Tamburi Investment Partners S p A : 2020 Financial Report re-approved of tamburi Investment Partners group

2020 financial report re-approved consolidated profit increases to 36.4 million euros (pro forma)

consolidated shareholders' equity of 1,070 million euros

Due to the new information received from the associate IPG Holding S.p.A. 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 SpA, which met today 25 March 2021, reviewed the annual financial report proposal for 2020 and approved a version updated, with respect to the draft previously approved and which was disclosed by press release on 12 March 2021, of the 2020 financial report to be submitted to the shareholders' meeting called for 29 and 30 April 2021, respectively on first and second call.

The new version presents a pro forma consolidated profit of 36.4 million and a consolidated shareholders 'equity of 1,070 million while the separate financial statements of TIP show a profit of 32.3 million and a shareholders' equity of 760 million. The incremental adjustments of the consolidated profit and shareholders' equity were necessary to incorporate the updated results of the associate IPG Holding SpA, parent company of Interpump Group SpA, modified with respect to the previous version following the representation in the consolidated financial statements of the effects relating to the revaluations, for tax purposes, of business assets carried out by Interpump Group SpA. TIP's separate financial statements have been adjusted to reflect the consequent impacts on variable remuneration and taxes.

The amended pro forma income statement for the period 1 January - 31 December 2020 is shown below, determined by considering in the income statement the realized capital gains and losses and the write-downs on equity investments as required by IAS 39 in force at 31 December 2017.

Reclassification to Reclassification to

Consolidated income statementIFRS 9 31/12/2020

income statement of capital gain (loss) realised

income statement of adjustments to financial assetsReversal of convertible fair value adjustments

(in Euro)

Total revenues

4,402,239

Purchases, service and other costs (2,270,267)

Personnel expenses (12,886,384)Other income Amortisation Operating profit/(loss)

0

(344,956)

Financial income Financial charges

(11,099,368) 24,710,501

0 39,237,953

0

• (18,001,402) (35,034)

  0 161,717 0

• Profit before adjustments to investments (4,390,269) 39,202,919

0 161,717

Share of profit/(loss) of associates measured

under the equity method 5,447,898 22,389,732

Adjustments to financial assets (26,789,563)

Profit / (loss) before taxes 1,057,629 61,592,651 (26,789,563) 161,717

Current and deferred taxes

Profit / (loss) of the period

896,780 1,954,409

(470,357) 61,122,293

0 (26,789,563)

0 161,717

Profit/(loss) of the period attributable to the shareholders of the parent

148,159

Profit/(loss) of the period attributable to the minority interest

1,806,250

PRO FORMA 31/12/2019

6,996,283 (3,055,205) (20,267,359)

3,429,524 (356,399)

(13,253,156) 73,230,875 (12,927,381) 47,050,339

64,357,396 (12,985,291) 98,422,444 1,518,240 99,940,684

98,098,714

1,841,970

The IFRS 9 income statement does not include income, capital gains and losses realized in the period on equity investments and shares, realized directly and indirectly, equal to 61.6 million and negative adjustments to the value of financial assets equal to 26.8

million.

The explanatory reports to the shareholders' meeting have been modified, where necessary, following the changes made to the separate financial statements and are published together with this press release.

TREASURY SHARES

At December 31, 2020, treasury shares in portfolio totalled 16,131,801, equal to 8.749% of the share capital. At March 25, 2021, treasury shares in portfolio are n. 16,887,893, equal to 9.159% of the share capital.

2020 SEPARATE ANNUAL REPORT

Separate annual report presents a profit of Euro 32,277,899 that does not include income and capital gains for more than 38.5 million that, not booked in the income statement, have been reclassified directly from OCI reserve to retain earnings within equity.

As at December 31, 2020 TIP S.p.A.'s equity was Euro 760,118,933 and the net financial position Euro 170,965,423.

DIVIDEND AND OTHER RESOLUTIONS

The board of Directors confirmed the proposal of distribution of a dividend of Euro 0.100 per share (gross of withholding tax) with "ex dividend" date on May 24, 2021 and payment day on May 26, 2021.

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 December 31, 2020.

Milan, March 25, 2021

TIP - TAMBURI INVESTMENT PARTNERS S.P.A. È UNA INVESTMENT / MERCHANT BANK INDIPENDENTE E DIVERSIFICATA CHE HA FINORA INVESTITO, TRA OPERAZIONI DIRETTE E CLUB DEAL, CIRCA 3,0 MILIARDI DI EURO IN AZIENDE "ECCELLENTI" SUL PIANO IMPRENDITORIALE E CHE SVOLGE ATTIVITÀ DI ADVISORY. ATTUALMENTE HA IN PORTAFOGLIO, DIRETTAMENTE O INDIRETTAMENTE, INVESTIMENTI IN SOCIETÀ QUOTATE E NON QUOTATE TRA CUI: ALKEMY, ALIMENTIAMOCI, ALPITOUR, AMPLIFON, ASSET ITALIA, AZIMUT BENETTI, BE, BETA UTENSILI, BENDING SPOONS, BUZZOOLE, CENTY, CHIORINO, DIGITAL MAGICS, DOVEVIVO, EATALY, ELICA, FAGERHULT, FERRARI, HUGO BOSS, INTERPUMP, ITACA, MONCLER, MONRIF, OCTO TELEMATICS, OVS, PRYSMIAN, ROCHE BOBOIS, SESA, STARTIP, STELLANTIS, TALENT GARDEN, TELESIA, TIPO E WELCOME ITALIA.

Contatti: Alessandra Gritti

Amministratore Delegato - Investor Relator Tel. [phone] mail:[e-mail]

Questo comunicato stampa è disponibile anche sul sito internet della Societàwww.tipspa.it e veicolato tramite sistema 1Info SDIR e 1Info Storage(www.1info.it).

Consolidated income statement Tamburi Investment Partners Group (1)

(in Euro)

2020

2020 PRO FORMA

2019

Revenue from sales and services Other revenues

Total revenues

Purchases, service and other costs Personnel expenses

4,330,409 71,830 4,402,239 (2,270,267) (12,886,384)

4,330,409 71,830 4,402,239 (2,270,267) (12,886,384)

6,783,583 212,700 6,996,283 (3,055,205) (20,267,359)

Other income

0

0

3,429,524

Amortisation, depreciation & write-downs Operating loss

(344,956)

(344,956)

(356,399)

(11,099,368)

(10,099,368)

(13,253,156)

Financial income Financial charges

24,710,501 (18,001,402)

64,110,171 (18,036,436)

26,250,247 (12,927,381)

Profit/(loss) before adjustments to investments

(4,390,269)

34,974,367

69,710

Share of profit/(loss) of associated companies measured under the equity method Impairments on financial assets Profit/(loss) before taxes Current and deferred taxes Profit/(loss) for the period

5,447,898

27,837,630

30,708,637

(26,789,563)

1,057,629 896,780 1,954,409

Profit/(loss) attributable to the shareholders of the parent

Profit attributable to minority interests

148,159 1,806,250

Basic earnings/(loss) per share

Diluted earnings/(loss) per share Number of shares in circulation

0,001168,247,500

0,001

36,022,433	30,778,347
426,423	2,049,209
36,448,856	32,827,556
34,642,606	30,985,586
1,806,250	1,841,970
0,19
0,19
162,246,224

(1) The 2020 income statement (as for 2019) has been prepared in accordance with IFRS 9 and therefore does not include the direct and undirect income and capital gains in the period on equity investments of 61.1 million euros, neither write-downs of 26.8 million euros. The proforma income statement drawn up considering the capital gains and losses realised and the write-downs of investments in equity, as per IAS 39 in force as at December 31, 2017, reports a net profit of approximately 36.4 million euros.

Consolidated statement of financial position Tamburi Investment Partners Group

(in Euro)	31 dicembre 2020	31 dicembre 2019
Non-current assets
Property, plant and equipment	95,690	113,616
Right-of-use	2,600,791	2,896,989
Goodwill	9,806,574	9,806,574
Other intangible assets	17,283	26,906
Investments measured at FVOCI	880,159,540	686,906,500
Associated companies measured under the equity
method	526,156,105	511,452,686
Financial receivables measured at amortised cost	3,611,418	7,503,330
Financial assets measured at FVTPL	2,883,243	3,217,817
Tax receivables	299,730	608,269
Total non-current assets	1,425,630,374	1,222,532,687
Current assets
Trade receivables	1,449,106	779,999
Current financial receivables measured at amortised cost	15,651	556,513
Derivative instruments	5,559,926	923,063
Current financial assets measured at FVOCI	179,859,731	96,688,111
Cash and cash equivalents	3,250,495	171,948,302
Tax receivables	2,295,841	966,458
Other current assets	111,058	246,181
Total current assets	192,541,808	272,108,627
Total assets	1,618,172,182	1,494,641,314
Equity
Share capital	95,877,237	89,441,422
Reserves	477,180,422	395,172,971
Retained earnings	386,974,911	310,536,546
Result attributable to the shareholders of the parent	148,159	30,985,586
Total equity attributable to the shareholders of the
parent	960,180,729	826,136,525
Equity attributable to minority interests	109,534,852	76,341,604
Total equity	1,069,715,581	902,478,129
Non-current liabilities
Post-employment benefits	362,309	342,039
Derivative instruments	285,846	3,709,973
Financial liabilities for leasing	2,305,767	2,627,341
Financial payables	451,403,080	351,718,955
Deferred tax liabilities	13,272,362	1,570,707
Total non-current liabilities	467,629,364	359,969,015
Current liabilities
Trade payables	528,409	756,545
Current financial liabilities for leasing	321,574	269,648
Current financial liabilities	70,695,363	211,420,916
Tax payables	120,237	73,516
Other liabilities	9,161,654	19,673,545
Total current liabilities	80,827,237	232,194,170
Total liabilities	548,456,601	592,163,185
Total equity and liabilities	1,618,172,182	1,494,641,314