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Paris – “SPRING” European Midcap Event 2014
June 26-27, 2014
June 26-27, 2014
The «club deal group»
2
 1.3 billion Euro invested including direct
equity and club deals
 Huge diversification (by sector, size, etc.)
 Many market leaders, all of them
excellent companies
June 26-27, 2014
3
The main club deals
~ 300 million Euro
From 2002
(6 investors)
~ 250 million Euro
From 2010
(3 investors)
~ 25 million Euro
From 2013
(5 investors) ~ 130 million Euro
From 2004 to 2014
(17 investors)
120 million Euro
From 2014
(19 investors)
T.I.P. stake disposed in 2014
~150 million Euro
From 2013
(7 investors)
June 26-27, 2014
In addition to the main club deals
4
 Several minor (size-wise) direct investments
still in place for a total amount around
100 million Euro
 During 2013 disposal of the non listed
Borletti / Printemps deal with a capital
gain of 32 million Euro on a cost of 9
million Euro
 Divestments with capital gains in 81% of
the cases during our history
June 26-27, 2014
5
Club deal group
 Technology
 Luxury / Fashion / design
 Healthcare and third age
 “Special” food / restoration
With aggregated revenues of more than 11 billion Euro and
about 40 thousand employees
Main sectors TIP
Investment
Club deal
investment
86 € m 510 € m
74 € m 134 € m
42 € m 51 € m
33 € m 120€ m
June 26-27, 2014
Moncler
Roche
Bobois
Amplifon
Prysmian
Interpump
Eataly
Noemalife
Be
Intercos
Valsoia
Bolzoni
Servizi Italia
Other
Liquidity
Moncler
Roche
Bobois
Amplifon
Prysmian
Interpump
Eataly
NoemalifeBeIntercos
Valsoia
Bolzoni
Servizi Italia
Other
Liquidity
Assets as at 31.5.2014
Book value Consensus estimates1
€380
mln
€525
mln
6
1. Consensus estimates: include the analytical valuation of each single investment from market consensus.
Intrinsic value
June 26-27, 2014
T.I.P. intrinsic value estimates1
€579
mln
7
1. Intrinsic value: analytical valuation of the assets (gross of T.I.P. S.p.A. debts) elaborated taking into account the
medium term perspectives of each investment; today it could be estimated around 3 Euro per share.
2. On 31.5.2014 T.I.P. market capitalization was 378.0 million Euro (2.648 Euro per share).
Assets as at 31.5.2014
Technology
Luxury /
fashion /
design
Healthcare
and third age
Food & rest.Other
Liquidity
June 26-27, 2014
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
4.0%
15.2%
"Investment companies" index T.I.P.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
6.1%
37.4%
"Investment companies" index T.I.P.
8
Club deal group
T.I.P is an active investor with great flexibility and a much more dynamic
management of its portfolio compared to similar listed italian
investment companies – from 1.1.2013 divestments of 95 million Euro
 T.I.P. is the most dynamic Italian holding*
*Panel that includes Camfin, CIR, Cofide, Dea Capital, Exor, Intek / KME and Italmobiliare.
Average annual divestments
on non current assets of the
previous year (2009-2013)
Average annual investments
on non current assets of the
previous year (2009-2013)
June 26-27, 2014
Excellence in numbers
*Companies that reached record results in 2013
9
T.I.P. appointed members in the B.o.D. of:
Amplifon, Bolzoni, Interpump, Roche Bobois, Ruffini Partecipazioni, Prysmian and Eataly
Many companies registered decreases in revenues and margins during 2013 just due to forex effects
Average
ebitda
margin
of16%
%
Change
%
Change
2012 2013 2012 2013 2012 2013
Amplifon S.p.A. 846.6 828.6 -2.1% 145.2 117.4 -19.1% 17.1% 14.2%
* Bolzoni S.p.A. 119.1 121.2 1.8% 9.7 8.1 -16.5% 8.1% 6.7%
* Interpump Group S.p.A. 527.2 556.5 5.6% 105.9 105.2 -0.7% 20.1% 18.9%
* Moncler S.p.A. 489.2 580.6 18.7% 161.5 191.7 18.7% 33.0% 33.0%
Noemalife S.p.A. 67.5 66.8 -1.0% 9.3 9.2 -1.1% 13.8% 13.8%
Prysmian S.p.A. 7,848.0 7,273.0 -7.3% 647.0 612.0 -5.4% 8.2% 8.4%
* Servizi Italia S.p.A. 210.6 215.4 2.3% 60.4 61.2 1.3% 28.7% 28.4%
Roche Bobois Group 243.2 237.0 -2.5% 19.7 19.7 0.3% 8.1% 8.3%
* Valsoia S.p.A. 93.3 100.4 7.6% 9.4 12.8 35.6% 10.1% 12.7%
Average 16.4% 16.0%
Revenues Ebitda Ebitda margin
June 26-27, 2014
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
10
T.I.P. shares
Performance from 1.1.2010 to 31.5.2014
Source: elaboration on Bloomberg data.
T.I.P. performance is not adjusted to take into consideration the returns deriving from treasury shares and warrants distribution and dividend yield.
Very low volatility
Good medium term performance
Great solidity against downside
Printemps
disposal
+67.8%
+62.1%
+54.1%
+31.2%
-8.1%
-15.8%
IT Star
MSCI SM
Stoxx Eur.
MSCI Eur
FTSE IT. SM
FTSE MIB
+108.5%
Notice of 2013 results
and investment in Eataly
Moncler
acquisition
In the same period T.I.P.
warrants have
increased by 1,574%
June 26-27, 2014
1.200
1.300
1.400
1.500
1.600
1.700
1.800
1.900
2.000
2.100
2.200
2.300
2.400
2.500
2.600
2.700
2.800
Volumes TIP TIP listed portfolio
11
T.I.P. shares
Performance of T.I.P. vs. listed portfolio
performance from 31.12.2011 to 31.5.2014
+75.9%
(1) «T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period
Notice of 2013
results and
investment in Eataly
Printemps
disposal
Moncler
acquisition
June 26-27, 2014
T.I.P. average volumes (as at 31.5.2014)
Block / out of the market trading volumes not included
*Source: Bloomberg. Number of exchanges per day are available starting from 2.4.2012
12
73,178 327,912 853,101 1,018,255
+1,291%
+685%
+2,393%
Average value
(euro)
Average volumes
(number)
Average number of
daily trades*
T.I.P. is one of the
most liquid mid-cap
companies on the
Italian market
In the last three months T.I.P.
warrants were exchanged at
average volumes of 115
thousands per day
49,326
171,447
341,233
387,270
13
100
268
320
0
50
100
150
200
250
300
350
0
100,000
200,000
300,000
400,000
2012 2013 Last 6 months Last 3 months
June 26-27, 2014
11.2
3.4
10.1
31.7
-0.7
15.0
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2010 2011 2012 2013 1Q
2013
1Q
2014
5.8
5.5
4.7
4.3
0.4
2.2
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2010 2011 2012 2013 1Q
2013
1Q
2014
Results
13
Revenues from advisory Earning before taxes
€ mln€ mln
Average
5.1
Average
14.1
 During May 2014 T.I.P. distributed a dividend of 0.083 euro per share (yield of about
4.7% calculated on the average share price of T.I.P. in 2013; yield of 3.3% on the
average price between 1.1.2014 and 31.5.2014)
€ mln
Balance sheet data
360,0 363,3
402,3
390,3
0,0
100,0
200,0
300,0
400,0
500,0
31-Dec-13 31-Mar-14
Net equity Direct equity investments
June 26-27, 2014
133.5%
67.8%
-8.1%
108.5%
13.0%
4.4%
7.5%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
Share
performance
Cumulated
dividend yield
Free treasury
shares
assigned (yield)
free warrants
assigned (yield)
[ ] IT Star FTSE Mib
Shareholders’ return from 1.1.2010 to 31.5.2014
14
* Sum of the returns deriving from treasury shares and warrants distribution, dividend yield and stock performance, without taking into account the
increase in value of treasury shares
comparable indexes
Total
return*
T.I.P. annual
total return
+22.0%
Brokers' consensus
Intermonte 15-May-2014 3.05
Equita 24-Mar-2014 2.81
Average 2.93
Data in euro
Dividends distributed 29,425,193
Buy back (average price 1.564 euro) 15,986,935
Total cash distributions and buy back 45,412,127
June 26-27, 2014
15
 During April T.I.P. launched a non convertible bond of 100 million
Euro, 6 years maturity, bullet, with a coupon of 4.75%.
 On June 25th TIPO – TIP-pre IPO started: completely innovative
company for companies smaller than the typical targets of T.I.P. and
clearly oriented to go to the stock market; T.I.P. has committed 40
million Euro.
 T.I.P. - through its liquidity, the usual recourse to club deals - will
continue the investment policy with a particular focus on non-listed
companies, also outside Italy.
2014
June 26-27, 2014
16
TIPO
 TIPO - T.I.P. Pre - IPO S.p.A., has the aim to invest in medium sized excellent
companies specifically interested in the listing on a stock market within 3-5
years.
 TIPO will invest in companies with sales between 30 and 200 million Euro.
 The targets should have profitability and balance sheet strengths adequate to
a real path of growth.
. T . I . P . O .
TIP - PRE IPO S.P.A.
 The reference market is represented by companies with a successful business
model, with a top management of an adequate level, in a growing phase.
 This segment - complementary to the ordinary investment activity of T.I.P. - lacks
of equity / semi-equity instruments, at least in Italy.
 T.I.P. will provide its expertise.
June 26-27, 2014
17
TIPO
. T . I . P . O .
TIP - PRE IPO S.P.A.
 Has received total engagement from the shareholders of 140
million Euro
 Is a public company with a callable capital (i.e, required when
investments take place) and no management fees; about 40
investors have joined the project
 shall allow its shareholders – when possible – to pre-allot
shares of the future IPOs, under the “Family and friends”
tranche
 Could allow a way-out - at maturity – through share exchanges
(mergers or other forms) with TIP S.p.A. shares
 will benefit of the know-how and of the network of TIP and an
investment outside Italy has already been made
Key elements:
June 26-27, 2014
18
Focus on Eataly
 On March 2014 Clubitaly S.r.l., investment vehicle participated by T.I.P. with a stake of 27.5%,
has acquired a stake of 20% of Eataly for 120 million Euro.
 Eataly, established in 2003 by Oscar Farinetti, is engaged in the distribution and marketing at
a global level of products of the Italian food and wine excellence integrating in its offer
production, distribution, catering and didactics.
 Eataly represents an absolutely unique reality, being the only Italian company in the food
retail and restoration business really global, as well as a symbol of the Italian food and
more in general of the high quality made in Italy worldwide
 In 2014 Eataly expects to reach consolidated revenues slightly below 400 million Euro
(excluding the franchisees) with an adjusted Ebitda in excess of 40 million Euro; in the period
2010-2013 Eataly had an average yearly growth of revenues higher than 33% and of the
Ebitda higher than 75%.
 Eataly is currently present in Italy, Unites States, Middle and Far East with a network of 28
stores already operating and is realizing a significant plan of new openings in some of the
main cities of the world including Moscow, Sao Paulo and London.
June 26-27, 2014
19
 In mid 2013 T.I.P. established Clubsette S.r.l., investment vehicle controlled by
T.I.P. with a stake of 52,5%
 The other Clubsette shareholders are families specifically interested in the
deal, with investments between 5 and 10 million Euro each
 The total equivalent for the 12% stake of Ruffini Partecipazioni has been 103
million Euro, of which 21 (plus interest) to be paid in the next three years,
starting from July 2014
 At the beginning the stake was 14%
 T.I.P. has a lock up agreement for six years; the co-investors for three years
Focus on Moncler
June 26-27, 2014
Description Date €'000
Total investments* Jul - 03 / May 14 -54,100
Total proceeds** Jul - 03 / May 14 33,018
Total cash in and cash out Jul - 03 / May 14 -21,082
IPGH investment value*** 74,784
Theoretical money multiple 3.5x
Theoretical IRR 23.1%
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
20
Focus on Interpump
 In 2003 T.I.P. has made its first investment, in 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 26% of the capital
On homogenous basis a direct investment in Interpump shares, in the same period,
would have generated an IRR of about 18.1%
During May 2014 TIP has increased its position in Interpump / IPGH with a further
investment of about 11 million Euro, jointly with the CEO of the group.
June 26-27, 2014
21
Advisory activity
 Support for families / industrial groups on corporate finance transactions
 In 2013 many transactions involved foreign customers and/or counterparts
 No dependence on “traditional” private equity
TIP advisory division is among the first 5/6 main italian players of the
last 10 years in the medium enterprises segment with normally no less
than15 transactions per year.
IN THE TRANSACTION THE SELLERS
HAVE BEEN ASSISTED BY
TERMINE, IN QUALITA’ DI REGISTA, DA
TAMBURI & ASSOCIATI
HAS ACQUIRED THE COMPANY
FROM THE GROUP
IN THE TRANSACTION THE BUYERS
HAVE BEEN ASSISTED BY
TERMINE, IN QUALITA’ DI REGISTA, DA
TAMBURI & ASSOCIATI
HAS ACQUIRED A 51% STAKE
IN A TURKISH JOINT VENTURE WITH
IN THE TRANSACTION THE SELLERS
HAVE BEEN ASSISTED BY
TERMINE, IN QUALITA’ DI REGISTA, DA
TAMBURI & ASSOCIATI
HAS ACQUIRED A MINORITY STAKE IN
IN THE TRANSACTION THE SELLERS
HAVE BEEN ASSISTED BY
TERMINE, IN QUALITA’ DI REGISTA, DA
TAMBURI & ASSOCIATI
HAS ACQUIRED THE TOTAL SHARE CAPITAL OF
IN THE TRANSACTION THE BUYERS
HAVE BEEN ASSISTED BY
TERMINE, IN QUALITA’ DI REGISTA, DA
TAMBURI & ASSOCIATI
HAS ACQUIRED A 50.1% STAKE IN THE SHARE CAPITAL OF THE
COMPANIES REPRESENTING THE BRAZILIAN GROUP
June 26-27, 2014
T.I.P.
The Italian club deal group
22
1. Over time performance higher than most of ratios and
comparables
2. Very attractive average medium term total return for the
shareholders so far
3. Great fundamental strength, low volatility and
sectorial diversification of excellent/leading companies
4. Proven ability to proactively interact with companies,
investors, network of entrepreneurs, in Italy and abroad
5. Capability - probably unique at least in Italy - to attract
and retain “management – coordination” of equity
transactions aimed at accelerating the development of
the companies via M&A and relevant investments.
June 26-27, 2014
23
Thanks a lot !!!

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Presentazione “SPRING” European Midcap Event 2014, 26 giugno Parigi

  • 1. Paris – “SPRING” European Midcap Event 2014 June 26-27, 2014
  • 2. June 26-27, 2014 The «club deal group» 2  1.3 billion Euro invested including direct equity and club deals  Huge diversification (by sector, size, etc.)  Many market leaders, all of them excellent companies
  • 3. June 26-27, 2014 3 The main club deals ~ 300 million Euro From 2002 (6 investors) ~ 250 million Euro From 2010 (3 investors) ~ 25 million Euro From 2013 (5 investors) ~ 130 million Euro From 2004 to 2014 (17 investors) 120 million Euro From 2014 (19 investors) T.I.P. stake disposed in 2014 ~150 million Euro From 2013 (7 investors)
  • 4. June 26-27, 2014 In addition to the main club deals 4  Several minor (size-wise) direct investments still in place for a total amount around 100 million Euro  During 2013 disposal of the non listed Borletti / Printemps deal with a capital gain of 32 million Euro on a cost of 9 million Euro  Divestments with capital gains in 81% of the cases during our history
  • 5. June 26-27, 2014 5 Club deal group  Technology  Luxury / Fashion / design  Healthcare and third age  “Special” food / restoration With aggregated revenues of more than 11 billion Euro and about 40 thousand employees Main sectors TIP Investment Club deal investment 86 € m 510 € m 74 € m 134 € m 42 € m 51 € m 33 € m 120€ m
  • 6. June 26-27, 2014 Moncler Roche Bobois Amplifon Prysmian Interpump Eataly Noemalife Be Intercos Valsoia Bolzoni Servizi Italia Other Liquidity Moncler Roche Bobois Amplifon Prysmian Interpump Eataly NoemalifeBeIntercos Valsoia Bolzoni Servizi Italia Other Liquidity Assets as at 31.5.2014 Book value Consensus estimates1 €380 mln €525 mln 6 1. Consensus estimates: include the analytical valuation of each single investment from market consensus. Intrinsic value
  • 7. June 26-27, 2014 T.I.P. intrinsic value estimates1 €579 mln 7 1. Intrinsic value: analytical valuation of the assets (gross of T.I.P. S.p.A. debts) elaborated taking into account the medium term perspectives of each investment; today it could be estimated around 3 Euro per share. 2. On 31.5.2014 T.I.P. market capitalization was 378.0 million Euro (2.648 Euro per share). Assets as at 31.5.2014 Technology Luxury / fashion / design Healthcare and third age Food & rest.Other Liquidity
  • 8. June 26-27, 2014 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 4.0% 15.2% "Investment companies" index T.I.P. 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 6.1% 37.4% "Investment companies" index T.I.P. 8 Club deal group T.I.P is an active investor with great flexibility and a much more dynamic management of its portfolio compared to similar listed italian investment companies – from 1.1.2013 divestments of 95 million Euro  T.I.P. is the most dynamic Italian holding* *Panel that includes Camfin, CIR, Cofide, Dea Capital, Exor, Intek / KME and Italmobiliare. Average annual divestments on non current assets of the previous year (2009-2013) Average annual investments on non current assets of the previous year (2009-2013)
  • 9. June 26-27, 2014 Excellence in numbers *Companies that reached record results in 2013 9 T.I.P. appointed members in the B.o.D. of: Amplifon, Bolzoni, Interpump, Roche Bobois, Ruffini Partecipazioni, Prysmian and Eataly Many companies registered decreases in revenues and margins during 2013 just due to forex effects Average ebitda margin of16% % Change % Change 2012 2013 2012 2013 2012 2013 Amplifon S.p.A. 846.6 828.6 -2.1% 145.2 117.4 -19.1% 17.1% 14.2% * Bolzoni S.p.A. 119.1 121.2 1.8% 9.7 8.1 -16.5% 8.1% 6.7% * Interpump Group S.p.A. 527.2 556.5 5.6% 105.9 105.2 -0.7% 20.1% 18.9% * Moncler S.p.A. 489.2 580.6 18.7% 161.5 191.7 18.7% 33.0% 33.0% Noemalife S.p.A. 67.5 66.8 -1.0% 9.3 9.2 -1.1% 13.8% 13.8% Prysmian S.p.A. 7,848.0 7,273.0 -7.3% 647.0 612.0 -5.4% 8.2% 8.4% * Servizi Italia S.p.A. 210.6 215.4 2.3% 60.4 61.2 1.3% 28.7% 28.4% Roche Bobois Group 243.2 237.0 -2.5% 19.7 19.7 0.3% 8.1% 8.3% * Valsoia S.p.A. 93.3 100.4 7.6% 9.4 12.8 35.6% 10.1% 12.7% Average 16.4% 16.0% Revenues Ebitda Ebitda margin
  • 10. June 26-27, 2014 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 10 T.I.P. shares Performance from 1.1.2010 to 31.5.2014 Source: elaboration on Bloomberg data. T.I.P. performance is not adjusted to take into consideration the returns deriving from treasury shares and warrants distribution and dividend yield. Very low volatility Good medium term performance Great solidity against downside Printemps disposal +67.8% +62.1% +54.1% +31.2% -8.1% -15.8% IT Star MSCI SM Stoxx Eur. MSCI Eur FTSE IT. SM FTSE MIB +108.5% Notice of 2013 results and investment in Eataly Moncler acquisition In the same period T.I.P. warrants have increased by 1,574%
  • 11. June 26-27, 2014 1.200 1.300 1.400 1.500 1.600 1.700 1.800 1.900 2.000 2.100 2.200 2.300 2.400 2.500 2.600 2.700 2.800 Volumes TIP TIP listed portfolio 11 T.I.P. shares Performance of T.I.P. vs. listed portfolio performance from 31.12.2011 to 31.5.2014 +75.9% (1) «T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period Notice of 2013 results and investment in Eataly Printemps disposal Moncler acquisition
  • 12. June 26-27, 2014 T.I.P. average volumes (as at 31.5.2014) Block / out of the market trading volumes not included *Source: Bloomberg. Number of exchanges per day are available starting from 2.4.2012 12 73,178 327,912 853,101 1,018,255 +1,291% +685% +2,393% Average value (euro) Average volumes (number) Average number of daily trades* T.I.P. is one of the most liquid mid-cap companies on the Italian market In the last three months T.I.P. warrants were exchanged at average volumes of 115 thousands per day 49,326 171,447 341,233 387,270 13 100 268 320 0 50 100 150 200 250 300 350 0 100,000 200,000 300,000 400,000 2012 2013 Last 6 months Last 3 months
  • 13. June 26-27, 2014 11.2 3.4 10.1 31.7 -0.7 15.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2010 2011 2012 2013 1Q 2013 1Q 2014 5.8 5.5 4.7 4.3 0.4 2.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2010 2011 2012 2013 1Q 2013 1Q 2014 Results 13 Revenues from advisory Earning before taxes € mln€ mln Average 5.1 Average 14.1  During May 2014 T.I.P. distributed a dividend of 0.083 euro per share (yield of about 4.7% calculated on the average share price of T.I.P. in 2013; yield of 3.3% on the average price between 1.1.2014 and 31.5.2014) € mln Balance sheet data 360,0 363,3 402,3 390,3 0,0 100,0 200,0 300,0 400,0 500,0 31-Dec-13 31-Mar-14 Net equity Direct equity investments
  • 14. June 26-27, 2014 133.5% 67.8% -8.1% 108.5% 13.0% 4.4% 7.5% -20% 0% 20% 40% 60% 80% 100% 120% 140% Share performance Cumulated dividend yield Free treasury shares assigned (yield) free warrants assigned (yield) [ ] IT Star FTSE Mib Shareholders’ return from 1.1.2010 to 31.5.2014 14 * Sum of the returns deriving from treasury shares and warrants distribution, dividend yield and stock performance, without taking into account the increase in value of treasury shares comparable indexes Total return* T.I.P. annual total return +22.0% Brokers' consensus Intermonte 15-May-2014 3.05 Equita 24-Mar-2014 2.81 Average 2.93 Data in euro Dividends distributed 29,425,193 Buy back (average price 1.564 euro) 15,986,935 Total cash distributions and buy back 45,412,127
  • 15. June 26-27, 2014 15  During April T.I.P. launched a non convertible bond of 100 million Euro, 6 years maturity, bullet, with a coupon of 4.75%.  On June 25th TIPO – TIP-pre IPO started: completely innovative company for companies smaller than the typical targets of T.I.P. and clearly oriented to go to the stock market; T.I.P. has committed 40 million Euro.  T.I.P. - through its liquidity, the usual recourse to club deals - will continue the investment policy with a particular focus on non-listed companies, also outside Italy. 2014
  • 16. June 26-27, 2014 16 TIPO  TIPO - T.I.P. Pre - IPO S.p.A., has the aim to invest in medium sized excellent companies specifically interested in the listing on a stock market within 3-5 years.  TIPO will invest in companies with sales between 30 and 200 million Euro.  The targets should have profitability and balance sheet strengths adequate to a real path of growth. . T . I . P . O . TIP - PRE IPO S.P.A.  The reference market is represented by companies with a successful business model, with a top management of an adequate level, in a growing phase.  This segment - complementary to the ordinary investment activity of T.I.P. - lacks of equity / semi-equity instruments, at least in Italy.  T.I.P. will provide its expertise.
  • 17. June 26-27, 2014 17 TIPO . T . I . P . O . TIP - PRE IPO S.P.A.  Has received total engagement from the shareholders of 140 million Euro  Is a public company with a callable capital (i.e, required when investments take place) and no management fees; about 40 investors have joined the project  shall allow its shareholders – when possible – to pre-allot shares of the future IPOs, under the “Family and friends” tranche  Could allow a way-out - at maturity – through share exchanges (mergers or other forms) with TIP S.p.A. shares  will benefit of the know-how and of the network of TIP and an investment outside Italy has already been made Key elements:
  • 18. June 26-27, 2014 18 Focus on Eataly  On March 2014 Clubitaly S.r.l., investment vehicle participated by T.I.P. with a stake of 27.5%, has acquired a stake of 20% of Eataly for 120 million Euro.  Eataly, established in 2003 by Oscar Farinetti, is engaged in the distribution and marketing at a global level of products of the Italian food and wine excellence integrating in its offer production, distribution, catering and didactics.  Eataly represents an absolutely unique reality, being the only Italian company in the food retail and restoration business really global, as well as a symbol of the Italian food and more in general of the high quality made in Italy worldwide  In 2014 Eataly expects to reach consolidated revenues slightly below 400 million Euro (excluding the franchisees) with an adjusted Ebitda in excess of 40 million Euro; in the period 2010-2013 Eataly had an average yearly growth of revenues higher than 33% and of the Ebitda higher than 75%.  Eataly is currently present in Italy, Unites States, Middle and Far East with a network of 28 stores already operating and is realizing a significant plan of new openings in some of the main cities of the world including Moscow, Sao Paulo and London.
  • 19. June 26-27, 2014 19  In mid 2013 T.I.P. established Clubsette S.r.l., investment vehicle controlled by T.I.P. with a stake of 52,5%  The other Clubsette shareholders are families specifically interested in the deal, with investments between 5 and 10 million Euro each  The total equivalent for the 12% stake of Ruffini Partecipazioni has been 103 million Euro, of which 21 (plus interest) to be paid in the next three years, starting from July 2014  At the beginning the stake was 14%  T.I.P. has a lock up agreement for six years; the co-investors for three years Focus on Moncler
  • 20. June 26-27, 2014 Description Date €'000 Total investments* Jul - 03 / May 14 -54,100 Total proceeds** Jul - 03 / May 14 33,018 Total cash in and cash out Jul - 03 / May 14 -21,082 IPGH investment value*** 74,784 Theoretical money multiple 3.5x Theoretical IRR 23.1% 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 20 Focus on Interpump  In 2003 T.I.P. has made its first investment, in 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 26% of the capital On homogenous basis a direct investment in Interpump shares, in the same period, would have generated an IRR of about 18.1% During May 2014 TIP has increased its position in Interpump / IPGH with a further investment of about 11 million Euro, jointly with the CEO of the group.
  • 21. June 26-27, 2014 21 Advisory activity  Support for families / industrial groups on corporate finance transactions  In 2013 many transactions involved foreign customers and/or counterparts  No dependence on “traditional” private equity TIP advisory division is among the first 5/6 main italian players of the last 10 years in the medium enterprises segment with normally no less than15 transactions per year. IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED THE COMPANY FROM THE GROUP IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED A 51% STAKE IN A TURKISH JOINT VENTURE WITH IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED A MINORITY STAKE IN IN THE TRANSACTION THE SELLERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED THE TOTAL SHARE CAPITAL OF IN THE TRANSACTION THE BUYERS HAVE BEEN ASSISTED BY TERMINE, IN QUALITA’ DI REGISTA, DA TAMBURI & ASSOCIATI HAS ACQUIRED A 50.1% STAKE IN THE SHARE CAPITAL OF THE COMPANIES REPRESENTING THE BRAZILIAN GROUP
  • 22. June 26-27, 2014 T.I.P. The Italian club deal group 22 1. Over time performance higher than most of ratios and comparables 2. Very attractive average medium term total return for the shareholders so far 3. Great fundamental strength, low volatility and sectorial diversification of excellent/leading companies 4. Proven ability to proactively interact with companies, investors, network of entrepreneurs, in Italy and abroad 5. Capability - probably unique at least in Italy - to attract and retain “management – coordination” of equity transactions aimed at accelerating the development of the companies via M&A and relevant investments.