TIP - STAR Conference Londra (2-10-2014)

OOOOccccttttoooobbbbeeeerrrr 2222,,,, 2222000011114444

TTTToooottttaaaallll TTTTIIIIPPPP iiiinnnnvvvveeeessssttttmmmmeeeennnnttttssss 1.3 bbbbiiiilllllllliiiioooonnnn EEEEuuuurrrroooo
AAAAggggggggrrrreeeeggggaaaatttteeeedddd ssssaaaalllleeeessss ooooffff TTTTIIIIPPPP iiiinnnnvvvveeeesssstttteeeeeeee ccccoooommmmppppaaaannnniiiieeeessss aaaarrrroooouuuunnnndddd 11111111.5 bbbbiiiilllllllliiiioooonnnn
EEEEuuuurrrroooo,,,,wwwwiiiitttthhhh aaaabbbboooouuuutttt 44440000,000000000000 eeeemmmmppppllllooooyyyyeeeeeeeessss
8 wwwwoooorrrrllllddddwwwwiiiiddddeeee lllleeeeaaaaddddeeeerrrrsssswwwwiiiitttthhhhiiiinnnn tttthhhheeee ppppoooorrrrttttffffoooolllliiiioooo
TTTThhhheeee aaaavvvveeeerrrraaaaggggeeee EEEEbbbbiiiittttddddaaaa mmmmaaaarrrrggggiiiinnnn ooooffff tttthhhheeee mmmmaaaaiiiinnnn iiiinnnnvvvveeeesssstttteeeeeeee ccccoooommmmppppaaaannnniiiieeeessss iiiissss
2 OOOOccccttttoooobbbbeeeerrrr 2222,,,, 2222000011114444
aaaabbbboooovvvveeee 11116666%
DDDDuuuurrrriiiinnnngggg tttthhhheeee llllaaaasssstttt ffffeeeewwww yyyyeeeeaaaarrrrssss tttthhhheeee iiiinnnndddduuuussssttttrrrriiiiaaaallll ““““ccccoooonnnntttteeeennnntttt”””” ooooffff TTTTIIIIPPPP hhhhaaaassss
bbbbeeeeeeeennnn****:
TTTTeeeecccchhhhnnnnoooollllooooggggyyyy: bbbbeeeettttwwwweeeeeeeennnn 22227777% aaaannnndddd 44441111%
LLLLuuuuxxxxuuuurrrryyyy / ddddeeeessssiiiiggggnnnn: bbbbeeeettttwwwweeeeeeeennnn 11112222% aaaannnndddd 22225555%
HHHHeeeeaaaalllltttthhhhccccaaaarrrreeee // TTTThhhhiiiirrrrdddd aaaaggggeeee: bbbbeeeettttwwwweeeeeeeennnn 11110000% aaaannnndddd 11117777%
OOOOtttthhhheeeerrrr iiiinnnndddduuuussssttttrrrriiiieeeessss: bbbbeeeettttwwwweeeeeeeennnn 11116666% aaaannnndddd 22226666%
CCCCaaaasssshhhh: bbbbeeeettttwwwweeeeeeeennnn 4% aaaannnndddd 11117777%
*considering the intrinsic value: analytical valuation of the assets elaborated based on investee companies’ forecasts

TTTThhhheeee ccccuuuurrrrrrrreeeennnntttt iiiinnnnvvvveeeesssstttteeeeeeee ccccoooommmmppppaaaannnniiiieeeessss hhhhaaaavvvveeee rrrreeeeaaaalllliiiizzzzeeeedddd –– ssssiiiinnnncccceeee TTTTIIIIPPPP hhhhaaaassss
bbbbeeeeeeeennnn a sssshhhhaaaarrrreeeehhhhoooollllddddeeeerrrr – mmmmoooorrrreeee tttthhhhaaaannnn 55550000 aaaaccccqqqquuuuiiiissssiiiittttiiiioooonnnnssss,,,, mmmmaaaannnnyyyy ooooffff tttthhhheeeemmmm
aaaabbbbrrrrooooaaaadddd
October 2, 2014 20143
HHHHyyyyppppooootttthhhheeeessssiiiissss rrrreeeeggggaaaarrrrddddiiiinnnngggg ffffuuuuttttuuuurrrreeee I.P.O.:
IIIInnnntttteeeerrrrccccoooossss aaaauuuuttttuuuummmmnnnn 2222000011114444
AAAAAAAAAAAA (((((TTTTIIIIPPPPOOOO))))PPPPOOOO)))): WWWWiiiinnnntttteeeerrrr 2222000011114444 / SSSSpppprrrriiiinnnngggg 2222000011115555
EEEEaaaattttaaaallllyyyy:: 2222000011116666 / 2222000011117777
RRRRoooocccchhhheeee bbbboooobbbbooooiiiissss: 2222000011117777 / 2222000011118888
TTTTIIIIPPPP eeeexxxxaaaammmmiiiinnnneeeessss aaaabbbboooouuuutttt 111155550000 eeeeqqqquuuuiiiittttyyyy ddddoooossssssssiiiieeeerrrrssss yyyyeeeeaaaarrrrllllyyyy aaaannnndddd mmmmoooorrrreeee tttthhhhaaaannnn 111100000000
aaaaddddvvvviiiissssoooorrrryyyy aaaannnndddd nnnnoooowwww,,,, wwwwiiiitttthhhh tttthhhheeee llllaaaauuuunnnncccchhhh ooooffff TTTTIIIIPPPPOOOO,,,, tttthhhhoooosssseeee ffffiiiigggguuuurrrreeeessss aaaarrrreeee
ccccoooonnnnssssttttaaaannnnttttllllyyyy iiiinnnnccccrrrreeeeaaaassssiiiinnnngggg
3

- Vietnam
- Thailand
- Taiwan
October 2, 2014 20144
-
.... TTTT .... IIII .... PPPP .... OOOO ....
TTTTIIIIPPPP - PPPPRRRREEEE IIIIPPPPOOOO SSSS....PPPP....AAAA....
Mergers and
acquisitions
Initial public offerings
(IPO)
Takeover bids
Advisory
Estimates and
valuations
Germany
-China
- India
-Korea
-Hong Kong
-Canada
-U.S.A.
-Germany
-Holland
-France
-Sweden
- Poland
- Portugal
- U.K.
- Spain
- Switzerland
- India
- Brazil
- Japan
MMMMaaaaiiiinnnn iiiinnnnvvvveeeessssttttmmmmeeeennnnttttssss AAAAddddvvvviiiissssoooorrrryyyy aaaaccccttttiiiivvvviiiittttiiiieeeessss
4

TTTTIIIIPPPP sssshhhhaaaarrrreeeehhhhoooollllddddeeeerrrrssss’’’’ ttttoooottttaaaallll rrrreeeettttuuuurrrrnnnn hhhhaaaassss bbbbeeeeeeeennnn aaaarrrroooouuuunnnndddd 22220000.0% yyyyeeeeaaaarrrrllllyyyy****,
October 2, 2014 20145
ffffoooorrrr a ttttoooottttaaaallll ooooffff aaaabbbboooouuuutttt 99999999.8%*
VVVVoooollllaaaattttiiiilllliiiittttyyyy hhhhaaaassss bbbbeeeeeeeennnn 11116666.4%((((vvvvssss 22222222.2%ooooffff FFFFttttsssseeeeMMMMiiiibbbb)
IIIInnnn 33330000% ooooffff ddddaaaayyyyssss dddduuuurrrriiiinnnngggg tttthhhheeee llllaaaasssstttt 55 yyyyeeeeaaaarrrrssss TTTTIIIIPPPP hhhhaaaassss oooovvvveeeerrrrppppeeeerrrrffffoooorrrrmmmmeeeedddd aaaallllllll
ooooffff tttthhhheeee ffffoooolllllllloooowwwwiiiinnnngggg iiiinnnnddddeeeexxxxeeeessss:
SSSSttttooooxxxxxxxxssss EEEEuuuurrrrooooppppeeee iiiinnnnddddeeeexxxx
MMMMSSSSCCCCIIII EEEEuuuurrrrooooppppeeee iiiinnnnddddeeeexxxx
MMMMSSSSCCCCIIII ssssmmmmaaaallllllll ccccaaaapppp iiiinnnnddddeeeexxxx
IIIITTTT SSSSttttaaaarrrr
FFFFttttsssseeeeMMMMiiiibbbb iiiinnnnddddeeeexxxx
FFFFttttsssseeee IIIIttttaaaalllliiiiaaaannnn SSSSmmmmaaaallllllll ccccaaaapppp iiiinnnnddddeeeexxxx
*Source: TIP elaborations on Bloomberg data
5

CCCCoooonnnnssssiiiiddddeeeerrrriiiinnnngggg bbbbuuuuyyyy bbbbaaaacccckkkk aaaannnndddd ddddiiiivvvviiiiddddeeeennnnddddssss,,,, TTTTIIIIPPPP hhhhaaaassss ““““ggggiiiivvvveeeennnn”””” ttttoooo tttthhhheeee mmmmaaaarrrrkkkkeeeetttt
October 2, 2014 20146
aaaabbbboooouuuutttt 44444444.6 mmmmiiiilllllllliiiioooonnnn EEEEuuuurrrroooo
TTTTIIIIPPPP wwwwaaaarrrrrrrraaaannnnttttssss – ffffrrrreeeeeeeellllyyyy ddddiiiissssttttrrrriiiibbbbuuuutttteeeedddd iiiinnnn mmmmaaaarrrrcccchhhh 2222000011110000 – hhhhaaaavvvveeee hhhhaaaadddd a
ppppeeeerrrrffffoooorrrrmmmmaaaannnncccceeee ooooffff aaaabbbboooouuuutttt 1,000088886666%*
CCCCoooonnnnssssiiiiddddeeeerrrriiiinnnngggg ttttrrrraaaaddddiiiinnnngggg oooonnnn tttthhhheeee ssssttttoooocccckkkk aaaannnndddd oooonnnn wwwwaaaarrrrrrrraaaannnntttt TTTTIIIIPPPP iiiissss oooonnnneeee ooooffff
tttthhhheeee mmmmoooosssstttt ttttrrrraaaaddddeeeedddd ccccoooommmmppppaaaannnniiiieeeessss aaaammmmoooonnnngggg tttthhhheeee IIIIttttaaaalllliiiiaaaannnn mmmmeeeeddddiiiiuuuummmm ccccaaaappppssss ((((aaaannnn
aaaavvvveeeerrrraaaaggggeeee ddddaaaaiiiillllyyyy vvvvaaaalllluuuueeee ooooffff mmmmoooorrrreeee tttthhhhaaaannnn 666600000000,000000000000 EEEEuuuurrrroooo dddduuuurrrriiiinnnngggg llllaaaasssstttt yyyyeeeeaaaarrrr))))..
*Source: TIP elaborations on Bloomberg data
6

October 2, 2014 20147
PPPPeeeerrrrffffoooorrrrmmmmaaaannnncccceeee iiiinnnn tttthhhheeee llllaaaasssstttt 5555 yyyyeeeeaaaarrrrssss
FTSE MIB
VVVVeeeerrrryyyy lllloooowwww vvvvoooollllaaaattttiiiilllliiiittttyyyy:::: 11116666....4444%%%% ((((vvvvssss 22222222....2222%%%% FFFFTTTTSSSSEEEE MMMMiiiibbbb )
GGGGoooooooodddd mmmmeeeeddddiiiiuuuummmm – lllloooonnnngggg tttteeeerrrrmmmm ppppeeeerrrrffffoooorrrrmmmmaaaannnncccceeee ((((iiiinnnn 33330000%%%% ooooffff ddddaaaayyyyssss
TTTTIIIIPPPP oooovvvveeeerrrrppppeeeerrrrffffoooorrrrmmmmeeeedddd tttthhhheeee mmmmaaaaiiiinnnn iiiinnnnddddeeeexxxxeeeessss))))
GGGGrrrreeeeaaaatttt ssssoooolllliiiiddddiiiittttyyyy aaaaggggaaaaiiiinnnnsssstttt ddddoooowwwwnnnnssssiiiiddddeeee
3,0
2,8
2,6
2,4
2,2
2,0
1,8
1,6
1,4
1,2
1,0
0,8
0,6
Source: TIP elaborations on Bloomberg data (as at 26.9.2014)
PPPPrrrriiiinnnntttteeeemmmmppppssss ddddiiiissssppppoooossssaaaallll
++++77777777....0000%%%%
2222000011113333 FFFFYYYY rrrreeeessss. AAAAnnnndddd EEEEaaaattttaaaallllyyyy
aaaannnnnnnnoooouuuunnnncccceeeemmmmeeeennnntttt
MMMMoooonnnncccclllleeeerrrr AAAAccccqqqq.
IIIInnnn tttthhhheeee ssssaaaammmmeeee ppppeeeerrrriiiioooodddd T.I.P.
wwwwaaaarrrrrrrraaaannnnttttssss hhhhaaaavvvveeee
iiiinnnnccccrrrreeeeaaaasssseeeedddd bbbbyyyy 1,000088886666%
1H 2222000011114444 rrrreeeessssuuuullllttttssss
++++66660000....0000%%%%
++++55559999....4444%%%%
++++55556666....8888%%%%
++++44440000....4444%%%%
-11110000....0000%%%%
-22229999....3333%%%%
IT Star
MSCI SM
Stoxx Eur.
MSCI Eur
FTSE IT. SM
0,4
7

€333388883333
mmmmllllnnnn
€555555556666
mmmmllllnnnn
8
BBBBooooooookkkk vvvvaaaalllluuuueeee CCCCoooonnnnsssseeeennnnssssuuuussss eeeessssttttiiiimmmmaaaatttteeeessss1
1111.... CCCCoooonnnnsssseeeennnnssssuuuussss eeeessssttttiiiimmmmaaaatttteeeessss: iiiinnnncccclllluuuuddddeeee tttthhhheeee aaaannnnaaaallllyyyyttttiiiiccccaaaallll vvvvaaaalllluuuuaaaattttiiiioooonnnn ooooffff eeeeaaaacccchhhh ssssiiiinnnngggglllleeee iiiinnnnvvvveeeessssttttmmmmeeeennnntttt ffffrrrroooommmm mmmmaaaarrrrkkkkeeeetttt ccccoooonnnnsssseeeennnnssssuuuussss ((((BBBBlllloooooooommmmbbbbeeeerrrrgggg)))).
8

LLLLaaaasssstttt rrrreeeeppppoooorrrrttttssss ((((€ ppppeeeerrrr sssshhhhaaaarrrreeee....))))
EEEEqqqquuuuiiiittttaaaa (25/9/14) 2222....99990000
IIIInnnntttteeeerrrrmmmmoooonnnntttteeee (19/9/14) 3333,,,,00005555
MMMMaaaarrrrkkkkeeeetttt pppprrrriiiicccceeee as at
26/9/2014 2222....33339999
October 2, 2014 20149
TTTT....IIII....PPPP.... iiiinnnnttttrrrriiiinnnnssssiiiicccc vvvvaaaalllluuuueeee eeeessssttttiiiimmmmaaaatttteeeessss1
AAAAbbbboooovvvveeee
€666600000000
mmmmllllnnnn
1111.... IIIInnnnttttrrrriiiinnnnssssiiiicccc vvvvaaaalllluuuueeee: aaaannnnaaaallllyyyyttttiiiiccccaaaallll vvvvaaaalllluuuuaaaattttiiiioooonnnn ooooffff tttthhhheeee aaaasssssssseeeettttssss ((((ggggrrrroooossssssss ooooffff T.I.P. S.p.A. ddddeeeebbbbttttssss)))) eeeellllaaaabbbboooorrrraaaatttteeeedddd ttttaaaakkkkiiiinnnngggg iiiinnnnttttoooo aaaaccccccccoooouuuunnnntttt tttthhhheeee
mmmmeeeeddddiiiiuuuummmmtttteeeerrrrmmmm ppppeeeerrrrssssppppeeeeccccttttiiiivvvveeeessss ooooffff eeeeaaaacccchhhh iiiinnnnvvvveeeessssttttmmmmeeeennnntttt; ttttooooddddaaaayyyy iiiitttt ccccoooouuuulllldddd bbbbeeee eeeessssttttiiiimmmmaaaatttteeeedddd aaaarrrroooouuuunnnndddd 3 EEEEuuuurrrroooo ppppeeeerrrr sssshhhhaaaarrrreeee.
2222.... OOOOnnnn 22226666.9.2222000011114444 T.I.P.mmmmaaaarrrrkkkkeeeetttt ccccaaaappppiiiittttaaaalllliiiizzzzaaaattttiiiioooonnnnwwwwaaaassss eeeeqqqquuuuaaaallll ttttoooo 333344442222.9 mmmmiiiilllllllliiiioooonnnn EEEEuuuurrrroooo (2.4 EEEEuuuurrrroooo ppppeeeerrrr sssshhhhaaaarrrreeee).
9

11.2
3.4
10.1
31.7
-0.3
23.2
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
2010 2011 2012 2013 1H
2013
1H
2014
10
RRRReeeevvvveeeennnnuuuueeeessss ffffrrrroooommmm aaaaddddvvvviiiissssoooorrrryyyy EEEEaaaarrrrnnnniiiinnnngggg bbbbeeeeffffoooorrrreeee ttttaaaaxxxxeeeessss
€ mln € mln
AAAAvvvveeeerrrraaaaggggeeee
11114444....1111
€ mln
BBBBaaaallllaaaannnncccceeee sssshhhheeeeeeeetttt ddddaaaattttaaaa
5.8
5.5
4.7
4.3
1.0
4.8
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2010 2011 2012 2013 1H
2013
1H
2014
AAAAvvvveeeerrrraaaaggggeeee
5555....1111
500,0
400,0
300,0
200,0
100,0
In 2014 TIP distributed a ddddiiiivvvviiiiddddeeeennnndddd ooooffff 0.000088883333 EEEEuuuurrrroooo ppppeeeerrrr sssshhhhaaaarrrreeee
360,0 363,3
347,6
402,3
390,3 388,8
0,0
31-dic-13 31-mar-14 30-giu-14
Net equity Investments
11110000

TTTTIIIIPPPPOOOO wwwwiiiillllllll iiiinnnnvvvveeeesssstttt iiiinnnn ccccoooommmmppppaaaannnniiiieeeessss wwwwiiiitttthhhh rrrreeeevvvveeeennnnuuuueeeessss bbbbeeeettttwwwweeeeeeeennnn 33330000 aaaannnndddd 222200000000
mmmmiiiilllllllliiiioooonnnn EEEEuuuurrrroooo, wwwwiiiitttthhhh aaaannnn EEEEbbbbiiiittttddddaaaa mmmmaaaarrrrggggiiiinnnn aaaabbbboooovvvveeee 9/11110000% aaaannnndddd wwwwiiiitttthhhh a ssssoooolllliiiidddd
ffffiiiinnnnaaaannnncccciiiiaaaallll ssssiiiittttuuuuaaaattttiiiioooonnnn,wwwwiiiilllllllliiiinnnngggg ttttoooo bbbbeeee lllliiiisssstttteeeedddd oooonnnn tttthhhheeee ssssttttoooocccckkkk eeeexxxxcccchhhhaaaannnnggggeeee
TTTTIIIIPPPPOOOO sssshhhhaaaallllllll iiiinnnnvvvveeeesssstttt aaaallllssssoooo iiiinnnn ccccaaaappppiiiittttaaaallll iiiinnnnccccrrrreeeeaaaasssseeeessss oooorrrr eeeeqqqquuuuiiiittttyyyy-rrrreeeellllaaaatttteeeedddd
bbbboooonnnnddddssss ooooffff ccccoooommmmppppaaaannnniiiieeeessss aaaallllrrrreeeeaaaaddddyyyy lllliiiisssstttteeeedddd,,,, pppprrrroooovvvviiiiddddeeeedddd tttthhhhaaaatttt tttthhhheeeeyyyy aaaarrrreeee aaaaiiiimmmmeeeedddd
aaaatttt ffffiiiinnnnaaaannnncccciiiinnnngggg ddddeeeevvvveeeellllooooppppmmmmeeeennnntttt ppppllllaaaannnnssss
OOOOnnnn 22225555/6/2222000011114444 tttthhhheeee sssshhhhaaaarrrreeeehhhhoooollllddddeeeerrrrssss uuuunnnnddddeeeerrrrwwwwrrrrooootttteeee ccccoooommmmmmmmiiiittttmmmmeeeennnnttttssss uuuupppp ttttoooo
11
111144440000 mmmmiiiilllllllliiiioooonnnn EEEEuuuurrrroooo
TTTTIIIIPPPP ccccoooommmmmmmmiiiittttmmmmeeeennnntttt iiiissss ooooffff 44440000 mmmmiiiilllllllliiiioooonnnn EEEEuuuurrrroooo
TTTTIIIIPPPPOOOO’’’’ssss BBBBooooDDDD – ccccoooonnnncccceeeeiiiivvvveeeedddd aaaassss hhhhiiiigggghhhhllllyyyy ooooppppeeeerrrraaaattttiiiioooonnnnaaaallll –– iiiissss ccccoooommmmppppoooosssseeeedddd bbbbyyyy
GGGGiiiioooovvvvaaaannnnnnnniiii TTTTaaaammmmbbbbuuuurrrriiii,,,, RRRRoooobbbbeeeerrrrttttoooo MMMMiiiicccchhhheeeettttttttiiii, CCCCllllaaaauuuuddddiiiioooo BBBBeeeerrrrrrrreeeettttttttiiii,,,, EEEEmmmmaaaannnnuuuueeeelllleeee
CCCCaaaammmmppppaaaaggggnnnnoooolllliiii,,,, AAAAlllleeeessssssssaaaannnnddddrrrraaaa GGGGrrrriiiittttttttiiii,,,, PPPPiiiieeeerrrr LLLLuuuuiiiiggggiiii LLLLoooorrrroooo PPPPiiiiaaaannnnaaaa aaaannnndddd GGGGaaaaeeeettttaaaannnnoooo
MMMMaaaarrrrzzzzoooottttttttoooo..
11111111

12
TTTTIIIIPPPPOOOO’’’’ssss ffffiiiirrrrsssstttt 3333 mmmmoooonnnntttthhhhssss
1111,,,,444400000000 companies in line with settled criteria
111133330000 selected companies to contact
More than111100000000 dossiers prepaired
About 55550000 companies
already contacted
5 letters of
interest
issued
CCCCoooonnnnttttiiiinnnnuuuueeeessss AAAAAAAAAAAA IIIIPPPPOOOO pppprrrroooocccceeeessssssss iiiinnnn NNNNeeeewwww YYYYoooorrrrkkkk
11112222

TTTThhhheeee ssssccccrrrreeeeeeeennnniiiinnnngggg ooooffff iiiinnnnvvvveeeessssttttmmmmeeeennnnttttssss,,,, aaaallllssssoooo oooouuuuttttssssiiiiddddeeee IIIIttttaaaallllyyyy,,,, ccccoooonnnnttttiiiinnnnuuuueeeessss
13
rrrreeeegggguuuullllaaaarrrrllllyyyywwwwiiiitttthhhh tttthhhheeee uuuussssuuuuaaaallll ccccrrrriiiitttteeeerrrriiiiaaaa
SSSSeeeevvvveeeerrrraaaallll nnnneeeeggggoooottttiiiiaaaattttiiiioooonnnnssss iiiinnnn ccccoooouuuurrrrsssseeee
LLLLiiiiqqqquuuuiiiiddddiiiittttyyyy ddddiiiirrrreeeeccccttttllllyyyy aaaavvvvaaaaiiiillllaaaabbbblllleeee ((((aaaabbbboooovvvveeee 111122220000/111155550000 mmmmiiiilllllllliiiioooonnnn EEEEuuuurrrroooo))))
TTTThhhheeee aaaavvvvaaaaiiiillllaaaabbbbiiiilllliiiittttyyyy ooooffff ffffaaaammmmiiiilllliiiieeeessss ttttoooo ttttaaaakkkkeeee ppppaaaarrrrtttt ttttoooo cccclllluuuubbbb ddddeeeeaaaallllssss hhhhaaaassss
rrrreeeecccceeeennnnttttllllyyyy ffffuuuurrrrtttthhhheeeerrrr iiiinnnnccccrrrreeeeaaaasssseeeedddd,,,, ccccoooonnnnffffiiiirrrrmmmmiiiinnnngggg tttthhhheeee hhhhuuuuggggeeee ppppooootttteeeennnnttttiiiiaaaallll ooooffff
oooouuuurrrr bbbbuuuussssiiiinnnneeeessssssss mmmmooooddddeeeellll
TTTTIIIIPPPP ccccoooonnnnssssoooolllliiiiddddaaaatttteeeedddd rrrroooolllleeee iiiinnnn mmmmiiiinnnnoooorrrriiiittttyyyy bbbbuuuutttt rrrreeeelllleeeevvvvaaaannnntttt ddddeeeeaaaallllssss aaaallllllll oooovvvveeeerrrr
EEEEuuuurrrrooooppppeeee iiiimmmmpppplllliiiieeeessss tttthhhhaaaatttt TTTTIIIIPPPP ccccoooouuuulllldddd eeeeaaaassssiiiillllyyyy aaaannnndddd qqqquuuuiiiicccckkkkllllyyyy aaaaggggggggrrrreeeeggggaaaatttteeee
iiiinnnnvvvveeeessssttttoooorrrrssss ffffoooorrrr aaaaddddddddiiiittttiiiioooonnnnaaaallll 11 – 2 bbbbiiiilllllllliiiioooonnnn EEEEuuuurrrroooo
11113333

14
GGGGeeeennnneeeerrrraaaallll pppphhhhiiiilllloooossssoooopppphhhhyyyy:
SSSSttttaaaayyyy ccccoooonnnncccceeeennnnttttrrrraaaatttteeeedddd
HHHHiiiigggghhhheeeerrrr vvvvaaaalllluuuueeee oooonnnn mmmmiiiidddd ccccaaaappppssss
MMMMaaaajjjjoooorrrr ssssttttrrrreeeennnnggggtttthhhh iiiinnnn tttteeeecccchhhhnnnnoooollllooooggggyyyy,,,, hhhheeeeaaaalllltttthhhhccccaaaarrrreeee,,,, lllluuuuxxxxuuuurrrryyyy
EEEExxxxppppeeeerrrrttttiiiisssseeee ttttoooo iiiinnnntttteeeerrrraaaacccctttt wwwwiiiitttthhhh sssshhhhaaaarrrreeeehhhhoooollllddddeeeerrrrssss,,,, iiiinnnnvvvveeeesssstttteeeeeeee ccccoooommmmppppaaaannnniiiieeeessss aaaannnndddd
ccccuuuussssttttoooommmmeeeerrrrssss iiiinnnn aaaannnn oooorrrrggggaaaannnniiiicccc aaaannnndddd ccccoooohhhheeeerrrreeeennnntttt iiiinnnndddduuuussssttttrrrriiiiaaaallll pppprrrroooojjjjeeeecccctttt
CCCCoooonnnnssssoooolllliiiiddddaaaatttteeeedddd ccccaaaappppaaaabbbbiiiilllliiiittttyyyy ttttoooo aaaattttttttrrrraaaacccctttt aaaannnndddd «mmmmaaaannnnaaaaggggeeee» ffffuuuunnnnddddssss ooooffff ffffaaaammmmiiiillllyyyy
ooooffffffffiiiicccceeeessss iiiinnnntttteeeerrrreeeesssstttteeeedddd iiiinnnn hhhhiiiigggghhhh qqqquuuuaaaalllliiiittttyyyy eeeeqqqquuuuiiiittttyyyy
AAAAllllllll ooooffff tttthhhheeee ssssttttaaaaffffffff iiiissss hhhhiiiigggghhhhllllyyyy iiiinnnncccceeeennnnttttiiiivvvviiiizzzzeeeedddd oooonnnn rrrreeeessssuuuullllttttssss
PPPPrrrroooovvvveeeedddd ooooppppeeeerrrraaaattttiiiioooonnnnaaaallll eeeeffffffffiiiicccciiiieeeennnnccccyyyy aaaannnndddd fffflllleeeexxxxiiiibbbbiiiilllliiiittttyyyy
11114444

LLLLoooowwww lllleeeevvvveeeellll ooooffff rrrriiiisssskkkk, dddduuuueeee ttttoooo: iiiinnnndddduuuussssttttrrrryyyy ddddiiiivvvveeeerrrrssssiiiiffffiiiiccccaaaattttiiiioooonnnn,,,, iiiinnnnvvvveeeessssttttmmmmeeeennnntttt
15
ssssttttrrrreeeennnnggggtttthhhh aaaannnndddd ppppeeeerrrrmmmmaaaannnneeeennnntttt lllliiiiqqqquuuuiiiiddddiiiittttyyyy
TTTTiiiipppp sssshhhhaaaarrrreeeessss aaaarrrreeee aaaammmmoooonnnngggg tttthhhheeee IIIIttttaaaalllliiiiaaaannnn ttttoooopppp ppppeeeerrrrffffoooorrrrmmmmeeeerrrrssss aaaannnndddd hhhhaaaavvvveeee – aaaallllssssoooo
iiiinnnn tttthhhheeee mmmmeeeeddddiiiiuuuummmm tttteeeerrrrmmmm – ddddoooonnnneeee bbbbeeeetttttttteeeerrrr tttthhhhaaaannnn mmmmaaaannnnyyyy EEEEuuuurrrrooooppppeeeeaaaannnn iiiinnnnddddeeeexxxxeeeessss
LLLLoooowwwwvvvvoooollllaaaattttiiiilllliiiittttyyyy aaaannnndddd pppprrrrooooggggrrrreeeessssssssiiiivvvveeeellllyyyy iiiinnnnccccrrrreeeeaaaassssiiiinnnngggg ddddaaaaiiiillllyyyy ttttrrrraaaaddddiiiinnnngggg
TTTTIIIIPPPP iiiissss a pppprrrrooooxxxxyyyy ooooffff tttthhhheeee IIIIttttaaaalllliiiiaaaannnn iiiinnnndddduuuussssttttrrrriiiiaaaallll aaaannnndddd rrrreeeettttaaaaiiiillll eeeexxxxcccceeeelllllllleeeennnncccceeeessss
TTTThhhheeee mmmmoooosssstttt rrrreeeecccceeeennnntttt ttttaaaarrrrggggeeeetttt pppprrrriiiicccceeeessss eeeexxxxpppprrrreeeesssssssseeeedddd bbbbyyyy EEEEqqqquuuuiiiittttaaaa 2.99990000 € aaaannnndddd
IIIInnnntttteeeerrrrmmmmoooonnnntttteeee 3.00005555 € ccccoooonnnnttttiiiinnnnuuuueeee ttttoooo sssshhhhoooowwww a vvvveeeerrrryyyy rrrreeeelllleeeevvvvaaaannnntttt uuuuppppssssiiiiddddeeee
ppppooootttteeeennnnttttiiiiaaaallll
11115555

TIP - STAR Conference Londra (2-10-2014)

Recommandé

Recommandé

Contenu connexe

Plus de Tamburi Investment Partners

Plus de Tamburi Investment Partners (20)

Dernier

Dernier (20)

TIP - STAR Conference Londra (2-10-2014)