1Q07 RESULTS 14 MAY

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1 1Q07 RESULTS 14 MAY

2 Summary 1Q07 Highlights Asset management Distribution 1Q07 Financials Outlook 2

3 1Q07 Highlights 3

4 Growth and characterisation Sustained growth and further move towards total return product offer Highlights as at 30 April 2007 Ytd Azimut WAP % Ytd Fideuram Index IT-mutual funds % Ytd risk free % At the end of April, thanks to massive product reallocation by clients and also to the change in investment policies of some previously long-only equity funds, total return products (namely flexible and hedge funds) represent 66.1% of total AuM vs. 38.7% in 1Q06 1Q07 Net profit: +10.3% yoy in spite of unfavourable comparison (in 1Q06 Italian variable fees were still cashed monthly and not yearly as of August 2006 no accrual is booked in 1Q07 accounts) Source: Azimut Bloomberg for risk free ITMTMONE Index / FIDMGEN Index 4

5 Asset management 5

6 Mutual fund breakdown by underlying assets Industry Azimut Total Equity 28.0% Total Equity 56.5% Foreign Eq. 22.0% Ital. Bonds 3.3% For. Bonds 12.4% Foreign Eq. 46.0% Ital./For. Bonds 1.0% Italian eq. 6.0% Other 5.8% Gov.t Bonds 50.5% Italian eq. 10.5% Other 7.1% Gov.t Bonds 35.4% Azimut total NET equity exposure is 47% due to a 9% use of equity futures hedging the gross exposure Source: Company / Assogestioni / Il Sole 24 ore - data as at

7 Funds breakdown by category AuM (%) AuM (%) 100% % % % % % % % % % % % Industry Azimut Cash Bond Cash Bond Balanced Flexible Equity Hedge Cash Bond Balanced Flexible Equity Hedge Source: Company / Assogestioni 7

8 Funds breakdown by category 2006 net inflows 1Q07 net inflows Italian Fund Industry Azimut Italian Fund Industry Azimut Source: Company / Assogestioni reclassified figures - data in m 8

9 Not all flexible funds are the same - Innovation vs. Imitation Azimut s flexible funds WAP higher by 40% than competitors WAP Total return since March 2000 performing in a tough environment Competitors wap -7.3% Azimut wap 32.5% Risk free 24.2% 9 AZIMUT-TREND AZIMUT FORMULA 1 RISK AZIMUT FORMULA 1 BALANCED AZIMUT FORMULA 1 HIGH RISK AZIMUT FORMULA1 CONSERVATIVE AZIMUT FORMULA 1-LOW RISK CAPITALGEST REDDITO PIU AZIMUT-TREND ITALIA NEXTRA OBIETTIVO REDDITO ANIMA FONDATTIVO RAS OPPORTUNITIES - L CAPITALIA TOTAL RETURN ALPI ABSOLUTE RETURN GESTNORD ASSET ALLOCATION GESTIELLE TOTAL RETURN GLOBA NEXTRA OBIETTIVO CRESCITA SANPAOLO HIGH RISK BIPITALIA FREE Source: Bloomberg net returns as at 7 May 2007 Sample: Italian flexible funds existing as at and

10 Real expertise for total return (1y returns) 5 Azimut funds out of the Top 10 ranked by absolute performance Top 10 flexible funds 1yr % return % % % 11.7% 11.7% % 10.6% 10.3% 10.2% AuM in m: ,156 1, AZIMUT TREND ITALIA SYMPHONIA FORTISS KAIROS PARTNERS FUND GESTI-RE ALARICO AZFUND TREND AZIMUT TREND NEXTRA EU EQ AZIMUT F1 HIGH RISK AZIMUT F1 RISK 8.7% PARVUS F90 EUR CC Source: Bloomberg, 1 year returns as at May 8th 2007 ITMTMONE Index for Risk Free in 10

11 Real expertise for total return (1y returns) Capacity not necessarily an issue Performance for top 10 flexible funds by AuM size % 10.8% % % 4.2% 4.0% 2.6% 2.1% Weighted Average: 5.3% Risk free: 3.2% 1.7% 1.4% 0 BNL TRG RT CONS. NEXTRA CONSERV. NEXTRA PREMIUM PIONEER TAR SVIL NEXTRA SCUDO A AZIMUT F1 CONSERV. SCHRODER ABS.RET UBS KEY AL AZIMUT TREND AZFUND TREND Source: Bloomberg, 1 year returns as at May 8th 2007 ITMTMONE Index for Risk Free in 11

12 WAP attribution by funds category - AZFund Flexible funds best performing also in terms of weighted average risk profiles A diversification in flexible funds only would have given a higher WAP Italian Trend 11,31 Trend 7,41 Strategic Trend 3,79 European Trend 8,31 American Trend 1,84 Pacific Trend 0,46 F1 Conservative 2,93 F1 Balanced 4,39 F1 Absolute 7,37 Flex. Funds Weighted average performance 5,62 Azimut Total Weighted average performance 3,51 Fideuram Index Flexible Funds 2,36 Source: Azimut for avg Ytd AuM Bloomberg for performance 12

13 WAP attribution by funds category - AZFund Flexible funds best performing also in terms of weighted average risk profiles A diversification in flexible funds only would have given a higher WAP bps WAP ATTRIBUTION BY FUNDS CATEGORY Balanced fund Bond funds Cash fund Equity funds Flexible funds AZ FUND AUM BREAKDOWN BY CATEGORY Balanced fund Bond funds Cash fund Equity funds Flexible funds 0.4% 8.1% 2.4% 19.0% 70.0% Source: Azimut for avg Ytd AuM Bloomberg for performance 13

14 AZFund products Lower pace for the switch towards Lux-domiciled funds, yet a significant change % of LUX-domiciled funds on total AuM in mutual funds 70% 60% 50% 40% 30% 57.7% 20% 10% 0% 41.1% 18.0% 17.8% 15.9% 8.6% 9.4% 11.6% H H H Q07 Source: Azimut 14

15 Strong move towards further carachterisation Total return products represent 2/3 of AuM Aum as at 30 April 2007 WAP as at 30 April 2007 net of fees Equity 10.6% Hedge 4.4% Cash 1.6% Bond 11.9% Balanced 9.8% % % % 1.24% Flexible 61.7% 0 WAP.it WAP Fideuram Index Risk free Source: Money Mate for Italian funds WAP Azimut - Bloomberg 15

16 Distribution 16

17 Funds net inflows Net inflows as a % of the AuM Azimut Italian industry 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% -1% -1% -2% -2% Source: Assogestioni monthly press release on mutual funds dotted line: quarterly reclassified Assogestioni data for the Industry 17 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

18 1Q07 Financials 18

19 Consolidated Reclassified Income Statement IAS/IFRS Compliant Data in 000 Entry commission income Fixed management fees Variable management fees Other income Ins. premiums net of reserves Total Revenues Distribution costs Commissions on no load products Personnel and SG&A Depreciation, amort./provisions Operating Costs Operating Profit 1Q07 3,597 58,410 16,549 5,837 3,861 88,254-38,895-4,044-9,474-0,445-52,858 35, % 1Q ,563 43,438 35,211 3,557 2,779 87,548-37,080-3,591-9,108-0,894-50,673 36,875 10, ,894 89,723 15,452 12, , ,259-14,984-41,218-2, , ,735 19

20 Consolidated Reclassified Income Statement IAS/IFRS Compliant Data in 000 1Q07 % 1Q Operating Profit 35, , ,735 Income from financial operations Non operating costs Interest expenses 1,731-0,100-1, ,154-0,150-1,767 4,971-0,900-6,219 Profit Before Tax 35, , ,587 Income tax Deferred taxes -5,789-1, ,387-1,374-38,147-4,214 Consolidated Net Profit 28, ,352 85,227 Minorities -0, ,232-0,859 Net Profit 27, ,120 84,367 Effective tax rate 16.2% 28.0% 27.2% Adjusted Net Profit 29,303 26,494 20

21 Consolidated net financial position IAS/IFRS Compliant Data in Amounts due to banks: (37,727) (37,308) (102,434) Senior Loan - - (90,085) Vendor Loan (AZ Investimenti SIM) (12,385) (12,231) (12,349) Trademark lease-back (25,342) (25,077) - Securities issued: (96,196) (96,510) (97,170) Convertible bond (96,196) (96,510) (97,170) TOTAL DEBT (133,923) (133,818) (199,604) Cash and cash equivalents 186, , ,481 NET FINANCIAL POSITION 52,486 23,353 (37,123) NFP is not reflecting 29m dividends paid on May 4th, as well as tax which will be paid in June Vendor Loan paid off on April 30th well in advance of its 2011 expiration 21

22 2007 Outlook 22

23 2007 Outlook Keeping up with the growth and the business complexity Reinforcing the parent company s Corporate Governance: Appoinment Name Age in Azimut since AZIMUT HOLDING Joint-CEO Marco Malcontenti General Manager Paola Mungo Creation of the Executive Commitee with the 6 Executive Directors of the Board: Role in Azimut Name Age in Azimut since AZIMUT HOLDING Chairman / CEO Pietro Giuliani CFO / Joint CEO Marco Malcontenti Head of Sales Stefano Missora Head of operations/it Pietro Belotti Senior PM Guido Casella Senior HF PM Alessandro Baldin

24 Promotions within the Azimut Group Keeping up with the growth and the business complexity Reinforcing the asset management with internal re-allocations Appoinment Name Age in Azimut since AZIMUT CAPITAL MGMT. Buy side analyst Giuseppe Pastorelli AZ FUND MANAGEMENT CIO Andrea Aliberti

25 2007 Outlook Particular emphasis on AZ Fund management Sa due to its rapid growth in AuM AZMRLES AZMEURO AZMENER Andrea Aliberti relocates to Luxembourg becoming the new Chief Investment Officer. In Azimut since 1998, he manages the European Equities fund as well as the specialised equity funds Azimut Real Estate and Azimut Energy (both being awarded as among the best Italian equity funds), and of Azimut Consumers and Azimut Generation. In Luxembourg, whilst maintaining the responsibility for the management of European flexible funds, he will be in charge of the creation of a new team of 4 buy-side analysts/pms /05/04 03/06/04 03/07/04 03/08/04 03/09/04 03/10/04 03/11/04 03/12/04 03/01/05 03/02/05 03/03/05 03/04/05 03/05/05 03/06/05 03/07/05 03/08/05 03/09/05 03/10/05 03/11/05 03/12/05 03/01/06 03/02/06 03/03/06 03/04/06 03/05/06 03/06/06 03/07/06 03/08/06 03/09/06 03/10/06 03/11/06 03/12/06 03/01/07 03/02/07 03/03/07 03/04/ % +56.0% +44.6% Source: Bloomberg, performance 3ys as at 30 April

26 2007 Outlook Keeping up with the growth and the business complexity New recruitment Appoinment Name Age Previously in AZIMUT HOLDING Marketing Manager Paolo Martini 35 B.Esperia AZIMUT CAPITAL MGMT. Director and PM Giorgio Medda 32 Cr. Suisse-London AZIMUT CONSULENZA Assistant to AD Walter Pucci 32 Credem Assistant to AD Paolo Cosmelli 32 Bloomberg-London Assistant to AD Stefano Montrucchio 39 B.Sella AZ INVESTIMENTI Assistant to MD Gianluca Puggioni 33 Deutsche Bank AZ FUND MANAGEMENT Buy side analyst/pms TBH (4) 26

27 Contacts Fabrizio Armone Investor Relations Manager 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. 27