Azimut : July 2018 Net Inflows ca. € 775 million

PRESS RELEASE

July 2018 Net Inflows ca. € 775 million

Milan, 7th August 2018

The Azimut Group recorded total net inflows of ca. € 775 million in July 2018, thereby reaching ca. € 3.1 billion since the beginning of the year.

Total Assets under Management stood at € 41.6 billion, and including assets under administration reached € 52.7 billion at the end of July.

Sergio Albarelli, Azimut's CEO, comments: "The month of July closed at 775 million euro in net inflows; the result has been driven by the organic growth of financial advisors network and by the further consolidation of the Group's foreign operations, confirming the effectiveness of strategic choices and investments made for a long-term sustainable development."

Pietro Giuliani, Azimut's Chairman, comments: "Results don't leave too much room for opinions: 775 million euros net inflows in the single month of July. The same applies for the "monstrous dividend" paid in May, of over 12%, which obviously reduces the share price. It is bizarre to consider the impact of this reduction to justify a "sell" rating on the stock (excusatio non petita): calculated correctly, the performance compared to the FTSE MIB and competitors would be significantly different. Azimut is not like other companies, "shorts" and "alleged hostile takeovers" won't deliver the desired results: people constituting the Group could thank for the money (still few compared to the real value of the stock) and "rebuild" the company in just a few months."

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Data in € million	Net Inflows	Assets
	July 2018	at 31/07/2018 ∆ in 2018
Funds (1) Individual Managed Portfolios AZ LIFE Insurance Advisory(2)	462.1 768.5 199.4 1,213.0 -10.3 -256.3 21.1 401.5	32,188.2 1.5% 10,446.3 10.5% 6,316.9 -5.7% 1,507.7 34.7%
Total Managed Assets & Advisory(3)	473.6 1,969.6	41,557.5 3.4%
Assets under custody - c/accts	301.6 1,172.1	11,158.2 8.8%
Total Assets	775.2 3,141.6	52,715.7 4.5%
(1)ThefiguredisclosedbyASSOGESTIONIdoesnotincludeassetsgatheredoutsideofItalyandentryfees;itincludesmutual, hedge and alternative funds (2) M A X pro duct (fee-based adviso ry) included (3) Net of double counting

Total Assets Evolution

Mutual funds	AuC and c.a.
11158	10252
1,508	9005
6317	6702
6740
10446	9454
		8803
32188	31717	30221
7/18	12/17	7/17

Discret.acctsInsuranceAdvisory

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Azimut is Italy's leading independent asset manager (active since 1989). The Parent Company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and, among others, is a member of the main Italian index FTSE MIB. The shareholder structure includes over 1,900 managers,

employees and financial advisors, bound by a shareholders' agreement that controls over 20% of the company (pending the closing of the transaction

announced on June 5th 2018 whereby Timone will strengthen its stake to ca. 24% of share capital net of treasury shares). The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices in Italy,

Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Singapore, Mexico, Australia, Chile, USA, UAE, Iran and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR, following the demerger by incorporation of Azimut Consulenza SIM, distributes Group and third party products in Italy via a network of financial advisors while Azimut Global Counseling provides consulting services. Overseas main operations are AZ Fund Management SA (founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish AZ Life DAC, which offers life insurance products.

Contacts - Azimut Holding S.p.A.

www.azimut-group.com

Investor Relations	Corporate Communications
Vittorio Pracca	Paola Moscatelli
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Viviana Merotto
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