Tamburi Investment Partners S p A : Approved the draft annual financial report for the year 2021 of Tamburi Investment Partners Group

consolidated profit of127.9 million (pro forma)

consolidated shareholders' equity of over 1.26 billion

proposal for a dividend of euro 0.11 per share

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 March 15, 2022 in Milan, approved the draft annual financial report for the year 2021 to be submitted to the shareholders' meeting which will be convened for 28 and 29 April 2022, respectively in first and second call.

TIP closes 2021, at consolidated level, with a pro forma net profit of 127.9 million (36.4 million as of December 31, 2020) and with consolidated shareholders' equity of approximately 1.26 billion (compared to 1.07 billion at 31 December 2020) after dividend distributions for approximately 31 million and purchases of treasury shares for approximately 17.2 million.

As at 31 December 2021 the assets of the TIP group amounted - at market values at the date for listed companies - to approximately 2.6 billion euros vis-a-vis their book value of just over one billion. Considering the effect of the club deals promoted by TIP, the market value of the investments made exceeds 5 billion.

Globally, during the year the TIP group made equity investments for 330 million, which rose to approximately 400 million with the effect of club deals and direct divestments for 350 million.

In 2011, almost all of the investee companies achieved excellent results, driven by the strong recovery at international level, with economic growth often higher than that of the respective reference sectors, almost always with better results than those of 2019. The only subsidiaries that did not achieve record results were those for which the impact of the pandemic still had significant effects during the year.

The slowdown recorded in the last months of 2021 for the economy in general due to the widespread shortage of components, the difficulties in logistics, the increases in the costs of raw materials and energy, has in fact calmed the exceptional results that the main subsidiaries were maturing, but it did not greatly affect the economic performance of the year.

The stock market prices of the TIP stock and of all the main listed investee companies grew in 2021, reaching new all-time highs in the last period of the year. At 31 December 2021 the increase in the TIP share, compared to the end of 2020, was over 40%, in addition to the effect of distributed profits.

The economic result for the year was strongly influenced, for almost 59 million, by the shares of the result of the period of the associated companies and for more than 100 million by the income realized following the sale of shareholdings, mainly including the partial divestment of Prysmian S.p.A. shares by the subsidiary Clubtre S.r.l.

1

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; now Clubtre holds approximately 2.4 million Prysmian shares.

The usual pro forma income statement for 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.

		Reclassification to	Reclassification to
		income statement	income statement
	IFRS 9	of capital gain	of adjustments to	PRO FORMA	PRO FORMA
Consolidated income statement	31/12/2021	(loss) realised	financial assets	31/12/2021	31/12/2020
(in Euro)
Total revenues	6,352,260			6,352,260	4,402,239
Purchases, service and other costs	(4,817,214)			(4,817,214)	(2,270,267)
Personnel expenses	(48,661,186)			(48,661,186)	(12,886,384)
Other income	0			0	0
Amortisation	(345,125)			(345,125)	(344,956)
Operating profit/(loss)	(47,471,265)	0	0	(47,471,265)	(11,099,368)
Financial income	24,058,932	114,659,405		138,718,337	64,110,171
Financial charges	(19,632,055)	0		(19,632,055)	(18,036,436)
Profit before adjustments to investments	(43,044,388)	114,659,405	0	71,615,017	34,974,366
Share of profit/(loss) of associates measured	58,902,003	0		58,902,001	27,837,630
under the equity method
Adjustments to financial assets			(409,732)	(409,732)	(26,789,563)
Profit / (loss) before taxes	15,857,615	114,659,405	(409,732)	130,107,286	36,022,433
Current and deferred taxes	9,324,619	(11,484,215)	0	(2,159,596)	426,423
Profit / (loss) of the period	25,182,234	103,175,190	(409,732)	127,947,690	36,448,856
Profit/(loss) of the period attributable to	22,615,237	73,545,521	(409,732)	95,751,023	34,642,606
the shareholders of the parent
Profit/(loss) of the period attributable to	2,566,997	29,629,669	0	32,196,667	1,806,250
the minority interest

In fact, the IFRS 9 income statement does not include capital gains realized in the period on equity investments and shares, equal to 114.7 million euro.

The share of the result of the associated materialized in an income of almost 59 million, thanks to the positive results of IPGH SpA, parent company of the Interpump group, ITH SpA, parent company of the Sesa group, OVS SpA, Roche Bobois SA, BE SpA, Beta Utensili SpA, Elica SpA, partially offset by the negative ones recorded by Alpitour SpA. The share of the result of the associated includes the results of the second, third and fourth quarters of Beta Utensili and Sant'Agata (parent company of the Chiorino group) following the transaction, finalized in April, with which TIP acquired the 70.71 % of TIPO SpA shares together with 14.18% of Beta Utensili S.p.A. and 41.58% of the shares of Betaclub S.r.l. after this transaction TIP now 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. they were then merged by incorporation into TIP in December. The total disbursement for the transaction has been of approximately 134.5 million.

In addition to the capital gains realized on the disposals of shares, the financial income for 2021 includes approximately

9.8 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.

2

Revenues from advisory activities in the period were approximately 6.3 million.

Personnel costs, as always significantly influenced by the effect of the variable remuneration of executive directors, the only ones linked to the results for the period, also includes the economic effects of the assignment, in March, of the last options (3,500,000 ) under the stock option plan known as the "2014/2021 TIP Incentive Plan", now exhausted. The increase in other operating costs must be related to the costs incurred for the finalization of the operations of the period.

Other financial incomes mainly include interest income and capital gains on bonds for 6.6 million, changes in fair value on short-term investments in listed shares and realized capital gains for 1.5 million, exchange rate gains for 3.2 million and positive changes on the value of derivative instruments for 2.6 million. Financial charges mainly refer to interest accrued on the bond issued for 7.7 million, negative changes in the value of derivative instruments for 6 million, capital losses on bonds for 4 million and other interest for 1.8 million.

The Itaca Equity project has been operational since February with a soft commitment of 600 million, of which around 100 million from TIP. Due to the regulatory interventions issued in favor of companies in difficulty, including moratoriums, loans with state guarantees, non-repayable grants and the like, the activity of Itaca has not yet been able to materialize in a first investment operation, but today's Board of TIP approved an interesting transaction, described below. In any case, on the one hand the pipeline is progressively enriching and we are confident that it will be able to submit other transaction in the course of 2022, on the other hand the recent downsizing of the valuations of companies on the market should allow for more advantageous acquisitions.

In March StarTIP S.r.l. acquired 19% in DV Holding S.p.A., the parent company of the DoveVivo group, a European leader in co-living. Together with others, a bond loan issued by DV Holding was also signed in June. In recent days DoveVivo finalized, also following the entry into the capital by the Starwood group with an investment of 50 million, the acquisition of the Altido group, one of the most important European real estate managers specialized in hospitality, giving life to this way to the largest European platform of residential spaces, with more than 2,500 properties under management in 40 cities, including Italy, Spain, Portugal, England and Scotland.

In May, StarTIP's stake in Bending Spoons S.p.A. was further increased.

In July TIP subscribed to 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.

Also in July, the capital increase of Clubitaly S.p.A. was signed for about 1 million; Clubitaly S.p.A. has in turn subscribed its share of approximately 2 million in the capital increase of Eataly S.p.A.

The investment in Be was also increased in September.

In October, StarTIP subscribed to the capital increase of Digital Magics S.p.A. 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 largest shareholder, with over 20% of the capital, of Digital Magics.

3

In addition, in October, Asset Italia underwrote a capital increase in Alpitour S.p.A. for a slightly higher share than that of direct relevance for a total of 50 million. TIP's share was 11.6 million.

In October TIP signed a binding agreement with the Limonta family for the acquisition of 25% in Limonta S.p.A., with a total investment of approximately 89 million, divided for 50% through a capital increase and for the remaining 50% through purchase of shares in proportion to the shareholders. TIP has designated, as per existing agreements, Asset Italia S.p.A. to finalize the transaction, in December. Following the investment allocation process between the shareholders of Asset Italia, TIP subscribed about 52% of the shares related to the transaction with an investment of approximately 46.2 million. The transaction was conceived with a view to progressive aggregation of realities operating in the high value-added textile sector.

In November TIP finalized the acquisition of a further 5% of Vianova S.p.A., of which it already owned 12.04%, with an investment of approximately 5 million.

Furthermore, purchases of OVS shares continued on the market and, in November, TIP also subscribed a share of approximately 15 million in the sustainability-linked bond, with a 2.25% rate, with a duration of six years, issued by OVS.

Again in November, as part of a much broader operation aimed at bringing financial resources to be dedicated to the acquisition of the Hyper Island group which further strengthened Talent Garden's offer on education at European level, StarTIP underwrote equity instruments issued by Talent Garden SpA

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

A program for the purchase of treasury shares is in fact underway up to a maximum of no. 18,351,236 of shares to be carried out by April 30, 2022. As of December 31, no. 1,243,668 shares under this program. As of 11 March 2022, the total of treasury shares in the portfolio is 17,255,393.

The consolidated net financial position of the TIP group - also taking into account the bond loan, but without considering non-current financial assets considered in terms of management liquidity usable in the short term - as at 31 December 2021 was negative for approximately 380.8 million euros, compared to approximately 366.3 million as of December 31, 2020.

In December TIP repaid in advance the existing loan with Banco BPM with a nominal value of 65,000,000 maturing on June 30, 2022 and at the same time obtained a new medium / long-term loan with a nominal value of 100,000,000, repayable in various installments starting from 31 December 2024 until 31 December 2025.

The results for 2021, for the entire year or in the interim period already communicated by the main listed investee companies, Amplifon, Be, Elica, Interpump Group, Moncler, Prysmian and Roche Bobois 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 subsidiaries are emerging from the emergency period.

4

The data for the first nine months of OVS S.p.A. at 31 October they were very positive and much better than in the same period of 2020.

For Sesa S.p.A. the nine-month results as at 31 January 2022 are confirmed as excellent, with strong growth compared to the same period of the previous year, after closing the year as at 30 April 2021 with record results.

The activities of other investments, direct and indirect, also achieved positive results in 2021, consolidating the recovery already manifested starting from the last months of 2020 and in some cases partially slowed down in the last months of the year. 2021 was, for understandable reasons, still strongly negative for Alpitour S.p.A. and gradually recovering for Eataly S.p.A., which closed the year significantly better than the budget. Both companies continued to suffer from the limits placed on tourism and catering activities around the world.

Even if talking about it today, after what has happened in these two and a half months seems completely out of place, in 2021 the growth in the market value of TIP shares had continued very well, which, before the end of the year, had exceeded 10 euros, the highest price ever reached, a value in any case always significantly below the internal medium- term intrinsic valuation estimates, of over 13 euros per share.

The usual chart of the TIP stock as of 11 March 2022 shows, over the past ten years, an excellent performance of the stock - + 462.8% - both in absolute terms and with respect to the main national and international indices.

Again at ten years, the total return (1) of the TIP stock was 505%, which corresponds to an average amount of over 50%.

12,5
10,5
	+462,8+%
	IT Star
8,5	+375,3%
	Nasdaq
	+330,5%
6,5	S&P 500
	+206,6%
	DOW JONES
	+ 154,2%
4,5
	FTSE Small Cap
	+70,9%
2,5	MSCI Eur
+57,4%
	FTSE MIB
	+40,0%
0,5

TIP processing on the basis of data collected on March 14, 2022 at 11.37 source Bloomberg

(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.

5