T.I.P. Investment Strategy and Portfolio Companies

28 SETTEMBRE 2010
October 4th, 2012
1
Star Conference 2012
October 4th, 2012

28 SETTEMBRE 2010
October 4th, 2012
2
TAMBURI INVESTMENT PARTNERS (T.I.P.) IS AN
INVESTMENT/MERCHANT BANK FOCUSED ON PROACTIVE EQUITY
INVESTMENTS IN EXCELLENT COMPANIES WITH A GREAT GROWTH
POTENTIAL ALSO THROUGH STRATEGIC MERGERS &
ACQUISITIONS.

28 SETTEMBRE 2010
October 4th, 2012
3
 T.I.P. has extensive experience with "excellent“ entrepreneurs
 At present T.I.P. owns stakes in 8 world leaders and 3 continental leaders
 T.I.P. leverages on its experience in “strategic” corporate finance
 T.I.P. is a listed company, not a private equity fund
 T.I.P. is indipendent from any group and has a unique network
 through the “club deal” formula, T.I.P. can substantially increase its direct
investment capability
 The team has proven to be able to manage each transaction with a professional,
flexible and rapid approach
A unique business model

28 SETTEMBRE 2010
October 4th, 2012
4
Investment strategy
 T.I.P. invests in companies not only featuring forefront positions in their
respective markets but also demonstrating willingness and potential for
growth and valorization
 T.I.P. acquires minority interests with the aim of accompanying entrepreneurs in
the acceleration of growth and progressive value creation in order to be the
development partner
 T.I.P. can take majority/control stakes through coinvestments and club deals
with particularly skilled partners
 T.I.P. does not pretend guaranteed way-outs since has a real medium - long term
perspective
 T.I.P. does not operate through leveraged buy outs

28 SETTEMBRE 2010
October 4th, 2012
5
Investment strategy
 T.I.P. identifies the targets considering:
 quality and reliability of entrepreneurs and top managers
 existence of distinctive commercial and industrial excellences
 possibility of setting up effective growth processes and/or industrial
integration processes
 possible developments in terms of ownership structure
 concrete possibilities of playing an active role as a shareholder
 T.I.P. prefers dedicated capital increases aimed at M&A
 T.I.P. leaves the management to the existing top executives

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October 4th, 2012
6
Structure of group
CLUBTRE
(PRYSMIAN)
GRUPPO IPGH
(INTERPUMP)
DATA HOLDING
(B.E.E. TEAM)
BORLETTI GROUP
(PRINTEMPS)
NOEMALIFE
§ Merger &
Acquisitions
§ Initial Public
Offers (IPO)
§ Public Tender
Offers (PTO)
§ Advisory
BOLZONI
SERVIZI ITALIA
NH HOTELES
ZIGNAGO VETRO
AMPLIFON
DAFE 4000
(INTERCOS)
MONRIF
- china
- india
- corea
- hong kong
- vietnam
- thailand
- taiwan
DATALOGIC
VALSOIA
- Canada
- U.S.A.
- Germany
- Holland
- France
- Sweden
-- Poland
- Portugal
- U.K.
- Spain
- switzerland
- India
- brasil
- Germany
OTHER COMPANIES
EUROPEAN LEADERS
WORLD LEADERS
M&C
IMA
DE’ LONGHI
MAIN NON LISTED COMPANIES CONSULTING
ACTIVITIES
INTERNATIONAL
PRESENCE
LISTED COMPANIES

28 SETTEMBRE 2010
October 4th, 2012
7
Assets available
20
(4)
150
capital
increase
Cash in from
warrant
exercise
(estimate)
7 year
convertible bond
35(*)
189
Fully
guaranteed
Partially
guaranteed
410
Direct
Potential
Assets
Investments book
value as at
June 30th 2012
Net debt as
June 30th 2012
€ M
Multiple of availability as
in other
Club-deals
≈ 1.1 bln
Up to x3 times
in hypothesis
of a club deal
like Prysmian
≈ 1.9 / 2.3 bln
Up to x5 / x6
times
in hypothesis
of club deals
like Interpump
or Datalogic
Mainly in:
- Amplifon
- Bolzoni
- Noemalife
- Servizi Italia
- Treasury shares
(-3)
3
Post
June 30th 2012
investments
(*) Guaranteed for 40 million euro – 5 million euro have been withdrawn and 10 million euro will be withdrawn in October 2012

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October 4th, 2012
8
Investments 2009 – 2012
8,9
73,6
43,0
-21,5 -23,6
-2,1
-25,00
,00
25,00
50,00
75,00
2009 2010 2011 2012
Investments Divestments
€mln
Investments and divestments
- t.i.p. shares
- Amplifon
- Bee Team
- Bolzoni
- Monrif
- Noemalife
- Servizi Italia
- Zignago Vetro
- Del Clima
- Diasorin
- Bonds

28 SETTEMBRE 2010
October 4th, 2012
2,81%
2,54%
2,32%2,41%
4,44%
0,00%
0,00%
2,88%
0,00%
1,00%
2,00%
3,00%
4,00%
5,00%
6,00%
7,00%
8,00%
9,00%
10,00%
2007 2008 2009 2010 2011
Distribution of warrants (est. yield %)
Distribution of treasury shares (est. yield %)
Dividend yield (%)
10,7
14,0
9,6
1,5
11,2
3,4
-20,0
-15,0
-10,0
-5,0
0,0
5,0
10,0
15,0
2006 2007 2008 2009 2010 2011
6,6
7,4
6,2
3,2
5,8
5,5
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
2006 2007 2008 2009 2010 2011
Revenues from advisory business
€mln
9
2006 – 2011 results
Revenues from advisory activity Profit before tax
**Pre write-offs.
***Net after write-offs.
*
*Consolidated – Net of intercompany.
**
Yield since 2007
9.86% In March 2010 T.I.P. distributed more than 4,4
million treasury shares and 13.3 million of
warrants.
T.I.P.’s general meeting has confirmed the
company’s right to continue the purchase
on the market of treasury shares, which
amounted at 1.7% of the capital as of
September 2012
Average
5.8
-19,2***
Average
8.4
€mln
Average
3.5%

28 SETTEMBRE 2010
October 4th, 2012
0,60
0,80
1,00
1,20
1,40
1,60
1,80
04/01/10
04/02/10
04/03/10
04/04/10
04/05/10
04/06/10
04/07/10
04/08/10
04/09/10
04/10/10
04/11/10
04/12/10
04/01/11
04/02/11
04/03/11
04/04/11
04/05/11
04/06/11
04/07/11
04/08/11
04/09/11
04/10/11
04/11/11
04/12/11
04/01/12
04/02/12
04/03/12
04/04/12
04/05/12
04/06/12
04/07/12
04/08/12
04/09/12
TIP FTSE Mib IT Star FTSE IT Mid Cap MSCI Europe Financials
10
Free treasury shares
and warrants
distribution
T.I.P. performance from January 2010 to September 2012
T.I.P. Shares
* the performance of T.I.P. is adjusted for (I) distribution of dividends /reserves in 2010 and 2011 (0.03 and 0.035 Euro per share in 2010 and
2011 respectively) (II) free assignment, in March 2010, of over 4.4 million of treasury shares to T.I.P. shareholders and (III) the free assignment
of 3 warrants for each treasury share received.
T.I.P.*
+25.7%
FTSEMIB
-32.1%
MSCI Europe
Financials
-19.4%
FTSE IT
Mid Cap
-30.6%
IT Star
-6.0%
21/09/12

28 SETTEMBRE 2010
October 4th, 2012
11
T.I.P. Shares
* the performance of T.I.P. is adjusted for free assignment, in March 2010, of over 4.4 million of treasury shares to T.I.P. shareholders and the
free assignment of 3 warrants for each treasury share received.
T.I.P.* performance vs comparables from IPO
Dea Capital
–48.5% vs T.I.P.
Sopaf
–98.9% vs T.I.P.
Intek
–39.0% vs T.I.P.
Mittel
–59.3% vs T.I.P.
Mid Industry
–51.3% vs T.I.P.
Cape Live
–95.0% vs T.I.P.
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
09/11/05
09/02/06
09/05/06
09/08/06
09/11/06
09/02/07
09/05/07
09/08/07
09/11/07
09/02/08
09/05/08
09/08/08
09/11/08
09/02/09
09/05/09
09/08/09
09/11/09
09/02/10
09/05/10
09/08/10
09/11/10
09/02/11
09/05/11
09/08/11
09/11/11
09/02/12
09/05/12
09/08/12
TIP Intek Dea Mittel SOPAF Mid Industry Cape Live
21/09/12

28 SETTEMBRE 2010
October 4th, 2012
51.337,8
63.901,8
-
10.000
20.000
30.000
40.000
50.000
60.000
70.000
Average 2011 August 2011
12
T.I.P. VOLUMES AND VALUE
Average volumes
/000
Intrinsic value*
T.I.P. constantly elaborates analytical
valuations, based on the medium term
prospects of its investee companies.
The most recent data shows a total
estimate of 352.6 million euro, equal to
2.59 euro per T.I.P. share.
The traded volumes of T.I.P. shares are in
constant increase despite the negative trend
on the markets.
* Data are calculated without considering the potential
increase in value deriving from future acquisitions or
extraordinary operations.

28 SETTEMBRE 2010
October 4th, 2012
13
Target price and shareholders’ structure
Current shareholders’ structure
Most recent analysts consensus
Brokerage House Date Recommendation
Target
price
Closing
price (*)
Premium vs
closing price
Equita S.I.M. 10/09/2012 Buy 1,85 1,468 26,02%
Integrae 03/09/2012 Buy 2,20 1,455 51,20%
Cheuvreux 17/07/2012 Buy 1,70 1,440 18,06%
average 1,92 31,76%
(*) Referred to the trading day before the publication of the equity research.
shareholder N. of shares % Owned
d'Amico Family 14.125.000 10,38%
Gruppo Assicurazioni Generali 11.416.419 8,39%
Giovanni Tamburi 8.539.264 6,28%
Angelini Family 6.885.801 5,06%
Seragnoli Family 6.638.593 4,88%
M. Manuli Family 6.028.545 4,43%
S. Manuli Family 5.384.061 3,96%
Baggi Sisini Family 4.242.826 3,12%
Ferrero Family 3.769.811 2,77%
Free float 69.016.443 50,73%
Total 136.046.763 100,00%

28 SETTEMBRE 2010
October 4th, 2012
14
Main investee companies
Average
Ebitda margin
of 15.2%
Evident
signal of
excellence
and
«resilience»
Revenues
Change
%
Ebitda
Change
%
Ebitda margin
2010 2011 2010 2011 2010 2011 1H 2012
Amplifon S.p.A. 708,1 827,4 16,8% 96,9 144,5 49,1% 13,7% 17,5% 15,3%
Bee Team S.p.A. 75,4 88,9 17,9% 8,1 10,1 24,7% 10,7% 11,4% 10,9%
Bolzoni S.p.A. 93,5 115,8 23,9% 6,5 9,1 40,0% 7,0% 7,9% 8,6%
Datalogic S.p.A. 392,7 425,5 8,4% 49,8 59,2 18,9% 12,7% 13,9% 17,2%
De' Longhi S.p.A. 1.626,3 1.807,8 11,2% 194,6 235,8 21,2% 12,0% 13,0% 11,5%
IMA S.p.A. 503,3 669,2 33,0% 59,6 85,4 43,3% 11,8% 12,8% 10,5%
Interpump Group S.p.A. 424,9 493,3 16,1% 74,1 95,0 28,2% 17,4% 19,3% 21,1%
NH Hoteles S.A. 1.334,8 1.428,3 7,0% 147,8 202,4 36,9% 11,1% 14,2% 10,4%
Printemps(1) 1.065,1 1.193,1 12,0% 117,8 149,3 26,7% 11,1% 12,5% n.d.
Prysmian S.p.A.(2)(3) 4.571,0 7.583,0 65,9% 387,0 568,0 46,8% 8,5% 7,5% 7,9%
Servizi Italia S.p.A.(2) 195,1 197,0 1,0% 56,8 59,3 4,4% 29,1% 30,1% 29,4%
Zignago Vetro S.p.A. 264,9 291,2 9,9% 70,7 76,9 8,8% 26,7% 26,4% 24,5%
Average +18,6% +29,1% 14,3% 15,5% 15,2%
(1)
Year ending at 31.3. Data related to the consolidated unaudited Ebitdar.
(2)
Data related to the adjusted Ebitda communicated by the company.
(3)
Includes the consolidated results of Draka starting from 31,3,2011.

28 SETTEMBRE 2010
October 4th, 2012
15
 The last relevant investment has been in Intercos:
 Worldwide leader in cosmetics (make up) – 2011 sales of over € 270 mln
with 14% Ebitda
 Excellent portfolio of international clients (unique in the industry)
 Very strong investments in R&D and Innovation (more than 450 people)
 Direct presence in strategic markets (USA, China, Italy, Switzerland,
France)
 excellent management
 T.I.P. purchased 18% of Dafe 4.000, one of the holdings through which the
Ferrari family controls Intercos, for about € 9 mln
 Possible IPO within 3-4 years
Intercos

28 SETTEMBRE 2010
October 4th, 2012
16
 Another recent investment has been in Amplifon:
 Global leader
 Business in significant growth
 Deep presence all over the World
 Continuous expansion in emerging markets
 Excellent management
 Main investment within the capital increase related to the acquisition of the
Australian and New Zealand market leader
 Cash out of about € 35 mln (position increased in 2012)
Amplifon

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October 4th, 2012
17
 Prysmian, of which Clubtre owns about 6.2% :
 Is the worldwide leader with about €8 bln of sales est. in 2012
 Has an excellent territorial differentiation
 Produces energy cable for the 82% and telecom cable for the18%
 Is a public company (Clubtre is the single biggest shareholder)
 Has an excellent management
 T.I.P. owns a stake of 35% in Clubtre, s.p.v. incorporated together with two
relevant shareholders of T.I.P. (Angelini and d’Amico families)
 At the end of September 2012 the equity of Clubtre was around € 121 mln and
the total investment around € 170 mln
Prysmian

28 SETTEMBRE 2010
October 4th, 2012
18
 Another significant investment concerns Printemps, the famous French
department store group:
 T.I.P. stake doubled during 2010
 Continuous revenues growth
 Interesting “club deal” with a possible divestiture during 2012 or 2013
 Management with excellent capabilities
 Revenues of €1,193 mln and Ebitdar* of €150.5 mln in year ended 31/03/2012
(unaudited data)
Printemps
*Earnings before interests, taxes, depreciation, amortization and rent

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October 4th, 2012
19
 Sound M&A activity in 2011 (among which Valsoia – santa rosa, Tenimenti
Angelini – Bertani, Datalogic – Accu-Sort) with a good performance as
September 2012 (M&A for Noemalife, Servizi Italia, BEE Team)
 Continuing the little dependence from private equity, notoriously in
difficulties
 No activity related to risky financial restructurings
 Advisory for always interesting arbitrations/surveys/valuations
 Consulting support to families/industrial groups
Advisory activity

28 SETTEMBRE 2010
October 4th, 2012
20
M&A ranking
2000 – 2011 2011
Company N. of deals
1 Rothschild 380
2 Mediobanca 318
3 Lazard 315
4 KPMG 260
5 Deloitte & Touche 245
6 Tamburi & Associati 225
7 Banca IMI 217
8 JP Morgan 168
9 Nomura / Lehman Brothers 149
10 BofA Merrill Lynch 133
11 Unicredit Investment Banking 132
12 Morgan Stanley 131
13 Credit Suisse 126
14 Ernst & Young 114
Source: Lombard
Company N. of deals
1 Banca IMI 31
2 Mediobanca 28
3 Deloitte & Touche 27
4 Tamburi & Associati 21
5 Vitale & Associati 19
6 Lazard 18
7 KPMG 15
8 BNP Paribas 14
9 Rothschild 12
10 BofA Merrill Lynch 10
11 Deutsche Bank 9
12 Banca Leonardo 9
13 K Finance 8
14 Fineurop Soditic 8
Source: Lombard

28 SETTEMBRE 2010
October 4th, 2012
In march 2012 T.I.P. acquired a 30% stake in Gatti & Co. through a reserved capital increase.
Gatti & Co. is a financial advisory boutique located in frankfurt with a consolidated
experience in the German market.
T.I.P. owns a 30% stake of Palazzari & Turries Ltd, an investment bank based in Hong Kong,
which has a consolidated experience in Asian markets.
T.I.P. is one of the founders of Corporate Finance International (CFI), an international
partnership among merchant banks operating in M&A advisory, focused on medium-size
companies based in: Usa, Canada, France, Germany, Holland, Portugal, United Kingdom, Spain,
Switzerland, Sweden, Estonia, Latvia, Brasil and India.
21
Investee companies abroad - Advisory
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

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October 4th, 2012
22
 Excellent and unique network in Italy of Shareholders, Investee companies,
Clients and Team
 excellent and constant profitability
 several up-sides due to the high “intrinsic value”
 Proven soundness of T.I.P. and investee companies, with attention and dynamism
Why T.I.P.?
*percentage variation with respect to the T.I.P. market price at closing at 21 September 2012
** based on what has been summarized on page 12
TEAM
CLIENTS
SHAREHOLDERS
Average target price: 1.92 (+30%*)
Intrinsic value**: 2.59 (+76%*)
INVESTEE
COMPANIES

28 SETTEMBRE 2010
October 4th, 2012
23
Attachments

28 SETTEMBRE 2010
March 27th – 28th 2012
24
Amplifon is the world leader in the distribution
and personalised fitting of hearing aids.
The group Operates through a Network of more
than 3,000 specialised points of sale and over
2,900 service centres in Australia, Italy, UK and
Ireland, France, Germany, The Netherlands,
Belgium, Luxemburg, New Zealand, Switzerland,
Spain, Portugal, Hungary, Egypt and North
America.
During the first semester of 2012 the group
achieved 407.4 mln euro of turnover and 62.3 mln
euro of Ebitda.
N.B. During the first part of 2012 T.I.P. has
increased its own stake.
web site: www.amplifon.it
2
0
1
0
10/12 Amplifon finalizes
the acquisition of 100%
of NHC Group Ltd
(National Hearing Care) ,
the leading Australian
distributor of hearing aid
solutions, with revenues
of about A$144M and
Ebitda margin of 28.5%
4/11 completion of the
private placement of
19,841,950
new ordinary shares,
representing 9.99997%
of the issued
Capital at a price per
share of Euro 3.65,
raising €72.4m
Since T.I.P. first investment
2
0
1
1
2
0
1
2
28/3 Amplifon Germany
Acquires aftercare
business for Sanomed
customers from
William Demant Holding
16/1 Amplifon enters the
turkish market and looks
to achieve market
leadership through
the acquisition of 51% of
Maxtone, a modern retail
company active in the
commercialization of
hearing solutions
19/9 Amplifon enters in
poland through a Joint
Venture expanding its
geographical presence in
twenty countries
23/7 Amplifon reaches
an agreement with GN
ReSound for the
acquisition of 38 stores
in India and becomes
leader in India with 66
stores

28 SETTEMBRE 2010
October 4th, 2012
Dataholding 2007 (controlled at 46.71% by T.I.P.)
controls 34.2% of B.E.E. TEAM S.p.A., an Italian
leader in the operating and technological
outsourcing for the banking, insurance and public
administration sectors.
During the first semester of 2012 B.E.E TEAM
euro of Ebitda.
N.B. T.I.P., IMI Investimenti (Intesa San Paolo Group),
Orizzonti (Ing. Sabelli) together with Carlo and
Stefano Achermann guaranteed their total
participation to the capital increase that has
recently been approved.
web site: www.beeteam.it
25
2
0
0
7
24/7 Acquisition of Praxis
Calcolo S.p.A. for €13m
(revenues of €13/14m). The
company operates in the IT
sector from many years
providing services and
products to clients in the
TLC, Utilities, services and
industrial sectors.
24/7 Capital increase of €8m
6/4 Data Holding
acquires control of
Data Service (now Bee
Team)
30/05 Capital increase
of €13M
21/11 Acquisition of
Universo Servizi S.p.a., a
company that provides IT
services to insurance
companies for €20M
2
0
0
8
2
0
1
1
1/10 Capital increase of
about €30m Underwritten
by Dataholding for about
€10.1M, IMI Investimenti
for about €7m and other
existing shareholders
for the remaining part.
16/9 Acquisition of an initial
10% stake in To-See (2C)
13/12 Acquisition of an
initial stake of 10% in
Bluerock Consulting with an
option to acquire 41% in
2011 and 49% in 2013. Based
in London, the company
specializes in financial
services consultancy for
blue-chip domestic and
international clients
2
0
0
9
2
0
1
0
2
0
1
2
10/5 Acquisition of a
further 41% stake in
Bluerock consulting for
€1.7M (total stake of
51%)
further 41% stake in To-
See (2C) for €0.6M (total
stake of 51%)
6/2 Acquisition of a further
43.2% stake in bluerock
consulting (total stake of
94.2%) for about €1.4M
17/7 Extraordinary
meeting approved a
capital increase of
€12.5M

28 SETTEMBRE 2010
Bolzoni Auramo Group is the second largest
producer worldwide of fork lift truck
attachments and material handling.
achieved 60.6 mln euro of total turnover and 5.2
mln euro of Ebitda, showing significant
improvement with respecto to the same period of
2011.
N.B. During 2012 T.I.P. has increased its stake.
26
web site: www.bolzoni-auramo.it
2
0
0
6
6/3 with the start-up of
the plant in Podenzano
and the deposit of a
specific patent, Bolzoni
ratifies its entrance in
the market segment
dedicated to forks for
lift trucks
5/10 Bolzoni finalizes
the acquisition of 100%
of Meyer, the second
manufacturer in Germany
and fourth worldwide
for lift truck
attachments
2
0
0
7
2
0
1
1
8/4 Bolzoni enters the
Chinese market by signing
a JV contract with the
company Hebei Jing
County Huaxin Forks -
leader in the production
of forks for lift trucks -
for the constitution of
Bolzoni Huaxin. The
agreement also
contemplates Bolzoni
taking a 20% investment
in the capital of Huaxin.
22/10 Tiger Group
acquires a 20% stake in
Bolzoni Holding Hong
Kong, for a value of
about €2 m in cash, with a
total subscription in
share capital increase, to
be employed to pursue
the development plans
already set up in China by
Bolzoni Group.

28 SETTEMBRE 2010
October 4th, 2012
27
Datalogic group is the second global leader in the
design, production and marketing of barcode
readers, portable data collection devices and
radio frequency identification devices (RFID).
euro of Ebitda. showing significant improvement
with respecto to the same period of 2011.
web site: www.datalogic.com
27/8 Datalogic announces
the acquisition of Laservall
SpA for about €8.5M with a
variable part of €6M upon
the achievement of economic
targets in the period 2004-
2006
23/3 Datalogic acquires
a stake in the American
company Alien
Technology Corporation
for about $1.3M
21/12 Datalogic invests in
the visual technology with
the acquisition of PPT Vision
Inc.
2
0
0
4
2
0
0
5
2
0
1
0
2
0
1
1
2
0
1
2
a 90% stake in the
American company
Informatics (Barcode and
RFID)
07/2 Datalogic enters in
the vision technology
sector with the
acquisition of Evolution
Robotics retail Inc.
20/1 Datalogic doubles
its presence in the
Industrial Automation
market with the
acquisition of Accusort
Systems
the control of the American
company PSC doubling its
turnover

28 SETTEMBRE 2010
October 4th, 2012
28
web site: www. delonghi.com
De’ Longhi Group is one of the world leaders in
the manufacture and sale of products for air
conditioning, air treatment, heating, kitchen
appliances, coffee making, house cleaning and
ironing.
euro of Ebitda, showing an improvement with
respecto to the same period of 2011.
2
0
1
1
11/10 approval of the
Project of partial and
proportional Spin‐off
for the separation of the
Professional division. As
a consequence of the
spin‐off, the two areas
where the business of De’
Longhi Group operates
were separated: activities
of the Household
division remained under
De’ Longhi S.p.A., those
of the Professional
division under De’ Longhi
Clima S.p.A.
2
0
1
2
2/1 from the effective
date of the spin‐off
(January 1st 2012), the
shares of DeLclima S.p.A.
were listed separately
from the shares of De’
Longhi S.p.A.
31/8 Final signing of the
contract for the
perpetual licensing of
the Braun brand, held by
P&G, to De’ Longhi, for
the segments of small
kitchen appliances,
ironing and other minor
products’ categories.

28 SETTEMBRE 2010
October 4th, 2012
29
Intercos Group is one of the world leaders in the
research, development and production of make-up
products for the main international operators
involved in the cosmetic industry.
During 2011 the group achieved about 272 mln
euro of turnover and 38 mln euro of EBITDA.
web site: www. intercos.com web site: www.ima.it
The IMA group – Industria macchine automatiche, is
the world leader in the design and manufacture of
automatic machines for the processing and
packaging of pharmaceuticals, cosmetics, tea,
coffee and chocolate.
euro of adjusted Ebitda.

28 SETTEMBRE 2010
October 4th, 2012
30
IPG Holding holds 27% of the share capital of
Interpump Group S.p.A.; Interpump Group is the
worldwide leader in the design and production of
professional high pressure piston pumps and
power take-offs.
euro of Ebitda.
web site: www.interpumpgroup.it
2
0
0
5
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
1
2
0
1
2
31/5 Disposal of IP
Cleaning in the context
of the strategic
repositioning of the
Group which focuses on
high-tech and highly
profitable sectors
18/1 acquisition of
M.T.C. (producer of
hydraulic distributors
and valves)
53% stake in Galtech,
active in the production
of pumps and gear
motors, hydraulic
distributors and
accessories
5/4 Acquisition of
Hammelman, world
leader in the fluid very
high pressure pump
technology
1/2 Acquisition of the
American company NLB,
world leader in the fluid
high pressure pump
technology
23/1 In the context of
the growth strategy in
the hydraulic cylinders
sector the Group
acquires Oleodinamica
Panni and Cover
07/07 Acquisition of HS
Penta (cylinders sector)
51% stake in Contarini
producer of hydraulic
cylinders (the remaining
49% has been acquired in
2009) and Modenflex,
leader in the niche
market of cylinders for
refuse collectors
27/9 Disposal of the
company Unielectric,
active in the production
of windings and electric
motors
27/9 Acquisition of
Takarada, a leading
company in Brazil in the
power take-offs market

28 SETTEMBRE 2010
October 4th, 2012
M&C is a listed company specialised in turnaround
and investments in underperforming assets.
the most significant investment is the stake of
about 42% held in Treofan AG, a world leader in
bioriented polypropylene (BOPP), used in the
packaging, label and film sectors for the tobacco
and electronics industry.
M&C has available cash for about 45 mln euro.
web site: www.management-capitali.com
31
web site: www.monrifgroup.net
Monrif is a holding operating in: publishing,
printing, hotels, real estate, internet and
multimedia technologies.
The most significant investment is represented by
the stake of about 62% in Poligrafici Editoriale
Group, publisher of the “Il Resto del Carlino”, “La
Nazione” and “Il Giorno”. The second most
important investment regards 100% of Emiliana
Grandi Alberghi S.p.A.
The value of the group’s property and hotel is
particularly relevant.
achieved 115.1 mln euro of total turnover and 5.9
mln euro of Ebitda.

28 SETTEMBRE 2010
October 4th, 2012
32
Noemalife is one of the global leaders in the
diagnostic and clinical processes of health
structures.
During November 2011, Noemafile has bought 45%
of Medasys (de facto the control of the company)
a French listed company leader in IT services for
the healthcare sector in France.
achieved 30.8 mln euro of turnover showing
significant improvement with respecto to the same
period of 2011.
N.B. During 2012 T.I.P. has significantly increased
its own stake.
web site: www.noemalife.com
31/3 acquisition of the
business activities of
“Ferrania LifeWeb” based in
Ferrania (SV) - one of the
major Italian players in IT
solutions for Medical
Images Management Systems
31/7 Acquisition of “sezione
Informatica di Laboratorio”
branch from Dasit
25/6 acquires Unitech
16/7 acquires
healthcare IT activities
of Praezision Informatica
S.r.l.
23/7 JV with Almaviva to
provide global IT
solutions to healthcare
companies
25/7 acquisition of a
majority stake in Solinfo
s.r.l.
27/7 NoemaLife’s binding
offer for acquisition of 45%
of Medasys capital, through
the subscription of a
reserved capital increase of
€7.3M, was approved.
Noemalife is now the main
shareholder of Medasys
51% stake of Service
S.r.l.
27/3 Noemalife signs
agreement to buy the
remaining stake of the JV
with Almaviva
51% stake in Codices
13/7 Closing of the
right issue offered to
shareholders for €7M
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
1
2
0
1
2

28 SETTEMBRE 2010
October 4th, 2012
Borletti Group, of which T.I.P. is one of the largest
shareholders, manages and holds 30% of the
share capital of Printemps, the second largest
department store in France.
During the financial year ended 31 March 2011
Printemps generated total revenues of 1,065 mln
euro, with an Ebitdar of about 118 mln euro.
web site: www.printemps.com
33
NH Hoteles is a Madrid-based group that owns and
operates one of the world’s most important “city
hotel” chains, about 500 structures.
Besides hotel operations, the group controls the
Spanish company Sotogrande, which operates in
the real estate activity.
achieved 651.8 mln euro of total turnover and
67.5 mln euro of Ebitda.
web site: www.nh-hoteles.com

28 SETTEMBRE 2010
October 4th, 2012
34
ClubTre S.r.l. (35% T.I.P.) is the first shareholder,
owning about 6.2% of the share capital, of
Prysmian.
Prysmian is the global leader in the industry of
cables and systems for energy and
telecommunications.
achieved total revenues of about 3.9 bln euro and
an Ebitda of 308 mln euro.
web site: www.prysmian.it
2
0
1
1
5/1 Prysmian launches a
public offer for the
acquisition of 100%
share capital of its
competitor Draka
Holding, for about
€840m. The offer was
successfully concluded
in February. The combined
group is a new leading
player in the worldwide
energy and telecom
cable and systems
industry, in particular in
several of its high-
technology segments,
with operations in more
than 50 countries, a
manufacturing footprint
of over 90 plants and a
total workforce of more
than 20,000 employees.
2
0
1
2
6/9 Prysmian acquires
global Marin e Energy
expanding the offering
of integrated solutions
of production and
installation of turn-key
submarine cable systems,
in particular for
offshore wind parks

28 SETTEMBRE 2010
35
Servizi Italia is the leading national provider of
integrated services for hiring, washing, sterilizing
and logistics of textiles and surgical instruments
for healthcare sector.
achieved 104 mln euro of turnover and 31 mln
euro of Ebitda.
N.B. During 2012 T.I.P. has increased its own stake.
web site: www.si-servizitalia.com
21/12 Servizi Italia has
signed an agreement for
the acquisition of a 51%
stake in A.M.G. S.r.l. -
active in the linen and
workwear washing and
sterilization
11/12 Servizi Italia signs
a Joint venture
agreement, for the
business development in
the Middle East, with
Fresh Professional
Laundry and Textile
Services LLC, a US
industrial laundry
services.
24/11 Servizi Italia
purchases a stake of 70% of
the company Amedes s.p.a.,
active in the acquisition,
intermediation, sale and
production and/or
development of medical
devices for surgical
procedures, as well as in the
technical assistance /
scientific support services
to users of medical devices
2/7 Servizi Italia
purchases a stake of 75%
of the health sector
services branch of
padana everest s.p.a., main
player in the Industrial
laundry sector in italy
2
0
0
8
2
0
1
0
2
0
0
7
2
0
1
2
1/8 Conclusion of the right
issue offered as options to
shareholders for a total of
€26.4M
3/7 Servizi Italia
purchases a 50% stake of
the Brazilian company
Lavsim Higienização Têxtil
S.A. which offers
laundry serrvices to the
healthcare sector

28 SETTEMBRE 2010
36
web site: www.valsoia.it
Valsoia is the leader in the Italian market in the
production, distribution and marketing of health
products which use soy and rice as fundamental
ingredients.
The main product lines are vegetal drinks, vegetal
ice creams and desserts, meals solutions and
other vegetal based products.
achieved 46 mln euro of turnover and 3.4 mln euro
of Ebitda.
2
0
1
1
30/3 Valsoia enters the
Spanish market through
the establishment of
Valsoia Iberica S.L
11/2 Valsoia enters the
Slovenia market through
the establishment of
Valsoia Pronova d.o.o
23/9 Valsoia signs an
agreement with Unilever for
the acquisition of Santa
Rosa business.
2/9 Valsoia signs an
agreement for the use of
the Almaverde Bio brand
licence. The agreement,
involves the production
and marketing by Valsoia
of ice cream and diary
products under
Almaverde Bio brand

28 SETTEMBRE 2010
October 4th, 2012
Zignago Vetro Group is one of the world leaders
in the production of glass containers for the
cosmetics, perfume and food - beverage sectors
euro of Ebitda.
N.B. During 2012 T.I.P. has increased its own
stake.
web site: www.zignagovetro.com
37
21/7 Zignago Vetro
establishes the joint
venture vetreco, active in
the treatment and
scrapping of glass
collected in the south of
Italy
6/6 First day of trading
of Zignago Vetro shares
(IPO)
2
0
1
0
2
0
1
1
3/3 Zignago Vetro
acquires a 79% stake in
Huta Szkla Czechy, a
glassware Polish
cosmetic, parfumery,
food and beverages
container market.
2
0
0
7
2
0
1
2
9/2 Zignago Vetro
acquires a further 20%
stake in Huta Szkla
Czechy.

28 SETTEMBRE 2010
October 4th, 2012
Selection of advisory transactions 2011/2012
38
IN THE TRANSACTION THE BUYERS
HAVE BEEN ASSISTED BY
TERMINE, IN QUALITA’ DI REGISTA, DA
TAMBURI & ASSOCIATI
HAS ACQUIRED FROM DANAHER GROUP A 100%
STAKE IN
AND CERTAIN OF ITS AFFILIATES
HAS ACQUIRED FROM PRIVATE
INVESTORS THE CHINESE GROUP
CENTRE GAIN
COMPANY PARTICIPATED BY
JOINT VENTURE BETWEEN BOLZONI
GROUP AND THE CHINESE GROUP
HUAXIN FORK IN THE FORKLIFT TRUCK
ATTACHMENTS SECTOR.
HUAXIN FORK
IN THE TRANSACTION BOLZONI GROUP
HAS BEEN ASSISTED BY
COMPANY PARTICIPATED BY
HAS ACQUIRED THE GOING CONCERN RELATED TO THE
PRODUCTION AND COMMERCIALISATIOOF PVC FILMS
FROM
TAMBURI & ASSOCIATI
HAS ACQUIRED A MAJORITY STAKE IN
TAMBURI & ASSOCIATI
TAMBURI & ASSOCIATI
HAS ACQUIRED A 100% STAKE IN THE COMPANY
HAS ACQUIRED THE COMPANY
IN THE TRANSACTION THE SELLERS
TAMBURI & ASSOCIATI
FROM THE GROUP
TAMBURI & ASSOCIATI
HAS ACQUIRED A 50% STAKE OF

28 SETTEMBRE 2010
October 4th, 2012
Selection of advisory transactions 2009 / 2011
39
TAMBURI & ASSOCIATI
HAS ACQUIRED FROM UNILEVER GROUP THE
BUSINESS
TAMBURI& ASSOCIATI
HAS ACQUIRED
a
A MAJORITY
STAKE
in
a
MINORITY
STAKE
in
FLEXOPACK
a
A MAJORITY
STAKE
in
TAMBURI& ASSOCIATI
HAS ACQUIRED
a
A MAJORITY
STAKE
in
a
MINORITY
STAKE
in
FLEXOPACKFLEXOPACK
a
A MAJORITY
STAKE
in
TAMBURI & ASSOCIATI
HAS ACQUIRED THROUGH THE SUBSCRIPTION OF A
RESERVED CAPITAL INCREASE A 45% STAKE
(RELATIVE MAJORITY STAKE) OF
TAMBURI & ASSOCIATI
HAS ACQUIRED IN EXECUTION OF A
«CONCORDATO PREVENTIVO» PROCEDURE A
CARVE-OUT OF

28 SETTEMBRE 2010
October 4th, 2012
40
Attachments – Balance sheet
Balance sheet (€) 31-Dec-10* 31-Dec-11** 30-Jun-12**
Property, plant and equipment 67.780 99.094 82.656
Goodwill 9.806.574 9.806.574 9.806.574
Investments in associates measured using the equity method 40.878.172 39.075.244 49.901.275
Investments in associates measured at fair value 8.085.000 8.085.000 8.085.000
Available-for-sale financial assets 91.048.989 103.396.305 112.398.262
Trade receivables and other 950.465 444.127 275.648
Loans and receivables 10.810.873 18.571.117 18.842.792
Total non current assets 161.647.853 179.477.461 199.392.207
Trade receivables 1.052.379 2.001.713 929.925
Current financial assets 34.344.835 13.650.997 10.925.082
Available-for-sale financial assets 10.096.362 0 0
Cash & cash equivalents 680.238 206.043 102.564
Other current assets 168.755 104.039 193.905
Total current assets 46.342.569 15.962.792 12.151.476
Total assets 207.990.422 195.440.253 211.543.683
Share capital 69.959.372 70.744.156 70.744.317
Reserves 117.479.726 100.045.636 115.742.737
Losses carried forward 0 1.741.051 1.747.740
Profit for the year 10.234.991 2.631.824 1.548.368
Total equity 197.674.089 175.162.667 189.783.162
Employment benefits and deferred tax 162.000 177.579 144.552
Financial liabilities 0 0 4.848.661
Deferred tax liabilities 1.055.117 400.905 595.807
Total non-current liabilities 1.217.117 578.484 5.589.020
Trade payables 650.665 397.597 397.242
Financial liabilities 3.500.027 16.897.220 14.662.286
Tax liabilities 1.947.832 434.061 159.404
Other liabilities 3.000.692 1.970.224 952.569
Total current liabilities 9.099.216 19.699.102 16.171.501
Total liabilities 10.316.333 20.277.586 21.760.521
Total Equity and liabilities 207.990.422 195.440.253 211.543.683
*Consolidated data
**Individual data

28 SETTEMBRE 2010
October 4th, 2012
41
Attachments – Profit & Loss account
Profit & Loss account (€ ) 2010* % 2011** % H1 2011** % H1 2012** %
Revenues from services 5.775.917 94,4% 5.468.717 96,5% 1.329.174 92,0% 998.982 94,4%
Other revenues 341.825 5,6% 201.127 3,5% 115.500 8,0% 59.281 5,6%
Total revenues 6.117.742 100,0% 5.669.844 100,0% 1.444.674 100,0% 1.058.263 100,0%
materials, services and other costs (1.444.849) -23,6% (1.544.312) -27,2% (704.114) -48,7% (775.225) -73,3%
Personnel and other costs (4.248.640) -69,4% (3.465.665) -61,1% (1.446.542) -100,1% (1.438.701) -135,9%
Depreciation and amortization (38.182) -0,6% (45.898) -0,8% (21.328) -1,5% (23.348) -2,2%
Operating profit (loss) 386.071 6,3% 613.969 10,8% (727.310) -50,3% (1.179.011) -111,4%
Net financial income 7.428.834 121,4% 2.566.456 45,3% 2.429.163 168,1% 2.751.416 260,0%
Profit before adjustments to investments 7.814.905 127,7% 3.180.425 56,1% 1.701.853 117,8% 1.572.405 148,6%
profit of equity-accounted investments and business
combination
3.423.338 56,0% 1.385.437 24,4% 428.491 29,7% 705.851 66,7%
Net fair value losses on available for sale financial
assets
(52.575) -0,9% (1.185.074) -20,9% (92.412) -6,4% (480.085) -45,4%
Profit before tax 11.185.668 182,8% 3.380.788 59,6% 2.037.932 141,1% 1.798.171 169,9%
Taxes (955.418) -15,6% (748.964) -13,2% (375.245) -26,0% (249.803) -23,6%
Net profit 10.230.250 167,2% 2.631.824 46,4% 1.662.687 115,1% 1.548.368 146,3%
*Consolidated data
**Individual data

28 SETTEMBRE 2010
October 4th, 2012
42
Investor Relator
Alessandra Gritti
Via Pontaccio 10, 20121 Milano
Tel. no.(0039) 02 – 8858801, Fax. no.(0039) 02 – 8900421
email: gritti@tamburi.it
http://www.tipspa.it

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