Half yearly Financial Statements as of June 30, 2012...Directors’ Report at 30 June 2012 In the six month period ending on 30 June 2012, Tamburi Investment Partners S.p.A. (“TIP”)

TAMBURI INVESTMENT PARTNERS S.P.A

Half yearly Financial Statements as of June 30, 2012

(Translation from the Italian original which remains the definitive version)

TAMBURI INVESTMENT PARTNERS S.P.A.

CONTENTS

Page

Corporate bodies 3 Directors’ Report 4 Half yearly Financial Statements 12

Half yearly income statement Half yearly statement of comprehensive income Half yearly statement of financial position Half yearly statement of changes in equity Half yearly statement of cash flows

Disclosure to the half yearly Financial Statements as of June 30, 2012 18 Annexes

Representation of the manager in charge of financial reporting 52 List of investments Changes in available for sale financial assets at fair value Changes in investments (measured at equity-accounted method) Financial receivables Report of the Independent Auditors


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Corporate bodies

Board of Directors of Tamburi Investment Partners S.p.A. Giovanni Tamburi Chairman and Managing Director Alessandra Gritti Vice Chairman and CEO Cesare d’Amico Vice Chairman Claudio Berretti Executive Director and General Director Giuseppe Ferrero (1) Independent Director * Claudio Gragnani (1) (2) (3) Independent Director * Carlo Magnani (2) (3) Independent Director * Mario Davide Manuli Independent Director Sandro Alberto Manuli Independent Director Marco Merati Foscarini (1)(2) (3) Independent Director * Bruno Sollazzo Independent Director *

Board of Statutory Auditors Giorgio Rocco Chairman Silvia Chiavacci Standing statutory auditor Enrico Cervellera Standing statutory auditor Emanuele Cottino Substitute statutory auditor Roberto Mariani Substitute statutory auditor

Independent Auditors

KPMG S.p.A.

(1) Member of the remuneration committee (2) Member of the internal audit committee (3) Member of the related parties committee * in conformity with the Code of Conduct


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Directors’ Report at 30 June 2012 In the six month period ending on 30 June 2012, Tamburi Investment Partners S.p.A. (“TIP”) generated a profit before tax of about 1.8 million Euro. The net equity as of June 30, 2012 amounted at about 189.8 million Euro, after having distributed in May about 4.7 million Euro in reserves and dividends. As well known, and as further demonstrated during 2011, the relevance of the half-yearly trend, is not significant of a foreseeable development of activities on an annual basis from an economic and financial point of view, and therefore, even if this semester’s results were similar to those of the same period of 2011, it is difficult to foresee the evolution of the business in the second semester, given the permanence of the volatility in the markets. The most important aspect is that the majority of the investee companies continue to perform well, given essentially to the level of technology, the leadership position and the geographical diversification of the revenues of many of them. Differently from what happened in the first semester of 2011, TIP has neither carried out relevant investments or significant disinvestments in this last half-yearly period. The evolution of the international economic conditions and their projections have suggested to keep a very cautious approach and the most relevant and worrying aspect, besides the risks concerning the Euro area, concerns the decline of the aggregated demand almost everywhere worldwide. In these last days the International Monetary Fund has lowered the expected global GDP growth in 2012 at 3.9%, slightly lower than the previous estimate of 4.1%. This fact, while representing a decrease, from many points of view is encouraging, since a global growth rate of about 4% does not confirm the perceptions of a global recessions expected by many analysts and economists. It should be evaluated if, in the second half of the year, it may occur that orders fall, caused by a further decline of the demand, foreseen by many, that is starting to impact some companies and that may have an effect during the last months of the year and, more likely, in 2013. In any case TIP’s investment strategy will be characterized by great prudence also in the second half of the year. In the first six months TIP generated revenues from advisory services for about 1 million Euro, dividends for about 1.7 million Euro and gains on securities – consisting on valuation adjustments compared to December 31 2011 and interests – of more than 1 million Euro. On the other hand, alignments were performed on stocks with an impact on the half yearly financial statement for a little less than 0.5 million Euro. Expenses have been in line with the previous year. Among the transactions that TIP has carried out in this period it should be noted the capital increase of NoemaLife, which allowed the company to finance, with their own financial means, the acquisition carried out in France at the


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end of 2011. In the context of this operation TIP advised NoemaLife in the acquisition, it has provided the financing before the execution of the capital increase, has identified the shareholders also for the controlling holding company and finally has guaranteed and executed, as advisor, the capital increase which ended with adhesions of about 90%. In these days TIP closed a similar transaction for the investee company Servizi Italia S.p.A., similarly conceived to fund an acquisition outside Italy. In the first semester the advisory sector has not closed any operation of Mergers & Acquisitions and therefore the success fees were nil. In the equity part of the business, no major transactions were carried out during the period, except for the purchase – through capital increase – of the 30% of capital of the German advisory firm Gatti & Co Gmbh, that has been monitored for a long time in order to allow TIP and its network of companies and entrepreneurs to obtain a more incisive presence in Germany. To be noted also the issuance of the 40 million Euro seven-years partially convertible bond, of which 5 million Euro have already been called. In the period it has continued the purchase of treasury shares which as of June 30 amounted at 1.573% of the total share capital. Compared to December 31 2011 the company’s equity increased from 175.1 million Euro to about 190 million Euro, due to the increase in the share price of some of the main investee listed companies. The values at June 30 2012 of available-for-sale securities in unlisted companies have not changed with respect to the values at December 31 2011 since no information emerged which would alter the fundamental parameters on which the evaluation at the end of the previous year was based on. An increase was also recorded in relation to the subsidiary Clubtre S.r.l. deriving from the increase in fair value of the stake in Prysmian S.p.A. The net financial position at June 30 2012 was negative at approximately 3.6 million Euro. INVESTMENTS At June 30th, 2012 TIP held shares in the companies indicated below. The financial data, where available, refer to the 2011 annual financial statements projects approved by the Boards of Directors of the investee companies;where these were unavailable, to previous quarterly reports or annual financial statements. A) ASSOCIATES

Data Holding 2007 S.r.l. Investment % as at 30 June 2012: 46.71%


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The company owns 34.2% of Bee Team S.p.A., a listed company. Bee Team’s core business consists in the provision of back office services, payment systems, advisory, outsourcing applied to banks and insurance companies, but also to the identification of solutions for utilities related to safety.

In the first three months of 2012 Bee Team achieved total revenues of 20.0 million Euros, a gross operating profit of approximately 1.7 million Euros and a profit before tax of 0.2 million Euros. Gruppo IPG Holding S.r.l. Investment % as at 30 June 2012: 16.86% (inclusive of a 0.429% stake subject to put option)) The company holds 26.626% shares in Interpump Group S.p.A., a world leader in the production of piston pumps, power take-offs and hydraulic systems. In the first half of 2012 Interpump Group achieved revenues for 279.2 million Euro, a gross operating profit of approximately 59.0 million Euro and a net profit of 27.3 million Euro. Palazzari & Turries Ltd Investment % as at 30 June 2012: 30.00%

The core business of Palazzari & Turries Ltd is based on the expertise developed in China and Hong Kong by the company, that provides assistance to a number of Italian companies in start-up operations, joint ventures and extraordinary finance in China. The financial statement at December 31st 2011 (expressed in Hong Kong dollars – Exchange rate: 0.0923 Euro) highlights revenues from professional services of 8.0 million HK dollars, costs for approximately 5.7 million HK dollars and a net profit of 1.9 million HK dollars.

Clubtre S.r.l. Investment % as at 30 June 2012: 35.00% Clubtre S.r.l., a company held by Tip S.p.A.(35%), Angelini Partecipazioni Finanziarie S.p.A. (32.5%) and d’Amico Società di Navigazione S.p.A. (32.5%) was constituted for the purpose of purchasing a significant investment in Prysmian S.p.A. Prysmian is a world leader in the production of cables for energy and telecommunications with 98 production plants, 7 Research & Development centres and 22,000 employees around the world. Clubtre is currently the main Prysmian S.p.A. shareholder with 6.20% of the share capital. In the first quarter of 2012 the Prysmian group achieved total revenues of 1,874 million Euro, a gross operating profit (adjusted) of approximately 130 million Euro and a net profit (adjusted) of 45 million Euro.


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Gatti & Co. GmbH. Investment % as at 30 June 2012: 30.00%

Gatti & Co. GmbH is a financial advisory boutique based in Frankfurt (Germany) mainly specialized in cross border M&A operations between Germany and Italy. The company has been founded at the end of 2009 by Lorenzo Gatti, an Italian/German bankerwith more than 20 years of experience in the M&A sector in Germany. The financial statements at December 31st 2011 highlight revenues of 459 thousand Euro, costs for approximately 431 thousand Euro and a net profit of 18 thousand Euro.

B) OTHER STAKES IN LISTED COMPANIES

Amplifon S.p.A. Investment % as at 30 June 2012: 4.20% Listed on the Italian stock exchange – STAR segment

Amplifon S.p.A. is a world leader in the distribution of customized application of hearing aids with a market share of 9%, about 3,200 shops and 2,200 assistance centres around the world. In the first half of 2012 the company recorded revenues of 407.4 million Euro, a gross operating profit of approximately 62.3 million Euro and a net profit of 13.6 million Euro. Bolzoni Auramo S.p.A. Investment % as at 30 June 2012: 7.40% Listed on the Italian stock exchange – STAR segment

Bolzoni Auramo group designs, produces and markets forklift truck attachments and industrial handling equipment. In the first quarter of 2012 the company recorded revenues for 30.3 million Euro, a gross operating profit of approximately 2.7 million Euro and a net profit of 0.4 million Euro.

Datalogic S.p.A. Investment % as at 30 June 2012: 6.39% Listed on the Italian stock exchange – STAR segment

The Datalogic group is one of the leading global players in the production and marketing of systems and products in the field of identification, industrial automation, barcode readers, and portable devices. In the first half of 2012 the company reported revenues of 236.9 million Euro, a gross operating profit of approximately 40.6 million Euro and a net profit of 26.6 million Euro.


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De’ Longhi S.p.A. Investment % as at 30 June 2012: 0.06% Listed on the Italian stock exchange – STAR segment De’ Longhi Group is one of the world leaders in the manufacturing and marketing of products for food processing and, particularly coffee, house cleaning and ironing. Until December 31st 2011 the group operated through two main divisions namely household - active in the production and marketing of products distributed primarily through retail channels - and professional, active in the production and marketing of products for industrial and commercial use. In October 2011, the extraordinary Shareholders’ Meeting approved the partial and proportional spin-off with which De’ Longhi S.p.A. transferred to the wholly-owned subsidiary De’ Longhi Clima S.p.A. (hereinafter “DeLclima”), the entire investment in De’ Longhi Professional S.A. Following this transaction, starting from January 1st, 2012, the listing of DeLclima S.p.A. took place on the Italian stock exchange (MTA segment of Borsa Italiana). The split was proportional and therefore DeLclima stocks were assigned on the basis of a 1 to 1 ratio. In the first quarter of 2012 the company recorded revenues for 317.7 million Euro, a gross operating profit before non recurring expenses of approximately 42.8 million Euro and a net profit of 22.7 million Euro. DiaSorin S.p.A. Investment % as at 30 June 2012: 0.41% Listed on the Italian stock exchange DiaSorin is one of main global operators in the in vitro diagnostics market through the development, production, and marketing of immunoreagent kits and relative equipments for clinical diagnostics. In the first quarter of 2012 the company recorded revenues for 105.7 million Euro, a gross operating profit of approximately 44.1 million Euro and a net profit of 22.5 million Euro.

I.M.A. Industria Macchine Automatiche S.p.A. Investment % as at 30 June 2012: 0.57% Listed on the Italian stock exchange – STAR segment

The IMA (Industria Macchine Automatiche) group is a world leader in the production of machinery for the pharmaceutical, cosmetic, tea,coffee and chocolate industries. In the first quarter of 2012 the company reported revenues of 145.0 million Euro, a gross operating profit of approximately 11.2 million Euro and a net profit of 2.5 million Euro.


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M&C S.p.A. Investment % as at 30 June 2012: 3.47% Listed on the Italian stock exchange – MIV segment M&C S.p.A. (ex Management & Capitali S.p.A.) is a company that invests in underperforming assets. Its main investment is currently in Treofan Holding GmbH. In the first half of 2012 the company recorded losses for 0.4 million Euro and at 30 June 2012 showed net financial assets of approximately 41.2 million Euro. In the first half of 2012 its main investee, Treofan, recorded revenues of 246.0 million Euro and a gross operating profit of 14.0 million Euro.

Monrif S.p.A. Investment % as at 30 June 2012: 7.70% Listed on the Italian stock exchange Monrif S.p.A. is a holding company operating in the following sectors: publishing, printing, hotels, real estate, internet and multimedia technologies.

In the first half of 2012 the company recorded revenues of 115.1 million Euro, a gross operating profit of approximately 5.9 million Euro and a loss of 5.8 million Euro.

NH Hoteles S.A. Investment % as at 30 June 2012: 0.32% Listed on the Madrid Stock Exchange

NH Hoteles is a Madrid-based multinational hotel operator with heaquarterin Madrid. In the first half of 2012 the company recorded revenues of 651.8 million Euro, a gross operating profit of approximately 67.5 million Euro and a loss of 12.6 million Euro.

Noemalife S.p.A. Investment % as at 30 June 2012: 6.41% Listed on the Italian stock exchange

Noemalife is a world leader in clinical and diagnostic processes in medical facilities. In the first quarter of 2012 the company recorded revenues of 13.7 million Euro, a negative gross operating profit of approximately 1.3 million Euro and a loss of 2.0 million Euro. In the first semester of 2012 the company has carried out a capital increase, subscribed by about 90%, intended to finance a relevant acquisition. Zignago Vetro S.p.A. Investment % as at 30 June 2012: 1.13% Listed on the Italian stock exchange - STAR segment

Zignago Vetro is one of the main international players in the field of glass containers for food & beverages and for fragrances & cosmetics.


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In the first quarter of 2012 the company recorded revenues of 152 million Euro, a gross operating profit of approximately 37 million Euro and a net profit of 16 million Euro.

INVESTMENTS IN UNLISTED COMPANIES

Borletti Group Finance S.C.A. Investment % as at 30 June 2012: 6.19% (14.81% class “A” shares reserved to institutional investors) Borletti Group Finance holds 30% of investment in Printemps, the second most important chain of department stores in France. The remaining 70% share in Printemps is held by Reef (Deutsche Bank). The company closes its financial statements on 31 March of each year. During the financial year ending on March 31st 2012, based on the available financial information, Printemps recorded revenues of 1,193.1 million Euro and a gross operating margin before rents of 149.3 million Euro (no audited data).

Dafe 4000 S.p.A. Investment % as at 30 June 2012: 17.94%

Dafe 4000 S.p.A. is the company that owns all D class shares issued by Intercos S.p.A., one of the world leaders in the research, development and production of make-up products for the main international operators involved in the cosmetic industry.

D Class shares have no voting rights in the Shareholders’ Meeting, they have a preferential treatment for the distribution of earnings and assets and they will be automatically converted into Intercos S.p.A. ordinary shares on December 31st 2015.

The total investment of TIP for the purchase of 956,205 Dafe 4000 S.p.A. category 2 shares was 9,026,179 Euro.

Intercos group is specialized in full outsourcing in the cosmetic industry, specifically in “make up” and “skin care” areas; it is also the player that has made - in recent years – the major investments in research, development and innovation in make-up in all the world, creating its own formulations, raw materials and technologies, as well as a portfolio of highly innovative products.

In 2011 Intercos group reported consolidated revenues of about 271.6 million Euro and a gross operating profit of 38.5 million Euro.

At 30 June 2012 TIP also owned stakes in other companies (listed and unlisted) for a total amount of about 4.1 million Euro. The detail of specific values and movements of the period is shown in Annex 2 of the Notes to the Financial Statements. ADVISORY ACTIVITIES In the first semester of 2012 - especially taking into account the overall context of mergers &


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acquisitions market both in Italy and abroad - has been positive for the advisory activity, with total revenue of approximately 1 million Euro, even without any success fees. RELATED PARTY TRANSACTIONS Transactions with related parties are detailed in note (35) in the financial statements.

EVENTS OCCURRING AFTER 30 JUNE 2012 Any relevant event occurred in the period from June 30 2012 and the date of approval of this report. FORESEEABLE BUSINESS DEVELOPMENT The majority of the main investee companies does not show major decreases both in terms of revenues and orders that might lead to predict relevant economic problems in the second semester and therefore we believe that, in the presence of an inertial performance with respect to the previous months, the year could be satisfying for many of these companies. With regards to the advisory business the workload is intense on several fronts and the auspice is that of having a better second semester. Concerning the stock prices of the investee listed companies and the prices of the bonds held, it is very difficult to foresee their trend. On March 15th 2012, TIP Board of Directors approved the proposal for the exercise of the proxy conferred by the Shareholders’ Meeting of February 26th 2010 related to the issue of convertible bonds (with the exclusion of the option right and fully guaranteed by “ex SeconTip” shareholders) of 40 million Euro, with a seven years tenor and a fixed interest rate of 4.25%, a bullet reimbursement scheme and a conversion rate of 20% (and consequent increase of capital to be used for the partial conversion of the same). Calls may be made in one or more tranches within June 30th 2013; the amount of each tranche will be of 5 million Euro or multiples. A first tranche of nominal 5 million Euro has been already called. RESEARCH AND DEVELOPMENT ACTIVITIES During the year, the company did not incur research and development costs. TREASURY SHARES Treasury shares in portfolio at 30 June 2012 were n. 2,140,473 (N. 1,705,332 as of December 31st 2011). Treasury shares in portfolio at August 2nd 2011 are n. 2,173,402.

On behalf of the Board of Directors

Giovanni Tamburi

Chairman Milan, August 3rd , 2012


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Half yearly income statement Tamburi Investment Partners S.p.A. (Euro) June 30th, 2012 June 30th, 2011 Note

Revenues from sales and services 998,982 1,329,174 4Other revenues 59,281 115,500Total revenues 1,058,263 1,444,674Costs for materials, services and other costs (775,225) (704,114) 5Personnel expenses (1,438,701) (1,446,542) 6Depreciation, amortization and impairment losses (23,348) (21,328)Operating profit (loss) (1,179,011) (727,310)Financial income 2,977,774 2,769,049 7Financial expenses (226,358) (339,886) 7

Profit before adjustments to investments 1,572,405 1,701,853

Share of profit (loss) of equity-accounted investees 705,851 428,491 8

Net impairment losses on available-for-sale financial assets (480,085) (92,412) 9 Profit before tax 1,798,171 2,037,932Current and deferred taxes (249,803) (375,245) 10Profit for the period 1,548,368 1,662,687

Basic earnings per share 0.01 0.01 25 Diluted earnings per share 0.01 0.01

Number of outstanding shares (net of own shares) 133,906,290 136,046,454


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Half yearly statement of comprehensive income Tamburi Investment Partners S.p.A.

(in euro) June 30th, 2012 June 30th, 2011 Note

Income and expenses recognized directly in equity:

24 - Fair value gains (losses) on AFS financial assets

8,280,911

7,648,660

- Changes in equity-accounted investments 9,977,702

2,033,684

Total income and expense recognized directly in equity 18,258,613

9,682,344

Profit for the period 1,548,368 1,662,687 Total comprehensive income (expense) 19,806,981 11,345,031 Total comprehensive income (expense) per share 0.15 0.08 Total diluted comprehensive income (expense) per share

0.15 0.08

Number of outstanding shares (net of treasuryshares) 133,906,290

136,046,454


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Half yearly statement of financial position Tamburi Investment Partners S.p.A.

(in Euro) June 30, 2012 December 31, 2011 Note

Non-current assets Property, plant and equipment 82,656 99,094 11Goodwill 9,806,574 9,806,574 12Other intangible assets 1,433 3,531 12Equity-accounted investments in associates 49,901,275 39,075,244 13Investments in associates measured at fair value 8,085,000 8,085,000 14Available for sale financial assets 112,398,262 103,396,305 15Loans and receivables 18,842,792 18,571,117 17Tax assets 13,922 13,922 22Deferred tax assets 260,293 426,674 18

Total non-current assets 199,392,207 179,477,461 Current assets Trade receivables 929,925 2,001,713 16Current financial assets 10,925,082 13,650,997 19Available for sale financial assets 0 0 20Cash and cash equivalents 102,564 206,043 21Tax assets 20,192 3,456 22Other current assets 173,713 100,583

Total current assets 12,151,476 15,962,792 Total assets 211,543,683 195,440,253

Equity Share capital 70,744,317 70,744,156 23Reserves 115,742,737 100,045,636 24Profit / Losses carried forward 1,747,740 1,741,051 Profit for the year / period 1,548,368 2,631,824 25Total equity 189,783,162 175,162,667 Non-current liabilities Post-employment benefits 144,552 177,579 26Financial liabilities 4,848,661 0 27Deferred tax liabilities 595,807 400,905 18

Total non-current liabilities 5,589,020 578,484 Current liabilities Trade payables 397,242 397,597 Financial liabilities 14,662,286 16,897,220 28Tax liabilities 159,404 434,061 29Other liabilities 952,569 1,970,224 30

Total current liabilities 16,171,501 19,699,102 Total liabilities 21,760,521 20,277,586

Total equity and liabilities 211,543,683 195,440,253


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Half yearly statement of changes in equity

Share Share Legal Extraordinary Available for sale Reserve Other IFRS reserve Merger Profits (losses) Profit Net Equitycapital premium reserve reserve financial assets reserve for repurchase reserves for business surplus carried for the year

reserve of treasury combinations forwardshares

As of January 1, 2011 consolidated 69,959,372 104,220,883 1,342,982 0 12,632,034 (871,009) 638,491 (483,655) 0 0 10,234,991 197,674,089Change in fair value of AFS financial assets 9,682,344 9,682,344Total income (expense) recognised directly in equity 9,682,344 9,682,344Profit (loss) for the year ended June 30, 2011 1,662,687 1,662,687Total comprehensive income 9,682,344 1,662,687 11,345,031Capital increase 784,784 1,479,016 (638,491) 7,260,623 1,741,051 (10,234,991) 391,992Allocation of profit for the year 2010/Merger effect 186,594 186,594Dividends payment (2,989,581) (2,989,581)Treasury shares purchase (710,948) (710,948)As of June 30, 2011 individual 70,744,156 102,710,318 1,529,576 0 22,314,378 (1,581,957) 0 (483,655) 7,260,623 1,741,051 1,662,687 205,897,177

As of January 1, 2012 individual 70,744,156 102,710,318 1,529,576 0 (8,577,168) (2,394,058) 0 (483,655) 7,260,623 1,741,051 2,631,824 175,162,667Change in fair value of AFS financial assets 18,258,613 18,258,613Total income (expense) recognised directly in equity 18,258,613 18,258,613Profit (loss) for the year ended June 30, 2012 1,548,368 1,548,368Total comprehensive income 18,258,613 1,548,368 19,806,981Tranfer to investments appreciation reserve (1,440,690) 1,440,690 0Allocation of profit 2011/dividends distribution 136,168 6,689 (2,631,824) (2,488,967)Dividends distribution (2,200,471) (2,200,471)Convertible bond option reserve 154,962 154,962Warrant conversion 161 349 510Treasury shares purchase (652,520) (652,520)As of June 30, 2012 individual 70,744,317 101,269,977 1,665,744 0 9,681,445 (3,046,578) 1,595,652 (483,655) 5,060,152 1,747,740 1,548,368 189,783,162


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(in thousands of euro) June 30th, 2012 December 31th, 2011

A.- OPENING NET CASH & CASH EQUIVALENTS 206 680

B.- CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period 1,548 2,632

Depreciation & amortization 23 36

Impairment losses (reversal of impairment losses) on investments (226) (200)

Gain from the sale of investment in associated companies 0 0

Change in post-employment benefits (33) 15

Change in deferred tax assets and liabilities 362 (148)

1,674 2,345 Decrease/(increase) in trade receivables 1,072 (950)

Decrease/(increase) in other current assets (73) 55

Decrease/(increase) in tax assets (17) 9

Decrease/(increase in loans and receivables (272) 2,336

Decrease/(increase) in other current securities 2,726 20,694

(Decrease)/increase in trade payables (1) (254)

(Decrease)/increase in financial liabilities 2,614 13,397

(Decrease)/increase in tax liabilities (275) (1,514)

(Decrease)/increase in other current liabilities (1,017) (1,031)

Cash flows from (used in) operating activities 6,431 35,087

C.- CASH FLOWS FROM INVESTING ACTIVITIES Intangible assets

a) Purchases 0 (2)

Property, plant and equipment

a) Purchases (5) (65)

b) Disposals (net of depreciation) 0 0

Financial investments

Disposal (purchase) of investments in subsidiaries 0 0

(net of “net cash and cash equivalents” of subsidiaries)

a) Purchases (1,333) (34,194)

b) Disposals 175 1,954

c) Gain from the sale of investments in associates 0 0

Cash flows from (used in) investing activities (1,163) (32,307)

Half yearly statement of cash flows Tamburi Investment Partners


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June 30th, 2012 December 31st,

2011 D.- CASH FLOWS FROM FINANCING ACTIVITIES

New Financing 0 0 Capital increase and capital injection for future capital increase 0 2,264

Purchase of treasury shares (652) (1,523)

Payment of dividends (4,689) (4,675)

Change in reserves (30) 680

Cash flows from (used in) financing activities

(5,371) (3,254)

E.- CASH FLOWS FOR PERIOD (103) (474)

F.- NET CASH & CASH EQUIVALENTS AT PERIOD-END 103 206

Period-end net cash & cash equivalents consisted of: Cash & cash equivalents 103 206 Bank loans due within one year 0 0 Final net cash & cash equivalents 103 206


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DISCLOSURES TO THE HALF YEARLY FINANCIAL STATEMENTS AT JUNE 30, 2012 (1) Company business activities TIP is an independent investment / merchant bank, focused on medium-sized Italian companies, that is active in:

- minority investments, as an active investor in listed and unlisted companies able to express “excellence” in their respective sectors;

- advisory activities in corporate finance transactions, through Tamburi & Associati division (T&A);

- secondary private equity activities: investing in equities held by private equity funds, banks, financial or insurance companies and purchasing stakes of entities that operate in the private equity sector or similar activities.

(2) Accounting policies The company was incorporated as a joint-stock company under Italian law and its registered office is based in Italy. The company was listed in November 2005 on the Expandi market, organized and managed by Borsa Italiana S.p.A. On December 20th, 2010 Borsa Italiana S.p.A. gave the qualification for the STAR segment to TIP’s ordinary shares. The half yearly financial statements as of June 30th, 2012 have been approved by the Board of Directors on August 3rd, 2012. The half yearly financial statements as of June 30th, 2012 have been prepared on a going concern basis and according to the valuation and presentation criteria established by the International Financial Reporting Standards and the International Accounting Standards (referred to as “Ifrs” and “Ias”) issued by the International Accounting Standards Board (IASB) and according to the related interpretation by the International Financial Reporting Interpretations Committee (IFRIC), and endorsed by the European Union commission with regulation 1725/2003 and subsequent amendments, pursuant to regulation 1606/2002 of the European Parliament. In accordance with IAS 1, the half yearly financial statements consist of the income statement, the statement of comprehensive income, the balance sheet, the statement of changes in equity, statement of cash flows and the disclosures and it’s accompanied by the directors report. The financial statements have been drawn up in euro, without decimals. Financial statements have been prepared according IAS 1, while disclosures have been prepared in an abbreviated form, applying the option provided by IAS 34, so they do not include all the information required for an annual report issued according IFRS principles. Presentation and disclosures concerning financial instruments are based on the requirements of IAS 32, as amended and supplemented by IFRS 7. During the half year, no exceptional cases occurred to make the use of the exceptions included in IAS 1 as necessary.


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The half yearly financial statements as of June 30th, 2012 have been prepared on a cost basis, with the exception of derivative financial instruments, investments in associates that are measured using the equity method or the fair value method and the current financial assets and AFS financial assets that are measured at fair value. Preparation of the half yearly financial statements requires the formulation od judgements, estimates and assumptions that affect the application of accounting policies and the carrying amounts of assets, liabilities, costs and revenues. These estimates and related assumptions are based on previous experience and other factors deemed reasonable in the circumstances. However, since estimates are involved, the actual results will not necessarily be the same as those shown herein. Estimates have been used to recognize allowances for impairment, the fair value of financial instruments, impairment test, employee benefits and taxes. The main accounting policies adopted in the drawing up of the half yearly financial statements, as well as the content and the variations of the individual captions, are detailed hereunder. New accounting standards The new documentation issued by IASB and approved and endorsed by the EU, as applicable to these half yearly financial statements, is the following:

- IFRS 7 “Financial instruments: additional information” transfer of financial assets. The amendments to this accounting standard have been issued to allow users of the statements to understand the relationships between the financial assets which have been transferred, non entirely eliminated, and the related liabilities, and to evaluate the nature and related risks of the residual involvement (“continuing involvement”) of the entity in the eliminated financial assets. The amendments to IFRS 7 are mandatorily applied to the financial statements of the financial years starting in or after July 1st, 2011.

The IASB and the IFRIC have both approved some modifications to existing standards and issued new IFRS and new IFRIC. As the effective date of these documents is deferred, they have not been adopted in the preparation of these half yearly financial statements.

The main changes relate to:

- IAS 1 “Statements presentation”: the entries relative to the amounts of the other components of the comprehensive income statement of the period have to be separated in components which will never be classified in the income (loss) of the period and components which may subsequently be classified in the income (loss) of the period. The new IAS 1 is applied for the financial years starting from July 1 2012.

- IAS 19 “Employees benefits”: the standard has been subjected to an accounting amendment. The new IAS 19 is applied in the financial years starting from January 1st 2013.

- IFRS 9 “Financial instruments”: is the new standard issued on November 12nd 2009 that


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marks completion of the first step of a 3-steps project for the total replacement of IAS 39 “Financial Instruments: Recognition and Measurement”. The effective date for mandatory adoption of IFRS 9 has been postponed to January 1st 2015.

- IFRS 10 - Consolidated Financial Statements, IFRS 11 - Joint Arrangements, IAS 27 - Separate Financial Statements, IAS 28 - Investments in Associates and Joint Venture, issued in May 2011 regulate the preparation of the separated and consolidated financial statements; these have to be applied to the statements starting from January 1 st 2013.

- IFRS 12 “Disclosure of interests in other entities”: The standard, issued by the IASB in May 2011 and applicable from 10th January 2013, specifically requires additional information to be provided for each kind of investment, including subsidiaries, associates and joint arrangements, special purpose entities and other unconsolidated structured entities;

- IFRS 13 “Fair value measurement”: the standard, issued by the IASB in May 2011 and applicable from 10 January 2013, defines fair value, clarifies how it is to be determined and introduces disclosure common to all assets valued at fair value. The standard applies to all transactions or balances when another standard requires or permits the measurement at fair value.

Accounting policies The accounting policies used to draw up the half yearly financial statements at June 30th, 2012 are shown below: PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recognized at cost, inclusive of ancillary costs directly attributable thereto and necessary to bring the asset to working condition for the intended use for which it was purchased. If significant components of an item of property, plant and equipment have different useful lives, these components are accounted separately. Property, plant and equipment are recognized net of accumulated depreciation and any impairment losses calculated according to the methods described later on. Depreciation is calculated on a straight-line basis according to the asset’s estimated useful life, which is reviewed annually. Any changes, when necessary, are applied prospectively. The main depreciation rates used are the followings: - Furniture and fixtures 12% - Electronic office equipment 20% - Mobile telephones 20% - Equipment 15% - Cars 25% The carrying amount of property, plant and equipment is regularly tested for impairment, if events or changes in circumstances suggest that it is not recoverable. If such indication exists and if the carrying amount exceeds the expected recoverable amount, the assets are impaired to reflect


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their recoverable amount. Their recoverable amount is the higher of their net selling price and value in use. In defining value in use, expected future cash flows are discounted to present value using a pre-tax discount rate that reflects the current market estimate of the time value of money and the risks specific to the asset. Impairment losses are recognized in the income statement under depreciation, amortization and impairment losses. These impairment losses are reversed if the reasons causing them cease to exist. When an asset is sold, or when its use is not expected to generate future economic benefits, it is derecognized and any loss or profit (calculated as the difference between the disposal value and carrying amount) is immediately recognized in the income statement. GOODWILL Business combinations are accounted applying the purchase method. Goodwill is the excess of purchase cost over the acquirer’s share of the net fair value of identifiable assets and of present and contingent liabilities. After initial recognition, goodwill is decreased by any cumulative impairment losses, calculated using the methods described later on. Goodwill stemming from acquisitions made prior to January 1st, 2004 is recognized at deemed cost, i.e., its carrying amount in the last set of annual financial statements prepared in accordance with previously applied accounting policies (December 31st, 2003). When the IFRS-compliant opening balance sheet was prepared, acquisitions completed before January 1st, 2004 were not restated. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances occur that may cause impairment losses to emerge. At the acquisition date, any goodwill is allocated to each of the cash-generating units (CGUs) that are expected to benefit from the acquisition’s effects. Any impairment loss is identified by considering each CGU’s ability to generate cash flows able to recover the portion of goodwill allocated thereto, using the methods indicated earlier in the section on Property, plant and equipment. If the CGU’s recoverable amount is lower than the carrying amount attributed thereto, the related impairment loss is recognized. This impairment loss is not reversed if the reasons causing it cease to exist. OTHER INTANGIBLE ASSETS Other intangible assets are recognized at cost, calculated using the same approach detailed for property, plant and equipment. Intangible assets with a finite useful life are recognized net of their related accumulated amortization and any impairment losses calculated in the same way as previously detailed for property, plant and equipment. Useful life is reviewed annually and any changes, when necessary, are applied prospectively. Gains or losses arising from disposal of an intangible asset are calculated as the difference between the asset’s disposal value and carrying amount and they are recognized in profit or loss at the time of disposal.


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EQUITY-ACCOUNTED INVESTMENTS IN ASSOCIATES Associates are entities over whose financial and operating policy decision the company exercises significant influence, even without owning control. Significant influence is assumed to exist when the company exercises between 20% and 50% of another entity’s voting rights (between 10% and 50% if the company is listed). Associates, in the financial statements, are measured using the equity method and are initially recognized at cost. Investments include goodwill identified at the time of acquisition, net of any cumulative impairment losses. The consolidated financial statements comprise the relevant share of the profits or losses of equity-accounted investees, net of the adjustments necessary to align accounting standards, from when the significant influence or joint control commences to when such influence or control ceases to exist. When the share of the relevant losses of an equity-accounted investee exceeds the relevant investment’s carrying amount, the investment is fully impaired and the share of any further losses is not recognized, except when the company has taken on a legal or implicit obligation or has made payments on the investee’s behalf. INVESTMENTS IN ASSOCIATES MEASURED AT FAIR VALUE Investments in associates in the “business turnaround” segment, included in the venture capital area, are measured at fair value through profit or loss. NON-CURRENT AVAILABLE FOR SALE FINANCIAL ASSETS Available for sale financial assets (AFS financial assets) consist of investments in other companies. They are measured at fair value and any fair value gains or losses are recognized in equity. If the fair value loss is an impairment loss, this is recognized in the income statement. If the conditions leading to the recognition of the impairment loss cease to exist, the reversal of the impairment loss is recognized in equity. In the case of equity instruments listed on active markets, the fair value is identified as the stock-exchange price at the reporting date and, in the case of equity instruments in unlisted companies, the fair value is identified as the value in use based on valuation techniques. These valuation techniques include comparison with values emerging in recent similar transactions and other valuation techniques based substantially on an analysis of the investee’s ability to generate future cash flows, discounted to present value to reflect the time value of money and the specific risks of the business activity. Investments in equity instruments that do not have a price quoted on a regulated market, and whose fair value cannot be measured reliably, are measured at cost. The company considered objective evidence of impairment of its equity instruments listed on active markets – in relation to the nature of its investment portfolio featuring Italian small-mid caps –the presence of a market price as at reporting date of at least 50% lower than the original purchase price or the prolonged presence, for over 18 months, of a market value below cost. In any case, the company analyses also those equity instruments falling within the above threshold and – where deemed appropriate – recognizes impairment losses thereon. In the case of companies whose instruments are considered illiquid, for which, the absence of an


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active market, in both relative to company’s capital and absolute terms, has been verified, the following criterion is applied. A technical valuation of the companies is performed. This is mostly based on a comparison with the market multiples underlying companies with similar characteristics (and obviously considered “liquid”) or is substantially based on an analysis of the investee’s ability to generate future cash flows, discounted to reflect the time value of money and the specific risks of the business activity concerned. For the purpose of checking the absence of an active market, comparative analyses are carried out with reference to the following indexes, which are calculated on an annual basis:

• daily % of average value of trades/ capitalization: < 0.05%; • daily equivalent value of trades (Euro): < 50,000 Euro; • daily bid-ask spread:>= 3%; • maximum number of consecutive days with unvaried prices:>3; • % of trading days: < 100%.

TRADE RECEIVABLES, LOANS AND RECEIVABLES They are initially recognized at fair value and subsequently measured at amortised cost. They are eventually adjusted as appropriate for sums considered as uncollectible. CURRENT FINANCIAL ASSETS AND CURRENT AFS FINANCIAL ASSETS Current financial assets consist of securities that are short-term investments of cash. They are therefore classified as held for trading and measured at fair value thorough profit or loss. Purchases and sales of securities are recognized and derecognized on the settlement date. CASH & CASH EQUIVALENTS Cash and cash equivalents comprise numerical values, those values which fulfill short-term availability requirement and success and absence of collection costs. For the purposes of the statement of cash flows, net cash & cash equivalents consist of cash & cash equivalents net of bank overdrafts at the reporting date. TRADE PAYABLES AND LOANS Trade payables and loans are initially recognized at fair value and subsequently measured at amortised cost. In particular regarding the convertible bond issued in the second quarter of 2012, the company has reported, based on the instructions of IAS 32, separately the component which generate the financial liability (valued at the depreciated cost) and has decoupled the implicit option granted to the owner of the instrument to convert a portion of the loan in an equity instrument. EMPLOYEE BENEFITS AND PERSONNEL EXPENSE The employee benefits payable on or at the end of the employment relationship through defined benefit plans are recognized over the vesting period. The liability related to defined benefit plans, net of any plan assets, is determined on actuarial assumptions and is recorded on an accruals basis in line with the services rendered to obtain the benefits; the valuation of the liability is made by independent actuaries.


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The Company provides additional benefits to certain employees through a stock option plan.

In accordance with IFRS 2 – Share-based payments – these plans are a component of the beneficiaries’ remuneration. Therefore, the related cost is represented by the stock options’ fair value at the grant date and it is recognized in the income statement on a straight-line basis over the period between the grant date and the maturity, offsetting the corresponding liability.

OWN SHARES Own shares owned by the company are recognized as a reduction in equity. The original cost of the own shares and any profit deriving from their subsequent sale are also recognized in equity. REVENUE Revenue is recognized to the extent that its fair value can be reliably determined and it is probable that related economic benefits will be enjoyed. According to the type of transaction, revenues are recognized as follows:

- Revenues from advisory / investment banking services are recognized based on the activities’ stage of completion. For practical reasons, when services are rendered via an indeterminate number of actions in a definite period of time, revenue is recognized on a straight-line basis over the definite period, unless it is evident that other methods provide better representation of such services’ stage of completion;

- Success fees that accrue upon performance of a significant action are recognized as revenue when the significant action has been completed.

If it is not possible to measure the fair value of revenue reliably, revenue is recognized to the extent of costs borne which are deemed to be recoverable. GAINS AND LOSSES FROM THE SALE OF INVESTMENTS AND SECURITIES Gains and losses arising from the sale of investments and securities are recognized on an accruals basis, also transferring any in fair value gains or losses previously recognized in equity to profit or loss. FINANCIAL INCOME AND EXPENSES Financial income and expenses are recognized on an accruals basis according to interest accruing on the carrying amount of the related financial assets and liabilities using the effective interest method. DIVIDENDS Dividends are recognized when the shareholders’ right to receive their payment is established. Dividends received from equity-accounted investees, are recognized as a reduction in the investment’s carrying amount. INCOME TAXES Current income taxes for the period are calculated on the basis of the estimated taxable income and in compliance with current regulations. Deferred tax liabilities and assets are calculated on the temporary differences between the carrying amounts of assets and liabilities and the relevant tax


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bases. Deferred tax assets are recognized when their recovery is considered probable, i.e., when there are expected to be sufficient future tax profits to enable the realisation of these assets. The recoverability of deferred tax assets is reviewed at each reporting date. 3) Basis of presentation The choices made by the company as regards intermediate financial statement presentation are summarized as follows:

- Statement of financial position: according to Revised IAS 1, assets and liabilities should be classified as current and non-current or, alternatively, according to order of liquidity. The company has opted for the current/non-current classification;

- Income statement and statement of comprehensive income: Revised IAS 1 alternatively requires classification of captions based on either their nature or function. The company has decided to use the classification based on their nature;

- Statement of cash flows: in accordance with IAS 7, the statement of cash flows presents

cash flows for the year, allocating them to operating, investing and financing activities. (4) Segment reporting The company operates in the investment banking and merchant banking. The activities performed by top management in these business areas, in terms of marketing initiatives, outward institutional initiatives and involvement in the various deals, are highly integrated. Furthermore, also as regards the execution activity, this has been organized with the purpose of adding flexibility to the use of “on-call” analysts when needed in advisory or equity activities. Due to this choice, it is impossible to provide separate operating and financial presentation of the different business segments. This is because splitting the cost of the work of top management and analysts based on a series of estimates, linked in turn to parameters that may be overcome by effective efficiency, would lead to significant distortion of business segments’ profitability, thus making such information meaningless. In this half yearly report are only provided details of revenues from sales and services of the advisory segment, excluding the item “other revenues”: (Euro) June 30th, 2012 June 30th, 2011Revenues from sales and services 998,982 1,329,174

(5) Costs for materials, services and other costs This caption includes: Euro June 30th, 2012 June 30th, 20111. Services 486,873 348,5192. Use of third party assets 174,727 175,8083. Other costs 113,625 179,787 Total 775,225 704,114


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(5) 1. Services Service costs related mainly to professional and legal advisory fees (145,483 Euro, of which 40,160 Euro for audit fees), services (92,882 Euro), general costs (45,361 Euro), fees to the Board of Statutory Auditors and Supervisory Committee (for a total of 32,125 Euro), commercial expenses (33,253 Euro) and administrative costs (14,281 Euro). (5) 2. Use of third-party assets The caption refers to sundry lease payments and rents. (5) 3. Other costs These costs relate mainly to non-deductible VAT (53,036 Euro) and taxes relating to the year. (6) Personnel expenses This caption includes: Euro June 30 th, 2012 June 30th, 2011Salaries and wages 397,412 411,690Social security charges 170,109 143,274Payment operations on shares settled with equity instruments 28,062 -Directors’ fees 823,407 870,595Post-employment benefits 19,711 20,983Total 1,438,701 1,446,542

“Salaries and wages” and “Directors’ fees” comprise both the fixed and variable portions accruing in the year. The “Post-employment benefits” are recognized on an actuarial basis (the negative discounting is 4,829 Euro). For details of the fees paid to members of corporate bodies, please refer to note (34). In order to encourage the company management to attain the objective of creating value for the shareholders, a stock option plan approved by the Shareholders’ Meeting on April 29th 2011 is currently in place. The Board of Directors of TIP subsequently defined and regulated – on August 4th 2011 – the terms, conditions and procedures of execution of the plan. More specifically, it resolved:

- (a) to adopt the regulations of “TIP 2011/2014 Incentive Plan” (the “Plan”) addressed to the Company’s Executive Directors (the “Directors”) and employees who will be identified by the Board of Directors amongst those who hold important roles or serve important functions in TIP (the “Employees”);

- (b) to set the maximum number of Options (the “Options”) to be awarded at no cost

to Plan Beneficiaries (the “Beneficiaries”) as 5,000,000, each of which confer the right to: (a) purchase one ordinary share of the Company (already in portfolio at the date of approval of the regulations of the Plan (the “Regulations”) or subsequently purchased); or (b) subscribe one newly issued ordinary share of the Company; or (c) receive from the Company the payment of any capital gain, intended as the gross amount equal to the


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difference between the market value of TIP ordinary shares at the exercise date of the Option, and the strike price of the option, set at 1.50 Euro;

- (c) to establish that: (a) Directors will be required to hold and not to sell, until the

end of term of the office at the time of each exercise of Options, a stake not below 30% of the shares acquired during such term of office; (b) Employees will be required to hold and not to sell, for a period of 3 years from the date of exercise of Options, a stake not below 30% of the shares purchased;

- (d) to establish that, in case of exercise of the options through payment of capital

gains to the Beneficiaries, the Beneficiaries will have to reinvest in ordinary shares of the Company not less than 30% of the net amount received; shares deriving from such reinvestment will have to be held and not to be sold for the periods set by previous point (C);

- (e) to provide that the Options, exercisable by Beneficiaries in the period between

January 1 st 2014 and June 30th 2015, will forfeit in advance: (a) for Employees, in the event of termination of employment for reasons other than (i) voluntary dismissal of the Employee following request by the same for application of the pension scheme (ii) wrongful dismissal of the Employee; (b) for Directors, in the event of the contractual termination of Director’s office for reasons other than (i) wrongful revocation of the Director (ii) expiration of the statutory period of appointment and non-renewal of the office or (iii) illness or impediment resulting in the inability and / or impossibility of the Beneficiary to perform continuously the office as director;

- (f) to provide that the Options will be exercisable also in advance if: (a) the

Company’s extraordinary Shareholders’ Meeting deliberates non-recurring transactions likely to lead to the extinction of the Company or rather the purchase by one or more parties of a portion of its shares such as to confer to such parties, even if jointly, the control of the Company in virtue of Article 93 of Legislative Decree no. 58 of February 24 th 1998; (b) one or more parties notify, in conformity with and by effect of Article 102.1 of Legislative Decree no. 58 of February 24 th 1998, their intention to make on a voluntary basis, a public tender offer or public exchange offer of Company’s shares; (c) the term of office of the majority of the Company’s Board of Directors acting at the date of approval of the regulations is terminated for any reason other than by voluntary dismissal or revocation of the office with cause; (d) the Company’s Chairman and CEO and/or Vice Chairman and managing Director in office at the date of approval of the Plan are wrongfully dismissed; (e) one or more parties connected to each other, purchase a stake of the Company’s capital such as to confer to such parties, even if jointly, the control over the Company, in virtue of Article 93 of Legislative Decree no. 58 of 24 February 1998, or one or more parties, also connected to each other, which are not already shareholders with a relevant stake at the date of approval of the Regulations, purchase a stake which allows them to significantly affect Company's shareholder structure or purchase a stake in Company’s capital higher that of the single largest shareholder of TIP at 30 June 2011;


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- (g) to set that the maximum number of 5,000,000 Options will be divided amongst Beneficiaries as follows: - total n. 4,950,000 to Executive Directors and Employees; - maximum n. 50,000 to other Beneficiaries to be identified afterwards amongst

Employees who hold important roles or serve important functions in TIP. In the half yearly financial statements as of June 30 th, 2012 – in accordance with IFRS 2 – options granted have been valued according to the cash settlement methodology; they have been measured at fair value recognized in the income statement as an increase in the personnel expense and directors fees in offsetting liabilities with directors and employees. Changes in the fair value related to liabilities with directors and employees are reported in the income statement. The fair value of the options is determined using the applicable valuation method (in this case “Black & Scholes”), taking into account the terms and conditions under which the options were granted. The stock options’ fair value and the actuarial assumptions used for the application of the model are as follows: TIP Share Price at June 29th 2012 1.469Option strike price 1.5First day for option exercise Jan-1st-14Last day for option exercise Jun-30st-15Historical Star Index volatility average (3 years) 16.83%Expected Dividend yield average (with respect to share price) 2.50%Interest Rate Swap Euribor (June 2015) 0.95%Outstanding options (no.) 4,950,000.00Newly issued shares per option(no.) 1.00Shares issued 136,046,763.00

Under these estimates the total cost to be included in the personnel expense for the first semester of 2012 is equal to 28,062 Euros. At June 30 th 2012, the company’s headcount was as follows: June 30th, 2012 June 30th, 2011Clerks 5 7Junior managers 4 4Managers 2 2Totale 11 13

The Chairman and Managing Director and Vice Chairman and Managing Director are not employees of the company.


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(7) Financial income/expenses This caption includes: Euro June 30th, 2012 June 30th, 20111. Gains on investments 1,669,487 1,779,8542. Gains on securities classified as current assets 1,082,141 897,2323. Sundry income 226,146 91,963 Total financial income 2,977,774 2,769,049 4. Interest and other financial expenses (226,358) (339,886) Total financial expense (226,358) (339,886) Net finance income 2,751,416 2,429,163

(7).1. Gains on investments Euro June 30, 2012 June 30, 2011Gains on the sale of investments 35 379,028Dividends 1,669,452 1,400,826Total 1,669,487 1,779,854

As of June 30th, 2012 all gains refer to the sale of the following investments (Euro): IMA S.p.A. 35 Total 35

As of June 30th, 2012 dividends refer to the following investees (Euro): Amplifon S.p.A. 346,823 Bolzoni S.p.A. 74,816 Datalogic S.p.A. 560,090 De’ Longhi S.p.A. 30,892 Diasorin S.p.A. 106,493 IMA S.p.A. 211,673 Servizi Italia S.p.A. 30,361 Valsoia S.p.A. 29,307 Zignago Vetro S.p.A. 278,997 Total 1,669,452

(7).2. Gains on securities classified as current assets Euro June 30th, 2012 June 30 th, 2011Gains on the sale of securities 166,146 24,009Fair value gains on securities 583,634 355,842Interests on securities classified as current assets 332,361 517,381Total 1,082,141 897,232

(7).3. Sundry income Euro June 30 th, 2012 June 30 th, 2011Bank interest 1,663 5,121Interest on loans 223,805 45,217Fair value gains on funds (ETF) 612 0Other 66 41,625Total 226,146 91,963


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(7).4. Interest and other financial expenses Euro June 30 th, 2012 June 30 th, 2011Bank interest, commissions and financial expenses 168,291 2,938

Interests on loans 18,996 2,900Interests on bonds 27,122 0Losses on the sale of investments 37 6,235Losses on the sale of securities 0 144,828Fair value losses on securities 0 3,550Losses on the sale of investment funds 0 134,302Losses on funds evaluation 0 34,824Guarantee commissions and charges 619 619Interest on post-employment benefit 4,155 2,826Other financial expenses 7,138 6,864Total 226,358 339,886

(8) Share of profit (loss) of equity-accounted investees This caption includes: Euro June 30 th, 2012 June 30 th, 20111. Share of profits of associates 705,851 428,491 Total 705,851 428,491

(8).1. Share of profit (loss) of investees Euro June 30 th, 2012 June 30 th, 2011

Club3 S.r.l. 646,080 383,816Palazzari & Turries Limited 59,771 44,675Total 705,851 428,491

(9) Adjustments of available for sale financial assets Euro June 30 th, 2012 June 30 th, 2011Impairment of available for sale financial assets (480,085) (92,412)Total (480,085) (92,412)

With reference to the available for sale financial assets, consisting of non-controlling interests in listed companies, these are measured at fair value with fair value gains or losses recognized in equity. The fair value was identified as indicated in note (15). If the fair value loss, with respect to the purchase cost, is due to impairment, an impairment loss is recognized in the income statement. For a detail of the adjustments please refer to attachment 2 of this statement. (10) Current, deferred and advanced income taxes Taxes accounted in the income statement are the following: Euro June 30th, 2012 June 30 th, 2011Current taxes 75,374 74,702Deferred tax assets / liabilities 174,429 300,543Total 249,803 375,245

Deferred taxes recognized directly in net equity The company recorded directly in net equity an increase in deferred taxes of 185,196 Euro in the first six months of 2012 in relation to the available for sale financial assets measured at fair value.


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(11) Property, plant and equipment The following table details the variations occurring in this caption:

Euro

Land & buildings

Plant & machinery

Industrial & commercial equipment

Other assets Total

Opening balance as of January 1st, 2011

- - - 67,780 67,780

Increases - - - 64,942 64,942Decreases - - - (11,907) (11,907)Decrease in accumulated depreciation

- - - 11,907 11,907

Depreciation - - - (33,628) (33,628)Net balance as of December 31st, 2011

- - - 99,094 99,094

Increases - - - 4,642 4,642Decreases - - - 0 0Decrease in accumulated depreciation

- - - 0 0

Depreciation - - - (21,080) (21,080)Net balance as of June 30th, 2012 - - - 82,656 82,656

The increase in other assets refers to electronic machinery for 1,276 Euro and mobile phones for 3,366 Euro. (12) Goodwill and other intangible assets Goodwill of 9,806,574 Euro refers to the merger of the subsidiary Tamburi & Associati S.p.A. into TIP S.p.A.. Under IAS 36, being an intangible asset with an indefinite life, goodwill should not be amortized but subject to impairment test at least annually. The recoverable has not been updated compared to December 31st 2011 as, given the nature of the business, the six months period is not representative of the performance of the company. However, considering the performance of the division there are no reasons to affirm that the recovery amount may have decreased. The following table illustrates the variations in “Other intangible assets”:

(13) Equity-accounted investments in associates Investments in associates refer to:

Euro Patents and intellectual property rights

Concessions, licenses and trademarks

Total

Opening balance as of January 1st, 2011 1,861 1,299 3,160Increases 1,823 760 2,583Decreases - - -Depreciation (1,656) (556) (2,212)Net balance as of December 31st, 2011 2,028 1,503 3,531 Increases 170 - 170Decreases - - -Depreciation (1,712) (556) (2,268)Net balance as of June 30th, 2012 486 947 1,433


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- for 37,337,411 Euro to Clubtre S.r.l. set up to acquire a relevant stake in the listed company Prysmian S.p.A.. Under IFRS measurement, Clubtre’s investment in Prysmian has been measured at fair value (market value as of June 29th 2012) and Clubtre’s share of profit for the period has been reported using the equity method. The value of the investment increased by 9,977,902 Euro for the change in fair value of the stake in Prysmian.

- for 11,953,840 Euro to the investment in Gruppo IPG Holding S.r.l. (a company that holds the relative majority shares of Interpump Group S.p.A. which is considered as an associate by virtue of the existing shareholder agreements);

- for 335,024 Euro to the 30% investment in Palazzari & Turries Limited, based in Hong Kong.

- for 275,000 Euro to the 29.97% investment in Gatti & Co Gmbh, based in Frankfurt, acquired in March 2012.

(1) With a further investment of Tip S.p.A. of 0.429% subject to a put/call option with a shareholder of IPGH Holding S.r.l. (reclassified to “Loans and receivables”). (2) In HKD. For details on changes in investments in associates recorded in the accounting period, please refer to attachment 3. With regard to the associate Gruppo IPG Holding S.r.l., TIP provided interest free shareholder loans. For a correct presentation of such operations, the present value of such loans, calculated at December 31st, 2013 (date of expiry) at TIP’s borrowing rate, was reclassified to loans and receivables whereas the benefit granted to the associate consisting of the difference between the present value and nominal of the interest-free loans, was recognized as an adjustment to the carrying amount of the investment at June 30th, 2012. (14) Investments in associates measured at fair value The amount of 8,085,000 Euro, unvaried with respect to December 31st, 2011, refers to the investment in Data Holding 2007 S.r.l..

Name Registered office Quota capital No. quotas

No. quotas owned Investment %

Data Holding 2007 S.r.l. Rome 11,218,790 11,218,790 5,240,550 46.72 With regard to the investment in the unlisted company Data Holding 2007 S.r.l., no new information has emerged which could change the fundamental parameters on which the measurement made on December 31st 2011 was based.

Name Registered

office Share/quota

capitalNo. of shares

/quotasNo. of shares /

quotas owned Investment %

Gruppo IPG Holding S.r.l (1) Milan 142,437.50 142,437.50 23,402.48 16.43(1)Palazzari & Turries Limited Hong Kong 300,000 (2) 300,000 90,000 30.00Gatti & Co. Gmbh Germany 35,700 35,700 10,700 29.97Clubtre S.r.l. Milan 50,000 50,000 17,500 35.00


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(15) Non-current available for sale financial assets These available for sale financial assets refer to non-controlling interests in listed and unlisted companies. Euro June 30th, 2012 December 31st,

2011Investments in listed companies 93,746,066 84,720,100Investments in unlisted companies 18,652,196 18,676,205Total 112,398,262 103,396,305

The movements in investments measured at fair value are detailed in attachment 2. With regard to the measurement of investments in listed companies, please refer to notes (9) and (24). With reference to the available for sale financial assets represented by non-controlling interests in listed companies, these are measured at fair value with fair value gains or losses recognized in net equity. The fair value of investments in companies listed in an active market was identified as their stock market value at the reporting date. If a decrease in their fair value over their cost constitutes an impairment loss, this effect is recognized in the income statement. Following a comparative analysis of the liquidity indexes shown in the section on “Accounting policies – Non-current Available for Sale financial assets” of these notes, the following investments have been considered illiquid: Bolzoni S.p.A., Valsoia S.p.A., Noemalife S.p.A., Monrif S.p.A. and d’Amico International Shipping S.A. In these cases, technical valuations of the companies based on their capability to generate cash flows in the future (temporarily discounted to reflect the time value of money and specific risks of the business) have been carried out. When applicable and as “control” method, the market multiples methodology related to comparable companies (and obviously considered “liquid”) has been applied. This analysis produced an update of the companies’ fair value. With reference to each company, valuation criteria and adopted parameters are listed below:

Bolzoni S.p.A. In order to measure the investment in Bolzoni S.p.A., it has been considered proper to use the Discounted Cash Flow valuation method applied to 2012 - 2014 company results expected by analysts. The valuation was conducted on the basis of the following parameters: (i) levered beta of 1.24, (ii) free risk rate of 5.93%, (iii) market risk premium of 5.00%, (iv) cost of equity of 12.11%, (v) cost of debt of 6.50%, (vi) WACC of 9.70% and (vii) terminal value perpetuity of 1.00%. For information purposes only, we note that, also at December 31st2011, the investment in Bolzoni S.p.A. was measured using the Discounted Cash Flow method based on a WACC of 8.09%. For mere “control” purposes, some other valuations of Bolzoni S.p.A. based on the market multiples method have been carried out. The results of these tests have largely confirmed the findings of the Discounted Cash Flow method. d’Amico International Shipping S.A. In order to value the d’Amico International Shipping S.A. investment, it has been considered correct to use the Discounted Cash Flow valuation method applied to 2012 - 2016 company


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results expected on the basis of TIP estimations. The valuation was conducted on the basis of the following elements: (i) levered beta of 1.41, (ii) free risk rate of 5.93%, (iii) market risk premium of 7.00%, (iv) cost of equity of 15.82%, (v) cost of debt of 6.50%, (vi) WACC of 11.02% and (vii) terminal value perpetuity of 1.00%. For information purposes only, we note that, even at December 31st2011, the investment in d’Amico International Shipping S.A. was liquid and therefore valued at the market fair value. Monrif S.p.A. In order to measure the investment in Monrif S.p.A., also taking into account its nature as a holding company as well as the significant real estate assets owned, it has been considered appropriate to use a valuation method based on the adjusted net equity. In particular, the carrying amount of Monrif’s net equity has been adjusted to take into account the hidden gains in land and property for residential and commercial use (“real estate assets managed”) and in real estate assets dedicated to the hotel business, compared to their carrying amounts. It has been however considered appropriate – in a prudent view –not to make any adjustments to the carrying amount of the publishing business. Compared to the accounting data, the valuation has assigned an overall higher value of 36.8 million Euro to the real estate assets managed and of 43.4 million Euro to the real estate assets related to the hotel business. The valuations at the base of these gains are based on documents and information available to TIP and in particular:

(i) market appraisals of the real estate assets managed are based primarily on estimates carried out on detailed information obtained by TIP and related to the single properties belonging to Monrif group companies: Poligrafici Editoriale S.p.A., Poligrafici Real Estate S.p.A. and CAFI S.r.l.;

(ii) The valuations of real estate assets related to the hotel business have been based by applying asset valuation parameters (i.e. value per room) obtained from public studies prepared by the companies active in the hotel industry in Europe.

It was not considered necessary to apply different valuation methods, such as Discounted Cash Flow and market multiples of comparable companies, as they are not appropriate to assess corporate groups as diversified as the Monrif group. For information purposes only, we note that, also at December 31st2011, the investment in Monrif S.p.A. was measured using the adjusted net equity method.

Noemalife S.p.A. In order to measure the investment in Noemalife S.p.A. it has been considered proper to use the Discounted Cash Flow method applied to 2012 - 2014 company results expected by analysts’ consensus. The valuation was conducted on the basis of the following parameters: (i) levered beta of 0.99, (ii) free risk rate of 5.93%, (iii) market risk premium of 5.00%, (iv) cost of equity of 10.87%, (v) cost of debt of 5.40%, (vi) WACC of 8.09% and (vii) the terminal value perpetuity of


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1.00%. For information purposes, we only note that, even at December 31st 2011, the investment in Noemalife S.p.A. was measured using the Discounted Cash Flow method based on a WACC of 7.76%. It was not considered necessary to apply the market multiples method as a “control” valuation method for Noemalife S.p.A. as it is based on a static / punctual valuation approach and it would not appropriately measure the real value of the group, also in the light of the impact that the recent acquisition of 45% of the French group Medasys will have on the future results.

Valsoia S.p.A. In order to measure the investment in Valsoia S.p.A. it has been considered proper to use the Discounted Cash Flow valuation method applied to the 2012 – 2016 results expected by analysts’ consensus. The valuation was conducted on the basis of the following parameters: (i) levered beta of 1.15, (ii) free risk rate of 5.93%, (iii) market risk premium of 5.00%, (iv) cost of equity of 11.70%, (v) cost of debt of 5.00%, (vi) WACC of 8.47% and (vii) the terminal value perpetuity of 1.00%.

The measurement methods for available for sale financial assets relative to investments in listed and unlisted companies are detailed in the following table:

The movements in “Available for sale financial assets” are detailed as follows: Opening balance as of January 1st, 2012 Euro 103,396,305 Increases – purchases Euro 1,058,272 Decreases – sales (historical cost) Euro (42,337) Decreases – sales (reversals of fair value) Euro 879 Increases – fair value gains Euro 8,703,597 Decreases – fair value losses Euro (238,369) Impairment losses recognized in profit or loss Euro (480,085) Closing balance as of June 30th, 2012 Euro 112,398,262

Method Listed companies

(% of total)

Unlisted companies (% of total)

Prices listed on active markets 83.0% 0.0% Other valuation techniques 17.0% 0.0% Purchase cost 0.0% 100.0% Total 100.0% 100.0%


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The following table shows the detailed movements:

Carrying amount as of January

1st, 2012

Purchases or incorpo-

rations Sales

Reversalsof

fair valueFair value

gains Fair value

losses

Impairment losses

recognized in profit or

loss

Carrying amount as of

June 30th, 2012

Unlisted companies

18,676,205 - - -

- (24,009) 18,652,196

Listed companies

84,720,100 1,058,272 (42,337) 879 8,703,597 (238,369) (456,076) 93,746,066

Total

103,396,305 1,058,272 (42,337) 879 8,703,597 (238,369) (480,085) 112,398,262 (16) Trade receivables Euro June 30th, 2012 December

31st, 2011Receivables from customers (gross of allowance for impairment) 1,005,983 2,077,771 Allowance for impairment (76,058) (76,058)Total 929,925 2,001,713Trade receivables due after 12 months 0 0Total receivable due after 12 months 0 0

The trend in trade receivables is strictly linked to the different sales mix between service revenue for success fees and those for services. The allowance for impairment amounting to 76,058 and it is unchanged compared to December 31st, 2011. (17) Loans and receivables Euro June 30, 2012 December 31,

2011Non-current loans and receivables 18,842,792 18,571,117Total 18,842,792 18,571,117

Loans and receivables refer to:

− an interest free loan of 8,785,136 Euro granted to the associate Gruppo IPG Holding S.r.l.. The loan has been discounted to present value at the 3-month Euribor + 0.50 spread and the difference between present value and nominal amount has adjusted to the investment’s carrying amount;

− a shareholder loan granted to Noemalife S.p.A. of 7,447,497 Euro, including interest of 147,497 Euro calculated on the basis of the 6-month Euribor + spread of 350 bps;

− a loan granted to the associate Data Holding 2007 S.r.l. of Euro 1,628,172 including accrued interest and interest accrued on a previous loan;

− an interest free receivable of 546,923 Euro due from Borletti Group SCA (wholly-owned by Borletti Group Finance SCA);

− an interest bearing loan arising from certain agreements regarding a stake in IPG Group Holding S.r.l. for 435,064 Euro, including related interest.

(18) Deferred tax assets and liabilities The following table shows the breakdown of the caption at 30 June 2012 and December 31st


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2011:

Changes in tax assets and liabilities are detailed as follows:

Euro December

31st 2011

Changes through

profit or loss

Changes in

equity June 30th 2012

Other intangible assets 108,835 (18,067) - 90,768Non-current available forsale financial assets (391,936) (9,706)

(185,196) (586,838)

Profit for the year 6,043 (254) - 5,789Elimination of intergroup profits 86,204 - - 86,204Other liabilities 216,623 (148,060) 68,563Total 25,769 (176,087) (185,196) (335,514) (19) Current financial assets Euro June 30th, 2012 December

31st, 2011Bonds and other debt securities 10,925,082 13,650,997

Current financial assets refer to bonds held for trading. The following table shows their breakdown at 30 June 2012 by maturity and interest rate. Bonds Euro

Carrying amount atJune 30th 2012

% of total bonds

Fixed rate bonds: Maturing between 2012 and 2015 7,988,330 73.1%

Variable rate bonds: Maturing between 2012 and 2016 2,936,752 26.9%

Total bonds 10,925,082 100.0% (20) Current available for sale financial assets This caption was composed of ETF funds which have been all acquired and sold during the period. (21) Cash & cash equivalents The caption shows the balance of bank deposits based on the nominal amount of bank current

Euro Assets Liabilities Net

12/31/2011 06/30/2012 12/31/2011 06/30/2012 12/31/2011 06/30/2012

Other intangible assets 108,835 90,768 - - 108,835 90,768Non-current available for sale financial assets - - (391,936)

(586,838)

(391,936) (586,838)

Current financial assets - - - -Profit for the year 15,012 14,758 (8,969) (8,969) 6,043 5,789Elimination of intergroup profits 86,204 86,204 -

-

86,204 86,204

Other liabilities 216,623 68,563 - - 216,623 68,563Total 426,674 260,293 (400,905) (595,807) 25,769 (335,514)


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accounts. Euro June 30th, 2012 December

31st, 2011Bank deposits 98,559 200,427Cash and cash equivalents on hand 4,005 5,616Total 102,564 206,043

The following table shows the breakdown of the company’s net financial indebtedness, which is compared to the consolidated net financial position at December 31st 2011. Euro June 30th, 2012 December

31st, 2011A Cash and cash equivalents 102,564 206,043B Securities held for trading (1) 10,925,082 13,650,997C Total cash and cash equivalents (A+B) 11,027,646 13,857,040D Financial liabilities (14,662,286) (16,897,220)E Net financial position (indebtedness) (3,634,640) (3,040,180)

(1) Equal to the total current financial assets and available for sale financial assets.

The financial liabilities refer to the temporary use of the stand-by credit line granted by Banco di Desio e Brianza S.p.A. and a loan from Banca Euromobiliare. (22) Tax assets This caption is detailed as follows: Euro June 30th, 2012 December

31st, 2011Tax assets (due within 12 months) for: IRES (corporate income tax) carried forward 19,787 0Tax assets 405 0Other taxes withheld 0 3,456Total 20,192 3,456Tax assets (due after 12 months) 186 186IRAP claimed for reimbursement 13,736 13,736Total (due after 12 months) 13,922 13,922

(23) Share capital TIP’s share capital consists of the following: Shares Number Nominal Euro amountOrdinary shares 136,046,763 0.52Total 136,046,763 0.52

During the first semester of 2012 the first 2010/2013 TIP S.p.A warrant exercise period ended. 309 warrant were exercised and 309 newly issued ordinary shares in Tamburi Investment Partners S.p.A. were consequently underwritten (at a rate of 1 ordinary TIP share for every warrant exercised) at the price of 1.50 Euro each, listed on the Italian Stock Market, at a face value of 0.52 Euro each, having a regular yield and the same characteristics as TIP’s ordinary shares circulating at the date of issuance, for an overall equivalent value of 510 Euro.


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Following such underwriting, the share capital of Tamburi Investment Partners S.p.A. is now equal to 70,744,316.76 Euro, represented by 136,046,763 ordinary shares having a nominal value of 0.52 each. Own shares held by the company at June 30th, 2012 amounted to 2,140,473.

Treasury shares held at January 1st, 2011

No. of shares repurchased in 2011

Treasury shares held at December 31st , 2011

1,705,332 435,141 2,140,473 (24) Reserves The following table details the changes in the available for sale financial assets reserve, which includes total gains and losses recognized directly in net equity:

Carrying amount at

1.1.2012 Fair value gainsReversals of

fair value Fair value lossesCarrying amount

at06. 30.2012Investments (8,243,873) 18,681,299 879 (238.369) 10.199.936Tax effect: deferred tax assets and liabilities (333,295) (185,196) (518,491)Total reserves (8,577,168) 18,258,613 9,681,445 The table highlights the changes in the implied capital gain of the investments in the period between January 1st, 2012 and June 30th, 2012, net of the potential deferred tax burden determined at the date in which the set off is recognized to net equity as “available for sale financial assets reserve”. The amount of 18,258,613 Euro includes 18,681,299 Euro “increase in fair value” plus (879 Euro) “fair value reversal” which represents the sum of reserves built up with the sale in the course of the first semester of 2012 of investments classified as “available for sale financial assets”, and 238,369 “decreases in fair value”, net of the overall fiscal effect equal to 185.196 Euros. The increase in the reserve posted as “increase in fair value” includes also the adjustment of the Prysmian S.p.A investment held by Clubtre S.r.l., associate of TIP, for 9,977,702 Euro. For a detail of equity changes and items please refer to the specific table. The statutory and fiscal nature of the company’s equity items is analyzed hereunder.

Nature / Description Amount Possibility of use

Available quota

Use in the previous 3

years to cover losses

Use in the previous 3

years for other reasons

Share capital 70,744,317 Legal reserves 1,665,744 B 1,665,744 Share premium reserve 101,269,977 A,B,C (*) 88,786,858 9,146,774 5,341,429Extraordinary reserve - 4,035,885 Available for sale financial assets reserve 9,681,445 Other reserves 1,595,652 1,868,873 Merger surplus 5,060,152 A,B,C 5,060,152 Profit (loss) brought forward 1,747,740 A,B 1,747,740 5,586,470 IFRS business combination reserve (483,655) Reserve for repurchase of treasury (3,046,578)


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shares Profit in the accounting period 1,548,368 Total 189,783,162 97,260,494 20,638,002 5,341,429Non distributable portion (**) 15,664,860

A = for capital increases; B = to cover losses; C = for distribution to shareholders * Distribution to shareholders is limited to 88,786,858 Euro because the legal reserve has not yet reached the limit established by Article 2430 of the Italian Civil Code. ** This consists of:

- the amount of the share premium reserve (12,483,119 Euro) needed to reach the limit – set by Article 2430 of the Italian Civil Code – for the legal reserve (Euro 14,148,863);

- the amount of profit brought forward (1,741,051) deriving from increase in the value of investments measured with the equity method.

- the amount (1,440,690 Euro) deriving from the increase in the value of investments measured with the equity method during the year.

We provide the following additional information on equity as at June 30th, 2012: Share capital Paid-up and subscribed share capital amounts to 70,744,317 Euro and consists of 136,046,763 ordinary shares having a nominal value of 0.52 Euro each.

Legal reserve This amount to 1,665,744 Euro and is increased with respect to December 31st, 2011 by 136,168 Euro following to destination of 2011 profit as deliberated by the assembly of April 30th, 2012. Share premium reserve The share premium reserve amounts at 101,269,977 Euro. 1,440,690 Euro have been transferred from the share premium reserve to the reserve for equity-accounted investments revaluations. The reserve increased by 349 Euro following the conversion of 309 warrants. Other reserves Other reserves amount to 1,595.652 Euro and are composed by the reserve from equity-accounted investments revaluation for 1,440,690 Euro and by the reserve relative to the value of the option related to the convertible bond amounting at 154,962 Euro. In the first half of 2012 TIP has issued a bond partially convertible in ordinary shares with a value of 40,000,000.0 Euro. The conversion rate is equal to the 20% of the face value. In the same period it has been issued a first tranche of 5,000,000.0 Euro. The accounting value of the convertible portion (1,000,000 Euro, equal to the 20% of the total amount of the bond) – according to IAS 32 – has been separated, at the moment of the initial recognition, in the different “components” of the bond (as a “composed” financial instrument). The “liability” component is equal to the present value of the cash flows (capital + interests) related to the bond, discounted on the basis of a “market interest rate”, equal to the average yield of a panel of similar selected bonds without conversion rights, issued by Italian companies and due in 2019 (year of the term of the bond). At the issuance date, the “liability component” is equal to 4,485,038.4 Euro. The interest expenses of the bond are calculated on the “liability” amount and are registered in the income statement on the basis of the above mentioned “market interest rate”. The difference between the calculated interests using such method and the interests


Page 41

effectively paid is registered as an increase of the “liability” component of the bond. The “liability” component amounts to 4,848,660.5 euros at June 30th, 2012.The “net equity component” is equal to the difference between the “present value” of the cash flows at the issuance date and the liquidity from the subscription of the convertible portion of the bond. The value of the “equity component” is equal to 154,961.6 Euro and will not change until the term of the bond. IFRS reserve for bargain purchases This reserve is negative and amounts to 483,655 Euro, unchanged from December 31st, 2011.

Reserve from available for sale financial asset valuation This reserve amounts to 9,681,445 Euro. This is an unavailable reserve as it refers to the changes in fair value with respect to the purchase value of the shares held in portfolio. Reserve for repurchase of treasury shares This reserve is negative and amounts to 3,046,578 Euro. This is an unavailable reserve. Merger surplus The merger surplus amounts to 5,060,152 Euro. It derives from the merger of SeconTip S.p.A. into TIP on 1 January 2011. The negative goodwill decreased by 2,200,471 Euro due to the distribution of dividends. Profit (loss) brought forward Retained earnings amount to 1,747,740 Euro and refer mainly to the effects arising from the measurement of investments using the equity method of 1,741,051 Euro. (25) Profit in the period Basic earnings per share At June 30th, 2012 the basic earnings per share was equal to 0.01 Euro. The balance of the caption was calculated on the basis of the profit attributable to the shareholders, equal to 1,548,368 Euro divided by the number of ordinary shares outstanding as at June 30th, 2012 (133,906,290), calculated taking into account own shares held at the same date. Diluted earnings per share At June 30th, 2012, diluted earning per share amounted to 0.01 Euro. Since the subscription price of TIP shares related to the warrant and to the stock option plan resulted higher than the average price of TIP shares during the last semester and therefore without any dilutive effect, the diluted earnings are equal to the basic earnings. (26) Post employment benefits At June 30th, 2012 the balance of this caption refers to the post employment benefits payable to all company employees at the end of the employment relationship.


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The liability is based on actuarial valuations. Euro June 30th, 2012 December 31st, 2011Opening balance 177,579 162,000Increase 28,642 57,934Discount of post-employment benefits (4,829) (18,694)Transfer to individual retirement accounts (11,736) (23,661)Utilization (45,104) 0Total 144,552 177,579

(27) Non-current financial liabilities The financial liabilities, equal to 4,484,661 Euro, refer to the issuance of a convertible bond in ordinary shares of Tamburi Investment Partners S.p.A.. For more detail on the operation see Note (24) – Other reserves. (28) Current financial liabilities This caption consists of liabilities of bank loans and borrowings of 14,662,286 Euro, of which:

- 11,353,000 Euro for a stand-by credit line granted by Banco Desio S.p.A. at the 3-month Euribor plus 125 bps spread and unsecured by collateral;

- 3,309,286 Euro for a loan granted by Banca Euromobiliare S.p.A. at the 3-month Euribor plus 125 bps spread and unsecured by collateral;

(29) Tax liabilities The caption is detailed in the following table: Euro June 30th, 2012 December 31st, 2011IRES 0 57,792IRAP 59,374 14,996IVA 14,845 279,180Withholdings 78,055 75,813Substitute tax on post-employment benefits 384 285Other 6,746 5,995Total 159,404 434,061

(30) Other liabilities These consist mainly of amounts payable for fees due to directors and charges to employees. Euro June 30th, 2012 December 31st, 2011Payable to administrators and employees 598,866 1,569,732Payable to national insurance bodies 78,564 96,085Other 275,139 304,407Total 952,569 1,970,224

The amounts payable to directors and employees refer mainly to the variable amounts matured by directors on the profit in the first half semester of 2012. The other amounts payable refer to holidays and paid leave matured and not used and insurance charges. It also included payable amounts to Auditors and Supervisory Board for fees matured. (31) Commitments and guarantees given At June 30th 2012, the residual investment commitment, for the investment in Borletti Group SCA and Borletti Group Finance SCA, amounts to 1,250,000 Euro of which 650,000 Euro


Page 43

backed by guarantees. (32) Financial instruments Financial risk management Considering the nature of its business, the company is exposed to various types of financial risks and, in particular, to market price risk in terms of changes in the fair value of its investments and, marginally, to interest rate risk. The financial risk management policies adopted by the company are detailed below: Interest rate risk The company is exposed to interest rate risks as regards its current financial assets consisting of bonds held for trading. Investment price variation risk Considering the nature of its business, the company is exposed to market price risk in terms of changes in the fair value of its investments. As regards investments in listed companies, there is no instrument for an efficient hedging of a portfolio with characteristics such as that held by the company (small-mid caps with certain characteristics). With regard to the unlisted companies, the risks associated with:

a) valuation of such investments, given (i) the absence in such companies of control systems similar to those required for companies with listed securities, with the consequent lack of an information flow at least equal to that available for the latter in terms of quantity and quality and (ii) the difficulty of performing independent checks in such companies and, therefore, of assessing the thoroughness and accuracy of the information they provide;

b) the possibility of influencing the management of such investees and aiding their growth, which is the prerequisite for investment, based on the company’s relations with the management team and shareholders, and therefore subject to the verification and development of such relations;

c) the monetization of such investments, which are not traded in a regulated market,

Have not been hedged via specific derivatives since such instruments do not exist. The company seeks to minimize the risk – albeit in a merchant banking activity, which is therefore risky by definition – via careful analysis of the company and its sector of reference at the time of entry into its capital, plus attentive monitoring of the development of investee companies’ business also after entry into their capital. Credit risk The company’s exposure to credit risk depends on the specific characteristics of each customer as well as on the type of activity performed.


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Before accepting an engagement, thorough analyses are performed of the customer’s credit worthiness drawing on the wealth of knowledge and contacts enjoyed by the company. In the case of advisory activity concerning restructuring transactions, the credit risk is higher. Liquidity risk The company’s approach to liquidity management is to ensure that, as far as possible, there are always sufficient funds to honor its obligations on due date. Historically, because of the nature of its business, the company has never resorted to debt. In 2012, in line with 2011, the company used a 15 million Eurocredit line opened with the Banco di Desio and a 8 million Euros credit line with Banca Euromobiliare S.p.A. for temporary cash requirements. Both the credit lines are unsecured. Therefore on April 19th, 2012, the company has deliberated a bond issue convertible of 40 million Euros, partially convertible at the fixed yearly rate of 4,25%; in the first semester 2012, it has been called a first tranche of nominal 5 million Euros of this issue. Capital management The policies for capital management by the Board of Directors envisage maintenance of a high level of equity in order to maintain a trust-based relationship with investors, thus permitting business growth. The company repurchases its own shares on the market with timing that depends on market prices. (33) Investments in group companies held by members of the board of directors,

supervisory board and CEOs

The following tables show the financial instruments of TIP held directly or indirectly, including via trustees, by members of the board of directors at the end of the period (as reported to the company). The table also shows the financial instruments purchased, sold and effectively owned by the above parties during the first half year 2012.

Board of Directors Members

Name and Surname Office

No. shares held as of

December 31, 2011

No. shares

purchased 1H 2012

No. of shares attributed from

exercise of warrant TIP 1H 2012

No. shares sold 1H

2012

No. shares held as of June 30,

2012

Giovanni Tamburi(1) Chairman and Managing Director 8,539,264 8,539,264

Alessandra Gritti Vice Chairman and Managing Director

1,558,395 1,558,395

Cesare d’Amico(2) Vice Chairman 14,125,000 14,125,000

Claudio Berretti Executive Director and General Manager

334,313 334,313

Mario Davide Manuli(3) Director 6,028,545 6,028,545 Giuseppe Ferrero Director 648,001 100,000 748,001

Claudio Gragnani(4) Director 2,083,333 2,083,333

Sandro Alberto Manuli(5) Director 5,132,198 5,132,198 Marco Merati Foscarini Director 425,000 425,000 Carlo Magnani Director 0 0 Bruno Sollazzo Director 0 0


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(34) Corporate bodies’ fees for any reason and under any form

Board of Directors Members


No. warrants held as of

December 31, 2011

No. warrants

purchased 1H 2012

No. warrants sold 1H

2012

No. warrants exercised 1H 2012

No. warrants held as of June

30, 2012

Giovanni Tamburi(1) Chairman and Managing Director 159,805 159,805

Alessandra Gritti Vice Chairman and Managing Director

150,047 150,047

Cesare d’Amico(2) Vice Chairman 500,000 500,000

Claudio Berretti Executive Director and General Manager

7,015 7,015

Mario Davide Manuli(3) Director 723,423 723,423 Giuseppe Ferrero Director 0 0

Claudio Gragnani(4) Director 249,999 249,999

Sandro Alberto Manuli(5) Director 95,900 95,900 Marco Merati Foscarini Director 41,250 41,250 Carlo Magnani Director 0 0 Bruno Sollazzo Director 0 0 (1)Giovanni Tamburi holds warrant TIP and its shares in TIP's equity and both directly as a physical person and indirectly through Lippiuno S.r.l.,of which he has a 85.75% stake.

(2)Cesare d’Amico holds warrant TIP and capital shares in TIP through D’Amico Società di Navigazione S,p.A., of which he has 50% of stakes(directly and indirectly).(3)Mario Davide Manuli holds capital shares and warrants in TIP through DAM S.r.l, a company that he legally controls under art.2359 par.1 of theCC.(4)Claudio Gragnani holds capital shares in TIP via a fiduciary company in which he does not own any equity interest.(5)Sandro Alberto Manuli holds capital shares in TIP and warrants TIP through Realmargi S.r.l., a company that he legally controls under Article2359, first paragraph, of the Italian Civil Code.

Statutory Auditors Members


No. shares held as of

December 31, 2011

No. shares

purchased 1H 2012

No. of shares attributed from

exercise of warrant TIP 1H 2012

No. shares sold 1H

2012

No. shares held as of June 30,

2012

Giorgio Rocco Chairman 1,051,429 159,262 10,691 1,200,000 Enrico Cervellera Standing statutory auditor 0 0

Silvia Chiavacci(1) Standing statutory auditor 0 0

Emanuele Cottino(1) Substitute statutory auditor 0 0

Maurizio Barbieri(1) Substitute statutory auditor 0 0

Paola Cossa(1) Substitute statutory auditor 0 0

Andrea Mariani(1) Substitute statutory auditor 0 0

Statutory Auditors Members


No. warrants held as of

December 31, 2011

No. warrants

purchased 1H 2012

No. warrants sold 1H

2012

No. warrants exercised 1H 2012

No. warrants held as of June

30, 2012

Giorgio Rocco Chairman 0 0 Enrico Cervellera Standing statutory auditor 0 0

Silvia Chiavacci(1) Standing statutory auditor 0 0

Emanuele Cottino(1) Substitute statutory auditor 0 0

Maurizio Barbieri(1) Substitute statutory auditor 0 0

Paola Cossa(1) Substitute statutory auditor 0 0

Andrea Mariani(1) Substitute statutory auditor 0 0 (1)TIP Shareholders' meeting held on April 30 2012 has decided the composition of the Supervisory Board, appointing Emanuele Cottino as a substitute statutory auditor (previously standing statutory auditor) and appointing Silvia Chiavacci and Andrea Mariani with the role of Standing statutory auditor and Substitute statutory auditor respectively. From April 30, 2012, Maurizio Barbieri and Paola Cossa do not hold any role in the Statutory Auditors Board of TIP.


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The following tables and related notes show the fees expressed in Euro, for the first half year of 2012, to be paid, for any reason and under any form, to the members of corporate bodies. Office in TIP Name Fixed fee

06/30/2012 (1) (3)Variable fee

06/30/2012 (2)Chairman and Managing Director Giovanni Tamburi 217,000 190,837Vice Chairman and Managing Director Alessandra Gritti 141,250 113,902Vice Chairman Cesare d’Amico 5,000 -Director & CEO Claudio Berretti 125,000 95,418Director Giuseppe Ferrero 5,000 -Director Claudio Gragnani 5,000 -Director Mario Davide Manuli 5,000 -Director Sandro Alberto Manuli 5,000 -Director Marco Merati Foscarini 5,000 -Director Bruno Sollazzo 5,000 -Director Carlo Magnani 5,000 - Office in TIP Name Fee

06/30/2012 Chairman of Board of Statutory Auditors Giorgio Rocco 13,125 Standing statutory auditor Enrico Cervellera 8,750 Standing statutory auditor (until 4/30/2012) Silvia Chiavacci 2,917 Standing statutory auditor (until 4/30/2012) Emanuele Cottino 5,833

1. As resolved by the Board of Directors on May 3rd, 2010 in relation to 2010, 2011 and 2012, the executive

directors are also entitled to benefits such as cars (also for partial private use), mobile phones and blackberry. The Board of Directors established that the Chairman and Managing Director, Mr. Giovanni Tamburi, the Vice Chairman and Managing Director Ms. Alessandra Gritti and the CEO Mr. Claudio Berretti are also entitled to withhold any fees received as members of a board of directors or of corporate bodies of other companies with the only exception of those of subsidiaries pursuant to Article 2359.1.1 of the Italian civil code.

2. As resolved by the Board of Directors on May 3rd, 2010 in relation to 2010, 2011 and 2012, the Chairman of the Board of Directors and Managing Director, Mr. Giovanni Tamburi, is entitled to a variable gross annual remuneration (equivalent to company cost since he is not employed by any of TIP’s companies) equal to the sum of the following components: (i) 7% of revenue deriving from the advisory activities, recorded in the caption “Revenue from sales and services” and (ii) 5.5% of the year’s pre tax profit, to be calculated gross of the variable components of the remuneration. The Vice Chairman and Managing Director, Ms. Alessandra Gritti, is entitled to a variable gross annual remuneration (equivalent to company cost since she is not employed by any of the TIP’s companies) equal to the sum of the following components: (i) 4.25% of revenue deriving from the advisory activities, recorded in the caption “Revenue from sales and services” and (ii) 3.25% of the year’s pre tax profit, to be calculated gross of the variable components of the remuneration. The Executive Director, Mr. Claudio Berretti, is entitled to a gross annual remuneration equal to the sum of the following components: (i) 3.5% of revenue deriving from the advisory activities, recorded in the caption “Revenue from sales and services” and (ii) 2.75% of the year’s pre tax profit, to be calculated gross of the variable components of the remuneration.

3. The Board of Directors on May 3, 2010 resolved:

to give the Chairman and Managing Director and the Vice Chairman and Managing Director and Chief Executive Officer of the Company a termination indemnity to be paid: (i) in case of withdrawal without just cause of their powers and / or of the respective positions as director in a date prior to natural expiration date of the current Board of Directors (appointed by the date of approval of the financial statements as of December 31st 2012), or (ii) the failure to renew, without just cause of aforesaid office and aforesaid powers and mandate of the year to date of the resolution;

setting the termination indemnity to be paid to the Chairman and Managing Director, and / or the Vice Chairman and Managing Director of the Company upon the occurrence of the conditions specified in the preceding paragraph, in an amount equal to the average annual emoluments (calculated by applying the arithmetic average of the total annual fixed and variable remuneration received and / or accrued to


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the company level in the three years preceding the date of termination or non-renewal), multiplied by three. There is no specific indemnity, other than that described above, if the relationship ceases following a takeover bid launched on securities issued by the Company.

Fees payable to the Supervisory Board as of June 30th 2012 amount to 1,500 Euros. In addition, TIP has agreed two insurance policies with Chubb Insurance Company of Europe S.A., a D&O (Directors’ & Officers’ Liability) policy for directors and statutory auditors of TIP, and a professional TPL (Third-Party Liability) policy for directors of subsidiaries and of investees in which TIP has positions in corporate bodies, as well as for the CEO, to cover any damage caused to third parties by the insured parties in the performance of their functions. (35) Related-party transactions The following table shows the data relative to transactions with related parties carried out in the year specifying the amount, the type and the counterparties:

Party

Type

Balance at June 30th,

2012 Balance at

June 30th, 2011Clubtre S.r.l. Revenues 25,000 607,520Clubtre S.r.l. Trade receivables 25,000 25,000Servizi resi a società riferibili a Consiglieri di Amministrazione

Revenue for services 60,821 72,571

Servizi resi a società riferibili a Consiglieri di Amministrazione

Trade receivables60,821 72,571

Data Holding 2007 S.r.l. Loans and receivables 1,628,172 1,553,791Gruppo IPG Holding S.r.l. Loans and receivables 8,785,136 8,543,564Gruppo IPG Holding S.r.l. Revenues 15,000 15,000Gruppo IPG Holding S.r.l. Trade receivables - -Soci Gruppo IPG Holding S.r.l. Put/call options 435,064 417,407

Management & Capitali S.p.A. (reversibilità emolumenti) Revenue (from services provided) - 22,438

Management & Capitali S.p.A. (reversibilità emolumenti) Trade receivables - 15,534Borletti Group Revenues - 17,479Borletti Group Trade receivables - 15,000Borletti Group Loans and receivables 546,923 546,923

Lippiuno S.r.l. (reversibilità emolumenti) Costs (services provided) 217,000 217,000

Lippiuno S.r.l. Revenue (from services provided) 500 -

Palazzari & Turries S.r.l. Revenues 2,000 -Palazzari & Turries S.r.l. Trade receivables 2,000 -Palazzari & Turries Ltd Revenues 19,600 1,600Palazzari & Turries Ltd Trade receivables 19,200 800(1) Services provided by a firm for which TIP’s substitute auditors work. The services to all the above listed parties were provided on market terms and conditions. (36) Corporate Governance Administrative liability of the Company – Italian Legislative Decree no. 231/2001 With reference to Italian Legislative Decree no. 231/2001 – which introduced in Italian law the concept of so-called “administrative liability” of companies for specific crimes committed, in their interest or to their benefit, by persons holding functions of representation, administration, and


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direction - the company has long adopted the Organizational Model, Code of Ethics, and operating procedures for areas of risk. As part of the ongoing activity of monitoring and updating of the Model, and in the light of expansion of the list of crimes that cause legal entities to become liable under the decree, the need emerged to update the Organizational Model. During its meeting on March 26th, 2009, the Board of Directors approved the new version of the Organizational Model pursuant to Italian Legislative Decree no. 231/2001 designed to prevent the following types of crimes (Application Criteria 8.C.2):

1. Crimes against the Public Administration 2. Corporate crimes 3. Market abuse crimes 4. Crimes of manslaughter and serious or extremely serious bodily harm 5. Crimes of receiving, laundering and use of money, goods or utilities of unlawful

provenance 6. Computer crimes 7. Occupational safety.

In addition, on May 15th 2009, the company drew up the Risk Assessment document pursuant to Article 17.1.a of Italian Legislative Decree no. 81/2008. It was further updated on February 15th 2011 and November 10th 2011.

Code for the protection of personal data As regards the Privacy Code, pursuant to Italian Legislative Decree no. 9 of June 30th 2003, the company has prepared the relevant policy document for 2011.

Observance of corporate governance rules For its corporate governance, TIP uses as its model of reference the rules of the Italian Corporate Governance Code promoted by Borsa Italiana S.p.A.. The report on corporate governance and ownership structure referred to 2011 is approved by the Board of Directors and published annually on the TIP’s website www.tipspa.it in the “Corporate Governance” section. On June 29th 2005, during their Ordinary Meeting, the shareholders’ assembly approved the adoption, pursuant to Article 13 of the Corporate Government Code, of a shareholder meeting regulation indicating the procedures to be followed for orderly and functional proceedings of TIP’s Ordinary and Extraordinary Shareholders’ Meetings and assuring each shareholder’s right to take the floor and speak on agenda items. This regulation came into force and took effect as from the start date of trading of TIP shares on the Expandi segment. In compliance with the aforementioned shareholders’ resolution, as well as with the new requirements of Article 114 of the Italian Consolidated Finance Act (ICFA), and pursuant to the Issuer Regulation, the Board of Directors adopted a code of conduct (the so-called “Internal Dealing Code”), effective as from the start date of trading of TIP shares. The purpose of the code is to regulate, in a compulsorily effective manner, company representatives’ notification obligations vis-à-vis TIP, the CONSOB, and the market.


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On July 28th 2005, TIP’s Board of Directors approved the adoption of procedures for the handling of privileged information as indicated by Article 181 of the ICFA, i.e., those specific items of information, not in the public domain, that refer directly or indirectly to TIP and are such, if made public, as to have a tangible effect on the trend of TIP share prices, (by way of example, they include accounting and operating/financial information concerning TIP, information concerning the development of given business deals, dividend distribution, related-party transactions, forward-looking data and quantitative targets concerning operating performance; rumours; projects, negotiations, and manifestations of intent for which there is justified fear of uncontrolled disclosure to the market or reasonable expectations of positive conclusion of the deal; extraordinary operations, significant acquisitions and disposals, purchase or disposal of own shares, purchase or sale of equity investments, changes in key strategic staff, and so on), hereinafter referred to as “Price-Sensitive Information”. These procedures are binding for the directors and statutory auditors of TIP, as well as for its employees and, in general, for persons possessing, by virtue of the functions they perform, Price-Sensitive Information. These procedures have been set up to (i) prevent abusive use of Price-Sensitive Information and market manipulation also pursuant to and by virtue of Article 187-quinquies.5 of the ICFA and of Articles 6, 7, 8, and 12 of Italian Legislative Decree no. 231/2001, (ii) regulate the management and handling of Price-Sensitive Information, and (iii) establish the approach to be observed for communication, both inside and outside the corporate sphere, of documents and information concerning TIP, with special reference to Price-Sensitive Information. The procedures have also been provided to (i) prevent untimely, incomplete, or inappropriate handling of Price-Sensitive Information and in any case handling such as to cause information asymmetries and (ii) safeguard the market and investors, assuring them adequate knowledge of matters concerning TIP on which to base their investment decisions. The Board of Directors appointed the Vice Chairman and Managing Director Alessandra Gritti as the Disclosure Officer, for the purposes of implementation of Price-Sensitive Information procedures, and the executive director Mr. Claudio Berretti as her substitute. Committees – Lead Independent Director In 2010, TIP’s Board of Directors appointed a new Remuneration Committee. On November 12th 2010, the Board of Directors appointed an Internal Control Committee. Furthermore, a Lead Independent Director was appointed. Manager in charge of financial reporting On May 3rd 2010, TIP’s Board of Directors confirmed Mr. Claudio Berretti in the role of Manager in charge of financial reporting with effect as from June 30th 2010, pursuant to the provisions of Article 154-bis of the Legislative Decree no. 58 of 24 February 1998 and relative implementation provisions, conferring Mr. Berretti all the necessary and opportune powers needed for performing the tasks attributed by the law and the company’s by-laws. The appointment will have a duration of three years, and thus until June 30th 2013.

On behalf of the Board of Directors The Chairman

Giovanni Tamburi Milan, August 3rd 2012


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APPENDICESAPPENDICESAPPENDICESAPPENDICES


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Statement of the manager in charge of financial reporting pursuant to Article 81-ter of CONSOB Regulation no. 11971 of 14 May 1999 as subsequently amended and supplemented 1. The undersigned, Alessandra Gritti, in her capacity as Managing Director, and Claudio

Berretti, in his capacity as Manager in charge of financial reporting of Tamburi Investment Partners S.p.A., confirm, also taking into account the requirements of Article 154-bis, paragraph 3 and 4 of Italian Legislative Decree no. 58 of February 24th 1998:

the appropriateness in relation to the company’s characteristics and the effective application in the year to which the individual financial statements refer,

of the administrative and accounting procedures adopted in the preparation of the individual financial statements as at and for the half year ended June 30th 2012. No significant aspects emerged in this respect.

2. They also state that:

a) the half yearly financial statements as of June 30th, 2012 corresponds to the corporate books and accounting records;

b) the half yearly financial statements as of June 30th, 2012 were drawn up in conformity

with the International Financial Reporting Standards (IFRS) and relative interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Commission through regulation no. 1725/2003 and subsequent amendments, in conformity with regulation no. 1606/2002 of the European Parliament and, to the best of their knowledge, is appropriate for the purpose of providing a true and fair view of the assets financial position, results of operations and cash flows of Tamburi Investment Partners S.p.A.

c) the directors’ report as of June 30th, 2012 includes a reliable analysis of the significant

events occurred during the half - year of 2012 and their effects on the half yearly financial statements, jointly with a description of the main risks and uncertainties. The directors’ report also includes a reliable analysis of the information relative to significant related party transactions.

The Managing Director The Financial Reporting Officer

Milan, August 3rd, 2012


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Appendix 1 – List of investments

Company name Registered Share Number of Equity amount Profit (loss) No. of

Investment Share of Carrying

office capital outstanding shares for last year shares/quotas owned % equity amount

Associates Clubtre S.r.l. (1) Milan

via Pontaccio 10 euro 50,000 50,000 120,666,610 740,154 17,500 35.00 42,233,314 37,337,411

Data Holding 2007 S.r.l. Rome

via della Nocetta 109 euro 11,218,790 11,218,790 19,862,000 (203,000) 5,240,550 46.71 9,277,988 8,085,000

Gatti & Co. GmbH (2) Frankfurt

Paul-Ehrlich-Strasse 15 euro 35,700 35,700 92,876 17,950 10,700 29.97 27,837 275,000

Gruppo IPG Holding S.r.l. (3) Milan

via Appiani 12 euro 142,438 142,438 90,836,583 948,839 23,402 16.43 14,924,451 11,953,840

Palazzari & Turries Limited (4) Hong Kong

88 Queen's Road euro 300,000 300,000 561,682 173,626 90,000 30.00 168,505 335,024

Other companies Assist Consulting S.r.l. (5) Milan

via A. Inganni 93 euro 114,000 114,000 1,376,838 222,597 12,392 10.87 149,665 670,000

Between S.p.A. (6) Milan

via San Gregorio 34 euro 419,515 419,515 3,259,637 910,328 9,950 2.37 77,312 146,060

Borletti Group Finance S.C.A. (7) Lxembourg

Bvd. Grande-Duch. Charlotte euro 31,000 31,000 4,537 (12,207) 1,920 6.19 281 8,026,934

Dafe 4000 S.p.A. (8) Milan

Piazza Eleonora Duse, 2 euro 5,330,000 5,330,000 50,001,188 (14,475) 956,205 17.94 8,970,213 9,026,179

Solgenia S.p.A. (6) Loc. Madonna di Lugo (PG)

via Sandro Pertini, 87 euro 2,000,000 2,000,000 5,253,604 3,651 37,600 1.88 98,768 457,370

Venice Shipping and Logistic S.p.A. (9) Milan

via Fiori Oscuri 11 euro 7,907,000 7,907 12,097,819 (699,979) - - - 303,600

(9) TIP holds no 253 participating financial instruments equal to 10.94% of total participating financial instruments issued by Venice Shipping and Logistic S.p.A.. As of 31/12/2011 the share capital of VLS consisted of 7,803 category A ordinary shares and 104 category B ordinary shares with a nominal value of 1,000 Euro each.

(6) Equity and net profit data updated as at 31/12/10 (at the time of writing are not available the financial data as of 31/12/11).

(8) As of 31/12/11 the share capital of Dafe 4000 S.p.A. consisted of 4,339,668 category 1 shares, of 956,205 category 2 shares and 34,127 category 3 shares. Category 2 shares are entirely held by TIP. The share capital of Intercos consists of 5,330,000 category A shares, 50,193 category B shares and 5,330,000 category D shares. Dafe 4000 helds the totality of category D shares. The equity and net profit of Dafe 4000 S.p.A. are not reported since the company was incorporated in the course of 2011 and it's still not available the first annual report.

(1) Clubtre issued financial reports as of June 30, 2012. Data are updated at that date.

(4) Share capital in Hong Kong dollars.

(5) Equity and net profit data updated as at 30/11/11 (date of the closure of the accounts).

(7) As at 31/03/2011, the share capital of Borletti Group Finance SCA consisted of 12.960 category A shares and 18,040 category B shares. TIP owns 14,81% of category A shares reserved to financial investors. Borletti' management owns 100% of category B shares. Equity and net profit data updated as at 31/3/11 date of the closure of the accounts.

(3) The investment of 16,43% does not include the portion related to the put option (equal to 0.43% of the capital of IPGH). Including such share the portion held by TIP would result equal to 16.86%.

(2) Capitale sociale post aumento di capitale sociale sottoscritto da Tamburi Investment Partners nel marzo 2012. Si segnala che al 31 dicembre 2011 il capitale sociale era composto da 25 mila azioni ordinarie per un valore di 25 mila euro.


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Company name Registered Share Number of Equity amount Profit (loss) No. of

Investment Share of Carrying

office capital outstanding shares for last year shares/quotas owned % equity amount

Listed companies

Amplifon S.p.A. Milan

via Ripamonti, 133 euro 4,463,291 223,164,539 282,128,196 22,865,440 9,373,680 4.20 11,850,357 34,551,384

Bolzoni Auramo S.p.A. Casoni di Podenzano (PC)

via 1 maggio, 103 euro 6,498,478 25,993,915 39,796,087 1,463,394 1,924,605 7.40 2,946,526 4,403,496

d’Amico International Shipping S.A. (10) Luxembourg

25c Boulevard Royal euro 149,949,907 149,949,907 168,675,054 (1,989,418) 400,066 0.27 450,025 240,440

Datalogic S.p.A. Lippo di Calderara (BO)

via Candini 2 euro 30,392,175 58,446,491 190,289,000 8,488,000 3,733,935 6.39 12,156,876 24,251,908

De' Longhi S.p.A. (11) Treviso

via Seitz, 43 euro 448,500,000 149,500,000 568,665,547 36,033,405 93,621 0.06 356,114 710,115

DeLclima S.p.A. (12) Treviso

via Seitz, 43 euro 224,370,000 149,580,000 276,700,000 n.d. 93,621 0.06 173,184 38,010

Diasorin S.p.A. Saluggia (VC)

Via Crescentino euro 55,855,439 55,855,439 244,857,951 95,758,968 231,513 0.41 1,014,902 5,317,854

I.M.A. Industria Macchine Automatiche S.p.A. Ozzano dell'Emilia (BO)

Via Emilia 428-442 euro 19,150,560 36,828,000 116,047,163 24,002,048 208,540 0.57 657,122 2,788,180

M&C S.p.A. Turin

Via Valeggio 41 euro 80,000,000 474,159,596 86,456,723 (2,492,030) 16,450,417 3.47 2,999,516 3,158,480

Monrif S.p.A. Bologna

via Mattei 106 euro 78,000,000 150,000,000 99,676,400 (2,455,964) 11,553,026 7.70 7,677,094 7,590,338

NH Hoteles S.A. (13) Madrid

Santa Engracia 120 euro 493,234,860 246,617,430 1,343,797,000 6,231,000 800,000 0.32 n.d. 1,636,000

Noemalife S.p.A. Bologna

via Gobetti 52 euro 2,252,092 4,330,947 16,178,370 (1,283,984) 277,430 6.41 1,036,347 2,145,644

Servizi Italia S.p.A. Castellina di Soragna (PR)

via S. Pietro 59b euro 16,200,000 16,200,000 69,822,923 4,303,419 276,032 1.70 1,189,714 662,201

Valsoia S.p.A. Bologna

via Ilio Barontini, 16/5 euro 3,450,409 10,455,784 24,492,000 2,956,000 244,249 2.34 572,138 1,549,516

Zignago Vetro S.p.A. Fossalta Portogruaro (VE)

via Ita Marzotto, 8 euro 8,800,000 88,000,000 86,016,823 29,102,403 990,000 1.13 967,689 4,702,500

(12) The partial and proportional spin-off with which De’ Longhi S.p.A. transferred to the wholly-owned subsidiary De’ Longhi Clima S.p.A. the entire investment in De’ Longhi Professional S.A. took effect in January 1 2012. The equity as of December 31 2011 has been determined on the basis of historical consolidated data of De' Longhi Group, with reference to the Professional division (source: DeLclima S.p.A. interim report as of March 31 2012). Is not available the information on the 2011 net income.

(13) Equity and net profit of the group NH HOTELES are updated as at 31/12/2011. Are not available the updated financial data of the parent company NH Hoteles S.A. (the last information are updated at 31/12/2009).

(10) Share capital in USD

(11) Data as of 31 December 2011 and therefore precedent to the partial and proportional spin-off with which De' Longhi S.p.A. transferred to the wholly-owned subsidiary De’ Longhi Clima S.p.A. the entire investment in De’ Longhi Professional S.A..


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Appendix 2 – Changes in available for sale financial assets (at fair value)

Euro no. of shares Cost Write-ups Increase Impairment Carrying value Purchases / IFRS Write Decreases Write Reversal of Impairment Value as at Write-downs (decrease) in P&L fair value incorporation ups downs fair value in P&L 30.06.2012Unlisted companiesAssist Consulting Srl 12,500 10,453 659,547 670,000 670,000Between S.p.A 9,950 57,935 88,125 146,060 146,060Borletti Group Finance SCA 1,920 7,936,934 0 90,000 8,026,934 8,026,934Dafe 4000 S.p.A. 956,205 9,026,179 9,026,179 9,026,179Solgenia S.p.A. 7,555 638,750 (181,380) 457,370 457,370Umbra Cuscinetti S.p.A. call 156,082 (110,020) 46,062 (24,009) 22,053Other participating instruments (1) 115,200 188,400 303,600 303,600Total unlisted companies 8,915,354 566,292 9,304,579 (110,020) 18,676,205 0 0 0 0 0 0 (24,009) 18,652,196

Società quotateAmplifon S.p.A. 9,373,680 32,763,847 (3,712,809) 1,619,643 30,670,681 3,880,703 34,551,384Bolzoni S.p.A 1,924,605 4,024,455 659,699 1,035,591 (1,450,895) 4,268,850 102,235 32,411 4,403,496d'Amico International SA 400,066 1,068,828 0 (891,199) 177,629 62,811 240,440De' Longhi S.p.A. (2) 93,621 90,690 548,741 639,431 (52,222) 122,906 710,115DelClima S.p.A. (2) 93,621 0 0 52,222 (14,212) 38,010Datalogic S.p.A 3,733,935 18,491,558 3,631,251 (652,683) 21,470,126 2,781,782 24,251,908Diasorin S.p.A. 231,513 (713,739) 4,816,637 4,102,898 410,417 804,539 5,317,854IMA S.p.A. 208,540 (59,307) 2,857,664 2,798,357 31,281 (42,337) 879 2,788,180M&C S.p.A. 16,450,417 2,470,030 826,634 3,296,664 (138,184) 3,158,480Monrif S.p.A 11,553,026 10,990,842 2,086,119 27,838 (5,945,283) 7,159,516 38,455 392,367 7,590,338Noemalife S.p.A 277,430 1,083,856 433,363 714,398 2,231,617 (85,973) 2,145,644NH Hoteles SA 800,000 8,955,415 0 (569,444) (6,641,971) 1,744,000 (108,000) 1,636,000Servizi Italia S.p.A. 276,032 2,251,841 0 (1,241,564) 1,010,277 (348,076) 662,201Valsoia S.p.A 244,249 1,080,629 463,025 1,543,654 5,862 1,549,516Zignago Vetro S.p.A. (3) 990,000 3,687,236 886,400 (967,236) 3,606,400 507,165 588,935 4,702,500Totale società quotate 86,868,537 4,591,326 11,051,068 (17,790,831) 84,720,100 1,058,272 0 8,703,597 (42,337) (238,369) 879 (456,076) 93,746,066

Totale partecipazioni 95,783,891 5,157,618 20,355,647 (17,900,851) 103,396,305 1,058,272 0 8,703,597 (42,337) (238,369) 879 (480,085) 112,398,262

(1) Other participating instruments refer to purchase of Venice Shipping and Logistic S.p.A.(2) As a result of the spin-off of DelClima S.p.A. from De' Longhi S.p.A.(3) The number of zigngo shares increased by 90 units as a result of the free capital increase with dividends assigned on May 17 2012.

Balance as at 1.1.2012 Increases Decreases


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Appendix 3 – Changes in net equity-accounted investments

Value as Euro No. Shares Cost Write-ups Quota of Shareholders loan Decreases Write Elimination Carrying Purchases / Quota of Shareholders loan Decreases Write ups Elimination at 30.06.2012

Write-downs profit (loss) of in future capital or ups of intragroup amount incorporation profit (loss) of in future capital or (down) of intragroup equity-accounted investments increase restitution profit equity-accounted investments increase of fair value restitution profitGatti & Co Gmbh 10,700 0 275,000 275,000 Gruppo IPG Holding s.r.l. 23,402 12,513,088 (3,616,542) 2,427,100 (305,194) 1,067,910 12,086,362 (132,522) (1) 11,953,840Palazzari & Turries Limited 90,000 225,000 5,578 44,675 275,253 59,771 335,024Clubtre S.r.l. 17,500 17,500 (93,517) 41,948,846 (336,000) (14,469,399) (353,801) 26,713,629 646,080 9,977,702 (2) 37,337,411

Total 12,755,588 (3,610,964) 2,378,258 41,948,846 (641,194) (13,401,489) (353,801) 39,075,244 275,000 705,851 0 9,977,702 (132,522) 0 49,901,275

(1) Referred to the present value of the credit related to the interest-free loan.(2) The write up refers to change in fair value of the investment in Prysmian S.p.A.

Increases(decreases)

Balance as at 1.1.2012 increases decreases


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Appendix 4 – Financial receivables

Value as of 1.1.2012 Increases Decreases Interest Discounting Value as of 30.6.2012Borletti Group SCA 546,923 546,923 Data Holding 2007 S.r.l. 1,592,901 35,271 1,628,172 Gruppo IPG Holding S.r.l. 8,652,614 132,522 8,785,136 Noemalife S.p.A. 7,352,535 52,535- 147,497 7,447,497 Put option towards a shareholder of Gruppo IPG Holding S.r.l. 426,144 8,920 435,064

18,571,117 - 52,535- 191,688 132,522 18,842,792


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Documents

Half yearly Financial Statements as of June 30, 2012...Directors’ Report at 30 June 2012 In the six month period ending on 30 June 2012, Tamburi Investment Partners S.p.A. (“TIP”)