3Q06 ResultsAzimut Group

13 November 2006

Summary HighlightsAsset management

Distribution

3Q06 Financials

Outlook

3Q06 Highlights

3Q06 Highlights

Italian IndustryAzimut

€ 1276.9m+12.7%

Data in € m

9M06 net inflows into managed assetsFunds under management growth in 2006

€ -14,687.1m+4.58%

Data in €m

Total revenues Net profit EPS (basic) €/cent

+15.4% YOY

0

50

100

150

200

250

300

9M06 9M05 2005

+11.9 YOY

3032343638404244464850

9M06 9M05 2005

+11.6% YOY

2022242628

30323436

9M06 9M05 2005

3Q06 Highlights

New pricing for Italian domiciled funds according to BoI regulation effective since Aug 1st , 2006

2006: an year devoted to product launchesTwo comprehensive investment offers for mutual fundsIn September 2006 the product range of the mutual funds domiciled in Luxemburg (25) has been widened, offering now not only the investment possibilities available through the Italian based funds, but also some new FoF investing in third parties products in asset classes not managed in-house

Two pricing schemes for mutual fundsLuxembourg domiciled funds: no changes, so still monthly booking and cash-in of variable fees charged on the quarterly (rolling) total return of the funds.Italy domiciled funds: Higher fixed fee, annual calculation and booking of variable fees. 2006 is a transition period, so funds will charge following Aug-Dec performance.No accrual has been made in the financial statementsNo accrual has been made in the financial statements, since no certainty of the amount until Dec 31st

2006.

Two new single manager hedge funds launchedAliseodue launched in June 2006 and reached full capacity of 200 clients within a few days.Alisequattro launched in August 2006.Further business development in the single manager sector.

Asset management

0

2000

4000

6000

8000

10000

12000

14000

2001

2002

2003

2004

1Q05

2Q05

3Q05

2005

1Q06

2Q06

AU

G06

3Q06

OC

T06

LUX ITA TOTAL AUM (gross)

Significant growth of LUX-domiciled fundsNew product profile accelerated the trend after August’06

20.4

%

18.0

%

17.8

%

18.0

% 27.5

%

Growth in AZ Life’s AuM

Steady growth of life insurance business1bln € reached

20.4

%

18.0

%

17.8

%

18.0

% 27.5

%

0

100

200

300

400

500

600

700

800

900

1.000

1.100

Jun

Jul

Aug Sep

Oct

Nov

Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Sep

Oct

Nov

Dec Jan

Feb

Mar

Apr

May Jun

Jul

Aug Sep

Oct

Source: Company - data in €bln

-12000

-8000

-4000

0

4000

8000

12000

Net inflows breakdown

2005 (2005 (€€ mlnmln))Italian Fund Industry

Source: Company / Assogestioni

9M06 (9M06 (€€ mlnmln))Azimut Italian Fund Industry Azimut

CashBond

BalancedFlexible

EquityHedge

-25000

-20000

-15000

-10000

-5000

0

5000

10000

15000

20000

-400

-200

0

200

400

600

800

1000

1200

-200

0

200

400

600

800

1000

AuMAuM 30.09.06 (%)30.09.06 (%)

0%

20%

40%

60%

80%

100%

Industry Azimut

Cash Bond Balanced Flexible Equity Hedge

0%

20%

40%

60%

80%

100%

Industry Azimut

Cash Bond Balanced Flexible Equity Hedge

Funds breakdown by category

AuMAuM 31.12.05 (%)31.12.05 (%)

Source: Company / Assogestioni

3.4

24.2

3.67.9

45.8

15.1

1.0

22.1

33.2

21.7

18.4

3.6

4.4

25.2

8.07.4

41.1

13.9

4.0

18.3

38.3

20.8

15.3

3.3

Mutual fund breakdown by underlying assets

IndustryIndustry AzimutAzimutTotal Equity 26.9% Total Equity 52.3%

Source: Company / Assogestioni / Il Sole 24 ore - data as at the end of September 2006

Other3.6%

Italian eq.11.0%

Foreign Eq.41.3%

Gov.t Bonds43.5%

Ital./For. Bonds0.7%

For. Bonds 11.8%Ital. Bonds

0.7%

Gov.t Bonds50.8%

Foreign Eq.21.3%

Italian eq.5.6% Other

7.2%

Distribution

Funds – net inflowsNet inflows as a % of the AuM

Source: Assogestioni

Azimut Italian asset managers Italian industry

-1%

0%

1%

2%

3%

4%

5%

jan-

03fe

b-03

mar

-03

apr-

03m

ay-0

3ju

n-03

jul-0

3au

g-03

sep-

03oc

t-03

nov-

03de

c-03

jan-

04fe

b-04

mar

-04

apr-

04m

ay-0

4ju

n-04

jul-0

4au

g-04

sep-

04oc

t-04

nov-

04de

c-04

jan-

05fe

b-05

mar

-05

apr-

05m

ay-0

5ju

n-05

jul-0

5au

g-05

sep-

05oc

t-05

nov-

05de

c-05

jan-

06fe

b-06

mar

-06

apr-

06m

ay-0

6ju

n-06

jul-0

6au

g-06

sep-

06oc

t-06

-1%

0%

1%

2%

3%

4%

5%

Funds – net inflowsTop 10 losers represent more than 2/3 of total industry

Source: Assogestioni – 2006 ytd net inflows into managed assets

Best 10 players for net infows (14.6% m.s.) Worst 10 players for net infows (66.9% m.s.)

-4 5 0 0

-4 0 0 0

-3 5 0 0

-3 0 0 0

-2 5 0 0

-2 0 0 0

-1 5 0 0

-1 0 0 0

-5 0 0

0

ANTO

NV.

ABN

AM

RO

DEU

TSC

HE

BAN

K

MPS

CA

- NEX

TRA

ARC

A

CR

EDEM

UN

ICR

EDIT

BNL

CAP

ITAL

IA

EUR

IZO

N

0

500

1000

1500

2000

2500

3000

3500

JP M

OR

GAN

CR

EDIT

SU

ISSE

AZIM

UT

BPU

UBS

MED

IOLA

NU

M

KAIR

OS

GEN

ERAL

I

HED

GE

INV.

ERSE

L

3Q06 Financials

5,740141,311

45,16510,5399,023

211,778-104,317-11,256-26,889-2,099

-144,560

67,217

% 20059M059M0615.237.1

-26.339.337.7

15.422.035.415.492.6

22.3

3.1

4,984103,072

61,2837,5646,551

183,454-85,527-8,311

-23,308-1,090

-118,236

65,218

Consolidated Reclassified Income StatementIAS/IFRS Compliant

Data in € 000

Entry commission incomeFixed management feesVariable management feesOther incomeIns. premiums net of reserves

Total RevenuesDistribution CostsCommissions on no load productsPersonnel and SG&ADepreciation, amort./provisions

Operating Costs

Operating Profit

7,620143,284

71,33110,7509,612

242,597-118,399-11,469-30,391-1,818

-162,077

80,521

% 20059M059M06

Consolidated Reclassified Income StatementIAS/IFRS Compliant

Data in € 000

Operating ProfitIncome from financial operationsNon operating costsInterest expenses

Profit Before TaxIncome taxDeferred taxes

Consolidated Net ProfitMinorities

Net Profit

67,2173,936

-0,450-4,881

65,822-17,445-3,524

44,853-0,387

44,466

65,2180,882

-1,198-4,792

60,110-15,353-5,030

39,7270

39,727

80,5211,129

-1,636-6,510

73,504-19,977-4,439

49,088-0,043

49,045

3.1346.3-62.4

1.9

9.513.6

-30.0

12.9

11.9

Effective tax rate

Adjusted Net Profit

26.5%

47,99025.5%

44,757

27.2%

20059M059M06

Cost control - Profitability of new initiatives

Data in € 000

“CORE” PERSONNELL AND SG&A COSTSNew initiatives (AZ Investimenti, Azimut CM)*REPORTED PERSONNELL AND SG&A COSTS

-23,175-3,714

-26,889

-22,358-0,950

-23,308

-28,330-2,061

-30,391

Azimut Capital Management contribution in 9M06: €6.7m revenues €2.0m net profitAZ Investimenti contribution in 9M06: €14.5m revenues €1.8m net profit

In addition to the two new initiatives launched during 2005, AZ Life, launched in 2004, posted a € 6.4m net profit in 9M06 vs. € 2.9m in 9M05

* Azimut CM: consolidated in 2005, operating since beginning of July 2005AZ Investimenti: operating and consolidated since July 2005.

31.12.0530.06.0630.09.06

Consolidated Net financial positionIAS/IFRS Compliant

Data in € 000

Amounts due to banks:Senior LoanVendor Loan (AZ Investimenti SIM)Securities issued:Convertible bond

Amounts due to financial institutions:Trademark lease-back

TOTAL DEBT

Cash and cash equivalents

NET FINANCIAL POSITION

(67,375)(55,000)(12,375)(95,770)(95,770)

--

(163,145)

136,297

(26,848)

(102,434)(90,085)(12,349)(97,170)(97,170)

--

(165,207)

112,387

(52,820)

(107,335)(95,104)(12,231)(96,371)(96,371)

--

(203,706)

126,327

(77,379)

31.10.06

(12,423)-

(12,423)(96,044)(96,044)

(24,900)(24,900)

(133,367)

N.A.

N.A.

After the sale and lease back of the trademark the Senior Loan has been paid off; the balance between the commitment for future leasing payments (€ 24.9m) and the outstanding debt (€55m) has been reimbursed cash in October.

20059M059M06

Consolidated Cash Flow StatementIAS/IFRS Compliant

Data in € 000

Net income (loss)Amortisation, depreciation and other provisionsInterest expenseCommissions on no-load productsTax provisions (tax asset uses)Net change in credits and debts and technical reservesNet change in tax assets/debts

Cash flow from operating activities(Increase)/decrease in other assets(Increase) in investment subsidiariesCash flow from investment activitiesDebt and interest repaymentCapital increase (incl. IPO fees and stock options)Dividends paidConsolidation of AZ Investimenti

Cash flow from financial activities

TOTAL CASH FLOW GENERATED (ABSORBED)Cash and cash equivalents at beginning of periodCash and cash equivalents at the end of period

44,4665,9514,984

11,25620,969(6,522)

(11,587)

69,517(0,878)

-(0,878)

(45,443)1,212

(14,438)-

(58,669)

9,970126,327136,297

39,7274,8834,8468,311

20,383(9,600)(0,701)

67,849(4,699)(0,550)(5,249)

1,4430,363

(7,214)4,923

(0,485)

62,11549,826

111,941

49,0458,3136,615

11,46924,417(8,172)(5,238)

86,449(6,312)(0,550)(6,862)

0,495(1,290)(7,214)

4,923

(3,086)

76,50149,826

126,327

New hedge fund company:Start of authorisation process for a new hedge fund company based in DublinFirst product available in 1Q07, subject to regulatory approval, will be a single manager HFNew product launches:Products based on quantitative analysisRecruitment advertising campaign:Running from end of October until beginning of December for both networksRecruitment, from September, went back to its usual path of new additions to the network

Growth of Lux-domiciled funds:Still high pressure on back office due to large inflows into AZ Funds due to both repricingand to new product offering

Outlook

Contacts

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.

Fabrizio Armone Investor Relations Manager tel. +39.02.8898.5853investor.relations@azimut.it www.azimut.it