Best Net Profit in the history of the Group, forecast between € 360 and 370 million, tripling the 2018 result Highest net weighted average performance to clients: +8,5% (above the Italian industry) International Business: € 50 - 55 million EBITDA(1) (c. + 53% vs. 2018) 2019 Net Inflows: € 4.6 billion (c. €350mln in December)

COMUNICATO STAMPA

Best Net Profit in the history of the Group, forecast between € 360 and 370 million, tripling the 2018 result

Highest net weighted average performance to clients: +8,5% (above the Italian industry)

International Business: € 50 - 55 million EBITDA(1) (c. + 53% vs. 2018)

2019 Net Inflows: € 4.6 billion (c. €350mln in December)

2020 Net Profit guidance: € 300 million as floor

Milan, 9 January 2020

Based on the first preliminary results on the Group's activities and the first forecasts on 2019, Azimut expects to close

2019 with the best consolidated net profit in the history of the Group, ranging between € 360 and 370 million. The cumulative dividends distributed to shareholders over the 5 years of the plan, including what will be proposed to the BoD convened for March 5, 2020, will be at least € 7.8 per share. As a consequence, the average payout throughout the plan will be greater than 90%, well above the envisaged target, resulting in a cumulative average yield of 44%. With this latest result, all targets indicated in the 5 year business plan have been achieved for the third consecutive time since 2004.

In 2019 the Group recorded € 4.6 billion of Net Inflows, bringing total assets to exceed € 59 billion (vs. the € 50 billion plan and + 16% compared to the end of 2018). Furthermore, the target set for International AuM at the end of the plan has also been fully achieved and exceeded. In fact, at the end of 2019, the AuM from non-domestic businesses reached 29% of Total, against the 15% budgeted in the plan. EBITDA(1) from the international operations in 2019 is estimated to be between € 50 and € 55mn (ca. + 53% compared to 2018).

Thanks also to the above results, the Group estimates under normal market conditions, to achieve a net profit of at least

• 300 million in 2020, raising its initial range of € 250-300 million indicated during the Investor Day of June 4, 2019. This positive delta is expected to be reached thanks to growth across all business lines: distribution in Italy, alternatives and International activities.

The alternatives project continues to progress well. After the success of the largest Italian event dedicated to private markets (Azimut Libera Impresa EXPO), net inflows on products launched in the last quarter of 2019 stands at c. € 450 million, bringing the total AuM in the private markets space to exceed € 1 billion. In addition to these products, the Group started the distribution of Italia 500, a closed end, non-reserved alternative investment fund created in cooperation with P101 Sgr, whose duration will be 10 years, with a minimum subscription amount of € 5 k. The target companies will be startups with a turnover of up to 5 million euros and SMEs based mainly in Italy, operating in technologies, products and / or services related to the industrial and digital sectors, with a turnover between 5 and 50 million euros.

Finally, the Timone Fiduciaria members who participated in the May 2018 management buyout aimed at strengthening their stake in Azimut Holding S.p.A. (so-called "Leveraged Buyout"), have agreed to extend the duration of their individual loan by another two years, bringing the expiry date to June 2023 and further confirming its commitment to a long-term value creation.

Moreover, in line with the agreements signed in May 2018 and following the expiry of the lock-up, Timone Fiduciaria has informed Azimut Holding that the private equity fund Peninsula Investments II S.C.A., in mutual agreement with Timone members, has exited the shareholders pact, giving Azimut Holding S.p.A. greater flexibility to continue implementing the buyback plan approved by the Shareholders' Meeting on 24 April 2019, which sets the maximum purchase price at € 50 per share.

Pietro Giuliani, Chairman of the Group, comments: "In 2019 we generated a net weighted average performance to

clients of c.+ 8.5%, above the Italian industry. There is no better way to celebrate Azimut's 30 year anniversary: all targets of our latest five-year business plan have been successfully completed for the third consecutive time. We expect 2019 to close with a net profit between 360 and 370 million euros, marking a new historical record for the Group. Also our share price closed 2019 with a record: + 128% performance during the year, making Azimut the best performing stock amongst

FTSE MIB members. The trust we receive every day from customers and shareholders makes us confident to continue with the same pace also in 2020, and achieve a net profit of at least 300 million euros.

Our international business has seen another sharp increase in 2019, with AuM accounting for almost 30% of total assets

and an expected EBITDA of 50 to 55 million euros. Lastly, we are satisfied with the launch of the first products in the private markets area, democratizing this asset class and allowing us in just a few months to exceed € 1 billion of AUM in this segment."

Note 1: reclassified as per management account, excluding one-offs

Azimut is Italy's leading independent asset manager (active since 1989). The parent company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and, among others, is a member of the main Italian index FTSE MIB. The shareholder structure includes over 1,900 managers, employees and financial advisors as well as Peninsula Capital, bound by a shareholders' agreement that controls over 24% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices mainly in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Egypt, Singapore, Mexico, Australia, Chile, USA, UAE and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR, following the demerger by incorporation of Azimut Consulenza SIM, distributes Group and third party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the Alternatives business. Overseas main operations are AZ Fund Management SA (founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish AZ Life DAC, whichoffers life insurance products.

Contacts - AzimutHolding S.p.A.

www.azimut-group.com

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