11

2006 2006 –– AnalystAnalyst briefingbriefing

Milan, 12th January, 2006

22

2006 2006 AnalystAnalyst briefingbriefing

Summary

2005 Main figuresHighlights

Market environment

Focus on AZ Investimenti

2006 Outlook

33

4000

5000

6000

7000

8000

9000

10000

11000

12000

2003 2004 2005

11,052(+34%)

8,221(+17%)

7,001(+19%)

3ys. in a row of growthfor clients and shareholders

Net inflows WAP

+10%+10%

+24%+24%

+5%+5%

+12%+12%

+13%+13%

+6%+6%

Growth of AuM. Data in € mln. Source: Azimut – Money mate for WAP

44

2005 Highlights

• Assets under management: +34% • Net inflows: +121%

6000

7000

8000

9000

10000

11000

12000

2004 20050

400

800

1200

1600

2000

2004 2005

8,221

11,052887

1,964

AZM 2005 net inflows represent 22% of the total inflows into funds for the Italian industry

• Weighted average performance: +9.9%• Promotori finanziari (AZ Consulenza): +7.5%

55

2005 funds performance: Azimut vs. the industryNet total return after all fees and taxes

01.01 - 31.12.2005

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Azimut Fideuram index Risk free

2005 WAPAzimut sgr 9.89%Ras sgr 9.71%Fideuram Sgr 8.73%Anima sgr 8.31%Dws sgr 7.28%Montepaschi sgr 6.99%Pioneer sgr 6.50%Bpu prumerica sgr 6.28%Arca sgr 6.18%Alleanza sgr 6.10%Fineco sgr 5.89%Euromobiliare sgr 5.54%Bipiemme sgr 5.50%Fideuram index 5.48%Nextra sgr 5.29%Aletti sgr 5.25%Capitalgest sgr 4.93%Bipitalia sgr 4.90%Sanpaolo imi am sgr 4.77%Bnl sgr 4.53%Carige sgr 3.25%Risk free 2.12%

9.89%

5.48%

2.12%

Source: Money Mate; sample of Italian AM companies with average 2005 assets in excess of € 5 bln. Fideuram sgr includes Luxemburg based funds

66

Fund returns – 2005

Monetary Bond Balanced Flexible Equity Hedge

0%

5%

10%

15%

20%

25%

30%

35%

40%Fl

oating R

ate

Gar

anzi

a

Tren

d T

assi

Red

dito

Euro

Fixe

d R

ate

Sol

idity

F1 L

ow R

isk

F1 C

onse

rvat

ive

Ren

dita

Inte

rnaz

Prot

ezio

ne

F1 B

alan

ced

Alis

eo*

Multi-M

edia

F1 R

isk

Bila

nci

ato

F1 H

igh R

isk

Bila

nci

ato

Int.

Am

eric

a

Red

dito

Usa

Cre

scita

Ital

ia

Tren

d

Con

sum

ers

Gen

erat

ion

Bor

se I

nte

rnaz

.

Tren

d I

talia

Euro

pa

Ener

gy

Rea

l Est

ate

Paci

fico

Em

ergin

g

*launched July, 1st

77

2003-05 funds performance: Azimut vs. the industryNet total return after all fees and taxes

01.01.2003 - 31.12.2005

0%

5%

10%

15%

20%

25%

Azimut Fideuram index Risk free

2003-05 WAPAzimut sgr 22.86%Anima sgr 22.84%Ras sgr 19.46%Fideuram Sgr 16.54%Dws sgr 14.80%Alleanza sgr 14.44%Montepaschi sgr 14.33%Bpu prumerica sgr 13.91%Pioneer sgr 13.84%Arca sgr 13.63%Euromobiliare sgr 13.30%Bipiemme sgr 12.78%Fineco sgr 12.18%Nextra sgr 11.80%Fideuram index 11.57%Sanpaolo imi am sgr 10.73%Aletti sgr 10.39%Bipitalia sgr 10.28%Bnl sgr 9.76%Capitalgest sgr 9.70%Carige sgr 7.65%Risk free 6.73%

22.86%

11.57%

6.73%

Source: Money Mate; sample of Italian AM companies with average 2005 assets in excess of € 5 bln. Fideuram sgr includes Luxemburg based funds

88

Fund returns – 3ys.

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%Red

dito

Usa

Floa

ting R

ate

Gar

anzi

a

Ren

dita

Inte

rnaz

Tren

d T

assi

Sol

idity

Red

dito

Euro

F1 L

ow R

isk

F1 C

onse

rvat

ive

Fixe

d R

ate

F1 B

alan

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Prot

ezio

ne

Am

eric

a

F1 R

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Con

sum

ers

Multi-M

edia

Bila

nci

ato

Int.

F1 H

igh R

isk

Gen

erat

ion

Bila

nci

ato

Bor

se I

nte

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.

Tren

d

Euro

pa

Paci

fico

Cre

scita

Ital

ia

Ener

gy

Tren

d I

talia

Rea

l Est

ate

Em

ergin

g

Monetary Bond Balanced Flexible Equity Hedge

99

Funds net inflowsNet inflows as a % of AuM

-1%

0%

1%

2%

3%

4%

5%

jan-

03

feb-

03

mar

-03

apr-

03

may

-03

jun-

03

jul-0

3

aug-

03

sep-

03

oct-0

3

nov-

03

dec-

03

jan-

04

feb-

04

mar

-04

apr-

04

may

-04

jun-

04

jul-0

4

aug-

04

sep-

04

oct-0

4

nov-

04

dec-

04

jan-

05

feb-

05

mar

-05

apr-

05

may

-05

jun-

05

jul-0

5

aug-

05

sep-

05

oct-0

5

nov-

05

dec-

05

-1%

0%

1%

2%

3%

4%

5%Azimut Industry

Source: Assogestioni

1010

-3 0 %

-2 5 %

-2 0 %

-1 5 %

-1 0 %

-5 %

0 %

5 %

1 0 %

1 5 %

2 0 %

AZI

MU

T

BP

U

CA

RIF

IRE

NZE

GE

NE

RA

LI

ME

DIO

LAN

UM

UN

ICR

ED

IT

RA

S

BP

M

AN

IMA

MP

S

BP

VN

B. F

IDE

UR

AM

SA

NP

AO

LO IM

I

B.C

A L

OM

BA

RD

A

CA

PIT

ALI

A

AR

CA

CR

ED

EM

B.C

A IN

TES

A

BN

L

B. P

OP

. ITA

LIA

NA

DE

UTS

CH

E B

AN

K

2005 Funds net inflowsNet inflows as a % of avg. AuM – sample of 20 main companies*

Source: Assogestioni - * 20 main companies representing 90.5% of market share in Italy for mutual funds

1111

Net inflows breakdown2004 (2004 (€€ mlnmln)) 2005 (2005 (€€ mlnmln))

Monetary Bond Balanced Flexible Equity Hedge

Italian Fund Industry Azimut Italian Fund Industry Azimut

-7000

-5000

-3000

-1000

1000

3000

5000

7000

0

100

200

300

400

-12000

-8000

-4000

0

4000

8000

12000

-200

0

200

400

600

800

1000

Source: Company / Assogestioni

1212

Net inflows

NI 2004Data mln €

Source: Company Data

Azimut Funds 760 22.2

AZ Funds 341 145.4Individual managed portfolios (280) n.r.

AZ Life 253 69.2

Total net inflows into managedassets* 887 121.4

Assets held in custody 293TOTAL INFLOWS 1,180*net of double counting

NI 2005 Δ%

929837

58

428

1,964

(60)

1,904

Hedge funds -104

61.3

1313

Funds breakdown by category

AuMAuM 31.12.05 (%)31.12.05 (%)AuMAuM 31.12.04 (%)31.12.04 (%)

5.818.0

17.7

46.621.9

7.7

29.7

2.6

25.022.6

2.6

0%

20%

40%

60%

80%

100%

Industry Azimut

Monetary Bond Balanced Flexible Equity Hedge

15.13.6

45.8

18.4

7.9

21.7

3.6

33.2

24.2 22.1

1.03.4

0%

20%

40%

60%

80%

100%

Industry Azimut

Monetary Bond Balanced Flexible Equity HedgeSource: Company / Assogestioni

1414

Assets under management

AUM 2004Data mln €

Source: Company Data

Azimut Funds 7,486AZ Funds 979Individual managed portfolios 610

AZ Life 244

Total net managed assets* 8,221

Assets held in custody 476TOTAL ASSETS UNDER MGMT 8,697*net of double counting

AUM 2005 Δ%

9,1841,935

728

727

11,052

540

11,591

22.797.6

18.4

197.2

34.4

33.3

13.5

Hedge funds -109

1515

Mutual funds breakdown by underlying assets

Industry Azimut

Italian Bonds3.0%

Foreign Eq.20.9%

Italian eq.5.4%

Other5.3%

Gov.t Bonds54.0%

Foreign Bonds11.4%

Total Equity 54%

Other6.4%

Italian eq.13.9%

Foreign Eq.39.9%

Gov.t Bonds39.3%

Ital./For. Bonds0.5%

Total Equity 26%

Source: Company / Assogestioni / Il Sole 24 ore - data as at the end of December 2005

1616

2.1%28.8%

22.3%

15.4% 12.1%

10.9%

8.4%

Ersel Azimut BimKairos Cartesio NextraFinanziaria Int.

Hedge fund business development

AuM in HFsItalian Funds

As at 31.12.2005

Single HFsMarket shares

As at 31.12.2005

97.1%

2.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Single fundsFoF

• Performance since inception of “Aliseo” fund (July’05): +8.5%• Already second largest player for single manager hedge funds

1717

2006 Outlook – Italian Funds: repricing

New rules effective as of 1st August 2006

Change in fees due to new rules issued by BoI

The pricing in Luxemburg won’t change, thus the client has the choice between the 2 alternative pricing systems; switch is allowed at no additional cost

Management fees (fixed and variables) represent a good proxy of the overall cost charged: Azimut has no in-house brokerage firm and most of the funds are subscribed with “no-load” option

1818

2005 - Share price

-20%

0%

20%

40%

60%

80%

100%

AZM BFI MED

1919

31.12.2005 – Average volumesSample of all Italian listed companies with mkt cap of 0.6 – 1 bln Euro

Source: Il Sole 24 Ore; data in €/000 as at 30th December 2005. Average volumes 30 days

0

500

1000

1500

2000

2500

AZI

MU

T

GE

MIN

A

B.P

OP

.ETR

UR

IA

CE

ME

NTI

R

PR

EM

AFI

N

CR

. VA

LTE

LL.

IND

ES

IT

IMM

. LO

MB

.

CA

LTA

GIR

ON

E

CA

LTA

GIR

ON

EE

D.

B.C

O D

ES

IO

CO

FID

E

AE

M T

OR

INO

2020

2005 – Main economics

2005 – Net financial position31.12.04

AZ Investimenti (ex Aletti SIM) loanSenior LoanConvertible BondTotal debtCash and cash equivalents

Net Financial Position

(100.3)(96.4)

(196.7)49.8

(146.9)

Data in mln €30.06.05

(95.1)(98.0)

(193.1)72.0

(121.1)

(12.3)(95.1)(95.6)

(202.9)111.9

(91.0)

31.12.0430.09.0531.12.05E(12)(95)(96)

(204)123

(81)Data as at 31.12.2005 are estimated and do not consider 4Q05 interest income

• 2005E total revenues: at least +45% yoy• Due to huge and unexpected 4Q05 inflows (the highest for inflows excluding

institutional mandates) distribution costs are possibly in line with 3Q05• 2005 EPS: at least € 0.30 (2004 EPS: € 0.12)

• Total cash flow from operating activities (expected): 65-70 mln €:• Dividends: 14.4mln € for (€ 0.10 per share)• Debt reduction: 40-45 mln €

2121

Focus on AZ Investimenti

• Acquisition completed in July 2005; 2H05 spent on fine-tuning of the productrange, initial restructuring of the network, first training to existing PFs

• 2006 will be a transition year:• Widening of the product range through new agreements with third parties and

implementation of Azimut Group products• Improvement of efficiency of the network• New recruitments, targeting managers of other networks willing to join the

Azimut Group keeping the “open architecture” and the pyramidal organisation, with possibility of managerial roles

• AZ Investimenti PFs will have all the usual incentivation scheme of Azimut Consulenza PFs, including:

• Property of portfolio (when leaving the company)• Fidelisation scheme• Stock option

2222

Focus on AZ Investimenti

Growth of Aum per PF already experienced in “historical” network of Azimut Consulenza sim

0

2

4

6

8

10

12

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Data in € mln. Source: Azimut

2323

Focus on AZ Investimenti

Advertising campaign already started, targeting Managers in other networks and/or in private banks, focusing on an innovative approach to a traditional business model, enhanced by the reputation and stability of Azimut Group.

2424

2006 Outlook

• Ongoing recruitment both for Azimut Consulenza sim and for AZ Investimenti. Recruitments in the two networks are not overlapping, since they target different kind of financial professional in terms of the organisationhe/she is coming from. The qualitative target is the same.

• Widening the product range of Luxemburg based funds, also with agreements with third parties.

• Continuous development of the new initiatives (AZ Life and the Hedge fund business)

2525

ContactsContacts

Fabrizio Armone - Investor relations manager tel. +39.02.2836.5853Lidia Lommi - Marketing and PR manager tel. +39.02.2836.5244

investor.relations@azimut.it www.azimut.it

DisclaimerDisclaimerThis 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.

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