2007FY RESULTS. Our drivers: flexibility and long-term value creation. Milan, March 13 th, 2008

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1 2007FY RESULTS Our drivers: flexibility and long-term value creation Milan, March 13 th, 2008

2 2007 FY Results Summary 2007 Highlights 2007 Asset Management & Distribution 2007 Financials 2008 Outlook About Azimut 2

3 2007 FY Results 2007 Highlights 2007 Asset Management & Distribution 2007 Financials 2008 Outlook About Azimut 3

4 2007 Highlights Solid growth and improved capital structure Net inflows into managed assets in excess of 1.5 billion vs. outflows of 53 billion at industry level. Around 75% of total net inflows were into mutual funds (mostly flexible funds) with the remaining 25% in hedge funds Total AuM in managed assets reached 14.9 billion, up 12% YoY Total revenues closed at 348 million (+6% YoY), with net profit reaching 105 million vs. 84 million at the end of 2006 (+24% YoY) Buyback program back at a sustained pace following the earlier reimbursement of the convertible bond announced in January 2008, which avoided a 12% dilution in At the end of February 2008 treasury shares were in excess of 7.5% of issued share capital 4

5 2007 FY Results 2007 Highlights 2007 Asset Management & Distribution 2007 Financials 2008 Outlook About Azimut 5

6 Mutual fund breakdown by underlying assets Significant reduction in equity exposure thanks to flexible portfolios Industry Azimut Total Equity 24.5% Total Equity 48.1% Ital. Bonds Foreign Eq. 3.9% 18.9% For. Bonds 12.5% Foreign Eq. 39.3% Ital./For. Bonds 1.8% Italian eq. 5.6% Other 1.6% Gov.t Bonds 57.6% Italian eq. 8.8% Other 8.7% Azimut total GROSS equity exposure is 48.1% vs. 50.3% at the end of September 2007 Net exposure is lower due to use of futures Gov.t Bonds 41.5% Source: Company / Assogestioni / Il Sole 24 ore - data as at

7 Funds breakdown by category AuM (%) AuM (%) 100% Industry 4.6 Azimut % Industry 6.4 Azimut % % % % % % 2.2 Industry Azimut Cash Bond Balanced Flexible Equity Hedge 60% 40% 20% 0% Cash Bond 70.6 Cash Bond Balanced Flexible Equity Hedge Source: Company / Assogestioni 7

8 2007 Asset Management & Distribution Net inflows as a % of total managed assets Another year in counter-tendency to the industry, which continues in 2008 too Azimut Italian Funds Industry 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% Source: Company out of Assogestioni 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% 8 jan-03 Feb-03 Mar-03 Apr-03 may-03 jun-03 jul-03 aug-03 sep-03 oct-03 Nov-03 dec-03 jan-04 Feb-04 Mar-04 Apr-04 may-04 jun-04 jul-04 aug-04 sep-04 oct-04 Nov-04 dec-04 jan-05 Feb-05 Mar-05 Apr-05 may-05 jun-05 jul-05 aug-05 sep-05 oct-05 Nov-05 dec-05 jan-06 feb-06 mar-06 apr-06 may-06 jun-06 jul-06 aug-06 sep-06 oct-06 nov-06 dec-06 jan-07 feb-07 mar-07 apr-07 may-07 jun-07 jul-07 aug-07 sep-07 oct-07 nov-07 dec-07 jan-08 feb-08

9 2007 Asset Management & Distribution The development of the second network progressing AZ Investimenti joins the top 10 players by net inflows into managed assets Avg. 17,985 0 Data in /000 Top 20 PF networks for net inflows into managed assets Source: Company out of Assoreti data 9 AZIMUT CONS. MEDIOLANUM MPS B. PERS. SIMGENIA CR FIRENZE BSI ITALIA AZ INVEST CREDEM INVESTITORI ALPI UBI B.SARA B.D.RETE BIPIELLE NET SANPAOLO INV B.NUOVA FINECOBANK VENETO B. UNIPOL HYPO A-A-BANK GROUPAMA

10 2007 Asset Management & Distribution Leading position for net inflows into managed assets AZ Investimenti is not included since it s not among the 20 largest network Avg. 17, AZIMUT CONS. MEDIOLANUM MPS B. PERS. SIMGENIA CREDEM UBI B.SARA B.D.RETE BIPIELLE NET SANPAOLO INV FINECOBANK UNIPOL B.LOMBARDA PR. BANCA SAI FIN& FUT. AXA XELION EUROMOBILIARE B.GENERALI ALLIANZ FIDEURAM Data in /000 Sample of the 20 largest PF networks Source: Company out of Assoreti data

11 2007 Asset Management & Distribution Top productivity among large PFs networks Azimut Consulenza: 51x avg net inflows per PF AZ Investimenti: 59x AZ Investimenti is not included since it s not among the 20 largest network Avg. Assoreti AZIMUT CONS. MPS B. PERS. CREDEM UBI B.SARA B.D.RETE MEDIOLANUM SIMGENIA BIPIELLE NET SANPAOLO INV UNIPOL FINECOBANK BANCA SAI B.LOMBARDA PR. FIN& FUT. XELION ALLIANZ AXA FIDEURAM B.GENERALI EUROMOBILIARE Data in /000 Sample of the 20 largest PF networks Source: Company out of Assoreti data

12 2007 Asset Management & Distribution First rank in industry s worst year ever so far Industry lost 53bln (-8.9% of initial AuM) while Azimut collected 1.4bln (+10.6%) AZIMUT JP MORGAN MEDIOLANUM KAIROS GENERALI CRED.EMIL. CR FIRENZE ANIMA DEUTSCHE B. BPM ALLIANZ M.PASCHI BNP PARIBAS UBI ARCA B.POPOLARE CAPITALIA FIDEURAM Data in /000 Sample of the 20 largest asset managers Source: Company out of Assogestioni last available data (December 2007) Polaris is not included since it s a spin-off of another Italian AM PIONEER EURIZON 12

13 2007 FY Results 2007 Highlights 2007 Asset Management & Distribution 2007 Financials 2008 Outlook About Azimut 13

14 Consolidated reclassified income statement IAS/IFRS compliant Data in % 2006 Entry commission income Fixed management fees Variable management fees Other income Ins. premiums net of reserves 11, ,132 72,412 12,906 15, , ,894 89,723 15,452 12,701 Total Revenues Distribution costs Commissions on no load products Personnel and SG&A Depreciation, amort./provisions Operating Costs Operating Profit 347, ,814-17,738-39,345-4, , , , ,259-14,984-41,218-2, , ,735 14

15 Consolidated reclassified income statement IAS/IFRS compliant Data in % 2006 Operating Profit Income from financial operations Non operating costs Interest expenses Profit Before Tax Income tax Deferred taxes Consolidated Net Profit Minorities Net Profit Effective tax rate Adjusted Net Profit 134,208 6,913-1,562-4, ,116-25,034-3, ,503-1, , % 108, n.r ,735 4,971-0,900-6, ,587-38,147-4,213 85,227-0,859 84, % 15

16 Consolidated net financial position IAS/IFRS compliant Data in Amounts due to banks: (21,955) (37,308) Vendor Loan (AZ Investimenti SIM) - (12,231) Trademark lease-back (21,955) (25,077) Securities issued: (95,402) (96,510) Convertible bond TOTAL DEBT Cash and cash equivalents NET FINANCIAL POSITION Net financial position at the end of 2007 reflects: 34m for 2007 accrued taxes and 23m for 2006 taxes 29m for dividends paid in May m for treasury shares (95,402) (117,357) 135,725 18,368 (96,510) (133,818) 157,171 23,353 16

17 Highlights on debt position Changes post capital management actions Data in 000 Amounts due to banks: Overdraft Trademark lease-back Securities issued: Convertible bond TOTAL DEBT (201,083) (178,970) (22,113) - - (201,083) (21,955) - (21,955) (95,402) (95,402) (117,357) As of the end of February the Group cost of capital has been improved while retaining significant capital flexibility following: - The earlier reimbursement of the convertible bond, which has been announced on 13 th January 2008 and paid for on 25 th February - The buyback programme of treasury shares 17

18 2007 FY Results 2007 Highlights 2007 Asset Management & Distribution 2007 Financials 2008 Outlook About Azimut 18

19 2008 Outlook Constant development and innovation Continue to support our clients with the asset allocation service in order to respond to a different market environment via our consistent investment approach and thanks to product innovation Ongoing selective recruitment to take advantage of current industry weakness and in order to sustain our long-term growth prospects New initiatives a pillar of our strategy: - The partnership with Tamburi Investment Partners will begin its start-up phase - The agreement with Cattolica Investimenti SIM to further widen our distribution capabilities in mutual fund products Keep an active approach towards buyback of own shares given current market mispricing 19

20 2008 Outlook Maintain the focus on profitable growth Azimut operating profit has been more than 5.5x higher than the average European AM industry Azimut European AM Industry bps n.a Source: Based on Company data 20

21 CONTACTS Fabrizio Armone tel Gabriele Blei tel Disclaimer 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, third parties and the Company. 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 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. 21