September 18th

2013

1

Paris - September 18th

2013

September 18th

2013

Would you invest in a Group that…

Holds active stakes in 8 worldwide leaders in their respective sectors ?

In the last 10 years realised capital gains in about 80% of divestments ?

Has a market capitalization of about 60% of its portfolio’s «value» ?

Invested approx. 63% of assets in technology, luxury and third age ?

Regularly pays a dividend of about 2.5% per year ?

From 1.1.2010 has generated a total return of about 65% ?

Has recently multiplied by 5 an investment in an unlisted group ?

2

Why ?

September 18th

2013

Furthermore

Has regularly performed – on the stock market – much better than many

«comparable» indices and funds for many years

The main portfolio companies are «global players» and strong exporters

Is among the most liquid stocks of Italian listed small – mid caps

Management’s compensation is significantly correlated to performance

Has attracted most of the Italian dynamic entrepreneurial families

Is really «public» and contendible

Is a network absolutely unique

3

Why ?

September 18th

2013

4

Potential

In the last ten years T.I.P. has invested – including direct equity, club

deals and margin loans – about 1.1 billion euro

Considering the positive interaction with most of its shareholders, T.I.P.

today «oversees» the investment of more than 800 million euro among

participations and securities and has demonstrated to be able to raise

huge amounts of funds through club deals also due to its track record

From 2010 up today – during the worst period of European «crisis» –

T.I.P. has invested 471 million euro considering direct equity, co-

investments and margin loans

September 18th

2013

5

Strategy

European mid-sized companies with real leadership positions and

outstanding potential – and demonstrated willingness – to grow

Support the entrepreneurs in accelerating the development and

contribute to the progressive appreciation of their companies

Possibility to get also control stakes, with qualified partners

No guaranteed way-outs and real long term perspective

No leverage buy-out, antithesis to real development

September 18th

2013

Structure

* Italian leaders

European leaders

6

CLUBTRE (PRYSMIAN)

GRUPPO IPGH (INTERPUMP)

NOEMALIFE Mergers and

acquisitions

Initial public

offerings (IPO)

Takeover bids

Advisory

Estimates and

valuations

BOLZONI

SERVIZI ITALIA

AMPLIFON

DAFE 4000 (INTERCOS)

MONRIF

- china - india - Korea - hong kong

- vietnam - Thailand - taiwan

DATALOGIC

VALSOIA

- Canada - U.S.A. - Germany - Holland - France - Sweden - - Poland

- Portugal - U.K. - Spain - Switzerland - India - brazil

- Germany

M&C

(treofan)

Unlisted

companies

Advisory International

network

Listed companies

*

*

DATA HOLDING

(Be) *

Worldwide leaders

Financial advisory boutique based in

Frankfurt (30% T.I.P.)

Financial advisory boutique based in

Hong Kong (30% T.I.P.)

Partnership among M&A advisory companies

P A L A Z Z A R I & T U R R I E S

H o n g K o n g - M i l a n

CLUBSETTE

(Moncler)

TXR S.R.L.

(Roche Bobois)

September 18th

2013

Main investee companies

Average

Ebitda margin

higher

than15%

Evident

signalof

excellence

and

«resilience»

*Companies that reached record results in 2012

7

T.I.P. appointed members in the B.o.D. of:

Amplifon, Bolzoni, Datalogic, Interpump, Roche Bobois, Ruffini Partecipazioni and Prysmian

%

Change

%

Change

6m

2012

6m

2013

6m

2012

6m

2013

6m

2012

6m

2013

* Amplifon S.p.A. 407.4 409.2 0.4% 62.3 55.3 -11.2% 15.3% 13.5%

Bolzoni S.p.A. 115.8 119.1 2.8% 9.1 9.5 3.7% 7.9% 7.9%

* Datalogic S.p.A. 236.9 218.8 -7.6% 40.6 26.2 -35.5% 17.1% 12.0%

* Interpump Group S.p.A. 279.2 280.5 0.5% 59.0 54.0 -8.5% 21.1% 19.3%

Moncler S.r.l.(1) 513.4 623.8 21.5% 118.1 170.0 44.0% 23.0% 27.3%

* Prysmian S.p.A. 3,916.0 3,622.0 -7.5% 308.0 282.0 -8.4% 7.9% 7.8%

* Servizi Italia S.p.A. 104.0 104.9 0.8% 30.6 30.1 -1.6% 29.4% 28.7%

Roche Bobois Group(1) 250.3 243.2 -2.8% 18.1 19.6 8.3% 7.2% 8.1%

Average 16.1% 15.6%

(1) FY 2011 and 2012 data

Revenues Ebitda Ebitda margin

September 18th

2013

Technology

Luxury

Third age

Other

Liquidity

Assets valuation as at 31.8.2013

Book value Consensus estimate

T.I.P. mid-term intrinsic value estimates

€285 mln €373 mln

€435 mln

8

Moncler

Roche

Bobois

Amplifon

Prysmian

InterpumpDatalogic

Noemalife

Be

Intercos

Other

Liquidity

Moncler

Roche

Bobois

Amplifon

Prysmian

InterpumpDatalogic

Noemalife

Be

Intercos

Other

Liquidity

September 18th

2013

Assets available

20

36

150

Capital

increase

Cash in from

warrants

exercise*

(estimate)

Partially

guaranteed

508

Investments book

value as at

30.6.2013

Current

assets

available as

at 30.6.2013

€ M

Multiple of

availability

≈ 1.5 € bln

Up to 3 times in

hypothesis of

club deals like

Prysmian

≈ 2.5 / 3.0 € bln

Up to 5 / 6

times in

hypothesis of

club deals like

Interpump and

Datalogic

43

Investments

post

30.06.2013

9

246

53

Credit lines

Investments

made

3

Capital gains

(43)

Data in euro million

* 1,90 strike price as at June 2014 and 2.0 as at June 2015

As at June 30th

2013 Printemps’

book value has been increased to

39 million euro; after, the

participation was sold for about

42 million euro

Direct

potential

assets

September 18th

2013

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

6.9%

29.5%

"Investment companies" index T.I.P.

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

4.0%

14.7%

"Investment companies" index T.I.P.

10

Portfolio dynamism

T.I.P is an active investor with great flexibility and a dynamic management

of its portfolio compared to similar listed investment companies

T.I.P. is much more dynamic compared to the main Italian holding

companies: Camfin, CIR, Cofide, Dea Capital, Exor, KME and Italmobiliare.

*August 2013 data have been updated just for T.I.P. The “Investment companies” index refers to 2009-2012 period

Average annual disinvestments

on non current assets of the

previous year (2009-August 2013)*

Average annual investments

on non current assets of the

previous year (2009-August 2013)*

September 18th

2013

5.8

5.5

4.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2010 2011 2012

11.2

3.4

10.1

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2010 2011 2012

Results

11

After 31.12.2012:

In May T.I.P. distributed

a dividend of 0.041

euro (+17% vs. previous

dividend).

Between 1.1 and

31.8.2013 T.I.P.

acquired 3.4 mln

treasury shares.

From 1.1 to 31.8.2013

T.I.P. warrants

registered an increase

of about 195%.

Revenues from advisory Profit before taxes

€ mln € mln

average

5.3 Average

8.2

Note: as at 31.8.2013 T.I.P. registered revenues equal to 4 million euro,

of which just 1 million has been already accounted for on 30.6.2013

September 18th

2013

14.83%

7.19%

0.94%

22.32%

2.54%

2.41%

2.35%

2.59%

4.44%

2.88%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2010 2011 2012 2013

Rendimento % da assegnazione gratuita di warrant

Rendimento % da assegnazione gratuita di az. proprie

Dividend yield %

Performance titolo TIP nell'esercizio

Returns for the shareholder

2010 – 31.8.2013*

12

In March 2010 T.I.P. freely

distributed about 4.4 million

shares and 13.3 million warrants

2010 – 8/2013

Average annual return %

+15.6%

Vs Ftse Mib

-7.0%

24.7% 9.6% 24.9%

* Returns are related to the year of distribution

3.3%

14.83%

7.19%

0.94%

22.32%

2.54%

2.41%

2.35%

2.59%

4.44%

2.88%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2010 2011 2012 2013

Yield % from free warrants assigned

Yield % from free treasury shares assigned

Dividend yield %

T.I.P. stock performance during the year

Euro 31.08.2013

Dividends distributed 18,077,045

Buy back 11,416,538

Total 29,493,582

September 18th

2013

Hypothesis 2013 dividend

13

At year end – following the conclusion of

Printemps’ disposal – the top management of

T.I.P. will propose to the B.o.D. to pay for 2013

a «double dividend»

In any case the total return* from 1.1.2010

was equal to 65.4% compared to the FTSE

MIB that has lost the 28.2%

* Sum of the returns deriving from treasury shares and warrants distribution, dividend yield and stock performance, even

without taking into account the increase in value of treasury shares

September 18th

2013

1H 2013

Acquisition – through club deal – of a 14% stake of Ruffini Partecipazioni S.r.l.,

a company holding a 32% stake in Moncler Group + liquidity

Beginning of the disposal of the stake in Borletti Group Finance S.C.A., with

cash in of about 42 million euro to be realised within 31.12.2013

14

Acquisition of about 20% stake of the Roche Bobois Group

Capital increase of Noemalife (II phase)

Several M&A deals already concluded

September 18th

2013

15

Focus on Printemps

In 2006 T.I.P., together with a group of investors coordinated by the Borletti

family, acquired an indirect stake in the capital of Printemps, the second most

important department store chain in France

In 2010 T.I.P. has been the only shareholder that almost doubled its stake

On July 31st

2013 the agreement for the disposal was finalised

Printemps was acquired from the Pinault Group and, after the acquisition, huge

investments have been made

Description Date €'000

A Investments*Oct - 06 /

Mar 08-4,285

B Investments* Sep - 10 -4,380

C Expected cash in** Jul 13 ~42,000

D=A+B

+CTotal cash in and cash out ~33,300

Theoretical money multiple 4.8x

Theoretical IRR 37.3%

Cash in and Cash out

*Capital, fees, financing and purchase of receivables

**Under liquidation; indicative data

September 18th

2013

16

Focus on Interpump

In 2003 T.I.P. made the first investment, through a club deal

In 2007 T.I.P., together with the co-investors, incorporated Gruppo IPG Holding

S.r.l. to which they all sold their stakes

Now IPG Holding controls Interpump with about 27% of the capital

On homogenous basis a direct investment in Interpump shares, in the same period,

would have generated an IRR of about 15%

Description Date €'000

A Total investments*Jul - 03 / Sep

13-43,100

B Total proceeds** Jul - 03 / Sep

1333,018

C=A+B Total cash in and cash outJul - 03 /

Sep 13-10,082

IPGH investment value*** 45,544

Theoretical money multiple 4.5x

Theoretical IRR 20.8%

Cash in and Cash out

*Shares purchases, capital increases and loan granted

**Disposal of shares, dividends and refunds

***Valuation based on T.I.P. internal estimates

September 18th

2013

1.200

1.250

1.300

1.350

1.400

1.450

1.500

1.550

1.600

1.650

1.700

1.750

1.800

1.850

1.900

1.950

2.000

2.050

2.100

2.150

2.200

2.250

Volumi TIP TIP Listed Portfolio

Portfolio performance

17

Performance of T.I.P. vs. listed portfolio performance

– including Printemps – from 31.12.2011 to 31.8.2013

2012

dividend

As at 31.8. 13

D T.I.P. listed

portfolio of

≈€65 mln

+

≈€33 mln (Printemps)

=

≈€98 mln(2)

T.I.P.

T.I.P. listed portfolio

T.I.P. stock volumes

(1)«T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period

(2)The figure represents the difference between the «market value» of T.I.P. listed portfolio as at 31.8.2013 and as at 31.12.2011,

which has been adjusted to take into account the capital gain realised on Borletti Group/Printemps participation’s disposal

2011

dividend

September 18th

2013

1.200

1.250

1.300

1.350

1.400

1.450

1.500

1.550

1.600

1.650

1.700

1.750

1.800

1.850

1.900

1.950

2.000

2.050

2.100

2.150

2.200

2.250

2.300

2.350

31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13 31-Aug-13

Volumi TIP TIP Listed Portfolio

Portfolio performance

18

Performance of T.I.P. vs. listed portfolio performance

– including Printemps – from 31.12.2012 to 31.8.2013

(1)«T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period

(2)The figure represents the difference between the «market value» of T.I.P. listed portfolio as at 31.8.2013 and as at 31.12.2012,

which has been adjusted to take into account the capital gain realised on Borletti Group/Printemps participation’s disposal

2012

dividend

As at 31.8. 13

D T.I.P. listed

portfolio of

≈€28 mln

+

≈€33 mln (Printemps)

=

≈€61 mln(2)

T.I.P.

T.I.P. listed portfolio

T.I.P. stock volumes

September 18th

2013

49,326

108,639

142,836

342,827

13

45

68

147

0

20

40

60

80

100

120

140

160

0

40,000

80,000

120,000

160,000

200,000

240,000

280,000

320,000

360,000

2012 Last year Last 6

months

Last month

T.I.P. average volumes (as at 31.8.2013)

Block / Out of the market trading volumes not included

*Source: Bloomberg. Number of exchanges per day are available starting from 2.4.2012

19

T.I.P. is one of the most

liquid mid-cap companies

on the Italian market

Average volumes

Average number of daily trades*

Recent analysts’

consensuses

Brokerage

house Date

Target

price

Equita 9-Aug-2013 2.11

Integrae 8-Aug-2013 2.50

Average 2.31

September 18th

2013

T.I.P. shares

Performance of some European stock indices

vs. T.I.P.* from 1.1.2010 to 31.8.2013

20

STOXX

EURO SM

+31.9%

MSCI EUR

+15.3%

MSCI SM

+43.6%

FTSE MIB

-28.2%

T.I.P.

+46.6%

IT STAR

+24.2%

FTSE ITALIA

SM

-42.9%

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

TIP MSCI Eur IT Star FTSE Mib MSCI Small Cap FTSE Italia Small Cap Stoxx Euro Small 200

Source: Bloomberg

*T.I.P. performance is adjusted taking into account (i) the allocation, during March 2010, of more than 4.4 million treasury shares to T.I.P. existing

shareholders and (ii) the allocation of 3 warrants combined to each treasury share received

September 18th

2013

T.I.P. shares

Performance of Italian market main comparables

vs. T.I.P.* from 1.1.2010 to 31.8.2013

Source: Bloomberg

*T.I.P. performance is adjusted taking into account (i) the allocation, during March 2010, of more than 4.4 million treasury shares to T.I.P. existing

shareholders and (ii) the allocation of 3 warrants combined to each treasury share received

21

T.I.P.

+46.6%

DEA CAPITAL

+2.1%

KME/INTEK

-5.4%

ITALMOBILIARE

-41.4%

CIR

-41.2%

MITTEL

-56.9%

MIDINDUSTRY

-73.5%

CAPE LIVE

-82.3%

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

TIP KME/Intek Dea Capital MidIndustry C. CIR Mittel Italmobiliare Cape Live

September 18th

2013

22

Unique network of shareholders, investee companies, clients

and team

To sum up

Cooperation, synergies and

sharing of efforts / targets

allow to reach:

An excellent and constant

profitability

Several up--sides related to the

high intrinsic value

Proven soundness of T.I.P. and

its investee companies

T

e

a

m

All this together with a significant investment capability

Investee

companies

Clients

Shareholders

September 18th

2013

Investor Relator

Alessandra Gritti

Via Pontaccio 10, 20121 Milano

Tel. n.(0039) 02 – 8858801, Fax. n.(0039) 02 – 8900421

email: gritti@tamburi.it

www.tipspa.it

23