Zignago Vetro Group Company Overview

March 2013

Zignago Holding Group Structure FREE FLOAT on the ITALIAN STOCK EXCHANGE (since 2007)

Zignago Holding S.p.A. (MARZOTTO FAMILY)

65% Santa Margherita S.p.A.

100%

35%

Zignago Vetro SpA 169,9 mln Euro

Wine producer

100% Zignago Power S.r.l.

50%

100%

100%

30%

Electricity producer

100%

Verreries Brosse

Vetri Speciali

52,5 mln Euro

129,2 mln Euro (*)

Huta Szkla Czechy 16,8 mln Euro

Vetreco (start up phase)

Zignago Immobiliare S.r.l. Real estate

2012 figures (*) figures referred to 100%

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Milestones 1950's

Industrie Zignago Santa Margherita ("IZSM") builds its first glass production plant (jars and bottles)

1979

IZSM establishes Zignago Vetro S.p.A. conferring its glass production plants

1987

Zignago Vetro acquires a plant in Empoli from an insolvency proceeding

1994-95

IZSM establishes Attività Industriali Friuli s.r.l. (51% owned) which acquires a plant from an insolvency proceeding

2002

Zignago Vetro acquires the assets of Verreries Brosse S.A.S. from an insolvency proceeding

2004

IZSM transfers its stakes in Attività Industriali Friuli and Vetrerie Venete to newly formed Vetri Speciali

2006

Zignago Vetro acquires the 43.5% stacke in Vetri Speciali from IZSM

2006

IZSM sells its 100% stacke in Zignago Vetro to Zignago Holding

2007

Zignago Vetro becames a Listed Company in the Italian Stock Exchange (STAR Segment)

2009

Zignago Vetro acquires the 6.5% of Vetri Speciali

2010

Zignago Vetro establishes Vetreco Srl, a joint venture with Saint Gobain Vetri SpA and Ardagh Glass Srl for the treatment of recicled glass, subscribing 30% stacke

2011

Zignago Vetro acquires 79% share of Huta Szkla Czechy

2012

Zignago Vetro acquires the remaining 21% share of Huta Szkla Czechy

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Our Presence in Selected Business Segments 2012 (€m)

Market segment

Products

Food & Beverage

Flexibility, efficiency and technical know-how key for success

Zignago Vetro Sales €169,9m

Cosmetics & Perfumery

Focus on selected segments of food & beverage and cosmetics & perfumery

Verreries Brosse

Luxury

Extraordinary high-quality, tailor-made product offering and efficiency

Perfumery

Focus on high-end perfumery market

Sales €52,5m

Sales €16,8m

Cosmetics & Perf.

Wide range of personalised products for niches of the global market of glass containers for cosmetics and perfumery, and for food and beverages.

Vetri Speciali

Specialty Containers

Highly customized specialty glass containers produced in very short runs with strong focus on efficiency

Huta Szkla Czechy Food & Beverage

Sales €64,6m (50%)

Competitive Strengths

Main Features

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Flexibility Quality

Quality Innovation

Personalization Small-run production

Personalization Small-run production

International Presence with an Italian Footprint

Trabki, Poland Vieux Rouen sur Bresle, France

Ormelle (TV)

Paris, France San Vito al Tagliamento (PN) Fossalta di Portogruaro (VE)

New Jersey, USA

Trento

Empoli (FI)

Barcelona, Spain Pergine Valsugana (TN)

Legend: Zignago Vetro

Verreries Brosse

Vetri Speciali

Huta Szkla Czechy

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Production and distribution

Production

Distribution

What Makes Us Different?

Unique positioning and economic returns thanks to a distinctive business model

Outperform market growth

Maximise ROCE & profitability

Competitive advantage

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Excellent Longstanding Client Relationships and Good Revenues Visibility

Concentration rate of first 5 clients

Customer loyalty1 (Revenues)

Zignago Vetro

15%

94%

Verreries Brosse

53%

94%

Vetri Speciali

20%

93%

Group

1 Revenues from clients present also the 2 previous years (data referred to 2012)

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Strong Financial Performance: Top of the Market Profitability

Revenues (€m)

EBITDA (€m)

300

80

250

27,2%

27,0%

26,7%

26,4%

70

200

60 -10.2%

150 100

26,7%

+6.7%

240,7

256,7

+14.9%

230,4

+2.6%

+10.0%

264,9

50

298,8

291,2

23,4%

40

64,3

69,9

62,3

70,7

76,9 69,8

30

50

20 0

20% 2007

2007

2008

2009

2010

2011

2012

2008

17,8%

18,5%

16,9%

18,0%

13,1%

17,9% 15%

47,6

39,0

47,7

52,2

44,2

10% 5% 0%

2007

2008

2009

EBIT (€m)

2010

2010

2011

2012

Margin (%)

Net Result (€m)

14,8%

42,9

2009

EBITDA (€m)

EBIT (€m) 50 45 40 35 30 25 20 15 10 5 0

25%

2011

40 35 30 25 20 15 10 5 0

Margin (%)

12,8%

10,2%

12% 10% 8%

33,7 24,9

27,8

33,8

34,9

30,5

6% 4% 2%

2008

2009

2010

Net Results (€m)

8

12,0%

10,4%

2007

2012

12,1%

2011

2012

Margin (% )

Strong track record in sales and profitability

Euro (m)

ZV Group

300

250

200

ZV 150

100

ZV Group 50

ZV

0 1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Sales

9

2005

2006

2007

2008

2009

2010

EBITDA

2011

2012

Solid Balance Sheet to Support Organic and External Growth

Net Capital Employed (€m) 220 200 180 160 140 120 100 80 60 40 20 0

123,2

2007

151,9

2008

176,1

2009

183,5

2010

196,6

2011

Net Working Capital (€m)

70 60 50 40 30 20 10 0

216,9

15,8%

38,1

16,0%

16,3%

41,8

49,1

42,3

17,3%

50,4

Net Equity (€m)

20%

64,7

2008

2009

2010

2011

2012

on sales (%)

100 80

100 60

80 60 40

77,2

89,5

93,4

108,1

118,3

125,5

40 20

20

46

82,8

75,5

75,5

2009

2010

2011

62,4

91,4

0

0 2007

2008

2009

2010

2011

2007

2012

10

16% 12% 8%

Net Financial Debt (€m)

120

24%

0%

Net working Capital (€m)

140

28%

4% 2007

2012

21,7%

21,3%

2008

2012

Cash Flow From Operations and Capex

Cash Flow from Operations (before capex) (€m)

Capex (€m)

65

45

60

40

55 35

50 45 40 35

Net Capex related to VS acquisition

20

21,5

62,3 47,1

36,6

41,9

42,2

20

54,7 44,1

7,6

25

30 25

2,7

4,5

30

36,0

15

41,0

15

5

5

22,4

20,5

10

10

30,7

28,8

11,0

0

0 2006

2007

2008

2009

2010

2011

2006

2012

2007

2008

2009

VS acquisition

Capex mainly depends on furnaces refurbishment and capacity increase

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2010

2011

HSC acquisition

2012

Healthy financial structure, EPS and dividends EPS and Dividend distribution (Euro)

Key financial structure ratios

70%

1,6 1,3

1,1

71%

71% 72%(1)

1,0

0,9 1,0

0,9

0,6

0,7

0,7 0,6

0,7

0,295 0,218

2008

2009

2010

2011

2012

60% 50%

0,310 0,243 0,300 0,250(1)

0,000

0,6

40% 30%

2007

2007

0,347

0,100

0,4 2006

0,422 0,436 0,347

0,311

0,300 0,200

0,7

70% 0,421

0,500 0,400

1,1

1,0 0,8

70%

0,600 1,3

1,4 1,2

70%

2008

EPS

2009

2010

Div per share

2011

2012 Pay out %

Net financial debt / EBITDA (1) Board meeting proposal calculated on 88 mln shares (2011 and before was on 80 mln shares)

Net financial debt / Net Equity

Pay-out ratio: 70% of Group net result In May 2012 AGM approved a scrip issue of 1 share out of 10. Share capital increased consequently to 88 mln shares.

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