Paris – “SPRING” European Midcap Event 2014

June 26-27, 2014

June 26-27, 2014

The «club deal group»

2

1.3 billion Euro invested including direct

equity and club deals

Huge diversification (by sector, size, etc.)

Many market leaders, all of them

excellent companies

June 26-27, 2014

3

The main club deals

~ 300 million Euro

From 2002

(6 investors)

~ 250 million Euro

From 2010

(3 investors)

~ 25 million Euro

From 2013

(5 investors) ~ 130 million Euro

From 2004 to 2014

(17 investors)

120 million Euro

From 2014

(19 investors)

T.I.P. stake disposed in 2014

~150 million Euro

From 2013

(7 investors)

June 26-27, 2014

In addition to the main club deals

4

Several minor (size-wise) direct investments

still in place for a total amount around

100 million Euro

During 2013 disposal of the non listed

Borletti / Printemps deal with a capital

gain of 32 million Euro on a cost of 9

million Euro

Divestments with capital gains in 81% of

the cases during our history

June 26-27, 2014

5

Club deal group

Technology

Luxury / Fashion / design

Healthcare and third age

“Special” food / restoration

With aggregated revenues of more than 11 billion Euro and

about 40 thousand employees

Main sectors TIP

Investment

Club deal

investment

86 € m 510 € m

74 € m 134 € m

42 € m 51 € m

33 € m 120€ m

June 26-27, 2014

Moncler

Roche

Bobois

Amplifon

Prysmian

Interpump

Eataly

Noemalife

Be

Intercos

Valsoia

Bolzoni

Servizi Italia

Other

Liquidity

Moncler

Roche

Bobois

Amplifon

Prysmian

Interpump

Eataly

NoemalifeBeIntercos

Valsoia

Bolzoni

Servizi Italia

Other

Liquidity

Assets as at 31.5.2014

Book value Consensus estimates1

€380

mln

€525

mln

6

1. Consensus estimates: include the analytical valuation of each single investment from market consensus.

Intrinsic value

June 26-27, 2014

T.I.P. intrinsic value estimates1

€579

mln

7

1. Intrinsic value: analytical valuation of the assets (gross of T.I.P. S.p.A. debts) elaborated taking into account the

medium term perspectives of each investment; today it could be estimated around 3 Euro per share.

2. On 31.5.2014 T.I.P. market capitalization was 378.0 million Euro (2.648 Euro per share).

Assets as at 31.5.2014

Technology

Luxury /

fashion /

design

Healthcare

and third age

Food & rest.Other

Liquidity

June 26-27, 2014

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

4.0%

15.2%

"Investment companies" index T.I.P.

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

6.1%

37.4%

"Investment companies" index T.I.P.

8

Club deal group

T.I.P is an active investor with great flexibility and a much more dynamic

management of its portfolio compared to similar listed italian

investment companies – from 1.1.2013 divestments of 95 million Euro

T.I.P. is the most dynamic Italian holding*

*Panel that includes Camfin, CIR, Cofide, Dea Capital, Exor, Intek / KME and Italmobiliare.

Average annual divestments

on non current assets of the

previous year (2009-2013)

Average annual investments

on non current assets of the

previous year (2009-2013)

June 26-27, 2014

Excellence in numbers

*Companies that reached record results in 2013

9

T.I.P. appointed members in the B.o.D. of:

Amplifon, Bolzoni, Interpump, Roche Bobois, Ruffini Partecipazioni, Prysmian and Eataly

Many companies registered decreases in revenues and margins during 2013 just due to forex effects

Average

ebitda

margin

of16%

%

Change

%

Change

2012 2013 2012 2013 2012 2013

Amplifon S.p.A. 846.6 828.6 -2.1% 145.2 117.4 -19.1% 17.1% 14.2%

* Bolzoni S.p.A. 119.1 121.2 1.8% 9.7 8.1 -16.5% 8.1% 6.7%

* Interpump Group S.p.A. 527.2 556.5 5.6% 105.9 105.2 -0.7% 20.1% 18.9%

* Moncler S.p.A. 489.2 580.6 18.7% 161.5 191.7 18.7% 33.0% 33.0%

Noemalife S.p.A. 67.5 66.8 -1.0% 9.3 9.2 -1.1% 13.8% 13.8%

Prysmian S.p.A. 7,848.0 7,273.0 -7.3% 647.0 612.0 -5.4% 8.2% 8.4%

* Servizi Italia S.p.A. 210.6 215.4 2.3% 60.4 61.2 1.3% 28.7% 28.4%

Roche Bobois Group 243.2 237.0 -2.5% 19.7 19.7 0.3% 8.1% 8.3%

* Valsoia S.p.A. 93.3 100.4 7.6% 9.4 12.8 35.6% 10.1% 12.7%

Average 16.4% 16.0%

Revenues Ebitda Ebitda margin

June 26-27, 2014

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

10

T.I.P. shares

Performance from 1.1.2010 to 31.5.2014

Source: elaboration on Bloomberg data.

T.I.P. performance is not adjusted to take into consideration the returns deriving from treasury shares and warrants distribution and dividend yield.

Very low volatility

Good medium term performance

Great solidity against downside

Printemps

disposal

+67.8%

+62.1%

+54.1%

+31.2%

-8.1%

-15.8%

IT Star

MSCI SM

Stoxx Eur.

MSCI Eur

FTSE IT. SM

FTSE MIB

+108.5%

Notice of 2013 results

and investment in Eataly

Moncler

acquisition

In the same period T.I.P.

warrants have

increased by 1,574%

June 26-27, 2014

1.200

1.300

1.400

1.500

1.600

1.700

1.800

1.900

2.000

2.100

2.200

2.300

2.400

2.500

2.600

2.700

2.800

Volumes TIP TIP listed portfolio

11

T.I.P. shares

Performance of T.I.P. vs. listed portfolio

performance from 31.12.2011 to 31.5.2014

+75.9%

(1) «T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period

Notice of 2013

results and

investment in Eataly

Printemps

disposal

Moncler

acquisition

June 26-27, 2014

T.I.P. average volumes (as at 31.5.2014)

Block / out of the market trading volumes not included

*Source: Bloomberg. Number of exchanges per day are available starting from 2.4.2012

12

73,178 327,912 853,101 1,018,255

+1,291%

+685%

+2,393%

Average value

(euro)

Average volumes

(number)

Average number of

daily trades*

T.I.P. is one of the

most liquid mid-cap

companies on the

Italian market

In the last three months T.I.P.

warrants were exchanged at

average volumes of 115

thousands per day

49,326

171,447

341,233

387,270

13

100

268

320

0

50

100

150

200

250

300

350

0

100,000

200,000

300,000

400,000

2012 2013 Last 6 months Last 3 months

June 26-27, 2014

11.2

3.4

10.1

31.7

-0.7

15.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2010 2011 2012 2013 1Q

2013

1Q

2014

5.8

5.5

4.7

4.3

0.4

2.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2010 2011 2012 2013 1Q

2013

1Q

2014

Results

13

Revenues from advisory Earning before taxes

€ mln € mln

Average

5.1

Average

14.1

During May 2014 T.I.P. distributed a dividend of 0.083 euro per share (yield of about

4.7% calculated on the average share price of T.I.P. in 2013; yield of 3.3% on the

average price between 1.1.2014 and 31.5.2014)

€ mln

Balance sheet data

360,0 363,3

402,3390,3

0,0

100,0

200,0

300,0

400,0

500,0

31-Dec-13 31-Mar-14

Net equity Direct equity investments

June 26-27, 2014

133.5%

67.8%

-8.1%

108.5%

13.0%

4.4%7.5%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

Share

performance

Cumulated

dividend yield

Free treasury

shares

assigned (yield)

free warrants

assigned (yield)

[ ] IT Star FTSE Mib

Shareholders’ return from 1.1.2010 to 31.5.2014

14

* Sum of the returns deriving from treasury shares and warrants distribution, dividend yield and stock performance, without taking into account the

increase in value of treasury shares

comparable indexes

Total

return*

T.I.P. annual

total return

+22.0%

Brokers' consensus

Intermonte 15-May-2014 3.05

Equita 24-Mar-2014 2.81

Average 2.93

Data in euro

Dividends distributed 29,425,193

Buy back (average price 1.564 euro) 15,986,935

Total cash distributions and buy back 45,412,127

June 26-27, 2014

15

During April T.I.P. launched a non convertible bond of 100 million

Euro, 6 years maturity, bullet, with a coupon of 4.75%.

On June 25th

TIPO – TIP-pre IPO started: completely innovative

company for companies smaller than the typical targets of T.I.P. and

clearly oriented to go to the stock market; T.I.P. has committed 40

million Euro.

T.I.P. - through its liquidity, the usual recourse to club deals - will

continue the investment policy with a particular focus on non-listed

companies, also outside Italy.

2014

June 26-27, 2014

16

TIPO

TIPO - T.I.P. Pre - IPO S.p.A., has the aim to invest in medium sized excellent

companies specifically interested in the listing on a stock market within 3-5

years.

TIPO will invest in companies with sales between 30 and 200 million Euro.

The targets should have profitability and balance sheet strengths adequate to

a real path of growth.

. T . I . P . O .

TIP - PRE IPO S.P.A.

The reference market is represented by companies with a successful business

model, with a top management of an adequate level, in a growing phase.

This segment - complementary to the ordinary investment activity of T.I.P. - lacks

of equity / semi-equity instruments, at least in Italy.

T.I.P. will provide its expertise.

June 26-27, 2014

17

TIPO

. T . I . P . O .

TIP - PRE IPO S.P.A.

Has received total engagement from the shareholders of 140

million Euro

Is a public company with a callable capital (i.e, required when

investments take place) and no management fees; about 40

investors have joined the project

shall allow its shareholders – when possible – to pre-allot

shares of the future IPOs, under the “Family and friends”

tranche

Could allow a way-out - at maturity – through share exchanges

(mergers or other forms) with TIP S.p.A. shares

will benefit of the know-how and of the network of TIP and an

investment outside Italy has already been made

Key elements:

June 26-27, 2014

18

Focus on Eataly

On March 2014 Clubitaly S.r.l., investment vehicle participated by T.I.P. with a stake of 27.5%,

has acquired a stake of 20% of Eataly for 120 million Euro.

Eataly, established in 2003 by Oscar Farinetti, is engaged in the distribution and marketing at

a global level of products of the Italian food and wine excellence integrating in its offer

production, distribution, catering and didactics.

Eataly represents an absolutely unique reality, being the only Italian company in the food

retail and restoration business really global, as well as a symbol of the Italian food and

more in general of the high quality made in Italy worldwide

In 2014 Eataly expects to reach consolidated revenues slightly below 400 million Euro

(excluding the franchisees) with an adjusted Ebitda in excess of 40 million Euro; in the period

2010-2013 Eataly had an average yearly growth of revenues higher than 33% and of the

Ebitda higher than 75%.

Eataly is currently present in Italy, Unites States, Middle and Far East with a network of 28

stores already operating and is realizing a significant plan of new openings in some of the

main cities of the world including Moscow, Sao Paulo and London.

June 26-27, 2014

19

In mid 2013 T.I.P. established Clubsette S.r.l., investment vehicle controlled by

T.I.P. with a stake of 52,5%

The other Clubsette shareholders are families specifically interested in the

deal, with investments between 5 and 10 million Euro each

The total equivalent for the 12% stake of Ruffini Partecipazioni has been 103

million Euro, of which 21 (plus interest) to be paid in the next three years,

starting from July 2014

At the beginning the stake was 14%

T.I.P. has a lock up agreement for six years; the co-investors for three years

Focus on Moncler

June 26-27, 2014

Description Date €'000

Total investments* Jul - 03 / May 14 -54,100

Total proceeds** Jul - 03 / May 14 33,018

Total cash in and cash out Jul - 03 / May 14 -21,082

IPGH investment value*** 74,784

Theoretical money multiple 3.5x

Theoretical IRR 23.1%

Cash in and Cash out

*Shares purchases, capital increases and loan granted

**Disposal of shares, dividends and refunds

***Valuation based on T.I.P. internal estimates

20

Focus on Interpump

In 2003 T.I.P. has made its first investment, in club deal

In 2007 T.I.P., together with the co-investors, incorporated Gruppo IPG Holding

S.r.l. to which they all sold their stakes

Now IPG Holding controls Interpump with about 26% of the capital

On homogenous basis a direct investment in Interpump shares, in the same period,

would have generated an IRR of about 18.1%

During May 2014 TIP has increased its position in Interpump / IPGH with a further

investment of about 11 million Euro, jointly with the CEO of the group.

June 26-27, 2014

21

Advisory activity

Support for families / industrial groups on corporate finance transactions

In 2013 many transactions involved foreign customers and/or counterparts

No dependence on “traditional” private equity

TIP advisory division is among the first 5/6 main italian players of the

last 10 years in the medium enterprises segment with normally no less

than15 transactions per year.

IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY

TERMINE, IN QUALITA’ DI REGISTA, DA

T AMBURI & A SSOCIATI

HAS ACQUIRED THE COMPANY

FROM THE GROUP

IN THE TRANSACTION THE BUYERSHAVE BEEN ASSISTED BY

TERMINE, IN QUALITA’ DI REGISTA, DA

T AMBURI & A SSOCIATI

HAS ACQUIRED A 51% STAKEIN A TURKISH JOINT VENTURE WITH

IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY

TERMINE, IN QUALITA’ DI REGISTA, DA

T AMBURI & A SSOCIATI

HAS ACQUIRED A MINORITY STAKE IN

IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY

TERMINE, IN QUALITA’ DI REGISTA, DA

T AMBURI & A SSOCIATI

HAS ACQUIRED THE TOTAL SHARE CAPITAL OF

IN THE TRANSACTION THE BUYERSHAVE BEEN ASSISTED BY

TERMINE, IN QUALITA’ DI REGISTA, DA

T AMBURI & A SSOCIATI

HAS ACQUIRED A 50.1% STAKE IN THE SHARE CAPITAL OF THE

COMPANIES REPRESENTING THE BRAZILIAN GROUP

June 26-27, 2014

T.I.P.

The Italian club deal group

22

1. Over time performance higher than most of ratios and

comparables

2. Very attractive average medium term total return for the

shareholders so far

3. Great fundamental strength, low volatility and

sectorial diversification of excellent/leading companies

4. Proven ability to proactively interact with companies,

investors, network of entrepreneurs, in Italy and abroad

5. Capability - probably unique at least in Italy - to attract

and retain “management – coordination” of equity

transactions aimed at accelerating the development of

the companies via M&A and relevant investments.

June 26-27, 2014

23

Thanks a lot !!!