Approved the quarterly consolidated financial report as at September 30, 2021

RESULTS AS AT 30 SEPTEMBER 2021

115.9 MILLION CONSOLIDATED NET PROFIT (PRO FORMA)

1.12 BILLION OF CONSOLIDATED SHAREHOLDERS 'EQUITY

The Board of Directors of Tamburi Investment Partners S.p.A. ("TIP" - tip.mi), independent and diversified industrial group listed on the Euronext STAR Milan segment of Borsa Italiana S.p.A., which met today in Milan, approved the quarterly consolidated financial report at 30 September 2021.

In the third quarter of 2021, even in the absence of particularly significant divestments, there has been a further improvement in the excellent profitability recorded in the first half.

At consolidated level TIP closes the first nine months with a pro forma profit of 115.9 million, with consolidated shareholders' equity at 30 September 2021 of approximately 1.12 billion (compared to 1.07 billion at 31 December 2020) after a distribution of dividend for approximately 31 million and purchases of treasury shares for approximately 10.5 million.

Almost all of the investee companies are continuing to achieve excellent results, driven by the recovery at international level, with an increase in economic performance that is often higher than that of the reference sectors and almost always above the 2019 results.

The stock market price of the TIP share and of all listed subsidiaries increased further, recording new all-time highs. As of November 5, the increase in the TIP shares, compared to the end of 2020, was over 50%, in addition to the effect of distributed profits. At five years, the total return(1) of the TIP shares has been of 196.8%, which corresponds to an average annual figure of 39.4%. At ten years, the overall total return has been of 668.5%.

The economic result of the first nine months was, as well known, strongly influenced by the portions of the result of the associated companies and by the income realized following a partial divestment of Prysmian S.p.A shares; the subsidiary Clubtre S.r.l., in fact, during the period, sold 10 million Prysmian shares, realizing a significant capital gain.

In April TIP acquired, from the minority shareholder, 33.8% of Clubtre, coming to hold 100% of the company. Almost at the same time Clubtre sold to this shareholder no. 1,208,253 Prysmian shares. Clubtre currently holds approximately 2.4 million Prysmian shares.

The usual pro forma income statement for the period 1 January - 30 September 2021, determined considering the realized capital gains and losses and the write-downs on equity investments, is shown below. In fact, as well known, we believe this system, in force until a few years ago, is much more significant for representing the reality of TIP's business.

(1) The total return is calculated taking into consideration the performance of the TIP shares, the dividends distributed and the performance of the 2015-2020 TIP warrants awarded free of charge to the shareholders.

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		Reclassification to	Reclassification to
		income statement	income statement
	IFRS 9	of capital gain	of adjustments to	PRO FORMA	PRO FORMA
Consolidated income statement	30/9/2021	(loss) realised	financial assets	30/9/2021	30/9/2020
(in Euro)
Total revenues	4,367,932			4,367,932	3,840,734
Purchases, service and other costs	(4,052,341)			(4,052,341)	(1,676,389)
Personnel expenses	(44,419,696)			(44,419,696)	(8,828,653)
Other income	0			0	0
Amortisation	(259,289)			(259,289)	(258,383)
Operating profit/(loss)	(44,363,394)	0	0	(44,363,394)	(6,922,691)
Financial income	21,361,498	113,176,962		134,538,460	58,995,328
Financial charges	(15,604,477)	0		(15,604,477)	(14,175,847)
Profit before adjustments to investments	(38,606,373)	113,176,962	0	74,570,589	37,896,790
Share of profit/(loss) of associates measured	44,074,138	0		44,074,136	9,924,396
under the equity method
Adjustments to financial assets			(202,099)	(202,099)	(26,692,963)
Profit / (loss) before taxes	5,467,765	113,176,962	(202,099)	118,442,626	21,128,223
Current and deferred taxes	9,471,499	(11,983,152)	0	(2,511,653)	115,216
Profit / (loss) of the period	14,939,264	101,193,810	(202,099)	115,930,973	21,243,439
Profit/(loss) of the period attributable to	14,018,070	71,564,141	(202,099)	85,380,110	21,024,541
the shareholders of the parent
Profit/(loss) of the period attributable to	921,194	29,629,669	0	30,550,863	218,898
the minority interest

The IFRS 9 income statement does not include capital gains realized in the period on equity investments and securities, equal to 113.2 million euro.

The share of the result of the associated companies represents an income of approximately 44.1 million, thanks to the positive results of IPGH S.p.A., parent company of the Interpump group, ITH S.p.A., parent company of the Sesa group, OVS S.p.A., Beta Utensili S.p.A., Be S.p.A. etc, partially offset by the negative ones recorded by Alpitour S.p.A. The share of the result of the associated companies includes the results of the second and third quarters of Beta Utensili and Sant'Agata (parent company of the Chiorino group) following the transaction, finalized in April, with which TIP acquired 70.71% of the shares of TIPO SpA together with 14.18% of Beta Utensili S.p.A. and 41.58% of the shares of Betaclub S.r.l. With this deal TIP holds (directly and indirectly) 48.99% of Beta Utensili S.p.A. and 20% of Sant'Agata S.p.A. while TIPO S.p.A. and Betaclub S.r.l. have become controlled by TIP. The total outlay of the transaction was approximately 134.5 million, of which approximately 1.4 million with deferred payment at the final deadline of the indemnity obligations towards the buyers of iGuzzini S.p.A.

In addition to the capital gains realized on the sale of Prysmian shares and other listed shares, the financial income includes approximately 9.3 million in dividends received, including the extraordinary dividend FCA N.V. which amounted to € 2.7 million and the dividend in kind made up of no. 24,692 Faurecia S.A. shares, the equivalent value of which at the date of distribution was approximately 1.1 million.

Revenues from advisory activities in the period were approximately 4.3 million.

The cost of personnel, as always significantly influenced by the effect of the variable remuneration of executive directors, the only ones parameterized to the results for the period, also includes the economic effects of the assignment, in March, of the last options - no. 3,500,000 - under the stock option plan known as the "2014/2021 TIP Incentive Plan", now exhausted. The increase in other operating costs was related to the costs incurred for the finalization of some transaction.

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Other financial income mainly includes interest income and capital gains on bonds for € 5.2 million, changes in the fair value of short-term investments in listed shares and realized capital gains for € 2.2 million, exchange rate gains for

• 2.4 million and positive changes worth of derivative instruments for 1.9 million. Financial charges mainly refer to interest accrued on the bond issued for € 5.7 million, negative changes in the value of derivative instruments for € 6.3 million, capital losses on bonds for € 2 million and some other interest on loans.

The Itaca Equity project has been operational since February, with a soft commitment of 600 million, of which around 100 from TIP, of which 2 million has already been paid. The project, promoted by TIP with three top-level partners in this specific segment, Sergio Iasi, Angelo Catapano and Massimo Lucchini, resulted in the birth of Itaca Equity Holding SpA, which will make investments in companies with temporary financial difficulties and / or with the need for strategic and / or organizational turnaround. This structure will allow the approximately 40 family offices that have joined the project to analyze the concrete proposals and evaluate from time to time whether to invest or not in each individual project, according to the corporate scheme already tested with Asset Italia S.p.A. At the moment the pipeline is being enriched with potentially interesting deals, but none have yet been finalized.

In March StarTIP S.r.l. acquired for about 11 million, 19% in DV Holding S.p.A., the parent company of the DoveVivo group, a European leader in the so-calledco-living sector. In June a 7 million bond loan was issued by DV Holding S.p.A., of which 2.5 million underwritten by StarTIP.

In May, StarTIP's stake in Bending Spoons S.p.A. was increased, with a further investment of 3.4 million.

In July TIP undertook to acquire a further 5% of Vianova S.p.A., of which it already owns 12.04%. The closing of the transaction should take place in November.

Also in July TIP subscribed the capital increase of OVS S.p.A., with a total investment of approximately 21.6 million, slightly increasing its shareholding also following the purchase of a large part of the unopted.

The purchase of treasury shares, listed shares and the use of liquidity in bonds also continued.

The consolidated net financial position of the TIP Group at 30 September 2021 - also taking into account the bond, but without considering non-current financial assets considered in terms of management liquidity usable in the short term - was negative for approximately 299 million, compared to approximately 336 million at 31 December 2020. The change in the period is essentially attributable to the effect of the income in Clubtre from the sale of Prysmian shares, partially offset by the investments in the period, mainly relating to the TIPO / Beta transaction and the acquisition of 100% of Clubtre.

The results for the first nine months already communicated by the main listed subsidiaries, Amplifon S.p.A., Be S.p.A., Elica S.p.A., Interpump Group S.p.A., Moncler S.p.A. and Prysmian S.p.A. were very positive, even better than in 2019, further confirming the excellence of these groups, as well as the solid strategic, operational and financial foundations with which these companies are emerging from the Covid period. Even the half-year data of OVS as at 31 July were positive and much better than the half-year of 2020. For Sesa the year ended on 30 April 2021 with record results and the data for the first quarter of 2021 are also very positive.

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The activities of other shareholdings, direct and indirect, also continued to show positive results in the first nine months of 2021, consolidating the recovery already seen from the last months of 2020. The first half of 2021 was still very negative for Alpitour S.p.A. and recovering for Eataly S.p.A., companies that have continued to suffer from the limits placed on tourism and restaurant activities around the world.

In 2021 the growth of TIP shares continued, in recent days exceeded 10 euros, the highest price ever reached, a value in any case significantly below our internal medium-term intrinsic valuation estimates, currently over 12.5 euros per share. The usual chart of the TIP shares as of November 5, 2021 shows, over the past five years, an excellent performance of the stock, + 190.4%, both in absolute terms and with respect to the main national and international indices.

12,5
10,5
		Nasdaq
	+209,5%
8,5
	+190,4%
		IT Star
	+162,6%
6,5
		S&P 500
	+120,6%
		DOW JONES
4,5	+ 99,0%
	FTSE Small Cap
	+89,7%
2,5		FTSE MIB
+66,1%
		MSCI Eur
	+41,5%
0,5

TIP processing on the basis of data collected on November 5 at 18.01 source Bloomberg

Sustainability

Following the approval by the Board of Directors of the "Culture of sustainability" document, which took place on March 12, 2021, which further confirmed and detailed analytically the commitment - historically consolidated - of TIP on ESG issues, the activities relating to other commitments set out in the "Sustainability Plan" are going on. Among others, contacts are underway with a leading international certifier for obtaining an ESG rating.

As a confirmation of the commitments made in this area, even in the investment transaction just announced, the entry into the capital of the Limonta group, particular attention was paid to these issues. Limonta is in fact a company that boasts a strong and consolidated orientation to ESG issues, a condition that has proved to be fundamental over time in order to be - among other things - one of the strategic suppliers of the great luxury houses. As part of its activity, Limonta has long been inspired by principles of sustainable development and is committed to contributing to the achievement of multiple objectives, both in respect and protection of the environment, in the management of quality and industrial processes, and in social initiatives for employees, with corporate welfare services and partnerships with various cultural bodies and institutions, and also at the governance level, with an internal team dedicated to ESG

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issues, directly coordinated by the CEO. Also a responsible management of the supply chain through the adoption of specific internal procedures has been implemented.

As part of the commitments undertaken by TIP in the education and training sector, in September 2021 the Master Courses in Digital Marketing and UX Design organized by Talent Garden, in partnership with TIP which fully funded 10 scholarships, began.

Among the most significant events that have characterized the TIP Group subsidiaries over the last few months has to be pointed out:

• the issue by OVS of a bond linked to sustainability parameters (so-calledsustainability-linked bond);
• the achievement by OVS of the first place in the ranking of the Fashion Transparency Index of Fashion Revolution, a global movement that encourages the fashion industry to respect human rights and the environment in all phases of the production cycle;
• the subscription by Amplifon of a new "sustainability-linked" credit line for an amount of 100 million euro;
• the inclusion of Amplifon, Ferrari, Moncler and Prysmian in the new MIB ESG index launched by Euronext and Borsa Italiana, dedicated to the 40 Italian blue-chips that implement the best environmental, social and corporate governance practices.

Subsequent events to September, 30, 2021

In October 2021 StarTIP subscribed the capital increase of Digital Magics S.p.A. with an additional investment of approximately 1.8 million. On this occasion, since the capital increase is one of the expected liquidity events, the equity instruments of Digital Magics S.p.A. held by StarTIP were converted into shares. StarTIP is currently the main shareholder, with more than 22% of the capital, of Digital Magics.

Also in October, Asset Italia subscribed the pertaining share to the capital increase of Alpitour S.p.A., for a total of 50 million. TIP's investment has been of 11.6 million.

In October TIP signed a binding agreement with the Limonta family for a 25% stake in Limonta S.p.A., partly through a share capital increase and partly through the purchase of shares. The total investment will be approximately 89 million euros. TIP has designated, as per existing agreements, Asset Italia S.p.A. to complete the transaction, without prejudice to one's commitment to subscribe the investment up to the total amount. The transaction was conceived with a view to the progressive aggregation of realities operating in the high-value-added textile sector.

The purchase of OVS shares also continued and, in November, TIP subscribed a portion of approximately 15 million of the OVS sustainability-linked bond, with a 2.25% rate, with a duration of six years.

The purchase of treasury shares, other listed shares and the active management of the liquidity used in bonds and government securities also continued.

In recent days, the TIP share has exceeded the market capitalization of 1.9 billion. The capital gains on investee companies also further increased compared to book values and the medium-term net intrinsic value of the group, calculated with the usual criteria, exceeded € 2.3 billion.

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