1

2006 FY RESULTS2006 FY RESULTS

15 MARCH 2007

2

Summary 2006 HighlightsAsset management

Distribution

2006 Financials

2007 Outlook

3

2006 Highlights

4

2006 total net inflows (mutual funds, hedge funds, life insurance)

2006 Net profit vs. 2005

2006 EPS: €0.58 vs. €0.34 in 2005

2006 Dividend €0.20 (€0.10 ordinary plus € 0.10 extraordinary)

PF - Azimut Consulenza SIM

300400500600700

800900

10001100

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

2006 HighlightsSignificant growth for both asset management and distribution

€ 1,628.2

+72.4%

Data in € m

Data in €m

Last 10 years of Azimut’s growth

Assets under management

0

2000

4000

6000

8000

10000

12000

14000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

CAGR +8CAGR +8.5%.5%

CAGR +16CAGR +16.9%.9%

5

2006 FinancialsFinal figures in the upper part of the range announced on January 07

Data in € m

Data in €m for Total revenues and Net profit – Data in € for EPS

Total revenues Net profit EPS (basic) €

100

150

200

250

300

350

2004 2005 200610

20

30

40

50

60

70

80

90

2004 2005 20060,100,150,20

0,250,300,350,400,45

0,500,550,60

2004 2005 2006

Preliminary results announced in January 2007:Total revenues: €322-328m Net profit: €77-84m EPS: €0.53-0.58

32884

0.58

6

Asset management

7

% of LUX-domiciled funds on total AuM in mutual funds

Leading role of AZFund productsNew product launches and repricing accelerated the existing trend

0%

10%

20%

30%

40%

50%

60%

2003 1H04 2004 1H05 2005 1H06 2006 FEB-07

8.6% 9.4% 11.6%15.9% 18.0% 17.8%

41.1%

52.3%

Source: Azimut

8

0%

20%

40%

60%

80%

100%

Industry Azimut

Cash Bond Balanced Flexible Equity Hedge

AuMAuM 31.12.06 (%)31.12.06 (%)

0%

20%

40%

60%

80%

100%

Industry Azimut

Cash Bond Balanced Flexible Equity Hedge

Funds breakdown by category

AuMAuM 31.12.05 (%)31.12.05 (%)

Source: Company / Assogestioni

3.4

24.2

3.67.9

45.8

15.1

1.0

22.1

33.2

21.7

18.4

3.6

4.6

25.9

8.56.9

40.4

13.7

4.2

18.6

44.9

15.0

15.02.2

9

2006 net inflows 2006 net inflows

Funds breakdown by category

2005 net inflows2005 net inflows

Source: Company / Assogestioni reclassified figures - data in €m

Italian Fund Industry Azimut

-200

0

200

400

600

800

1000

Italian Fund Industry Azimut

-30000

-25000

-20000

-15000

-10000

-5000

0

5000

10000

15000

20000

25000

-400

0

400

800

1200

1600

2000

-12000

-9000

-6000

-3000

0

3000

6000

9000

12000

15000

18000

10

Other5.4%

Italian eq.11.5%

Foreign Eq.41.1%

Gov.t Bonds41.0%

Ital./For. Bonds0.9%

Mutual fund breakdown by underlying assets

IndustryIndustry AzimutAzimutTotal Equity 28.0% Total Equity 52.6%

Source: Company / Assogestioni / Il Sole 24 ore - data as at the end of 2006

For. Bonds 12.4%

Ital. Bonds3.3%

Gov.t Bonds50.5%

Foreign Eq.22.0%

Italian eq.6.0%

Other5.8%

11

Distribution

12

Funds – net inflowsNet inflows as a % of the AuM

Source: Assogestioni monthly press release on mutual funds – dotted line: quarterly reclassified Assogestioni data for the Industry

Azimut Italian industry

-2%

-1%

0%

1%

2%

3%

4%

5%

jan-

03fe

b-03

mar

-03

apr-

03m

ay-0

3ju

n-03

jul-0

3au

g-03

sep-

03oc

t-03

nov-

03de

c-03

jan-

04fe

b-04

mar

-04

apr-

04m

ay-0

4ju

n-04

jul-0

4au

g-04

sep-

04oc

t-04

nov-

04de

c-04

jan-

05fe

b-05

mar

-05

apr-

05m

ay-0

5ju

n-05

jul-0

5au

g-05

sep-

05oc

t-05

nov-

05de

c-05

jan-

06fe

b-06

mar

-06

apr-

06m

ay-0

6ju

n-06

jul-0

6au

g-06

sep-

06oc

t-06

nov-

06de

c-06

jan-

07fe

b-07

-2%

-1%

0%

1%

2%

3%

4%

5%

13

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

-500 -300 -100 100 300 500 700 900 1100 1300 1500

Still improving the efficiency of the network2x the avg. AuM per PF and 5.4x the avg. Net inflows per PF

Source: Assoreti out of a sample of the largest PF networks. Data in €/000 as at 31.12.2006

Avg. AuM per PF: €6.5mA

vg. N

I per

PF:

€0.

28m

14

2006 Survey by Eurisko – External image vs. Internal satisfaction

Quality below the figuresSatisfaction of the network

Source: Eurisko based on the largest Italian PF networks in 2006 - Eurisko is an independent operator in the social and marketing research sector

POOR IMAGEPOOR IMAGEPOOR SATISFACTIONPOOR SATISFACTION

HIGH IMAGEHIGH IMAGELOW SATISFACTIONLOW SATISFACTION

BR

AN

D E

QU

ITY

IN

DEX

BR

AN

D E

QU

ITY

IN

DEX

BR

AN

D E

QU

ITY

IN

DEX

OVERALL SATISFACTIONOVERALL SATISFACTIONOVERALL SATISFACTION

HIGH IMAGEHIGH IMAGEHIGH SATISFACTIONHIGH SATISFACTION

POOR IMAGEPOOR IMAGEHIGH SATISFACTIONHIGH SATISFACTION

++

––++

15

2006 Financials

16

% 2005200632.439.525.843.732.1

35.117.630.635.646.4

22.2

61.1

10,088199,893

89,72315,45212,701

327,858-139,259-14,984-41,218-2,662

-198,123

129,735

Consolidated Reclassified Income StatementIAS/IFRS Compliant

Data in € 000

Entry commission incomeFixed management feesVariable management feesOther incomeIns. premiums net of reserves

Total RevenuesDistribution CostsCommissions on no load productsPersonnel and SG&ADepreciation, amort./provisions

Operating Costs

Operating Profit

7,620143,284

71,33110,7509,612

242,597-118,399-11,469-30,391-1,818

-162,077

80,521

17

% 20052006

Consolidated Reclassified Income StatementIAS/IFRS Compliant

Data in € 000

Operating ProfitIncome from financial operationsNon operating costsInterest expensesProfit Before TaxIncome taxDeferred taxesConsolidated Net ProfitMinoritiesNet Profit

129,7354,971

-0,900-6,219

127,587-38,147-4,21485,227-0,85984,367

80,5211,129

-1,636-6,51073,504

-19,977-4,43949,088-0,04349,045

61.1340.3-45.0-4.573.690.1-5.974.0

72.4

Effective tax rate

Adjusted Net Profit29.9%

88,581

27.2%

18

20052006Data in € 000

“CORE” PERSONNELL AND SG&A COSTS Variable remunerations New initiatives (AZ Investimenti, Azimut CM)*REPORTED PERSONNELL AND SG&A COSTS

-28,528-7,888-4,877

-41,293

+27 new employees in 2006+26 planned new hiring for 2007 (⅓ in Fund management, ⅓in Risk management and internal audit and ⅓in IT, Back Office and Sales)

Variable compensations linked to good results achieved2007E costs increase will be less than 10% yoy

Investments finalised for fostering the expansion of foreign Investments finalised for fostering the expansion of foreign -- based activitiesbased activities

Azimut Capital Management contribution in 06: €12.0m revenues €3.5m net profitAZ Investimenti contribution in 06: €19.8m revenues €2.4m net profit

In addition to the two new initiatives launched during 2005, AZ Life, launched in 2004, posted a € 9.3m net profit in 06 vs. €4.6m in 05.

-26,149-2,181-2,061

-30,391

Cost control - Profitability of new initiativesEffective cost increase lower than 10%

* Azimut CM: consolidated in 2005, operating since beginning of July 2005AZ Investimenti: operating and consolidated since July 2005.

19

31.12.0530.06.06

Consolidated Net financial positionIAS/IFRS Compliant

Data in € 000

Amounts due to banks:Senior Loan

Vendor Loan (AZ Investimenti SIM)

Trademark lease-back

Securities issued:Convertible bond

TOTAL DEBTCash and cash equivalents

NET FINANCIAL POSITION

(102,434)(90,085)

(12,349)

-

(97,170)(97,170)

(165,207)112,387

(52,820)

(107,335)(95,104)

(12,231)

-

(96,371)(96,371)

(203,706)126,327

(77,379)

31.12.06

(37,308)-

(12,231)

(25,077)

(96,510)(96,510)

(133,818)157,171

23,353

•Senior Loan paid off during 2006 in advance of its 2009 expiry date•€0.10 dividend confirmed; extraordinary dividend of €0.10 (both subject to AGM approval)•NFP is not reflecting 2006 taxes and dividend payment which will be made by 1H07 (€38m and €29m respectively)

20

20052006

Consolidated Cash Flow StatementIAS/IFRS Compliant

Data in € 000

Net income (loss)Amortisation, depreciation and other provisionsInterest expenseCommissions on no-load productsTax provisions (tax asset uses)Net change in credits and debts and technical reservesNet change in tax assets/debts

Cash flow from operating activities(Increase)/decrease in other assets(Increase) in investment subsidiariesCash flow from investment activitiesDebt and interest repaymentCapital increase (incl. IPO fees and stock options)Dividends paidConsolidation of AZ Investimenti

Cash flow from financial activities

TOTAL CASH FLOW GENERATED (ABSORBED)Cash and cash equivalents at beginning of periodCash and cash equivalents at the end of period

84,3677,7826,369

14,98442,360(8,952)

(24,646)

122,264(1,446)

0,048(1,398)

(76,110)0,525

(14,438)-

(90,023)

30,844126,327157,171

49,0458,3136,615

11,46924,417(8,172)(5,238)

86,449(6,312)(0,550)(6,862)

0,495(1,290)(7,214)

4,923

(3,086)

76,50149,826

126,327

21

2007 Outlook

22

0%10%20%30%40%50%60%70%80%90%

100%

31.12.04 31.12.05 31.12.06 28.02.07 28.02.07*

Cash Bond Balanced Flexible Equity Hedge

2007 Outlook – Product range ongoing transformation

Total Total AuMAuM split by funds category split by funds category –– Main changes effective April/July, 2007Main changes effective April/July, 2007

29.6%€2,392m

33.2%€3,609m 44.9%

€5,843m49.8%€6,677m

67.0%€8,986m

Equity funds: only FoF investing in 3rd parties’ products

* Simulation based on February-end AuM

Bond funds: institutional clients and limited component of retail clients’ allocation

Almost 80% of AuM in long-only mutual funds will be in products which can switch from equities to other asset classes, including cash (with no limit for flexible funds)

23

February 2007 – New product launches

4 new funds offered by 4 new funds offered by AZFundAZFund

2 bond fund: AZFund Bond Trend – AZFund Income

1 balanced fund: AZFund European balanced

1 quant fund: AZFund QProtection

Focus on Focus on AZFundAZFund QProtectionQProtection

Flexible fund domiciled in LuxembourgReference benchmark: 35% Eurostoxx50, 65% MTS Bot (risk free)Equity exposure: 0-70%

Protection: 90% of the highest NAV, regardless of the subscription date

Return: 60% Eurostoxx50 during a market cycle

Risk: 50% of Eurostoxx50 volatility

Already reached € 158m AuM in the first month of activity

Targets:Targets:

24

2007 Outlook

Ongoing focus on organic growthOngoing focus on organic growth……Recruiting: Usual 100-120 new PF in Azimut Consulenza sim

Additional recruiting from AZ Investimenti sim

Hedge fund: Ireland-domiciled hedge fund under authorisation

Further expansion in the product offering

……but actively searching for additional opportunities not only in but actively searching for additional opportunities not only in domestic marketdomestic marketExternal growth: Opportunistic M&A

Foreign expansion: Extreme flexibility in opening new markets

0% AZIMUT SHAREHOLDIN0% AZIMUT SHAREHOLDING 100%G 100%

Distribution agreementInstitutional salesWhite label

AcquisitionsPartnerships

Joint VenturesNewco (spinoffs)

Spinoff : Newcos can be created with PMs who whould like to spinoff and set up a company avoiding to cope with all other aspects but fund managementJoint Ventures: interest in partnerships with banks for which Azimut is the ideal technical partner, not competing in the banking services Product development possible for long only products in LUX, hedge funds and life insurance in IRL

25

Contacts

Disclaimer

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, third parties and the Company.

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 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.

Fabrizio Armone Investor Relations Manager tel. +39.02.8898.5853investor.relations@azimut.it www.azimut.it