Azimut Group Analyst Update

Montecarlo, January 9th 2020 Value creation amongst other Italian financials

Share price performance since IPO vs. Italian financials

Perf. Total Return

800 AZIMUT 506% 1023% FINECO 179% 227% MEDIOLANUM 72% 243% 700 2% 79% GENERALI -15% 50% 600 -25% 64% FTSE MIB -14% 54%

500

400

300

200

100

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 AZM IM Equity BMED IM Equity FBK IM Equity ISP IM Equity G IM Equity MB IM Equity FTSEMIB Index

Source: Bloomberg at 8/01/2020 2 Value created for long term shareholders

One of the best success stories in the Italian market

Media Società FTSE MIB

Total Return +54% +1023%

1° Best total return stock amongst all financials within FTSE MIB since 2004

3° Best Total Return stock among all FTSE MIB members from 2004

Fonte: Bloomberg

Source: Bloomberg at 08/01/2020. 3 Azimut Net Weighted Average Performance to clients

2019: +8.5% net weighted average performance to clients, above industry

10,00%

9,00%

8,00%

7,00%

6,00%

5,00%

4,00%

3,00%

2,00%

1,00%

0,00%

-1,00% Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19

Azimut Net WAP Risk Free

Source: Company data at 31/12/2019 and Bloomberg Italian industry: FIDMGEND. Risk free: MTSIBOTR Index. 4 Private Markets Update

AuM Today Total AUM Fund Type Country Size (€M) (€M) (€M)

IPO CLUB PE ITA 150 150 ANTARES AZ1 PD ITA 128 128 Currently CORPORATE CASH PD ITA 50 50 €0.7-0.8 Managed FINANCE FOR FOOD PE ITA 150 85 bln FSI PE ITA 70 70 CORPORATE CASH PLUS PD LUX 250 250

DEMOS 1 PE ITA 350 140 GLOBALINVEST PE (FoF) ITA 300 40 Under fund ITA 500 PE (VC) ITA 40 €1.1-1.2 raising / bln lauching phase PRIVATE DEBT (reopening) PD ITA 50 ESG (ELTIF) [under approval] PE / PD ITA 200 OPHELIA (ELTIF LUX) [under approval] PE LUX 200

Being defined Equity – 3 projects PE 400-500 €2.6-2.9 (late 20-early Debt – 5 projects PD 1.400-1.500 bln 21) Real Assets – 2 projects Real Assets 800-900

PE = Private Equity ; PD = Private Debt

Real Estate: A new c. € 800m fund dedicated to Real Estate and Social Infrastructure (ESG compliant) lead by Andrea Cornetti, previously General Manager of Prelios SGR

Source: Company Data 5 Italy Private Markets Update

Commitment over € 1bn AUM Club Deal: 60 mln €

250 Italian Wine Brands 6500* 284 Pharmanatura clients investiments Digital Value EdtechX 60 mln€ 150 IPOC3 140 Club Deal Project Steel 127 120 Club Deal Project Pack

70 8 5 50 56 40

Private equity Private debt IPO Club Private debt Demos 1 GlobALInvest Corporate Corporate Finance for Other Institutional Institutional Retail Cash Plus Cash Food (Start up)

N°Clients 9 19 155 2.140 4 . 304 60 40 21 11 1 2 . 0 0 0

N°Investiments 7 14 9 - F u n d i n g F u n d i n g - 20 - 234 p h a s e p h a s e

+115.3% +72% + 80% New Entry From 18 July 2017 From 8 November From December Aerospace Technologies 2018 2014

+469%*** +2.608%** + 100%** Turnover growth since Turnover growth From the first half of 2015 2013 since 2016

Data as of December 2019. Source: AGC and Mamacrowd. * Excluding Other (Start up). ** Estimated value at fair market 6 value 29. *** Company operations P101 Italy Private Markets Update

Venture Capital Fund – Italia 500

• Seed Investment type • Early Stage • Late Stage Target Fund Size • EUR 40 million Min. subscription • EUR 5.000 amount • 10 years Tenor (possibly Asset Allocation extendable)

Later Start-up Stage

Source: Company Data 7 2019: Inflows & AUM

Strong growth in AUM thanks to solid inflows & good performance delivery to clients Total Assets breakdown (€bn) Italy International* * Total Assets reaching all time high at €59.1bn c. 2x 59.1 Net Inflows in 2019 at €4.6bn, almost entirely organic, from both Italy and International

50.4 50.8 Italy on an organic basis is 130% higher than 2018 17,1 43.6 International continues to contribute 12,5 13,8 thanks to global diversification 36.7 7,7 Net Performance above industry : +8.5%

4,3 30.0 Organic (ex. M&A) Net Inflows (€bn): 2,1 4 4.1

4 42,0

4 35,9 37,9 37,0 32,4 4 27,9 4

4 3,5

3

3

3 2014 2015 2016 2017 2018 2019 2018 2019

Source: Company data Note*: through AZ International Holdings 8 The record year at the end of a challenging plan

2019 Target 2019E Preview 2019 Highlights

 € 50mn recurring profit per Estimated € 1.00 - 1.03bn quarter - Revenues  Strong International EBITDA growth  HQ restructured, regaining Estimated efficiency € 300mn € 360-370mn Net Profit  Reorganization of portfolio  Performance to clients and

Cumulative >75% ≥ 7.8 p.s. stakeholders Dividend

Payout (≥ 90% Payout) 2015-2019E >60%  Flat SG&A 2019 vs. 2018

Source: Company data 9 International Business: 2019 showing further improving trends

EBITDA keeps on growing at a significantly higher pace than Assets

Total Assets (€bn) Total Revenues(1) (€mln) 160 20

16 120

12 80 8 40 4

0 0 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019

EBITDA(2) (€mln) EBITDA Margin

60 40%

50 30% 40

30 20%

20 10% 10

0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019

Source: Company data. 10 Note (1): Revenues `reclassified as per management accounts. Note (2): EBITDA reclassified as per management accounts, excluding one-offs` Macro-area update: Americas

Consolidated leading presence in Latam, growing in Distribution and Private Markets in the US

2019 Total Assets €6.1bn

New York (AACP) 2019 Net Inflows €0.8bn Miami : Best in class portfolio management team focusing on Equities, Long/Short, Macro, Fixed Income, Credit, Arbitrage, Impact and Private Pension funds Proprietary distribution focused on Wealth Management : Marketing of UCITS funds to local investors and future upgrade into AM license Brazil Mexico:

Chile Largest independent distribution network Growing in local AM, currently 3 onshore mutual funds USA: AUM and clients on-boarding under way. Synergies with Asset Management Brazilian operations yet to be fully exploited Distribution Launched AACP to acquire minority GP stakes in Private Private Markets Equity and Private Credit 11 11 Macro-area update: Europe & Middle East (ex-Italy)

Steady growth in Europe, market leader in and further upside from the MENA region

2019 Total Assets €4.8bn

2019 Net Inflows €0.6bn

Switzerland: Consolidating local managers, growing an independent platform Ireland U.A.E.: Developing an integrated platform in Dubai and Abu Dhabi Turkey Turkey: Operating since 2012, leading independent asset

Egypt manager with a 5% market share

UAE Manager of one of the largest global sukuk funds in the world Monaco: Doubled AUM in 5 years, targeting UHNWI Asset Management Distribution : Entering in the Egyptian market acquiring a leading independent player 12 12 Macro-area update: Asia-Pacific

Market leader in , while focusing on growth and scale in other geographies

2019 Total Assets €6.1bn

2019 Net Inflows €1.0bn

Asia:

Shanghai /HK:

Taiwan Granted Private Fund Manager license: first amongst eurozone asset managers Hong Kong Taipei: Expanded scope, including FAs and insurance brokerage : Singapore Scaling up WM capabilities, focus on managing local products & distributing to HNW and Family Offices

Australia: Developing local production through Sigma funds management attracting top tier institutional investors

Asset Management Expanded considerably AZ NGA franchise through M&A Australia and organic growth. JV activity to continue in 2018 Distribution Sestante: launch of own funds ongoing

13 13 Case Study: XP

A snapshot on how a similar platform to Azimut Brazil is currently valued by the market

XP Azimut Brazil

2019E Net Flows • R$ 90bn • R$ 5bn

Latest AUM • R$ 350bn • R$ 25bn

2019 #Clients • 1,200,000 • 150,000

FY 2019 Net Profit • R$ 925m • ca. R$ 55m

FY 2020 P/E 66x

FY 2021 P/E 42x

Market Cap • R$ 85.2bn • …?

Fonte: Company data. 14 Updated Sum Of The Parts of the International Business

According to market multiples & precedents, foreign business could be worth ca. € 1.5 - 2 bn € m

(1) Australia  800 – 1000 IRR : +28% CoC: 5.5x

Brazil  500 – 700

Switzerland and  100 – Monaco 200  125 – Others 150

Total International Operations (€bn) 1.5 – 2.0

Market Cap* 3.1 Azimut (€bn)

Source: Company Data, Bloomberg, market multiples & selected precedent transactions. Note*: at 08/1/2020. 15 Note (1): assuming a 2011 start, total of €317mln, €1.75bn as of today Being big does not mean being better ... on the contrary

Bn local currencies Net Inflows 2019E % AuM 2018 Net Income 2019E NI/AuM 2019 4.6 9.1% 0.37 0.62% Blackrock 385.6 7.0% 3.88 0.06% - Pionner 39.7 2.8% 0.95 0.06% 23.4 5.6% 0.64 0.12% DWS 18.3 2.7% 0.42 0.06% 6x Man Group -2.1 -2.2% 0.21 0.20% Janus Henderson -25.1 -7.4% 0.42 0.13% -25.7 -2.9% 1.02 0.10% Franklin Templeton -28.7 -4.6% 1.08 0.17% -70.3 -12.4% 0.54 0.09% Average Peers -1.3% 0.11% Delta Average 10.3% 0.51%

Source: Company Data, Factset. 16 US Private Markets initiative (1/3)

Azimut Alternative Capital Partners (“AACP”): the project Team Jeffry Brown: previously Newco set up to build a next generation, diversified and one of the first  multi-affiliate investment firm acquiring initially minority GP Managing Directors at stakes in alternative asset managers Dyal Capital (Neuberger Berman), one of the leading Initial focus on U.S. Private Credit, Private Equity, minority stake investors  Infrastructure and RE in alternative managers. Prior to Dyal, senior roles at Bear Stearns AM and Access to strong and consistent cash flow generation MS AM. delivered at the GP level, further enhanced in AACP  Executed over 50 given greater diversification and lean cost base transactions on $135bn in AUM, including 33 GP

Focus on large, growing and at the same time under- stakes.  shopped segment of sub USD 3bn alternative managers Other key senior with high current positive EBITDA managers already identified joining shortly

Source: Company data 17 US Private Markets initiative (2/3)

The Structure Azimut targets

$ 7 billion pro-rata AUM Azimut Alternative (in excess of $ 20 billion Capital Partners gross AUM) in 10 years ("AACP") Consistent, high quality EBITDA cash flow from predictable Funded through a recurring fees and further Permanent capital upside from carried interest / meaningful equity supporting growth and/or performance fees. Potentially commitment by Azimut generational change additional products/capacity together with additional for our clients worldwide (local) leverage and retained earnings

Target to acquire ca. 10 alternative asset managers, diversified 25%-49% 25%-49% 25%-49% across Private Credit, Private Equity and at a Infrastruct. / Private Private Real Estate later stage Real Credit GP Equity GP GP Estate/Infrastructure

Highly positive EBITDA generation of underlying managers

Source: Company data 18 US Private Markets initiative (3/3)

Significant addressable Market… # of Alternative AACP Managers Target Market 1,500

300 257 AuM 54 <$3bn AuM AuM <$3bn >$3bn AuM >$3bn

Private Equity Private Credit

… With very limited competition

Source: Company data 19 Where are the others going?

20 Azimut and ESG

The history of Azimut Group in the sustainability context

1995 Launched In Italy Azimut Solidarietà (today Azimut Solidity), the first Italian ethical investment fund that donates part of its returns to charity.

2014 In Luxembourg, launched the AZ Multi Asset Sustainable Hybrid Bonds segment, dedicated to foreign institutional customers (open to Italian retail clients in Italy from 2019). The first ESG compliant fund investing in hybrid bonds in Europe. Launched In Italy the Luxembourg multi-asset segment AZ Multi Asset Sustainable Absolute Return

2016 AZ Multi-Asset Sustainable Absolute Return becomes AZ Multi Asset Sustainable Equity Trend. Activated the personalized service for the transfer of proceeds to non-profit organizations / foundations, making the product one of the first in Italy to offer this service. Launched in Brazil the AZ Quest Azimut Impacto fund financing social impact initiatives (dedicated to environment, education and community development). It is the first fund launched in Brazil accessible to retail investors, allowing investors to participate in social impact initiatives.

2019 Launched in Italy the Luxemburg fund AZ Equity - Global ESG. Launched in Egypt the ATAA Fund, charitable fund assisting people with disabilities. It is the first of its kind in Egypt. Azimut Sustainable project involving the AZ Fund Management SA product range

Fonte: Company data. 21 Azimut and ESG

Attention to sustainability in Italy

1995 – Azimut Solidity In 1995, launched Azimut Solidarietà (today Azimut Solidity) the first Italian ethical investment fund donating part of its returns to charity. The Fund has 8 partners engaged in social and humanitarian activities (Unicef, Missioni Don Bosco, Fondazione Exodus, Missionari Comboniani, Gaslini among the others). Its investors can choose one or more as recipients of the proceeds. Azimut also contributes by donating part of its commission directly to the partners, proportionately to the choices of the investors. 2016 – AZ Multi Asset Sustainable Equity Trend Since 2016, AZ Multi Asset Sustainable Equity Trend has enabled Group customers to identify and select the charity entities that they consider "most active" in their regions and to donate them the income generated by their investments. This initiative has also allowed the creation and development of active synergies between the Financial Advisors of Azimut Capital Management and the local foundations / non-profit organizations, through events, conferences, presentations, exhibitions, etc. More than 45 non-profit organizations / foundations selected and involved in the project; Some examples of the most funded non-profit organizations / foundations: Associazione Piano Terra Onlus (Lazio) - Slums Dunk (Lombardia / Triveneto), Queen of Piece (Lombardia).

Fonte: Company data. 22 Azimut and ESG

Azimut Sustainable Initiatives

At the level of AZ Fund Management product range, the main interventions will be:

. The integration of ESG principles in the investment process and risk management thanks to the creation of Q4 an internal ESG rating. Target to reach €7bn (ca. 30% of the entire AZ Fund Management assets) by end- 2019 2019 has been surpassed and is now at €9bn. These assets are invested in companies with a BBB rating or above, based on the ESG criterias of MSCI.

Q1 . The creation of a line of full SRI sectors and thematic products 2020

On. The establishment of a Sustainability Committee within the Investment Department. Going

This is the largest intervention ever made in Italy

in terms of converting investments to ESG

Fonte: Company data. 23 2020: updated guidance

Main Trends for 2020 Upgraded guidance 2020 (under normal market conditions)

Recurring Revenues

Italy

International

Private Markets Variable Fees ? Net Profit Floor at Distribution costs (as % of Recurring Revenues) € 300 mn Rebate

Recurring Revenues

Overheads

Fixed costs +/-5% vs. 2019(1)

Source: Company data. 24 (1) Excluding any extraordinary operations Contacts

Investor Relations Contacts Vittorio Pracca Tel. +39.02.8898.5853 Email: [email protected] Galeazzo Cornetto Bourlot Tel. +39.02.8898.5066 Email: [email protected] www.azimut-group.com

Disclaimer – Safe harbour statement This document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the information contained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, or other third parties. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its members, directors, officers or employees or any other person. The Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person acting on behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The information in this document might include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and/or investment products mentioned and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations. The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Alessandro Zambotti (CFO), declares according to art.154bis co.2 D.lgs. 58/98 of the Consolidated Law of Finance, that the financial information herein included, corresponds to the records in the company’s books.

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