TIP - Star Conference - march 2012

1
Star Conference 2012
March 27th – 28 th, 2012

28 SETTEMBRE 2010
March 27th – 28th 2012
2
TAMBURI INVESTMENT PARTNERS (T.I.P.) IS AN
INVESTMENT/MERCHANT BANK FOCUSED ON STRATEGIC
MERGERS & ACQUISITIONS AND PROACTIVE EQUITY INVESTMENTS
IN EXCELLENT AND REALLY GROWING COMPANIES.

28 SETTEMBRE 2010
3
 TIP has extensive experience with "excellent“ entrepreneurs and mid cap
companies leader in the respective markets, listed and not listed
 At present TIP owns stakes in 9 world leaders and 3 continental leaders
 TIP has very peculiar skills / experience in “strategic” corporate finance
 TIP is a listed company, not a private equity fund
 TIP is indipendent from any group and has a unique network
 through the “club deal” formula, TIP 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
Tip business model is unique:

28 SETTEMBRE 2010
4
Investment strategy
 TIP invests in companies not only featuring forefront positions in their
respective markets but also demonstrating willingness for growth
 TIP 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 for outstanding mid cap companies
 TIP can take majority/control stakes through coinvestments and club deals
with particularly skilled partners
 TIP does not operate through leveraged buy outs
 TIP does not pretend guaranteed way-outs since has a real medium - long term
perspective

28 SETTEMBRE 2010
5
Investment strategy
 TIP 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
 TIP prefers dedicated capital increases aimed at M&A and/or investments
 TIP normally leaves the management to the existing top management

28 SETTEMBRE 2010
6
Structure of group
INTERNATIONAL
PRESENCE
MAIN LISTED COMPANIES MAIN NON LISTED
COMPANIES
CLUBTRE
(PRYSMIAN)
GRUPPO IPGH
(INTERPUMP)
DATA HOLDING
(B.E.E. TEAM)
BORLETTI GROUP
(PRINTEMPS)
IMA
NOEMALIFE
DIASORIN
OTHER STRATEGIC
ACTIVITIES
 mergers &
acquisitions
 ipo & opa
 advisory
BOLZONI
SERVIZI ITALIA
NH HOTELES
ZIGNAGO VETRO
AMPLIFON
DE’ LONGHI
DAFE 4000
(INTERCOS)
MONRIF
- china
- india
- corea
- hong kong
- vietnam
- thailand
- taiwan
M&C
DATALOGIC
DELCLIMA
VALSOIA
- Canada
- U.S.A.
- Germany
- Holland
- France
- Sweeden
- Portugal
- U.K.
- Spain
- Switzerland
- India
- Brasil
-- Poland
- Germany

28 SETTEMBRE 2010
7
Assets available
20
(3)
150
capital
increase
Cash in
from
warrant
exercise
(estimate)
7 year
convertible
bond
40
169
Fully
guaranteed
Partially
guaranteed
377
Direct
Potential
Assets
Investments book
value as at
December 31st
2011
Net debt as
31st 2011
€ 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
For example funds
“attracted” in club deals
(i.e. Prysmian, Interpump,
Datalogic)
Total Euro ≈ 500 m
- Diasorin;
- Treasury
shares
(1)
1
Post
December
31st 2011
investments

28 SETTEMBRE 2010
151.2 149.1
197.7
175.2
31.2
41.9 41.6
-3.0
-50.0
0.0
50.0
100.0
150.0
200.0
250.0
31/12/2008 31/12/2009 31/12/2010 31/12/2011 23/03/2012E
Shareholders' Equity Cash available
Equity and liquidity available
€mln
*Consolidated
** First Estimate (unaudited) based on increases/decreases of stock market prices of listed investee companies
*
40
Convertible
bond
8
Results Dec 2008 – Dec 2011
205
Estimated
shareholders
equity** at
23/03/2012

28 SETTEMBRE 2010
9
Investments 2009 – 2011
8,9
73,6
43,0
-21,5 -23,6
-2,1
-40,0
-20,0
0,0
20,0
40,0
60,0
80,0
2009 2010 2011
Investments Divestments
Investments and divestments
€mln

28 SETTEMBRE 2010
2.04%
2.81%
0.00%
2.41% 2.32%
2,54%
4.44%
2.88%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
2006 2007 2008 2009 2010 2011
Dividend yield (%)
Distribution of treasury shares (est. yield %)
Distribution of warrants (est. yield %)
3,4
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
2005 2006 2007 2008 2009 2010 2011
Revenues from advisory business
€mln
10
Results 2005 – 2011
Revenues from advisory activity
3,4
6,6
7,4
6,2
3,2
5,8
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
2005 2006 2007 2008 2009 2010
Revenues from advisory business
€mln
Profit before tax
**Pre write-offs.
***Net after write-offs.
*
*Consolidated – Net of intercompany.
4,8
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
2005 2006 2007 2008 2009 2010 2011
Profit before tax
€mln
-19,2
**
***
Average
5,4
Average
7,9
Yield after IPO
Average
3,2%
****
****Calculated on the basis of the dividend proposed by the BoD on TIP share price as at March 15th 2012
9.86% In March 2010 TIP distributed more than 4,4 million
treasury shares and 13,3 million of warrants.
TIP has a general meeting resolution to
continue to purchase on the market
treasury shares

28 SETTEMBRE 2010
11
Free treasury shares
and warrants
distribution
TIP performance from January 1,2010
TIP Shares
TIP*
+35.2%
FTSEMIB
-30.0%
MSCI FINANCIALS
-20.8%
Small Cap IT
-30.1%
IT Star
-2.5%
* the performance of TIP is adjusted for free assignment, in March 2010, of over 4.4 million of treasury shares to TIP shareholders and the free
assignment of 3 warrants for each treasury share received.

28 SETTEMBRE 2010
12
TIP performance from January 1,2011
TIP Shares
TIP
+10.8%
FTSEMIB
-19.3%
MSCI FINANCIALS
-14.6%
Small Cap IT
-23.6%
IT Star
-4.4%

28 SETTEMBRE 2010
13
TIP Shares
Dea Capital
–53,4%
Sopaf
–95,0%
Intek
–49,7%
Mittel
–64.3%
TIP*
–8,4%
Mid Industry
–64,5%
Cape Live
–93,6%
* the performance of TIP is adjusted for free assignment, in March 2010, of over 4.4 million of treasury shares to TIP shareholders and the free
assignment of 3 warrants for each treasury share received.
TIP performance vs comparables from IPO

28 SETTEMBRE 2010
0,90
0,95
1,00
1,05
1,10
1,15
1,20
1,25
1,30
1,35
1,40
Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12
14
Portfolio performance
(January 1, 2010 – March 23, 2012)
Theoretical performance
of the current listed equity
 Theoretical performance of TIP portfolio has been construed assuming a weight of each
participation on the total investment equal to the current one. Indirect investments in
listed companies (i.e. Prysmian, Interpump and Bee Team) have been considered pro-quota.
+25,3% In the period from TIP
IPO and also from
1/1/2010 most of the
European investment
funds focused on
Italian equities had
performances lower
than those of TIP and
of TIP portfolio of
listed equities.

28 SETTEMBRE 2010
15
TIP VOLUMES
Average volumes
2011 – March 2012
/000

28 SETTEMBRE 2010
16
Main investee companies
Average
Ebitda margin
of 17.5%
Signal of
excellence
Companies results' (€
mln)
Revenues Var. % Ebitda Var. % Ebitda margin
FY
2010
FY
2011
FY
2010
FY
2011
FY
2010
FY
2011
Amplifon 708,1 827,4 +16,8% 96,9 144,5 +49,1% 13,7% 17,5%
Bee Team 75,4 88,9 +17,9% 8,1 10,1 +25,0% 10,7% 11,4%
Bolzoni 93,5 115,8 +23,9% 6,5 9,1 +40,6% 6,9% 7,9%
Datalogic 392,7 425,5 +8,4% 49,8 59,2 +18,9% 12,7% 13,9%
De' Longhi 1.626,3 1.807,8 +11,2% 194,6 235,8 +21,2% 12,0% 13,0%
Diasorin 404,5 440,0 +8,8% 167,1 190,0 +13,7% 41,3% 43,2%
IMA 503,3 669,2 +33,0% 59,6 85,4 +43,2% 11,8% 12,8%
Interpump Group 424,9 493,3 +16,1% 74,1 95,0 +28,2% 17,4% 19,3%
NH Hoteles 1.334,8 1.428,3 +7,0% 147,8 202,4 +36,9% 11,1% 14,2%
Printemps(1)
950,5 1.065,1 +12,1% 86,1 117,9 +36,9% 9,1% 11,1%
Prysmian(2) (3)
4.571,0 7.583,0 +65,9% 387,0 568,0 +46,8% 8,5% 7,5%
Servizi Italia (2)
195,1 197,0 +1,0% 56,8 59,3 +4,4% 29,1% 30,1%
Zignago Vetro 264,9 291,2 +9,9% 70,7 76,9 +8,8% 26,7% 26,4%
MEDIA +17,8% +28,7% 16,2% 17,5%
(1)
FY data related to march 31 st
2011 (2)
Data related to the Adjusted Ebitda comunicated by the company; (3)
Draka results
consolidated for the period March 1 st
- December 31 st
2011

28 SETTEMBRE 2010
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 Most of them reached remarkable growth and record profitability during 2011
 Most of them are gaining market share and demonstrating their strong
leadership on respective market / segment
 All of them are acquisitive / ready for faster growth on international markets
 With all of them TIP relationships are excellent and proactive
 All of them are very well managed
Main investee companies

28 SETTEMBRE 2010
18
 Main scenario continues to be not at all encouraging
 The results of many companies suggest that there may be some good
opportunities
 TIP is ready to promote aggregations, also “crisis driven”
 Private equity and difficult IPOs continue to generate opportunities
 TIP continuously analyzes many dossiers, mostly about non listed companies
New investments

28 SETTEMBRE 2010
19
 The top management has about 7% of the capital and has substantially increased
his stake during 2011
 Several important entrepreneurial families represent the biggest portion of
TIP’s shareholding structure
 The main institutional investors are: Assicurazioni Generali, Azimut, Kairos
Shareholders

28 SETTEMBRE 2010
20
 The last investment has been in Intercos:
 Worldwide leader in cosmetics / make up – 2010 sales around € 250 mln
with 14% Ebitda
 Excellent / unique portfolio of international clients
 Very strong investments in R&D and Innovation (more than 450 people)
 Direct presence in strategic markets (USA, China, Italy, Switzerland,
France)
 Very committed entrepreneur and Excellent management
 TIP purchased 18% of Dafe 4.000, one of the holdings through which the
Ferrari family controls Intercos, for about € 9 mln;
 Possible IPO within 3-5 years
Intercos

28 SETTEMBRE 2010
21
 Another recent investment has been in Amplifon:
 Global leader
 Business in significant growth
 Deep presence all over the World
 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
Amplifon

28 SETTEMBRE 2010
22
 Clubtre owns about 6.2% :
 Is the nr. 1 worldwide with about €8 bln of sales est. in 2012
 Has an excellent territorial differentiation for production and R&D
 Produces energy cable for the 90% and telecom cable for the10%
 Is a public company (Clubtre is the single biggest shareholder)
 Has an excellent management
 TIP owns a stake of 35% in Clubtre, an s.p.v. incorporated together with two
relevant shareholders of TIP (Angelini and d’Amico families)
 At the end of December 2011 the equity of Clubtre is around €120 mln and
total investment around € 170 mln
Prysmian

28 SETTEMBRE 2010
23
 Another significant investment concerns Printemps, the famous french
department store group:
 TIP stake doubled during 2010
 Continuous revenues growth
 Interesting “club deal” with a possible divestiture during 2012 or 2013
 Strong confidence in the management capabilities
 Revenue of €1,065 mln and Ebitdar* of €117.9 mln in year ended 31/03/2011
Printemps
*Earnings before interests, taxes, depreciation, amortization and rent

28 SETTEMBRE 2010
24
 Good M&A activity in 2011 (among which Valsoia – santa rosa, Angelini – Bertani,
Datalogic - Accusort)
 Little dependence from private equity
 No activity related to financial restructurings
 Advisory for arbitrations/surveys/valuations always interesting
 Support to families/groups about generational transitions
Advisory activity

28 SETTEMBRE 2010
25
M&A ranking
2000 – 2010 2010
Company N. of deals
1 Rothschild 368
2 Lazard 297
3 Mediobanca 290
4 KPMG 245
5 Deloitte & Touche 218
6 Tamburi & Associati 204
7 Banca IMI 186
8 JP Morgan 164
9 Nomura / Lehman Brothers 146
10 Morgan Stanley 127
11 Unicredit Investment Banking 125
12 Bank of America Merril Lynch 123
13 Credit Suisse 120
14 Ernst & Young 114
Source: Lombard
Company N. of deals
1 Mediobanca 48
2 Deloitte & Touche 27
3 Lazard 24
4 Banca IMI 22
5 Unicredit Investment Banking 18
6 Rothschild 17
7 Credit Suisse 13
8 KPMG 12
9 Tamburi & Associati 10
10 Deutsche Bank 9
11 PricewaterhouseCoopers 9
12 JP Morgan 8
13 BNP Paribas 8
14 Vitale & Associati 7
Source: Lombard

28 SETTEMBRE 2010
In march 2012 TIP acquired a 30% stake in Gatti & Co. through a reserved capital increase.
Gatti & Co. is a very well established financial advisory boutique located in frankfurt with a
consolidated experience in the German market.
The agreement, perfectly in line with TIP international expansion strategy, was finalized with
the objective of promoting m&a deals between italy and germany.
Gatti & Co. was founded in 2009 by Lorenzo Gatti, an Italian / German banker with over twenty
years of experience in the German M&A market, where he has been Partner of Drueker & Co.
and Managing Director of Leonardo & Co. Since its inception, Gatti & Co. has mainly been
focusing on cross-border M&A transactions between Germany and Italy.
Through this agreement TIP has further increased its presence on the German market, which is
particularly important for the Italian industrial sector and, more specifically, for clients
and investee companies of TIP.
TIP aims also at further increasing its capability to identify suitable investment opportunities
on the German market.
26
Gatti & Co.

28 SETTEMBRE 2010
TIP owns a 30% stake of Palazzari & Turries Ltd, a well established investment bank based in
Hong Kong, which has a consolidated experience in Asian markets.
Thanks to this investment TIP is able to enlarge its services and:
 support Italian and foreign companies to enter Far East markets (China, India and other
emerging South East Asian countries);
 choose and screen the right local operating partners and build sound relationships
with local authorities;
 M&a transactions in the Asian markets;
 develop and manage local commercial and industrial activities;
 offer local corporate, fiscal and banking support.
website: www.palazzari.com
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
27
Palazzari & Turries

28 SETTEMBRE 2010
 TIP is one of the founder 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, Brazil, Switzerland, Sweden, Estonia, Latvia, Brasil and India.
 Members of CFI are several independent advisory firms, with a remarkable experience in
M&A on medium-size companies, locally and cross-border, based in: Amsterdam,
Barcelona, Breme, Cardiff, Chicago, Lisbon, Cleveland, Detroit, Dusseldolf, Paris,
Madrid, Rotterdam, Stockholm, Tallin, Riga, S. Paulo, Toronto, Zurich and Mumbai,
Warsaw.
28
Corporate Finance International

28 SETTEMBRE 2010
29
 Excellent and unique network of Shareholders, Investee companies, Clients,
Team
 Good and constant profitability
 Proven soundness of TIP and investee companies
 several up-sides due to the quite high “intrinsic value”
 Demonstrated capability to spot really excellent companies and to positively
interact with investee companies to foster shareholder value
Conclusions
TEAM
Clients
SHAREHOLDERS
INVESTEE
COMPANIES

28 SETTEMBRE 2010
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
28/02/03
31/05/03
31/08/03
30/11/03
29/02/04
31/05/04
31/08/04
30/11/04
28/02/05
31/05/05
31/08/05
30/11/05
28/02/06
31/05/06
31/08/06
30/11/06
28/02/07
31/05/07
31/08/07
30/11/07
29/02/08
31/05/08
31/08/08
30/11/08
28/02/09
31/05/09
31/08/09
30/11/09
28/02/10
31/05/10
31/08/10
30/11/10
28/02/11
31/05/11
31/08/11
30/11/11
29/02/12
Datalogic FTSEMIB STAR
30
from TIP first investment
to March 23, 2012
DIVIDEND
(0,06€)
*Rebased following the stock split occurred on 08.05.2006 at a split ratio of 4:1
DIVIDEND
(0,035€)
ACQUISITION OF
DATASENSOR
DIVIDEND
(0,07€)
ACQUISITION OF
INFORMATICS
DIVIDEND
(0,045€)*
ACQUISITION OF
LASERVALL
ACQUISITION OF
ALIEN TECHNOLOGY
DIVIDEND
(0,055€)*
ACQUSITION OF
PSC
CAPITAL INCREASE
DIVIDEND
(0,15€)
DATALOGIC*
+212,3%
FTSEMIB
-29,2%
ACQUISITION OF
Accu-Sort Systems
AQUISITION OF
PPT Vision
ACQUISITION OF
EVOLUTION ROBOTICS
IT STAR
+41,3%

28 SETTEMBRE 2010
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
23/07/2003
23/09/2003
23/11/2003
23/01/2004
23/03/2004
23/05/2004
23/07/2004
23/09/2004
23/11/2004
23/01/2005
23/03/2005
23/05/2005
23/07/2005
23/09/2005
23/11/2005
23/01/2006
23/03/2006
23/05/2006
23/07/2006
23/09/2006
23/11/2006
23/01/2007
23/03/2007
23/05/2007
23/07/2007
23/09/2007
23/11/2007
23/01/2008
23/03/2008
23/05/2008
23/07/2008
23/09/2008
23/11/2008
23/01/2009
23/03/2009
23/05/2009
23/07/2009
23/09/2009
23/11/2009
23/01/2010
23/03/2010
23/05/2010
23/07/2010
23/09/2010
23/11/2010
23/01/2011
23/03/2011
23/05/2011
23/07/2011
23/09/2011
23/11/2011
23/01/2012
23/03/2012
Interpump FTSEMIB IT STAR
31
from Tip first investment
to March 23, 2012
ACQUISITION OF
COVER
warrants distribution
FIRST INVESTMENT OF
TIP
DISPOSAL OF IP
CLEANING
ACQUISITION Of
CONTARINI
ACQUISITION OF
OLEODINAMICA PANNI
EXTRAORDINARY
DIVIDEND (0,2€)
CANCELLATION OF
TREASURY SHARES
CANCELLATION OF
TREASURY SHARES
DIVIDEND
(0,11€)
DIVIDEND
(0,12€)
DIVIDEND
(0,13€)
ACQUISITION OF
HAMMELMANN
DIVIDEND
(0,15€)
EXTRAORDINARY
DIVIDEND (0,69€)
DIVIDEND
(0,18€)
ACQUISITION OF 90%
STAKE IN NLB
EXTRAORDINARY
DIVIDEND (0,23€)
ACQUISITION OF
MODENFLEX
ACQUISITION OF
HS PENTA
DIVIDEND
(0,20€)
CAPITAL INCREASE
49,8 €M
ACQUISITION OF
Galtech
INTERPUMP*
+96,5%
FTSEMIB
-33,5%
ACQUISITION OF
Takarada
ACQUISITION OF
MTC
IT STAR
+32,5%

28 SETTEMBRE 2010
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
0.22
0.24
0.26
14/12/2007
14/02/2008
14/04/2008
14/06/2008
14/08/2008
14/10/2008
14/12/2008
14/02/2009
14/04/2009
14/06/2009
14/08/2009
14/10/2009
14/12/2009
14/02/2010
14/04/2010
14/06/2010
14/08/2010
14/10/2010
14/12/2010
14/02/2011
14/04/2011
14/06/2011
14/08/2011
14/10/2011
14/12/2011
14/02/2012
M&C FTSEMIB MSCIFinancials STAR
32
from SeconTip first investment
to March 23, 2012
29/04/2010
PROPOSAL OF RESERVES
DISTRIBUTION OF
€0,62/SHARE 10/08/2009
DISTRIBUTION OF RESERVES
OF €0,62/SHARE
24/11/2010
AGREEMENT FOR THE DISPOSAL OF
16.872% STAKE IN M&C HELD BY TIP
AT A PRICE OF €0,215/SHARE
03/07/2009
M&C FIRST SHAREHOLDER OF
TREOFAN FOLLOWING GROUP’S
RESTRUCTURING
07/08/2009
RE-LAUNCH OF
PTO BY MI.MO.SE
08/08/2009
RE-LAUNCH OF PTO BY TIP
09/07/2009
PUBLIC TENDER OFFER
(“PTO”) LAUNCHED BY TIP
01/10/2008
ACQUISITION OF LUIGI
BOTTO GROUP
30/04/2010
COMITAL DISPOSAL
* Adjusted to reflect the distribution of reserves of € 0.62 per share
21/12/2010
DISPOSAL OF 16.872%
STAKE IN M&C HELD BY TIP
EXECUTED
24/11/2010
PER ANNOUNCES
MANDATORY TENDER OFFER
AT A PRICE OF €0,215 PER
SHARE. AT CONCLUSION OF
THE TENDER OFFER PER
HOLDS A 53,28% STAKE
7/06/2009
PUBLIC TENDER
OFFER LAUNCHED BY
MI.MO.SE
M&C*
+89,3%
FTSEMIB
-57,6%
MSCI
Financials
-57,0%
STAR
-24.1%

28 SETTEMBRE 2010
33
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 2011 the group achieved 827.4 mln euro of
turnover and 144.5 mln euro of Ebitda.
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 tip first investment
2
0
1
1
2
0
1
2
28/03 Amplifon Germany
Acquires aftercare
business for Sanomed
customers from
William Demant Holding
16/01 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

28 SETTEMBRE 2010
Dataholding 2007 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 2011 B.E.E TEAM achieved 88,9 mln euro of
turnover and 10,1 mln euro of Ebitda, showing
significant improvement with respecto to 2010.
web site: www.beeteam.it
34
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

28 SETTEMBRE 2010
Bolzoni Auramo Group is the second largest
producer worldwide of fork lift truck
attachments and material handling.
total turnover and 9.1 mln euro of Ebitda.
35
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
8/04 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
36
web site: www. delonghi.com
De’ Longhi Group is one of the world leaders in
the manifacture and sale of products for air
conditioning, air treatment, heating, kitchen
appliances, coffee making, house cleaning and
ironing.
During 2011, prior to the spin-off transaction of
the DeLclima activities, the group achieved about
1,807.8 mln euro of turnover and 243.7 mln euro
of adjusted Ebitda.
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
02/01 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..

28 SETTEMBRE 2010
37
web site: www.del-clima.com
DeLclima is one of the main European players in the
field of centralized systems for air conditioning,
heating, ventilation and air treatment (B2B
business). The company is also active in the
production and distribution of radiators.
During 2011 the company achieved about 389.2 mln
euro of turnover and 32.1 mln euro of Ebitda.
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).
web site: www.datalogic.com

28 SETTEMBRE 2010
38
web site: www.diasorin.com
DiaSorin is one of main global operators in the
development, production, and distribution of
immunoreagent kits and relative equipment for
clinical diagnostics.
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 2010 the group achieved about 245 mln
euro of turnover.
web site: www. intercos.com

28 SETTEMBRE 2010
39
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.
During 2011 IMA achieved 669.2 mln euro of
turnover and 91.6 mln euro of adjusted Ebitda.
2
0
1
1
21/10 IMA approved the
merger plan for IMA
S.p.A. to absorb IMA Life
S.r.l., a subsidiary that
specializes in the
production of automatic
machines for the
processing of
pharmaceutical products
in aseptic and non aseptic
environments. The merger
is part of the project to
simplify the corporate
structure, the purpose
being to improve the
operational and
organizational structure
of IMA.
2
0
1
2
21/12 Completion of the
demerger of RC S.p.A. ,
wholly owned indirectly
through Corazza S.p.A.
The demerger allocates
the pressed soup cube
production line business
to Corazza S,p.A. and the
packaging machine
refurbishing business to
Naturapack S.r.l. (both
companies are
controlled by IMA). The
demerger is part of the
project to simplify the
corporate structure of
IMA

28 SETTEMBRE 2010
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
40
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, power
take-offs and hydraulic pumps.
web site: www.interpumpgroup.it

28 SETTEMBRE 2010
41
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.
During 2011 the group achieved 248 mln euro of
total turnover and 21 mln euro of Ebitda.
2
0
0
5
30/3 EGA Emiliana
Grandi Alberghi S.r.l.
disposal of Bologna
property, the real estate
of Hotel Internazionale,
for about €21,5m
11/11 Monrif and
Poligrafici Editoriale
disposal of the 9.23%
stake held in Dada S.p.A.
with a capital gain of
about €13m
2
0
0
9
2
0
1
0
12/3 IPO of Poligrafici
Printing
28/7 approval of the
merger of Monrif
Investimenti e Sviluppo
S.r.l. in Monrif S.p.A. with
the goal of simplifying
the organizational
structure of the Group.

28 SETTEMBRE 2010
42
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.
During 2011 Noemalife achieved (without Medasys)
48.5 mln euro of turnover and 9.1 mln euro of
Ebitda.
web site: www.noemalife.com
2
0
0
7
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
2
0
0
8
2
0
0
9
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
2
0
1
1

28 SETTEMBRE 2010
Borletti Group, of which TIP 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
43
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.
During 2011 the group achieved 1,428.3 mln euro
of total turnover and 202.4 mln euro of Ebitda.
web site: www.nh-hoteles.com

28 SETTEMBRE 2010
44
ClubTre S.r.l. (35% Tip) 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.
During 2011 the Group achieved total pro-forma
revenues of about 7.6 billion euro and a pro-forma
Ebitda of 568 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

28 SETTEMBRE 2010
45
Servizi Italia is the leading national provider of
integrated services for hiring, washing, sterilizing
and logistics of textiles and surgical instruments
for healthcare sector.
turnover and 59.3 mln euro of Ebitda
web site: www.si-servizitalia.com
2
0
0
7 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
company active in the
industrial laundry
services.
2
0
0
8
2
0
1
0
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

28 SETTEMBRE 2010
46
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.
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
Zignago Vetro Group is one of the world leaders
in the production of glass containers for the
cosmetics, perfume and food - beverage sectors
During 2011 the group achieved 291.2 mln euro
of turnover and 76.9 mln euro of Ebitda.
web site: www.zignagovetro.com
47
2
0
1
0
21/7 Vetreco, an
environmentally focused
company for the
treatment of recicled
glass in center and
southern italy, is formed
from an initiative between
ardagh glass s.r.l, saint-
gobain vetri s.p.a., and
zignago vetro s.p.a
2
0
1
1
3/3 Zignago Vetro has
purchased around 79%
of Huta Szkla Czechy, a
Polish manufacturer of
glass containers for the
cosmetics and perfumery
and food and beverage
industries

28 SETTEMBRE 2010
48
Shareholders’ structure and target price
Current shareholders’ structure
Recent analysts consensus
Brokerage House Date Recommendation
Target
price
Closing
price
Premium vs
closing price
Fidentis Equities 28/04/2011 Buy 1,75 - 1,85 1.460 19,86% - 26,71%
Equita S.I.M. 12/12/2011 Buy 1.75 1.430 22.38%
Integrae 23/12/2011 Buy 2.10 1.450 44.83%
Cheuvreux 21/03/2012 Buy 1.85 1.547 19.59%
Integrae 26/03/2012 Buy 2.20 1.575 39.68%
TARGET PRICE

28 SETTEMBRE 2010
Selection of advisory transactions 2011
49
IN THE TRANSACTION THE BUYERS
HAVE BEEN ASSISTED BY
TERMINE, IN QUALITA’ DI REGISTA, DA
TAMBURI & ASSOCIATI
HAS ACQUIRED IN EXECUTION OF A «CONCORDATO
PREVENTIVO» PROCEDURE A CARVE-OUT OF
TAMBURI & ASSOCIATI
HAS ACQUIRED FROM DANAHER GROUP A 100%
STAKE IN
AND CERTAIN OF ITS AFFILIATES IN THE TRANSACTION THE BUYERS
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
TAMBURI & ASSOCIATI
HAS ACQUIRED THROUGH THE SUBSCRIPTION OF A
RESERVED CAPITAL INCREASE A 45% STAKE
(RELATIVE MAJORITY STAKE) OF

28 SETTEMBRE 2010
Selection of advisory transactions 2009 / 2011
50
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
ACQUIRED A 100% STAKE IN
IN THIS TRANSACTION THE SELLERS
TAMBURI &ASSOCIATI
ACQUIRED A 100% STAKE IN
IN THIS TRANSACTION THE SELLERS
TAMBURI & ASSOCIATI
ACQUIRED A MAJORITY STAKE IN
THE FRENCH COMPANIES
IN THIS TRANSACTION THE BUYERS
TAMBURI & ASSOCIATI

28 SETTEMBRE 2010
Selection of equity capital market deals
PTO
Jolly Hotels
IPO
d’Amico International
Shipping
PTO
Data Service
residual PTO
Jolly Hotels
51

28 SETTEMBRE 2010
52
Attachments – Profit & Loss account
Profit & Loss account (€ ) 2009 % 2010* % 2011** %
Revenues from services 3.225.161 90,6% 5.775.917 94,4% 5.468.717 96,5%
Other revenues 335.678 9,4% 341.825 5,6% 201.127 3,5%
Total revenues 3.560.839 100,0% 6.117.742 100,0% 5.669.844 100,0%
materials, services and other costs (1.641.736) -46,1% (1.444.849) -23,6% (1.544.312) -27,2%
Personnel and other costs (2.666.404) -74,9% (4.286.822) -70,1% (3.511.563) -61,9%
Operating profit (loss) (747.301) -21,0% 386.071 6,3% 613.969 10,8%
Net financial income 1.698.244 47,7% 7.428.834 121,4% 2.566.456 45,3%
Profit before adjustments to investments 950.943 26,7% 7.814.905 127,7% 3.180.425 56,1%
profit of equity-accounted investments and
business combination
722.068 20,3% 3.423.338 56,0% 1.385.437 24,4%
Net fair value losses on available for sale
financial assets
(132.381) -3,7% (52.575) -0,9% (1.185.074) -20,9%
Profit before tax 1.540.630 43,3% 11.185.668 182,8% 3.380.788 59,6%
Taxes (515.122) -14,5% (955.418) -15,6% (748.964) -13,2%
Profit of the year 1.025.508 28,8% 10.230.250 167,2% 2.631.824 46,4%
*Consolidated data
**Individual data

28 SETTEMBRE 2010
53
Attachments – Balance sheet
Balance sheet (€ ) 31-Dec-09 31-Dec-10* 31-Dec-11**
Property, plant and equipment 92.975 67.780 99.094
Goodwill 9.806.574 9.806.574 9.806.574
Investments in associates measured using the equity method 31.470.790 40.878.172 39.075.244
Investments in associates measured at fair value 8.085.000 8.085.000 8.085.000
Available-for-sale financial assets 44.861.908 91.048.989 103.396.305
Trade receivables and other 820.343 950.465 444.127
Loans and receivables 0 10.810.873 18.571.117
Total non current assets 95.137.590 161.647.853 179.477.461
Trade receivables 1.693.891 1.052.379 2.001.713
Current financial assets 41.545.831 34.344.835 13.650.997
Loans and receivables 12.129.393 10.096.362 0
Cash & cash equivalents 424.285 680.238 206.043
Other current assets 184.109 168.755 104.039
Total current assets 55.977.509 46.342.569 15.962.792
Total assets 151.115.099 207.990.422 195.440.253
Share capital 55.484.944 69.959.372 70.744.156
Reserves 107.591.839 117.479.726 100.045.636
Losses carried forward (15.051.532) 0 1.741.051
Profit for the year 1.025.508 10.234.991 2.631.824
Total equity 149.050.759 197.674.089 175.162.667
Employment benefits and deferred tax 331.661 1.217.117 578.484
Total non-current liabilities 331.661 1.217.117 578.484
Trade payables 343.232 650.665 397.597
Loans 54.166 3.500.027 16.897.220
Tax liabilities 85.903 1.947.832 434.061
Other liabilities 1.249.378 3.000.692 1.970.224
Total current liabilities 1.732.679 9.099.216 19.699.102
Total liabilities 2.064.340 10.316.333 20.277.586
Total Equity and liabilities 151.115.099 207.990.422 195.440.253
*Consolidated data
**Individual data

28 SETTEMBRE 2010
54
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

TIP - Star Conference - march 2012

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