STAR CONFERENCE- MILAN 2014 March, 25th - 26th

BOLZONI AT A GLANCE

2

Our market and our customers

Dealers of Lift Trucks & Material Handling

Lift Truck Manufacturers - OEM

Logistics 30%

Material Handling

Lift Truck Manufacturers (OEM)

70%

End users (Logistics, Industrial, Large Retail companies) 3

Our product lines Lift tables 7%

(*) Other revenues 4%

Forks 8%

€ 119,1 M

Lift truck attachments 81%

(* ) Other Revenues: Rental business and Customer care

4

MAIN PRODUCTS

5

MAIN PRODUCTS

6

MAIN PRODUCTS

7

MAIN PRODUCTS

8

MAIN PRODUCTS

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HISTORY 1945:

Bolzoni SpA: founded in 1945 by Luigi and Livio Bolzoni for the production of agricultural machinery.

1950:

In the early 50s Bolzoni entered the attachment world with a brick fork attachment and, subsequently, fork lift truck attachments became the core business.

1986:

Bolzoni merged with the Teko company adding lifting tables and hand pallet trucks to its product range.

1991:

Acquisition of Elman, the lift truck attachment company leader in Spain.

2001:

Acquisition of Auramo in Finland, a worldwide specialized company in forest products handling attachments, following Banca Intesa’s subscription of 30%.

2002:

Acquisition of Brudi in USA, a pioneer and market leader in palletless handling attachments worldwide.

2006:

Acquisition of Meyer (Germany) thanks to Bolzoni’s listing on Italian Stock Exchange (STAR segment).

2010:

Investment in China: Bolzoni Huaxin for the lift truck fork production. Bolzoni Wuxi for the attachment production. 10

Net sales trend 2009 – 2013 +12%

1998 – 2008: +14%

145,6

141,1

107,1 94,7 76,2

37,4

41,8

1998

1999

53,2

(1)

2000

2001

78,9 (2)

2002

115,8

119,1

121,2

2011

2012

2013

93,5

84,0

76,9

75,1 (3)

2003

2004

2005

2006

2007

2008

2009

2010

(1) Includes (for 10 months) the acquisition of the Finnish company Auramo OY, a leading manufacturer of Lift Truck attachments (pulp & paper clamps) (2) Includes acquisition of Brudi (3) Sale of masts activity

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THE BOLZONI GROUP

Worldwide presence operating under the brands «Bolzoni » «Auramo» «Meyer». Leading position in Europe and the second largest manufacturer worldwide for lift truck attachments utilized for handling materials. Employs about 750 persons. Today Bolzoni has 7 manufacturing plants.

12

Main production plants

Italy

Finland

Germany

Piacenza

Helsinki

Salzgitter

20.500

m2

5.400

m2

9.600 m2

USA

China

China

Homewood - Illinois 4.000 m2

Longhua - Hebei District 16.300 m2

Wuxi - Shanghai District 15.000 m2

13

Key success factors

Specialized production plant: one product in one place. Worldwide presence: 21 direct branches and a large number of independent dealers, covering all continents.

Customer relationship: the strongest relationship with the OEMs. Quality of network: the worldwide commercial and after sales network to support the dealer net.

Distribution network: Bolzoni distributes its products through a network of more than 3,000 lift truck dealers worldwide.

Innovation: state of the art of product and process innovation. 14

Group structure Bolzoni Spa Italy

Bolzoni Auramo Inc- USA 100%

Bolzoni Italia Srl Italy 100%

Bolzoni Auramo GMBH Germany 100%

Bolzoni Ltd UK 100%

Bolzoni Auramo SL Spain 100%

Bolzoni Auramo Ltd Canada 100%

Bolzoni Auramo AB Sweden 100%

Bolzoni Sarl France 100%

Bolzoni Auramo Srl Italy 100%

Bolzoni Auramo Pty Australia 100%

Auramo ZA South Africa 40%

Bolzoni Auramo Wuxi China 100%

Eurolift Pty Australia 100%

Bolzoni Auramo Zoo Polska 60%

Meyer GmbH Germany 100%

Auramo OY Finland 100%

Bolzoni Auramo Shanghai China 60%

Bolzoni Holding Hong Kong 80%

Bolzoni Huaxin China 60%

Bolzoni Auramo BV Holland 51%

Xin Huaxin China 20%

Meyer OOO Russia 80%

15

Net Sales – Geographic Area breakdown

Rest of the Europe: 61% North America: 14% Far East: 5%

Italy: 11% 7 Manufacturing plants 13 Commercial branches 1 Financial Holding

RoW: 9%

2 affiliated company …. and more than 20 distributors(*)

16 (*) Data source: Bolzoni – Marketing dep.

Specialized plants

17

Year 2012: KION SUPPLIER OF THE YEAR award KION GROUP Turnover : Euro 4,3 billions in 2011 and about 22,000 employee European leading provider and second worldwide of forklifts, warehouse equipment and other industrial trucks

With the brands Linde, STILL, Fenwick, OM, Baoli and Voltas, Kion is present in more than 100 countries, with more then 3.500 worldwide suppliers

Bolzoni has shown very strong willingness to improve in all aspects, thus becoming an active partner in our KIPS (Kion Group Improvement Process with Suppliers) program from day one. Very strong lean mindset, strong focus on internal cost reduction and improvement of quality and delivery service leading to extended long-term agreements between KION and Bolzoni. Understanding that joint improvement is not finished when the contract is signed but needs to continue – exemplary attitude among KION suppliers. 18

BOLZONI IN CHINA

19

Lift trucks market – volumes 2003 vs 2013 2013

2003

108.953

West Europe

95.167 Volumes for lift trucks in the China market (*)

96.302

North America

112.659

have exceeded those of the North American and West EU markets combined; CAGR 2003 – 2013: +17,3%

China

216.612

43.818

20 (*) Data source: Bolzoni – Marketing dep.

Rate of Adoption – West Europe vs China West Europe

Attachment – Value for fork lift in Euro Euro 2.130

x 7,7 China Euro 276

In China each lift truck is equipped with attachments for the amount of € 276 compared to average € 2.130 of a European lift truck; so, in future, the potential rate of adoption in the attachment market could be almost 8 times the present.

21 (*) Data source: Bolzoni – Marketing dep.

Group structure in China

Bolzoni Spa Headquarters Italy

Tiger Technologies China

20%

80%

Huaxin Fork Co. Ltd China

Bolzoni Holding Hong Kong

60%

100% Bolzoni Auramo Wuxi China 100%

Lift truck attachments business

40%

80%

20%

Bolzoni Huaxin China 60%

Xin Huaxin China 20%

Fork business 22

Lift truck fork plant Plant based in Longhua Town (Jing County, Hebei), 250 km south west from Beijing Start-up: June 2012 Land size: 45.000 sq.m. Building size: 16.300 sq.m. Production capacity: 150.000 pcs per year in Y2015, up to 500.000 pcs per year following plant modification Employees at 3rd year: approx 120 people Features: low costs, industrial district skilled in fork manufacturing, steel factories in the area, facilitated taxation in the first years of activity Total investment: € 3,8 M, of which € 1,8 M paid by Bolzoni

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Lift truck attachment plant Plant based in Wuxi, 160 km from Shanghai port Start-up: beginning of 2013 Land size: 45.200 sq.m. Building size: 15.000 sq.m. Production capacity: € 20 M Actual employees: 50 full-time workers which will become 150 when the plant will be fully operative Features: lower costs respect to suburban area of Shanghai, good availability of technicians, favourable logistics, presence of suppliers in the area, facilitated taxation in the first years of activity Total investment: € 8,5 M, of which € 6,8 M paid by Bolzoni

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BUSINESS PLAN

25

TOYOTA- CASCADE DEAL

22 October 2012: Toyota announced the agreement under which TICO intended acquiring Cascade for USD759 million Share Price: 65 USD, 23% premium 7,5 times the EbitDA 27 March 2013: Antitrust clearance

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Net Sales – Geographic Area breakdown North America:

11 %

ROW and CHINA 13 %

30 %

18 %

52 %

76 % Europe

YEAR 2015/2016

YEAR 2012 13%

18%

11%

EU

76%

USA ROW & CHINA

30%

52%

27

Turnover and Ebitda

16,00% 180 14,20%

TURNOVER (K€)

160

14,00%

140

12,00%

120

10,00%

100 80

8,00% 7,90% 6,00%

60 4,00%

40

2,00%

20

0,00%

2012

2015E/ 2016E

Net Sales

EBITDA%

Ebitda margin

28

Net financial position and working capital

25,00%

30

25

20,00%

NET DEBT (K€)

20,60% 20

16,60%

15,00%

15 10,00% 10 5,00%

5

-

0,00% 2012 Net Debt

2015E/ 2016E Working capital/Turnover

29

KPI 2013

30

31.12.2013: Main Features MARKET SHARE UP IN NORTH AMERICA AREA: North America areas overcome the market: Q4 2013 North America revenue +36,1%, market +14,8% 31.12.2013 North America revenue +12,8%, market + 10,1% REVENUE UP DESPITE THE WEAK REFERENCE MARKET: Despite the decline by 2,0% of the West Europe lift truck market (Bolzoni’s turnover in Europe is 73%): Q4 2013 revenue came in at € 31,1 M, +5,2% vs Q4 2012 31.12.2013 revenue came in at €121,2 M, +1,7% vs 31.12.2012 INVESTMENTS AND EXPENSES TO SUPPORT THE GROWTH The 31.12.2013 had investments for Euro 0,9 million both in structure and staff to support the increase in China and in the US market in order to seize the opportunities arising from the Toyota- Cascade operation. Furthemore, considering also the trend in the European market, a reorganization has been started up with extraordinary costs of € 0,5 M. 31

RECENT MARKET TREND

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World market trend

180.000

161.630 160.000

152.823

155.380

160.621 153.213

152.503 149.168 142.024

141.233

Q3 2012

Q4 2012

140.000

120.000 Avg Q 2011

Avg Q 2011 West Europe 26.327 USA and CANADA 24.116 Asia 78.423 Rest of the world 23.957 World 152.823

Q1 2012

Q2 2012

Q1 2013

Q2 2013

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013 Q4 2013

27.042 23.392 82.501 22.445 155.380

24.030 24.890 78.862 21.386 149.168

21.656 24.852 71.280 24.236 142.024

24.357 29.149 65.013 22.714 141.233

24.893 24.335 79.505 23.770 152.503

23.318 27.478 87.419 23.415 161.630

21.404 27.393 82.603 21.813 153.213

25.552 33.453 79.145 22.471 160.621

Q3 2013

Q4 2013 vs Q3 2013 19,4% 22,1% -4,2% 3,0% 4,8%

Q4 2013

Q4 2013 vs Q4 2012 4,9% 14,8% 21,7% -1,1% 13,7%

31.12.2013 vs 31.12.2012 -2,0% 10,1% 10,4% 0,8% 6,8%

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West European and North American market trend

37.000

33.453

32.000

29.149

27.000 22.000

27.478

27.042

26.327

24.852

24.030 24.116

24.890

25.552

24.893

24.335

24.357

23.392

27.393

23.318

21.404

21.656

17.000 12.000 Avg Q 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

West Europe

Avg Q 2011 West Europe 26.327 USA and CANADA 24.116 Asia 78.423 Rest of the world 23.957 World 152.823

Q1 2013

Q2 2013

Q3 2013

Q4 2013

USA and CANADA

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013 Q4 2013

27.042 23.392 82.501 22.445 155.380

24.030 24.890 78.862 21.386 149.168

21.656 24.852 71.280 24.236 142.024

24.357 29.149 65.013 22.714 141.233

24.893 24.335 79.505 23.770 152.503

23.318 27.478 87.419 23.415 161.630

21.404 27.393 82.603 21.813 153.213

25.552 33.453 79.145 22.471 160.621

Q4 2013 vs Q3 2013

Q4 2013 vs Q4 2012

31.12.2013 vs 31.12.2012

19,4% 22,1% -4,2% 3,0% 4,8%

4,9% 14,8% 21,7% -1,1% 13,7%

-2,0% 10,1% 10,4% 0,8% 6,8%

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FINANCIALS - 31.12.2013

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Net sales breakdown: 31.12.2012 vs 31.12.2013 1,7% 119,1

121,2 +20,8%

14,7

17,8

13,5

15,2

+12,8%

-3,0%

90,9

31.12.2012

EUROPE

NORTH AMERICA

88,1

31.12.2013

REST OF THE WORLD

36

Net sales breakdown: Q4 2012 vs Q4 2013

5,2%

29,6

31,1 -3,6% 4,0

4,2 3,1

+36,1%

4,2

+2,6%

22,3

4th quarter 2012 EUROPE

NORTH AMERICA

22,9

4th quarter 2013 REST OF THE WORLD

37

Consolidated income statement at 31st December

TURNOVER: 1,7 % YOY

Thousands of Euro

TURNOVER

31.12.2013 % Var. 31.12.2012 without one2013 restated (**) off cost (*) vs 2012

119.088

121.172

1,7%

31.12.2013 one-off cost included 121.172

% Var. 2013 vs 2012

1,7%

EBITDA EBITDA margin %

9.662 8,1%

8.619 7,1%

-10,8%

8.147 -15,7% 6,7%

EBIT EBIT margin %

4.199 3,5%

3.230 2,7%

-23,1%

2.758 -34,3% 2,3%

RESULT BEFORE TAXES margin %

2.671 2,2%

1.084 0,9%

-59,4%

612 -77,1% 0,5%

GROUP RESULT AFTER TAXES margin %

1.891 1,6%

595 0,5%

-68,5%

123 -93,5% 0,1%

(*) One-off costs amount to € 0,5 M at 31.12.2013 (**) +€ 0, 2 M are restated on Ebitda level to reflect what they would have been using the new revised IAS 19

One-off cost on European subsidiaries: € 0,5 M EBITDA -10,8% YOY, mainly due to: € 0,9 M of new costs to support the increase of the commercial and technical structure and the new production plant in China. 70 basis point of marginality reduction due to the reference market slump. NET RESULT has been affected by exchange rate fluctuations for € 0,8 million euros, mainly due to the Australian Dollar

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Consolidated income statement: 4th quarter th

4 quarter % Var. 2013 4 quarter 2013 restated (**) without one2012 off cost (*) vs 2012 2013 th

Thousands of Euro

TURNOVER

EBITDA EBITDA margin %

EBIT EBIT margin %

RESULT BEFORE TAXES margin %

GROUP RESULT AFTER TAXES margin %

th

4 quarter one-off cost included 2013

% Var. 2013 vs 2012

TURNOVER: 5,2 % YOY

29.583

31.115

5,2%

31.115

5,2%

1.665 5,6%

2.285 7,3%

37,2%

1.980 6,4%

18,9%

One-off costs: € 0,3 M, due to reorganisation of the European sales structure

55,5%

EBITDA +37,2% YOY, because of non recurrent cost in the Q4 2012.

393 1,3%

(55) -0,2%

650 2,2%

916 2,9%

133,1%

212 -485,5% 0,7%

368 1,2%

-43,4%

611 2,0%

(93) -0,3%

n.c.

63 -90,3% 0,2%

(*) One-off costs amount to € 0,3 M in Q4 2013 (**) +€ 0, 2 M are restated on Ebitda level to reflect what they would have been using the new revised IAS 19

Best quarter of 2013 on EBITDA margin (one-off costs excluded) NET RESULT has been affected by negative exchange rate fluctuations for € 0,3 M

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Consolidated cash flow statement

OPENING NET DEBT 01.01.2013 Net result Change in reserves

(26.454) 123 (1.362)

Depreciation

4.903

Change in net working capital - Inventories - Trade receivables - Trade payables - Others

284 (667) (108) 1.141 (82)

Net capital expenditure

(5.154)

FREE CASH FLOW

(1.206)

Equity and third parts changes Dividend distribution CLOSING NET DEBT 31.12.2013

180 (1.300) (28.780)

NET DEBT has passed from € 26,5 M at 31.12.2012 to € 28,8 M at 31.12.2013, slightly lower than the net debt at 30.09.2013 (€ 29,7 M). Financial absorption is mainly determined by investment activities in China and increase in the inventories to support the growth of the next months. Moreover net debt has increased by € 1,3 M mainly for dividend distribution .

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Cash flow statement: bridge analysis 1.300

180

2.133 3.021 3.664

26.454

Net debt Dec 12

284

Net result Change in reserve Depreciation

Operating cash flow

123 -1.362 4.903

Change in net working capital

28.780

Capex (China excluded)

Thousands of Euro

China Capex

Dividend distribution

Equity and minorities changes

31.12.2012

31.12.2013

3.513

11.039

Current portion of long term debts

(16.502)

(25.508)

Net financial position - short term

(12.989)

(14.469)

Non current portion of long term debts

(13.465)

(14.311)

Net financial position - M/L term

(13.465)

(14.311)

Net financial position

(26.454)

(28.780)

Cash and cash equivalent

Net debt Dec 13

41

Working capital and other KPI Million €

% on net sales

24,00% 20,10%

17,90%

24,5

24,3

2012

2013

18,20%

26,7

2013

2012

2011

2010

2009

2008

2007

2011

18,1

2010

21,1

18,4

2009

2008

2007

26,1

20,61%

19,30%

18,90%

Accounts payable turnover ratio at 31.12.2013: 79 days vs 77 days at 30.09.2013 and vs 81 days at 31.12.2012. Accounts receivables turnover ratio at 31.12.2013: 74 days vs 72 days at 30.09.2013 and vs 75 days at 31.12.2012. Inventory turnover ratio at 31.12.2013: 67 days vs 70 days, at 30.09.2013 and, vs 64 days at 31.12.2012.

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Assets and liabilities Thousands of Euro

31.12.2012

31.12.2013

Net fixed assets

48.181

48.993

Net working capital

24.540

24.353

Leaving indemnity and other reserves

(5.140)

(4.633)

Net capital employed

67.581

68.713

Net Equity Minority interest Net financial position Net Debt / Equity

36.875

35.481

4.252

4.452

26.454

28.780

0,64

0,72

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BOLZONI SPA: NET RESULT AND DIVIDEND DISTRIBUTION €M

64%

5,000

1,785 22%

79% 3,000

0,681 2,714

71% 71%

3,119 2,599

0,521

0,424

1,000 0,780

1,040

1,300

Y 2011

Y 2012 (restated)

0,421 -

-0,520

86% 0,143 0,910

-1,000 Y 2006

Y 2007

Y 2008

Y 2009

Dividend distribution

Y 2010

Y 2013 (*)

NET RESULT- Not distributed

The proposed dividend amounts to € 0,9 M The proposed dividend per share is € 0,035

44 (*) Of which € 0,8 M of write-down in investment in subsidiaries

SHAREHOLDERS STRUCTURE

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Shareholders structure 24,75%

Penta Holding (*) Market 3,47% 3,51%

50,27%

3,83%

Paolo Mazzoni K.P. Staack Covati Agostino Lazard Frères Gestion

6,27%

Tamburi Inv.

7,90%

Market Segment: STAR MTA

Specialist: Intermonte

Reuters Code : BLZ IM

Auditing company: Deloitte

Bloomberg Code: BLZ IM

Market cap (@ 20th March 2014): € 92,02 M

Number of shares: 25.993.915

% var. since January 1, 2014: +19,86%

Price per share (@ 20th March 2014): 3,44 (*) Shareholders are: Emilio Bolzoni, Roberto Scotti, Luigi Pisani, Franco Bolzoni, Pierluigi Magnelli , Paolo Mazzoni.

46

Market share trend – 1 year

47

Contacts: [email protected] +39 0523 555511 Visit our web site: www.bolzoni-auramo.com www.bolzonigroup.com