Azimut Group FY 2020 Results

March 11th, 2021 Table of Contents

• FY 2020 Highlights 3

• Asset Management & Distribution 17

• International business 22

• FY 2020 Financials 30

• Summary & Outlook 34

• About Azimut 38

2 Table of Contents

• FY 2020 Highlights 3

• Asset Management & Distribution 17

• International business 22

• FY 2020 Financials 30

• Summary & Outlook 34

• About Azimut 38

3 Azimut Group FY 2020: 3 key takeaways

Net WAP 2019-2021 YtD Private Markets AUM Net Profit Margin

+14% €2.2bn 64bps

(from € 0.6bn of Jan. 2020)

Source: Company data. 4 FY 2020: Italian listed players

1 4 AUM Growth Dividends(1)

€bn 31-12-14 31-12-20 Diff. € per share 2014 2015 2016 2017 2018 2019 2020 Total Azimut 30.0 67.3 124% Azimut 0.8 1.5 1.0 2.0 1.5 1.0 1.0 8.8 Banca Generali 36.6 74.5 104% Banca Generali 1.0 1.2 1.1 1.3 1.3 - 2.7 8.5 Fineco 49.3 91.7 86% Banca Mediolanum 0.3 0.3 0.4 0.4 0.4 0.2 0.8 2.8 Banca Mediolanum 64.5 93.3 45% Fineco 0.2 0.3 0.3 0.3 0.3 - - 1.3 Note: AZM includes Sanctuary Wealth AUM 2 Total Net Inflows Market Cap Growth €bn 2014 2015 2016 2017 2018 2019 2020 Total Fineco 4.0 5.5 5.0 6.0 6.2 5.8 9.3 41.8 Azimut 5.6 6.7 6.5 6.8 4.4 4.6 4.5 39.1 €bn 31/12/2014 09/03/2021 Diff. Banca Mediolanum 5.2 5.7 6.0 5.4 4.1 4.1 7.7 38.2 Banca Generali 4.0 4.6 5.7 6.9 5.0 5.1 5.9 37.2 Fineco 2.8 9.0 218.0%

3 Banca Mediolanum 3.9 5.7 46.1% Net Profit Growth Banca Generali 2.7 3.4 27.5% €mn 2014 2015 2016 2017 2018 2019 2020 Diff.

Azimut 174 247 173 220 145 370 382 119% Azimut 2.6 2.7 4.5% Fineco 150 191 212 214 241 288 325 116% Banca Generali 161 204 156 204 180 272 275 71% Banca Mediolanum 321 439 394 380 256 565 434 35%

Source: Company data, Press releases, Facstet. 5 Note (1): DPS payment is in T+1, and only includes dividends to be paid in the following fiscal year only. 2020 all subject to AGM approval. FY 2020: key highlights

Breaking new records in an unprecedented year thanks to strength of the business model

Total Assets (€bn) Recurring Revenues (€mn) International Recurring fee 29% 34% 174 178 AUM margin (bps)(1) +14% +2.8% 67,3 774 753 59

2019 2020 2019 2020

Operating Costs (€mn) Net Profit (€mn) Distribution Q4 Net Profit 380 356 85 103 Costs -1.2% margin (bps) +3.1% 604 382 597 370

2019 2020 2019 2020

Source: Company data. 6 Note (1): quarterly average. FY 2020: key highlights

Revenue evolution: a decade of consistent growth, driven by recurring earnings

Recurring Fees Variable Fees Other €mln +11% CAGR

1054 1050

207 149 207 811 748 708 706 136 136 57 552 159159 131131 472 434 108108 +12% 358 326 875 107 824 CAGR875 107 824 120 656 678 58 656 678 35 557 35 529 557 427 349 427 286 278 300 286 278 300

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Company data. 7 FY 2020: key highlights

OpEx: significant slowdown following the initial “investment” phase, CIR at lowest level in 10-Y

€mln

Dist. Costs Pers. and SG&A Other Cost/Income 75%

1000 66% 64% 63% 63% 61% 58% 60% 900 58%

60% +4% CAGR 51% 46%

800

+12% CAGR 40% 700 604 597 556 533

600 500 24 29 20% 16 428 17 500 16 200 211 359 0% 11 179 204 400 291 159 256 16 126 243 300 235 - 20% 13 87 20 69 21 21 200 51 51 63 380 338 336 356 325 - 40% 256 291 100 208 170 164 173

0 - 60% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Company data. 8 Note: Cost Income Ratio calculated as Operating Expenses over Net Revenues FY 2020: key highlights

A recap of the last 10 years

2010 2020

(1) AUM (€bn) 16.5 4x 67.3

Net Inflows 0.5 4.5 (€bn) 9x

Revenues 358 (€mn) 3x 1,054

Costs 242 (€mn) 2.5x 597

Net Profits 94 382 (€mn) 4x

Source: Company data. 9 Note (1): Including Sanctuary. FY 2020: key highlights

A year with a huge digital step-up across the board, boosting efficiency at every level

Digital Proposals Digital Clients

50% 46% 44% 42% 45%

42% 40%

35%

40%

30%

38%

25% 20%

20% 36%

33% 15%

34%

10%

32%

5%

0% 30% February 2020 February 2021 February 2019 February 2021

Digital FAs

95% 91%

90%

85%

80% 74%

75%

70%

65%

60%

55%

50% February 2019 February 2021

Source: Company data. 10 Note: Digital Clients and FAs defined as who use Azimut Digital Gate (MyAzimut) App, including digital signature Revenues and Net Profit over time

As stated in our 2019 investor day…

Pre 2019(1) 2019 2020

20% 20% 14%

Revenues

80% 80% 86%

Recurring Variables Recurring Variable Recurring Variables

35% 39%

Net Profit 56% 44% 65% 61%

Recurring Variables Recurring Variable Recurring Variables

Source: Company data (1): Average 2012-2018. 11 Azimut Positioning in the Market

Main KPIs versus selected listed Traditional and Alternative players

2020 Revenue Margin 2020 Net Profit Margin

1,8% 0,6% 0,6% 1,4%

0,8% 0,2%

Azimut Alternatives Traditionals Azimut Alternatives Traditionals

2020 Net New Money (as % of beginning AUM) 2015-2020 AUM CAGR

13,9% 12,6%

9,1% 7,7% 6,9% 6,2%

Azimut Alternatives Traditionals Azimut Alternatives Traditionals

Source: Company data and Factset. Traditionals include: Banca Generali, Banca Mediolanum, Fineco, Man Group, 12 Schroders, DWS, Amundi. Alternatives include: KKR, ICG, Blackstone, Carlyle, EQT A valuation perspective

Despite outperforming both Traditionals and Alternatives…

P/E 2021 P/E 2022

29x 28x 7.7x with €350mn Net Profit 10.6x with actual Consensus 21x 18x 18x 18x 16x 16x Avg. P/E 2021: 16.2x 15x 15x 16x

13x Avg. P/E 2022: 14.8x 13x 12x 13x 13x 12x 12x 12x 11x 11x 11X 10x 10x 8x

Fonte: Company data and Factset. 13 Group Inflows & AUM evolution

Record AUM and International Business reaching 34% of Total Total Assets breakdown (€bn) * Total Assets reaches record high of €70bn including the most recent acquisition of Sanctuary Wealth 69.9 International business stands at 34% of Total, record level for the Group 60.4 59.1 FY 2020 Net Inflows: €4.5bn, of which €3.7bn organic and €0.8bn M&A(1) 50.8 50.4 €1.4bn from Private Markets 43.6 Alternatives at end February 2021 up to 4% vs 3% end of 2020 36.7 Total Inflows Jan – Feb 2021: €1.3bn 30.0 (excluding Sanctuary) AUM breakdown (1):

Discretionary Portfolio Advisory 3% Management 11%

Life Insurance 23% Mutual Funds 59% Alternatives 4%

Source: Company data. Note (1): Figures referred to Managed Assets. 14 Private Markets: product suite overview

€2.2 bn of Total AuM, a growth of 3x vs. the beginning of 2020

# refers to number of deals (€AUM) #28(1) 436 #17

363 #2 277

#32 193 #8 #16 #3 154 150 128 133 #3 #7 #15 87 65 70 40

Venture Capital Private Credit Infra. / RE Private Equity

Source: Company data. 15 Note: Showing only fully closed funds and it doesn’t’ include others Private Markets Vehicles. Kennedy Lewis AUM is pro-rata for Azimut ownership (20%).(1) The current figure compared to the one of last quarter, excludes public names. Private Markets: product suite in the pipeline

Strong pipeline coming up to enhance our product offering and remaining ahead of the curve

Partnership/ AUM/ Target Investors/ Min. Fund Focus Status Managed Target AUM Investment

ALTO Equity & PIPE Azimut Investments Fundraising (UCITS) Unconstrained Retail (min. € ) ALTO Fixed Income

PE, minority stakes (PIR Azimut Libera Impresa Fundraising € mn Retail (min. € k) AZ Eltif Ophelia Alternative compliant)

AZ Eltif Capital PD, rescue financ. In partnership with Fundraising € mn Retail (min. € k) Solutions (PIR Alternative compliant) Muzinich

AZ Eltif Digital State-guaranteed loans Azimut Libera Impresa Fundraising € mn Retail (min. € k) Lending and commercial credits

FIA Private Debt PD, performing and non- Project Azimut Libera Impresa Fundraising € mn Retail (min. € k)

Multistrategy performing assets Synthetic Bank AZ Eltif Tactical Southern Europe Private In partnership with Fundraising € mn Retail (min. € k) Opportunities Equity Peninsula

Kennedy Lewis US Alternative / AACP / In pipeline for 2H ~$3bn TBD Fund III Opportunistic Credit Kennedy Lewis 2021

AACP Emerging US PE, PD and VC emerging Azimut Alternative In pipeline ~$500mn TBD Manager Fund managers Capital Partners

ALTO Future / Italia PIPE Azimut Investments In pipeline Unconstrained Retail (min. € )

AliCrowd VC, Crowdfunding Azimut Libera Impresa In pipeline € mn Retail (min. € k)

Further products in regulatory filing / product design phase expected to launch in 2021

Source: Company data. 16 Table of Contents

• FY 2020 Highlights 3

• Asset Management & Distribution 17

• International business 22

• FY 2020 Financials 30

• Summary & Outlook 34

• About Azimut 38

17 Azimut Net Weighted Average Performance to clients

Steady recovery from 2020 lows while delivering solid positive returns on a longer term horizon

15,00%

10,00%

5,00%

0,00%

-5,00%

-10,00%

-15,00%

Azimut Net WAP RiskFree

Source: Company data at 11/02/2021 and Bloomberg Risk free: MTSIBOTR Index. 18 Azimut Funds Performance

How our Funds performed against the Morningstar index so far

Equity Fixed Income

50,0% 8,0% 40,0% 6,0% 30,0% 4,0% 2,0% 20,0% 0,0% 10,0% -2,0% 0,0% -4,0% -10,0% -6,0% -20,0% -8,0%

Azimut MorningstarAzimut Morningstar Azimut MorningstarAzimut Morningstar

Allocation Alternatives (Commodities, ILS and Merger Arb) 15,0% 15,0% 10,0% 10,0% 5,0% 5,0% 0,0% 0,0% -5,0% -5,0% -10,0% -10,0% -15,0% -15,0%

Azimut MorningstarAzimut Morningstar Azimut MorningstarAzimut Morningstar

Source: Company data. 19 Global Private Markets division: today at €2.2bn of AUM

Achieved the €2bn target by 2020

AuM breakdown by category AuM breakdown by region

Real Estate - Venture Infrastructure SPAC Capital 9,6% 7,5% 2,0% US Private 22% Equity FoF 6,5%

Italy Private 82% Equity Private 25,3% Credit 49,2%

Source: Company data 20 Net Inflows – Azimut Group vs. Avg. Italian Industry

Group total Net New Money as % of AuM: consistently above Italian industry levels

Azimut Group Italian Funds’ Industry 25% 25% Azimut average: +11.5% 15% 15%

5% 5%

-5% -5% Industry average: -1.2%

-15% -15%

-25% -25% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Company out of Assogestioni monthly figures. Assogestioni excludes foreign operations. 21 Azimut includes consolidated numbers at Group level. Table of Contents

• FY 2020 Highlights 3

• Asset Management & Distribution 16

• International Business 25

• FY 2020 Financials 25

• Summary & Outlook 28

• About Azimut 31

22 Update on the Americas business

Strong growth in the US market, creating an integrated platform

+€7.2bn USA: 2020 Total Assets €5.0bn (Sanctuary) Private Markets (Azimut Alternative Capital Partners) 2020 Net Inflows €0.6bn Kennedy Lewis: (i) Fund II oversubscribed (AuM $ 2.15bn); (ii) 2H 2021: launch of Fund III ahead of schedule with initial target size of $3bn Pipeline: ongoing negotiations and scouting of new USA alternative managers Wealth Management: Mexico Sanctuary: (i) completed in February 2021, since announcing the deal in November 2020, AUM rose from €6bn to €7.2bn; (ii) 2021 outlook: strong pipeline and synergies development («integrated platform») Apice/Genesis: LATAM clients development Brazil: Extremely volatile market in 2020, integrated model shown Brazil resilience Chile Interest rates from > 10% to 2% pust the clients to review the asset allocation in favor of managed savings/equity exposure Mexico: The development of the integrated platform continues with FAs recruitment and the launch of local products Asset Management Distribution Growth in asset management competencies, almost Private Markets completed acquisition of KAAN

Nota*: include Sanctuary 23 Update on the EMEA (ex-Italy) business

EMEA delivered strong results

2020 Total Assets €5.0bn MENAT: 2020 Net Inflows €0.3bn Turkey: operating since 2012 with an integrated model, leader in independent asset management with a fund market share of c. 7% Asset Manager of the largest Islamic fund in the world: AuM Sukuk fund $ 600mn, AuM in the strategy $ 1.5bn Net inflows 2020 in local funds: $ 500mn Ireland Retained high profitability throughout the period

Luxembourg Egypt: Switzerland Turkey First independent company to launch Egyptian retail Monaco fund: AuM $ 30mn

Egypt Monaco/CH: Presence consolidation; in 2020 best financial results since UAE the inception of both businesses

Asset Management Distribution Private Markets

24 International – Asia-pacific

Singapore and Australia continue to deliver strong growth, China outperforming benchmarks

2020 Total Assets €7.0bn 2020 Net Inflows €1.8bn Asia: Cina/HK: Launch and management of domestic funds AZ Fund 1 Equity China + 52% since launch in 2020 vs. MSCI China + 34% Taipei:

Shanghai Extended presence, through financial Taiwan consultants and insurance brokerage Hong Kong Singapore: AuM at € 1 billion and ongoing growth of a network of private bankers Singapore Australia: AZ NGA expansion through M&A, organic growth and consolidation of practices. The JV business will continue in 2021

Australia

Asset Management Distribution

25 International presence evolution

A decade of expansion to achieve long term growth and diversification

1% 1% 2% 1%2% 1% 1% 2% 2% 1%

Italy USA USA 2010 100% 4% 4% Australia Australia 5% 5% Brazil Brazil 35% CH 5% 5% 35% CH Monaco Monaco 6% Turkey Turkey 6% Singapore China/HKSingapore Egypt China/HK International 15% 34% Mexico Egypt 15% UAE Mexico 24% Taiwan UAE Today 24% Taiwan Italy 66%

26 International Business Financials

Despite 2020 being highly impacted by FX and market volatility, results remain strong

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

20 160 147 140 16 120 12 100 80 8 60 40 4 20 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020

EBITDA(1) (€mln) EBITDA Margin

60 59 40% 40% 50 30% 40

30 20% 20 10% 10

0 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Company data. Note (1): Reclassified as per management accounts, excluding one-offs 27 and Perf. Fees. Red line and numbers include figures with performance fees Italy: our differentiating factors

Unique positioning in Italy, enabling Azimut to attract talent and deliver superior client services

Unique ➢ Manufacturing in-house products for the past 30 years in-house ➢ Unique suite no other network offers in Italy → superior products performance

➢ Compelling and growing private markets product mix Private offered to retail & institutional clients Markets ➢ By far the first mover in Italy

➢ The only Italy-based asset manager with local A true presence in 17 countries around the world Global reach ➢ Global team and products while leveraging on our local contacts and know-how to benefit clients ➢ Over 1/3 of Lux’s funds are ESG compliant ESG focus ➢ Azimut Foundation runs since 10 years, continuing to support local needs and communities

➢ Supporting entrepreneurs in extraordinary transactions Corporate ➢ Synergies with our private markets and wealth Finance management divisions

➢ All Financial Advisors are also long-term shareholders Alignment of ➢ Fully aligned interest: creating long term value for both Interest clients and shareholders

Source: Company data. 28 Italy: Financial Advisors

Hires in Italy: 210 new Financial Advisors with a diversified background and expertise

Focus on 2019/2020 Recruited Advisors (210 in total) FA by geographical area 81 81 76 78% of FAs 50 49 42 80% of AuM 30 16 5

Average Age Avg. Assets (€mn) % of Managed Assets 16% of FAs Millenials Financial Advisors Wealth Managers 17% of AuM A snapshot on the Italian overall Network (1,791 FAs)

91 90

53 53 47 6% of FAs

17 3% of AuM

Average Age Avg. Assets (€mn) % of Managed Assets Financial Advisors Wealth Managers

Source: Company data. 29 Table of Contents

• FY 2020 Highlights 3

• Asset Management & Distribution 17

• International business 22

• FY 2020 Financials 30

• Summary & Outlook 34

• About Azimut 38

30 Consolidated reclassified Income Statement (IAS/IFRS Compliant)

Income Statement

€/000 FY 2020 FY 2019 4Q 2020 4Q 2019 Entry commission income 10,123 6,133 2,985 2,012 Recurring fees 773,510 752,741 201,268 202,369 Variable fees 149,019 206,517 86,714 94,522 Other income 19,399 13,285 6,828 3,981 Insurance revenues 101,721 71,098 27,486 22,584 Total Revenues 1,053,771 1,049,774 325,281 325,468 Distribution costs (356,324) (379,776) (96,263) (96,948) Personnell and SG&A (211,717) (200,201) (55,424) (53,215) Depreciation, amort./provisions (29,067) (24,387) (8,379) (9,347) Operating costs (597,108) (604,364) (160,066) (159,510) Operating Profit 456,636 445,410 165,215 165,958 Interest income 7,556 16,936 11,304 4,660 Net non operating costs (7,761) 678 (3,885) 6,720 Interest expenses (17,106) (11,871) (4,270) (4,096) Profit Before Tax 439,351 451,153 168,365 173,241 Income tax (55,212) (58,413) (20,870) (35,441) Deferred tax 4,534 (6,491) 2,639 (8,697) Net Profit 388,673 386,250 150,134 129,103 Minorities 6,983 16,239 (1,389) 5,641 Consolidated Net Profit 381,691 370,011 151,524 123,462

Source: Company data 31 Net Financial Position (IAS/IFRS Compliant)

Net Financial Position

€/000 31/12/2020 30/06/2020 31/12/2019 Amounts due to banks: (44,782) (52,154) (59,491) Loan BPM (44,782) (52,154) (59,491) Securities issued: (851,805) (853,410) (852,475) Azimut 17-22 senior bond 2.0% (354,888) (351,155) (354,523) Azimut 19-24 senior bond 1.625% (496,917) (502,255) (497,952) TOTAL DEBT (896,587) (905,564) (911,966) CASH AND CASH EQUIVALENTS (41,560)927,119 (43,132)821,778 984,685 NET FINANCIAL POSITION 30,532 (83,786) 72,719

Lease Liabilities IFRS16 adoption (41,560)-11028 (43,132)-126918 (43,463) NET FINANCIAL POSITION (including IFRS16 impact) (11,028) (126,918) 29,256 NFP at the end of December includes mainly: € 1 euro p.s. dividend paid on May 20th 2020 (€138mn in total) → unlike almost every Italian financial services company €45mn for Buybacks, €168mln for M&A/Investments, €69mn for policyholders tax advance, stamp duties and mathematical reserves Treasury shares (not booked within the NFP) stand at 3.5% as of 31/12/2020 Lease liabilities do not constitute a cash item

Source: Company data 32 Capital Management & Returns to Shareholders

Average DPS of €1.4 per share paid annually throughout the latest 5-Year Business Plan

1,6 1,4 €1.33 1,2 2,73 1,0 2,64 0,8 DPS 0,6 €0.51 0,4 €0.15 0,2 2,00 0,0 1,86 1,68 1,50 1,50 1,31 1,30 EPS DPS Average Payout 1,21 1,17141% 150.0% 1,07 2.62 1,00 1,00 1,00* 0,91 119% 0,78 2.5 0,73 0,71 0,70 0,62 0,58 0,55 100.0% 81% 77% 0,34 0,32 60% 60% 0,25 0,25 2.00 2 0,2045% 0,201.86 0,1040% 0,15 0,10 29% 34% 31% 35% 38% 50.0% 21% 22% 1.68 1.50 1.50 1.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ('05 FY) ('06 FY) ('07 FY) ('08 FY)1.31('09 FY) ('10 FY) ('111.30 FY) ('12 FY) ('13 FY) ('14 FY) ('150.0% FY) ('16 FY) ('17 FY) ('18 FY) ('19 FY) ('20 FY) 1.21 1.17 1.07 Total ordinary dividend proposed: €1.0p.s.*1.00 1.00 1 0.91 Average DPS paid 0.78in the last 6 years: €1.33 p.s. (with an-50.0% average 82% payout) 0.73 0.71 0.70 0.62 0.58 Reconfirmed0.55 dividend/capital return policy: flexible use of cash (Dividend vs. Buybacks) while 0.5 0.34 0.32 maintaining an attractive return to shareholders -100.0% 0.25 0.25 0.20 0.20 0.15 0.10 0.10 Source: Company data 33 Note*: Subject to AGM approval 0 -150.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ('05 FY) ('06 FY) ('07 FY) ('08 FY) ('09 FY) ('10 FY) ('11 FY) ('12 FY) ('13 FY) ('14 FY) ('15 FY) ('16 FY) ('17 FY) ('18 FY) ('19 FY) Table of Contents

• FY 2020 Highlights 3

• Asset Management & Distribution 17

• International business 22

• FY 2020 Financials 30

• Summary & Outlook 34

• About Azimut 38

34 Summary & Outlook

Azimut today: main pillars of the equity story follows an integrated business model

✓ Consolidate presence ✓ Upside from large (wealthy) retail market Italy segment, weak traditional banking model and lack of Italian-based global asset Production manager offering products

✓ Continue growing and improving International/ efficiency with focus on profitability Emerging ✓ Upside from high-growth areas and diversification from Italy/Europe focus

✓ Scaling up business segment that aims to reach significant weight on overall Assets Private Distribution Markets ✓ Upside from more stable fee margins, longer term client retention and increased long term performance to clients

Source: Company data. 35 Summary & Outlook

Tackling key investor concerns

Concern / Status Uncertainty

✓ All Luxembourg-based funds switched into new yearly mechanism 1. Performance Fees ✓ P&L going forward will be much more recurring and AUM based

✓ Now reached 34% of Group Total Assets, generating profits and growing at a higher pace 2. International ✓ Diversification is and will prove to be a success factor for long term business development ✓ Focus on increasing Group contribution to EBITDA/Net Profit

✓ Developing private markets ✓ FA focused on adjusting exposure clients asset allocation 3. Italian business ✓ Efficiency improvement under way, keeping in mind Azimut is not a Bank and does not raise assets for the purpose of offering banking, insurance, other services

✓ Co-CEO structure is working well, key financial and business metrics at the highest level in the Group history 4. Top management ✓ Production and Distribution tied together proving to be the right business model structure ✓ Results achieved with strong commitment from Employees and Financial Advisors

Source: Company data. 36 Summary & Outlook

Going forward

Reinstate the €350 million Net Profit target for 2021 (under normal market conditions), based on the same strategy of 2020:

Strong Cost AUM Revenue Control Growth 350 Margin

Net Inflows for 2021 expected to be at least €4.5bn, of which approximately:

Core Private Italy Markets

International

Source: Company data. 37 Table of Contents

• FY 2020 Highlights 3

• Asset Management & Distribution 17

• International business 22

• FY 2020 Financials 30

• Summary & Outlook 34

• About Azimut 38

38 A diversified business model for sustainable, l/t growth Azimut. Integrated Distribution and Asset Management platform Emerging/International Public Markets Private Markets Markets

~€44bn ~€2.2bn ~€24bn

➢ Mutual Funds ➢ Private Equity, Private ➢ Local Asset Credit and Club Deals Management ➢ Separate Managed Accounts ➢ VC & Start-Ups ➢ Mutual Funds ➢ Unit Linked & Advisory ➢ R.E and Social Infra. ➢ SMAs

Total Assets Evolution (€bn) 2024E Assets Breakdown 69,9 59,1 60,4 Private Markets & Alternatives 50,4 50,8 International >15% 43,6 and/or Emerging 36,7 35% Markets 30,0 24,0 19,6 16,5 16,5 13,9 15,7 13,0 15,8 8,7 11,6 Traditional / 50%

Developed Markets

2009 2020 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2/2021 Source: Company data 39 Azimut international presence

Azimut overseas business stands at 34% of Total Assets at February 2021

Ireland Monaco Italy Switz. Brazil Lux. Turkey Australia Chile U.A.E. Egypt China Mexico Hong Kong USA Singapore Taiwan

Asset Management Distribution Private Markets

Source: Company data. 40 Private Markets division update

Private Market AUM Evolution A new business segment € bn aimed at generating additional long term performance to clients and returns for shareholders 10+

+7.8

2.2

0.6

2019 Today 2024

41 Azimut Group Structure Azimut Holding (Listed: AZM.IM) 100% AZ International Holdings(6) (2010) 100% 100% 100% 100% An Zhong (AZ) IM AZ Brasil Holdings AZ IM Singapore Katarsis CA (2011) (2013) (2013) (2011)

100% 81%

100% Azimut Investments(4) AZ IM HK 100%AZ IM AZ Quest Asset (1999) (2011) (2011) (2015) Management 62% 100% 100% AZ Swiss & Partners (5) AZ Sestante Azimut (ME) (2012) (2015) (2019)

100% 100% 100% 100% 100% Azimut Capital Azimut Portföy CGM-Azimut Monaco(3) Azimut (DIFC) AZ US Holdings Management (2004) (2011) (2011) (2017) (2015) 51% 100% 100% 83% AZ Sinopro FP AZ-México Holdings Azimut Egypt AM AZ Apice LLC (2013) S.A. de CV (2014) (2019) (2016) 100% 100% 100% 51% Distribution 100% Azimut Financial AZ Sinopro IP(2) Màs Fondos S.A. AZ Brasil Holdings Genesis LLC Insurance (2015) (2013) (2014) (2013) (2020) 100% 58% 90% 55% Azimut Brasil WM AZ Andes SpA AZ NGA Holding(1) Sanctuary Wealth (2015) (2014) (2015) Group(6) (2020)

100% Life Azimut Life Insurance (2003) 96.5% 100% Azimut Enterprises AACP (2019) Private (2014) Markets 100% Azimut Libera Impresa SGR (2014)

Source: Company data as at 31/12/2020. Note (1): Controls distribution companies M&O Consultoria, FuturaInvest and Azimut Brasil Wealth Management. Note (2): controls AZ Sinopro Insurance Planning. Note (3): Controls 100% of CGM Italia SGR. Note (4): 30% is owned by Azimut Capital Management and 19% by Azimut 42 Financial Insurance, both fully owned by Azimut Holding. Formerly AZ Fund. Note (5): controls SDB Financial Solutions. Note (6): Closed in Feb. 2021. Azimut Group business overview

Azimut Holding (Listed: AZM.IM) Life Private Markets Insurance Asset Management Distribution

Ireland Italy Luxembourg Italy Monaco Italy

Ireland Monaco Turkey Switzerland Luxembourg

EMEA Switzerland Turkey UAE Egypt

UAE Egypt

Hong Kong China Taiwan Australia

Singapore Australia Hong Kong Singapore

PACIFIC -

China ASIA

Brazil Mexico USA Brazil Mexico

Chile USA AMERICAS

Source: Company data 43 Azimut funds breakdown

Breakdown by asset class reflecting client behaviour and risk appetite

AuM by Category AuM by Underlying Asset

Fixed Equity Income 13,9% (12.0%) 42,2% Flexible (46.3%) 35,1% (36.0%) (39%) Money Market Foreign 8,9% Equity 42,2%

(9.3%) (36.5%) Total Equity: 46% Equity: Total Balanced 20,9% (21.2%) Cash 11,5% (12.9%)

Bond Italian Equity 21,1% 4,2% (21.5%) (4.4%)

Source: Company data at 31/12/2020 Note: Numbers in bracket refer to previous 44 quarter. Azimut funds breakdown

Breakdown of Equities and Fixed Income by Geography and type

Equities Fixed Income

UK 7,7% Asia-Pacific (5.6%) 6,4% Sovereigns North (7.9%) 12,0% (22.8%) Investment America Grade 29,6% 25,7% Securitized (25.3%) (29.5%) Emerging 2,3% 18,6% (11.5%) (13.7%)

Convertible 9,6% (6.3%)

Other 15,4% (14.8%) Hybrid 11,9% (11.6%)

Europe High Yield 26,2% (28.6%) 34,7% (31.5%)

Source: Company data at 31/12/2020 Note: Numbers in bracket refer to previous quarter 45 Azimut pre-IPO history

20+ years of growth and evolution

Pietro Giuliani and the most of the current top management join the company and start the As a result of the Bipop recruitment of top level restructuring, Azimut’s management buys out the professionals for the distribution Azimut’s Initial network (organised in 6 regional business backed up by Apax Partners. Approximately 700 Public Offering companies) and the fund (AZM.IM) on July managers team. people invested in the MBO, th completed in June 2002. 7 , 2004 Bipop-Carire The 6 regional Azimut is acquires Azimut, distribution established by which continues to companies merged Akros operate into Azimut Finanziaria independently. Consulenza SIM. 1990 1988 - 1998 2001 2002 2004 1992

Azimut Holding Management Apax Partners 20% and Promotori 65% 35% Azimut Azimut Azimut Azimut Azimut Azimut Piemonte Lombardia Triveneto Liguria-Toscana Adriatica Centro-sud Azimut Holding 80% 100% Promotori Azimut Consulenza SIM

46 Azimut post-IPO development

A dynamic Group at the verge of product and corporate innovation

New management Libera Impresa Strengthened and Obtained a team JV in Taiwan rationalized Turkey BBB Rating JV in Egypt and USA JV in Brazil Strengthened Brazil New Senior Bond Repricing recurring JV in China JV in Singapore Futurimpresa JV in U.A.E. fees Azimut IPO JV in Turkey Convertible bond (Private Equity) Share buybacks New financing Insurance: AZ Life JV in Monaco Azimut 2013-2020 Growing in Australia Strengthened CH Re-Launch of Private

(Ireland) JV in Switzerland 2.125% JV in Chile Expansion in Australia Markets

2012 2004 2010 2011 2013 2014 2015 2016 2017 2018 2019 2020

New Timone MBO AZ International Launch of JV in Mexico Strengthened Timone MBO Expand US Holdings participating Second Turkey JV Australia Strengthened (Private Market financial instruments JV in Australia Strengthened Brazil Australia AZ Swiss Expanded in & Distribution) Total Assets (€bn) Private Insurance Switzerland Acquisition of Out of the CRD IV Sanctuary regime 59,1 60,4

50,4 50,8 43,6 36,7 30,0 24,0 19,6 16,5 16,5 13,9 15,7 15,8 11,6 13,0

Source: Azimut 47 Product & Geographical diversification

A proven product and geographical diversification is ever more crucial

Italy Asia-Pacific EMEA Americas

Feb. 2021 66% 10% 7% 17% Total Assets

2020 40% 60% Net Inflows

Mutual Funds ✓ ✓ ✓ ✓

Separated Accounts ✓ ✓ ✓ ✓

Private Markets ✓ ✓ ✓

Source: Company data 48 International expansion – Turkey

2011: Start of a building block leading us to become the largest independent player in Turkey

In 2011 Azimut entered the Turkish market through AZ International Holdings S.A. (“AIH”) with the aim of growing on both the production and distribution sides AZ International Holdings of the business (2010) In October 2014 Azimut acquired 70% of Notus, a Turkish independent asset management company. Notus manages discretionary portfolio mandates for 100% Azimut Portföy individual and corporate clients ensuring diversified (Asset management & and efficient asset allocation plans across local and distribution) international markets. In December 2014 Azimut acquired 100% of AZ Global (renamed Azimut Portfoy) to continue its growth plans in Turkey In January 2015 Azimut reached an agreement to acquire 70% of Bosphorus Capital (later merged into Azimut Portfoy). In September/October 2015 Azimut announced the reorganization of it’s Turkish platform to extract stronger commercial synergies and operational efficiencies, concentrating it’s business in Azimut Portfoy The commercial and industrial integration within Azimut Portföy creates the Turkish largest independent player with a 5% market share

49 International expansion – Egypt

2019: Enter the Egyptian asset management industry

In 2019 Azimut entered the Egyptian market through AZ International Holdings S.A. (“AIH”) with the aim of growing on both the production and distribution sides AZ International of the business Holdings (2010) In January 2019 Azimut acquired 100% of Rasmala Egypt, a Egyptian independent asset management company. Rasmala Egypt manages conventional and Shariah compliant portfolio management in Egypt with 100% Azimut Egypt AM (2019) AUM of EGP 8.46bn (USD 474mn). The Company has a high quality team of portfolio managers and analysts with 10 investment professionals managing a range of strategies embedded in public funds and mandates for local Sovereign institutions, international Sovereign Wealth Funds, pension plans, public banks and HNWI. The team’s track record includes periods of extended instability and volatility for local markets with an overall 624% accumulated returns over the period 2005-June 2018 in local currency, well above 537% for EGX 30 and 324% on average for local funds. As of 2017 the Arab Bank Corporation Equity Fund, managed by Rasmala Egypt, ranked first for 3, 5 and 6 years performance

50 International expansion – Switzerland

2011: Start of a building block to create an independent asset management player AZ Swiss & Partners was established in 2012 and, on January 2016 following the acquisition of Augustum AZ International Opus, has received the authorization from the FINMA, Holdings S.A. (2010) the Swiss Financial Market Supervisory Authority, to operate under a LICol license. In June 2016 AZ Swiss acquired the business of Sogenel Capital Holding S.A., which will form a new division 100% Katarsis CA within AZ Swiss to be headed by Sogenel’s current (2011) founder and CEO. In June 2017, AZ Swiss acquired the entire equity capital of SDB Financial Solutions S.A. (“SDB”), which 51% AZ Swiss & Partners (2012) will operate as a subsidiary of AZ Swiss and will continue to be headed by SDB’s current management 100% team. With this second acquisition and its organic growth strategy AZ Swiss has achieved total AuM of SDB Financial almost € 2bn) as of December 2017. Solutions S.A. (2017) With these acquisitions AZ Swiss is starting to deploy its strategy based on: (i) the management of mutual funds (both UCITS and FIA) and discretionary portfolios; (ii) the distribution of funds to qualified investors (HNW and institutional clients); (iii) the consolidation of independent asset managers and private bankers in Switzerland to grow an independent wealth management platform.

51 International expansion – Brazil

2013: Azimut enters LATAM with a JV in the Brazilian asset management market

In 2013 Azimut acquired 50% of Legan (later merged into AZ International Holdings S.A. AZ Quest) focused on asset management (2010) In 2014, Azimut acquired 50% of AZ FI Holding (later increased to 100% and renamed Azimut Brasil Wealth 100% Management Holding). AZ Brasil Holdings Ltda (2013) Azimut Brasil WM Holding controls M&O (financial services through advisory on asset allocation, funds selection and financial education) and FuturaInvest 90% 81% (dedicated to asset management services through AZ Quest Azimut Brasil WM funds of funds and managed accounts). (2015) Holding S.A. (2015) In February 2015 Azimut acquires a 50% stake in LFI (later renamed Azimut Brasil WM), focused on WM In April 2015 Azimut acquired a 60% stake in award- M&O Consultoria Ltda 100% winning Quest Investimentos, focused on equity (2013) products and one of Brazil’s best-performing managers. In Q2 2020, Azimut completed a corporate restructuring FuturaInvest Gestão de 100% integrating production and distribution Recursos Ltda (2013) Local partners switched shares in their respective AM and WM businesses into shares of a Azimut Brasil Wealth 90% newly set up Holding entity controlling a fully integrated Management (2015) platform. Azimut increased it’s stake in AZ Quest to 81%.

52 International expansion – Mexico

2014: Azimut expands LATAM with a JV in the Mexican market

On 17th June 2014 Azimut through its subsidiary AZ International Holdings S.A. (“AIH”) acquired 82.14% of Profie S.A. (renamed AZ Mèxico) a Mexican holding AZ International company controlling the entire equity capital of Más Holdings (2010) Fondos S.A. (“Más Fondos”), Mexico’s largest pure independent asset management distribution company. Through this partnership, Azimut and Más Fondos will cooperate to develop an integrated platform centred on a proprietary financial advisors network working in an 100% AZ-Mèxico Holdings open-architecture environment to exploit the growth S.A. de CV. (2014) potential of the Mexican market. In 2015 Azimut increased its stake in Màs Fondos (to 94%), reaffirming commitment to build a fully integrated 100% platform Màs Fondos S.A. On the 2nd January 2017 Mas Fondos started fund (2014) management operations in Mexico with the launch of two local products and an additional one being launched in the 2H 2017. The launch of the first two funds is allowing us to continue building an integrated platform and increase overall profitability. At the 30th of June about 25% of Mas Fondos asset are managed on the two funds.

53 International expansion – USA

2015: Enter the USA asset management industry

In 2015 Azimut entered the US market with the set up of AZ Apice, focusing on wealth management AZ International targeting HNW and leveraging our Latin America Holdings (2010) presence. In 2020, this segment was further 100% strengthened by the acquisition of Genesis

AZ US Holdings Investment Advisors (2015) In 2019 Azimut entered the US private markets

83% AZ Apice LLC space through Azimut Alternative Capital Partners (2016) (AACP), investing minority GP stakes in alternative asset managers 97% AACP (2019) AACP completed its first deal in July 2020 20% with the acquisition of a 20% stake in top ➢ Kennedy Lewis tier Private Credit manager Kennedy Lewis (2020) In Nov. 2020 Azimut announced the acquisition of 51% Genesis LLC (2020) a 55% stake in Sanctuary Wealth, leading wealth management firm focused on aggregating elite 55% Sanctuary Wealth Financial Advisors across the US with $7.4bn AUM. Group (2021) The deal completed in Feb. 2021.

54 International expansion – China / HK

2010: Definition of a frame agreement with local entrepreneurs/partners

An Zhong (AZ) Investment Management in Hong Kong is the Holding company. Azimut, through the Holding AZ International Holdings company, oversees the operating subsidiaries and has (2010) relocated 3 Senior PMs from Luxembourg. Azimut manages one of the largest RMB fund in the world 100% Through the operating subsidiaries Azimut aims at creating a regional hub and developing local production An Zhong (AZ) IM (2011) and distribution of asset management products and investment advisory services with a focus on qualified investors.

100% In June 2018, AZ Investment Management (Shanghai) has been granted registration as Private Fund Manager (PFM) An Zhong (AZ) IM HK (2011) by the Asset Management Association of China (AMAC) - a self-regulatory organization that represents the mutual fund industry of China. Azimut is the first eurozone based 100% asset manager to have obtained the license, assigned to a limited and selected number of international asset AZ Investment managers. Management (2011) The license will allow Azimut’s subsidiary to launch, manage and offer onshore investment products to institutional and high net worth investors (HNWIs) in Mainland China.

55 International expansion – Taiwan

2013: Azimut widens its Asian presence with a JV in the distribution business in Taiwan

On 27th June 2013 AZ International Holdings S.A. AZ International Holdings (“AIH”) and An Ping Investment (later renamed (2010) AZ Sinopro Financial Planning), a Taiwanese holding controlling the entire capital of Sinopro Financial Planning Taiwan Limited (“Sinopro”), signed an investment and shareholders agreement to start a partnership in the 51% AZ Sinopro FP distribution of asset management products in (2013) Taiwan. In particular, Azimut purchased 51% of An Ping Investment’s capital from its existing shareholders for an investment of ca. € 3mn to finance the 100% AZ Sinopro Investment business development activities, and has also Planning Ltd (2013) call/put option rights. The partnership increases Azimut presence in the 100% Asian market together with a strong and AZ Sinopro Insurance dedicated financial planning and distribution Planning Ltd (2015) partner, which will contribute in developing the financial knowledge and will respond to planning and financial consulting needs of Taiwanese investors

56 International expansion – Singapore

2013: Azimut signs a JV with a Singapore based asset management company On 2nd October 2013 Azimut and Athenaeum Ltd, a Singapore independent asset management company, have signed an investment and shareholders agreement to start a partnership in AZ International the local market. Holdings S.A. (2010) Azimut initially purchased 55% of Athenaeum’s corporate capital through a capital increase, which was employed to finance the business plan. Through this partnership, Azimut and Athenaeum will aim at maximising the potential of Athenaeum’s 100% AZ Investment existing funds and develop an internal sales Management Singapore (2013) structure to service institutional and HNWI investors in South East Asia. In addition, the partners will work to leverage these asset management competences via Azimut international presence and clients. In January 2016 Azimut acquired the remaining 45% to extract stronger commercial synergies and operational efficiencies abroad. The local partners agreed to continue working together over the long term to grow the business in Singapore and focus on managing the local products as well as cultivating relationships with family offices and HNWI in the region.

Based on a US$/€ exchange rate of 1:0,74 57 International expansion – Australia

2014: Azimut signs an agreement to enter the Australian asset management market

AZ International Holdings S.A. rd (2010) On November 3 , 2014, Azimut acquired a 93% stake in Next Generation Advisory (“NGA”), an Australian based newco established with the 100% AZ Sestante (2015) purpose of consolidating financial planning businesses providing asset allocation and advisory services to local retail, HNW and institutional clients. 58% AZ Next Generation The business plan targets to reach AUD 7.6bn of Advisory (2014) All 100% consolidated AuM (ca. €5.3bn) in the next 12 years The Australian wealth management industry is the ➢ Eureka Whittaker ➢ Empowered ➢ Wealthmed (2017) Macnaught (2015) Financial largest market in the Asia Pacific region and the 4th ➢ FHM (2017) Partners (2016) ➢ Pride Advice (2015) largest in the world. Australia has one of the world’s ➢ Henderson Maxwell ➢ Wealthwise (2016) ➢ Lifestyle Financial (2017) leading pension system (Superannuation), which Planning ➢ Priority Advisory ➢ McKinley Plowman has underpinned the growth of the Australian asset Services (2015) Group (2016) (2018) management industry. ➢ Financial Lifestyle ➢ Sterling Planners ➢ Spencer Fuller & Partners (2015) (2016) In August 2015, a majority stake (76%, later Associates (2019) ➢ Wise Planners ➢ Logiro (2016) increased to 100%) was acquired in Ironbark Funds ➢ Henderson Matusch (2015) ➢ On-Track (2016) in Australia (2020) Management (RE) Ltd (renamed AZ Sestante), a ➢ Harvest Wealth ➢ MTP (2017) company operating as trustee and manager of (2015) ➢ PnP (2017) Australian mutual funds, necessary to launch and ➢ RI Toowoomba (2016) offer funds locally.

Based on a AUD/€ exchange rate of 1:0,6948 Note: the AZ NGA controlling structure is a summarized 58 representation International expansion – Monaco

2011: Entered the Monaco market with (initially) a 51% stake

On 10th May 2011 Azimut through its subsidiary AZ International Holdings S.A. (“AIH”) signed a binding frame agreement with CGM AZ International Holdings (Compagnie de Gestion privée Monegasque); (2010) the acquisition of a 51% stake has been completed on 30th December 2011.

The partnership added new competences to 100% CGM-Azimut Monaco Azimut Group targeting UHNWI also thanks to (Asset management) CGM’s operating subsidiary in Italy.

100% Current CGM management entered Azimut’s shareholders’ agreement. CGM Italia SIM (2011) In 2016, Azimut reached an agreement to acquire the remaining 49% as of 31/12/2017

59 Azimut’s shareholder base

Total shares issued: 143.3m Timone: a strong agreement for l/t commitment

Advisors, employees and management Timone Fiduciaria represents the shares of over Participants 2,000 individual shareholders (FAs, employees, organised in separate areas managers working for Azimut) tied up in a strong 3 years automatically renewed unless the shareholders’ agreement. Duration absolute majority of the voting rights refuses. In June 2018, more than 1,200 participants of the Already renewed in 2016 and 2019 shareholders agreement invested a total of € 100 Part of each participant’s shares are locked million in Azimut shares, thereby further increasing following a table based on the tenure it’s partnership stake, now at 21% of share capital within the Agreement. The residual can be sold at any time but subject to pre-emption right amongst other participants. The price for this transfer is a 30 days rolling average. 3,5% Years matured(1) % of locked Share lock-up 21,8% shares < 3 75% 3 - 6 66%

Treasury Shares 6 - 9 33% > 9 25% 75% Timone Fiduciaria

Free Float A share trust includes 100% of the voting rights of the participants. Governance A committee is responsible for managing and monitoring the participants’ obligations and rights under the agreement

Source: Azimut, Dec. 2020 60 Note (1): since receiving the shares The 2018 Timone Leveraged Buy-Out

In June 2018 completed the most significant investment in Azimut Holding stock since the IPO

✓ Timone strengthened it’s stake in Azimut Holding Key Metrics from 15.8% to 20.7% at €14.4 avg share price ✓ Participation of more than 1,200 colleagues from 14 countries worldwide Debt Transaction ✓ LBO: financed 50% through equity raised by €50m Summary Timone members and 50% through bank debt, ̴ 7mln Azimut shares

secured by a pledge on shares acquired and a €155m : €100m : cash collateral  ✓ Peninsula joined the deal acquiring at ̴ 5% stake acquired settlement ca. 3.8m shares (2.7% of share Equity capital) Timone €50m

✓ Strengthen and provide additional stability to Azimut governance with strong and renewed ̴ 3.8mln Azimut shares

commitment to the market €55m Total Investment: Investment: Total ✓ Provide additional levered upside to existing % stake acquired Strategic (younger) Timone members, considering the Peninsula ̴ 2.7 Rationale stock is significantly undervalued Shareholding structure: ✓ Messages reinforced by the involvement of a leading financial investor (Peninsula) sharing the Pre (10 May 2018) Post (10 May 2018) same view 9% 20.7% 23.3% 15.815%% ✓ January 2018: Transaction announced ✓ June 2018: Transaction completed Timeline ✓ February 2020: fully repaid debt financing at 75% Timone level through an ABB @ €23.7 per share 75%76% (2x virtual return) with the remaining shares fully locked-in

Source: Company data 61 One step ahead: Azimut initiatives in context

Undisputed leader in corporate and product innovation thanks to a unique business model

Banca Generali, Banca Fideuram, FinecoBank International 2010 2017 expansion

FinecoBank Integrated Asset Management & 1989 2017 Distribution model

Banca Mediolanum Private Markets & Corporate 2014 2017 Finance

Banca Mediolanum

Blockchain and 2015 2017 new technologies … who’s next?

62 Summarized Azimut product offering

A balanced and complete product offering, focused on innovation and performance

Italian Equity Brazil Trend Egypt Commodity Commodity Japan European Equity Alpha CEEMEA European Real Plus Asia Absolute HIGHER RISK HIGHER Global Quality Trend Absolute Equity OptionsEquity Options New World Opportunities Global Target Funds Azimut Turkey Small Cap Growth Income Opportunities China Long Term Europe FoF Global Income Sukuk European America Borletti Global Multistrategy AZ Eltif – US Short Dynamic Long/short Ophelia Term Bond Balanced Europe AZ Eltif – Capital Alternative – Capital Global Italian Global Macro Solutions Quant Infrastructure Excellence Conservative RMB Funds Enhanced Funds* Funds Smart Risk Hybrid Bonds Premia Bond Target Arbitrage Conservative Euro Aggregate Funds Short Term Macro Volatility Global Core Brands Income Conservative Sustainable Dynamic Cat Bond Fund Allocation Global Equity Plus Eskatos

Munis Yield LOWER RISK LOWER

CLASSIC INNOVATIVE Fixed Income Alternative Equity Balanced Commodity

Note: for illustrative purposes only, may not be not exhaustive. Does not include FOF, Multiasset, Private Markets. Note*: Including 63 QBond, Qinternational. Source: Azimut as of 31/12/2020 Strong, consistent growth trends

Continuous growth throughout the decade in different market cycles

Total Assets (€bn) Net Inflows (€bn)

60.4 59.1 6.8 6.7 6.5 50.4 50.8 5.6 43.6 4.6 36.7 4.4 4.5 30.0 3.2 24.0 19.6 15.7 15.8 16.5 16.5 1.9 13.9 13.0 1.5 1.6 1.5 11.6 1.2 1.2 7.2 8.7 0.9 1.1 0.5 0.1

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Clients ('000) Financial Advisors 220 220 218 1,7881,791 208 1,747 198 1,6371,638 1,576 187 1,524 1,477 173 1,3791,3901,396 160 163 154 156 1,2551,289 148 145 149 1,205 135 1,117 120 947 109 881 101 780

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: Company data. 64 2009-2020 A beta stock with a strong P&L

Solid financial performance (€mln)

Rec. Fees Var. Fees SG&A Other Costs Rec. Margin Var. Fees 240

200 135

160 120

120 105

80 90 40 75 - 60 -40 45 -80 30 -120 15 -160 0

Operating Profit Net Profit 180 160

160 140

140 120 120 100 100 80 80

60 60

40 40

20 20

0 0

Source: Company data as of 31/12/2020 65 Note: 2014, 2017 and 2018 Net Profit excludes one-offs Contacts & Corporate calendar

Investor Relations Contacts Upcoming events

Vittorio Pracca ➢ 29 April 2021: Annual General Meeting Tel. +39.02.8898.5853 Email: [email protected] ➢ 13 May 2021: Board of Directors approval of 1Q 2021 Results Galeazzo Cornetto Bourlot Tel. +39.02.8898.5066 ➢ 29 July 2021: Board of Directors approval of 1H Email: [email protected] 2020 Results www.azimut-group.com ➢ 11 November 2021: Board of Directors approval of 9M 2021 Results

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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