Tamburi Investment Partners

Investor Presentation • Oct 5, 2015

October, 6 2015

We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies that want to grow, you are genuinely doing one of the most beneficial jobs in the world.

@TamburiTip

• would have benefitted of a share performance of 45,2%
• Would have received a dividend of 0.061 Euro per share (1,7%)
• Would have benefitted of the free allocation of TIP warrant 2015 / 20 (implied yield 6,5%)

with a total return of 53,4%

Those who – six years ago (7/10/2009) – bought TIP shares*:

• would have benefitted of a share performance of 168,5%
• Would have benefitted of a dividend cumulative yield of 14,6%
• Would have benefitted of a 20,0% yield on the free allocation of: a) treasury shares and b) T.I.P. warrants 2010/15
• Would have benefitted of the free allocation of TIP warrants 2015 / 20 (implied yield 12,0%)

with a total return of 215,2% (annual average total return of 32,2%)

*data as at September 30, 2015

*excluding the co investment on Hugo Boss by Marzotto family of about 500 million Euro, on top of the 1,5 billion Euro

~ 140 million Euro since 2014 (> 40 investors)

~ 30 million Euro since 2013 (5 investors)

~ 281 million Euro * since 2010 (3 investors)

~ 40 million Euro * since 2011 (4 investors)

ABOUT 150 ENTREPRENEURIAL FAMILIES AS SHAREHOLDERS AND LOTS OF INSTITUTIONAL INVESTORS

~ 39 million Euro Since August 2015

~ 45 million Euro * since 2007 (5 investors)

120 million Euro since 2014 (19 investors)

~ 100 million Euro

Shares, mandatory

convertible and bonds

~ 73 million Euro *

Since Jan./march 2015

5 *Investment companies index: panel that includes Camfin, CIR, Mittel, Dea Capital, Exor, Intek / KME and Italmobiliare.

Since TIP/TIPO first investment the total aggregate of the investee companies has increased:

• in terms of annual revenues, from 10,7 to 14,1 billion Euro (+31,6%)
• in terms of annual Ebitda, from 1,5 to 2,0 billion Euro (+31,4%)
• in terms of number of employees, from about 46.000 to about 56.000 (+23,6%)

NB: in July TIP, increased its stake from 35% to 43.280% of Clubtre, while the other shareholders proportionally reduced their stakes. The transaction took place through an increase of the existing loan.

Investments in 12 companies with worldwide leadership positions

Broker consensus of the investments as at today, including club deals ~1,7 billion Euro

Average Ebitda margin of the main investee companies of about16%

TIP industrial "content" in the last few years has been*: (i) technology: between 25% and 41%; (ii) luxury/ fashion/ design: between 12% and 34%; (iii) healthcare / third age: between 10% and 17%; (iv) other industries: between 16% and 27%; (v) cash: between 2% and 17%.

*considering the intrinsic value: analytical valuation of the assets elaborated based on investee companies' forecasts

NET EQUITY AND INVESTMENTS

Average net profit in the last 5 years 16,5 million Euro

NET PROFIT

Aggregate net profit of the last 5 years 82,5 million Euro

Amounts related to cash have been calculated net of short-term financial liabilities and gross of bonds outstanding due to their long-term nature.

1. Consensus estimates: includes the analytical valuation of each investment based on analyst estimates (Bloomberg).

2. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-term outlook of the companies.

Capital increase of ~30 million Euro (August 2015) and acquisition of a 3% stake As a consequence TIP holds about the 12% of the share capital (fully diluted)

Azimut Benetti is the world leading manufacturer of yachts and mega yachts over 24 meters, 15 times over the past 16 years ranked as first in the Global Order Book, a research that identifies the biggest producers of the industry, globally.

Azimut Benetti operates through 11 shipyards, a sales network of 138 dealers in over 70 countries, approximately 2,179 employees, with an annual value of production of over 650 million Euros, also controls Fraser Yachts, the world's leading full-service yachting company a and a few marinas.

TIPO	THE FIRST YEAR	TRANSACTIONS
40 INVESTORS ALMOST ALL  FAMILY OFFICES COMMITTED CAPITAL OF 140  MILLION EURO TARGET COMPANIES WITH  REVENUES BETWEEN 30 AND 200 MILLION EURO, EBITDA MARGIN HIGHER THAN 9/10%, SOLID FINANCIAL SITUATION, WITH THE INTENTION TO GO PUBLIC IN THE FOLLOWING YEARS	1.400 COMPANIES IDENTIFIED  ~380 COMPANIES ANALYSED  ~140 INTERESTING COMPANIES  SELECTED ~70 COMPANIES ALREADY MET  10 OFFERS ALREADY ISSUED  Other two investments have been approved	INVESTMENT IN AAA IN Q1  2014 - AAA IPO PROCESS FOR LISTING ON NASDAQ IS EXPECTED FOR NEXT WINTER. INVESTMENT IN IGUZZINI  ILLUMINAZIONE (14,29%)

Throughout the investment in Digital Magics (stake of 14.8%) TIP has entered into the promising market of start-up, seed capital and early stage transactions

• The main venture incubator in Italy
• listed on AIM Italia, organized and managed by the Italian Stock Exchange
• Investments in 45 companies

13 Campus in 4 european countries, 9 in Italy and 1 in Spain, Albania and Lithuania

Last 5 years TIP total return: 183,0% - Annual average totale return: 36,6%

Source: TIP estimates in Bloomberg data 13

Performance TIP since IPO vs other asset classes

Asset class	indice	IPO	30/09/15	Cash multiple
TIP		1,8	4,6	2,57 x
Real estate	Dow Jones Global Select Real Estate Securities Index	2.744,4	3.390,1	1,24 x
Real estate	S&P global property	146,2	174,3	1,19 x
commodity	Gold	461,4	1.115,0	2,42 x
commodity	Silver	7,6	14,5	1,90 x
commodity	Brent	59,7	45,1	0,76 x
Equity shares	S&P500	1.218,6	1.920,0	1,58 x
Exchange rate	USD	0,8	0,9	1,05 x
Luxury	S&P Global Luxury index	975,7	1.962,8	2,01 x
Private equity	S&P Private equity index	139,6	109,6	0,78 x
Private equity	LPX50 listed private equity index	1.248,7	1.687,7	1,35 x

(v) the market price as at 30/9/2015 of TIP warrant 2015/20.

• Also in consideration of the performance of TIP warrant 2010-2015 (+3,369.6% since the IPO), in order to allow to benefit of the free allocation of TIP warrant 2015 – 2020, in July 2015 TIP placed nr. 7,279,871 TIP shares through an Accelerated Bookbuilding at a price higher than the price of the previous closing day.
• It has been then freely allocated to shareholders new TIP warrants (1 every 4 shares) to be exercised before June 30, 2020 for a maximum amount of proceeds of 200 million Euro.
• From the allocation (July 27) to September 30, 2015 TIP warrant 2015/2020 performance has been of +243,0% (implied yield of 4,2%).

TIP is an independent, diversified and global investment - merchant bank focused on «excellent» companies, operates as advisor and investor

TIP is a real public company that has, as stable shareholders, some of the most important Italian entrepreneurial families, able to provide industrial know-how and sometimes to participate, as co-investor, in transactions of specially relevant size; TIP's top management owns around 9,3% of the share capital and represents the second shareholder

Investment strategy:

• I. real medium / long term perspective
• II. minority interests, leaving operating management to the entrepreneurs
• III. «leverage» on the enormous know-how / network built over time (unique in Italy)

TIP is neither a private equity nor an investment fund and does not «impose» exits

Team of about 20 people; lean, fast, flexible and strongly focused on results / performance