Bond holders Call YE 2014Date April 2015 Author Francesca Pettazzoni, Claudia Suzzi – Investor Relations

Confidential

2

DisclaimerIMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Officine Maccaferri S.p.A. (the Company or

Maccaferri) or any person on behalf of the Company (including shareholders), and any question-and-answer session that follows the oral presentation (collectively, the Presentation). In accessing the

Presentation, you agree to be bound by the following terms and conditions.

The Presentation is confidential and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. If this Presentation has been

received in error it must be returned immediately to the Company. The Presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located

in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

THIS PRESENTATION AND ANY RELATED PRESENTATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR, PURCHASE OR OTHERWISE ACQUIRE ANY SECURITIES AND NOTHING

CONTAINED HEREIN OR ITS PRESENTATION SHALL FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER. ANY DECISION TO PURCHASE SECURITIES IN THE CONTEXT OF AN OFFERING SHOULD

BE MADE ON THE BASIS OF INFORMATION CONTAINED IN THE OFFERING MEMORANDUM PUBLISHED IN RELATION TO SUCH AN OFFERING.

Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the Securities Act) or an applicable exemption from registration, and the

company has no intention to register securities under the Securities Act. Neither this document nor any related presentation nor any copy thereof may be taken or transmitted or distributed, directly or

indirectly, into the United States, other than to qualified institutional buyers under Rule 144A under the Securities Act.

This Presentation and any related presentations are for distribution only to (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial

Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Order), (b) persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of

the Order, (c) persons who are outside the United Kingdom, or (d) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services

and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as relevant

persons). This Presentation and any related presentations are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment

activity to which this document and any related presentations relate is only available to relevant persons and will be engaged in only with relevant persons.

The Presentation is not for publication, release or distribution in the United States, the United Kingdom, Australia, Canada or Japan.

THIS PRESENTATION IS BEING MADE AVAILABLE TO THE RECIPIENT SOLELY FOR ITS PRESENTATION AND BACKGROUND AND IS SUBJECT TO AMENDMENT. ANY PROJECTIONS AND OTHER FORWARD-LOOKING

DATA INCLUDED IN THE PRESENTATION ARE INCLUDED FOR THE SOLE PURPOSE OF ASSISTING YOU IN DEVELOPING YOUR OWN MODEL OF THE COMPANY. THE PRESENTATION, AS OPPOSED TO THE MODEL

YOU MAY DEVELOP ON YOUR OWN USING SOME OF THE PRESENTATION INCLUDED IN THIS PRESENTATION, MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DIRECTLY DISCLOSED BY YOU. BY

REVIEWING THE PRESENTATION, YOU ARE AGREEING TO ABIDE BY THE TERMS OF THIS LEGEND.

The Presentation contains forward-looking statements. All statements other than statements of historical fact included in the Presentation are forward-looking statements. Forward-looking statements give

the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without

limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,”

“should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important

factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance or achievements

expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the

environment in which it will operate in the future.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Presentation or the opinions

contained therein. The Presentation has not been independently verified and will not be updated. The Presentation, including but not limited to forward-looking statements, applies only as of the date of

this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Presentation,

including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Presentation that may result from any change in the Company’s expectations, any

change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the

Presentation not attributed to a specific source are estimates of the Company and have not been independently verified.

3

Agenda

1. Introduction

2. Highlights

3. Segment Overview

4. Financials

5. Appendix

� Total revenue for Q4 2014 totaled €122,8 Mio , 3,7% increase vs. Q4 2013 – mainly due to a recover in the last quarter of Latam and Asia

Pacific.

� Despite top line increase, EBITDA slightly decreased to €15 Mio, a -2,2% decrease vs. FY 2013; the worsening is mainly due to the different mix

of product and market sold in the last quarter . EBITDA margin decreased to 12,2% from 13,4% of 2013.

� Operating free cash flow generation (EBITDA 15,0 –Capex 8 – Change Working Capital -8 ) was equal to € -1 Mio due to high capex because of

the goodwill of €8 Mio arising from the incorporation of the Joint Venture Bekeart Maccaferri Underground Solution from the spin off of the

tunneling business line from Officine Maccaferri Group and Bekeart Group net of disposal of asset to Bekeart Group of € 4,2 Mio.

� Joint Venture Bekeart: incorporation of a belgian-based full function trading joint venture between Bekaert and Maccaferri with 50%

shareholding each, having a business scope of covering the market of tunnel and underground reinforcement solutions, including

reinforcement solutions for underground concrete construction applications.Bekaert Group is the leading player and a benchmark in the field of

steel fibers in the world, with several steel fiber production sites in different parts of the world and with a consolidated turnover in steel fiber

for tunneling of around € 50 Mio (in the geographic scope of the JV).

The JV’s geographic scope will be worldwide, excluding China, Hong Kong, Argentina, Brazil, Paraguay, Peru, and Uruguay.

Effects on Finacial statment Q4 2014: consolidated on 50 % basis

one off effect: gain of about € 3 Mio on the assets Sales

goodwill of € 8 Mio generated by the contribution of the business both from OM Group and Bekeart Group

the disposal of € 4,2 Mio of production asset to Group Bekeart

on going basis: revenues €3,6 Mio, 0 Ebitda (act 2014)

4

1. Introduction - Q4 2014

� Total revenue for whole Year 2014 totaled € 459,3 Mio, 5,5% decrease vs. FY 2013 – mainly due to the macroeconomic and geopolitical issues

in some of our key geographies (Russia and Brazil)

� Despite top line reduction, EBITDA slightly increased to € 47,5 Mio, a 0.6% increase vs. FY 2013; the improvement is mainly due to the effective

measures put in place to reduce costs and strengthen our profitability thanks also to JV Bekeart contribution. EBITDA margin increases to 10,4%

from 9,7% of 2013.

� Operating free cash flow generation (EBITDA 47,5 –Adjusted Capex * 15,0 – Change Working Capital -8 ) was equal to € 24,5 Mio due to:

− Control of Working Capital through a reduction of inventory more than offset by the increase of other credits for the application of new

Italian accounting principle for receivables sold on a recourse basis to factoring company.

− Limited capex spent, in line with the strategy indicated by the management

� Net leverage was equal to €148 Mio, or 3.1x EBITDA. Net adjusted Leverage ** was equal to €95,1 Mio, or 2.1x EBITDA

� General market conditions in key geographies can be summarized as follows:

o EE: Sudden collapse of the Russian Market due the Ukrainian situation, the relative sanctions, and the more recent depreciation or the local currency.

Russia was historically our second largest EBITDA contributor

o SA: Slow down in Brazil due to elections and post World Cup. Delayed second phase implementation Bolivia 2013 project.

o WE and NA : Recovery on Italian and UK Markets, alongside and expected positive performance in the final part of the year in France and other Central

European countries; Us market still not performing properly due to Infrastructure development program delayed

o AP: India underperformed penalized by long delays and displacements of major projects; good outlook for the next future due to a high order backlog .

Good performance for China mainly for the DT manufacturing companies results

Without Head Quarter acquisitions, extra dividend and transaction costs

** refer to slide #14

5

1. Introduction - YE 2014

6

2. Highlights

€ in millions Q4 2013 Q4 2014 2013 2014

Total revenue 118,3 122,8 485,9 459,3

growth (%) 3,7% -5,5%

Opex (102,4) (107,8) (438,6) (411,7)

EBITDA 15,9 15,0 47,3 47,5

margin (%) 13,4% 12,2% 9,7% 10,4%

growth (%) -5,7% 0,6%

Total net capex (2,6) (8,01) (17,7) (15,0)

as a % of total revenue -2,2% -6,5% -3,6% -7,9%

Net cash flow from operating activities 37,6 29,6 20,0 8,9

growth (%) -21% -55%

Capex proforma adjusted

without € 14,6 Mio

Headquarters acquisition and

€ 6,9 Mio Bond issuance cost

capitalized

€ in millions YE 2013 YE 2014 Δ

Total net working capital 80,8 88,8 8,0

Inventories 87,3 83,8 (3,5)

Trade receivables 101,3 104,6 3,3

Advance from customes (2,5) (1,1) 1,4

Trade payables (62,9) (67,4) (4,6)

Other net working capital items (42,5) (31,1) 11,3

7

3. Segment OverviewTotal Revenue

Millions € Millions €

23,1

43,8

53,3

40,0

15,9

21,916,5

13,08,4

10,51,2

-6,5

118,3

122,8

(50)

0

50

100

150

200

Q4 2013 Q4 2014

153,9 143,9

165,9 145,8

68,3

71,8

54,2

53,8

32,2

34,1

11,5

9,9

485,9

459,3

0

100

200

300

400

500

2013 2014

Gross sales

Other revenue

NAFTA

Italy

Asia Pacific

EMEA (ex Italy)

Latin america

YE 2014 relevant exchange rate impact

8

3. Segment OverviewTotal Revenue by Product Category

2014 2013

Rockfall

Protection

10%

Others

Products

33%

Geosynthetics

22%

Double Twist

Mesh

35%

Rockfall

Protection

8%

Others

Products

30%

Geosynthetics

26%

Double Twist

Mesh

37%

9

4. FinancialsTotal Revenue

Millions € Millions €

485,9

459,3476,8

0

100

200

300

400

500

2013 2014 2014 with

2015

Exchange

rate

485,9459,3

480,3

0

100

200

300

400

500

2013 2014 2014 with

2013

Exchange

rate

2014 adj for ex rate 2013 2014 adj for ex rate 2015

10

4. FinancialsEBITDA

Millions € Millions €

47,3 47,549,3

0

10

20

30

40

50

60

2013 2014 2014 with

2015

Exchange

rate

12,2 %13,4 % 9,7 % 10,4 % 10,3 %

47,3 47,550,2

0

10

20

30

40

50

60

2013 2014 2014 with

2013

Exchange

rate

9,7 % 10,4 % 10,4 %

2014 adj for ex rate 2013 2014 adj for ex rate 2015

11

4. FinancialsWorking Capital

Millions €

87,3 83,8

101,3 104,6

(2,5) (1,1)

(62,9) (67,4)

(42,5) (37,9)

-150

-100

-50

0

50

100

150

200

250

December 31, 2013 December 31, 2014

Net WC

+ 80,8

Net WC

+ 88,8

Advance from customers……………

Trade receivables……………………….

Trade payables………………………….

Inventories………………………………

Other elementsof net working capital…………………

Δ ’14 vs ‘13

(3,3)

(3,5)

1,4

(4,6)

11,3

12

4. FinancialsOperative Expenses (OPEX)

Millions € Millions €

58,99 64,40

26,40 24,69 17,05 18,70

0

50

100

150

200

250

300

350

400

450

500

Q4 2013 Q4 2014

87,8%86,6%

265,2246,5

99,293,4

74,2

71,8

0

50

100

150

200

250

300

350

400

450

500

YE 2013 YE 2014

90,3%89,6%

Δ ’14 vs ‘13

Trade receivables………………………. (2,4)

Cost of personnel …………………..…. (5,8)

Costs of materials and consumables…………………………….. (18,7)

20,8

44,1

22,6

(3,1)

(7,6) (7,6)-5

5

15

25

35

45

12M 2013 12M 2014 12M 2014 Adj

2,4

13,1

(5,1)

-5

5

15

25

35

45

Q4 2013 Q4 2014

13

Millions € Millions €

Capital Expenses (CAPEX)Capital Expenses (CAPEX)

2,1%

1,1%

%

Total revenue

Investment

Disposal

4,3%

9,6%

Capex proforma adjusted

without € 14,6 Mio

Headquarters acquisition and

€ 6,9 Mio Bond issuance cost

capitalized

10,7%

4. FinancialsCapital Expenses (CAPEX)

14

4. FinancialsNet Debt

Net Debt December 31, 2014 includes acquisition of Headquarters building for €14,6 Mio, €32 Mio of extra dividends and €6,9 Mio for transaction costs.

Net Debt Decemebr 31, 2014 has been adjusted for €7 Mio for the amount of receivable sold on a recourse basis to Factoring. In 2013 receivables were written off versus cash while in 2014 because new accounting principles does not allow this treatment.

Millions €

90,93

148,60

95,10

0

20

40

60

80

100

120

140

160

Dec 31, 2013 Dec 31, 2014 Dec 31, 2014

1,9 x

3,1 x

2,0 x

Net Leverage Ratio (Net Debt/EBITDA)

Net Debt proforma adjusted without Headquarters acquisition, extra dividend and transaction costs.

Net Debt

0,0 x

15

4. FinancialsNet Financial Debt

December 31, 2014

December 31, 2013

Non-current portion of banks loans and other financial liabilities

(14.532) (64.741)

Non-current bonds (200.000) 0

Current portion of banks loans and other financial liabilities (16.207) (82.728)

Gross Financial Indebtness (230.739) (147.469)

Other current financial assets 32.212 33.713

Cash and cash equivalents 43.136 22.823

Net Financial Indebtness (155.391) (90.933)

Net Financial DebtNet Financial Debt

16

5. Appendix

Consolidated income statement For the twelve month period ended December 31, For the three month period from September to December

(Euro/000) 12 months

2014% of Total

revenue12 months

2013% Q4 2014

% of Total revenue

Q4 2013% of Total

revenue

Revenue from sale of goods and services 449.381 97,9%474.409 98% 129.220 105,3% 117.144 99,0%

Other revenue 9.869 2,1% 11.479 2,4% (6.453) -5,3% 1.187 1,0%

Total revenue 459.250 100,0% 485.888 100,0% 122.767 100,0% 118.331 100,0%

Costs of materials and consumables (246.510) -53,7% (265.158) -54,6% (64.396) -52,5% (58.986) -49,8%

Costs of services and use of third party assets (91.394) -19,9% (96.269) -19,8% (23.621) -19,2% (24.950) -21,1%

Costs of personnel (71.821) -15,6% (74.249) -15,3% (18.695) -15,2% (17.048) -14,4%

Other operating costs (1.976) -0,4% (2.924) -0,6% (1.066) -0,9% (1.447) -1,2%

Total Operating costs (411.701) -89,6% (438.600) -90,3% (107.778) -87,8% (102.431) -86,6%

EBITDA 47.549 10,4% 47.288 9,7% 14.989 12,2% 15.900 13,4%

Amortization, depreciation and write downs (19.233) -4,2% (19.399) -4,0% (5.495) -4,5% (5.517) -4,7%

Accrual to provision for risks and charges (1.691) -0,4% (1.671) -0,3% (523) -0,4% (1.555) -1,3%

Total Amortization, depreciation, write downs and provisions (20.924) -4,6% (21.070) -4,3% (6.018) -4,9% (7.072) -6,0%

Operating income 26.625 5,8% 26.218 5,4% 8.971 7,3% 8.828 7,5%

Financial income 2.966 0,6% 1.105 0,2% 850 0,7% 608 0,5%

Financial expenses (16.037) -3,5% (12.094) -2,5% (3.856) -3,1% (3.352) -2,8%

Gain/(losses) on exchange rate 101 0,0% (3.713) -0,8% (221) -0,2% (2.457) -2,1%

Net losses from financial activities (12.970) -2,8% (14.702) -3,0% (3.227) -2,6% (5.201) -4,4%

Net non-recurring expenses and charges (3.374) -0,7% (2.854) -0,6% (1.623) -1,3% (674) -0,6%

Income before taxes 10.281 2,2% 8.662 1,8% 4.121 3,4% 2.953 2,5%

Income taxes (3.543) -0,8% (3.555) -0,7% (1.780) -1,4% (2.920) -2,5%

Net income for the year 6.738 1,5% 5.107 1,1% 2.341 1,9% 33 0,0%

17

5. Appendix

Consolidated financial statement

(Euro/000) December 31, 2014

December 31, 2013

Intangible assets 33.832 19.210

of which goodwill 22.923 14.381

Property, plant and equipment 127.002 118.414

Investment in subsidiaries, associates, joint ventures and other companies

1.515 1.639

Other non-current assets 20.363 13.338

of which deferred tax assets 18.465 12.421

Total non-current assets 182.712 152.601

Cash and cash equivalents 43.136 22.823

Other current financial assets 39.004 33.713

Trade receivables 104.625 101.301

Inventories 83.763 87.282

Current tax receivables 7.899 8.437

Other current non-financial assets 20.371 10.780

Total current assets 298.798 264.336

Total assets 481.510 416.937

(Euro/000) December 31, 2014

December 31, 2013

Shareholders' equity and liabilities

Share capital 33.400 33.400

Reserves 32.589 66.835

Net income for the year 5.724 4.025

Equity attributable to equity holders of the parent 71.713 104.260

Equity attributable to non-controlling interests 34.614 30.845

Total shareholders' equity 106.327 135.105

Non-current portion of banks loans and other financial liabilities

14.532 64.741

Non-current bonds 200.000 0

Employees' termination indemnity 2.097 2.481

Provisions for risks and charges 10.737 8.367

Deferred tax liabilities 7.656 4.834

Total non-current liabilities 235.022 80.423

Current portion of banks loans and other financial liabilities 16.207 82.728

Advance from customers 1.072 2.517

Trade payables 67.420 62.861

Current tax payables 6.092 6.142

Other current non-financial liabilities 49.370 47.161

Total current liabilities 140.161 201.409

Total liabilities 375.183 281.832

Total shareholders' equity and liabilities 481.510 416.937

18

5. Appendix

2014 2013

Net income for the year 6.738 5.107

Amortization, depreciation and write downs 19.233 19.399

Accrual of provision for risks and charges 3.723 3.247

Accrual of employees' termination indemnity 597 638

Decrease/(increase) of inventories 3.519 (1.825)

Decrease/(increase) of trade receivables (7.773) 3.940

Decrease/(increase) of other operating assets and liabilities (17.517) 316

Increase/(decrease) of trade payables and advances from customer 3.114 (7.145)

Payment of employees' termination indemnity (980) (995)

Utilization and reversal of provision for risks and charges (1.621) (2.685)

Net cash flow from operating activities 9.032 19.997

Investments in PP&E and intangible assets (44.103) (20.782)

Decrease of PP&E and intangible assets 7.629 3.094

Net cash (used) in business combination net of proceeds from

disinvestments 0 (1.079)

Net change in investments 124 (842)

Net cash flow used in investing activities (36.351) (19.609)

Net proceeds from/(reimbursement of) borrowings 83.270 32.698

Net decrease/(increase) in short term financial assets 1.501 (22.713)

Capital increase (6.135)

Dividends paid (39.524) (17.398)

Contribution of non-controlling interests to subsidiaries paid in

capital net of reimbursement 0 20.289

Net cash flow from/(used in) financing activities 45.247 6.741

Net effect of foreign currencies exchange rate variation and of

movement in Equity attributable to non-controlling interests 2.385 (3.768)

Change in cash and cash equivalent 20.313 3.361

Cash and cash equivalent at the beginning of the period 22.823 19.462

Changes in cash and cash equivalent 20.313 3.361

Cash and cash equivalent at the end of the period 43.136 22.823

Twelve months period ended as of December 31,