Zegna Investor Presentation Deck

IFRS RECONCILIATIONS (6/6) €m Net cash flows from operating activities Cash-out of interest add-back Cash-out of income taxes add-back Net cash flows from operating activities, excluding income taxes paid and interest paid Disposition impact Core Net cash flows from operating activities, excluding income taxes paid and interest paid (Payments)/Proceeds from Disposal of property plant and equipment (Payments)/Proceeds from Disposal of intangible assets (Payments)/Proceeds from Disposal of investment property Operating Capex Disposition impact Core Operating Capex Key cash flow items reconciliation (€m) 2018A 193 20 33 Payment of lease liabilities (IFRS) Disposition impact Core payment of lease liabilities Adjusted Operating Cash Flow¹ Disposition impact Core Adjusted Operating Cash Flow Ermenegildo Zegna Group 246 10 256 (15) (11) 0 (26) (31) (57) (113) (4) (117) 106 (25) 81 2019A 174 27 31 232 7 239 (46) (13) (0) (60) 2 (57) (110) (7) (118) 62 2 64 2020A 71 21 36 128 7 136 (27) (12) 0 (38) 5 (33) (91) (7) (98) (0) 5 4 Source: Company information Notes: See Glossary for relevant definitions 1. Adjusted Operating Cash Flow includes net cash flows from operating activities, excluding income taxes paid and interest paid, (payments)/proceeds from disposal of property plant and equipment, intangible assets and investment property, and payment of lease liabilities CONFIDENTIAL 58

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