Tamburi Investment Partners S p A : Additional periodic disclosure at September 30, 2021 Tamburi Investment Partners Group

Additional periodic disclosure at September 30, 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	12

• 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 September 30, 2021	16
Attachments	29

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

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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 Chairperson 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, related parties and sustainability 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 September 30, 2021

In the third quarter of 2021, the excellent consolidated profitability already seen in the first half of the year improved even further, in spite of any particularly significant disposals.

At the consolidated level, TIP closed the first nine months with pro-forma profit of Euro

115.9 million and the consolidated shareholders' equity was approximately Euro 1.12 billion

(compared to Euro 1.07 billion at December 31, 2020) after a distribution of dividend of approximately Euro 31 million and the purchase of approximately Euro 10.5 million in treasury shares.

Nearly all investee companies are continuing to achieve excellent results, driven by the recovery around the world, often outperforming the relative sectors and almost always beating the 2019 performance.

The stock market prices of the TIP share and those of all of the publicly listed investee companies rose further to reach all-time highs. As at November 5, the TIP share had risen by over 50% from the end of 2020, in addition to the effect of the distribution of profits. The total return(1) on the TIP share over the last five years was 196.8%, which equals an annual average of 39.4%. The total return at ten years was over 668.5%.

As the reader will be aware, the pro-forma result for the first nine months significantly benefited from the share of earnings of the associated companies and the income from the partial divestment of Prysmian S.p.A. shares, with the subsidiary Clubtre S.r.l. selling 10 million Prysmian shares during the period and realising a significant gain.

In April, TIP then acquired 33.8% of Clubtre from the minority shareholder, coming to hold 100% of the company. Nearly at the same time, Clubtre sold to this shareholder 1,208,253 Prysmian shares. Clubtre now holds approximately 2.4 million Prysmian shares.

The usual pro-forma income statement for the first nine months of 2021, calculated considering the capital gains and losses realised and the write-downs of investments in equity, is reported below. We believe that this system, which was in effect until just a few years ago, is much more meaningful in presenting the results of TIP business. The Interim Directors' Report therefore comments upon the pro-forma figures, while the Notes provide disclosure upon the figures calculated as per IFRS 9.

(1) The total return is calculated by taking into account the performance of the TIP shares, the distributed dividends and the performance of the 2015-2020 TIP Warrants freely assigned to shareholders.

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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	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	37,896,789
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	21,128,222
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	21,243,438
Profit/(loss) of the period attributable to	14,018,070	71,564,141	(202,099)	85,380,110	21,024,540
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 in the period on the sale of equity investments of Euro 113.2 million.

The share of profits of the associated companies represents a total gain of approximately Euro

44.1 million, thanks to the profits of the investee companies IPGH S.p.A., the parent company of the Interpump group, ITH S.p.A., the parent company of the Sesa group, OVS S.p.A., Beta Utensili S.p.A, and Be S.p.A., which were partially offset by the loss recognised by Alpitour S.p.A. The share of profits of the associated companies includes the profits in the second and third quarters of Beta Utensili and Sant'Agata (parent company of the Chiorino group) following the transaction completed in April by which TIP acquired 70.71% of the shares of TIPO S.p.A. 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 came to hold (directly and indirectly) 48.99% of Beta Utensili S.p.A. and 20% of Sant'Agata S.p.A., while TIPO and Betaclub became TIP subsidiaries. The total value of the transaction was approximately Euro 134.5 million, of which approximately Euro 1.4 million settled on conclusion of the indemnity obligations to the purchasers of iGuzzini S.p.A.

In addition to the capital gains realised on the sale of Prysmian shares and shares in other publicly listed companies, financial income includes approximately Euro 9.3 million in dividends received, including the extraordinary FCA N.V. dividend, amounting to Euro 2.7 million, and the dividend paid in kind in the form of 24,692 Faurecia S.A. shares, whose countervalue at the date of distribution was approximately Euro 1.1 million.

Advisory activity recorded revenues of approximately Euro 4.3 million in the period.

Personnel expenses, which, as always, are significantly impacted by the variable remuneration of the executive directors (i.e. the only remuneration tied to performance for the period), also include the financial impact of the assignment in March of the last options (totalling 3,500,000)

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