Q 2016 Highlights

• Asset Management
  • Distribution
  • 1Q 2016 Financials
    • Summary & Outlook
    • About Azimut

Azimut Group Structure

Note (1): Controls distribution companies M&O Consultoria, FuturaInvest and Azimut Brasil Wealth Management.

Short "termism" is institutionally banned

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Note (2): controls AZ Sinopro Insurance Planning Ltd Note*: merger into Azimut Portfoy subject to regulatory approval

Azimut Group business overview

Note*: Mexico AM business still under authorization

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

Short "termism" is institutionally banned

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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. Notus manages discretionary portfolio mandates for 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 (later merged into Azimut Portfoy).
• In September/October 2015 Azimut announced the reorganization of it's Turkish platform to extract stronger commercial synergies and operational efficiencies, concentrating it's business in Azimut Portfoy
• The commercial and industrial integration within Azimut Portföy creates the Turkish largest independent player with a 5% market share

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 (increased to 92% in November 2015), an asset management company with excellent track record.
• Subsequently, on 13 February 2014, Azimut completed the acquisition of 50% of AZ FI Holding (later increased to 100% and renamed Azimut Brasil Wealth Management Holding).
• Azimut WM 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 (later renamed Azimut Brasil WM), focused on Wealth Management
• In April 2015 Azimut announced the acquisition of a 60% stake in award-winning Quest Investimentos, managing mostly equity products and employs one of Brazil's best-performing 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 Holdings) 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.
• 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.
• In 2015 Azimut increased its stake in Màs Fondos (to 94%), reaffirming commitment to build a fully integrated platform

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
• 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 (later renamed AZ Sinopro Financial Planning), 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.
• 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 Azimut and Athenaeum Ltd, a Singapore independent asset management company, have signed an investment and shareholders agreement to start a partnership in the local market.
• Azimut initially purchased 55% of Athenaeum's corporate capital through a capital increase, which was employed to finance the business plan.
• 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.
• In January 2016 Azimut acquired the remaining 45% to extract stronger commercial synergies and operational efficiencies abroad.
• The local partners agreed to continue working together over the long term to grow the business in Singapore and focus on managing the local products as well as cultivating relationships with family offices and HNWI in the region.

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 business plan targets to reach AUD 7.6bn of consolidated AuM (ca. €5.3bn) in the next 12 years
• In the first year of operations the plan is well ahead of schedule
• 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.
• 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.

Short "termism" is institutionally banned

Note: the AZ NGA controlling structure is a summarized representation

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.
• 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

Short "termism" is institutionally banned

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.
	Years matured*	% of locked shares
	< 3	75%
	3 - 6	66%
	6 - 9	33%
	> 9	25%

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

Summarized Azimut product offering

A balanced and complete product offering, focused on innovation and performance

Source: Azimut as of 31/03/2016

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: 62%
• Products launched from 2005: 86%

New products by year (AuM %)

Luxembourg Funds breakdown

Fund of funds have the same margin as in house funds

TARGET	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, BOND TARGET 2019 EQUITY OPTIONS	TARGET 11.3%
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, JAPAN CHAMPION, AMERICAN TREND, EUROPEAN TREND, LONG TERM VALUE, CGM OPPORTUNISTIC EUROPEAN, CGM OPPORTUNISTIC GLOBAL, GLOBAL GROWTH SELECTOR, ASIA ABSOLUTE	FOFs 12.3%
MARKET NEUTRAL	F1 ALPHA PLUS, MARKET NEUTRAL, LIRA PLUS
QUANT	QBOND, QPROTECTION, QTREND, QINTERNATIONAL
MACRO	MACRO DYNAMIC TRADING, GLOBAL MACRO, MACRO VOLATILITY
ILS	CAT BOND FUND	OTHER 7.6%
EQUITY LONG/SHORT	ACTIVE SELECTION, CORE BRANDS
RENMINBI	RENMINBI OPPORTUNITIES, RENMINBI OPP. FIXED INCOME	CASH MGMT
CASH MGMT	CASH OVERNIGHT, CASH 12 MESI	9.5%
HYBRID	HYBRID BOND
OTHER	OTHER SINGLE MANAGER (US INCOME, GLOBAL SUKUK, CARRY STRATEGIES, ETC.)
FOFs	MULTIMANAGER FOFs

Distribution – Client segmentation and geography

High quality clientele concentrated in strategic geographic areas

	% of FA	% of AuM
North	78%	81%
Centre	14%	14%
South	8%	5%

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

2009-2016 A beta stock with a strong P&L

Solid financial performance (€mln)

Source: Company data as of 31/03/2016 40 Note: 4Q14 Net Profit excludes one-offs

Contacts & Corporate calendar

IR Contacts		Upcoming events
Vittorio Pracca	tel. +39.02.8898.5853		28 July 2016: Board of Directors approval of 1H 2016
Gabriele Blei	tel. +39.02.8898.5849		results
Email	investor.relations@azimut.it		10 November 2016: Board of Directors approval of 9M
Website	www.azimut.it		2016 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.

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