Azimut Signs Binding Agreement To Acquire 100% Of North Square Investments

Azimut Holding SpA AZM:

• FORMS $20 BILLION INTEGRATED ASSET MANAGEMENT, DISTRIBUTION PLATFORM IN U.S. WITH ACQUISITION OF NORTH SQUARE INVESTMENTS

• U.S. AUM REACHES $50 BILLION, STRENGTHENING AZIMUT’S POSITION AS ITS SECOND LARGEST MARKET

• TRANSACTION IS EXPECTED TO GENERATE ABOUT 5% NET PROFIT ACCRETION FOR AZIMUT WITHIN FIRST 12 MONTHS

• TRANSACTION PROVIDES FOR A MINIMUM PURCHASE PRICE OF $110 MILLION, BASED ON AN ENTERPRISE VALUE OF $165 MILLION

• IN ADDITION, EARN-OUT AND MANAGEMENT INCENTIVE PLAN IS EXPECTED TO BRING THE OVERALL CONSIDERATION TO APPROXIMATELY $160 MILLION