Azimut Holding — Interim / Quarterly Report 2017

May 4, 2017

1Q 2017 Results

Short "termism" is institutionally banned

Milan, 4 May 2017

1Q 2017 Results Table of contents

• Asset Management
• Distribution
  • 1Q 2017 Financials
  • Summary & Outlook
    • About Azimut

1Q 2017 Highlights

• Asset Management
• Distribution
  • 1Q 2017 Financials
  • Summary & Outlook
    • About Azimut

1Q 2017 Highlights

	Strongest quarter since the record 1Q 2015; cost control exercise on track and solid performance metrics
Financial Results	1Q 2017 Net Profit: €73mln (vs. €20mln in 1Q 2016) 1Q 2017 Total Revenues: €215mln (vs. €133mln in 1Q 2016) Recurring fees at €148mln (vs. €113mln in 1Q 2016) Variable fees at €50mln (vs. €6mln in 1Q 2016)
Inflows & AUM	Total Assets at 31/03/2017: €46.5bn, up 7% vs. end-2016 Net Inflows in the 1Q 2017: €2.2bn (+28% vs. 1Q 2016)
Capital Management	Completed liability management exercise with new Senior Bond and buyback of outstanding Convert. Better capital structure, reduced P&L expenses (at regime), full flexibility on 7.5% treasury shares Initiated share buyback plan in the 1Q, to be continued throughout 2017 2017 DPS approved by AGM at €1.0 (ca. 77% Payout), above the Business Plan guidelines
Performance	YtD(1) In 2017 at +2.2% vs. +1.6% Italian Industry Good mix of strong performing funds in our home European market as well as in Emerging Markets
Governance	Improved Governance structure with the appointment of an additional Independent Director: 1/3 Board independence reached, in line with international best practices 1/3 female representation, at the highest ranks among the industry

A snapshot of 1Q Results (1/2)

Strong top-line growth coupled with cost discipline…

A snapshot of 1Q Results (2/2)

… Resulting in strong bottom line numbers both vs. 1Q17 as well as 4Q16

Evolution of Assets under Management

Strong organic growth in the 1Q 2017 leading to a solid AuM evolution

Total Assets at all time high at €46.5bn

7

• Record Net Inflows in the 1Q17 (+28% vs. 1Q 2016), thanks to organic growth and a good contribution from performance
• Overseas business in excess of 20% of Total Assets at March 2017
• Almost 50% of Group Net Inflows in 1Q17 came from the overseas business (mostly organic)
• Solid performance at +2.2% in 2017 YtD vs +1.6% of the Italian Industry

Assets Under Management by portfolio:

Note*: through AZ International Holdings

0.0%

5.0%

1Q 2017 Highlights

Asset Management

• Distribution
• 1Q 2017 Financials
  • Summary & Outlook
  • About Azimut

8

Azimut Net Weighted Average Performance

Consistently above industry in 2017 YtD: +2.2% vs. +1.6% as of end-April

9

Azimut funds breakdown

Well diversified AuM split across categories

10

Azimut funds breakdown

Well diversified AuM split across categories

• 1Q 2017 Highlights
• Asset Management

Distribution

• 1Q 2017 Financials
• Summary & Outlook
  • About Azimut

Distribution – Azimut vs. Industry

Net New Money as % of AuM: consistently above industry levels

Source: Company out of Assogestioni monthly figures. Assogestioni excludes foreign operations.

Note*: 1Q 2017 numbers are annualised.

Distribution – Financial Advisor Network in Italy

• 1Q 2017 Highlights
• Asset Management
  • Distribution

1Q 2017 Financials

• Summary & Outlook
• About Azimut

Consolidated reclassified Income Statement IAS/IFRS Compliant

Income Statement

€/000	1Q 2017	1Q 2016	4Q 2016
commission income Entry	2 931 ,	572 1 ,	3 978 ,
fees Recurring	148 217 ,	112 666 ,	140 017 ,
fees Variable	49 507 ,	5 724 ,	50 389 ,
Other income	2 293 ,	3 908 ,	2 098 ,
Insurance revenues	11 775 ,	9 366 ,	10 260 ,
Total Revenues	214 723 ,	133 236 ,	206 742 ,
Distribution costs	(84 363) ,	(74 975) ,	(85 427) ,
Personnell and SG&A	(42 863) ,	(31 454) ,	(46 267) ,
/provisions Depreciation , amort	(3 979) ,	(2 745) ,	(6 635) ,
Operating costs	(131 205) ,	(109 174) ,	(138 329) ,
Profits Operating	83 518 ,	24 062 ,	68 413 ,
income Interest	(427)	(243)	(3 613) ,
operating Net costs non	(975)	(276)	(2 464) ,
Interest expenses	(2 825) ,	(2 727) ,	(2 793) ,
Profit Before Tax	79 291 ,	20 816 ,	59 543 ,
Income tax	(4 248) ,	(3 724) ,	(6 503) ,
Deferred tax	(479)	3 602 ,	469
Profit Net	74 564 ,	20 694 ,	53 509 ,
Minorities	1 623 ,	350	2 113 ,
Consolidated Profit Net	72 941 ,	20 344 ,	396 51 ,

Short "termism" is institutionally banned

Source: Company data

Note: 4Q 2016 numbers have been updated vs. FY 2016 presentation due to minor delta on Distributions costs

Net Financial Position IAS/IFRS Compliant

Net Financial Position

€/000	31/03/2017	31/12/2016	31/03/2016
due banks: Amounts to	(20 000) ,	(20 051) ,	(30 085) ,
Senior Loan	(20 000) ,	(20 051) ,	(30 085) ,
issued: Securities	(578 073) ,	(226 522) ,	(223 680) ,
bond Azimut 17-22 senior 2%	(348 852) ,	-	-
convertible bond Azimut 125% 13-20 2	(229 221) ,	(226 522) ,	(223 680) ,
TOTAL DEBT	(598 073) ,	(246 573) ,	(253 765) ,
CASH AND CASH EQUIVALENTS	834 274 ,	438 832 ,	574 270 ,
NET FINANCIAL POSITION	236 201 ,	192 259 ,	320 505 ,

• Treasury shares (not booked within the NFP) stand at 8.3% as of 31/03/2017
• NFP at the end of March does not include ca. €133mln ordinary dividends to be paid in May 2017
• Cash and Total debt at the end of March do not include:
• €10mln Senior loan partial repayment (June 30, 2017)

• The repayment of the "Azimut 13-20 convertible bond 2.125%" fully tendered on 05/04/2017

• 1Q 2017 Highlights

• Asset Management
  • Distribution
  • 1Q 2017 Financials

Summary & Outlook

About Azimut

Summary & Outlook

On the right track: more profitable than competitors, growing faster than competitors

• Azimut results in this first part of the year are remarkable:
• Highest Net Profit / AUM among listed competitors(1) , despite higher operating costs due to the expansion abroad
• Significantly higher Asset growth vs. the Italian industry(2) with 15% Net New Money vs. 4.6% of the Italian Industry The growth rate excluding the overseas business would still be higher than the Industry, albeit at a lower rate (7.3%)
• Numbers and facts are demonstrating that Azimut is headed in the right direction for a new phase of growth, with significant upside coming from the overseas business in the medium/long term
• Net Inflows in Italy and abroad continue at a strong pace, with more attention on quality vs. quantity
• Most of the net inflows coming from abroad are organic, with a better contribution to Operating Profit at Group level
• Well positioned from a capital structure point of view
• Completed Liability Management exercise; reduced overall cost of debt and extended duration
• "Freed up" ca. 7.5% of treasury shares
• Areas of focus going forward:
• Profitability enhancement, with particular attention to the IT & Operations as well as international businesses
• Carefully monitoring regulatory framework; any changes will be swiftly dealt with
• Buyback on own shares to continue throughout 2017 (AGM approved the plan to buy up to 20% of share capital until Oct. 2018)

Note (1): Azimut numbers are annualized 1Q 2017 results.

Listed competitors numbers based on annualized Bloomberg consensus for 1Q 2017 Net Profit and AUM. Note (2): Assogestioni 1Q 2017.

Update on 2015-2019 business plan: on track

Almost half way along the plan, all targets are on the right track

Short "termism" is institutionally banned

Note (1): As of Mar-17. Note (2): 2019 Target Net inflows refers to an annual average across the 5 year business plan

• 1Q 2017 Highlights
• Asset Management
  • Distribution
  • 1Q 2017 Financials
    • Summary & Outlook
    • About Azimut

Azimut Group Structure

Azimut acquired the remaining 49% and is in the process of being merged into Azimut Capital Management SGR. Note (4): Azimut reached an agreement to acquire the

remaining 49% as of 31/12/2017. Note (5): 49% owned through Azimut Partecipazioni, fully owned by Azimut Holding.

Azimut Group business overview

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

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 (later merged into AZ Quest), 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) 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%, later increased to 100%) 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

51% CGM (Asset management) CGM Italia SIM 100% AZ International Holdings (2010)

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.
• In 2016, Azimut reached an agreement to acquire the remaining 49% as of 31/12/2017

Azimut pre-IPO history

20+ years of growth and evolution

Azimut post-IPO development

A dynamic Group at the verge of product and corporate innovation

Azimut's shareholder base

Timone Fiduciaria represents the shares of around 1,400 individual shareholders (Promotori, employees, managers working for Azimut), tied up in a strong shareholders' agreement

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 2013 and 2016
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

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 29% of AUM
• Products launched since 2008: 62%
• Products launched from 2005: 86%

Note: Lux funds only

Summarized Azimut product offering

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

Source: Azimut as of 31/03/2017

Distribution – Client segmentation and geography

High quality clientele concentrated in strategic geographic areas

Smaller Wealth 1% Medium Wealth 15% Affluent 25% HNWI 60%

Client segmentation based on AuM volumes Geographical distribution of FAs (1,636 as of 31/03/2017)

• Smaller Wealth: below € 12,500
• 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	79%	84%
Centre	13%	13%
South	8%	3%

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

AuM (€bn)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2009-2017 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	27 July 2017: Board of Directors approval of 1H 2017
Gabriele Blei	tel. +39.02.8898.5849	results
Email	investor.relations@azimut.it	9 November 2017: Board of Directors approval of 3Q
Website	www.azimut-group.com	2017 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.