1. September 18th 2013
1
Paris - September 18th 2013

2. September 18th 2013
Would you invest in a Group that…
 Holds active stakes in 8 worldwide leaders in their respective sectors ?
 In the last 10 years realised capital gains in about 80% of divestments ?
 Has a market capitalization of about 60% of its portfolio’s «value» ?
 Invested approx. 63% of assets in technology, luxury and third age ?
 Regularly pays a dividend of about 2.5% per year ?
 From 1.1.2010 has generated a total return of about 65% ?
 Has recently multiplied by 5 an investment in an unlisted group ?
2
Why ?

3. September 18th 2013
Furthermore
 Has regularly performed – on the stock market – much better than many
«comparable» indices and funds for many years
 The main portfolio companies are «global players» and strong exporters
 Is among the most liquid stocks of Italian listed small – mid caps
 Management’s compensation is significantly correlated to performance
 Has attracted most of the Italian dynamic entrepreneurial families
 Is really «public» and contendible
 Is a network absolutely unique
3
Why ?

4. September 18th 2013
4
Potential
 In the last ten years T.I.P. has invested – including direct equity, club
deals and margin loans – about 1.1 billion euro
 Considering the positive interaction with most of its shareholders, T.I.P.
today «oversees» the investment of more than 800 million euro among
participations and securities and has demonstrated to be able to raise
huge amounts of funds through club deals also due to its track record
 From 2010 up today – during the worst period of European «crisis» –
T.I.P. has invested 471 million euro considering direct equity, co-
investments and margin loans

5. September 18th 2013
5
Strategy
 European mid-sized companies with real leadership positions and
outstanding potential – and demonstrated willingness – to grow
 Support the entrepreneurs in accelerating the development and
contribute to the progressive appreciation of their companies
 Possibility to get also control stakes, with qualified partners
 No guaranteed way-outs and real long term perspective
 No leverage buy-out, antithesis to real development

6. September 18th 2013
Structure
* Italian leaders
European leaders
6
CLUBTRE
(PRYSMIAN)
GRUPPO IPGH
(INTERPUMP)
NOEMALIFE Mergers and
acquisitions
 Initial public
offerings (IPO)
 Takeover bids
Advisory
Estimates and
valuations
BOLZONI
SERVIZI ITALIA
AMPLIFON
DAFE 4000
(INTERCOS)
MONRIF
- china
- india
- Korea
- hong kong
- vietnam
- Thailand
- taiwan
DATALOGIC
VALSOIA
- Canada
- U.S.A.
- Germany
- Holland
- France
- Sweden
-- Poland
-Portugal
-U.K.
-Spain
-Switzerland
-India
-brazil
- Germany
M&C
(treofan)
Unlisted
companies
Advisory International
network
Listed companies
*
*
DATA HOLDING
(Be) *
Worldwide leaders
Financial advisory boutique based in
Frankfurt (30% T.I.P.)
Financial advisory boutique based in
Hong Kong (30% T.I.P.)
Partnership among M&A advisory companies
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
CLUBSETTE
(Moncler)
TXR S.R.L.
(Roche Bobois)

7. September 18th 2013
Main investee companies
Average
Ebitda margin
higher
than15%
Evident
signalof
excellence
and
«resilience»
*Companies that reached record results in 2012
7
T.I.P. appointed members in the B.o.D. of:
Amplifon, Bolzoni, Datalogic, Interpump, Roche Bobois, Ruffini Partecipazioni and Prysmian
%
Change
%
Change
6m
2012
6m
2013
6m
2012
6m
2013
6m
2012
6m
2013
* Amplifon S.p.A. 407.4 409.2 0.4% 62.3 55.3 -11.2% 15.3% 13.5%
Bolzoni S.p.A. 115.8 119.1 2.8% 9.1 9.5 3.7% 7.9% 7.9%
* Datalogic S.p.A. 236.9 218.8 -7.6% 40.6 26.2 -35.5% 17.1% 12.0%
* Interpump Group S.p.A. 279.2 280.5 0.5% 59.0 54.0 -8.5% 21.1% 19.3%
Moncler S.r.l.(1) 513.4 623.8 21.5% 118.1 170.0 44.0% 23.0% 27.3%
* Prysmian S.p.A. 3,916.0 3,622.0 -7.5% 308.0 282.0 -8.4% 7.9% 7.8%
* Servizi Italia S.p.A. 104.0 104.9 0.8% 30.6 30.1 -1.6% 29.4% 28.7%
Roche Bobois Group(1) 250.3 243.2 -2.8% 18.1 19.6 8.3% 7.2% 8.1%
Average 16.1% 15.6%
(1) FY 2011 and 2012 data
Revenues Ebitda Ebitda margin

8. September 18th 2013
Technology
Luxury
Third age
Other
Liquidity
Assets valuation as at 31.8.2013
Book value Consensus estimate
T.I.P. mid-term intrinsic value estimates
€285 mln €373 mln
€435 mln
8
Moncler
Roche
Bobois
Amplifon
Prysmian
InterpumpDatalogic
Noemalife
Be
Intercos
Other
Liquidity
Moncler
Roche
Bobois
Amplifon
Prysmian
InterpumpDatalogic
Noemalife
Be
Intercos
Other
Liquidity

9. September 18th 2013
Assets available
20
36
150
Capital
increase
Cash in from
warrants
exercise*
(estimate)
Partially
guaranteed
508
Investments book
value as at
30.6.2013
Current
assets
available as
at 30.6.2013
€ M
Multiple of
availability
≈ 1.5 € bln
Up to 3 times in
hypothesis of
club deals like
Prysmian
≈ 2.5 / 3.0 € bln
Up to 5 / 6
times in
hypothesis of
club deals like
Interpump and
Datalogic
43
Investments
post
30.06.2013
9
246
53
Credit lines
Investments
made
3
Capital gains
(43)
Data in euro million
* 1,90 strike price as at June 2014 and 2.0 as at June 2015
As at June 30th 2013 Printemps’
book value has been increased to
39 million euro; after, the
participation was sold for about
42 million euro
Direct
potential
assets

10. September 18th 2013
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
6.9%
29.5%
"Investment companies" index T.I.P.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
4.0%
14.7%
"Investment companies" index T.I.P.
10
Portfolio dynamism
T.I.P is an active investor with great flexibility and a dynamic management
of its portfolio compared to similar listed investment companies
 T.I.P. is much more dynamic compared to the main Italian holding
companies: Camfin, CIR, Cofide, Dea Capital, Exor, KME and Italmobiliare.
*August 2013 data have been updated just for T.I.P. The “Investment companies” index refers to 2009-2012 period
Average annual disinvestments
on non current assets of the
previous year (2009-August 2013)*
Average annual investments
on non current assets of the
previous year (2009-August 2013)*

11. September 18th 2013
5.8
5.5
4.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2010 2011 2012
11.2
3.4
10.1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2010 2011 2012
Results
11
After 31.12.2012:
 In May T.I.P. distributed
a dividend of 0.041
euro (+17% vs. previous
dividend).
 Between 1.1 and
31.8.2013 T.I.P.
acquired 3.4 mln
treasury shares.
 From 1.1 to 31.8.2013
T.I.P. warrants
registered an increase
of about 195%.
Revenues from advisory Profit before taxes
€ mln € mln
average
5.3 Average
8.2
Note: as at 31.8.2013 T.I.P. registered revenues equal to 4 million euro,
of which just 1 million has been already accounted for on 30.6.2013

12. September 18th 2013
14.83%
7.19%
0.94%
22.32%
2.54%
2.41%
2.35%
2.59%
4.44%
2.88%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2010 2011 2012 2013
Rendimento % da assegnazione gratuita di warrant
Rendimento % da assegnazione gratuita di az. proprie
Dividend yield %
Performance titolo TIP nell'esercizio
Returns for the shareholder
2010 – 31.8.2013*
12
In March 2010 T.I.P. freely
distributed about 4.4 million
shares and 13.3 million warrants
2010 – 8/2013
Average annual return %
+15.6%
Vs Ftse Mib
-7.0%
24.7% 9.6% 24.9%
* Returns are related to the year of distribution
3.3%
14.83%
7.19%
0.94%
2.41%
2.35%
0.00%
5.00%
10.00%
15.00%
2010 2011 2012
Yield % from free warrants assigned
Yield % from free treasury shares assigned
Dividend yield %
T.I.P. stock performance during the year
Euro 31.08.2013
Dividends distributed 18,077,045
Buy back 11,416,538
Total 29,493,582

13. September 18th 2013
Hypothesis 2013 dividend
13
At year end – following the conclusion of
Printemps’ disposal – the top management of
T.I.P. will propose to the B.o.D. to pay for 2013
a «double dividend»
In any case the total return* from 1.1.2010
was equal to 65.4% compared to the FTSE
MIB that has lost the 28.2%
* Sum of the returns deriving from treasury shares and warrants distribution, dividend yield and stock performance, even
without taking into account the increase in value of treasury shares

14. September 18th 2013
1H 2013
 Acquisition – through club deal – of a 14% stake of Ruffini Partecipazioni S.r.l.,
a company holding a 32% stake in Moncler Group + liquidity
 Beginning of the disposal of the stake in Borletti Group Finance S.C.A., with
cash in of about 42 million euro to be realised within 31.12.2013
14
 Acquisition of about 20% stake of the Roche Bobois Group
 Capital increase of Noemalife (II phase)
 Several M&A deals already concluded

15. September 18th 2013
15
Focus on Printemps
 In 2006 T.I.P., together with a group of investors coordinated by the Borletti
family, acquired an indirect stake in the capital of Printemps, the second most
important department store chain in France
 In 2010 T.I.P. has been the only shareholder that almost doubled its stake
 On July 31st 2013 the agreement for the disposal was finalised
Printemps was acquired from the Pinault Group and, after the acquisition, huge
investments have been made
Description Date €'000
A Investments*
Oct - 06 /
Mar 08
-4,285
B Investments* Sep - 10 -4,380
C Expected cash in** Jul 13 ~42,000
D=A+B
+C
Total cash in and cash out ~33,300
Theoretical money multiple 4.8x
Theoretical IRR 37.3%
Cash in and Cash out
*Capital, fees, financing and purchase of receivables
**Under liquidation; indicative data

16. September 18th 2013
16
Focus on Interpump
 In 2003 T.I.P. made the first investment, through a club deal
 In 2007 T.I.P., together with the co-investors, incorporated Gruppo IPG Holding
S.r.l. to which they all sold their stakes
 Now IPG Holding controls Interpump with about 27% of the capital
On homogenous basis a direct investment in Interpump shares, in the same period,
would have generated an IRR of about 15%
Description Date €'000
A Total investments*
Jul - 03 / Sep
13
-43,100
B Total proceeds**
Jul - 03 / Sep
13
33,018
C=A+B Total cash in and cash out
Jul - 03 /
Sep 13
-10,082
IPGH investment value*** 45,544
Theoretical money multiple 4.5x
Theoretical IRR 20.8%
Cash in and Cash out
*Shares purchases, capital increases and loan granted
**Disposal of shares, dividends and refunds
***Valuation based on T.I.P. internal estimates

17. September 18th 2013
1.200
1.250
1.300
1.350
1.400
1.450
1.500
1.550
1.600
1.650
1.700
1.750
1.800
1.850
1.900
1.950
2.000
2.050
2.100
2.150
2.200
2.250
Volumi TIP TIP Listed Portfolio
Portfolio performance
17
Performance of T.I.P. vs. listed portfolio performance
– including Printemps – from 31.12.2011 to 31.8.2013
2012
dividend
As at 31.8. 13
D T.I.P. listed
portfolio of
≈€65 mln
+
≈€33 mln (Printemps)
=
≈€98 mln(2)
T.I.P.
T.I.P. listed portfolio
T.I.P. stock volumes
(1)«T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period
(2)The figure represents the difference between the «market value» of T.I.P. listed portfolio as at 31.8.2013 and as at 31.12.2011,
which has been adjusted to take into account the capital gain realised on Borletti Group/Printemps participation’s disposal
2011
dividend

18. September 18th 2013
1.200
1.250
1.300
1.350
1.400
1.450
1.500
1.550
1.600
1.650
1.700
1.750
1.800
1.850
1.900
1.950
2.000
2.050
2.100
2.150
2.200
2.250
2.300
2.350
31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13 31-Aug-13
Volumi TIP TIP Listed Portfolio
Portfolio performance
18
Performance of T.I.P. vs. listed portfolio performance
– including Printemps – from 31.12.2012 to 31.8.2013
(1)«T.I.P. portfolio» performance is weighted taking into account the actual amounts invested by T.I.P. during the relevant period
(2)The figure represents the difference between the «market value» of T.I.P. listed portfolio as at 31.8.2013 and as at 31.12.2012,
which has been adjusted to take into account the capital gain realised on Borletti Group/Printemps participation’s disposal
2012
dividend
As at 31.8. 13
D T.I.P. listed
portfolio of
≈€28 mln
+
≈€33 mln (Printemps)
=
≈€61 mln(2)
T.I.P.
T.I.P. listed portfolio
T.I.P. stock volumes

19. September 18th 2013
49,326
108,639
142,836
342,827
13
45
68
147
0
20
40
60
80
100
120
140
160
0
40,000
80,000
120,000
160,000
200,000
240,000
280,000
320,000
360,000
2012 Last year Last 6
months
Last month
T.I.P. average volumes (as at 31.8.2013)
Block / Out of the market trading volumes not included
*Source: Bloomberg. Number of exchanges per day are available starting from 2.4.2012
19
T.I.P. is one of the most
liquid mid-cap companies
on the Italian market
Average volumes
Average number of daily trades*
Recent analysts’
consensuses
Brokerage
house
Date
Target
price
Equita 9-Aug-2013 2.11
Integrae 8-Aug-2013 2.50
Average 2.31

20. September 18th 2013
T.I.P. shares
Performance of some European stock indices
vs. T.I.P.* from 1.1.2010 to 31.8.2013
20
STOXX
EURO SM
+31.9%
MSCI EUR
+15.3%
MSCI SM
+43.6%
FTSE MIB
-28.2%
T.I.P.
+46.6%
IT STAR
+24.2%
FTSE ITALIA
SM
-42.9%
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
TIP MSCI Eur IT Star FTSE Mib MSCI Small Cap FTSE Italia Small Cap Stoxx Euro Small 200
Source: Bloomberg
*T.I.P. performance is adjusted taking into account (i) the allocation, during March 2010, of more than 4.4 million treasury shares to T.I.P. existing
shareholders and (ii) the allocation of 3 warrants combined to each treasury share received

21. September 18th 2013
T.I.P. shares
Performance of Italian market main comparables
vs. T.I.P.* from 1.1.2010 to 31.8.2013
Source: Bloomberg
*T.I.P. performance is adjusted taking into account (i) the allocation, during March 2010, of more than 4.4 million treasury shares to T.I.P. existing
shareholders and (ii) the allocation of 3 warrants combined to each treasury share received
21
T.I.P.
+46.6%
DEA CAPITAL
+2.1%
KME/INTEK
-5.4%
ITALMOBILIARE
-41.4%
CIR
-41.2%
MITTEL
-56.9%
MIDINDUSTRY
-73.5%
CAPE LIVE
-82.3%
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
TIP KME/Intek Dea Capital MidIndustry C. CIR Mittel Italmobiliare Cape Live

22. September 18th 2013
22
Unique network of shareholders, investee companies, clients
and team
To sum up
Cooperation, synergies and
sharing of efforts / targets
allow to reach:
An excellent and constant
profitability
Several up--sides related to the
high intrinsic value
Proven soundness of T.I.P. and
its investee companies
T
e
a
m
All this together with a significant investment capability
Investee
companies
Clients
Shareholders

23. September 18th 2013
Investor Relator
Alessandra Gritti
Via Pontaccio 10, 20121 Milano
Tel. n.(0039) 02 – 8858801, Fax. n.(0039) 02 – 8900421
email: gritti@tamburi.it
www.tipspa.it
23