Tamburi Investment Partners

Investor Presentation • Sep 3, 2023

Euronext Sustainability Week September 4-6, 2023

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

DISCLAIMER

The information contained herein, particularly those regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties.

Any reference to past performances shall not be taken as an indication of future performances.

The forward-looking statements and valuation indications may include statements regarding our (or our portfolio companies) plans, objectives, goals, strategies, future events, future revenue or performance, financing needs, plans or intentions relating to acquisitions, investments or capital expenditures, business trends or other information that is not historical information. Forwardlooking statements are related to future, not past, events and are not guarantees of future performance. These statements are based on current expectations and projections about future events and, by their nature, address matters that are, to different degrees, uncertain and subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future, and, as such, undue reliance should not be placed on them.

TIP expressly disclaims and does not assume any responsibility nor liability in connection with any inaccuracies in any of the statements contained in this document or in connection with any use by any party of such forward-looking statements.

This document is being provided solely for information and may not be reproduced or redistributed.

This document does not constitute an offer to sell or the solicitation of an offer to buy any stock or securities.

The recent events in Ukraine and their impact on raw materials and energy costs could have an impact on our portfolio companies, even if their strong positioning and leadership should be a barrier against any heavy consequence on their profitability.

The market values reported in the presentation refer to the prices on August 25, 2023.

TABLE OF CONTENTS

	page
INVESTMENT OVERVIEW	4
A CULTURE OF SUSTAINABILITY	6
2021 – 2023 DYNAMISM	11
1H 2023 RESULTS	12
TIP AT 28,57% OF APOTECA NATURA	13
TIP ENTERS INTO IN ITALIAN DESIGN BRANDS	14
VALUE CREATION	16
THE ITALIAN DIGITAL HUB	23
IPO TRACK RECORD AND PIPELINE	25
TIP SHARE PERFORMANCE	26
NET INTRINSIC VALUE	27
RECENT YEARS RESULTS COMPARISON	31
APPENDIX	32

1) 2) Limited risk thanks to light diversification and great quality Outstanding long term returns for shareholders

an independent and diversified industrial group

International certifications

▪ July 2023: International sustainability certification by Standard Ethics

Level of Compliance
EEE		EEE- EE+	EE	EE-	E+	L	E-	1
Full	Excellent	Very strong	Strong	Adequate	Non-compliant	Low	Very Low	Lowest level
	Sustainable				Not Fully Sustainable		Not Sustainable

• Standard Ethics, independent agency that analyses the sustainability policies implemented by companies, on July 2023 has upgraded TIP's Corporate Standard Ethics Rating to "EE" from the former "EE-" with "Positive" outlook stating that TIP has over time aligned its industrial orientation with the voluntary indications provided by the UN, the OECD and the European Union also by means of an increasingly solid ESG monitoring of the investment process, both in the preliminary analysis and screening phase of investee companies.
• With regard to direct impacts, TIP has continued and expanded its initiatives in staff development, environmental protection and community support.
• TIP's reporting includes a Sustainability Plan, adopted in 2021, and the activities of its subsidiaries.

Sustainable Development Goals

Other goals

▪ In 2023, TIP joined the UN Global Compact, refined the correlation between business activities and the Sustainable Development Goals of the 2030 Agenda and became a signatory to the Principles for Responsible Investment (PRI).

ESG highlights

UN Global compact

▪ TIP joined the UN Global Compact

TAMBURI INVESTMENT PARTNERS S.P.A.
H.E. ANTONIO GUTERRES SECRETARY-GENERAL UNITED NATIONS NEW YORK, NY 10017 USA
Milan, February 27 2023
Dear Secretary-General,
I am pleased to confirm that Tamburi Investment Partners S.p.A. supports the Ten Principles of the United Nations Global Compact on human rights, labour, environment and anti- corruption. With this communication, we express our commitment to making the UN Global Compact and its principles part of the strategy, culture and day-to-day operations of our company, and to engaging in collaborative projects which advance the broader development goals of the United Nations, particularly the Sustainable Development Goals. Tamburi Investment Partners S.p.A. will make a clear statement of this commitment to our stakeholders and the general public.
We recognize that a key requirement for participation in the UN Global Compact is the annual submission of a Communication on Progress (CoP) that describes our company's efforts to implement the Ten Principles. We support public accountability and transparency, and therefore commit to report on progress starting the calendar year after joining the UN Global Compact, and annually thereafter according to the UN Global Compact CoP policy. This includes:
· A statement signed by the chief executive expressing continued support for the UN Global Compact and renewing our ongoing commitment to the initiative and its principles. This is separate from our initial letter of commitment to join the UN Global Compact. · The completion of the online questionnaire of the Communication on Progress through which we will disclose our company's continuous efforts to integrate the Ten Principles into our business strategy, culture and daily operations, and contribute to United Nations goals, particularly the Sustainable Development Goals.
Sincerely yours,
TAMBURI INVESTMENT PARTNERS S.P.A. ALESSANDRA GRITTI

Principle for responsible investment

▪ TIP became a signatory to the Principles for Responsible Investment (PRI).

TIP for the Environment

• TIP has calculated its corporate carbon footprint (the total CO₂ emissions released ) for 2022.
• TIP, in collaboration with ClimatePartners, joined projects of offsetting carbon emissions by additional carbon offset project.

2021 – 2023 DYNAMISM

1,3 BILLION OF INVESTMENT – DIVESTMENT ACTIVITY

> 528 mln

divestment

1H 2023 RESULTS

	Listed companies			Private companies
	Sales 1H23 vs 1H22	EBITDA margin 1H 2023		Sales 1H23 vs 1H22
	7 ,4%	24,8%
	-12,3%	10,3%	5
	20,8%	17 ,4%		6
	15 ,4%	24,9%
	23,8%	1 19,2%
2	12,2%	8,2%
	3 4,8%	11,0%	6
	9,2%	n.a.
4	21,7%	7 ,2%
Average	11,4%	15 ,4%

	Sales 1H23 vs 1H22	EBITDA margin 1H 2023
	84,8%	n.m.
5	22,8%	10,0%
6	39,3%	n.a.
	11,6%	13,9%
	9,8%	27 ,1%
	24,9%	n.m.
6	30,2%	4,1%
	3,8%	24,3%
	10,4%	26,2%
Average	26,4%	17 ,6%

⁵ Results for the financial year ending on August 31, 2022

⁶ Results for the financial year ending on December 31, 2022

¹ Data refers to EBIT margin

² Revenues and Ebitda are based on the first quarter as of April 30, 2023 (3 months)

³ Organic growth

⁴ Revenues and Ebitda are based on annual results as of April 30, 2023 (12 months)

TIP AT 28,57% OF APOTECA NATURA

TIP, in July 2023, has acquired a shareholding stake of 28.57% through a capital increase into Apoteca Natura Investment, a company holding the 100% of Apoteca Natura. The Mercati Family (71,43%) joined the capital increase with own resources.

About Apoteca Natura

• Founded in 2000 with the aim of creating a network of independent affiliated pharmacies focused on the provision of services to the person rather than the mere sale of products.
• Acquisition of 22 pharmacies in Florence and development and marketing of "Apoteca" branded products.
• Player with unique characteristics compared to the competition ("pure aggregative chains" of pharmacies) and with a "proven" and scalable business model.
• Strong industrial and commercial relations with the Aboca group (network of #40,000 customer pharmacies in Europe and product know-how) belonging to Mercati Family.
• Medium-term development goals based on three synergetic pillars:
  • affiliated network: consolidation and development in active markets (Italy, Spain, Portugal) and entry into new markets (starting from France and Germany);
  • proprietary network: selective expansion by promoting the involvement, also as shareholders, of pharmacists and additional investors;
  • branded products: expansion of the product range.

Key highlights 2022 Affiliated pharmacies Own pharmacies ~1.200 #22 Countries Italy Spain Portugal Key financial 2022 ~48 ~5 revenues EBITDA

TIP ENTERS INTO ITALIAN DESIGN BRANDS GROUP

266 MLN PROFORMA REVENUE*

49 MLN PROFORMA EBITDA*

In May 2023 TIP has acquired 51% of Investindesign S.p.A. ("Investindesign"), a company that currently holds 47% share of the capital of Italian Design Brands S.p.A. ("IDB"), recently listed on the Euronext Milan. TIP has invested Euro 72 million to purchase the 50.7% of the capital of Investindesign, attributing to IDB an equity value of Euro 220 million.

In June TIP has arranged a club deal with some of the most important Italian family offices to acquire a further shareholding stake of 20% in Investindesign S.p.A.. The shareholding stake has been acquired - for a total consideration of 28.4 million Euros - by Club Design S.r.l., a company in which TIP participates with a 20% stake together with other investors invited by TIP, at a price per share equal to the one paid for the stake acquired by TIP in May.

TIP, leveraging on its own skills, particularly in the industrial sectors characterized by high-end customers, combined with the already proven ability to create, develop and accomplish market leaders, has decided to acquire a significant share in the IDB group with the precise goal to financially strengthen it and to further accelerate its growth, essential elements in a sector that is still very fragmented but with considerable strategic and commercial potential, given the weight it has on the entire Made in Italy export chain.

TIP ENTERS INTO ITALIAN DESIGN BRANDS GROUP

130 INTERNATIONAL MARKETS

IDB is the operating parent company of an Italian furniture and design hub active - through numerous investments in companies active in these sectors - in the production of high-end items, with prestigious brands including Gervasoni, Meridiani, Davide Groppi, Flexalighting, AXOLight, Very Wood, Saba, Gamma Arredamenti, Dandy Home, Miton and Binova. The group also includes two companies - Cenacchi International and Modar specialized in the luxury contract with some of the most prestigious international fashion maison.

The products made by IDB's investee companies are distributed and sold by third parties through approximately 4,500 points of sale. In 2022 the IDB group achieved a pro forma turnover (including for the full year also the total turnover of the companies acquired during the year) of approximately 266 million, with an Ebitda of over 49 million.

The IDB group project, launched in 2015 on the initiative of Private Equity Partners and Paolo Colonna, together with Giovanni and Michele Gervasoni, with the aim of creating an aggregation platform in the fragmented sector of furniture and lighting production Made in Italy, has grown essentially through acquisitions, currently has 650 people employed and in 2022 exported around 75% of its global turnover.

The top management of the IDB group is made up of Andrea Sasso (President and Chief Executive Officer) and Giorgio Gobbi (Managing Director), who have managed the growth of the group and who will maintain their respective positions.

TIP - VALUE CREATION

First investment in 2017 and additional investments in 2018 and 2021

The group is the undisputed leader in Italy in the travel/accommodation industry. Following the Covid period several actions have been taken to optimize the structure and the "go-to-market" approach as well as significant investments have been allocated to boost the aviation and the hotel business units towards the direction of a more "asset-based business":

i. increase and renovation of the aviation fleet, from 9 (2016) to 15 (2022);

ii. launch of new routes independent from the charter business; NEOS is the 2nd player in Italy, with a clear leadership in some destinations (Maldive, Madagascar, Kenya, Cuba, Capo Verde);

iii. launch of a new hotel brand "VRetreats" for the luxury hospitality;

iv. hotels from #13 (2016) to #26 (2023), with an increasing portfolio diversification : +4 in Italy, +4 abroad, +5 Vretreats;

v. an effective marketing campaign has re-launched the appeal of Alpitour brand;

vi. significant investment in the IT department to improve the offer in the B2C segment, boost the CRM activity and loyalty program.

0 500 1.000 1.500 2.000 2.500 3.000

H1 sales 778 mln (+85%) – record year of orders, first time ever with positive Ebitda in the first semester.

CAGR SALES: +12% CAGR EBITDA: +14%

First investment in 2015

• Focus on "core size" of both brands "Azimut" and "Benetti", following the sale of the remaining 4 "giga-yachts" (length > 100mt.) during the last 2 years.
• Record order backlog for Azimut Benetti in 2022 (2,1 bln), covering almost all of the turnover of the next 2 years.
• Strong demand in the boat industry, with increasing turnover, profitability and portfolio backlog for almost all the industry players.
• ~100mln allocated to the R&D activities in a 3-year timeframe, mostly dedicated to the implementation of energy saving solutions.
• Awards: first manufacturer worldwide of +24mt yachts for the consecutive 23rd year ("Boat International" ranking).

CAGR SALES: +6%

CAGR EBITDA: +28%

PARTIAL DISPOSAL OF THE STAKE HELD IN AZIMUT|BENETTI

• TIP has sold a shareholding stake of 3.98% of Azimut|Benetti.
• The transaction took place within the context of a reorganization of the Azimut|Benetti Group' shareholding, as a result of which the Public Investment Fund (PIF), the sovereign fund of Saudi Arabia, has become minority shareholder of Azimut|Benetti, with a 33% stake.
• Through the opening of the share capital to PIF, a new strategic and long-term partnership has been set up, aiming at supporting Azimut|Benetti Group's development phase, with the purpose to leverage on the synergies that the new investor can stimulate to boost the growth, either in terms of size or technology.
• TIP remains a shareholder of Azimut|Benetti with a 8.09% stake.

²⁵⁰

CAGR SALES: +10%

226

CAGR SALES: +9% CAGR EBITDA: +11%

First investment in 2017 and additional important investment in 2021

• 3 acquisitions during 2020-2021:
  • 2 distributors "vertical expansion" (Kruse in Italy and Reko in Czeck Republic)
  • 1 manufacturer "horizontal expansion" (Safari Belting Systems in the US): Chiorino Group entered the US market and the Plastic Modular Belts segment, a significant step toward the evolution of the group, with high growth perspectives and synergies in Europe.
• Very resilient business due to "mission critical" products and high international exposure: since TIP investment Chiorino even increased the sales abroad from ~75% to above 80%.
• ~30% of annual capex dedicated to business/environment sustainability and energy efficiency programs.
• H1 sales 93 mln (+10%) Ebitda margin 27,1%

111

169

43

First investment in 2014

• Opening of more than 30 stores all over the world with an important presence in the US.
• Signing of a strategic partnership with Investindustrial that will become the new controlling shareholder allowing the acquisition of the US minorities and financing the development plan.
• Appointment of the new CEO Andrea Cipolloni with a strong track record in food retail.

First investment in 2021

• Launch of the new CLIMA collection for accessories, footwear, clothing, furniture and automotive: evolution of Limonta's traditional coagulated and coated products which are now developed with recycled and renewable raw materials.
• Set up of BioFabbrica, a groundbreaking joint venture between Limonta and Modern Meadows, one of the leading group in biofabrication, with the aim of delivering high performing sustainable materials;
• Scouting for strategic M&A opportunities with the aim of consolidating interesting companies in the high value-added textile sector in Italy.
• July 2023: acquisition of the South Korean textile-maker BATM Co. with the aim of enhancing its offer of innovative textiles for the world of fashion and luxury
• H1 revenues 101,3 mln (+4%) ebitda margin 24%

First investment in 2019 and additional investment in 2021

• Consolidation of mobile network services;
• Widening of the integrated platform of value-added services and UCC products;
• Recent acceleration of the growth strategy especially through M&A both in Italy and in selected European countries started several years ago;
• IPO forecasted in 3 year time.
• H1 revenues 41 mln (+10,4%) Ebitda margin 26,2%

sales Adj. Ebitda Consolidated data in euro mln (cash position)

CAGR SALES: +14% - CAGR EBITDA: +8%

CAGR SALES: +13%

²⁵⁰

CAGR SALES. +8% - CAGR EBITDA: +7%

20

First investment in 2013 and additional important investment in 2021

• Widening and optimisation of the retail network in France (also through taking over of several franchised stores – 13 franchised stores in France acquired in January 2023).
• Acceleration of the retail expansion abroad (with focus on relevant markets such as USA where the group has already a very strong presence and in Sept 2022 took over 3 franchised stores with retail sales of 11.6 USD mln).
• Significant step-up in its positioning as one of the leading brand in luxury furniture.
• IPO on Euronext Paris (IPO price: 20 euro) in 2018.
• Second year of annual record with consolidated revenues at 408,5 mln (+22,3%) and retail sales at 652,5 mln in 2022.
• H1 2023 revenues: 221,7 mln (+9,2%).

1.600 First investment in 2018, large stake acquisition in 2019 and additional increase of TIP stake over the years

• Progressive transformation into a platform of multi-brands (some owned and some of thirdparties), like Piombo, Nina Kendosa, Telly Weil, GAP, Chicco and many more and a digital marketplace providing an integrated omnichannel customer experience.
• Upgrade of physical stores becoming more and more appealing and better positioned.
• Acquisition of Stefanel (2021) and Les Copains brand (2022).
• Execution of a capital increase of ~80 million (fully subscribed) providing OVS with additional financial resources for M&A opportunities (2021) - launch of the share buy-back program (2022) – leverage as at January 31st , 2023 of less than 1,0x.
• Issuance of a 6-year bond linked to sustainability parameters (160 million euro) (2021). Improvement of the financial structure with the execution of a sustainability-linked facilities agreement for 230 million aimed at repaying the existing facilities. Thanks to this agreement all OVS' main financial facilities are linked to sustainability performance.
• Q1 revenues 336,5 mln (+12,2% vs Q1 2022) forecast of growth for 2023 confirmed.

CAGR SALES: +6% CAGR EBITDA: +18%¹

237 409 2013 2022 20 83

CAGR SALES: +2%

0 ⁵⁰⁰ 1.000 1.500 2.000 2.500 3.000 3.500

• 40 acquisitions from 2019
  • 15 M&A in 2021 (210 mn revenues, Ebitda margin 12%, with 500 new FTE).
  • 18 M&A in 2022 (160 mn revenues, Ebitda margin 15%, with 550 new FTE).
• Launch of a new business line: Base Digitale, already 60 mln in sales and 10% ebitda margin.
• Sustainable growth introduction in corporate bylaws as strategic target of Sesa Group BoD.
• Sustainability CDP rating improvement from "D" to "B" achieved in December 2022.
• UN Global Compact membership from 2020.

First investment in 2019

• Growing contribution of Elica own brand sales over the recent years (from 52 to 58%).
• Expansion in the cooking segment: launch of "LHOV" innovative products integrating hob, hood and oven (2022) and launch of the strategic partnership with ILVE (2023) aimed at entering the new segment of ovens and induction hobs.
• Creation of an European centre of excellence in the ventilation and heating sector; consolidation of the motor division: acquisition of 100% of the share capital of Electric Motors Company S.r.l. and CPS S.r.l. in 2021.
• Optimization of the group structure (acquisition in 2022 of the minority stake in the controlled company Airforce and sale in 2021 of the controlling interest in Elica India, while maintaining the strategic partnership with Whirpool).
• Return to a sustainable dividend policy (2022).
• Significant additional steps in sustainability (i) reduction of own emissions in Italy by over 4,000 tons (equal to 20% of the total emissions of the group) in 2022 thanks to a new electrical energy supply agreement stipulated with Iberdrola; (ii) launch of the PREMIX line of fans (motor division), entering in this way the hydrogen market (2022).
• Confirmation of 2023 results in line with consensus (even though in a still uncertain industry scenario).

CAGR SALES: +17% CAGR EBITDA: +30%

CAGR SALES: +5%

CAGR EBITDA: +8%

THE ITALIAN DIGITAL HUB

StarTIP

Tamburi Investment Partners S.p.A.

58 mln directly invested

120 mln including clubdeal

400 mln euro of aggregate 2022 revenues

Innovation consultancy 104 mln sales First investment in 2017 App developer 150 mln sales First investment in 2019 Startup incubator 120 startups First investment in 2013 Co-living 88 mln sales First investment in 2021 Co-learning 40 mln sales First investment in 2015 Meal kit 1 mln sales First investment in 2021 Influencer marketing 7 mln sales First investment in 2018 Prop-tech First investment in 2023 Media tech company 13 mln sales First investment in 2017 Approved the merge between Digital Magics and L-Venture with the goal to create the leading listed incubator in Europe

THE ITALIAN DIGITAL HUB

First investment in 2019 and additional investment in 2020 and 2021

• a portfolio of >20 iOS apps with a strong presence in the video and photo editing segment
  • 90 million monthly active users.
  • 500 million app downloads.
  • 50 state of the art in house technologies.
• Acquisition of the US company Evernote note-taking and task management app in 2022 (100 mln USD revenues).
• New equity investment by Baillie Gifford, Cox Enterprises, and NB Renaissance. These investors join the company's existing institutional investors, among which are StarTIP and NUO Capital. Both invested in the round.

First investment in 2021 and additional investment in 2022

• No. 1 European co living player in terms of number of beds ( 11.000 beds and 3.000 apartments) and revenues - already in 3 countries.
• Jan. '22: 50 mln investment by Starwood to support growth.
• Feb.-Mar. '22: acquisition of Altido, UK-based short-term property manager and Chez Nestor, French co-living company.

(1)

150

CAGR SALES: +50%

(1) without considering Evernote results

CAGR SALES: +50%

CAGR SALES: +39%

sales Consolidated data in euro mln The results refer to pre closing data or management estimates

IPO TRACK RECORD AND PIPELINE

TIP SHARE PERFORMANCE

16 years as a public company

NET INTRINSIC VALUE PER SHARE: 13,9 EURO

	Net invested capital	Bloomberg estimates (1)	Med term intr. value(2)
Technology and innovation	260	1.534	~1.606	53%
Healthcare and industrial	135	1.094	~1.115	36%
IT services and innovation StarTIP Tamburi Investment Partners	125	440	~491	16%
Luxury and design	245	570	~571	18%
Apparel and high-end food	208	405	~405	13%
Travel and leisure	85	85	~142	5%
Other (incl. treasury shares & advisory)	190	301	~330	11%
TOTAL ASSETS	988	2.896	3.054
Net financial position of TIP S.p.A.		(499)	(499)
NET INTRINSIC VALUE		2.397	~2.555

Data as at 25/8/2023 (mln euro)

1.Bloomberg estimates: considers Bloomberg target price for listed companies

2.Net Intrinsic value: analytical valuation of each investment elaborated by TIP considering the med-term outlook of the companies (net of net financial position). Intrinsic value with consistent criteria over time, anchored to the fundamentals and regardless the volatility of multiples 27

TIP NET INTRINSIC VALUE August 2023

TIP NET INTRINSIC VALUE

TIP DIVESTMENT TRACK RECORD: 4 x¹

2013	2017	2018
42 m cash in	22 m cash in	90 m cash in
4,7 x at exit	> 3 x at exit	3 x at exit
2019	2022
35 m cash in	131 m cash in

2,3 x at exit

4,5 x at exit

TIP NET INTRINSIC VALUE

TIP price, target price and Net Intrinsic Value

12.8 euro per share

12.5 euro per share

12.4 euro per share

12.3 euro per share

12.0 euro per share

RECENT YEARS RESULTS COMPARISON

Net equity Investments

128 million (pro forma) consolidated 2021 net profit

139 million (pro forma) consolidated 2022 net profit

¹ Consolidated group equity (including minorities)

² Accounting data including associated companies with the equity method, investments measured at FVOCI plus financial receivables and assets.

Appendix

	Listed companies			Private companies
	Sales 1H 2023	EBITDA 1H 2023		Sales 1H 2023
	1 114	276
	255	26	4
	993 1	346	5
	1 185	295
	1 137	1 218
2	337	28
	8 003	878	5
	222	n.a.
3	2 908	209

	Sales 1H 2023	EBITDA 1H 2023
	778	n.m.
4	035 1	104
5	150	n.a.
	131	18
	93	25
	49	n.m.
5	605	25
	101	25
	41	11

⁴ Fiscal year figure as of August 31, 2022

⁵ Fiscal year figure as of December 31, 2022

¹ Data refers to EBIT

² Revenues and Ebitda are based on the first quarter as of April 30, 2023 (3 months)

³ Revenues and Ebitda are based on annual results as of April 30, 2023 (12 months)