T.I.P.

SeconTip S.p.A. – a company that Tamburi Investment Partners S.p.A helped to create – is the first independent Italian investment company that focuses exclusively on the secondary private equity market.

The primary goal of SeconTip S.p.A., is to acquire the following (with a main focus on the Italian market):

• “portfolios” of shares, even indirectly, from private equity funds and operators, banks, insurance companies, shareholdings in listed  and non-listed Italian companies or other companies that are interested in reducing their presence on the private equity market;
  
  
• shares of private equity funds, individually or combined in “packages”, held by institutional investors, family companies and other private investors;
  
  
• shares in private equity funds in corporate holding vehicles, even indirectly;
  
  
• shares in management companies that manage funds or companies that operate in the private equity sector;
  
  
• shares held by operators in the private equity sector that need additional resources to develop their business. In this case, SeconTip S.p.A. can become a partner that can make additional investments in certain of the companies involved by underwriting increases in capital in order to acquire other similar companies so the group can avoid doing another round of financing.
  
  

SeconTip S.p.A. is also able to evaluate:

SeconTip is a means of refining asset allocation – completely independent of the shareholdings of SeconTip and Tamburi Investment Partners S.p.A. – with an innovative and high profile tool in the most anti-cyclical and growing area of private equity.

The head of the Tamburi Investment Partners S.p.A. group has coordinated a pool of institutional investors including the Generali group and 11 private investors and family businesses.

SeconTip has already obtained a commitment for a total of approximately 140 million euro, which was funded with minimum capital investments of 5 million euro collected since March 29, 2006.

In order to take further opportunities taking shape in the market, SeconTip decided on a further capital increase.

As at October 2008 SeconTip has a capital capital investments for 55 million euro.

SeconTip will then be able to increase, in one or more financings, its capital to maximum of 97 million euro and will be able to issue warrant shares for another 40 million euro.

In addition, “club deals” with other partners of companies that need additional financing are also envisioned.

Business Activities and Opportunities

In the First Half of 2007 the ongoing appreciation of stock markets and private equity limited operational possibilities in the secondary private equity market, which is notoriously anti-cyclical.

Nevertheless, considering the recent turbulence in the financial market and particularly leverage finance market, during the next 12/18 months it is likely that many interesting investment opportunities may occur in the secondary private equity sector.