Azimut Holding — Investor Presentation 2021

Jul 29, 2021

Azimut Group 1H 2021 Results

July 29th, 2021

Table of Contents

•	1H 2021 Highlights	3
•	Asset Management & Distribution	18
•	1H 2021 Financials	23
•	Summary & Outlook	28
•	About Azimut	31

Table of Contents

•	1H 2021 Highlights	3
•	Asset Management & Distribution	18
•	1H 2021 Financials	23
•	Summary & Outlook	28
•	About Azimut	31

1H 2021: key highlights

Source: Company data.

4 Note (1): Including the announced M&A transaction with Pathlight Capital and latest Kennedy Lewis team lift-off, both in July 2021 Note (2): Excluding Performance fees to be cashed in at 31/12/2021.

Private Markets: scaling up a global offering

Azimut Private Markets: €3.5bn AUM

Private Markets AUM 2020 – 2021 YTD (€bn)

1.2 1.2

Italy USA

Source: Company data.

0.6

5 Note1: Including funds already closed and soon to be managed by all Affiliates and internal AACP team. Note*: includes only new AUM coming from the July 2021 US deals and acquisitions

4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 July 2021*

1H 2021: Revenues

Recurring Fees consistently stand at 80% of Total Revenues

193 185 194 201 219 237 174 178 178 177 178 178 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Recurring Fees Bps (excluding Sanctuary) 3.9* 12.4 Perimeter change due to M&A

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

1H 2021: Expenses

Strong cost control leading to continued positive operating leverage

154 160 160 ^{93 82 85 96 92 92} 53 52 52 55 54 56 7 7 8 8 8 8 50% 45% 43% 48% 40% 43% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Distribution Costs SG&A Other Cost / Income 14 1.9 5 Perimeter change due to M&A due to M&A 3.8

Source: Company data.

7 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.

1H 2021: Net Profit

Record 1H Net Profit in the history of the Group

Source: Company data.

8 Note: Recurring Net Profit excludes the Performance Fees. Tax goodwill realignment on the Italian parent company in accordance with Budget Law 2021 Art. I Paragraph 83

Record AUM and International Business reaching 37% of Total

Total Assets breakdown (€bn)

2021 YtD Net Inflows by product and region

Source: Company data.

10 Note: M&A includes Sanctuary Wealth, Australia and Pathlight Capital which closed in July. Americas Inflows include the announced Kennedy Lewis lift-out of the CLO team for an additional pro-rata \$800mn in AUM for Azimut

€3.5bn of Total AuM, of which €1.5bn in 2021 YtD

Note: Kennedy Lewis and Pathlight AUM is pro-rata for Azimut ownership (20%).

11

Private Markets: product suite overview (2/2)

Private Markets breakdown

Source: Company data

Note: Data includes Pathlight Capital 20% stake acquisition.

Partnership with Pathlight, a leading Private Credit asset-based lending ("ABL") franchise in the US
The company	The transaction
➢ Founded in 2012 and established as an independent investment management firm in 2018, Pathlight is a leading private credit manager with ca. \$1.4bn in capital(1) committed	➢ Azimut, through its US subsidiary Azimut Alternative Capital Partners LLC ("AACP"), acquired a 20% equity interest in Pathlight
➢ Focused on providing asset-based loans secured on a first or second lien basis against tangible and intangible assets to middle market companies across a variety of industries	➢ As part of its growing GP stakes mandate, AACP seeks to buy minority equity interests in Private Market companies with strong track records and EBITDA margins
Target Unlevered Gross IRR: 14-18% range ➢
Currently employing a growing team of 16 people, ➢ including 11 investment professionals	Azimut will consequently: ➢ Consolidate Pathlight's AUM on a pro-rata basis ✓
Pathlight commingled fund AUM by investor type(1) ➢ :	(Azimut will therefore consolidate ca. \$280mn)
4,2% 11,6%	✓ Receive pro-rata quarterly distributions from profits ➢ The third of several deals to:
42,2% 11,9%	Offer exclusive high quality private markets ✓
13,4%	products to Azimut clients and advisors globally
16,7%	✓ Geographically diversify the Group's Private Markets efforts
Public Pension Insurance Company Investment Manager Private Pension Other Institutions Family Office & HNW	✓ Increase recurring revenues at Group level

Pathlight's Partners are seasoned ABL investors with a long and successful history of working together

Pathlight's Partners are seasoned ABL investors with a long and successful history of working together
Partners		' 6	' 7	' 8	' 9	'10	'11	'12	'13	'14	'15	'16	'17	'18	'19	'20	'21
Daniel Platt Founder, CEO		Prentice Capital			GA Capital		Pathlight Capital*
Katie Hendricks Managing Director		Bank of America			GA Capital			Pathlight Capital*
Mark Twomey Managing Director					Bank of America			Pathlight Capital*
Steven Migliero, Jr. Chief Operating Officer					SLR Credit Solutions (f/k/a Crystal Financial)											PL*

Selected Investments

(*) From 2012 to 2018, Pathlight operated as a portfolio company of funds affiliated with Sycamore Partners (2012-2015) and Lightyear Capital (2015-2018). In 2018, Pathlight Capital became an independent investment manager operating as Pathlight Capital LP.

Sanctuary Wealth: business update (1/2)

Net New Money Growth (\$mn) Going Forward

• ✓ Encouraging core business growth, also considering that Total Revenues may be positively impacted by:
• ✓ Additional revenue stream from dividends / increase in RIA ownerships
• ✓ Integration / product cross-selling with Azimut Global Team
• ✓ Build up of AUM not yet fully reflected
• ✓ Strong underlying market for Financial Advisors wanting to become independent

Source: Company data.

Note (1): including all revenues such as brokerage and trading fees

Strong momentum for RIAs in the US with Sanctuary being a key attraction pole

•	1H 2021 Highlights	3
•	Asset Management & Distribution	18
•	1H 2021 Financials	23
•	Summary & Outlook	28
•	About Azimut	31

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)

Azimut Direct – The fintech company dedicated to Italian SMEs

Selected examples of recent transactions

Direct lending	Direct lending + Senior Bond	Debt Re-financing
€ 3.000.000 Neosperience	€ 27.500.000 Udinese Calcio	€ 24.600.000 San Mauro	€ 12.000.000 Askoll

Steady recovery since the 2020 disruption, delivered in 2021 YtD a +5.2% Net Performance

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

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

Italy: focus on the Financial Advisor Network

Source: Company data.

• 1H 2021 Highlights 3 • Asset Management & Distribution 18 • 1H 2021 Financials 23 • Summary & Outlook 28 • About Azimut 31

Income Statement

€/000	1H 2021	1H 2020	2Q 2021	2Q 2020
Entry commission income	7,529	5,174	3,839	2,736
Recurring fees	455,933	378,622	237,335	185,431
Variable fees *	27,380	39,886	16,419	30,368
Other income	11,756	6,839	7,645	3,205
Insurance revenues	63,844	45,499	27,679	26,277
Total Revenues	566,442	476,020	292,917	248,017
Distribution costs	(200,273)	(175,043)	(104,704)	(82,161)
Personnell and SG&A	(117,307)	(104,623)	(61,060)	(51,932)
Depreciation, amort./provisions	(16,037)	(13,134)	(8,314)	(6,586)
Operating costs	(333,617)	(292,800)	(174,078)	(140,678)
Operating Profit	232,826	183,220	118,839	107,339
Interest income	7,674	(5,969)	1,730	8,371
Net non operating costs	(2,182)	(1,408)	(1,217)	(927)
Interest expenses	(8,388)	(8,554)	(4,218)	(4,233)
Profit Before Tax	229,929	167,290	115,134	110,549
Income tax	(39,702)	(21,897)	(25,177)	(14,592)
Deferred tax	38,493	3,238	40,430	691
Net Profit	228,720	148,631	130,387	96,648
Minorities	2,663	5,605	1,142	2,136
Consolidated Net Profit	226,057	143,025	129,245	94,512

Source: Company data

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

Net Financial Position

€/000	30/06/2021	31/12/2020	30/06/2020
Amounts due to banks:	(37,396)	(44,782)	(52,154)
Loan BPM	(37,396)	(44,782)	(52,154)
Securities issued:	(852,755)	(851,805)	(853,410)
Azimut 17-22 senior bond 2.0%	(351,524)	(354,888)	(351,155)
Azimut 19-24 senior bond 1.625%	(501,231)	(496,917)	(502,255)
TOTAL DEBT	(890,151)	(896,587)	(905,564)
CASH AND CASH EQUIVALENTS	948,231 43,132	927,119	821,778 43,132
NET FINANCIAL POSITION	58,080	30,532	(83,786)
Lease Liabilities IFRS16 adoption	(46,324) 11576	(41,560) -11028	(43,132)
NET FINANCIAL POSITION (including IFRS16 impact)	12,576	(11,028)	(126,918)

• NFP at the end of June includes the €136mn cash dividends paid on May 26th 2021
• Treasury shares (not booked within the NFP) stand at 2.5% as of 30/06/2021
• Lease liabilities do not constitute a cash item

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
• ➢ Current Net Debt / LTM(1) EBITDA: -0.1x
• ➢ Current Gross Debt / LTM (1) EBITDA: 1.7x

Latest Rating Agency activity and commentary

• ➢ 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

•	Q2 2021 Highlights	3
•	Asset Management & Distribution	18
•	Q2 2021 Financials	23
•	Summary & Outlook	28
•	About Azimut	31

Corporate Strategic Priorities

With solid fundamentals (and normal market conditions) we upgrade two key figures for 2021

•	1H 2021 Highlights	3
•	Asset Management & Distribution	18
•	1H 2021 Financials	23
•	Summary & Outlook	28
•	About Azimut	31

A diversified business model for sustainable, l/t growth

Source: Company data

Azimut overseas business stands at 37% of Total Assets at June 2021

Private Markets division update

Private Market AUM Evolution

Azimut Group Structure

34 Source: Company data as at 30/06/2021. 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): controls SDB Financial Solutions.

Source: Company data

Breakdown by asset class reflecting client behaviour and risk appetite

AuM by Underlying Asset

Azimut funds breakdown

Breakdown of Equities and Fixed Income by Geography and type

Equities Fixed Income

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 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

• 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.

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	shares of over (FAs, employees,	Participants	Advisors, employees organised in separate	and management areas
managers working for Azimut) tied shareholders' agreement. In June 2018, more than 1,200	up in a strong participants of the	Duration	3 years automatically absolute majority of the Already renewed in	renewed unless the voting rights refuses. 2016 and 2019
shareholders agreement invested million in Azimut shares, thereby it's partnership stake, now at 21% of	a total of € 100 further increasing share capital		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.
3,5% 21,8%		Share lock-up	matured(1) Years	% of locked shares
			< 3	75%
	Treasury Shares Timone Fiduciaria		3 - 6	66%
			6 - 9	33%
75%			> 9	25%
	Free Float		A share trust includes rights of the participants.	100% of the voting
		Governance	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 	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)	nt: 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		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

Total Assets (€bn)

Net Inflows (€bn)

Financial Advisors

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

➢ 11 November 2021: Board of Directors approval of 9M 2021 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.