Zegna SPAC Presentation Deck

5. 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

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