Tamburi Investment Partners S p A : Additional periodic disclosure at March 31, 2021 Tamburi Investment Partners Group

Additional periodic disclosure at March 31, 2021

Tamburi Investment Partners Group

(TRANSLATION FROM THE ITALIAN ORIGINAL WHICH REMAINS THE DEFINITIVE VERSION)

CONTENTS

Corporate Boards	3
Interim Directors' Report	4
Quarterly consolidated financial report
Financial Statements	11

• Consolidated income statement
• Consolidated comprehensive income statement
• Consolidated statement of financial position
• Statement of changes in consolidated equity

Notes to the quarterly consolidated financial report at March 31, 2021	15
Attachments	26

• Declaration of the Executive Officer for Financial Reporting
• Changes in investments measured at FVOCI

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TAMBURI INVESTMENT PARTNERS GROUP

Corporate boards

Board of Directors of Tamburi Investment Partners S.p.A.

Giovanni Tamburi	Chairman and Chief Executive Officer
Alessandra Gritti	Vice Chairman and Chief Executive Officer
Cesare d'Amico	Vice Chairman
Claudio Berretti	Executive Director & General Manager
Alberto Capponi (1)(2)	Independent Director*
Giuseppe Ferrero (1)	Independent Director *
Manuela Mezzetti (1)(2)	Independent Director *
Daniela Palestra (2)	Independent Director *
Paul Simon Schapira	Independent Director *

Board of Statutory Auditors

Myriam Amato

Fabio Pasquini

Alessandra Tronconi

Andrea Mariani

Massimiliano Alberto Tonarini

Chairperson

Statutory Auditor

Statutory Auditor

Alternate Auditor Alternate Auditor

Independent Audit Firm

PricewaterhouseCoopers S.p.A.

1. Member of the appointments and remuneration committee
2. Member of the control and risks and related parties committee * In accordance with the Self-Governance Code

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TAMBURI INVESTMENT PARTNERS GROUP

Quarterly Interim Directors' Report of the Tamburi Investment Partners Group at March 31, 2021

TIP performed very strongly in the first quarter of the year, reporting a pro-forma profit of 78.4 million.

At March 31, 2021, TIP's consolidated equity was over 1,044 million.

The pro-forma result significantly benefitted from the income from the partial divestment of Prysmian shares.

On January 12, 2021, the subsidiary Clubtre in fact sold 10 million Prysmian shares through an Accelerated BookBuilding procedure for Euro 29.25 per share. This operation generated a capital gain, at consolidated level and gross of commissions and taxes, of approximately 99.5 million. The majority of the proceeds of the sale, 291 million, were thus used:

• approximately 100 million to repay in advance the BNL loan of Clubtre as a margin loan on the Prysmian shares;
• approximately 69 million to repay in advance the shareholder loans;
• approximately 40 million distributed to the shareholders of Clubtre;

This operation represented a partial realisation of the significant investment made in 2010 as part of a club deal involving major family offices. After the operation, at March 31, 2021 Clubtre maintained a significant holding in Prysmian of over 3.5 million shares, for a 1.334% stake.

As in previous periods, the pro-forma income statement for the period January 1 - March 31, 2021 is presented below, calculated considering the capital gains and losses realised and the write-downs of investments in equity, as considered much more representative of the reality of TIP's operations. The Directors' Report therefore comments upon the pro-forma figures, while the Notes provide disclosure upon the figures calculated as per IFRS 9.

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TAMBURI INVESTMENT PARTNERS GROUP

		Reclassification to	Reclassification to
		income statement	income statement
	IFRS 9	of capital gain	of adjustments to	PRO FORMA
Consolidated income statement	31/3/2021	(loss) realised	financial assets	31/3/2021
(in Euro)
Total revenues	590,226			590,226
Purchases, service and other costs	(2,354,997)			(2,354,997)
Personnel expenses	(34,631,472)			(34,631,472)
Other income	0			0
Amortisation	(85,877)			(85,877)
Operating profit/(loss)	(36,482,120)	0	0	(36,482,120)
Financial income	9,442,763	99,500,000		108,942,763
Financial charges	(4,210,929)	0		(4,210,929)
Profit before adjustments to investments	(31,250,286)	99,500,000	0	68,249,714
Share of profit/(loss) of associates measured	13,678,878	0		13,678,878
under the equity method
Adjustments to financial assets			(9,200)	(9,200)
Profit / (loss) before taxes	(17,571,408)	99,500,000	(9,200)	81,919,392
Current and deferred taxes	7,796,885	(11,281,269)	0	(3,484,384)
Profit / (loss) of the period	(9,774,523)	88,218,731	(9,200)	78,435,008
Profit/(loss) of the period attributable to	(9,620,894)	58,427,266		48,797,172
the shareholders of the parent
Profit/(loss) of the period attributable to	(153,629)	29,791,466		29,637,836
the minority interest

The IFRS 9 income statement does not include capital gains in the period on the sale of equity investments of Euro 99.5 million.

The extraordinary FCA dividend, amounting to 2.7 million for TIP, was collected in January and, subsequently to the FCA merger, 24,692 Faurecia S.A. shares were received, whose countervalue at the date of distribution was approximately 1.1 million, in addition to a further insignificant portion in cash.

The share of profit/(loss) of associated companies, mainly concerning income of approximately 13.7 million, includes - in addition to the profits of the investee companies IPGH (Interpump), ITH (SeSa) and Be - the Alpitour loss. OVS made a positive contribution, also thanks to a significant income tax impact from fiscal realignments.

Advisory activity reported revenues in the period of approximately 0.6 million, with these activities seeing continued stagnation.

Personnel costs, in addition to the impact, as always, of the remuneration of the executive directors, based on known parameters, was also impacted by the assignment in March of the last options (totalling no. 3,500,000) under the "2014-2021 TIP Incentive Plan" stock option plan approved by the Shareholders' Meeting of April 9, 2014 and partially amended on April 29, 2016.

Other financial income includes mainly interest income and gains on bonds for 1.8 million, changes in the fair value of short-term investments in listed shares for 1.2 million and exchange gains of 2.4 million. Financial charges mainly concern the interest matured on the 300 million

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