Azimut Holding — Interim / Quarterly Report 2019

Aug 1, 2019

Azimut Group 1H 2019 Results

Milan, August 1st 2019

Table of Contents

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Table of Contents

•	1H 2019 Highlights	4
•	Asset Management	12
•	Distribution	20
•	1H 2019 Financials	28
•	Summary & Outlook	35
•	About Azimut	40

1H 2019 Highlights

A glimpse of the new P&L: Revenues increase year on year is 4x Operating Costs

1H 2019 Highlights

Profitability and cash flow generation returning to the higher end of historical ranges

Recurring Net Profit in Q2 at €50mln: target delivered as previously indicated

Robust rebound in 2019 thanks to strong inflows globally and supportive markets

Total Assets breakdown (€bn)

• Total Assets reaching all time high at €55.9bn
• Net Inflows in 2019 YtD at €3.2bn, almost entirely organic, from both Italy and International:
  • July alone ca. €500mn, of which €350mn from Italy (€325mn into managed assets) and €150mn from International
  • Italy YtD: ca. €1.2bn of Net Inflows
  • International at 29% of Total Assets
• Net Performance remains at 2019 peak levels: +6.9%, above the Italian industry
• Assets Under Management by portfolio:

Source: Company data Note*: through AZ International Holdings

EMEA (Ex-Italy) Asia-Pacific

€4.7bn Total Assets at June 2019

• €577mn Net Inflows in 2019 YtD
• New JV in Egypt with € 360mln AUM: top performing equity boutique increasing our Middle Eastern & Turkish presence and our Sharia-compliant competences
• Growing in the U.A.E. with the opening of the Abu Dhabi office and additional institutional clientele
• Solid performance in CH and Monaco with moderate AUM growth and new client acquisition
• Turkish operations: positive net inflows and profits YtD

€6.1bn Total Assets at June 2019 €560mn Net Inflows in 2019 YtD

• Brazilian business contributing with strong performance and net new money growth in 1H despite a subdued local market. Expecting progress in the approval of reform packages to affect markets positively in 2H
• Mexico focusing on FA growth and productivity as well as overall franchise development

• Looking to grow US presence

• €5.5bn Total Assets at June 2019

• €312mn Net Inflows in 2019 YtD
• New JV in China with Youmy Wealth Management focusing on partnerships with family offices with domestic funds already launched
• In Australia exploiting new trends post Royal Commission guidelines
• Taiwan and Singapore: strong recruitment of Sales and Private Bankers with transfer of their AUM

Significant market size in Italy coupled with the advantage of being the first-mover

ADDRESSABLE MARKET

Azimut positioning: € 1.5bn AUM by 2020 and over 15% of Group Assets by 2024

AZIMUT ACTION PLAN: Product & AUM Update

Next steps and pipeline:
		ASSET CLASS	STATUS
	Antares AZ 1	Debt
	IPO Club	SPAC
	Demos I	PE
	FoF(1)	PE
	ITALIA 500 I	VC
	Corporate Cash I	Debt
	Finance for Food	PE
	Co-investment	PE	In Pipeline
	Private Debt	Debt	In Pipeline
	Corporate Cash II	Debt	In Pipeline

• 1H 2019 Highlights 4 • Asset Management 12 • Distribution 20 • 1H 2019 Financials 28 • Summary & Outlook 35 • About Azimut 40

Azimut Net Weighted Average Performance

Net performance above peak levels at +6.9%, still above industry

Breakdown by asset class reflecting client behaviour and risk appetite

AuM by Underlying Asset

Breakdown of Equities and Fixed Income by Geography and type

Equities Fixed Income

•	1H 2019 Highlights	4
•	Asset Management	12
•	Distribution	20
•	1H 2019 Financials	28
•	Summary & Outlook	35
•	About Azimut	40

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

Source: Company out of Assogestioni monthly figures. Assogestioni excludes foreign operations and is 1H 2019 annualised.

Azimut includes consolidated numbers at Group level and is 1H 2019 annualised.

Gross New Financial Advisor Hires(1) Recruitment by Origin

New Clients Split of AuM and FA by geography

16

Source: Azimut.

Note (1): Gross Organic Recruitment, excluding Sofia M&A. Note (2): other Financial Planning networks

•	1H 2019 Highlights	4
•	Asset Management	12
•	Distribution	20
•	1H 2019 Financials	28
•	Summary & Outlook	35
•	About Azimut	40

Income Statement

€/000	1H 2019	1H 2018	2Q 2019	2Q 2018
Entry commission income	2 626 ,	3 208 ,	1 607 ,	1 443 ,
Recurring fees	357 804 ,	313 828 ,	187 654 ,	495 157 ,
Variable fees	86 767 ,	30 325 ,	29 725 ,	20 737 ,
Other income	6 224 ,	4 346 ,	3 768 ,	2 204 ,
Insurance revenues	32 489 ,	24 010 ,	15 693 ,	11 533 ,
Total Revenues	485 911 ,	375 716 ,	238 447 ,	193 412 ,
Distribution costs	(185 661) ,	(168 869) ,	(92 510) ,	(77 987) ,
Personnell and SG&A	(99 577) ,	(100 398) ,	(51 320) ,	(51 572) ,
Depreciation /provisions , amort	(9 164) ,	(7 632) ,	(4 324) ,	(3 813) ,
Operating costs	(294 402) ,	(276 900) ,	(148 154) ,	(133 372) ,
Operating Profit	191 509 ,	98 817 ,	90 294 ,	60 040 ,
Interest income	825 11 ,	(2 861) ,	4 811 ,	083 1 ,
Net operating costs non	(4 430) ,	(1 004) ,	(3 982) ,	(94)
Interest expenses	(4 992) ,	(3 689) ,	(2 634) ,	(1 857) ,
Profit Before Tax	193 913 ,	91 264 ,	88 489 ,	59 173 ,
Income tax	(16 998) ,	(14 282) ,	(8 029) ,	(9 477) ,
Deferred tax	254 1 ,	6 634 ,	3 082 ,	3 545 ,
Net Profit	178 168 ,	83 616 ,	83 542 ,	53 240 ,
Minorities	7 143 ,	11 033 ,	3 436 ,	7 095 ,
Consolidated Net Profit	171 025 ,	72 584 ,	80 106 ,	46 145 ,

Net Financial Position

€/000	30/06/2019	31/12/2018	30/06/2018
Amounts due to banks:	(198 274) ,	-	-
Loan BPM	(198 274) ,	-	-
Securities issued:	(350 858) ,	(354 166) ,	(350 440) ,
Azimut 17-22 senior bond 2 0%	(350 858) ,	(354 166) ,	(350 440) ,
TOTAL DEBT	(549 132) ,	(354 166) ,	(350 440) ,
CASH AND CASH EQUIVALENTS	474 396 ,	323 113 ,	293 429 ,
NET FINANCIAL POSITION	(74 736) ,	(31 053) ,	(57 011) ,

Liabilities IFRS16 adoption Lease	(48 318) ,	-	-
FINANCIAL POSITION (including IFRS16 impact) NET	(123 054) ,	(31 053) ,	(57 011) ,

NFP at the end of June mostly includes:

• €166mn ordinary dividends paid in cash in May 2019
• €27mn stamp duty and policyholder tax advance
• Other acquisitions / M&A operations for ca. €33mn
• Treasury shares (not booked within the NFP) stand at 1.6% as of 30/06/2019
• Lease liabilities do not constitute a cash item

•	1H 2019 Highlights	4
•	Asset Management	12
•	Distribution	20
•	1H 2019 Financials	28
•	Summary & Outlook	35
•
	About Azimut	40

Tackled a number of important investors concerns; now fully focused on business
Concern / Uncertainty	Key mitigants & actions	Status
1. Performance Fees	 Already filed a new method for the calculation of performance fees  Based on annual benchmark plus spread linked to product categories Expect new methodology to kick in on Jan. 1st  2020
2. Multiple CEOs	A global business operating in multiple markets and segments requires a new  approach in leadership 5 CEOs, each with specific and distinct mandates, are operating effectively within  their respective areas, reporting directly to the Board Strong coordination and focus so far 
3. Volatility of the P&L	 Previous performance fee method resulted in a highly volatile P&L: Net Profit was ca. 2/3 by performance fees  New method is transforming the P&L to become more stable and recurring oriented: 80% of the Net Profit going forward will be recurring
4. International Business	Showered tangible and positive results, growing at a significantly higher pace than  the home market Profitability improving and growing faster than AUM. More results to come 
5. Operating Costs	 A hands-on approach leading to a concrete cost control, with SG&A essentially flat over the last quarters  More efficiencies to come out of new IT platform and economies of scale

P&L transformation almost complete; ready for a new (growth oriented) 5-yr Plan

• First hints of the new P&L showing encouraging results
  • 2x Recurring Fee Net Profit
  • No impacts on net inflows post Mifid and repricing; actually improving over the last few months over €3.2bn YtD while the Italian industry is registering outflows
  • Client onboarding improving in Italy vs. 2018
  • Client net performance still above industry and fully recovered the 2018 losses
• Going forward:
  • New 5-Year Business Plan to be released within the next 12 months
  • Positively "disrupted" the old, traditional Private Markets segment in Italy: democratization of the asset class with launch of key funds from September onwards
    • Target to reach at least €1.5bn by 2020 and >15% of Total Assets by 2024
  • Remain open for selective M&A, either bulking up existing presence or entering into new markets / businesses complementing the existing offering
  • Committed to €250-300mn as Net Profit, of which ca. 80% from Recurring revenues
  • International business to continue growing mostly organically and improving profitability

Well on track to achieve the remaining target of Net Profit

Legend:   : Ahead of schedule  : On schedule : Behind schedule	Today	2019 Target	Status
Total Assets Of which outside Italy	€55.9bn 29%	€50bn ~15%	  
Annual. Net Profit 1H 2019 Net Profit	≥ €300mln €171mln	€300mln	
Annual. Net Inflows 2019 YtD Net Inflows	€5.5bn €3.2bn	€2.5bn(1)	
Dividend Policy	€1.5p.s. 100%+ Payout	>75% ut o y >60% a P	

• 1H 2019 Highlights 4 • Asset Management 12 • Distribution 20 • 1H 2019 Financials 28 • Summary & Outlook 35 • About Azimut 40

Azimut Group Structure

25 Source: Company data as at 30/06/2019. Note (1): Controls distribution companies M&O Consultoria, FuturaInvest and Azimut Brasil Wealth Management. Note (2): controls AZ Sinopro Insurance Planning. Note (3): Controls 100% of CGM Italia SGR. Note (4): 30% is owned by Azimut Capital Management and 19% by Azimut Financial Insurance, both fully owned by Azimut Holding. Note (5): controls SDB Financial Solutions. Note (6): Showing only material subsidiaries with a majority ownership.

Azimut overseas business stands at 29% of Total Assets at June 2019

20+ years of growth and evolution

A dynamic Group at the verge of product and corporate innovation

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

2019: Enter the Egyptian asset management industry

• In 2019 Azimut entered the Egyptian market through AZ International Holdings S.A. ("AIH") with the aim of growing on both the production and distribution sides of the business
• In January 2019 Azimut acquired 100% of Rasmala Egypt, a Egyptian independent asset management company. Rasmala Egypt manages conventional and Shariah compliant portfolio management in Egypt with AUM of EGP 8.46bn (USD 474mn).
• The Company has a high quality team of portfolio managers and analysts with 10 investment professionals managing a range of strategies embedded in public funds and mandates for local Sovereign institutions, international Sovereign Wealth Funds, pension plans, public banks and HNWI.
• The team's track record includes periods of extended instability and volatility for local markets with an overall 624% accumulated returns over the period 2005-June 2018 in local currency, well above 537% for EGX 30 and 324% on average for local funds.
• As of 2017 the Arab Bank Corporation Equity Fund, managed by Rasmala Egypt, ranked first for 3, 5 and 6 years performance

2011: Start of a building block to create an independent asset management player

• AZ Swiss & Partners was established in 2012 and, on January 2016 following the acquisition of Augustum Opus, has received the authorization from the FINMA, the Swiss Financial Market Supervisory Authority, to operate under a LICol license.
• In June 2016 AZ Swiss acquired the business of Sogenel Capital Holding S.A., which will form a new division within AZ Swiss to be headed by Sogenel's current founder and CEO.
• In June 2017, AZ Swiss acquired the entire equity capital of SDB Financial Solutions S.A. ("SDB"), which will operate as a subsidiary of AZ Swiss and will continue to be headed by SDB's current management team. With this second acquisition and its organic growth strategy AZ Swiss has achieved total AuM of almost € 2bn) as of December 2017.
• With these acquisitions AZ Swiss is starting to deploy its strategy based on: (i) the management of mutual funds (both UCITS and FIA) and discretionary portfolios; (ii) the distribution of funds to qualified investors (HNW and institutional clients); (iii) the consolidation of independent asset managers and private bankers in Switzerland to grow an independent wealth management platform.

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.

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
• On the 2 nd January 2017 Mas Fondos started fund management operations in Mexico with the launch of two local products and an additional one being launched in the 2H 2017. The launch of the first two funds is allowing us to continue building an integrated platform and increase overall profitability. At the 30th of June about 25% of Mas Fondos asset are managed on the two funds.

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

• An Zhong (AZ) Investment Management in Hong Kong is the Holding company. Azimut, through the Holding company, oversees the operating subsidiaries and has relocated 3 Senior PMs from Luxembourg. 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.
• In March 2018, AZ Investment Management (Shanghai) has been granted registration as Private Fund Manager (PFM) by the Asset Management Association of China (AMAC) - a self-regulatory organization that represents the mutual fund industry of China. Azimut is the first eurozone based asset manager to have obtained the license, assigned to a limited and selected number of international asset managers.
• The license will allow Azimut's subsidiary to launch, manage and offer onshore investment products to institutional and high net worth investors (HNWIs) in Mainland China.

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

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.

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.

2011: Entered the Monaco market with (initially) a 51% stake

• 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

Timone Fiduciaria represents the shares of over 1,900 individual shareholders (FAs, employees, managers working for Azimut) and Peninsula Capital, tied up in a strong shareholders' agreement.

More than 1,200 participants of the shareholders agreement together with Peninsula Capital, invested in Azimut shares in June 2018 thereby increasing Timone's stake up to ca. 24.4% from the previous ca. 15%.

Total shares issued: 143.3m Timone: a strong agreement for l/t commitment

Participants	Advisors, employees and management organised in separate areas
Duration	3 years automatically renewed unless the absolute majority of the voting rights refuses. Already renewed in 2016 and 2019
	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.

Share lock-up	matured(1) Years	% of locked shares
	< 3	75%
	3 - 6	66%
	6 - 9	33%
	> 9	25%

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

Governance

In June 2018 completed the most significant investment in Azimut Holding stock since the IPO

	 Timone strengthened it's stake in Azimut Holding from 15.8% to 24.0%	Key Metrics
	 Participation of more than 1,200 colleagues from 14 countries worldwide
Transaction Summary	 LBO: financed 50% through equity raised by Timone members and 50% through bank debt, secured by a pledge on shares acquired and a cash collateral	̴11 Debt m m mln Azimut shares 0 5 €50m 0 5 €1 €1 14.4 e:  n
	Peninsula joined the deal acquiring at  settlement ca. 3.8m shares (2.6% of share capital)	nt: share price(1) € avg o e m Equity m Ti €50m 8 est
	 Strengthen and provide additional stability to Azimut governance with strong and renewed commitment to the market	% stake acquired v n a al I ul 24.0 ns €55m ot
Strategic Rationale	 Provide additional levered upside to existing (younger) Timone members, considering the stock is significantly undervalued	ni % resulting stake T e P Shareholding structure:
	 Messages reinforced by the involvement of a leading financial investor (Peninsula) sharing the same view	Pre (10 May 2018) Today 9%
	January 2018: Transaction announced 	15%
Timeline	 June 2018: Transaction completed
	June 2021: maturity of debt financing 	76%

Undisputed leader in corporate and product innovation thanks to an effective and unique business model

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

K S RI R E H G	Italian Equity European Equity European Trend Absolute Global Quality	Commodity Commodity Japan Alpha CEEMEA Real Plus Asia Absolute
HI K S RI	Global Small Cap Growth Global Europe FoF European Currencies America Dynamic US Short Term Bond	Equity Options New World Opportunities Equity Options Turkey Target Funds Income Opportunities Global Macro Global Income Sukuk Multistrategy Strategic Long/short Trend Europe
	Global Infrastructure Global Unconstrained Income Bond Fund Conservative Solidity F1 Conservative Reserve S/T Euro	Italian Global Macro RMB Funds Quant Excellence Conservative Funds* Hybrid Bonds Funds Smart Risk Premia Bond Target Market Neutral Arbitrage Funds Macro Volatility Core Brands Global Conservative Sustainable Cat Bond Fund Allocation Global Equity Plus
R E W O L	Cash Munis Yield Management Funds	Eskatos F1 Alpha Plus
	CLASSIC Fixed Income Money Market Alternative Equity Balanced Commodity	INNOVATIVE

Continuous growth throughout the decade, notwithstanding turbolent years

Solid financial performance (€mln)

Investor Relations Contacts Upcoming events

Vittorio Pracca Tel. +39.02.8898.5853 Email: vittorio.pracca@azimut.it

Galeazzo Cornetto Bourlot

Tel. +39.02.8898.5066 Email: galeazzo.cornetto@azimut.it

www.azimut-group.com

7 November 2019: Board of Directors approval of 3Q 2019 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.

The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Alessandro Zambotti (CFO), declares according to art.154bis co.2 D.lgs. 58/98 of the Consolidated Law of Finance, that the financial information herein included, corresponds to the records in the company's books.