Zignago Vetro Group

Company Overview

March 2014

2

Zignago Holding Group Structure

65%

Santa Margherita S.p.A.

Wine producer

35%

100%

100%

Real estate

Zignago Power S.r.l.

Electricity producer

100%

Verreries Brosse

53,1 mln Euro

Vetri Speciali

129,7 mln Euro (*)

100% 50% 30%

Vetreco

1,4 mln Euro (*)

2013 figures

(*) figures referred to 100%

Zignago Holding S.p.A.

(MARZOTTO FAMILY)

Huta Szkla Czechy

20,2 mln Euro

Zignago Vetro SpA

161,9 mln Euro

100%

Zignago Immobiliare S.r.l.

FREE FLOAT on the

ITALIAN STOCK EXCHANGE(since 2007)

3

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

1994-95IZSM 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

2004IZSM transfers its stakes in Attività Industriali Friuli and Vetrerie Venete ti 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

2010Zignago 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 an additional 20% share of Huta Szkla Czechy

2013 Production starting in Vetreco plant

4

Competitive StrengthsMain FeaturesProducts2013 (€m)

Our Presence in Selected Business Segments

� Personalization

� Small-run production

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

Sales €64,9m (50%)

� Innovation

� QualityVerreries Brosse

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

Focus on high-end perfumery market

Sales €53,1m

Zignago Vetro � Flexibility

Flexibility, efficiency and technical know-how key for success

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

� QualitySales €161,9m

Food & Beverage

Cosmetics & Perfumery

Luxury

Perfumery

Market segment

� Personalization

� Small-run production

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

Sales €20,2m

Specialty Containers

Food & Beverage

Cosmetics & Perf.

5

International Presence with an Italian Footprint

Legend:

Production and distribution DistributionProductionZignago Vetro Verreries Brosse Vetri Speciali

New Jersey, USAEmpoli (FI)

Fossalta di Portogruaro (VE)

Barcelona, Spain

San Vito al Tagliamento (PN)

Ormelle (TV)Trento

Pergine Valsugana (TN)

Vieux Rouen sur Bresle, France

Paris, France

Trabki, Poland

Huta Szkla Czechy

Frosinone

Vetreco

6

What Makes Us Different?

Outperform market growth

Maximise ROCE & profitability

Competitive advantage

Unique positioning and economic returns thanks to a distinctive business model

7

93%20%Vetri Speciali

94%53%Verreries Brosse

94%15%Zignago Vetro

Customer loyalty 1

(Revenues)

Concentration rate of first

5 clients

Excellent Longstanding Client Relationships and Goo d Revenues Visibility

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

Group

8

27,833,8 34,9 30,9 26,1

12,1% 12,8%12,0%

10,3%8,9%

05

10152025303540

2009 2010 2011 2012 20130%

2%

4%

6%

8%

10%

12%

Net Results (€m) Margin (%)

Strong Financial Performance: Top of the Market Pro fitability

Revenues (€m) EBITDA (€m)

EBIT (€m) Net Result (€m)

62,370,7 76,9 70,6 67,0

27,0%22,9%

26,7%23,6%

26,4%

20

30

40

50

60

70

80

2009 2010 2011 2012 20130%

5%

10%

15%

20%

25%

EBITDA (€m) Margin (%)

39,047,7 52,2

45,0 40,6

16,9% 18,0% 17,9%

15,1%13,9%

05

101520253035404550

2009 2010 2011 2012 20130%

5%

10%

15%

EBIT (€m) Margin (%)

264,9230,4

292,3298,8291,2

0

50

100

150

200

250

300

2009 2010 2011 2012 2013

+10.0% -2.2%+14.9%

++++2.6%

9

Strong track record in sales and profitability

0

50

100

150

200

250

300

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Euro (m)

Sales EBITDA

ZV Group

ZV

ZV Group

ZV

10

Solid Balance Sheet to Support Organic and External Growth

176,1 183,5 196,6 216,9 235,4

0

30

60

90

120

150

180

210

240

2009 2010 2011 2012 2013

Net Capital Employed (€m) Net Working Capital (€m)

Net Equity (€m)

49,1 42,3 50,464,7

76

21,3%

17,3%

21,7%

26,0%

16,0%

0

20

40

60

80

2009 2010 2011 2012 20130%

4%

8%

12%16%

20%

24%

28%

Net working Capital (€m) on sales (%)

Net Financial Debt (€m)

93,4 108,1 118,3 125,5 129,6

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013

82,8 75,5 75,591,4

105,8

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

11

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

Cash Flow From Operations and Capex

Capex mainly depends on furnaces refurbishment and capacity increase

Capex (€m)

Net Capex related to VS acquisition

41,9

62,354,7

41,3 39,9

0

5

10

15

20

25

30

35

40

45

50

55

60

65

2009 2010 2011 2012 2013

28,8

36,0

22,4

30,7 32,3

4,5

7,6

2,7

0

5

10

15

20

25

30

35

40

2009 2010 2011 2012 2013

VS acquisition HSC acquisition

12

Healthy financial structure, EPS and dividends

EPS and Dividend distribution (Euro)Key financial structure ratios

0,31

0,42

0,35

0,42 0,44

0,350,30

0,218

0,2950,243 0,300 0,310

0,2500,220(1)

70% 70% 70% 71% 71% 70% 73%(1)

30%

40%

50%

60%

70%

0,00

0,10

0,20

0,30

0,40

0,50

0,60

2007 2008 2009 2010 2011 2012 2013

EPS Div per share Pay out %

0,70,9

1,3

1,11,0

1,3

1,6

0,60,7

0,9

0,7 0,60,7

0,8

0,4

0,6

0,8

1,0

1,2

1,4

1,6

2007 2008 2009 2010 2011 2012 2013

Net financial debt / EBITDA

Net financial debt / Net Equity(1) Board meet ing proposal

Pay out guidance: 70% of net group result