Tamburi Investment Partners S p A : Approved the quarterly consolidated financial report as at March 31, 2021

RESULTS AS OF MARCH 31, 2021

CONSOLIDATED NET PROFIT (PRO FORMA) OF 78.4 MILLION

CONSOLIDATED SHAREHOLDERS 'EQUITY OF MORE THAN 1,044 MILLION

The Board of Directors of Tamburi Investment Partners S.p.A. ("TIP" - tip.mi), an independent and diversified investment/merchant bank listed on the Star segment of Borsa Italiana S.p.A., met today in Milan and approved the quarterly consolidated financial report as at March 31, 2021.

The first quarter of the year was very positive for TIP and closed with a pro forma profit of 78.4 million. As of March 31, 2021, TIP's consolidated shareholders' equity was over 1,044 million.

The pro forma economic result was strongly influenced by the income realized following the partial divestment of Prysmian shares.

On January 12, 2021, the subsidiary Clubtre sold, through an Accelerated BookBuilding procedure, 10 million Prysmian shares at a unit price of 29.25 euro. This operation generated a capital gain, at consolidated financial statement level and gross of commissions and taxes, of approximately 99.5 million. The main part of the liquidity deriving from the sale, 291 million, was used for approximately 100 million to repay the BNL loan in place in Clubtre in advance, for approximately 69 million to repay shareholder loans in advance and approximately 40 million were distributed to the shareholders of Clubtre. As of March 31, 2021, Clubtre still held a significant investment in Prysmian, over 3.5 million shares, for a stake equal to 1.334% of the share capital.

The share of the results of associated equity investments, which can be summarized as income of approximately 13.7 million mainly includes, in addition to the positive results of the investee companies IPGH (Interpump), ITH (SeSa), Be, the negative results of Alpitour. With regard to OVS, the effect is positive thanks also to a significant impact on taxes deriving from tax realignments.

In January the extraordinary FCA dividend was collected which, for TIP, amounted to 2.7 million and, following the merger of FCA, n. 24,692 Faurecia shares, whose countervalue at the date of distribution was approximately 1.1 million, were received plus another part, this time of an insignificant amount, in cash.

Other financial income mainly includes interest income and capital 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 for

2.4 million. Financial charges mainly refer to interest accrued on the bond of 300 million for 1.9 million and to negative changes in the value of derivative instruments for 1.8 million.

The cost of personnel, in addition to being affected as always by the effect of the remuneration of executive directors, based on the known parameters, is also influenced by the assignment, in March, of the last options - 3,500,000 - under the stock plan option called "2014/2021 TIP Incentive Plan" approved by the shareholders' meeting on 9 April 2014 and partially modified on 29 April 2016.

		Reclassification to	Reclassification to
		income statement	income statement
	IFRS 9	of capital gain	of adjustments to	PRO FORMA
Consolidated income statement	31/12/2020	(loss) realised	financial assets	31/12/2020
(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)			48,797,172
the shareholders of the parent
Profit/(loss) of the period attributable to	(153,629)			29,637,836
the minority interest

The IFRS 9 income statement does not include capital gains realized in the period on equity investments and securities, equal to 99.5 million euros.

In February, the operations necessary to make the ITACA EQUITY project operational were finalized with a budget of 600 million, of which around 100 from TIP, 2 million of which had already been paid. The ITACA project, promoted by TIP with three top-level partners in this specific segment: Sergio Iasi, Angelo Catapano and Massimo Lucchini, led to the birth of Itaca Equity Holding S.p.A. which will operate with investments in risk capital of companies experiencing financial difficulties considered temporary and / or with the need for strategic and / or organizational turnaround. This structure will allow the approximately 40 family offices that have joined to analyze the concrete proposals and evaluate from time to time whether to invest in each individual project, according to the corporate scheme already tested with Asset Italia.

Also in February TIP launched a cash offer for the purchase of 100% of the TIPO shares, of which TIP already held 29.29%. The offer was also addressed to the purchase of the shares held by the participants in the Beta Utensili S.p.A. club deal (additional to those held by the majority shareholder of Beta Utensili S.p.A.).

In March, StarTIP acquired 20% in DV Holding S.p.A., the parent company of the DoveVivo group, a European leader in co-living activities and 8% in Alimentiamoci S.r.l..

Ferrari shares were also purchased again and the purchase of treasury shares for approximately 5.7 million and the use of liquidity in bonds and listed shares continued.

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 March 2021 was approximately 89 million, compared to approximately 336 million at December 31, 2020.

The results of the first quarter already communicated by the main listed subsidiaries, Amplifon, Be, Elica, Stellantis, Interpump, Moncler, Prysmian and Sesa, indicate a strong growth, sometimes improving even compared to 2019, a record year for all of them, further confirming the quality of these companies as well as the solid strategic, operational and financial foundations with which they are exiting the emergency period. The data from OVS were good, thanks to the cost containment efforts but more than anything else due to the new initiatives undertaken which are giving the group considerable momentum.

The signs of recovery from the real economy in the quarter also had a positive effect on the price trend of listed securities. The activities of the other investments, direct and indirect, also expressed positive data in the first quarter of 2021, in continuity with the recovery that had already occurred in the last months of 2020. The first quarter of 2021 was still strongly negative for Alpitour and Eataly, which instead continued to be strongly affected by the blockade of tourism activities and the restrictions on catering activities all over the world.

In 2021, the gradual increase in the stock market value of TIP shares continued, which in May reached its highest price ever, albeit always significantly below the internal intrinsic valuation estimates. The usual chart of the TIP stock as at 7 May 2021 shows, over the past five years, a very good performance of the stock, +152.1%; the total return1 for TIP shareholders over the five years - compared to that date - was 158.9%, with an annual average of 31.8%. At ten years, the performance is around 45% on average per year.

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 shareholders

10,5
9,5
8,5	Nasdaq
	+189,5%
7,5
	+152,1%
6,5	IT Star
	+114,0%
5,5	S&P 500
	+105,3%
4,5	DOW JONES
	+ 96,1%
3,5	FTSE Small Cap
	+56,9%
2,5	FTSE MIB
	+39,2%
1,5
	MSCI Eur
	+30,1%
0,5

TIP calculations based on data collected on 7 May at 7.35 pm source Bloomberg

Subsequent events to March 31, 2021

In April, the agreements for the purchase of 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 were finalized. With this operation TIP S.p.A. comes to hold (directly and indirectly) 48.99% of Beta Utensili S.p.A. and 20% of Sant'Agata S.p.A., parent company of the Chiorino group while TIPO and Betaclub become TIP's subsidiaries. The total amount of the operation was approximately 134.5 million.

Also in April TIP acquired 33.8% of Clubtre S.p.A. from the minority shareholder, coming to hold 100% of the company. The operation also involved the sale by Clubtre to the outgoing shareholder of no. 1,208,253 Prysmian shares at the stock market price on the date of the transaction.

In addition, the purchase of own shares continued with a total investment of 0.4 million.

Outlook

The progress of the vaccination plan around the world represents a very positive sign and now there is a clear feeling that the worst of the pandemic is finally behind us. The recovery is proving even more lively than the more optimistic forecasts consequently we believe that TIP's subsidiaries - as they have strong positions of real leadership in their respective sectors - will continue to benefit from it. The problem now is on logistics and raw material costs. So there may be some impact - in our opinion not particularly significant - on inflation.

However, TIP is aware of the peculiarities of its structure and the advantages that may derive from it, as:

1. the equity investment portfolio is made up of leading companies - global, European or Italian - which have been able to face the emergency period very well and are already benefiting from the strong recovery underway;
2. the investment capacity of each of the subsidiaries, given the limited leverage, is very strong and will be able to produce further acquisitions and consolidations, with significant synergies;

3. TIP, Asset Italia and Itaca have considerable resources and therefore the TIP group continues to be ready to make further acquisitions and investments, also in support of the subsidiaries.

Given the type of activity of TIP, the economic trend of the current year is not, as always, easily predictable. The results will depend on the dynamics of the markets, the performance of the subsidiaries and the opportunities that will arise.

Treasury shares

At March 31, 2021, treasury shares in portfolio totalled 14,982,893, equal to 8.126% of the share capital. At May 13, 2021, treasury shares in portfolio totalled 14,963,260, equal to 8.115% of the share capital.

The Executive Officer for Financial Reporting Claudio Berretti, declares, in accordance with Article 54- bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries.

Attachments: consolidated income statement and consolidated balance sheet at March 31, 2021.

Milan, May 14, 2021

TIP - TAMBURI INVESTMENT PARTNERS S.P.A. IS AN INDEPENDENT AND DIVERSIFIED INVESTMENT / MERCHANT BANK WITH THAT SO FAR INVESTED, AMONG DIRECT INVESTEMENTS AND/OR CLUB DEALS, ABOUT 3.0 BILLION EURO IN COMPANIES DEFINED AS "EXCELLENT" FROM AN ENTREPRENEURIAL POINT OF VIEW AND IS ALSO ENGAGED IN CORPORATE FINANCE ACTIVITIES. CURRENTLY HAS IN PORTFOLIO, DIRECTLY OR INDIRECTLY, INVESTMENTS IN LISTED AND UNLISTED COMPANIES INCLUDING: ALIMENTIAMOCI, ALKEMY, 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 AND VIANOVA.

Contacts: Alessandra Gritti

CEO - Investor Relator

Tel. [phone] mail: [e-mail]

This press release is also available on the company's web site www.tipspa.itand disclosed by 1Info SDIR and 1Info Storage system (www.1info.it).