Investor Presentation3 1 . 0 5 . 2 0 1 3

... one of the largest and most prestigious electroacoustic transducer(1) manufacturers in the world; designing, developing and manufacturing only for the high-end professional audio market under its own ‘B&C Speakers’ brandname.

(1) An electroacustic transducer is a device that converts electrical energy into acoustic (sound). It is the principal component of a speaker used for the reproduction of music, and is commonly known as ‘loudspeaker’.

B&C Speakers is. . .

Low-frequency Drivers

Low-frequency Nd Drivers

Coaxials Horns

High-frequency Drivers

Company’s product mix includes low-frequency drivers, high-frequency drivers, tweeters, coaxials and horns.

BUSINESS

OVERVIEW2013

GUIDANCE

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1Q2013 RESULTS

STOCK DATA & SHAREHOLDING

STRUCTURE

B&C manufactures all its products in its state-of-art production facility located in Bagno a Ripoli (Firenze) that was built in 2009. This 10,500 m2 production facility merged previously-separate production units into one single building, increasing assembly capacity and incorporating a higher level of automation. In addition, the Company runs its operations from its head-office building situated over a 3,000 m2 land very close to the production facility.

Made in I taly . . .

B&C has always focused greatly

on quality control, which provided the company with the international reputation of providing leading edge products of the highest quality.

10% of B&C’s workforce (of 100 employees)

is dedicated to Research & Development.

B&C has sales and distribution centers in USA and Brazil: two important markets for its products.

Its clients are professional audio

system producers like Bose,

Yamaha, Martin Audio, Nexo, D&B

Audiotechnic, QSC Audio, L-

Acoustics, Yorkville Sound,

Turbosound... etc.

Around 2/3 of the Company sales

are custom-made products sold

directly to these OEMs (Original

Equipment Manufacturers), whereas

the remaining part are catalog

products sold via a wide distributor

network with representation in over

70 countries around the world.

B&C Speakers Produces Solely for…. . . t h e p r o f e s s i o n a l a u d i o m a r k e t .

Focus Market for B&C Speakers is estimated to be as big as €200mn(1)

(1) B&C Speakers estimates for 2011.

1° Installation

Guitar Hi-Fi

Contractor

After Market

Portable

Fixed Installations

H.T.

P.A.

Touring

B&C Speakers is the largest player in its focus market with a 15% market share.

Audio Market

Pro Audio

HomeAuto

motiveMusical

Instruments

Revenue Evolut ion

B&C reached record-high revenues in FY2012 (€mn)

Economic Crisis

Growth (CAGR of 9,8% b/w ‘96 and 2012)

1Q2013 RESULTS

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BUSINESS OVERVIEW

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2013 GUIDANCE

STOCK DATA & SHAREHOLDING

STRUCTURE

1Q2013 Summary P&L– Consol idated

Income Statement (€000)

1Q2013 1Q2012 FY2012

Total Net Sales 7.737100% 6.507 100% 30.938 100%

Change in Inventory 257 3% 233 4% 1.085 4%

Cost of Material (3.162) -41% (2.982) -46%(13.147

) -42%

Cost of Labor (1.305) -17% (1.065) -16% (4.614) -15%

Service Costs (1.693) -22% (1.382) -21% (6.619) -21%

Other (46) -1% (53) -1% (424) -1%

EBITDA 1.788 23% 1.258 19% 7.218 23%

Depreciation & Amortization (186) -2% (171) -3% (781) -3%

EBIT 1.602 21% 1.087 17% 6.438 21%

Financial Income, Net 36 0% (8) 0% (139) -0,4%

Income Before Tax 1.638 21% 1.079 17% 6.299 20%

Tax and other (419) -5% (490) -8% (1.954) -6%

Net Income 1.219 16% 589 9% 4.345 14%

1Q2013 consolidated revenues are up by 19% YoY,

despite an 5% decrease in selling prices. Also EBITDA

MARGIN has increased from 19% of 1Q2012 to 23% of

1Q2013 (+42%).

1Q2013 Summary B/SB/S (€ 000) March 31, 13 Dec 31, 12

Fixed Assets 3.670 3.672

Inventories 6.942 6.575

Trade Receivables 7.174 7.092

Other Receivables 953 1.026

Trade Payables (3.262) (3.149)

Other Payables (2.160) (1.867)

Net Working Capital 9.646 9.677

Other Funds (1.177) (1.187)

Net Invested Operating Capital 12.139 12.161

Cash Equivalents 3.128 2.222

Goodwill 1.394 1.394

Other Financial Assets 974 974

Net Invested Non - Operating Capital 5.496 4.590

NET INVESTED CAPITAL 17.635 16.751

Shareholders' Equity 16.482 15.341

Short-term Financial Debt 503 761

Long-term Financial Debt 649 649

FINANCING OF NET INVESTED CAPITAL 17.635 16.751

B&C Speakers has a positive Net Cash position of

€1,98 mn by the end of March 2013.

2013 GUIDANCE

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STOCK DATA & SHAREHOLDING

STRUCTURE

BUSINESS OVERVIEW

2

FY2012 RESULTS

2013 guidance

B&C Speakers budgeted total revenues of €33.5 million for 2013, with a year-over-year increase of around 10%.

The value of the Company’s order portfolio at the end of March 2013 is over €10.25 million, a record level in company’s history (+43% compared with 1Q2012).

The cost of neodymium, a major raw material for B&C Speakers, has decreased sharply during the second half of 2012,  and is now approaching pre-bubble values. This price decrease is significant for the industry, and especially for B&C Speakers, who is a leader in the production of the most advanced transducers. We do not see any tension on raw material prices and we target to maintain the same rate of profitability.

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BUSINESS OVERVIEW

2013 GUIDANCE

STOCK DATA & SHAREHOLDING

STRUCTURE

1Q2013 RESULTS

Stock Data & Shareholding Structure

Research & Development International srl 66.3%

Allianz Global Investor Italia SGR spa 2.4%

Aldinio Colbachini Giuseppe 2.0%

BEC-IT

Last Dividend 0,28

Dividend Yield 7,0%

Avg Payout Ratio 5Y 68%

Jul-12 Oct-12 Jan-13 Apr-13-10

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Italy FTSE Italia Star Volume B&C Speakers S.p.A. FTSE MIB

Safe Harbor StatementCertain statements in this slide show, including those addressing

the Company’s beliefs, plans, objectives, estimates or

expectations of possible future results or events, are forward-

looking statements. They are based on the assumptions, beliefs

and expectations of our management team as of the date this

slide show was prepared. Forward-looking statements involve

known or unknown risks, including general economic and

business conditions, and conditions in the industry we operate.

Forward-looking statements may also be affected if our

assumptions turn out to be inaccurate. Consequently, no

forward-looking statement can be guaranteed and actual future

results, performance, or achievements may vary materially from

those expressed or implied by such forward-looking statements.

For additional information concerning other factors that may

affect the Company’s current and future business, results of

operations and financial condition, we suggest you review the

Company’s filings with Borsa Italiana. The Company undertakes

no obligation to update the forward-looking statements to reflect

events or circumstances that may arise after the date hereof.

T H A N K Y O U

Document prepared with the collaboration of