Total Assets at end-2016: € 43.6 billion (+19% vs. end-2015). Net Inflows in 2016: € 6.5 billion. Net Inflows in December 2016: € 722 million.

PRESS RELEASE Total Assets at end-2016: € 43.6 billion (+19% vs. end-2015) Net Inflows in 2016: € 6.5 billion Net Inflows in December 2016: € 722 million Milan, 10 January 2017

The Azimut Group recorded total net inflows of € 722 million in December 2016, reaching a total of € 6.5 billion net inflows in the entire 2016.

The figure in December benefited from ca. € 260 million of inflows by institutional investors into the Money Market fund in China, who typically tend to invest towards the end of the year to benefit from higher yields but could potentially withdraw in the first quarter of 2017.

Total assets under management stood at € 35.8 billion, and including assets under administration reached€ 43.6 billion (+19% year on year).

Sergio Albarelli, Azimut's CEO, comments: "We are very pleased with how we closed 2016, reaching total net inflows of

7805

869 6434

7701

28756

5481

620 5588

5754

26495

6.5 billion euros. This figure, very close to the 2015 record, is a great achievement especially given the difficult context in which it was realized, with high uncertainty, volatility and close to zero interest rates. Nonetheless, the quality of our portfolio management team together with the daily efforts of our advisors providing fair and effective financial planning, allowed us todeliver to our clients a net weighted average performance of +3.6%, more than doubling the Italian industry. We are therefore ready to face the new year with enthusiasm, strengthening even more our position in the Italian market as well as in the overseas business where we continue to pursue the various initiatives."

Data in € million	Net Inflows		Assets		Mutual funds 12/16	Total Assets Evolution Discret.accts Insurance Advisory AuC and c.a. 12/15
	December	2016	at 31/12/2016	∆ in 2016
Funds(1)	81,1	1.587,7	28.755,9	8,5%
Individual Managed Portfolios	91,8	1.617,2	7.701,4	33,8%
AZ LIFE Insurance	45,9	332,9	6.434,3	15,1%
Advisory(2)	273,8	239,7	868,9	40,1%
Total Managed Assets & Advisory(3)	653,0	3.510,7	35.800,1	14,7%
Assets under custody - c/accts	68,8	3.021,3	7.804,6	42,4%
Total Assets	721,8	6.532,0	43.604,8	18,9%
The figure disclosed by ASSOGESTIONI does not include assets gathered outside of Italy and entry fees; it includes mutual. hedge and alternative funds Includes MAX product (fee-based advisory) Net of double counting

Azimut is Italy's leading independentassetmanager(activesince 1989). The Parent CompanyAzimut Holdingwaslistedonthe Italian stockexchangeon 7 July 2004 (AZM.MI)and, among others, is a member of the main Italian index FTSE MIB and of the Eurostoxx 600. The shareholder structure includes over 1,400 managers, employees and financial advisors, bound by a shareholders' agreement that controls ca. 13% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Singapore, Mexico, Australia, Chile, USA and Turkey. In Italy, Azimut Capital Management SGRsellsandmanages Italian mutualfunds, Italianhedgefunds, aswellas being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR, following the demerger by incorporation of AzimutConsulenza SIM, distributes Groupandthirdpartyproductsin Italyviaanetworkoffinancialadvisorswhile Azimut GlobalCounselingprovidesconsultingservices. Overseas main operations are AZ Fund (founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish AZ Life Ltd, which offers life insuranceproducts. INVESTOR RELATIONS

AZIMUT HOLDING SpA -www.azimut.it

MEDIA RELATIONS

Vittorio Pracca tel [phone] +39.342.0368994 Viviana Merotto tel [phone] +39.338.7496248

Gabriele Blei tel [phone] +39.340.532.9911