Zegna Investor Presentation Deck

ZEGNA GROUP CORE ADJ. OPERATING CASH FLOW (MANAGEMENT ESTIMATES)¹ Core net cash flows from operating activities² Core operating capex 81 2018A 256 (57) Core payment of lease liabilities (117) Ermenegildo Zegna Group 64 2019A 239 (57) (118) 4 2020A 136 (33) (98) Source: Company information and estimates Notes: See Glossary for relevant definitions 1. Management estimates quantify the cash impact of the disposition 2. Excluding income taxes paid and interest paid CONFIDENTIAL 49

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