ITALY

FLASH NOTE

Please see important disclosures at the end of this document

26 January 2012

www.cheuvreux.com

HOLDING COMPANIES INITIATION OF COVERAGE

TIP

Rating: 2/Outperform

Target price: +18.1% EUR1.75

Price (25/01/2012) EUR1.48

Reuters: TIP.MI Bloomberg: TIP IM

Investing in excellence

Today, Tamburi Investment Partners (TIP) has a high quality investment portfolio, with substantial upside potential on the investee assets. This could be unlocked by M&A/IPO on the main unlisted assets (Printemps and Intercos) and in some cases the well deserved re-rating of the listed ones (Prysmian and Amplifon). We initiate coverage of TIP at 2/Outperform, with a EUR1.75 target price. TIP is. NAV is EUR1.34/share, our SOTP valuation EUR1.75.

Investing in Italian small/mid cap champions TIP is a listed investment vehicle participated by some Italian entrepreneurial families and run by Mr. Giovanni Tamburi, who holds a 6.3% stake. Its core business is making minority investments in medium-sized Italian companies, mostly listed, and offering advisory services in corporate finance. Investment targets are typically niche leaders, possibly active in M&A and potentially evolving in ownership.

Italian listed companies represent 73% of the NAV Today, the main names in the portfolio are Prysmian, Amplifon, Datalogic, Interpump, Bolzoni, Zignago, Monrif, M&C, BeeTeam and IMA – all Italian, all listed. The first four make up 59% of the current NAV, while the 17 Italian listed participated companies together make up 73%. Main unlisted investments are French Printemps stores and Italian make-up product producer Intercos, as a whole 10% of the NAV.

Active portfolio rotation TIP is a long-term investor, which sometimes accompanies the entrepreneurs and management in running the business and often seeks an active role as a shareholder. But it is also quite active in rotating its portfolio, depending on the performances of the selected investments as well as the opportunities to select promising new ones. The average holding period for exited investments in the past was c.2 years vs. 3.5 years, as of today, for the current ones.

2/Outperform – SOTP EUR1.75 TP offers 18% upside Current NAV is EUR1.34 per share, 9% below the market price. Our SOTP valuation is 30% higher, at EUR1.75 (mostly thanks to Printemps). This is our TP, offering 18% upside vs. the market level. We initiate coverage of TIP at 2/Outperform.

Giorgio IANNELLA Research Analyst giannella@cheuvreux.com (39) 02 80 62 83 30

Stock data Market capitalisation EUR205mFree float EUR113mEnterprise value EUR189mNo. of shares, adjusted 136.05mDaily volume EUR0.04m

Performances 1 m 3 m 12 m

Absolute perf. 1.9% 0.7% -2.8%

Relative perf. -2.3% -2.7% 1.1%

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

11/05 08/06 05/07 03/08 12/08 09/09 07/10 04/11 01/12

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

Price/FTSE-A ALL SHARE Price

Sector focus Sector Top Picks Least favoured

Shareholders D Amico Family 10.4%, Generali 8.4%, Giovanni Tamburi 6.3%, Seragnoli Family 4.9%, M Manuli Family 4.4%, S Manuli Family 3.8%, Baggi Sisini Family 3.1%, Ferrero Family 2.8%

To 31/12 (EUR) 2008 2009 2010 2011E

Sales (m) 6.2 3.2 5.8 5.0

EBITDA (m) 1.8 (0.7) 0.4 1.2

EBIT (m) 1.7 (0.8) 0.4 1.1

Net att. profit, rest. (m) (20.6) 1.0 10.2 3.0

Free cash flow (m) (27.7) 1.3 6.7 5.4

Clean EPS (0.19) 0.01 0.09 0.02

Net dividend 0.00 0.03 0.04 0.04

2008 2009 2010 2011E

Listed assets val. (m) 79.3 70.3 90.2 133.0

Unlisted assets val. (m) 17.7 14.1 49.8 40.2

Net debt (m) 31.2 41.9 31.5 15.0

Tax liability (m) 0.0 0.0 0.0 0.0

NAV after tax (m) 128.3 126.3 171.5 188.2

NAV aft. tax/share 1.19 1.18 1.28 1.40

Disc. to NAV aft. tax (%) (16.63) (3.88) (9.16) (7.43)

SC Smaller Companies

Investing in Italian small/mid cap champions TIP is a listed investment vehicle participated by some Italian entrepreneurial families and run by Mr. Giovanni Tamburi, who holds a 6.3% stake. Its core business is making minority investments in medium-sized Italian companies, mostly listed, and offering advisory services in corporate finance. Investment targets are typically niche leaders, possibly active in M&A and potentially evolving in ownership.

TIP looks for companies which (ideally) feature:

high quality management;

defensible competitive advantage;

a niche leading position;

sound growth potential;

a multinational footprint;

active M&A;

ownership set to evolve/change;

governance open to active role by minority shareholders.

TIP typically invests via dedicated capital increases or purchases of major shareholdings, with direct investments or indirectly by the means of "club deals", together with other entrepreneurs and investors. The exit approach is very flexible, envisaging various possible ways out.

As proof of TIP's portfolio quality, it should be noted that in 9M-11 the major listed investee companies (16 names outlined in the following table, which as a whole represent 74% of the current NAV) were almost all profitable at the bottom line level, with only three minor exceptions (M&C, Monrif and Noemalife), posted on average sound 13% top line growth with a healthy 16.2% EBITDA margin, and presented a sustainable debt position.

MAJOR LISTED COMPANIES IN TIP'S PORTFOLIO: 9M-11 RESULTS

(EUR m, %) Sales Growth y/y EBITDA Margin Net profit Net debt

Amplifon 589 18% 90 15.3% 20 388

Bee Team 65 20% 6.6 10.2% 1.2 34

Bolzoni 88 30% 7.3 8.4% 1.2 22

Datalogic 317 9% 49 15.3% 17 71

De' Longhi 913 11% 128 14.0% NA -42

Diasorin 332 13% 146 44.0% 77 -44

IMA 437 49% 39 9.0% 8.4 228

Interpump 353 19% 72 20.5% 33 134

M&C 0.4 -88% -2.5 NM -1.8 -42

Monrif 181 -5% 12 6.9% -5.2 147

NH Hoteles 1,329 8% 197 14.8% 26 988

Noemalife 29 -2% 3.5 12.3% -1.0 27

Prysmian 5,604 12% 408 7.3% 173 1,389

Servizi Italia 148 2% 42 28.3% 3.5 73

Valsoia 45 4% 5.3 11.7% 2.8 18

Zignago Vetro 218 11% 56 25.7% 25 75

Source: Company data

TIP acts as an active shareholder

Direct investments and club deals

High quality portfolio

26 January 2012 ITALY TIP

www.cheuvreux.com

2

TIP shareholding is held by a number of Italian entrepreneurial families with a wide range of activities and interests. Such an articulated network of connections gives TIP, as well as the companies it participates in (and to which it offers advisory services in corporate finance), exposure to many different investment opportunities.

TIP shareholders, investee companies and clients of its advisory activity – operated by Tamburi & Associati in Italy and Hong Kong-based Palazzari & Turries (30% held by TIP) – constitutes a potentially highly synergetic network, which can fuel everyone's business.

This could also work well in captive advisory, that could be generated by investee companies (or even by shareholders).

Last year, for instance, the two acquisitions carried out by Datalogic, assisted by TIP as the advisor in both, generated 15-20% of TIP's total advisory revenues, estimated at EUR5m. The same was true for Noemalife, which last year made an acquisition financed by a right issue: TIP was both the underwriter and the advisor.

However, it must be noted that historically captive advisory accounted for 5-10% of the total company advisory revenues. Last year represented a favourable exception.

Today, the main shareholders, along with Mr. Giovanni Tamburi who runs the company, are the D'Amico family (controlling the company D'Amico Societa' di Navigazione Spa, active in shipping), the Seragnoli family (Coesia Spa, machinery), the Mario and Sandro Manuli families (Manuli Rubber Industries Spa, hydraulics, and Manuli Stretch Spa, stretch film), the Baggi Sisini family (publisher of the most read puzzle magazine in Italy, La Settimana Enigmistica) and the Ferrero family (mostly active in hydro power generation). Assicurazioni Generali completes the roster of the stable shareholders.

TIP: SHAREHOLDING STRUCTURE

Manuli S, 3.8%

Baggi Sisini, 3.1%

Ferrero, 2.8%Free float, 56.0%

Generali, 8.4%

Tamburi, 6.3%

Manuli M, 4.4%

Seragnoli, 4.9%

D'Amico, 10.4%

Source: TIP

TIP shareholders are Italian entrepreneurial

families…

…a fertile network of connections

Captive advisory is an additional opportunity

Tamburi, D'Amico, Manuli, Generali & C.

26 January 2012 ITALY TIP

www.cheuvreux.com

3

Italian listed companies represent 73% of the NAV Today, the main names in the portfolio are Prysmian, Amplifon, Datalogic, Interpump, Bolzoni, Zignago, Monrif, M&C, BeeTeam and IMA – all Italian, all listed. The first four make up 59% of the current NAV, while the 17 Italian listed participated companies together make up 73%. Main unlisted investments are French Printemps stores and Italian make-up product producer Intercos, as a whole 10% of the NAV.

We calculate TIP's net asset value at EUR1.34/share, 9% below the current stock price.

TIP: NAV CALCULATION

(EUR, EUR m, %) Since Y Stake % EUR m EUR ps** % of NAV

Amplifon 2010 4.0% 30.4 0.23 17%

Bolzoni Auramo 2006 7.3% 3.6 0.03 2%

D'Amico 2007 0.3% 0.2 0.00 0%

Datalogic 2003 6.4% 21.6 0.16 12%

De' Longhi 2011 0.1% 0.7 0.01 0%

Del Clima 2011 0.1% 0.1 0.00 0%

Diasorin 2011 0.1% 1.2 0.01 1%

IMA 2011 0.6% 3.0 0.02 2%

M&C 2010 3.5% 3.3 0.02 2%

Monrif 2004 7.6% 3.3 0.02 2%

NH Hoteles 2004 0.3% 2.0 0.01 1%

Noemalife 2006 5.8% 1.3 0.01 1%

Servizi Italia 2007 1.7% 0.9 0.01 1%

Valsoia 2006 2.3% 0.9 0.01 1%

Zignago Vetro 2007 1.0% 3.7 0.03 2%

TOTAL DIRECTLY HELD LISTED ASSETS (1) 76.0 0.57 42%

Interpump (via IPG Holding, o/w TIP 16.9%) 2003 4.5% (26.3%*) 17.5 0.13 10%

Bee Team (via Data Holding, o/w TIP 46.7%) 2007 16% (34.2%*) 3.2 0.02 2%

Prysmian (via ClubTre, o/w TIP 35%) 2010 2.2% (6.2%*) 36.3 0.27 20%

TOTAL INDIRECTLY HELD LISTED ASSETS (2) 57.0 0.42 32%

Borletti Group (30% of Printemps) 2006 14.8% 8.7 0.06 5%

Dafe 4000 (Intercos) 2011 18.0% 9.0 0.07 5%

Other unlisted assets held for sale 1.6 0.01 1%

TOTAL UNLISTED ASSETS HELD FOR SALE (3) 19.3 0.14 11%

Tamburi & Associati (advisory, Italy) 2000 100% 20.6 0.15 11%

Palazzari & Turries (advisory, Hong Kong) 2006 30% 0.3 0.01 1%

TOTAL ADVISORY ACTIVITIES (4) 20.9 0.16 12%

Net financial position (5) 15.0 0.11 8%

Holding costs (6) -8.0 -0.06 -4%

TOTAL NET ASSET VALUE (1+2+3+4+5+6) 180.1 1.34 100%

Source: TIP, CA Cheuvreux estimates *Club deal's tot. stake **Based on 134.3m shares outstanding

The above calculation is based on:

Directly held listed assets valued at the market price (as at 25 January).

Indirectly held listed assets valued at the market price to determine the EV of the investment vehicle (used for the "club deal"), then less the net debt of the vehicle.

Unlisted assets held for sale at the book value.

Advisory activities at 10x net profit in Italy plus 30% of P&T at book value.

NFP is assumed to be positive for EUR15m, EUR0.8m estimated annual holding costs are capitalised at 10%.

Listed assets at market price, unlisted

assets at book value

26 January 2012 ITALY TIP

www.cheuvreux.com

4

The four biggest shareholdings make up 59% of the NAV. They are top quality companies, each one a global leader in its market and active on the acquisition front.

Prysmian (20% of TIP NAV) is the world leader in cables – in all segments of the cable industry (Utilities, Trade&Installers, Industrial and Telecom). Last year, it consolidated its global leadership through the acquisition of Draka, the third largest operator in Europe, for EUR978m.

Amplifon (17% of TIP NAV) is the world leader in hearing aids distribution, with 9% global market share, which is more than double the second largest player's share (HAL's Audionova). At the end of 2010, the company acquired the leading Australia/New Zealand based NHC, for EUR333m.

Datalogic (12% of TIP NAV) is one of the world leaders in automatic data capture and industrial automation (bar code readers, data collection mobile computers, RFID and vision systems). Last year, the company finalised the acquisition of Accu-Sort Systems in the US, for USD135m.

Interpump (10% of TIP NAV) is the largest manufacturer of professional high pressure piston pumps in the world and one of the leaders worldwide in the hydraulic sector. The group typically grows via acquisitions, with a few big shots plus a number of bolt-on additions. Two small acquisitions last year: AMP in the US, for USD7m, and Italian Galtech, for EUR3m.

As for their contribution to the P&L, last year the investee companies are estimated to have brought in EUR1.8m of dividends and produced a EUR0.4m capital loss – just a minor impact.

More interestingly, all of the listed shareholdings as a whole, valued at the market price, are currently 9% below their book value. The tough stock market conditions are clearly behind this.

Last year, net investments were estimated at around EUR36m.

TIP: INVESTMENTS AND EQUITY EVOLUTION

(EUR m) 2005 2006 2007 2008 2009 2010 2011E

Equity 185 197 187 151 149 198 185

Net cash 31 50 30 31 42 32 15

Net investments 15 43 31 20 -13 50 36

Source: TIP, CA Cheuvreux estimates

Today, the company's potential capital firepower is in excess of EUR220m, comprising:

EUR15m net cash currently in the balance sheet.

EUR40m 7-year credit facility (at 4.25% fixed rate), today not used.

Some EUR20m of potential proceeds from 11.8m outstanding warrants (strike price EUR1.65 in Jun-12 and EUR1.80 in Jun-13).

EUR150m (up to) potential share capital increase, already approved, EUR50m thereof already committed.

There is a lot more around the corner, for an active investor like TIP.

Prysmian, Amplifon, Datalogic, Interpump –

the biggest bets

EUR36m net investments in 2011

More than EUR220m to activate

26 January 2012 ITALY TIP

www.cheuvreux.com

5

Active portfolio rotation TIP is a long-term investor, which sometimes accompanies the entrepreneurs and management in running the business and often seeks an active role as a shareholder. But it is also quite active in rotating its portfolio, depending on the performances of the selected investments as well as the opportunities to select promising new ones. The average holding period for exited investments in the past was c.2 years vs. 3.5 years, as of today, for the current ones.

It is hard to come up with a neat definition for TIP as an investor.

It is not exactly a venture capitalist, even though sometimes it provides direct support to entrepreneurs and management in running the business, as the holding period is shorter on average than in venture capital.

It is not exactly a long-only investor, even though it selects companies whose prices underestimate their fundamentals and whose competitive advantage appears sustainable over the long run, as it focuses almost exclusively on Italian companies in order to take advantage of their proximity – which is physical as well as cultural, and should translate into a better understanding of the investment case.

It is not exactly an "activist" investor, even though it generally seeks an active role as a shareholder, since it usually aims to unlock shareholder value in concordance with the owners and the managers rather than in opposition to them.

TIP tends to be a bit of all these things at the same time, rather than only one.

It is easier to determine TIP's average holding period. Considering past, fully exited shareholdings (we selected 18 names, the main listed ones) our calculation points to c.2.2 years. This compares to the average holding period, as of today, of current shareholdings (20 main names), that is 3.5 years.

Therefore, TIP's normal holding period could be assumed to be 3-4 years.

TIP: PAST LISTED SHAREHOLDINGS

Company In Out (fully) Holding period (Ys)

Reply 2003 2006 3

Mirato 1 2004 2004

2/Outperform – SOTP EUR1.75 TP offers 18% upside Current NAV is EUR1.34 per share, 9% below the market price. Our SOTP valuation is 30% higher, at EUR1.75 (mostly thanks to Printemps). This is our TP, offering 18% upside vs. the market level. We initiate coverage of TIP at 2/Outperform.

Our sum-of-the-parts valuation of TIP points to EUR1.75/share, that is EUR0.40 higher (+30%) than the current NAV as estimated above. This comes from three main sources of potential upside:

Amplifon 4% directly held stake offers the upside left by our valuation: Cheuvreux covers the stock, with a 2/Outperform rating and a EUR4.00 TP. Upside is 16% vs. the market price, that is an additional EUR0.04/share added to TIP's NAV.

Prysmian 2.2% indirectly held stake is the same story: Cheuvreux covers the stock, with a 2/Outperform rating and a EUR14.80 TP. Upside is 28% vs. the market price, that is additional EUR0.08/share added to TIP's NAV.

Printemps 4.4% indirectly held stake is the main source of potential upside for TIP. Based on the multiples of last year's sales of both Rinascente operating and property companies, the participated French department store chain (the second largest in France) would offer a substantial >4x upside vs. its book value, that is an additional EUR0.29/share in TIP NAV. This is based on our analyses using the available data on Printemps – not officially disclosed, but provided by the press.

For Printemps, EV is derived from the Rinascente transaction multiples, at EUR1,768m. After some EUR700 net debt, Printemps' total equity value is set at around EUR1bn. TIP's stake is then valued in the range of EUR45-50m (capital gain bears no taxes, thank to Pex), vs. a EUR9m book value.

RINASCENTE TRANSACTION MULTIPLES… …APPLIED TO PRINTEMPS

(EUR m, %)

EBITDA 2010 24

EV/EBITDA 11x

OpCo EV 260

OpCo price 205

Rents 2010 22

Yield 4.7%

PropCo price 472

(EUR m, %)

EBITDA 2011 80

EV/EBITDA 11x

OpCo EV 880

Rents 2011 33

Yield 4.7%

PropCo valuation 698

Other RE assets 190 Source: Prelios, CA Cheuvreux Source: CA Cheuvreux

We do not recognise any upside here for the latest addition, which is the Italian unlisted Intercos – 18% stake in TIP's NAV at the book value, that is EUR9m.

This is a top notch company, which is one of the world leaders in the development and production of make-up products. At 1x 2010 sales of EUR245m, TIP's stake would be worth c.5x the book value, that would be an additional EUR0.26/share (+19%) added to TIP's NAV.

Conclusively, TIP has a high quality investment portfolio with substantial upside potential on the investee assets. Multiple re-rating of listed assets valuation operated by the market and M&A/IPO operations on both unlisted (focus on Printemps and Intercos) and listed (Prysmian, Diasorin, Valsoia, Del Clima, some of the candidates) assets carried out by the company, both expected in the near future, are set to fuel the stock performance.

We start our coverage of TIP at 2/Outperform, with a EUR1.75 TP, which leaves 18% upside vs. the current market price.

SOTP 30% > NAV

3% on Amplifon

6% on Prysmian

21% on Printemps

Re-rating and M&A/IPO to unlock

value

Intercos 19% additional upside

26 January 2012 ITALY TIP

www.cheuvreux.com

7

TIP FY to 31/12 (Euro m) 2008 2009 2010 2011E 2012E 2013E

Profit & Loss Account EBIT 1.7 (0.8) 0.4 1.1 0.7 0.8% Change NS 152.0% 189.7% -38.1% 18.6%Other exceptional items 0.0 0.0 0.0 0.0 0.0 0.0Others 0.5 0.7 3.4 1.0 1.1 1.1Net attributable profit [loss] (20.6) 1.0 10.2 3.0 3.2 3.4NAP [Loss], restated after goodwill (20.6) 1.0 10.2 3.0 3.2 3.4% Change 105.0% NS -70.8% 8.4% 3.7% Cash Flow Statement Net cash flow (27.7) 1.3 6.7 5.4 3.3 3.3Financial investments 12.7 13.9 (52.4) (36.0) 0.0 0.0Disposals 0.0 0.0 0.0 0.0 0.0 0.0Dividend paid (5.6) 0.0 (3.3) (4.7) (4.7) (4.7)Capital increase 0.2 0.0 29.6 2.5 0.0 0.0Other cash flow 23.7 (3.6) 9.4 17.0 0.0 0.0Dec. [inc.] in net debt 1.0 10.7 (10.4) (16.5) (1.4) (1.4) Balance Sheet Shareholders' equity [group share] 151.2 149.1 197.8 185.0 183.5 182.2Minority interests 0.0 0.0 0.0 0.0 0.0 0.0Other provisions 0.0 0.0 0.0 0.0 0.0 0.0Net debt [cash] (31.2) (41.9) (31.5) (15.0) (13.6) (12.2)Gearing [%] (20.7) (28.1) (15.9) (8.1) (7.4) (6.7)Capital invested 120.1 107.3 166.4 170.2 170.1 170.2 Goodwill 9.8 9.8 9.8 9.8 9.8 9.8Intangible assets 0.0 0.0 0.0 0.0 0.0 0.0Tangible assets 0.1 0.1 0.1 0.1 0.1 0.1Financial assets 0.0 0.0 0.0 0.0 0.0 0.0Associates 97.1 84.4 140.0 146.1 146.1 146.1Working capital requirement 13.2 13.0 16.5 14.1 14.1 14.1WCR as a % of sales NS NS NS NS NS NSCapital employed 120.1 107.3 166.4 170.2 170.1 170.2 Per Share Data (Euro) Dividend 0.00 0.03 0.04 0.04 0.04 0.04Cash flow (0.19) 0.01 0.09 0.02 0.02 0.03% Change 105.2% NS -73.3% 4.3% 4.2%Book value per share 1.4 1.3 1.4 1.3 1.3 1.3 No. of shares, adjusted 111.060 111.060 134.540 136.050 136.050 136.050Av. number of shares, adjusted 111.060 111.060 134.540 136.050 136.050 136.050Treasury stock, adjusted 3.570 4.360 0.790 1.750 1.750 1.750 Share Price (Adjusted) Latest price 1.39 1.23 1.40 1.51 1.48 1.48High 2.03 1.42 1.52 1.59 1.51 -Low 1.32 0.81 1.15 1.34 1.43 -Average price 1.68 1.16 1.30 1.48 1.48 - Market capitalisation 154.6 136.6 188.4 204.8 201.4 201.4

Enterprise value 123.5 94.8 157.0 189.9 187.9 189.3

26 January 2012 ITALY TIP

www.cheuvreux.com

8

Important Disclosures

APPLICABLE DISCLOSURE CLAUSES

Company Closing Price Rating Disclosures

TIP EUR1.23 2/Outperform

A - One or more companies in the Crédit Agricole S.A. group owned more than 1% of the total issued share capital of the Company as of the end

of the second most recent month preceding the publication date of this report.

B - One or more companies in the Crédit Agricole S.A. group owned more than 5% of the total issued share capital of the Company as of the end of the second most recent month preceding the publication date of this report.

C - The Company owned more than 5% of the total issued share capital of Crédit Agricole SA as of the end of the second most recent month preceding the publication date of this report.

D - One or more companies in the Crédit Agricole S.A. group held, as of the end of the second most recent trading day, a net sales position higher than 1% of the total issued share capital of the Company.

E - The trading portfolio of one or more companies in the Crédit Agricole S.A. group contained shares of the Company as of the end of the second most recent trading day.

F - Crédit Agricole Cheuvreux and/or a company in the Crédit Agricole S.A. group is a market maker or a liquidity provider for the financial instruments of the Company.

G - Crédit Agricole CIB and/or a company in the Crédit Agricole S.A. group has been involved within the last three years in a publicly disclosed offer of or on financial instruments of the Company.

H - Crédit Agricole CIB and/or a company in the Crédit Agricole S.A. group has concluded or is party to a non confidential agreement relating to the provision of investment banking services (except publicly disclosed offers mentioned under G) to the Company during the past 12 months or that has given rise during the same period to the payment of compensation or to the promise to get a compensation paid.

I - This research has been communicated to the Company and following this communication, its conclusions have been amended before its dissemination.

J - A director or a board member of the Crédit Agricole S.A. group is an officer, director, or board member of the Company.

SPECIFIC DISCLOSURE CLAUSES

None

CHEUVREUX'S RATING AND TARGET PRICE SYSTEM

Ratings are built for a 6 to 12 month time horizon.

1/Selected List Expected to outperform the market and is in our country selected list

2/Outperform Expected to outperform the market

3/Underperform Expected to perform at best in line with the market

4/Sell Expected to underperform the market substantially

No Rating or Suspended The investment rating and target price have been suspended. Such suspension is pursuant to Cheuvreux's policy in circumstances when Cheuvreux's parent company, Crédit Agricole CIB, is acting in an advisory capacity in a merger or strategic transaction involving this company or when Calyon or Crédit Agricole has a beneficial interest in this company and in certain other circumstances.

Target price methodology Cheuvreux's target prices are derived from one or more of the following methodologies: DCF, SOP, peer comparison and EVA.

Quote definitions Unless specified, all quotes that appear on Institutional research reports are closing prices the last business day.

26 January 2012 ITALY TIP

www.cheuvreux.com

9

OVERALL RATING BREAKDOWN (AS AT 16/01/2011) RATING BREAKDOWN IN THE SECTOR (AS AT 16/01/2011)

0

50

100

150

200

250

300

350

1/Selected List 2/Outperform 3/Underperform 4/Sell

Number of companies in each category

Number of companies in each rat ing having received Crédit Agricole CIB investment banking services withinthe last 12 months

0

1

2

3

4

5

6

7

8

1/Selected List 2/Outperform 3/Underperform 4/Sell

SHARE PRICE TREND AND DATES OF CHANGES IN RATING AND/OR TARGET PRICE

DATES OF CHANGES IN TARGET PRICE AND/OR RATING

N° Date Rating Target price

1 17/01/2012 EUR1.70

2

3

4

5

1.46

1.46

1.47

1.47

1.48

1.48

1.49

01/12

Share price Rating change Target price change

6

LOCAL REGULATORY AUTHORITIES

Country Cheuvreux legal entity Regulatory authority

France Crédit Agricole Cheuvreux SA Autorité des Marchés Financiers (AMF)

Germany Crédit Agricole Cheuvreux Niederlassung Deutschland Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin)

Greece Crédit Agricole Cheuvreux Regus Hellas SA Capital Market Commission (HCMC)

Italy Crédit Agricole Cheuvreux – Milan Branch Commissione Nazionale per le Societa e la Borsa (Consob)

The Netherlands Crédit Agricole Cheuvreux - Amsterdam Branch Autoriteit Financiële Markten (AFM)

Spain Crédit Agricole Cheuvreux Espana SV SA Comisión Nacional del Mercado de Valores (CNMV)

Sweden Crédit Agricole Cheuvreux Nordic AB Finansinspektionen

Switzerland Crédit Agricole Cheuvreux - Zurich Branch Autorité fédérale de surveill. des marchés financiers (FINMA)

United Kingdom Crédit Agricole Cheuvreux International Ltd Financial Services Authority (FSA)

Turkey Crédit Agricole Cheuvreux Menkul Degerler A.S. Capital Markets Board (CMB)

26 January 2012 ITALY TIP

www.cheuvreux.com

10

Signatory of the Principles for Responsible Investment

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RESEARCH & DISTRIBUTION CENTRES

BENELUX CRÉDIT AGRICOLE CHEUVREUX – AMSTERDAM BRANCH JOHANNES VERMEERSTRAAT 9 1071 DK AMSTERDAM TEL. : +31 20 573 06 66 — FAX : +31 20 573 06 90

FRANCE CRÉDIT AGRICOLE CHEUVREUX S.A. 9, QUAI PAUL DOUMER 92400 COURBEVOIE TEL: +33 1 41 89 70 00 — FAX: +33 1 41 89 70 05

GERMANY CRÉDIT AGRICOLE CHEUVREUX – FRANKFURT BRANCH TAUNUSANLAGE 14 D-60325 FRANKFURT AM MAIN TEL: +49 69 47 897 100 — FAX: +49 69 47 897 530

GREECE CRÉDIT AGRICOLE CHEUVREUX - ATHENS BRANCH 1 KORAI STREET (3RD FLOOR) 10564 ATHENS TEL : +30 210 373 4000 — FAX: +30 210 373 4001

ITALY CRÉDIT AGRICOLE CHEUVREUX – MILAN BRANCH PIAZZA CAVOUR 2 20121 MILAN TEL: +39 02 80 62 83 00 — FAX: +39 02 86 46 15 70

SPAIN CRÉDIT AGRICOLE CHEUVREUX ESPAÑA S.V. S.A. PASEO DE LA CASTELLANA 1 28046 MADRID TEL: +34 91 495 16 48 — FAX: +34 91 495 16 60

SWEDEN CRÉDIT AGRICOLE CHEUVREUX NORDIC AB REGERINGSGATAN 38 10393 STOCKHOLM TEL: +468 723 5100 — FAX: +468 723 5101

SWITZERLAND CRÉDIT AGRICOLE CHEUVREUX – ZURICH BRANCH BAHNHOFSTRASSE 18 8001 ZURICH TEL: +41 44 218 17 17 — FAX: +41 44 218 17 87

TURKEY CRÉDIT AGRICOLE CHEUVREUX MENKUL DEGERLER A.S. BUYUKDERE CAD. YAPI KREDI PLAZA C BLOK KAT:15 LEVENT 34330 - ISTANBUL TEL: +90 212 371 19 00 — FAX: +90 212 371 19 01

UNITED KINGDOM CRÉDIT AGRICOLE CHEUVREUX INTERNATIONAL LIMITED 12TH FLOOR MOORHOUSE - 120 LONDON WALL LONDON EC2Y 5ET TEL: +44 207 621 5100 — FAX: +44 207 621 5101

DISTRIBUTION CENTRES

JAPAN CHEUVREUX CRÉDIT AGRICOLE SECURITIES ASIA B.V., TOKYO BRANCHSHIODOME SUMITOMO BUILDING, 15TH FLOOR 1-9-2 HIGASHI-SHIMBASHI MINATO-KU TOKYO 105-0021 TEL: +81 3 4580 8522 — FAX: +81 3 4580 5534

UNITED STATES CRÉDIT AGRICOLE CHEUVREUX NORTH AMERICA, INC.

BOSTON 99 SUMMER STREET, SUITE 220 BOSTON, MA 02110 TEL: +1 (617) 295 01009

NEW YORK 1301 AVENUE OF THE AMERICAS 15TH FLOOR NEW YORK, NY 10019 TEL: +1 (212) 492 8800 — FAX: +1 (212) 492 8801

SAN FRANCISCO 50 CALIFORNIA STREET, SUITE 860 SAN FRANCISCO, CA 94111 TEL: +1 (415) 255 9802 — FAX: +1 (415) 956 9940

Copyright © Crédit Agricole Cheuvreux, 2012. All rights reserved All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via ThomsonReuters or Bloomberg unless otherwise indicated. Data is sourced from CA Cheuvreux and subject companies. This research report or summary ("Research") has been prepared by Crédit Agricole Cheuvreux or one of its affiliates or branches (collectively “CA Cheuvreux”) from information believed to be reliable. The opinions and projections expressed in this document are entirely those of CA Cheuvreux and are given as part of its normal research activity. CA Cheuvreux has not independently verified the information given in this document. 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