#1Ermenegildo Zegna Group Zegna THOM BROWNE. NEW YORK II Investor presentation July 2021 CONFIDENTIAL#2A LEADING, MODERN AND INTEGRATED GROUP... €1.2bn 2021E Core revenues €264m 2021E Core Adj. EBITDA The Group at a glance 2765 Core Directly Operated Stores (DOS) at 2020 year-end ~6,050 Total employees ~62% Female employees Ermenegildo Zegna Group Textile & Strategic Alliances 13% I ZEGNA I I Segment | 81% Americas 15% EMEA 25% Other² 1% Revenue split by division (2021E) Rest of APAC 9% Apparel & Accessories revenue split by region (2021E)4 THOM BROWNE. Segment 19% ZEGNA Branded Products¹ 67% Greater China 51% | | | ■ Ermenegildo Zegna Group At the forefront of the modern man The New Era: One Brand, One Icon Timeless elegance TEXTILE ■ ZEGNA SEGMENT Zegna Branded Products¹ ACHILLFARM³: Traceable "From Sheep to Shop" ■ Where it all started The backbone of the | T | Group's Luxury Laboratory ▪ Unique raw material sourcing & manufacturing capabilities I The finest wool in the world | | | THOM BROWNE SEGMENT I THOM BROWNE. NEW YORK I ■ ▪ "Create something Textile & Strategic Alliances that people want, an idea, commitment" ▪ Anchored to the product "substance" ▪ Museum-worth design STRATEGIC ALLIANCES Craftsmanship excellence on the back | of a century-long experience Partner of choice of leading luxury brands Sources: Company information and estimates Notes: See Appendix for important information about Core and other non-IFRS financial metrics. 1. Zegna Branded Products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties 2. Includes eliminations for transactions between Zegna Segment and Thom Browne Segment, accounting adjustments and other minor businesses belonging to the Zegna Segment 3. Achillfarm will be demerged as part of the real estate business disposition that is expected to occur prior to the consummation of a potential transaction. Zegna will continue to source raw materials from Achillfarm following such demerger 4. Based on Zegna Branded Products and Thom Browne Segment, excluding Textile & Strategic Alliances 5. Core number of DOS excludes 17 Korea stores, which were converted to franchising in Jan-21, and Agnona stores following disposition 6. As of Jan-21 1 CONFIDENTIAL#3...FIRMLY POSITIONED IN THE STRUCTURALLY ATTRACTIVE LUXURY MARKET Personal Luxury Goods Market Evolution (€bn) % Global Market¹ 76 1996 CAGR: +6% # Ermenegildo Zegna Group 15% 281 2019 23% 217 2020 23-26% CAGR: +8%2 295 250 I I 2021 30-33% # 380 360 2025 Key Drivers of Market Growth T Casualisation China Point of View on Future & Inspiration Digital & Direct Contact Emotions & Experientiality 20 Generational Shift Sources: Bain-Altagamma worldwide luxury market monitor, Spring Update 2021 edition for global market size 1996, 2019, 2020E, 2021E; Market estimates for global market size 2025E and for China's share of the global market Notes: 1. Data for Greater China 2. CAGR calculated using the midpoint values for 2021E and 2025E CONFIDENTIAL 2#4Ermenegildo Zegna Group TABLE OF CONTENTS 1. What makes Ermenegildo Zegna Group different 2. Focus on Zegna 3. The Thom Browne factor 4. Key financials overview 5. Transaction structure and valuation CONFIDENTIAL 3#5Ermenegildo Zegna Group OUR VISION ...AND LET ME TELL YOU WHY WE WERE ALL WEARING A SUIT, AND TODAY I'M NOT... SECTION 1 CONFIDENTIAL 4#6Ermenegildo Zegna Group My name is Ermenegildo «Gildo>> Zegna. What am I doing in New York? My grandfather, Ermenegildo Zegna, was born near the turn of the century in Trivero, a poor and remote village in the foothills of the Italian Alps. At that time, the most sought-after wool fabrics were made in England. My grandfather's dream was to produce in Trivero the world's best fabrics. This took years of hard work. He then traveled back and forth across the Continent persuading Europe's finest tailors that what he was selling had no equal on earth. His reputation grew, and so did his factory. Profits were used to build homes, hospitals and recreational facilities for the employees. My grandfather loved and appreciated nature. In the moun- tains he planted one million trees. He also built a road from the bottom of the valley to the top of the Bielmonte mountain, The "Panoramica Zegna", another vision which became a reali- ty, is forever a symbol of his dedication and commitment to beauty. Grandfather also established the highly prized Ermenegildo Zegna trophy, awarded annually to the grower of the finest Australian merino sheep wool. Soon fifty percent of the very best wool produced in the world was purchased by his company. The King of Italy was very impressed by Grandfather's achievements. In recognition, he honored him with the title, "Count of Monterubello". When his sons, Aldo and Angelo, took over grandfather's responsibilities, they followed in his footsteps and carried the dream even further. Their goal was to design and produce gentlemen's clothing with exquisite Italian flair. Starting with the world's best natural fibers, and using a complete and unt que manufacturing process, they created a totally coordinated line of products As new factories were built for the production of coordinated lines of clothing, sportswear and accessories, the Ermenegildo Zegna Group came into existence, soon becoming a world leader. The management team to which 1 belong has trained in Italy and abroad. We have all learned that only through dedication, creativi ty, and innovation can we excel in our field. Ermenegildo Zegna You will find that in one respect nothing has changed since my grandfather's time; we have re- tained his vision for legendary quality in everything we do. Ermenegildo Zegns Corp 1084 Inc I too have a dream-the success of our company in America. That's why I've come to the United States. te 5#7Zegna FW 2021 collection. Ermenegildo Zegna Group CONFIDENTIAL 6#8Strong footprint in Greater China Shenzhen MixC Ermenegildo Zegna Group Ermenegildo Zega Hong Kong Peking Road Ermenegildo Zegna Hangzhou MixC Ermenegildo Zegna CONFIDENTIAL 7#9Thom Browne FW 2021 collection Ermenegildo Zegna Group CONFIDENTIAL 8#10Craftsmanship excellence Ermenegildo Zegna Group DHMENT OLDO ZEOSA CONFIDENTIAL 9#11THE TEAM ERMENEGILDO (GILDO) ZEGNA Group CEO Ermenegildo Zegna Group GIANLUCA TAGLIABUE Group COO and CFO EDOARDO ZEGNA Chief Marketing, Digital and Sustainability Officer RODRIGO BAZAN Thom Browne CEO ALESSANDRO SARTORI Zegna Artistic Director THOM BROWNE Thom Browne Founder & Chief Creative Officer ANTONIO GATTI IIAC Advisor Investindustrial Managing Principal CONFIDENTIAL 10#121. What makes Ermenegildo Zegna Group different A UNIQUE OPPORTUNITY IN THE LUXURY SPACE Ermenegildo Zegna Group 1. HERITAGE AND SUSTAINABILITY AT THE CORE 2. THE MADE IN ITALY LUXURY LABORATORY PLATFORM 3. A GLOBAL GROUP AND PIONEER IN CHINA 4. A NATURAL PLATFORM FOR GROWTH IN THE LUXURY SPACE (ZEGNA & THOM BROWNE) 5. AN EXPERIENCED MANAGEMENT TEAM COMBINING FAMILY AND OUTSIDE TALENT CONFIDENTIAL 11#131.1 What makes Ermenegildo Zegna Group different HERITAGE AND SUSTAINABILITY AT THE CORE ACTIONS SPEAK LOUDER THAN WORDS Ermenegildo Zegna Group CENTRAL PARK NY ☐ 3.4km² THIS IS OASI ZEGNA 100km² Oasi Zegna covers around 100km², the equivalent of 30 times the size of Central Park, New York *Oasi Zegna will be demerged as part of the real estate business disposition that is expected to occur prior to the consummation of a potential transaction 12#141.2 What makes Ermenegildo Zegna Group different THE MADE IN ITALY LUXURY LABORATORY PLATFORM OUR UNIQUE STORY OF VERTICAL INTEGRATION FROM SHEEP TO SHOP, FROM MEN TO TERRITORY, FROM FACTORY TO PEOPLE This is the original dream of our founder, a fully integrated structure connecting animals to humans, natural environment to local communities, with a short and circular supply chain Ermenegildo Zegna Group 13#151.2 What makes Ermenegildo Zegna Group different THE MADE IN ITALY LUXURY LABORATORY PLATFORM OUR UNIQUE STORY OF VERTICAL INTEGRATION OUR OWN LUXURY LABORATORY ~250 people dedicated to R&D¹ Lanificio Ermenegildo Zegna BONOTTO PETTINATURA DI VERRONE Tessitura di Novara gruppo dondi jersey made in italy U tessitura ubertino filati biagioli modesto Potential new acquisitions Ermenegildo Zegna Group Privileged procurement of finest fibres and fabrics Enhanced traceability and quality control of the raw material Diversification of exposure to luxury sector trends Flexible, circular & sustainable supply chain Serving proprietary brands Zegna GUCCI THOM BROWNE. NEW YORK 1 Top luxury players as key clients PRADA I DIOR CHANEL 3 BRUNETTO CUCINFIL Potential new acquisitions TOM FORD and others Sources: Company information Note: 1. As of Jan-21 CONFIDENTIAL 14#161.2 What makes Ermenegildo Zegna Group different THE MADE IN ITALY LUXURY LABORATORY PLATFORM OUR KEY INNOVATION INITIATIVES #Use TheExisting making the dream of zero waste possible DOC Threads 15% waste Fabric cut outs 15% waste Garments 15% waste Modify Reuse Upcycle 01 Prime Matter This is #Use The Existing 03 End of life 02 Creation "This garment includes natural discarded materials, which have been reused with innovative processes" Ermenegildo Zegna Group Made-to-Measure the king of services MtM garment in <4 weeks ~10% of Zegna Branded Products revenues with an efficient business model and no waste M From formal to leisurewear & accessories Digitalization of the garment from design, to sampling and customer customization 1 SWATCHBOOK 2 PATTERN-BASED 3D SAMPLES 3 UPLOAD GARMENTS RENDERING 4 VIRTUAL FITTING 5 CONSUMER AVATARS CONFIDENTIAL Sources: Company information 15#171.3 What makes Ermenegildo Zegna Group different A GLOBAL GROUP AND PIONEER IN CHINA Zegna Group presence in Greater China Zegna Group 2021E Apparel & Accessories revenue¹ split by region (€m) Rest of APAC 9% Americas 15% EMEA 25% Global Personal Luxury Goods Market in 2021E (€bn) €250-295bn €1,041m¹ Greater China 23-26% Ermenegildo Zegna Group Greater China 51% 1990s Launched in China In the medium term 104 DOS footprint in Greater China² ~2x larger penetration in Greater China vs. the market Chinese consumers will represent 46-48% of the global personal luxury goods market in 2025E5 97% 50% Zegna brand performance in China vs. Selected Peers³ Brand Awareness 97% 49% 96% 43% 86% Ermenegildo Zegna 92% Gen Z awareness 86% Millennials awareness 73% Net Promoter Score4 41% Ermenegildo Zegna 38% 72% 22% 71% 22% Notes: Sources: Management estimates as of Jun-21 for 2021E Zegna business plan, global market estimates and respective split by geography; Kantar 2021 Survey for brand awareness and NPS scores, 1. Based on Zegna Branded Products and Thom Browne Segment, excluding Textile & Strategic Alliances 2. Estimated number of Zegna and Thom Browne DOS at 2021 year-end 3. Selected peers only, including Gucci, Hermès, Louis Vuitton, Moncler, Brunello Cucinelli and Loro Piana 4. % resulting from subtracting the % of brand detractors from the % of brand promoters. Brand promoters and detractors are determined through a survey measuring on a scale from 0 to 10 how likely a consumer is to recommend a brand to a friend or a colleague (from 0 to 6 is a detractor; from 9 to 10 is a promoter) 5. Based on Bain-Altagamma worldwide luxury market monitor, 2020 edition; Chinese consumers demand over both purchases at home and travel CONFIDENTIAL 16#181.4 What makes Ermenegildo Zegna Group different A NATURAL PLATFORM FOR GROWTH IN THE LUXURY SPACE ● WHY THOM BROWNE? Increase exposure to a new younger customer base Established iconic brand with strong growth potential Potential across channels (DTC2) and categories (Womenswear & Accessories) Leverage on and further develop digital strength Ermenegildo Zegna Group (Revenues, US$m)¹ THOM BROWNE. NEW YORK T 139 Before acquisition (2018A) ~2x 271 Today (2021E) The benefits of the Ermenegildo Zegna Group Platform: ✓ Fully-fledged "modular" luxury laboratory ✓ Primary knowledge of the Chinese market ✓ Capabilities to act as technology layer Scalability, industrial and retail expertise Source: Company information and estimates Notes: 1. Including royalties Stands for "direct-to-consumer" CONFIDENTIAL 17#19Zegna ERMENEGILDO ZEGNA PRESENTS THE (RE)SET Focus on Zegna SECTION 2 CONFIDENTIAL 18#202. Focus on Zegna ZEGNA BELONGS TO TODAY THE (RE)SET ZEGNA LUXURY LEISUREWEAR ZEGNA LEATHER ACCESSORIES¹ ZEGNA FORMALWEAR as a % of revenues² Zegna Sources: Company information and estimates Notes: 1. Shoes, belts, bags and small and large leather goods 2. Based on Zegna Branded Products revenues (including Licensed goods, Royalties and other Zegna Branded Products that, in addition to the above- mentioned categories, are worth ca. 3% on revenues) FROM STATUS... 2016A 38% 15% 44% ...TO COMFORT 2019A 45% 14% 38% 2023E 53% 17% 27% May 2021 YTD Luxury Leisurewear @ 51% At the forefront of the modern man - from tailoring to leisurewear CONFIDENTIAL 19#212. Focus on Zegna ZEGNA BELONGS TO TODAY THE (RE)SET In order to retain its relevance, strengthen positioning and attract new customers, we believe a brand needs to... A ...focus on being recognized visually ONE BRAND Zegna ONE MESSAGE WITH RECOGNIZABLE SIGNS B ...create iconic products that define you C ...attract new customers FEAR OF GOD EXCLUSIVELY FOR Ermenegildo Zegna Source: Company information CONFIDENTIAL 20#222.A Focus on Zegna ZEGNA BELONGS TO TODAY THE NEW ERA Zegna Z ZEGNA TODAY Ermenegildo Zegna TOMORROW ONE BRAND A STRONG SINGLE BRAND, WITH A NEW SIGNIFIER EXPECTED TO BE LAUNCHED AT LISTING IN AUTUMN 2021 Ermenegildo Zegna COUTURE Source: Company information CONFIDENTIAL 21#232.B Focus on Zegna ZEGNA BELONGS TO TODAY CREATING ICONS The Triple Stitch: a successful iconic product delivering superior growth Triple Stitch sneakers have been extremely successful, as demonstrated by the superior growth they generated across channels despite COVID-19 2019 # pairs sold (thousands, globally)¹ Zegna 14.8 Triple Stitch collection 2020 +88% CAGR 16.7 2021E 52.5 Source: Company information and estimates. Note: 1. Based on Retail and Wholesale revenues DEL CENA! Walk Dr Ai Wear It Anywhere. Zegna 22#242.C Focus on Zegna ZEGNA BELONGS TO TODAY ATTRACTING NEW CUSTOMERS Key KPIs TIME DAVE MAX WALLE BLOK M NRUBATUAL PEOPLE The ZEGNA X FEAR OF GOD collaboration - Some data points on a successful recent initiative Collection revenues split Organic reach of 100 million users Acquired 15,000 new younger Fear Of God users aged 18-34 Zegna FEAR OF GOD EXCLUSIVELY FOR Ermenegildo Zegna By channel¹ (%) OFFLINE 62% ONLINE 38% EMEA 10% AMERICAS 18% By region (%) ¹ REST OF APAC 10% GREATER CHINA 62% By customer base (%) EXISTING CUSTOMERS (AOV² €1,800) 12% NEW CUSTOMERS (AOV² €1,000) 88% Best selling items Ermenegildo Ze FEAR OF GOD Sold out after 2 days Sources: Company information Note: 1. Refers to DTC only 2. Stands for "Average Order Value" CONFIDENTIAL 23#25THOM BROWNE. NEW YORK The Thom Browne factor SECTION 3 CONFIDENTIAL 24#263. The Thom Browne factor DISTINCTIVE MODERN LUXURY f Is Thom Browne the Most Underestimated Designer in New York? THOM BROWNE. NEW YORK NEW TURA The New York Times x The Thom Browne Team Sources: Company information CONFIDENTIAL 25#273. The Thom Browne factor DISTINCTIVE MODERN LUXURY Womenswear as % of revenues Revenues (US$m)¹ Adj. EBIT as % of revenues Total retail network³ The benefits of a strong fit with the Zegna platform THOM BROWNE. NEW YORK NEW TURA 26% 139 Before acquisition (2018A) -14%² 32 ✓ -25% CAGR stable +44 Full integration with Zegna's luxury laboratory 30% 271 Today (2021E) 14% 76 -15% CAGR +~4% +25 Embodies Zegna's innovation and digital initiatives 38% 361 Tomorrow (2023E) 18% 101 Successfully leveraged Zegna's primary knowledge of the Chinese market Source: Company information and estimates; Notes: See Appendix for important information about Core and other non-IFRS financial metrics 1. Includes royalties 2. Refers to 2019 3. Includes DOS, franchised and travel retail stores, as well as shop-in-shop concessions SM 26#283. The Thom Browne factor DISTINCTIVE MODERN LUXURY A creative, thought-provoking designer with a strong tailoring aesthetic, Thom Browne is recognized for creating and establishing a new silhouette in menswear THOM BROWNE. NEW YORK NEW YORK Sources: Company information CONFIDENTIAL 27#293. The Thom Browne factor DISTINCTIVE MODERN LUXURY THOM BROWNE. NEW YORK NEW TURA Craftmanship 4536 GRUFTMISHP Sources: Company information CONFIDENTIAL 28#303. The Thom Browne factor DISTINCTIVE MODERN LUXURY THOM BROWNE. NEW YORK NEW TURA Cardi B Brie Larson Danai Gurira Xiao Wen Ju Maisie Williams Kristen Stewart CAVALIERS Janelle Monae Liu Wen OBJ LaKeith Stanfield Timothée Chalamet Lee Pace Pusha T LeBron James Cole Sprouse BTS Sources: Company information CONFIDENTIAL 29#313. The Thom Browne factor DISTINCTIVE MODERN LUXURY The store is unexpected, yet designed to feel like the interior of a home; always protected from view with either venetian blinds or a marble façade THOM BROWNE. NEW YORK NEW TURA Sources: Company information 315 30#323. The Thom Browne factor HOW WE WILL GROW THE THOM BROWNE BRAND Womenswear & Accessories . Continue the successful development of our product strategies with further growth in Womenswear and Accessories "Thomness" • Continue to play a unique expression of classic/highly creative, tailoring/sportswear, modernity/mid-century inspired and most importantly catering to very wide range of clients THOM BROWNE. NEW YORK NEW TURA Expansion of clients • Pursue a very significant expansion of clients, without losing the current very loyal and significant client base • Customer Value Management program DTC growth • Continue to build most of the growth in DTC, both in retail and very successful e- business through various platforms Brand awareness • Expand significantly brand awareness and customer base Wholesale • Maintain wholesale with limited volume to use as platform for global visibility and awareness Source: Company information. mom CONFIDENTIAL 31#33Ermenegildo Zegna Group Key financials overview SECTION 4 CONFIDENTIAL 32#344. Key financials overview ZEGNA GROUP'S NUMBERS AT A GLANCE Ermenegildo Zegna Group Ermenegildo Zegna Group 2021E Core revenues¹ €1,207m 2021E Core Adj. EBITDA €264m 2021E Core Adj. EBIT €111m 2021E Greater China share of Apparel & Accessories revenues² 51% (vs. 41% in 2019) 2021E DTC3 share of Apparel & Accessories revenues² 77% (vs. 74% in 2019) 2021E Core net financial indebtedness4 €84m Sources: Company information and estimates Notes: See Appendix for important information about Core and other non-IFRS financial metrics. 1. Includes €8m eliminations between Segments 2. Based on Zegna Branded Products and Thom Browne Segment, excluding Textile & Strategic Alliances 3. Includes e-commerce revenues 4. Computed as (+) debt items (-) cash items; includes €92m one-off cash outflows, i.e. €43m related to purchase price and related charges for the acquisition of 50% of the New Bond Street (London) building, €6m cash contribution to Agnona, €32m related to the acquisition of a 5% stake in Thom Browne and €11m impact from Ubertino's 60% stake acquisition and Biagioli's 40% stake acquisition CONFIDENTIAL 33#354. Key financials overview ZEGNA GROUP'S KEY BUSINESS PLAN GROWTH LEVERS Key positive market tailwinds IT Casualisation போட் Digital & Direct Contact China 1 2 3 Ermenegildo Zegna Group Key growth levers PRODUCT CATEGORIES CHANNEL MIX + GEOGRAPHICAL FOOTPRINT PROFITABILITY Zegna THOM BROWNE. NEW YORK Zegna THOM BROWNE. NEW YORK Zegna THOM BROWNE. NEW YORK Zegna THOM BROWNE. NEW YORK Luxury Leisurewear & Leather Accessories Detail by brand Womenswear and accessories Retail footprint optimization & digital acceleration Direct-to-consumer (DTC) expansion (retail & online) China leadership and domestic customers growth in Americas and EMEA Global brand awareness push Pricing leverage Pricing / Channel mix Revenues density increase Cost efficiency Scale Sources: Company information, Bain-Altagamma worldwide luxury market monitor, Spring Update 2021 edition CONFIDENTIAL 34#364. Key financials overview ZEGNA GROUP KEY FINANCIALS including Thom Browne 12. months contribution¹ 2018A +11% 1,306 1,271 1-1 11,1731 il Ermenegildo Zegna Group Core revenues (€m) 2019A (23%) 1,005 2020A +20% 2021E-23E CAGR: +11% 1,207 +11% 2021E 1,342 2022E x% Core revenues y-o-y growth (%) +10% 1,476 2023E x% 9% 103¹ 2018A 261 Core Adj. EBIT margin² (%) 9% 116 2019A 287 Core Adj. EBIT (€m) 2% 17 2020A 188 9% 111 2021E 264 Core Adj. EBITDA (€m) 11% 2021E-23E CAGR: +25% 142 2022E 312 12% 7 173 2023E 354 Sources: Company information and estimates Notes: See Appendix for important information about Core and other non-IFRS financial metrics 1. Reported figures include 1 month contribution from Thom Browne in 2018, given it was consolidated in Zegna Group financials starting from 30-Nov-18 2. Defined as Core Adj. EBIT/ Core revenues CONFIDENTIAL 35#374. Key financials overview ZEGNA GROUP CURRENT TRADING (2021 vs 2019) Core revenues (€m, at actual currency) Ermenegildo Zegna Group 508 2019A (2%) May-YTD 497 2021A Q1 21 at -4% vs Q1 19 Apr-May 21 in acceleration: flat. performance vs Apr-May 19 1,306 2019A (8%) Full Year 1,207 2021E Sources: Company information and estimates Note: See Appendix for important information about Core and other non-IFRS financial metrics CONFIDENTIAL 36#384. Key financials overview ZEGNA GROUP CORE REVENUES EVOLUTION BY PRODUCT CATEGORY (€m) Textile Strategic Alliances 206 Zegna Branded Products¹ 921 1,306 97 110 161 28 351 129 413 2019A 18 151 811- Zegna Luxury Leisurewear Ermenegildo Zegna Group growth mostly driven by knitwear, outerwear, jersey, "new jackets" and "new trousers" 1,207 75 76 230 19 249 120 423 2021E 15 I I 95 growth mostly driven by sneakers 12 45 Zegna Leather Accessories €94m including intercompany Textile sales to the Zegna and Thom Browne brands Zegna Luxury Zegna Leather Leisurewear Accessories Zegna Formalwear +3.1% CAGR Zegna Formalwear Zegna Branded Products¹ 1 J 9 Other Zegna Branded Products ² Other Zegna Branded Products² I I 1 76 growth mostly driven by further DTC, womenswear and accessories expansion Thom Browne Thom Browne 28 Textile & Strategic Alliances 4 Textile & Strategic Alliances Textile Strategic Alliances 180 972 Other minor 3 1,476 54 126 306 27 261 165 518 2023E Other minor³ CAGR 2019A-23E 19 (14%) +4% +17% (0%) (7%) +6% +6% Sources: Company information and estimates. Notes: See Appendix for important information about Core and other non-IFRS financial metrics. 1. Zegna Branded Products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties 2. Includes licensed goods, royalties and other Zegna products 3. Includes eliminations for transactions between Zegna Segment and Thom Browne Segment, and other minor business belonging to the Zegna Segment CONFIDENTIAL 37#394. Key financials overview ZEGNA GROUP CORE REVENUES EVOLUTION BY GEOGRAPHY (€m) Textile & Strategic Alliances 206 1,306 97 110 151 213 302 126 441 41% 2019A Ermenegildo Zegna Group 18 // 1,207 75 76 155 260 96 530 51% 2021E Greater China 15 60 Greater China Rest of APAC 44 Rest of APAC EMEA 1 I +3.1% CAGR • 88 return to pre-COVID levels • Americas decline vs. 2019 Wholesale (and FX) EMEA 45 Americas Americas 28 Textile & Strategic Alliances Textile & Strategic Alliances Textile Strategic Alliances Greater China revenues as a % of Apparel & Accessories revenues² 4 180 Other minor ¹ Other minor¹ 1,476 54 126 200 348 140 590 46% 2023E CAGR 2019A-23E 19 (14%) +4% (2%) +4% +3% +8% Sources: Company information and estimates Notes: See Appendix for important information about Core and other non-IFRS financial metrics 1. Includes eliminations for transactions between Zegna Segment and Thom Browne Segment, and other minor business belonging to the Zegna Segment 2. Based on Zegna Branded Products and Thom Browne Segment, excluding Textile & Strategic Alliances CONFIDENTIAL 38#404. Key financials overview ZEGNA GROUP CORE ADJ. EBIT EVOLUTION Dec-YE Starting Core Adj. EBIT A revenues A gross margin¹ % A opex² Ending Core Adj. EBIT 20XX Reference year Ermenegildo Zegna Group From 2019A to 2020A Adj. EBIT COVID-19 Breakup 2019A €116m 9% ↓↓↓↓ ~(€300m) Spring 2020 inventory impact ↑↑↑ Cost efficiency (contingent and structural) 2020A €17m 2% Core Adj. EBIT margin³ (%) From 2020A to 2021E Adj. EBIT Recovery Phase 2020A €17m 2% ↑↑↑ ~+€200m ↑ Country & Channel mix Slight bounce-back of costs, but still structurally below 2019 2021E €111m 9% Positive impact on Adj. EBIT From 2021E to 2023E Adj. EBIT Expansion Phase 2021E €111m 9% ↑↑↑↑ ~+€270m Price increase & Product mix ↓↓↓ Positive leverage with cost increase (marketing, digital, retail expansion) at a lower growth rate than revenues 2023E €173m 12% Negative impact on Adj. EBIT Sources: Company information and estimates Notes: See Appendix for important information about Core and other non-IFRS financial metrics 1. Defined as revenues net of cost of goods sold and charges related to obsolete stock 2. Defined as selling expenses, general & administrative expenses, marketing cost and depreciation not included in cost of goods sold 3. Defined as Core Adj. EBIT/ Core revenues CONFIDENTIAL 39#414. Key financials overview FOCUS ON ZEGNA SEGMENT¹ KEY FINANCIALS 1,153 Zegna (0%) 1,150 || 2018A 2019A x% Core revenues (€m) (28%) 834 +18% 985 +10% 2021E-23E CAGR: +9% 1,082 +9% Core revenues y-o-y growth 1,179 2020A 2021E 2022E 2023E 9% 99 8% 94 2018A 2019A Core Adj. EBIT (€m) n.m. (10) 2020A x% 8% 2021E-23E CAGR: +22% 80 9% Core Adj. EBIT margin² 96 2021E 2022E 10% 119 2023E Sources: Company information and estimates. Note: See Appendix for important information about Core and other non-IFRS financial metrics 1. The Zegna Segment includes Zegna Branded Products, Textile and Strategic Alliances, accounting adjustments and others 2. Defined as Core Adj. EBIT/ Core revenues CONFIDENTIAL 40#424. Key financials overview FOCUS ON THOM BROWNE SEGMENT KEY FINANCIALS including Thom Browne 12 months contribution² 117 NEW YORK NEW YORKA 19 2018A THOM BROWNE. TO VINS +37% ¹ 161 2019A Revenues (€m) x% +12% 180 +28% 2021E-23E CAGR: +15% 230 2020A 2021E +17% Revenues y-o-y growth 268 2022E +14% 306 2023E n.m. Thom Browne consolidated since 30-Nov-18. n.m.² 14% 22 2018A 2019A Adj. EBIT (€m) 15% x% 27 14% 2021E-23E CAGR: +32% 31 2020A 2021E 17% Adj. EBIT margin³ 46 2022E 18% 55 2023E Sources: Company information and estimates Notes: See Appendix for important information about Core and other non-IFRS financial metrics 1. Y-o-y growth on full 12 months 2018A Thom Browne contribution 2. Reported figures include 1 month contribution from Thom Browne in 2018, given it was consolidated in Zegna Group financials starting 30-Nov-18; EBIT 1-month contribution for 2018 of €4m 3. Defined as Adj. EBIT / Revenues CONFIDENTIAL 41#43Ermenegildo Zegna Group Transaction structure and valuation SECTION 5 42#445. Transaction structure and valuation TRANSACTION STRUCTURE Key Transaction Highlights Headline Valuation $3,171m Core Enterprise Value² $2,497m Core Equity Value ~62% Existing Zegna Shareholders Ownership $403m+$225m SPAC Size + FPA8 18.0x 2022E Adj. EBIT Multiple³ Financing Details $248m Primary Proceeds4 Ermenegildo Zegna Group $250m PIPE Size9 ~$546m Secondary Proceeds Sources & Uses Sources ($m) Existing Shareholders Rollover Equity Cash in Trust PIPE⁹ FPA8 Total Free float 26.5% 1,554 403 Investindustrial5 11.3% 250 Pro Forma Ownership and Equity Valuation (at $10.0 per share)4 225 2,432 Existing Zegna Shareholders 62.2% Uses ($m) Existing Shareholders Rollover Equity Primary Proceeds4 Secondary Proceeds Estimated Transaction Fees¹ Total Pro Forma Ownership Existing Zegna Shareholders Investindustrial5 Free float Total NOSH (m) 155.4 28.2 66.1 249.7 1,554 248 546 84 2,432 Value ($m) 1,554 282 661 2,497 50% Sponsor promote shares not immediately available upon Closing, but subject to vesting conditions7 - thus signaling full conviction and alignment on business prospects Notes: See Appendix for important information about Core and other non-IFRS financial metrics; Conversion based on EUR:USD exchange rate of 1.20 1. Include estimated VAT amount 2. Includes core Net Financial Indebtedness and debt-like items as of December 31st 2020, as well as adjustments for one-off cash outflows taking place in 2021 such as the cash contributions related to the New Bond Street (London) Building, Agnona and the acquisitions of a 5% stake in Thom Browne, a 60% stake in Ubertino and a 40% stake in Biagioli 3. Adj. EBIT estimates used in computing the multiple include Ubertino's and Biagioli's forecasted EBIT contribution 4. Illustrative $10 share price, assuming no redemptions on SPAC shares; excludes 13.4m public warrants, 6.7m private placement warrants and any warrants granted to post-closing directors of Zegna Segment and Thom Browne Segment (each warrant struck at $11.50) 5. Including 22.5m shares from $225m-equivalent forward purchase agreement, 5.03m shares from vested Sponsor promote shares and 0.62m shares invested in the PIPE by an independently managed investment subsidiary of Investindustrial VII L.P. in addition to FPA commitment; excluding 5.03m promote shares to vest after the business combination as per note 7 and potential additional shares to be issued after the exercise of warrants 6. Includes 40.3m SPAC shares, 25.0m PIPE shares (net of 0.62m shares invested in the PIPE by an independently managed investment subsidiary of Investindustrial VII L.P. in addition to FPA commitment) and additional 1.5m shares issued as management grants; excluding potential additional shares to be issued after the exercise of warrants. 7.35% of the Sponsor promote shares will vest when the stock price equals or exceeds $12.50, whilst 15% of the remaining Sponsor promote shares will vest when the stock price equals or exceeds $15.00 8. Please note that the FPA commitment -as agreed among parties is equal to €184.5m for the purchase of 22.5m shares. This amount, for the purpose of this page has been converted in USD to $225m 9. PIPE includes subscriptions made by certain directors and officers of Zegna and Thom Browne, as well as approx. $6.2m invested by an independently managed investment subsidiary of Investindustial VII L.P., in addition to the FPA commitment CONFIDENTIAL 43#455. Transaction structure and valuation OPERATIONAL BENCHMARKING Revenue CAGR (2021E -23E) EBIT CAGR (2021E-23E) Zegna : 9.4% THOM BROWNE 15.3% KEY YORK II 10.6%² Ermenegildo Zegna Group 11³ Zegna: 21.7% THOM BROWNE: 32.2% II 24.7%³ Ermenegildo Zegna Group 8.7% LVMH 23 13.6% LVMH Ermenegildo Zegna Group 8.6% KERING 29 13.5% KERING DO 14.3% 9 67.3% 11.1% PRADA 15 36.8% 10.1% PRADA 12 25.8% 9.8% BRUNELLO CUCINELLI TOD'S 29 18.6% 9.6% BRUNELLO CUCINELLI 18 13.1% Luxury Conglomerates BURBERRY Luxury Players 8.3% BURBERRY TOD'S Source: IBES and Refinitiv Eikon as of 25-Jun-21, % EBIT Margin 2022E company public information for peers, and company information for Zegna Notes: See Appendix for important information about Core and other non-IFRS financial metrics; Zegna Group Core revenues and Core Adj. EBIT exclude impact from Ubertino's 60% stake acquisition and Biagioli's 40% stake acquisition; Data is calendarised to Dec-FYE 1. nm due to Tod's expected EBIT for 2021 being negative 2. Based on Core revenues 3. Based on Core Adj. EBIT 2 nm¹ CONFIDENTIAL 44#465. Transaction structure and valuation COMPELLING VALUATION FOR INVESTORS 2022E 2023E 18.0x¹ 24.1x Ermenegildo Zegna Group LVMH 14.7x¹ 21.7x Ermenegildo Zegna Group LVMH Ermenegildo Zegna Group 19.4x KERING 17.6x KERING 44.8x BRUNELLO CUCINELLI 39.4x EV / EBIT BRUNELLO CUCINELLI 37.2x PRADA 29.0x PRADA 34.4x Sabattre Ferraga 25.3x 24.3x yp 21.0x 18.6x MONC BURBERRY 16.7x BURBERRY Luxury Conglomerates Luxury Players TOD'S Source: IBES and Refinitiv Eikon as of 25-Jun-21, company public information for peers, and company information for Zegna Notes: See Appendix for important information about Core and other non-IFRS financial metrics; Zegna Group's multiples computed including the pro forma impact of the acquisition of Ubertino (60% stake) and Biagioli (40% stake) on Enterprise Value and Core Adj. EBIT 1. Based on Core Adj. EBIT nm TOD'S nm CONFIDENTIAL 45#47Ermenegildo Zegna Group THANK YOU CONFIDENTIAL 46#48Ermenegildo Zegna Group Appendix CONFIDENTIAL 47#49ZEGNA GROUP'S KEY FINANCIALS 2021E Core revenues¹ €1,207m 2021E Core revenues €985m 2021E DTC revenues³ (% of Zegna Branded Product revenues) 84% Ermenegildo Zegna Group 2021E Greater China share of Apparel & Accessories revenues² 51% Ermenegildo Zegna Group (em) (vs. 41% in 2019) Zegna Segment (€m)6 2021E Core Adj. EBITDA €207m 2021E Luxury Leisurewear and Leather Accessories (% of Zegna Branded Products revenues) 67% (vs. 53% in 2016) 2021E DTC3 share of Apparel & Accessories revenues² 77% (vs. 74% in 2019) 2021E Core Adj. EBIT €80m sneaker revenues CAGR 2021E-23E +17% 2021E Core Adj. EBITDA €264m 2021E Revenues €230m 2021E DTC revenues³ (% of Thom Browne revenues) 49% 2021E Core Adj. EBIT €111m THOM BROWNE 2021E Adj. EBITDA €57m revenues CAGR 2018A-21E +24% 2021E Core net financial indebtedness4 €84m Segment (€m)7 2021E Adj. EBIT €31m 2021E womenswear revenues (% of Thom Browne revenues) 30% (vs. 19% in 2016) Sources: Company information and estimates Notes: See Glossary for relevant definitions. Includes €8m eliminations between Segments 1. 2. Based on Zegna Branded Products and Thom Browne Segment, excluding Textile & Strategic Alliances. 3. Includes e-commerce revenues 4. Computed as (+) debt items (-) cash items; includes €92m one-off cash outflows, i.e. €43m related to purchase price and related charges for the acquisition of 50% of the New Bond Street (London) building, €6m cash contribution to Agnona, €32m related to the acquisition of a 5% stake in Thom Browne and €11m impact from Ubertino's 60% stake acquisition and Biagioli's 40% stake acquisition 5. Zegna Branded Products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties 6. The Zegna Segment includes Zegna Branded Products, Textile and Strategic Alliances, accounting adjustments and others. 7. Includes Thom Browne business CONFIDENTIAL 48#50ZEGNA GROUP CORE REVENUES EVOLUTION BY CHANNEL (€m) Textile & Strategic Alliances 206 1,306 97 110 277 804 2019A Ermenegildo Zegna Group 18 151 T 1,207 75 76 243 798 2021E DTC 15 164 DTC +3.1% CAGR Wholesale¹ 74 growth mostly driven by Thom Browne roll-out, Zegna productivity and digital for both segments 28 driven by Thom Browne Wholesale growth and Zegna recovery (close to 2019 levels); Travel Retail as a key factor in APAC Wholesale ¹ Textile & Strategic Alliances 4 Textile & Strategic Alliances Textile Strategic Alliances Other minor ² 180 Other minor² 1,476 54 126 317 961 2023E CAGR 2019A-23E 19 (14%) +4% +3% +5% Sources: Company information and estimates Notes: See Glossary for relevant definitions. 1. Also includes royalties 2. Includes eliminations for transactions between Zegna Segment and Thom Browne Segment, and other minor business belonging to the Zegna Segment CONFIDENTIAL 49#51ZEGNA GROUP CORE NET FINANCIAL INDEBTEDNESS¹ Core IFRS16 lease liabilities 10 2018A 556 Ermenegildo Zegna Group 18 2019A 546 includes impact of one-off cash outflows such as: €43m purchase price and related charges for the acquisition of 50% of the New Bond Street (London) building, €6m cash contribution to Agnona and €32m related to the acquisition of a 5% stake in Thom Browne - totalling €81m 32 2020A 443 84 73 2021E including €11m impact from acquisitions announced in 2021² • total impact of one-off cash outflows of €92m Sources: Company information and estimates Notes: See Glossary for relevant definitions. 1. Computed as (+) debt items (-) cash items; see Glossary for additional details 2. Ubertino's 60% stake acquisition and Biagioli's 40% stake acquisition, announced in June 2021 CONFIDENTIAL 50#52ZEGNA GROUP CORE ADJ. OPERATING CASH FLOW (MANAGEMENT ESTIMATES)¹ Core net cash from operating activities² Core operating capex 62 2018A 245 (57) Core payment of lease liabilities (126) Ermenegildo Zegna Group 54 2019A 240 (57) (129) (28) 2020A 113 (33) (107) Source: Company information and estimates Notes: See Glossary for relevant definitions 1. Management estimates quantify the cash impact of the disposition 2. Excluding cash outflows for income taxes and cash out for financial interest CONFIDENTIAL 51#53GLOSSARY METRIC Core perimeter Adjusted EBIT Adjusted EBITDA Net Financial Indebtedness Business Segment Operating capex Adjusted Operating Cash Flow DEFINITION The "core" measures included in this presentation are unaudited. Such measures exclude certain businesses of the Company that are expected to be divested (by way of one or more demergers or other transfers) prior to the consummation of the Transaction (such divestitures, collectively, the "Disposition"). The Disposition concerns (i) the Company's real estate business (consisting of the Company's subsidiary E.Z. Real Estate S.r.l., which directly or indirectly holds substantially all of the Company's real estate assets, as well as certain properties owned by Lanificio Ermenegildo Zegna e Figli S.p.A. ("Lanificio"), including part of Lanificio's industrial building located in Valdilana and Lanificio's hydroelectric plants), (ii) its 10% equity interest in Elah Dufour S.p.A. and certain related contractual rights and obligations, and (iii) its equity stake in Agnona S.r.l. (70% of which was divested in January 2021, and the remaining 30% of which is expected to be divested prior to the consummation of the Transaction). The prospective core measures included in this presentation exclude, in addition to the Disposition described above, the impact of the following transactions occurred after December 31, 2020 (unless otherwise indicated): (a) the purchase of a 60% equity interest in Tessitura Ubertino S.r.l., which was consummated on June 4, 2021; and (b) the purchase of a 40% equity interest in Filati Biagioli Modesto S.p.A. (which following consummation will be consolidated line by line in the Zegna consolidated financial statements), which is expected to close in the third quarter of 2021. The word "core" associated with any non-IFRS measures has no other meaning but the one described above. Adjusted EBIT is defined as profit/ (loss) for the year, with the exclusion of income taxes, financial income / (expenses), exchange gains / (losses), revaluations / (write downs) of equity investments, and certain adjustments including severance expenses and indemnities, impairment losses on property plants and equipment, intangible assets with a finite useful life and right-of-use assets, impairment losses on held for sale assets, donations granted during Covid-19 pandemic and certain items of income / (expenses), that impact the comparability of historical results and are not considered attributable to the normal operational management of the Zegna Group Business. -------------------------------------------------------------- **************------------------------------…………………………………… ************************** Adjusted EBITDA is defined as profit / (loss) for the year, with the exclusion of income taxes, financial income / (expenses), exchange gains / (losses), revaluations / (write downs) of equity investments, depreciation, amortization and impairment of assets, and certain adjustments including severance expenses and indemnities, impairment losses on property plants and equipment, intangible assets with a finite useful life and right-of-use assets, impairment losses on held for sale assets, donations granted during Covid-19 pandemic and certain items of income / (expenses), that impact the comparability of historical results and are not attributable to the normal operational management of the Zegna Group Business. Net financial indebtedness is defined as financial borrowings (current and non-current), derivative financial instruments, bonds and other entered in Other non-current financial liabilities, net of cash and cash equivalents, derivatives financial instruments and other current financial assets The Directors and Management of the Group use segmentation to understand and evaluate operating performance and trends of our business: the relevant business segments are the Zegna Segment and the Thom Browne Segment. We monitor Revenues and Adjusted EBIT for each Segment. The Revenues of each Segment may include intercompany revenues vs the other Segment. The Zegna Segment includes Zegna Branded Products, Textile and Strategic Alliances, accounting adjustments and others. The Thom Browne Segment includes the Thom Browne business. Operating capex is defined as sum of cash flows relating to (Addition)/Disposal of property plant and equipment and (Addition)/Disposal of intangible assets with a finite useful life, for a year. It does not include (Addition)/Disposal of right of use. Adjusted Operating Cash Flow is defined as: (a) Net cash provided by operating activities, excluding cash out of income taxes and cash out of financial interest (b) (Addition)/Disposal of property plant and equipment and (Addition)/Disposal of intangible assets with a finite useful life; (c) Payment of lease liabilities. Ermenegildo Zegna Group CONFIDENTIAL 52#54SUMMARY NON-IFRS CORE FINANCIALS (1/2) €m Zegna Segment core revenues Thom Browne Segment revenues Eliminations between Segments Core revenues Core Adj. EBITDA Zegna Segment Core Adj. EBIT Thom Browne Segment Adj. EBIT Core Adj. EBIT Ermenegildo Zegna Group Key income statement items (€m) 2018A¹ 1,153 19 (0) 1,173 261 99 4 103 2019A 1,150 161 (6) 1,306 287 94 22 116 2020A 834 180 (8) 1,005 188 (10) 27 17 2021E 985 230 (8) 1,207 264 80 31 111 2022E 1,082 268 (8) 1,342 312 96 46 142 2023E 1,179 306 (9) 1,476 354 119 55 173 Source: Company information and estimates Notes: See Glossary for relevant definitions 1. Reported figures include 1 month contribution from Thom Browne in 2018, given it was consolidated in Zegna Group financials starting 30-Nov-18 CONFIDENTIAL 53#55SUMMARY NON-IFRS CORE FINANCIALS (2/2) €m Core Net Financial Indebtedness¹ Core IFRS16 lease liabilities Core inventories Core trade receivables Core trade liabilities including customer advances Core Trade Working Capital (TWC) Core net cash provided by operating activities² Core operating capex Core payment of lease liabilities Core Adjusted Operating Cash Flow Ermenegildo Zegna Group Key balance sheet and cash flow items (€m) 2018A 10 556 301 164 (226) 239 245 (57) (126) 62 2019A 18 546 308 178 (226) 260 240 (57) (129) 54 2020A 32 443 320 140 (183) 277 113 (33) (107) (28) Source: Company information Note: See Glossary for relevant definitions 1. Computed as (+) debt items (-) cash items 2. Excluding cash outflows for income taxes and cash out for financial interest CONFIDENTIAL 54#56IFRS RECONCILIATIONS (1/6) €m Zegna Segment Core revenues Thom Browne Segment revenues Eliminations between Segments Core revenues Disposition reversal Revenues (IFRS) Ermenegildo Zegna Group Core revenues reconciliation (€m) 2018A 1,153 19 (0) 1,173 10 1,183 2019A 1,150 161 (6) 1,306 16 1,321 2020A 834 180 (8) 1,005 10 1,015 Source: Company information Note: See Glossary for relevant definitions CONFIDENTIAL 55#57IFRS RECONCILIATIONS (2/6) €m Zegna Segment Core Adj. EBIT Thom Browne Segment Adj. EBIT Core Adj. EBIT Disposition reversal Adj. EBIT Adjustments / Reconciling Items¹ Operating profit (IFRS) Financial income / (expenses) Exchange gains / (losses) Revaluations/(write downs) of equity investments Income taxes Profit/ (loss) for the year (IFRS) Ermenegildo Zegna Group Core Adj. EBIT reconciliation (€m) 2018A 99 4 103 (3) 100 (9) 91 (21) (5) (4) (25) 36 2019A 94 22 116 (5) 111 (14) 97 (7) (10) (2) (41) 38 2020A (10) 27 17 (4) 13 (41) (28) (7) 7 (9) (8) (45) Source: Company information Notes: See Glossary for relevant definitions 1. Including severance expenses and indemnities, impairment losses on property plants and equipment, intangible assets with a finite useful life and right-of-use assets, impairment losses on held for sale assets, donations granted during Covid-19 pandemic and certain items of income / (expenses), that impact the comparability of historical results and are not considered attributable to the normal operational management of the Zegna Group Business CONFIDENTIAL 56#58IFRS RECONCILIATIONS (3/6) €m Core Adj. EBITDA Disposition reversal Adj. EBITDA Depreciation and amortization Adjustments / Reconciling Items¹ Operating profit (IFRS) Financial income / (expenses) Exchange gains / (losses) Revaluations/(write downs) of equity investments Income taxes Profit/ (loss) for the year (IFRS) Ermenegildo Zegna Group Core Adj. EBITDA reconciliation (€m) 2018A 261 (2) 259 (159) (9) 91 (21) (5) (4) (25) 36 2019A 287 (7) 280 (170) (14) 97 (7) (10) (2) (41) 38 2020A 188 (7) 181 (168) (41) (28) (7) 7 (9) (8) (45) Source: Company information Notes: See Glossary for relevant definitions 1. Including severance expenses and indemnities, impairment losses on property plants and equipment, intangible assets with a finite useful life and right-of-use assets, impairment losses on held for sale assets, donations granted during Covid-19 pandemic and certain items of income / (expenses), that impact the comparability of historical results and are not attributable to the normal operational management of the Zegna Group Business CONFIDENTIAL 57#59IFRS RECONCILIATIONS (4/6) €m Core Net Financial Indebtedness¹ Disposition reversal Net Financial Indebtedness Core IFRS16 lease liabilities Disposition reversal IFRS16 lease liabilities (IFRS) Core Trade Working Capital (TWC) Disposition reversal Trade Working Capital Inventories Trade receivables Trade liabilities including customer advances Ermenegildo Zegna Group Key balance sheet items reconciliation (€m) 2018A 10 (29) (20) 556 (8) 548 239 0 239 306 162 (229) 2019A 18 (30) (12) 546 (38) 508 260 7 267 315 178 (226) 2020A 32 (26) 6 443 (35) 408 277 (5) 272 321 139 (188) Source: Company information Notes: See Glossary for relevant definitions 1. Computed as (+) debt items (-) cash items; see Glossary for additional details CONFIDENTIAL 58#60IFRS RECONCILIATIONS (5/6) Key balance sheet items reconciliation - focus on Core Net Financial Indebtedness (€m) €m Non current financial borrowings Current financial borrowings Derivative financial instruments Other non current financial liabilities Total borrowings, other financial liabilities and derivatives Cash and cash equivalents Derivative financial instruments Other current financial assets Total cash and cash equivalents, other current financial assets and derivatives Net Financial Indebtedness¹ Disposition impact Core Net Financial Indebtedness Ermenegildo Zegna Group 2018A 635 131 9 4 779 (229) (5) (565) (799) (20) 29 10 2019A 514 106 12 8 640 (211) (6) (435) (652) (12) 30 18 2020A 559 91 12 8 670 (302) (12) (350) (664) 6 26 32 Source: Company information Notes: See Glossary for relevant definitions 1. Computed as (+) debt items (-) cash items; see Glossary for additional details CONFIDENTIAL 59#61IFRS RECONCILIATIONS (6/6) €m Net cash provided by operating activities Cash-out of financial interest add-back Cash-out of income taxes add-back Net cash provided by operating activities, excluding cash out for income taxes and cash out for financial interest (IFRS) Disposition impact Core net cash provided by operating activities, excluding cash out for income taxes and cash out for financial interest (Addition) / Disposal of property, plant and equipment (Addition) / Disposal of intangible assets with a finite useful life Operating capex Disposition impact Core operating capex Payment of lease liabilities (IFRS) Disposition impact Core payment of lease liabilities Key cash flow items reconciliation (€m) Adjusted Operating Cash Flow¹ Disposition impact Core Adjusted Operating Cash Flow Ermenegildo Zegna Group 2018A 203 4 28 236 10 245 (11) (19) (30) (27) (57) (124) (2) (126) 81 (19) 62 2019A 205 5 23 233 7 240 (47) (12) (59) 2 (57) (122) (7) (129) 51 3 54 2020A 70 4 31 105 7 113 (27) (12) (39) 6 (33) (100) (7) (107) (34) 6 (28) Source: Company information. Notes: See Glossary for relevant definitions 1. Adjusted Operating Cash Flow includes net cash provided by operating activities, excluding cash out of income taxes and cash out of financial interest, (addition)/disposal of property plant and equipment and (addition)/disposal of intangible assets with a finite useful life and payment of lease liabilities CONFIDENTIAL 60#62DOS NETWORK EVOLUTION Zegna Branded Products¹ (# DOS²) at year end 238 39 71 46 82 2020A 6 (1) Greater Rest of China APAC Ermenegildo Zegna Group (6) EMEA 7 Americas Greater China 244 46 65 45 88 2023E Rest of APAC Thom Browne (# DOS²) at year end 38 4 6 13 15 2020A EMEA 19 Greater China 3 Rest of APAC Americas 3 I EMEA 5 Americas 68 9 9 16 34 2023E Source: Company information and estimates Notes: Core number of DOS excludes 17 Korea stores, which were converted to franchising in Jan-21 1. Zegna Branded Products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties 2. Includes full price points of sale and outlets CONFIDENTIAL 61#63INVESTINDUSTRIAL ACQUISITION CORP. OVERVIEW Investindustrial role / since SPAC Role Selected Experience Ermenegildo Zegna Group Advisory Board Antonio Gatti Managing Principal Lugano 2019 Advisor Team Overview Investindustrial Acquisition Corp. Leadership Sergio P. Ermotti Chairman Merrill Lynch UniCredit Roberto Ardagna II Managing Principal London 2010 CEO and Director THE CARLYLE GROUP O Investindustrial Overview European leader with strong presence in Southern Europe • Founded in 1990 with backing from an industrial conglomerate, active since the late 20th century (Bonomi family) €11bn of raised fund capital • Consistent performance with 2x+ gross return in each fund • Established regional track record with 67 portfolio companies since inception of which 48 realised and partially realised Global capabilities to support growth and internationalization • Large team: more than 140 professionals including 76 investment professionals across 7 offices and 3 continents • Dedicated business development teams in New York, London and Shanghai to support international expansion strategies Long-term, industrially-driven approach • Complex sourcing of quality companies based on proprietary networks in sectors of expertise • Active support to accelerate growth and profitability through internationalization, industrial repositioning and/or sector-driven build- ups • Deep knowledge of roll-outs and transformational add-ons CONFIDENTIAL 62#64RISK FACTORS All references to "Zegna" refer to the business of Ermenegildo Zegna Holditalia S.p.A. and its consolidated subsidiaries. The risks presented below are certain of the general risks related to the business of Zegna and to the contemplated business combination and such list is not exhaustive. The list below is qualified in its entirety by disclosures contained in future documents filed or furnished by Zegna and Investindustrial Acquisition Corp. ("IIAC") with the United States Securities and Exchange Commission ("SEC"), including the documents filed or furnished in connection with the proposed transactions between Zegna and IIAC. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Zegna and IIAC and the proposed transactions between Zegna and IIAC, and may differ significantly from and be more extensive than those presented below. The risks described below are not the only ones that Zegna faces. Additional risks that Zegna currently does not know about or that it currently believes to be immaterial may also impair Zegna's business, financial condition or results of operations. You should review the investor presentation and perform your own due diligence prior to making an investment in Zegna or IIAC. Zegna's business is highly dependent on the recognition, integrity and reputation of its brands. Zegna's success depends on its ability to anticipate trends and to identify and respond to new and changing consumer preferences. Zegna is subject to risks related to the COVID-19 pandemic or similar public health crises that may materially and adversely affect its business. Zegna operates in many countries around the world and, accordingly, is exposed to various international business, regulatory, social and political risks. Developments in Greater China and other growth and emerging markets may adversely affect Zegna's business. Failure to implement Zegna's strategy could adversely affect its results of operations. Zegna depends on its manufacturing and logistics facilities, which are subject to disruption. Zegna is subject to certain risks related to the sale of its products through our retail channel and its directly operated stores. In the wholesale channel, Zegna is subject to certain risks arising from points of sale operated by third parties, and it is dependent on its joint venture partners and franchisees to sell its products in certain markets. Fluctuations in the price or quality of, or disruptions in the availability of, raw materials used in Zegna's products could cause it to incur increased costs, disrupt its manufacturing processes or prevent or delay Zegna from meeting customers' demands. Zegna could be adversely affected if it is unable to negotiate, maintain or renew its license agreements and strategic alliances. Zegna's business is dependent on tourist traffic and demand. Zegna's business success is dependent on certain key personnel. Zegna is dependent on highly specialized craftsmanship and craftsmanship skills. Zegna is dependent on the protection of its intellectual property rights. A disruption in Zegna's information technology, including as a result of cybercrimes, could compromise confidential and sensitive information. Zegna is subject to certain risks related to related party transactions. Zegna is exposed to currency related risks and credit risk. The markets in which Zegna operates are highly competitive. Global economic conditions and macro events may adversely affect Zegna. Zegna is subject to legal and regulatory risk. Changes in tax, tariff or fiscal policies could adversely affect demand for Zegna's products. Changes to taxation or the interpretation or application of tax laws could have an adverse impact on Zegna's results of operations and financial condition. Zegna currently benefits or seeks to benefit from certain special tax regimes, which may not be available in the future. Zegna's management team has limited experience managing a public company. IIAC's founders, directors, officers, advisors and their affiliates may elect to purchase IIAC Class A ordinary shares or IIAC warrants from public shareholders, which may influence the vote on the business combination and reduce the public "float" of IIAC's Class A ordinary shares. The ability of IIAC's shareholders to exercise redemption rights with respect to a large number of outstanding IIAC Class A ordinary shares could increase the probability that the business combination would not occur. The parties may be unable to successfully or timely consummate the business combination. Prior to the closing of the business combination, uncertainties about the transaction may cause a loss of key management personnel and other key employees. Prior to the closing of the business combination, uncertainties about the transaction may cause third parties to delay or defer decisions concerning Zegna or seek to change existing arrangements. The parties expect to incur significant transaction costs in connection with the business combination. Fluctuations in foreign currency exchange rates could result in currency transaction losses that negatively impact Zegna's financial result and the anticipated transaction uses and sources. Ermenegildo Zegna Group CONFIDENTIAL 63#65DISCLAIMER (1/2) Confidentiality and Disclosures This presentation (the "Presentation") is provided for information purposes only and has been prepared in connection with a possible business combination (a "Transaction") involving Ermenegildo Zegna Holditalia S.p.A. (the "Company") and a special purpose acquisition company, Investindustrial Acquisition Corp. (the "SPAC"). The Presentation is being provided to you on a confidential basis and solely in your capacity as a potential investor in connection with a Transaction. The Presentation may not be reproduced or redistributed, in whole or in part. The information in the Presentation and any oral statements made in connection with the Presentation do not constitute or form part of (i) any advertisement or marketing materials, any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities, nor (ii) a solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with a Transaction, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdictions. The Presentation, any part of it or the fact of its distribution do not form the basis of, nor may be relied upon in connection with, any contract or investment decision. This communication is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. The Presentation is only directed at and being communicated to (A) persons in Member States of the European Economic Area who are "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129; and (B) persons in the United Kingdom who are "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 who are also persons (i) having professional experience in matters relating to investments so as to qualify them as "investment professionals" under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) falling within Article 49(2)(a) to (d) of the Order; and/or (C) are other persons to whom it may otherwise lawfully be communicated (all such persons referred to in (A), (B) and (C) together being "Relevant Persons"). The Presentation must not be provided to persons who are not Relevant Persons. Any investment activity to which the Presentation relates will only be available to Relevant Persons. Nothing in the Presentation constitutes investment, tax or legal advice or a recommendation regarding any securities. If you have received the Presentation and you are not a Relevant Person you must return it immediately to the Company. You should consult your own legal, regulatory, tax, business, financial and accounting advisors to the extent you deem necessary, and must make your own decisions and perform your own independent investment and analysis of an investment in the Company, the SPAC, and the Transaction contemplated in the Presentation. Use of Data To the extent available, the industry, market and competitive position data in the Presentation has come from official or third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. Further, no representation is made as to the reasonableness of the assumptions made by the third-party sources. While the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Presentation has come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company operates. Such research and estimates, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. The Presentation is provided as of its date, is for informational purposes only, is subject to material change and is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in connection with a Transaction, and neither the Company nor the SPAC intend, and do not assume any obligation or duty, to update the Presentation at a later date. None of the Company, the SPAC, their affiliates, or their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, fullness, accuracy or completeness of the Presentation (or whether any information contains errors or has been omitted or misstated, whether as a result of negligence or otherwise) or any other information relating to the Company or the SPAC or their respective affiliates, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection therewith. Certain amounts that appear in this presentation may not sum due to rounding. Preliminary Financial Information This Presentation contains preliminary financial information for the Company which may be subject to change pending completion of the audit in accordance with PCAOB auditing standards of the Company's financial statements for the financial years ended December 31, 2020, 2019 and 2018 to be included in the registration statement on Form F-4 relating to the business combination between the Company and the SPAC. Use of Projections This presentation contains financial projections and certain "forward-looking statements" regarding the Company's business strategies, market potential, future financial performance and other matters. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements and any such projections, growth targets, statements and information reflect various estimates and assumptions concerning anticipated results. Forward-looking statements include statements regarding our future financial position and performance, business strategy, budgets, projected costs, plans, synergies and objectives of management for future operations. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "pro forma," "estimated," "forecasted," "projection" and similar expressions used in connection with any discussion of future operating or financial performance identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. No representations or warranties are made by the Company, the SPAC or any of their respective affiliates or representatives as to the accuracy of any such projections, statements and information. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond the Company's control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. These factors, risks and uncertainties include, but are not limited to, the risk factors listed elsewhere in this appendix. Other unknown or unpredictable factors or factors currently considered immaterial also could have an adverse effect on our results. Consequently, there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. These forward-looking statements are based on management's current expectations and beliefs about future events based on information available to them as of the date hereof. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances. Except as required by law, the Company and the SPAC, and their respective affiliates and representatives are under no obligation to, and expressly disclaim any obligation to, update or alter any forward-looking statements whether as a result of any such changes, new information, subsequent events or otherwise. Ermenegildo Zegna Group CONFIDENTIAL 64#66DISCLAIMER (2/2) Non IFRS Financial Measures The document includes certain non-IFRS financial measures (including on a forward-looking basis), such as Adjusted EBIT, Adjusted EBITDA, Net Financial Indebtedness, Operating Capex and Adjusted Operating Cash Flow. These non-IFRS measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS. The SPAC and Company believe that these non-IFRS measures of financial results (including on a forward forward-looking basis) provide useful supplemental information to investors about the Company. The Company's management uses forward-looking non-IFRS measures to evaluate the Company's projected financials and operating performance. However, there are a number of limitations related to the use of these non-IFRS measures and their nearest IFRS equivalents, including that they exclude significant expenses that are required by IFRS to be recorded in the Company's financial statements. In addition, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore, the Company's non-IFRS measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-IFRS financial measures are provided, they are presented on a non-IFRS basis without reconciliations of such forward forward-looking non-IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Unaudited Core Financial Information This presentation contains certain unaudited historical and prospective financial measures referred to as "core" measures ("the Unaudited Core Financial Information"), which exclude certain businesses of the Company that are expected to be divested (by way of one or more demergers or other transfers) prior to the consummation of the Transaction (such divestitures, collectively, the "Divestment"). The Divestment concerns (i) the Company's real estate business (consisting of the Company's subsidiary E.Z. Real Estate S.r.l., which directly or indirectly holds substantially all of the Company's real estate assets, as well as certain properties owned by Lanificio Ermenegildo Zegna e Figli S.p.A. ("Lanificio"), including part of Lanificio's industrial building located in Valdilana and Lanificio's hydroelectric plants), (ii) its 10% equity interest in Elah Dufour S.p.A. and certain related contractual rights and obligations, and (iii) its equity stake in Agnona S.r.l. (70% of which was divested in January 2021, and the remaining 30% of which is expected to be divested prior to the consummation of the Transaction). The prospective Unaudited Core Financial Information included in this presentation excludes, in addition to the Divestment described above, the impact of the following transactions occurred after December 31, 2020 (unless otherwise indicated): (a) the purchase of a 60% equity interest in Tessitura Ubertino S.r.l., which was consummated on June 4, 2021; and (b) the purchase of a 40% equity interest in Filati Biagioli Modesto S.p.A. (which following consummation will be consolidated line by line in the Zegna consolidated financial statements), which is expected to close in the third quarter of 2021. The word "core" associated with any non-IFRS measures has no other meaning but the one described above. The Unaudited Core Financial Information has been prepared solely for the purpose of illustrating the effects on a hypothetical basis of the Divestment on the Company's consolidated income statement and consolidated statement of financial position, as if the Divestment had occurred on December 31, 2017. The Unaudited Core Financial Information does not constitute, nor should it in any way be construed as, pro forma financial information within the meaning set forth under Regulation S-X under the Securities Act. In light of the foregoing, in reviewing the Unaudited Core Financial Information it is necessary to consider that the actual impact of the Divestment on the Company's consolidated results of operations and financial position in future periods may differ, also significantly, from the impact presented in the Unaudited Core Financial Information. Trademarks The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of is business. This presentation may also contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in the Presentation is not intended to, and does not imply, a relationship with the Company, or an endorsement or sponsorship by or of the Company. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM, © or symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. By accepting this document and/or attending any presentation relating thereto, you will be deemed to have represented, warranted and undertaken that: (i) you are a Relevant Person (as defined above); and (ii) you have read and agree to fully comply with and accept the contents of this disclaimer notice. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE OR TERRITORIAL SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Additional Information; Participants in the Solicitation If a Transaction is pursued, the SPAC will be required to file a preliminary and definitive proxy statement, which may include a registration statement, and other relevant documents with the SEC. Stockholders and other interested persons are urged to read the proxy statement and any other relevant documents filed with the SEC if and when they become available because they will contain important information about the SPAC, the Company and the contemplated business combination, Shareholders of the SPAC will be able to obtain a free copy of the proxy statement (when filed), as well as other filings containing information about the SPAC, the Company and the contemplated business combination, without charge, at the SEC's website located at www.SEC.gov. The SPAC and the Company and their respective directors, executive officers and other members of management, and employees may be deemed to be participants in the solicitation of proxies from the SPAC's shareholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the proxy statement/prospectus if and when available. You may obtain free copies of these documents as described in the preceding paragraph. This Presentation does not contain all the information that should be considered in connection with a Transaction. It is not intended to form any basis of any investment decision or any decision in respect to a Transaction. The definitive proxy statement will be mailed to shareholder as of a record date to be established for voting on the contemplated business combination if and when it becomes available.. Ermenegildo Zegna Group CONFIDENTIAL 65