Tamburi Investment Partners S p A : Approved the consolidated half-year report as at June 30, 2019

HALF-YEAR REPORT AS AT JUNE 30, 2019

EURO 41 MILLION CONSOLIDATED NET PROFIT (PRO FORMA)

EURO 783 MILLION OF CONSOLIDATED EQUITY

The Board of Directors of Tamburi Investment Partners S.p.A. ("TIP"- tip.mi), independent and diversified investment/merchant bank listed on the Star segment of Borsa Italiana S.p.A., met today September 11, 2019 in Milan and approved the consolidated half-year report as at June 30, 2019.

On the basis of the same accounting principles of previous years TIP closes the first half of 2019 with an equity of approximately Euro 783 million, increased by more than Euro 116 million from December 31, 2018, thanks to a consolidated (pro forma) net profit of more than Euro 41 million.

The advisory activity recorded approximately Euro 5.3 million revenues in the period, compared to approximately Euro 1.6 million in the first half of 2018 while financial income - mainly dividends and interests - amounted to approximately Euro 7 million.

As usual, for comparable presentation of period results in continuity with those of the previous years, considered more representative, not just for management purposes, of the effective results of the period, below it is shown a first half of 2019 pro forma income statement prepared applying the accounting principle adopted at December 31, 2017 related to financial assets and liabilities (IAS 39). The consolidated income statement and consolidated statement of financial position as at June 30, 2019 prepared in accordance with IFRS 9 are attached.

		Reclassification to	Reclassification to
		income statement	income statement	Reversal of
	IFRS 9	of capital gain	of adjustments to	convertible fair	PRO FORMA	PRO FORMA
Consolidated income statement	30/6/2019	realised	financial assets	value adjustments	30/6/2019	30/6/2018
(in Euro)
Total revenues	5,327,259				5,327,259	1,642,744
Purchases, service and other costs	(1,102,206)				(1,102,206)	(1,553,360)
Personnel expenses	(8,876,126)				(8,876,126)	(16,651,263)
Amortisation, depreciation & write-downs	(172,063)				(172,063)	(29,731)
Operating profit/(loss)	(4,823,136)	0	0	0	(4,823,136)	(16,591,610)
Financial income	6,947,352	22,874,401		(137,705)	29,684,048	111,789,757
Financial charges	(4,033,682)				(4,033,682)	(3,490,710)
Profit before adjustments to investments	(1,909,466)	22,874,401	0	(137,705)	20,827,230	91,707,437
Share of profit/(loss) of associates measured
under the equity method	6,445,435	15,672,505			22,117,940	8,450,557
Adjustments to financial assets	0		(1,747,986)		(1,747,986)	(7,312,229)
Profit / (loss) before taxes	4,535,969	38,546,906	(1,747,986)	(137,705)	41,197,184	92,845,765
Current and deferred taxes	1,020,961	(240,714)			780,247	(203,173)
Profit / (loss) of the period	5,556,930	38,306,192	(1,747,986)	(137,705)	41,977,431	92,642,592
Profit/(loss) of the period attributable to	5,087,704				41,508,205	67,691,116
the shareholders of the parent
Profit/(loss) of the period attributable to	469,226				469,226	24,951,476
the minority interest

The pro-forma profit for the period is supported by the capital gains of approximately Euro 15.7 million on the divestments of iGuzzini through the associate TIPO, but also by the capital gains of approximately Euro 21.8 million realised on the divestments of the holdings in FCA, Ferrari and Nice. In the context of the sale of iGuzzini and the related withdrawal from Fimag, TIPO collected in total approximately Euro 69.3 million and received 2,717,428 Fagerhult shares. Later TIPO subscribed its share of the capital increase deliberated by Fagerhult, with an investment of Euro 2.9 million. Among the associated companies IPGH contributed with a share of profit of approximately Euro 7.2 million while Alpitour, owned through Asset Italia, negatively impacted for approximately Euro 5.2 million on the basis of normal seasonality whereby profit is essentially generated in the second half the business years.

Operating costs decreased compared to the ones of the first half of 2018 as the latters included not recurring costs sustained by the subsidiary TXR in relation to the listing of Roche Bobois and other charges that, following the adoption of IFRS 16, are no longer recorded as operating costs. The executive directors' fees, as usual, are linked to the company's performance and have been determined, as approved, on data pro forma based on the same accounting principle adopted as at December 31, 2017.

In the first half of 2018, besides the purchase of treasury shares for approximately Euro 6 million, the investing activity has continued. In particular in the period TIP acquired the entire equity investment held by Gruppo Coin S.p.A. in OVS, amounting to 17.835% of the share capital, for a total consideration of approximately Euro 75 million. As a result of this acquisition, TIP increased its investment to 22.747%, with a total pay-out of Euro 91.6 million. Furthermore, through StarTIP, it has been subscribed a Euro 5 million quota of the capital increase finalised by Talent Garden, of total amount of Euro 23 million and it has been slightly increased the investment in Buzzoole.

The consolidated equity increased by approximately Euro 116.3 million, from Euro 666.4 million as at December 31, 2018 - following a buyback of approximately Euro 6 million and after a dividend distribution of approximately Euro 11.1 million - mainly due to the value recoveries of the investments measured at fair value.

In June 7,561,067 warrants have been exercised, including 892,650 warrants owned by the executive directors, with the issue of the same number of new TIP shares and a capital increase, including share premium, of approximately Euro 37.8 million.

The TIP Group consolidated net debt - also taking into account the TIP 2014-2020 bond -at June 30 was approximately Euro 138.0 million, compared to approximately Euro 140.5 million at December 31, 2018. During the quarter, bonds were divested from and some bank credit and loan have been renegotiated resulting an increase of the liquidity available for new investments.

The results for the first half already announced by the main investees Amplifon, Be, Ferrari, Interpump, Moncler and Prysmian confirmed the good performance expected for 2019. The other direct and indirect investees are also performing well in the first half.

Amplifon confirmed the excellent increase in revenues and profitability with consolidated revenues of Euro 832.0 million, growing 26.1% on 2018, a recurring Ebitda of Euro 141.2 million, growing 28.4%, with an incidence on revenues that achieved 17% and a net profit of Euro 57 million, growing 21.2%.

BE achieved consolidated revenues of Euro 73.0 million, +6.8%, with an Ebitda of Euro 12.0 million, with a growth of 28.8% compared to the first six months of 2018.

Ferrari achieved new record results in the first half of 2019 with revenues of Euro 1.924 billion, growing 11% on the same period of last year, an adjusted Ebitda of Euro 625 million, growing 11% on the same period of last year and a net profit of Euro 364 million, which represents a +18%.

Interpump achieved very good results with net revenues above Euro 703.2 million, growing by 9.3%, with an Ebitda of Euro 162.2 million, +10.5% compared to Euro 146.8 million of 2018.

Moncler achieved consolidated revenues of Euro 570.2 million of, up 13% and an Ebitda adjusted of Euro 143.6 million, growing by 16%. The double-digit growth continued in 2019 too, always with a very high marginality.

Prysmian achieved consolidated revenues of approximately Euro 5.85 billion and an Ebitda adjusted amounting to approximately Euro 521 million, up 26.2% compared to the first half 2018, with a marginality of 8.9% on revenues.

Hugo Boss reported Euro 1.339 billion revenues (+1% with the same exchange rate of the same period of last year), an adjusted Ebitda, net of IFRS 16 effects, of Euro 189 million and a net profit of approximately Euro 84 million.

7,5

6,5
	+ 143, 5%
	IT Star
5,5	+8 3 ,9%
	D OW JONES
	+5 6 ,6%
4,5	S&P 500
	+4 9 ,0%
	MSC I Small Cap
3,5	+3 7 ,1%
	Stoxx Eur
	+2 6 ,8%
2,5
	MSC I Eur
	+1 0 ,0%
1,5	F TSE MIB
+3 ,2%
	F TSE Small Cap
	+2 ,0%
0,5

TIP workings on data collected on 6/9/2019 at 18.16 source Bloomberg

The TIP share price today is in line with the price at the end of 2018 despite the value of the listed equity investments has increased in the same period by more than 15% on average and most of the not listed participated performed very well.

The usual TIP share chart at September 6, 2019 highlights, over the last five years, a very good performance of the TIP share, with a +143.5%; the total return for TIP shareholders over the five years - with reference to the same date - was 154.8% with an annual average of 31.0%.

Subsequent events to June 30, 2019

With the liquidity coming from the exercise of the warrants the company bought bonds.

In July 2019 TIP, through StarTIP, entered, with other investors, in the capital of Bending Spoons S.p.A., first iOS app developer in Europa; Bending Spoons, whose most important market is the US, closed the 2018 with Euro 45 million revenues with a triple-digit growth, company's apps have been downloaded 200 million times to date, a figure that's growing at a rate of 200,000 downloads per day on iOS devices (first in Europa and among the top 10 worldwide, ahead of behemoths such as Snapchat, Adobe, and Twitter).

In July TIP acquired 14.95% of ITH S.p.A., parent company of Sesa S.p.A., company listed on the STAR segment of Borsa Italiana with a market capitalisation above Euro 500 million. TIP investment, part of a more complex transaction of buy-back of ITH, is about 17 million Euro and it is also foreseen a put/call agreement with ITH shareholders aimed at allowing a future further increase of the stake held up to 15,75%.

On July 23, 2019 TIP acquired an additional stake of 22.95% in Clubtre S.p.A. (company holding 3.9% of Prysmian) for a total consideration of 21,2 million euro. After the transaction TIP owns 66.23% of Clubtre. Considering the shares directly hold by TIP the participation of TIP Group, on a consolidated basis, is 4.5% of Prysmian' share capital.

Again in July TIP acquired from Whirlpool EMEA S.p.A. its total stake in Elica S.p.A., (a company listed on the STAR segment of Borsa Italiana) made of 7,958,203 ordinary shares representing 12.568% of the share capital for a consideration of Euro 15,916,406. As part of the agreement reached TIP has taken with the seller a lock-up commitment of six months from the closing date of the transaction with regards to the shares acquired from Whirlpool EMEA S.p.A. and a commitment not to sell such shares to certain competitors of Whirlpool for 12 months from the closing date. Moreover, TIP signed a shareholder agreement with FAN S.r.l., controlling shareholder of Elica with a participation of 52.809% of the share capital aimed at a medium-term strategic alliance. Finally, to further seal the agreements reached, TIP agreed with Elica the acquisition of all of the treasury shares owned, equal to 2.014% of the share capital, at the same price by share agreed with Whirlpool EMEA S.p.A..

After June 30 After June 30, 2018 the acquisition of treasury shares restarted as well as a further lightening of the investment in Ferrari. Due to the exercise of stock options by a director, in July 370,000 treasury shares have been sold.

Outlook

In the first half and in the following months TIP group has undertaken partial divestments, achieving significant capital gains but most of all has finalised new investments, continuing its growth and affirming its role - very

peculiar in Italy as business model - as an entrepreneurial partner and financial backer for outstanding companies willing to grow and/or resolve governance issues, always with a view to accelerate the business development.

Given the nature of TIP's activity it is not easy to predict the trend of the results for the second half of the year. Repeating the results achieved by the TIP Group for the first quarter of 2019 - clearly related also to divestments - will depend partly on market performances and opportunities which will arise in the future.

Treasury shares

As at June 30, 2019 treasury shares in portfolio were n. 6,978,056 equal to 4.057% of the share capital. At present treasury shares in portfolio are n. 7,916,537 equal to 4.603% of the share capital.

The manager responsible for the preparation of the company's accounts, Claudio Berretti, hereby declares, as per article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that all the information related to the company's accounts contained in this press release are fairly representing the accounts of the books of the company.

Annexes: consolidated income statement and consolidated statement of financial position as at June 30, 2019.

Milan, September 11, 2019

TIP - TAMBURI INVESTMENT PARTNERS S.P.A. IS AN INDEPENDENT AND DIVERSIFIED INVESTMENT / MERCHANT BANK WITH THAT SO FAR INVESTED, AMONG DIRECT DEALS AND CLUB DEALS, ABOUT 3.0 BILLION EURO IN "EXCELLENT" COMPANIES FROM AN ENTREPRENEURIAL POINT OF VIEW AND IS ENGAGED IN CORPORATE FINANCE ACTIVITIES. CURRENTLY HAS IN PORTFOLIO, DIRECTLY OR INDIRECTLY, INVESTMENTS IN LISTED AND UNLISTED COMPANIES INCLUDING: ALKEMY, ALPITOUR, AMPLIFON, ASSET ITALIA, AZIMUT BENETTI, BE, BETA UTENSILI, BENDING SPOONS, BUZZOOLE, CENTY, CHIORINO, DIGITAL MAGICS, EATALY, ELICA, FAGERHULT, FERRARI, FURLA, HUGO BOSS, INTERPUMP, MONCLER, MONRIF, OCTO TELEMATICS, PRYSMIAN, ROCHE BOBOIS, SERVIZI ITALIA, SESA, TALENT GARDEN, TELESIA AND TIPO.

Contacts: Alessandra Gritti

CEO - Investor Relator

Tel. [phone] mail: [e-mail]

This press release is also available on the company's web site www.tipspa.itand disclosed by 1Info SDIR and 1Info Storage system (www.1info.it).