Zegna SPAC Presentation Deck

ZEGNA 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

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