PRESS RELEASE

Azimut Group and Banca Tercas start a cooperation in the asset management sector. The first step will be the incorporation of the Sicav Tercas Lux in the AZFUND1.

Milan, 15th February 2011

Azimut Group, ’s leading independent asset manager, and Banca Tercas, the first banking Group in the central Italian region of Abruzzo with 164 branches and consolidated financial assets for more than € 5 billion, have signed a binding letter of intent to cooperate in the asset management sector. Under the agreement, Azimut will be the reference partner for the entire Banca Tercas Group for those products such as mutual funds and discretionary accounts. The first step involves, within March 2011, the incorporation of Tercas Lux Sicav (AuM of around € 75 million), in the umbrella fund AZFUND1. Contextually to the incorporation and based on the cooperation’s long term approach, will subscribe 2% of Banca Caripe Spa’s capital, controlled by Banca Tercas following its recent acquisition. The value of the transaction, paid in cash, is around € 5 million. Banca Tercas and Banca Caripe will distribuite AZFUND1’s products through their branch networks mainly concentrated in Abruzzo, Marche, Lazio, Molise and Emilia Romagna. The cooperation with Banca Tercas Group will join the almost 100 agreements currently in place with other local banks that already rely on Azimut for asset management services for their clients. Pietro Giuliani, Chairman and CEO of Azimut Holding comments: “with this agreement Azimut becomes the technical partner of the Banca Tercas Group for the development of asset management services supporting their local activities. This demonstrates the importance, for those strong and independent player such as Banca Tercas, to build a long term partnership based on quality and independence for the benefit of clients.” Antonio di Matteo, General Manager of Banca Tercas and CEO of Banca Caripe comments: “The choice of the Tercas Group in selecting Azimut as its partner in the asset management sector confirms our will to widen the product range and improve its efficiency also in a context of increased volatility in equity markets and low government bonds yields. An international partner with consolidated experience such as Azimut constitute a guarantee also for our clients; they will in fact be able to rely on product diversification and reliability of the ”.

Azimut is Italy’s leading independent asset manager (active since 1989). The Parent Company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and, among others, is a member of the DJ Eurostoxx 600 index and of the main Italian index FTSE MIB. The shareholder structure includes over 1,200 thousand managers, employees and financial advisors, bound by a shareholders’ agreement that controls 25.4% of the company. The remaining 74.6% is float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with offices in Italy, and Ireland. In Italy, Azimut SGR sells and manages Italian mutual funds, as well as being active in the discretionary management of individual investment portfolios, while Azimut Capital Management SGR is an Italian management company. Azimut Consulenza SIM, AZ Investimenti SIM and Apogeo Consulting SIM distribute Group and third party products in Italy via a network of financial advisors. Overseas operations are AZ Fund (founded in Luxembourg in 1999), which manages the multi strategy fund AZ FUND1, the Irish AZ Life Ltd, which offers life insurance products, and AZ Capital Management Ltd (hedge fund).

Banca Tercas ‐ Cassa di Risparmio della Provincia di Teramo begin its history in 1939 following the merger of two Casse di Risparmio (Nereto and Atri). The development continues rapidly and the Company begins to expand in the region of Teramo. The Bank, autonomous and independent from the other banking groups, has maintained its historical local roots. Its mission is aimed at sustaining the local economy based on a solid link with the region. One of the main characteristics of the Bank relate to its consolidated proximity to retail clients, which impose, given the current development of the banking sector, a constant growth in the commercial and technological product offer. This has led the Tercas Group to a new relationship with its client base centred on increasing customer loyalty through the continuous improvement in the level and customisation of the service provided. At the end of 2010 Tercas had 112 branches, 79 of which in Abruzzo.

AZIMUT HOLDING SpA – www.azimut.it

INVESTOR RELATIONS MEDIA RELATIONS Fabrizio Armone tel +39.02.8898.5853 +352.621.311215 Federica Marotti tel +39.02.8898.5026 +39.347.9173492 Gabriele Blei tel +39.02.8898.5849 +352.621.454842