Azimut Holding — Investor Presentation 2021

Nov 11, 2021

Azimut Group 9M 2021 Results

November 11th, 2021

Table of Contents

•	9M 2021 Highlights	3
•	Asset Management & Distribution	14
•	9M 2021 Financials	21
•	Summary & Outlook	24
•	About Azimut	28

Table of Contents

9M 2021: delivering, executing and growing

Record Profits thanks to significant growth in underlying recurring business

Source: Company data.

4 Note (*): Recurring Net Profit excludes variable fees but includes in 9 months 2021 almost € 30mn of tax goodwill realignment on the Italian parent company in accordance with Budget Law 2021 Art. I Paragraph 83

Source: Company data.

5 Note (1): refers to Italian business only. Calculation is an average of the 4 Quarters. Note (2): % calculation is at end of year / quarter, net of double counting. Note (3): excluding variable fees

3Q 2021: key highlights

Net Profit (€mn)

9M 2021: Revenues

Step-up in Recurring Fees leading to robust top line growth

Source: Company data. Note*: Sanctuary Consolidation in 1Q 2021 was only 1 month

9M 2021: Expenses

Growing the business while maintaining costs under control under the same perimeter

8 Source: Company data. Note: Cost/Income includes the effect of the change in perimeter due to M&A. Formula calculated as Fixed Costs (SG&A and D&A) divided by Net Recurring Revenues (Including Insurance). Note *: SG&A Perimeter change refers to last twelve months.

Record AUM and International Business reaching 39% of Total

Total Assets breakdown (€bn)

Source: Company data.

Note (1): Figures referred to Managed Assets net of double counting as of October 2021

2021 YtD Net Inflows by product and region

10 Source: Company data. Note: M&A includes Sanctuary Wealth, certain Australian deals and Pathlight Capital which closed in July.

AZ Quest – XP Transaction in Brazil

Unlocking value in one of the largest markets for Azimut outside Italy

Azimut in Brazil & AZ Quest XP Inc.

• ➢ Entered the market in 2013, to develop an integrated platform with local production and distribution
• ➢ AUM stands at € 4 billion, 10x the amount acquired
• ➢ AZ Quest is one of the largest independent asset manager in Brazil, with €2.6bn in AUM
• ➢ Moody's "MQ1" (excellent) rating
• ➢ Diversified: fixed income, private credit, macro, multimarket, equity
• ➢ 28 investment professionals

AZ Quest AUM including XP Distribution (BRL bn) Transaction Rationale

➢ Listed on Nasdaq, ca. \$20 billion market cap

➢ Leading technology-driven platform for investments and financial services in Brazil

• ➢ Owner of the brands XP, Rico, Clear, Infomoney, XPeed, among others
• ➢ More than 3.3 million customers

➢ € 120 billion in AUC

➢ Unlocking value in one of the largest markets for Azimut outside Italy

➢ Develop synergies with XP distribution, increasing penetration of AZ Quest products across the largest funds open platform in Brazil

➢ Azimut and XP to expand cooperation across other areas, including the wider range of Azimut's global products.

12

Q3 Private Markets activity: unveiled Private Equity offerings

➢ AZ RAIF II & ELTIF - Private Equity HighPost:

• ✓ Azimut is a minority shareholder in HighPost
• ✓ Private Equity firm led by David Moross and Mark Bezos
• ✓ Middle-market Consumer Focus
• ✓ Target size is € 100 million

Source: Company data. Note: Target size is for AZ RAIF II

➢ AZ RAIF II & ELTIF - Private Equity Peninsula:

• ✓ Strategic partnership between Azimut and Peninsula
• ✓ One of the most prestigious independent investment firms specialised in Mediterranean Europe Private Equity
• ✓ Manages the capital of major SWF in the Middle East
• ✓ Target fund size is €150 million

➢ AZ RAIF II – BCP Asia II:

• ✓ In cooperation with Blackstone, feeder fund with a geographic focus in the Asia-Pacific area (India, China, South Korea, Japan, Australia)
• ✓ Consumer, technology, and health-care sectors
• ✓ Target fund size is €150 million

•	9M 2021 Highlights	3
•	Asset Management & Distribution	14
•	9M 2021 Financials	21
•	Summary & Outlook	24
•	About Azimut	28

Steady recovery since the 2020 disruption, delivered in 2021 YtD a +6.8% Net Performance +17.3% -10% -5% 0% 5% 10% 15% 20% Dec-18 Feb-19 Mar-19 Apr-19 Jun-19 Jul-19 Aug-19 Oct-19 Nov-19 Dec-19 Feb-20 Mar-20 Apr-20 May-20 Jul-20 Aug-20 Sep-20 Nov-20 Dec-20 Jan-21 Mar-21 Apr-21 May-21 Jul-21 Aug-21 Sep-21 Nov-21 Azimut Net WAP Risk Free

Source: Company data at 8/11/2021 and Bloomberg Risk free: MTSIBOTR Index.

Almost €4.0bn of Total AuM, of which €1.9bn in 2021 YtD

Source: Company data.

16 Note: Kennedy Lewis and Pathlight AUM is pro-rata for Azimut ownership (20%). Pathlight dotted AUM reflects closing of its Fund 2 at \$1.16bn (bringing total firm AUM to \$1.8bn) which occurred in November 2021, and hence not yet reflected in the Azimut AUM and Net Inflows figures.

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

17 Source: Company out of Assogestioni monthly figures. Assogestioni excludes foreign operations. Azimut includes consolidated numbers at Group level. Industry has been annualized at Sep. 21. Note(*): Including Sanctuary acquisition

Focus on Italy

Hires in Italy: 123 new Financial Advisors YTD with a diversified background and expertise

The first Fintech platform for Italian SMEs

The first Marketplace for Italian SMEs

•	9M 2021 Highlights	3
•	Asset Management & Distribution	14
•	9M 2021 Financials	21
•	Summary & Outlook	24
•	About Azimut	28

Income Statement

€/000	9M 2021	9M 2020	3Q 2021	3Q 2020
Entry commission income	10,926	7,138	3,397	1,964
Recurring fees	705,785	572,242	249,852	193,619
Variable fees *	40,115	62,306	12,736	22,420
Other income	18,999	12,571	7,243	5,731
Insurance revenues	90,494	74,235	26,649	28,736
Total Revenues	866,319	728,491	299,877	252,470
Distribution costs	(305,854)	(260,061)	(105,581)	(85,018)
Personnell and SG&A	(182,048)	(156,293)	(64,741)	(51,670)
Depreciation, amort./provisions	(25,090)	(20,689)	(9,053)	(7,555)
Operating costs	(513,475)	(437,042)	(179,858)	(144,242)
Operating Profit	352,844	291,448	120,019	108,228
Interest income	10,618	(3,749)	2,943	2,220
Net non operating costs	(3,899)	(3,877)	(1,717)	(2,469)
Interest expenses	(12,591)	(12,837)	(4,203)	(4,283)
Profit Before Tax	347,454	270,986	117,525	103,697
Income tax	(54,648)	(34,342)	(14,945)	(12,446)
Deferred tax	34,340	1,894	(4,153)	(1,343)
Net Profit	327,147	238,538	98,427	89,908
Minorities	4,706	8,372	2,043	2,767
Consolidated Net Profit	322,441	230,166	96,384	87,141

Note: Excluding Performance fees to be cashed in at year end.

Net Financial Position

€/000	30/09/2021	31/12/2020	30/09/2020
Amounts due to banks:	(37,591)	(44,782)	(52,225)
Loan BPM	(37,591)	(44,782)	(52,225)
Securities issued:	(856,769)	(851,805)	(857,420)
Azimut 17-22 senior bond 2.0%	(353,382)	(354,888)	(353,012)
Azimut 19-24 senior bond 1.625%	(503,387)	(496,917)	(504,408)
TOTAL DEBT	(894,360)	(896,587)	(909,645)
CASH AND CASH EQUIVALENTS	1,015,395 43,132	927,119	833,926 43,132
NET FINANCIAL POSITION	121,035	30,532	(75,719)
Lease Liabilities IFRS16 adoption	(46,333) 11576	(41,560) -11028	(42,466)
NET FINANCIAL POSITION (including IFRS16 impact)	74,702	(11,028)	(118,185)

• NFP at the end of September includes the €136mn cash dividends paid on May 26th 2021
• Treasury shares (not booked within the NFP) stand at 2.5% as of 30/09/2021
• Lease liabilities do not constitute a cash item

•	9M 2021 Highlights	3
•	Asset Management & Distribution	14
•	9M 2021 Financials	21
•	Summary & Outlook	24
•	About Azimut	28

A more visible dividend policy, reflecting the Group's ability to generate consistent earnings

Source: Company data.

25 Note (1): excluding variable fees. Note (2): adjusted for full quarter of new pricing scheme. Note (3): excluding almost € 30mn of tax goodwill realignment. Note (3): range depending mainly on M&A activity

9M 2021: key takeaways (2/2)

1.3% 4.3% 7.5% 8.6% >15% 2019 2020 2021 YtD Nov-Dec '21E Inflows 2021E 2024E Total Private Markets AUM as % of AUM(1) Focus on key goals: Private markets, Internationalization, Sustainability and Profits ➢ €350-500 million Net Profit target for 2021 (under normal market conditions) ✓ Bottom of range is already achieved at 9M 21 ➢ Italy: ✓ Continued focus on value-adding products & services, including Private Markets, Fintech and ESG ✓ Underlying growth trends expected to continue ➢ International: ✓ Unlocking value in a strategic market like Brazil demonstrates the validity of the Group's strategy ✓ Continue developing an integrated business (production and distribution) in several markets ✓ Focus on profitability ➢ Private Markets: ✓ Reached € 4 billion in AUM at October 2021, growing consistently both domestically and internationally ✓ Uniquely positioned as first-mover in the Italian market, fully exploiting the head start ✓ Significant uplift from ongoing fund raising ̴1.1% (€0.6bn)

Source: Company data.

27

Note(1): refers to calculation at the end of year / period. AUM is net of double counting. 2021E assumes current AUM.

•	9M 2021 Highlights	3
•	Asset Management & Distribution	14
•	9M 2021 Financials	21
•	Summary & Outlook	24
•	About Azimut	28

A diversified business model for sustainable, l/t growth

Azimut.

20042005200620072008200920102011201220132014201520162017201820192020 Oct 2021

Azimut overseas business stands at 39% of Total Assets at October 2021

Source: Company data.

Private Markets: scaling up a global offering

Azimut Private Markets: €4bn AUM

➢ Operating since 2019

20%

20%

12.5%

➢ 8 employees based in NYC

➢ €1.5bn AUM (Azimut pro-rata share) ➢ 7 funds by Affiliates & Internal Team

Credit

• Opportunistic Private

• \$7bn Total AUM

• Ramp up phase

• ABL Private Credit • \$1.8bn Total AUM

• Consumer middlemarket Private Equity

Private Markets AUM 2020 – 2021 YTD (€bn)

Source: Company data.

Unlocked Azimut Distribution

Unlocked Azimut Distribution

Unlocking Azimut Distribution

Private Markets AUM breakdown

Private Markets breakdown

Azimut Summarized Group Structure

33 Source: Company data as at 30/09/2021. 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. Formerly AZ Fund. Note (5): controlled by AZ Mexico Holdings

Source: Company data

A highly proactive Global Asset Management team with unique product opportunities

AZIM Token	Launched world's first Security Token in the asset management sector and accelerating the neoLending* project in the Digital Asset Economy
neoLending(1) / Azimut Direct	Azimut Direct at the core of the neoLending(1) project, creating an ecosystem supporting the Italian economy, integrating Fintech and Private Market funds using A.I. and Big Data
Digital Assets / Crypto / Blockchain	Azimut Investments has obtained the first authorization in Luxembourg to manage virtual assets strategies & first to integrate blockchain technology by FundsDLT into its processes
ALTO Range	ALTO Italia (first "PIPE" fund on the Italian listed market) and ALTO Venture (focus on the Nasdaq index with a sector allocation in line with US VC funds)
P101	Acquired 30% stake* in P101 SGR strengthening the partnership to create a European investment platform supporting innovation
ESG	Creation of Azimut Sustainable, promoting investments in compliance with ESG criteria. Over €12bn of AUM (more than 40% of Lux Funds) implementing ESG principles
Private Markets	Continued growth with new products managed by both in-house teams as well as strategic partnerships around the world (e.g. HighPost, Blackstone, Peninsula, Muzinich)

Breakdown by asset class reflecting client behaviour and risk appetite

AuM by Category (20.7%) (8.4%) (34.6%) (20.8%) (15.6%) Flexible 34.0% Bond 21.1% Balanced 20.8% Money Market 8.3% Equity 15.7%

AuM by Underlying Asset

Breakdown of Equities and Fixed Income by Geography and type

Equities Fixed Income

Source: Company data at 30/09/2021 Note: Numbers in bracket refer to previous quarter.

Debt Maturity and Overview

Proactive cash and debt management Debt Maturity Overview (€mn)

• ➢ Azimut Group is highly cash generative
• ➢ €350mn Bond was used to finance and bridge part of the growth between 2017 and 2021, with a compelling coupon of 2%
• ➢ €500mn Bond was issued in a supportive market momentum (coupon just 1.625%), boosting up the Group's resources to finance future growth
• ➢ Current plan will see:
• ➢ Senior Bank Loan to be fully repaid by year end
• ➢ €350mn Bond to be fully repaid in March 2022
• ➢ €500mn Bond current intention to be fully repaid

Latest Rating Agency activity and commentary

• 38 45 ➢ Fitch Ratings upgraded the Outlook on Azimut Holding from 'BBB-' Negative to Stable, reflecting Azimut's improved gross cash flow leverage (from 3.2x to 2.4x at 1Q21)
• ➢ Growing International Franchise
• ➢ Strong Inflows Despite the Pandemic
• ➢ Robust Liquidity

20+ years of growth and evolution

A dynamic Group at the verge of product and corporate innovation

A proven product and geographical diversification is ever more crucial

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 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

• In 2013 Azimut acquired 50% of Legan (later merged into AZ Quest) focused on asset management
• In 2014, Azimut acquired 50% of AZ FI Holding (later increased to 100% and renamed Azimut Brasil Wealth Management Holding).
• Azimut Brasil 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 acquires a 50% stake in LFI (later renamed Azimut Brasil WM), focused on WM
• In April 2015 Azimut acquired a 60% stake in awardwinning Quest Investimentos, focused on equity products and one of Brazil's best-performing managers.
• In Q2 2020, Azimut completed a corporate restructuring integrating production and distribution
• Local partners switched shares in their respective AM and WM businesses into shares of a newly set up Holding entity controlling a fully integrated platform. Azimut increased it's stake in AZ Quest to 81%.

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.

2015: Enter the USA asset management industry

• In 2015 Azimut entered the US market with the set up of AZ Apice, focusing on wealth management targeting HNW and leveraging our Latin America presence. In 2020, this segment was further strengthened by the acquisition of Genesis Investment Advisors
• In 2019 Azimut entered the US private markets space through Azimut Alternative Capital Partners (AACP), investing minority GP stakes in alternative asset managers. AACP completed its first deal in July 2020 with the acquisition of a 20% stake in top tier Private Credit manager Kennedy Lewis and in March 2021 acquired a 12,5% stake in HighPost, US Consumer Private Equity founded by Bezos and Moross families
• In Nov. 2020 Azimut announced the acquisition of a 55% stake in Sanctuary Wealth, leading wealth management firm focused on aggregating elite Financial Advisors across the US with \$7.4bn AUM. The deal completed in Feb. 2021.

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 June 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 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.

Based on a AUD/€ exchange rate of 1:0,6948 Note: the AZ NGA controlling structure is a summarized representation

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

Total shares issued: 143.3m	Timone: a strong agreement for l/t commitment
Timone Fiduciaria represents the 2,000 individual shareholders (FAs,	Participants	Advisors, employees organised in separate	and management areas
managers working for Azimut) tied shareholders' agreement.	3 years automatically renewed unless absolute majority of the voting rights refuses. Duration
In June 2018, more than 1,200	participants of the		Already renewed in 2016 and 2019
shareholders agreement invested a total of € 100 million in Azimut shares, thereby further increasing it's partnership stake, now at over 21% of share capital 3.5% 21,8%			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	Years matured(1)	% of locked shares
		Governance	< 3	75%
			3 - 6	66%
	Treasury Shares		6 - 9	33%
75%	Timone Fiduciaria		> 9	25%
	Free Float		A share trust includes rights of the participants.	100% of the voting
			A committee is and monitoring the and rights under the	responsible for managing participants' obligations agreement

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 20.7% at €14.4 avg share price		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	m 5 5 €1  nt:	m 0 0 €1 e: n	Debt €50m	7 mln Azimut shares
	✓	Peninsula joined the deal acquiring at settlement ca. 3.8m shares (2.7% of share capital)	e m est	o m Ti	Equity €50m	5 % stake acquired
	✓	Strengthen and provide additional stability to Azimut governance with strong and renewed commitment to the market	v n al I ot	a ul ns	€55m	̴3.8 mln Azimut shares
Strategic Rationale	✓	Provide additional levered upside to existing (younger) Timone members, considering the stock is significantly undervalued	T	ni e P	Shareholding structure:	̴2.7 % stake acquired
	✓	Messages reinforced by the involvement of a leading financial investor (Peninsula) sharing the same view			Pre (10 May 2018)	Post (10 May 2018)
				9%		23.3% 20.7%
	✓	January 2018: Transaction announced			15.8% 15%
	✓	June 2018: Transaction completed
Timeline	✓	February 2020: fully repaid debt financing at Timone level through an ABB @ €23.7 per share (2x virtual return) with the remaining shares fully locked-in	75% 76%			75%

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

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

K S RI R E H G HI K S RI R E W O L	Water & Brazil Renewable Italian Equity Resources Trend Egypt European Equity European Trend Absolute Global Quality Global Environmental FoF Small Cap Growth China Europe FoF European America Borletti Dynamic US Short Inflation Term Bond Linked Alternative – Capital Global Infrastructure Enhanced Green & Social Global Aggressive Conservative Euro Aggregate Short Term Income Dynamic US Municipal	Momentum Food & Agriculture Commodity Commodity Japan Alpha CEEMEA Real Plus Asia Absolute Equity Options New World Opportunities Equity Options Azimut Turkey Target Funds Income Opportunities Long Term Global Income Sukuk AZ Eltif – Global Multistrategy Ophelia Long/short Balanced AZ Eltif – Capital Europe Solutions Italian Global Macro Excellence RMB Funds Conservative Hybrid Bonds Funds Smart Risk Premia Bond Target Arbitrage Funds Macro Volatility Core Brands Global Conservative Sustainable Cat Bond Fund Allocation Global Equity Plus Eskatos
	CLASSIC Fixed Income Alternative Equity Balanced Commodity	INNOVATIVE

Continuous growth throughout the decade in different market cycles

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

➢ 2022 Corporate Calendar to be announced in early 2022

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.