Intermonte SIM S.p.A. Milan 20122 (Italy) – Galleria de Cristoforis, 7/8 - phone: +39-02-77115.1 fax: +39-02-77115.300 New York - (USA) - Sales contacts: JPP Eurosecurities, 595 Madison Avenue, 10022 - phone: +1 (212) 521 6718

Italian Research 2Q19 Results Milan, September 18, 2019

TIP Price (Eu):

Target Price (Eu):

NEUTRAL 5.86

6.82

SECTOR: Holdings & RE

Alberto Villa +39-02-77115.431 e-mail: avilla@intermonte.it

A Smart Way to Gain Exposure to Italian Gems TIP dynamic portfolio management continued in 1H19. TIP has released results from the

investment company for 1H19. Pro-forma net profit closed at Eu41mn (reported profit of Eu5.1mn on the basis of IFRS9) which benefitted from the capital gain on the disposals of the stake in iGuzzini and those in FCA, Ferrari, and Nice. Financial debt was Eu138mn as at end-June vs Eu141mn as at year-end 2018. There were positive trends for the listed companies in which TIP holds stakes: Amplifon, BE, Ferrari, Interpump, Moncler, Prysmian, Hugo Boss. Positive indications also for non-listed companies, whose results are judged as positive by TIP management. In 1H, the major new investment was 17.8% of OVS capital from Coin Group for circa Eu75mn to reach a 22.7% stake for an overall investment of Eu91.6m; the subscription of a Eu5mn rights issue by Talent Garden; and the purchase of own shares for circa Eu6mn. The intense investment activity by the company which, thanks to its unique positioning on the Italian market, means it is able to seize worthwhile investment opportunities, continued beyond the end of the half year. TIP has invested in Bending Spoon (iOS app developer among the leaders worldwide), 14.95% of the majority shareholder of SeSa ITH SpA, the acquisition of 22.95% of Clubtre (which holds 3.9% of Prysmian) taking its stake to 66.23% in the vehicle, and entry to Elica capital, taking over 12.57% of Whirlpool capital, also favouring a change in management with the appointment of a new CEO.

TIP is the right place for investors seeking opportunities in Italian excellent companies. TIP is a unique model within investment companies, combining great knowledge and ties with Italian companies with innovative solutions to support their growth and expansion. In addition, the extensive network of relations allows TIP to activate a wide range of investors supporting the company’s long term investment strategy and value creation initiatives. The company has a NAV of around Eu1bn but more importantly has direct and indirect investments of Eu3bn. On top of the direct investments, the vehicles managed by TIP are: TIPO, which is dedicated to smaller companies that may consider an IPO, M&A or a combination as an exit strategy; STAR TIP; and the most recent, Asset Italia. Italy remains an interesting country for mid-size companies. TIP has a great track record in managing complex transactions regarding generational change, support for internationalisation or external growth, and managerial change. Over the years, TIP has been able to combine its long-standing forte of investing in outstanding Italian mid-sized companies with investments in start-ups and digital companies. More recently, the company has also explored opportunities when the ingredients are right, as shown by the investment in Italian fashion retailer OVS, fully supporting the efforts of the renowned current management team.

NEUTRAL, TP Eu6.82 from 6.77. We have updated our valuation of TIP to its dynamic NAV, which considers the fair value of its investments that are under our coverage or for which we have our own valuation, and the market value for the other assets. The stock has posted a lacklustre performance in 2019 compared to its main investments, and at a 14% discount to dynamic NAV and 7% to its market value NAV. The company is well positioned to continue to expand its investment portfolio and to seize attractive opportunities in the future, as clearly shown by the very active and dynamic management of investments in the year to date. An improved outlook on Italy for investors could also open up opportunities for considering exit strategies, including listings for some of the companies in TIP’s portfolio, despite remaining a patient, long-term investor. In our view, the company is set to give shareholders an attractive total return in a low interest rate scenario, while most of its investments are exposed to niches that should continue to perform well, even in a more challenging global economic growth scenario. NEUTRAL, target price Eu6.82ps, equal to our dynamic NAV.

TIP - 12m Performance

RATING: unchanged TARGET PRICE (Eu): From 6.77 to 6.82

The reproduction of the information, recommendations and research produced by Intermonte SIM contained herein, and of any of its parts, is strictly prohibited. None of the contents of this document may be shared with third parties without Company authorization.

Please see important disclaimer

on the last page of this report

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TIP TIP Rel. to BCI Index (Reb.)

STOCK DATAReuters code: TIP.MIBloomberg code: TIP IM

Performance 1m 3m 12m Absolute 5,4% -1,0% -8,2% Relative -1,7% -5,7% -10,7%12 months H/L: 6.69/5.26

SHAREHOLDER DATANo. of Ord. shares (mn): 172Total No. of shares (mn): 172Mkt Cap Ord (Eu mn): 1.008Total Mkt Cap (Eu mn): 1.008Mkt Float - ord (Eu mn): 515Mkt Float (in %): 51,1%Main shareholder: D'Amico SdN 12,3%

BALANCE SHEET DATA 2019Book value (Eu mn): 630BVPS (Eu): 3,66P/BV: 1,6Net Debt (Eu mn): 185NAV (Eu mn) 1.087

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Executive Summary A unique investment platform and management team in Italy to gain exposure to Italian gems TIP is an independent investment and advisory firm with a prominent positioning in the Italian business universe. TIP is active in: 1) investment activity, mostly through acquisition of minority stakes in Italian and European listed and unlisted companies with positions of leadership in their core sectors; and 2) advisory activity on M&A and other corporate finance deals mainly targeting the needs of mid-size companies and entrepreneurial families. Over the years, TIP has developed a unique network of investors and investment vehicles that is optimised for attracting appealing investments. TIP has delivered significant returns since listing in November 2005 and a total return of 155% in the last 5 years. Among the various key factors for the success of the company, we believe the most important to be the team of professionals with over thirty years’ experience, a team capable of interacting with entrepreneurs, companies, banks, and financial professionals. Founder Giovanni Tamburi has been active in the field of corporate finance since 1977.

A growing investment portfolio in excess of Eu1bn, through a wide range of investment solutions The TIP investment portfolio has shown impressive growth over the years and today exceeds Eu1bn in total value. Even more impressive is the figure for total assets in which TIP is involved, which is in the region of Eu3bn. TIP is continuing dynamic management of its investments, albeit keeping a long-term investment approach. The company has performed some sizable disposals in 1H19, notching up record activity in terms of company investment and divestment volumes. As usual, the activity in 1H targeted new investments in Italian companies with significant growth potential: SeSa, Elica, OVS and Bending Spoon. The wide range of investment vehicles include: Direct investments in qualified minorities of larger companies through TIP SpA Club deals aligning the interests of various investors Specialised vehicles (TIPO, StarTIP, Asset Italia) The main investment vehicles are: TIP SpA, the flagship vehicle investing in companies with more than Eu200mn revenues; TIPO, investing in private companies with revenues of between Eu30/200mn; StarTIP, dedicated to innovation and digital companies; and the innovative investment vehicle Asset Italia, launched in 2016, and targeting companies with more than Eu200mn in revenues and an equity ticket per deal above Eu30mn. More details on the vehicles are given in the section “TIP at a glance” below. TIP has constantly traded at a premium to its reported NAV in the past and is currently trading at a slight discount. The discount on the current price is equal to around 10% if we take into consideration our current dynamic NAV, which is based on our own internal calculation of the fair value of the companies we cover, or on which we have our own internal valuation model. Finally, if we take into account the company’s internal intrinsic value calculation, the mid-term fair value of current investments is roughly Eu1.6bn (gross of debt and Eu7.95ps net of debt equal to a 37% upside compared to the current stock price).

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TIP in a Nutshell Here follows an updated snapshot of the main TIP investments including the latest transactions. TIP invests directly via internally structured club deals, and through special purpose vehicles such as Asset Italia, TIPO and Star TIP. TIP, including the value of the club deals, has activated around Eu3bn in total investments. The strategy is to become a significant but minority shareholder with a mid-long term investment horizon in order to generate value and to support management achieving their strategic goals. Exit can occur through a listing, a combination or disposals to industrial groups or, less frequently, through a market placement of shares. TIP’s track record is remarkable: it has invested in some of the most prominent Italian equity stories such as Moncler, Interpump, and Amplifon (to mention just the largest and best known). The results in terms of total returns have been stunning: a 160% total return or an annual average of 30% over the last five years, and robust outperformance compared to all global and domestic indexes. Performance was affected by the market correction in 2H18 but TIP has shown remarkable stability thanks to its diverse portfolio. Main Direct Investments through TIP SpA Amplifon, OVS, Hugo Boss, Ferrari, Azimut Benetti, Furla, Octo Telematics, Prysmian (direct stake), ITH SpA (SeSa), Elica Main Club Deals Interpump, Moncler, Prysmian, Be, Eataly, Roche Bobois (recently listed on the Paris stock exchange) Investments through Asset Italia Alpitour (structured as a club deal), Ampliter (holding company, main shareholder in Amplifon) Investments through TIPO (pre-IPO investments) Beta (structured as a club deal), Chiorino, iGuzzini (disposal announced in 4Q18) Investments through Star TIP Talent Garden, Digital Magics, Alkemy, Buzzoole, Telesia, Bending Spoons

TIP – Main direct investments

Source: TIP ‘1H19 letter to shareholders’

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Here follow brief descriptions of the main investment vehicles activated by TIP. TIP SpA (parent company): the direct investment vehicle has a target of >200mn revenue companies with an equity size per deal <30mn. Since 2001, TIP SpA has finalised investments for more than Eu1.6bn. TIPO (29.29% owned by TIP) is the pre-IPO investment vehicle of the group. It targets private companies with revenues between Eu20/200mn. Since 2014, it has finalised investments for Eu325mn with capital available to be invested of Eu65mn. StarTIP (100% owned by TIP) is the vehicle created to support investments in the innovation and digital space. The vehicle has been very active since inception and it still has around Eu100mn available to further boost investments. StarTIP has invested in various promising innovation companies including the influencer platform Buzzoole, the smart working player Talent Garden, and the main Italian digital incubator Digital Magics. The latest investment was entry to the capital of one of the world’s leading IoS app developers, Bending Spoon. Asset Italia (20% owned by TIP): this innovative vehicle was launched by TIP in 2016 to enable dynamic involvement of potential investors in proposed targets. Each deal is presented to Asset Italia shareholders, who decide whether or not to invest. This system is practically unique on the Italian market and has been a success, with Asset Italia carrying out the investments in Alpitour and in Ampliter (the main shareholder in listed hearing aid company Amplifon). A highly skilled and experienced Management Team Among the various key factors for the success of the company, we believe the most important to be the team of professionals with over thirty years’ experience, a team capable of interacting with entrepreneurs, companies, banks, and financial professionals. This has enabled TIP to create an unmatched network of relations within the Italian business universe thanks to deep knowledge of the dynamics that characterise family businesses. Giovanni Tamburi: Chairman and CEO of TIP, as well as founder and partner of T&A and TIP; active in the field of corporate finance since 1977. Alessandra Gritti: Vice-Chairman and CEO of TIP, as well as co-founder of T&A and TIP; active in the field of corporate finance since 1984. Claudio Berretti: General Manager and Executive Director of TIP, he has been with TIP since 1995. Previous experience at Fiat UK Group Ltd. Investment Conclusions TIP trades at a discount of 14% to dynamic NAV and 7% to its market value NAV, which appears to be in line with the average for the last five years. Clearly TIP is rightly considered very differently compared to traditional holding companies given the stunning company track record in dynamic portfolio management and value creation which makes applying a discount an odd exercise. We think the company is well positioned to continue to expand its investment portfolio and to seize attractive opportunities in the future, and is set to give shareholders an attractive total return in a low interest rate scenario, while most of its investments are exposed to niches that should continue to perform well, even in a more challenging global economic growth scenario. We have a NEUTRAL rating on the stock, setting a target price of Eu6.82ps, equal to our dynamic NAV, which considers our fair value for the listed assets we cover and some unlisted companies.

TIP – Historical NAV discount

Source: Intermonte SIM and FactSet

-30.0%

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NAVPS (Mkt Price) (L) TIP Price (L)

Premium / Discount (R) Average Premium / Discount (R)

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NAV Update Dynamic NAV update: Eu 6.82 p.s. or a 14% discount to the current stock price We are updating our dynamic NAV to take into account recent transactions. We include the acquisition of Elica, SeSa (through its holding ITH), Bending Spoons, Prysmian (through the stake increase in Clubtre) and the (partial) disposal of FCA and Ferrari shares. Consequently, the net financial position is estimated at roughly Eu181mn. As usual, our dynamic NAV is based on our internal assumption of fair value for the main listed assets that we cover directly such as Moncler, Ferrari, FCA, Amplifon, Interpump, Prysmian, Be, SeSa and Servizi Italia. For certain other assets, we have developed valuations based on the latest available financial data and peer multiples, while in a few limited cases we use the book value / historical value. Since tracking started, TIP has traded at a small discount to our internally calculated dynamic NAV. However, the calculation may underestimate the value of some unlisted companies that may well emerge in the event of a combination/disposal, as recently happened with iGuzzini, which was bought by the listed Swedish group Fagerhult.

TIP - Dynamic NAV (@ Intermonte fair Value)

Source: Intermonte SIM and FactSet

(Eu mn) Value Stake (%) % on NAV Valuation method SectorLISTED COMPANIES 492 41,9%Moncler 89 1% 7,6% Intermonte Fair Value LuxuryAmplifon S.p.A. 109 3% 9,3% Intermonte Fair Value Hearing aidsFCA 0 0% 0,0% Intermonte Fair Value AutoHUGO BOSS AG 76 1% 6,5% Intermonte Fair Value Fashion/LuxuryFerrari NV 17 0% 1,4% Intermonte Fair Value Luxury carsServ izi Italia S.p.A. 3 2% 0,2% Intermonte Fair Value HealthcareRoche Bobois 41 35% 3,5% Intermonte Fair Value Home FurnishingPrysmian 32 1% 2,7% Intermonte Fair Value CableOVS 77 23% 6,6% Intermonte Fair Value Fast fashion retailerElica 22 15% 1,8% Market v alue Home FurnishingFaugerhult 17 2% 1,5% Market v alue Lighting solutionsOther Listed Companies 10 n.a. 0,8% Market Value

NON LISTED COMPANIES 185 15,8%Azimut Benetti 50 12% 4,3% Intermonte Fair Value Yacht/ LuxuryTIP adv isory business 32 100% 2,7% 15x adj. PE Adv isoryFurla 17 n.a. 1,5% Book Value LuxuryStarTIP 59 100% 5,0% Market & Book Value Start up / Innov ationOcto Telematics 23 n.a. 2,0% Intermonte Fair Value TelematicsDedalus Holding SpA 0 n.a. 0,0% Book Value HealthcareOther non listed companies 4 n.a. 0,3% Book Value VariousASSOCIATES 644 54,9%Club 3 SpA (3.87% of Prysmian) 78 66% 6,7% Intermonte Fair Value (net of debt) CablesGruppo IPG Holding (23.33% of Interpump) 249 8% 21,3% Intermonte Fair Value (net of debt) HydraulicClubitaly SpA (20% Eataly) 60 6% 5,1% Intermonte Fair Value Food RetailerBe, Think, Solv e, Execute 41 23% 3,5% Intermonte Fair Value IT BankingITH SpA (53% of SeSa) 59 8% 5,0% Intermonte Fair Value IT VAD & System integrationTIPO 21 29% 1,8% Intermonte Fair Value Holding CompanyPalazzari & Turries Limited 1 30% 0,0% Book Value FinanceGatti & Co 0 30% 0,0% Book Value FinanceAsset Italia 135 20% 11,5% Book Value Holding Companyo/w Alpitour 110 35,8% 9,3% Book Value Tour Operatoro/w Ampliter 25 20,0% 2,1% Book Value Holding controlling Amplifon

Net Financial Position -185 -15,8% Including recent transactions

Holding costs -9 -0,8% Est 1% of total assetsTreasury shares 46 4,0% @ September, 2019

Total NAV 1.173N. of shares 172Total NAV ps (Eu) 6,82TIP Market price (Eu) 5,9Current premium (discount) on NAVPS -14,1%

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TIP Static NAV @ Eu6.3 p.s. The static NAV is based on market prices for listed assets. It stands at Eu1,087mn and some 7% above current TIP market cap. Recently, TIP has traded in line with or at a slight premium to its static NAV.

TIP - Static NAV (@ market price)

Source: Intermonte SIM and FactSet

(Eu mn) Value Stake (%) % on NAV Valuation method SectorLISTED COMPANIES 465 42,8%Moncler 70 0,8% 6,4% Market v alue LuxuryAmplifon S.p.A. 133 3% 12,3% Market v alue Hearing aidsFCA 0 0% 0,0% Market v alue AutoHUGO BOSS AG 50 1% 4,6% Market v alue Fashion/LuxuryFerrari NV 14 0% 1,3% Market v alue Auto/LuxuryServ izi Italia S.p.A. 2 2% 0,1% Market v alue HealthcareRoche Bobois 26 35% 2,4% Market v alue Home FurnishingPrysmian 35 1% 3,3% Market v alue CableOVS 87 23% 8,0% Market v alue Fast fashion retailerElica 22 15% 2,0% Market v alue Home FurnishingFaugerhult 17 2% 1,6% Market v alue Lighting solutionsOther Listed Companies 10 n.a. 0,9%NON LISTED COMPANIES 152 14,0%Azimut Benetti 32 12% 2,9% Book Value Yacht/ LuxuryTIP adv isory business 32 100% 3,0% 15x adj. PE FinanceFurla 17 n.a. 1,6% Book Value LuxuryOcto Telematics 8 n.a. 0,7% Book Value TelematicsOther non listed companies 4 n.a. 0,3% Book Value VariousASSOCIATES 609 56,0%Club 3 SpA (3.87% of Prysmian) 81 66% 7,5% Market v alue (net of debt) CablesGruppo IPG Holding (23.33% of Interpump) 245 8% 22,5% Market v alue (net of debt) HydraulicClubitaly SpA (20% Eataly) 63 6% 5,8% Book Value Food RetailerBe, Think, Solv e, Execute 32 23% 2,9% Market v alue IT BankingITH SpA (53% of SeSa) 48 8% 4,4% Market v alue (net of debt) IT VAD & System integrationTIPO 31 29% 2,9% Book v alue Holding CompanyAsset Italia 108o/w Alpitour 83 36% 7,7% Book Value Tour Operatoro/w Ampliter 25 20% 2,3% Book Value Holding controlling Amplifon

Net Financial Position -185 -17,0% Incl. recent transactions

Holding costs -9 -0,8% Est 1% of total assetsTreasury shares 46 4,60% 4,27% @ September, 2019

Total NAV 1.087N. of shares 172Total NAV ps (Eu) 6,3TIP Market price (Eu) 5,9Current premium (discount) on NAVPS -7,2%

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TIP Internal Intrinsic Value at Eu1.6bn, gross of debt TIP indicated in a recent company presentation the updated intrinsic value of TIP investments at Eu1.6bn, up from Eu1.4bn as at March; the breakdown is shown in the following pie charts. The intrinsic value is calculated on the basis of the mid-long term economic outlook for each investment calculated by TIP. Techonology and Innovation includes investments such as Prysmian, Be, Beta, Chiorino Interpump, Octo, SeSa on top of StartTIP portfolio companies. The intrinsic value net of debt per share would therefore be equal to Eu7.95 an hefty 37% upside on current stock price.

TIP – Mid-term intrinsic value of TIP assets

Source: Company data

1H19 results TIP has released results from the investment company for 1H19. Pro-forma net profit closed at Eu41mn (reported profit of Eu5.1mn on the basis of IFRS9) which benefitted from the capital gain on the disposals of the stake in iGuzzini and those in FCA, Ferrari, and Nice. Financial debt was Eu138mn as at end-June vs Eu141mn as at year-end 2018. 1H revenues related to advisory activity picked-up to Eu5.3mn vs Eu1.6mn last year while financial income related to dividends and financial income were equal to Eu7mn. Main 1H figures are shown in the table below.

TIP – 1H19 pro-forma results

Source: Company data; * pro-forma ex IFRS9 that excludes capital gain from the sale of equity investments

Luxury & design14%

Technology & innovation

42%

Retail, fashion & high-end food20%

Healthcare and tourism16%

Other8%

(Eu mn) 1H18A 1H19A*Total revenues 1.6 5.3

Opearting profit/loss -16.6 -4.8Financial income 15.0 29.7Financial charges -3.5 -4.0

Profit before adj. to investments -5.1 20.8Profit from associates & others 8.5 20.4

Pretax profit 3.3 41.2Current & deferred taxes 1.0 0.8Minority interest -2.7 -0.5Net profit 1.7 41.5

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Recent Events (i). FCA and Ferrari shares. TIP management decided to take profit on impressive performances

by both the FCA and RACE investments. Initially established as a cash-equivalent position to store liquidity, these two investments turned out to be significant contributors to the company’s portfolio performance. The positions have now been liquidated to finance new opportunities that are more in line with TIP’s core investment strategy.

(ii). Hugo Boss. After a disappointing performance, TIP has halved the exposure to Hugo Boss

shares.

(iii). Prysmian. The company increased its commitment towards Prysmian by buying an additional 23% of Clubtre share capital, which holds 3.9% of PRY, thereby taking its stake to 66.23%. This indirect exposure coupled to PRY shares owned directly by TIP means the overall stake is 4.5% (3.2%).

(iv). Elica. At the end of July, Tamburi acquired 14.6% of the share capital of the listed company

Elica SpA (ELC IM) for a total amount of ca. Eu19mn. Elica is an Italian company founded in 1970 and is among the global leaders in the design and innovative production of equipment for air purification, ventilation and filtration, with revenues of Eu472mn in 2018.

(v). SeSa. In July, TIP announced the acquisition of 14.95% of ITH capital for circa Eu17mn. The

accord involves a system of puts/calls to enable TIP to increase its stake to 15.75%. ITH is the holding company that controls SeSa Group with a 52.8% stake in capital. TIP has also sealed a joint-shareholder pact with HSE, which brings together the founding partners and SeSa management, and holds 80% of ITH, further consolidating its stake. SeSa is the Italian leader in information technology services and solutions, active as a leader in value-added distribution and growing considerably in the highly profitable software and system integration sector. The company generated almost Eu1.4bn in revenues last year and, according to our estimates, it is expected to grow the top line, operating revenue and net profit double-digit.

(vi). Bending Spoons. In July, by means of its vehicle StarTIP and together with other similar

investment partners (i.e. H14 and NUO Capital), TIP entered the share capital of leading European iOS developer Bending Spoons. StarTIP and the two investors acquired 5.7% in total of the target company.

(vii). Talent Garden. In recent months, TIP has acted as lead investor in the Eu20mn capital

increase of Talent Garden, whose revenues in 2019 are expected to be double those for FY18.

Furthermore, in the letter to shareholders, the company communicated the good performance of Alpitour, which is not only improving profitability but has also acquired two luxury, five-star hotels in Taormina (Sicily, Italy) and the management of another one in Sardinia. At the same time, Eataly’s Italian shops reported positive like-for-like growth of +3.5% YoY, a very positive performance compared to other Italian operators; as regards shops abroad, the trend is positive and solid. Finally, the letter assures that Azimut-Benetti, Beta, Chiorino and StarTIP affiliates are growing according to expectations.

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Review of TIP Investments Below we review the main investments in non-listed companies; for each of the listed companies in the TIP portfolio that are actively covered by Intermonte, please refer to our specific reports, i.e. for Moncler, Amplifon, Prysmian, Interpump, Ferrari, FCA, Hugo Boss, Servizi Italia, Alkemy and Be. Review of companies invested through TIP

Roche Bobois: High end furniture Roche Bobois is the world leader in the creation and distribution of selected, high quality, luxury and designer furniture products. The group operates the largest worldwide chain of high-end designer furniture stores, with a network – direct and/or franchising – of approximately 318 stores (of which 111 DOS) located in prestigious commercial areas. It has a presence in the most important cities worldwide, including in North, Central and South America, Europe, Africa, Asia, and the Middle East. The company has been listed on the Paris stock exchange since July 2018 following the decision to list by certain shareholders and despite an unfavourable opinion from TIP. The listing price was Eu20p.s. and the current stock price is Eu17.2ps, giving a mkt cap of Eu170mn. The stock price is likely penalized by limited liquidity due to the low float (11.5%); this is also a consequence of the decision by some shareholders, including TIP, to reduce the disposal at the IPO by as much as possible. According to TIP, the fair value of the company is much higher and roughly as much as double the current market price. Roche Bobois reported sales of Eu257mn in 2018 with an Ebitda of Eu22.4mn while in 1H19 revenues increased by 4.2% to Eu135mn and expectations are for revenues growth to continue in 2H also thanks to new openings and Ebitda margin between 9/10%. In the longer term Roche Bobois has a more challenging target of growing its revenues to Eu320mn by 2021. Roche Bobois also plans to implement a generous annual dividend policy of around 30-40% of net consolidated income (it was 40% in 2018).

Octo Telematics Octo Telematics is an international leader in the development and management of telecommunication systems and services for the automotive sector, mainly for the insurance market. After abandoning plans to go public in 2018, there has been rumors of a potential outright sale of Octo. Management has solved its share ownership issues, although we cannot rule out the appointment of a new CEO in the future, with Mr. Sbianchi taking a more strategic and less operational role. Furla Furla designs, manufactures, and distributes leather goods and accessories. It offers bags, clutches, wallets, purses, shoes, belts, jewellery, watches, key rings, and scarves. The company was founded by Aldo and Margherita Furlanetto in 1927 and is headquartered at San Lazzaro di Savena, Italy. In 2016, TIP underwrote a Eu15mn mandatory convertible bond that will be automatically converted into Furla shares upon listing. Under the agreement with Furla, at the time of the listing TIP will buy another Eu15mn-worth of Furla shares at the regular IPO price.

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The brand built on its EMEA success in 2018 by opening stores in Frankfurt, Berlin and Dusseldorf in Germany and Prague in the Czech Republic, as well as in Las Vegas, Miami and Los Angeles. Operating results are continuing to develop positively: Furla closed 2018 with revenues at Eu513mn, marking a 5.6% YoY increase in revenues at constant ForEx with further strong growth in the Asia Pacific region and the confirmation of Japan as its largest market while adj. Ebitda grew further to Eu84mn. The likelihood of a listing in the short term appears to be limited. Furla remains well aligned to TIP’s investment style and value creation proposition.

Furla: Key Elements

Source: TIP Press Release Investments through Asset Italia Alpitour On 23 March 2017, TIP announced the first Asset Italia deal: the vehicle subscribed a Eu120mn rights issue in Alpitour, a leading Italian tourism firm. Alpitour is an online and offline tour operator, and is also active in aviation, hotel management, travel agencies, and incoming services, i.e. for tourists arriving in the country. In the fiscal year ended in October 2018, Alpitour increased its turnover 37% YoY to Eu1.7bn, and EBITDA to Eu60mn from Eu46mn for 2017. 2018 featured the industrial integration of acquisition Eden Viaggi (finalised in April 2018), and the increase in the Asset Italia investment for a total stake of 35.81%. Alpitour has been valued in the deal at Eu470mn but this clearly under-represents the value of the group. The Eden Viaggi acquisition is also starting to exploit synergies in the strategic aviation segment, with an improved contribution expected from airline Neos, which recently decided to order a fourth Boing 787 Dreamliner aircraft to further enlarge its destination offering. Alpitour is managed by a seasoned CEO, Gabriele Burgio, who is expected to deliver significant growth in the coming years. The acquisitions pipeline is very promising, while in the hospitality segment, VOI hotels is showing very strong results with the management of several high-end hotels in Italy producing satisfactory results. In 2019 the group continued its expansion in the hotels management business adding two locations in Taormina (Sicily). There are no plans for Alpitour to list in the near future, but the sector may offer opportunities for further aggregation in the future, given the synergies and diversification required in this very competitive segment. Alpitour closed 208 with revenues up significantly at Eu1.68bn and Ebitda also increasing significantly to Eu60mn clearly benefiting from turnaround and the contribution coming from Eden Viaggi. Alpitour: Main Brands

Source: Company Website

TIP Stake (%) Conv. BondTIP Stake (Eu mn) 15Implied Valuation na

2015 2016 2017 2018Sales 340 422 499 513YoY% 24.1% 18.2% 2.8%

Ebitda 44.1 61.0 na 84.0%Margin 13.0% 14.5% na

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Alpitour: Key Figures

Source: TIP Press Release Eataly Eataly is a high-end Italian food retailer engaged in the distribution of some of the very best Italian food and wine products. Its offering brings together production, distribution, catering and education. It has a unique standing as the only truly global Italian food retailer, symbolising the high quality of products that are “made in Italy” in general, and Italian food and wine in particular. Eataly is run by former Luxottica CEO Andrea Guerra. Eataly has a strategy of opening new premises in top locations around the world. The 2018 openings involved several new locations: among the directly managed openings, Las Vegas is worth a mention, as the USA was confirmed as the most important geographical area for the company. There are more than 40 Eataly stores around the world, with the majority concentrated in the home country. The Italian stores include Turin, Milan and Rome amongst other Italian cities; worldwide, stores are located in Japan, South Korea, the USA, Brazil, Turkey, the UAE, Saudi Arabia, Qatar, Russia, Germany and Sweden. The US are becoming more and more important with six stores in operation (NYC Flatiron and Downtown, Chicago, Boston, Los Angeles and Las Vegas) all reporting strong results and confirm the interest of US consumers to the Eataly high quality products offering. Eataly closed 2018 with revenues up 10% at Eu550mn while profitability is improving with adjusted Ebitda at Eu21mn albeit remaining heavily burdened by costs for new openings, which require significant investments to refurbish the location and properly train staff, well ahead of the contribution from sales from the new location. Management and shareholders remain fully aligned on the project to sustain further growth by Eataly. We expect this to take time and any development such as a company listing will, in our view, require a stabilisation of new openings with a subsequent increase in profitability and cash generation. After the opening of a franchise shop in Paris (April 2019), Eately is working to open a new flagship stores in London in Spring 2020 and targets revenues to hit Eu600mn this year.

Asset I talia Stake (%) 32.7%Asset I talia Stake (Eu mn) 120Valuation Method Book ValueImplied Valuation 367

2015 2016 2017 2018Sales 998 1,120 1,224 1,700 YoY% 12.2% 9.3% 38.9%

Ebitda 46.0 59.9%Margin 3.8% 3.5%

12

Eataly: Key Figures

Source: TIP Press Release Azimut Benetti Azimut Benetti is one of the world's leading groups in the luxury boating sector, and for many years has been amongst the most prestigious yacht and mega-yacht builders. The group, which also includes Fraser Yacht, one of the most important yacht brokers worldwide, operates 6 production facilities, 11 shipyards, and a distribution network of 138 dealers in more than 70 countries, employing more than 2,000 people. The group, which owns the prestigious Azimut Yachts and Benetti brands, offers a wide range of motor yachts, including more than 40 models that range in length from the smaller Atlantis Collection sport cruisers at 34 feet to Benetti’s 100-meter models. FY18 results were strong: revenues totalled Eu829mn (from Eu726mn in 2017) and EBITDA, adjusted for exceptional items, came in at Eu55mn. Azimut, under the management of Marco Valle, posted encouraging results, while Benetti has appointed Franco Fusignani as CEO and is completing the construction of three giga-yachts, each more than 100 meters long. Azimut Benetti is forecasting revenues at Eu900mn for FY19 and adj. Ebitda to exceed Eu70mn. TIP invested around Eu40mn in 2015 to acquire a 12% stake in the company.

Azimut Benetti: Key Figures

Source: TIP Press Release

TIP Stake (%) 5.9%TIP Stake (Eu mn) 59Valuation Method Fair ValueImplied Valuation (Eu mn) 1,000

2015 2016 2017 2018Sales 395.0 < 400 500.0 550.0YoY%Ebitda 29.0 0.0 na 21.0%Margin 7.3% 3.8%

TIP Stake (%) 12.0%TIP Stake (Eu mn) 50Valuation Method Fair ValueImplied Valuation 417

2015 2016 2017 2018 2019VoP 611.0 682.0 726.0 829.0 900.0YoY% 11.6% 6.5% 14.2% 8.6%

Ebitda adj 30-35 Improv ing 38.0 55.0 70.0%Margin 5.0% 5.2% 6.6% 7.8%

13

Investments through TIPO TIPO is the vehicle created in 2014 to undertake minority investments in companies having revenues of between Eu30mn and Eu200mn that want to push for a growth strategy and are considering a listing within five years on a regulated equity market. After the exit from iGuzzini announced in 2018, TIPO has two investments: Chiorino and Beta Utensili. At the conclusion of the iGuzzini disposal and the following steps, TIPO will likely repatriate a cash-in of Eu70/80mn from the disposal to the controlling entity TIP, while the shares in Fagerhult could also be part of a disposal and cash-in in due course (half the shares have a lock-up of 6 months while the rest are subject to a 12-month lock-up). Beta Utensili Beta Utensili is the undisputed leader in Italy in the distribution and production of high quality professional hand tools. Beta further consolidated its leadership in 2018 and also performed two acquisitions in Italy: BM SpA in early 2018 and Abra Beta SpA at the end of this year. The latter operates in the adjacent sector of resin bond reinforced abrasive wheels for cutting and grinding, with turnover in the region of Eu13mn. FY18 closed with a strong increase in revenues to Eu161mn (from Eu137mn last year) with an Ebitda of Eu31mn (20% margin) along with strong cash generation. We expect EBITDA to make further progress going forward, also thanks to the synergies generated by the acquisitions made in 2018. TIPO holds 58.417% of Betaclub Srl, which in turns holds 49.9% of Beta Utensili.

Beta Utensili: Key Figures

Source: TIP Press Release

TIPO Stake (%) 29.2%TIPO Stake (Eu mn) 20Valuation Method Fair ValueImplied Valuation 208

2015 2016 2017 2018Sales 120 130 137 161.0YoY% 8.3% 5.4% 17.5%

Ebitda 26.0 29.0 31.0%Margin 20.0% 21.2% 19.3%

14

Chiorino SpA Chiorino, established in 1906 in Biella where it is still headquartered, is one of the leading worldwide manufacturers of light-weight process, conveyor, and flat transmission belts, mainly in PVC, polyurethane and rubber, serving a large number of end-markets, with undisputed leadership in certain niches such as food, packaging, textiles and print & paper. The group’s products are used in many end-markets, mainly related to materials handling. Chiorino, according to preliminary figures, closed 2018 with revenues of Eu116mn, slightly higher YoY, and EBITDA above Eu26mn (from Eu25.5mn last year). The company strategy remains focused on finding M&A opportunities for foreign growth and a focus on the US. The sector has been on private equity firms’ radar, with some transactions at very high multiples paid for Chiorino competitors. In 2018, Partners Group announced the acquisition of the Dutch company Ammeraal Beltech (revenue Eu319mn) and of Italian Megadyne (revenue Eu385mn) and the subsequent intention to merge the two companies. The transaction price of Eu2bn implies a valuation in the region of 3x revenues and roughly 14x EBITDA. At similar multiples, the fair value for Chiorino could top Eu300mn. TIPO owns a 20% stake in the group controlled by the Chiorino family. The total investment amounted to Eu35mn. Chiorino: Key Figures

Source: TIP Press Release

TIPO Stake (%) 20.0%TIPO Stake (Eu mn) 35

2016 2017 2018Sales 102 >110 116.0YoY% 8.5% 3.6%

Ebitda n.a. n.a. 26.0%Margin abov e 20% abov e 20% 22.4%

15

StarTIP This vehicle was established in 2017 and is devoted to investments in innovative and technology companies in the digital space. In the last 12 months, the company has invested a further Eu11mn. StarTIP remains very active in eyeing further investments in existing shareholdings along with new opportunities. TIP intends to activate more than Eu100mn investments in this segment.

StarTIP structure

Source: Company data

Talent Garden: new capital to boost growth In early 2019, StarTIP orchestrated and participated in a further capital increase for Talent Garden totalling Eu44mn between equity and debt (Eu5mn the equity investment by StarTIP). The aim of the capital injection is to further accelerate the growth of the company in providing platforms for digital innovation and education, and to strengthen company leadership in this promising segment. Digital Magics: the start-ups incubator Digital Magics is a business incubator founded in 2003 and listed on Italy’s AIM since 2013. DM builds and develops digital business, guiding the founders of start-ups and providing acceleration services. It therefore supports start-ups on an industrial scale in order to create successful projects. DM has 63 operational start-ups, SMEs and scale-ups in its portfolio. Main DM numbers are: >52 million EUR raised by Digital Magics’ start-ups (24 of which invested directly by the incubator and 28 by third-party investors), from 2011 to 30 June 2018 >1300 pitches evaluated annually >10/15 start-ups incubated annually During 2018, Digital Magics improved the quality of its start-up portfolio; among the companies worth mentioning is Buzzoole, a technology-powered marketing services company that uses cutting-edge Artificial Intelligence and data to automate, manage and measure investments with Creators. Buzzoole is affirming itself as the leading influencing marketing platform servicing more than 260k content creators and 850 clients. The company has grown turnover exponentially from a few thousand euros to around Eu8mn in 2018. Another promising investment is Centy, a start-up that has created an intelligent coin-counter managed entirely by remote application to resolve problems with 1, 2 and 5 eurocent coins throughout Europe. Bending Spoon The company is a global player in iOS mobile apps with around 237mn downloads to date. The company estimates that its apps have around 200k downloads daily above Twitter and Snap Inc. and compared with 320k by WhattsApp inc. (source: company website). The company clients are split between USA (around 40%), Europe (around 35%) and Rest of the World. The company employees more than 100 people with an average age of 27. Bending Spoon has developed popular apps in the field of fitness (Yoga Wave, 30 Day Fitness), entertainment (Slideshow, ReadIt, Video Music) and many more that are enjoying an incredible success. Revenues are growing at a very strong pace and pointing towards US$90mn and Ebitda US$30mn this year.

16

TIP - Main Listed Asset Performance

Source: Intermonte SIM on public data

DETAILS ON STOCKS RECOMMENDATION

Stock NAME TIP

Current Recomm: NEUTRAL Previous Recomm: NEUTRAL

Current Target (Eu): 6.82 Previous Target (Eu): 6.77

Current Price (Eu): 5.86 Previous Price (Eu): 6.25

Date of report: 18/09/2019 Date of last report: 19/03/2019

Price Mkt Cap % Weight on NAV % Ch. 1M % Ch. 3M % Ch. 6M % Ch. YtD % Ch. 1Y % Ch. 2Y

Tamburi Investment Partners S.p.A. 5.86 1,007.9 5.4% (1.0%) (6.8%) 2.1% (8.2%) (1.8%)

Moncler SpA 34.1 8,804.5 6.4% 0.8% (3.6%) (7.8%) 18.0% (9.6%) 36.7%Amplifon S.p.A. 22.1 4,998.7 12.3% (1.0%) 4.1% 25.5% 57.2% 9.1% 72.6%HUGO BOSS AG 52.0 3,662.2 0.0% 5.5% (4.8%) (17.2%) (3.5%) (24.8%) (29.7%)Ferrari NV 138.9 25,743.9 4.6% (0.9%) 1.4% 19.1% 60.0% 22.9% 51.5%Serv izi Italia S.p.A. 2.9 90.7 1.3% (3.4%) (13.9%) (27.8%) (8.7%) (29.3%) (37.8%)Roche Bobois SAS 16.8 165.9 0.1% (2.3%) (3.7%) (6.7%) (2.9%) (22.9%)Prysmian S.p.A. 20.2 5,416.5 2.4% 14.0% 20.0% 22.4% 19.7% (4.3%) (26.2%)OVS SpA 1.7 380.2 3.3% 12.6% 10.3% 4.0% 53.1% (33.1%) (75.1%)Elica S.p.A. 2.3 147.5 8.0% 18.3% 13.7% 19.0% 78.7% 3.3% (3.4%)Fagerhult AB 53.4 9,462.1 2.0% (7.9%) (13.9%) (14.5%) (19.5%) (25.6%) (43.4%)

Average Performance 3.6% 0.9% 1.6% 25.2% (11.4%) (6.1%)Median Performance (0.0%) (1.1%) (1.3%) 18.9% (16.3%) (26.2%)

FTSE Italia All-Share 23,755.9 7.2% 5.4% 2.9% 17.9% 1.6% (3.0%)FTSE MIB 21,801.9 7.3% 5.7% 3.6% 19.0% 3.3% (1.9%)FTSE Italia Star 34,909.6 6.4% 0.7% (0.2%) 14.3% (7.9%) (3.5%)FTSE Italia Mid Cap 37,701.8 6.2% 2.7% (2.0%) 10.3% (9.4%) (8.5%)FTSE Italia Small Cap 19,548.9 7.5% 4.6% (2.1%) 11.2% (9.4%) (20.9%)Average Performance 6.9% 3.8% 0.5% 14.6% (4.4%) (7.6%)Median Performance 7.2% 4.6% (0.2%) 14.3% (7.9%) (3.5%)

Tip Relative to Index

FTSE Italia All-Share (1.8%) (6.4%) (9.7%) (15.8%) (9.7%) 1.1%FTSE MIB (1.9%) (6.7%) (10.4%) (16.9%) (11.4%) 0.1%FTSE Italia Star (1.0%) (1.7%) (6.7%) (12.2%) (0.2%) 1.6%FTSE Italia Mid Cap (0.8%) (3.7%) (4.9%) (8.2%) 1.2% 6.7%FTSE Italia Small Cap (2.1%) (5.6%) (4.8%) (9.1%) 1.3% 19.0%Average Rel. Performance (1.5%) (4.8%) (7.3%) (12.5%) (3.8%) 5.7%Median Rel. Performance (1.8%) (5.6%) (6.7%) (12.2%) (0.2%) 1.6%

Italian Holdings - PerformanceEXOR N.V. 9.4% 5.2% 12.5% 32.4% 12.9% 17.6%CIR Compagnie Industriali Riunite SpA 1.4% 2.3% (10.3%) 3.3% (5.5%) (23.3%)ASTM S.p.A. (10.4%) (7.4%) 15.3% 51.4% 33.8% 24.1%Italmobiliare S.p.A. 4.9% 0.7% 4.2% 14.0% 4.5% (9.3%)DeA Capital S.p.A. 7.0% 6.7% 4.3% 16.7% 13.2% 19.6%COFIDE-Gruppo De Benedetti S.p.A. 4.0% 1.1% (9.0%) 2.0% 1.6% (20.1%)Immsi S.p.A. 3.3% 17.5% 20.3% 48.6% 14.3% 10.2%Caltagirone S.p.A. (1.8%) 16.3% 10.3% 21.9% 1.8% (6.3%)Average Rel. Performance 2.2% 5.3% 6.0% 23.8% 9.6% 1.6%Median Rel. Performance 3.6% 3.8% 7.3% 19.3% 8.7% 1.9%

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