Tamburi Investment Partners S p A : Approved the consolidated half-yearly financial report at 30 June 2023

RESULTS AS OF JUNE 30, 2023

64.7 MILLION CONSOLIDATED NET PROFIT (PRO FORMA)

1.37 BILLION CONSOLIDATED NET EQUITY

The Board of Directors of Tamburi Investment Partners S.p.A. ("TIP" - tip.mi), an independent and diversified industrial group listed on the Euronext Star Milan segment of Borsa Italiana S.p.A., which participates in the capital of numerous entrepreneurial excellences, has approved the consolidated half-year financial report as at 30 June 2023.

TIP group closes the first six months with a pro forma consolidated profit of 64.7 million, more than twice the result of the same semester 2022 and with shareholders' equity of 1.37 billion, after dividend distributions of around 21.7 million and purchases of own shares for a further 9.7 million.

The capital gains realized in the first half of 2023 relate to numerous disposals of equity investments, including a stake of approximately one third of the investment in Azimut/Benetti, a lightening of the investment in Prysmian and Fagerhult and the sale of Ferrari shares.

The profit share of the associated companies in the first half of 2023, over 34 million, is significantly higher than the

25.3 million of the first half of 2022, thanks to the positive and growing results of the investees IPGH (Interpump), ITH (SeSa), Elica, Limonta, OVS, Beta Utensili, Sant'Agata (Chiorino), Roche Bobois and Italian Design Brands. After having faced and brilliantly overcome the negative effects deriving first from the Covid epidemic and then from the increases in the costs of raw materials and energy, despite the uncertainties generated by the persistence of geopolitical tensions and strong fears about the performance of the economy, TIP's investee companies further improved in the first half of 2023 the already excellent results of the first half of 2022.

In particular, it is worth mentioning the notable performance of Alpitour, a rapidly growing group, which in the period achieved, for the first time in its history, a positive first half of the year in terms of Ebitda. Beyond the seasonality of Alpitour's business, the economic results achieved so far and the level of order collection are such as to allow the forecast of an extremely positive result for the current year and, even more importantly, a change that seems structural

• positively thanks also to the huge investments made - on the group's economic accounts.

The usual pro forma income statement for the period 1 January - 30 June 2023, determined by considering the realized gains and losses and write-downs on equity investments, is shown below. As known, this system, in force until a few years ago, is considered to be much more significant in representing the reality of TIP's business.

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and patents that can be used in many applications aimed at saving natural resources (air, water, materials and soil) and energy.

In May TIP reached an agreement to acquire 50.69% of Investindesign S.p.A. ("ID"), a company that currently holds 46.960% of the capital of Italian Design Brands S.p.A. ("IDB"), the execution of which was conditional on the listing of IDB shares on the stock market by June 30, 2023. The listing process was completed on May 18, 2023. TIP, for the purchase of 50.69% of Investindesign has committed to invest 72 million, of which 60 million already paid in the first half of 2023 and 12 million to be paid in November 2023, attributing to IDB an economic capital value (so-called equity value) of 220 million.

IDB is the operating parent company of an Italian furniture and design hub active - through numerous investments in companies operating in these sectors - in the production of high-end items, with prestigious brands including AXOLight, Binova, Dandy Home, Davide Groppi, Flexalighting, Gamma Arredamenti, Gervasoni, Meridiani, Miton, Saba and Very Wood. The group also includes two companies - Cenacchi International and Modar - specialized in the luxury contract for the shops and showrooms of some of the most prestigious international fashion maison. The products manufactured by IDB investee companies are distributed and sold by third parties.

In 2022 the IDB group achieved a pro forma turnover (including for the entire financial year also the total operating turnover of the companies acquired during the year) of approximately 266 million, with an Ebitda of over 49 million; the first half of 2023 is showing further growth in turnover and profitability.

IDB has created an aggregation platform in the fragmented Made in Italy furniture and lighting production sector and has developed essentially through acquisitions. It currently has 650 people and in 2022 it exported around 75%.

TIP had the possibility of acquiring a further 20% of Investindesign's capital by 15 July 2023 under the same conditions as the acquisition of 50.69%. In July a club deal with some important Italian family offices was organized; on this occasion TIP made a further investment of 5.7 million.

In April TIP S.p.A. purchased from Asset Italia S.p.A. n. 59,676 shares of Amplifon S.p.A. for a consideration of approximately 2 million.

In April a new program for the purchase of treasury shares was launched for up to a maximum of further no. 5,000,000 shares, to be carried out by 27 October 2024.

In June TIP sold a 3.98% stake in its stake in Azimut/Benetti, realizing a significant capital gain. The operation took place in the context of a reorganization of the shareholding structure of the Azimut/Benetti Group following which the Public Investment Fund (PIF), the sovereign fund of Saudi Arabia, entered the company, acquiring a 33% of the capital. Through the opening of the capital to PIF a long-term strategic partnership was launched to support the next phase of development of the Azimut/Benetti Group, with the aim of leveraging the synergies that the new investor will be able to stimulate to support growth both dimensional and technological.

TIP remains a shareholder of Azimut/Benetti with a share of 8.09%.

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In July 2023 Standard Ethics raised TIP's Corporate Standard Ethics Rating to "EE" from the previous "EE-" with a "Positive" Outlook, stating that TIP has aligned over time its industrial orientation to the voluntary indications coming from the UN, the OECD and the European Union also through an increasingly solid monitoring system of ESG issues in the investment process, both in the preliminary study phase and in the screening phase for the investees, and that, with reference to direct impacts, it continued and expanded the initiatives to enhance personnel, protect the environment and support the community.

In 2023, TIP joined the United Nations Global Compact, refined the correlation between corporate activities and the Sustainable Development Goals of Agenda 2030 and signed the Principles for Responsible Investment (PRI).

Furthermore, following the quantification of its "corporate carbon footprint" for 2022, it has joined, in collaboration with ClimatePartners, a project to offset its CO2 emissions through offsetting initiatives.

TIP's attention to ESG issues obviously extends to its subsidiaries.

Significant events after June 30, 2023

In July, the investment agreement in Apoteca Natura was finalized through the subscription for 25 million of a capital increase in Apoteca Natura Investment, a holding company that holds the entire capital of Apoteca Natura S.p.A., following which TIP holds a share of 28.57%. Apoteca Natura today boasts an international affiliation network made up of over 1,200 independent pharmacies for a total turnover of almost 2 billion euros and holds, together with the Municipality of Florence, the ownership and management of the 22 municipal pharmacies in Florence. The common objectives are the development and diffusion of the Apoteca Natura business model, broken down in the following directions:

• consolidation and development of the affiliation model of independent pharmacies in already active markets (Italy, Spain, Portugal) and entry into new European markets (France and Germany among the first);
• selective expansion of the network of owned pharmacies with particular attention to those that are part of the Apoteca Natura network;
• progressive involvement of pharmacists belonging to the network also as potential shareholders at network level;
• progressive expansion of the services offered and of the list of Apoteca Natura branded products;
• the shared medium-term objective is the listing of Apoteca Natura on the stock exchange.

In July TIP created a club deal with some important Italian family offices for the purchase of a further 20% stake in Investindesign S.p.A., the largest shareholder of Italian Design Brands S.p.A. The purchase of the shareholding - for a total consideration of 28.5 million euros - was carried out by Club Design S.r.l., a company owned by TIP itself with a 20% stake, at a price per share identical to that of the acquisition carried out in May by TIP. The transfer of the shares took place on July 18, 2023.

In August, the investment in Bending Spoons was increased by approximately 2 million as part of a capital increase operation for approximately 57 million euros, which was accompanied by a sale of shares by some current shareholders to other shareholders and new investors for approximately 49 million euros.

In August, according to the agreements signed, once the conditions precedent were overcome, a company of the Investindustrial group purchased 52% of Eataly S.p.A. through a capital increase of 200 million and the acquisition of

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