InvestorPresentation

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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.

Contents

Business overview

Industry outlook

2011 results

2012 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

Management team

Lorenzo Coppini: Chief Executive Officer (CEO)

Simone Pratesi: Chief Financial Officer (CFO)

Alessandro Pancani: Chief Technology Officer (CTO)

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

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

* 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’.

Low-frequency Drivers:

Low-frequency Nd Drivers:

High-frequencyDrivers:

Coaxials: Horns:

Made in Italy...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 9,500 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.

10% of B&C’s workforce (of 90 employees) is dedicated to Research & Development.

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

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.

B&C Speakers produces solely for…

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.

... the professional audio market.

B&C Speakers is the largest player in its focus market with a 14% market share.

Audio Market

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1o

Installation

After Market

Musical Instrumen

ts

Guitar

Portable

Pro Audio

TouringContract

or

Fixed Installatio

ns

P.A.

Home

HiFi

H.T.

Focus Market for B&C Speakers is estimated to be as big as

€200 mn*

* B&C Speakers estimates for 2011

Revenue composition by product type

LF D

river

s

LF N

D Driv

ers

HF Driv

ers

Coaxials

Horns

Other

sTo

tal

0.00

5.00

10.00

15.00

20.00

25.00

FY2010 27.6%

27.2%

33.3%

7.2% 0.6% 4.2% 100%

FY2011 30.2%

27.2%

32.5%

6.9% 0.5% 2.6% 100%

57% of FY2011 sales are created via LF Drivers

FY

20

11

- €

mn

Loudspeakers

8.1

7.3

8.81.9 0.1 0.7 26.9

Revenue composition by sales channel

The share of custom-made products sold to OEMs -in the total turnover- increased

in FY2011

OEM Distributors Consumers Total0

5

10

15

20

25

18.8

8.0

0.2 26.9

FY2010

66% 32% 4% 100%

FY2011

70% 29% 1% 100%

FY

20

11

- €

mn

Geographical revenue breakdown

FY2010

FY2011

Europe Sales 9.1 mn

11.9 mn

% in total 39% 43%

Italy Sales 3.9 mn

4.1 mn

% in total 17% 15%

N. America Sales 5.0 mn

5.1 mn

% in total 21% 18%

Asia & Pac. Sales 2.8 mn

3.5 mn

% in total 12% 13%

Latam Sales 2.1 mn

2.5 mn

% in total 9% 9%

M. East & Africa Sales 0.5 mn

0.6 mn

% in total 2% 2%

60% of FY2011 revenues are generated in Europe

Revenue evolution

B&C reached record-high revenues in FY2011

Economic Crisis

Growth (CAGR of 9.1% b/w ‘96 and 2011)

€ mn

Contents

Business overview

Industry outlook

2011 results

2012 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

Industry Reshaping...

* Source: Billboard Magazine

Touring Segment: • The concert industry, which has reached a

worldwide size of above $4 bn*, has been witnessing historically record-high growth rates (10-15%*) due to increasing number of concerts and increasing ticket prices.

• Concert-ticket sales have become an increasingly significant source of revenue for musicians, as recorded music sales continue to plummet all around the world.

• Concert listeners, having payed the high ticket price, expect to hear the best-quality music nearly identical to what’s on the artist’s CD.

Musical Instruments: • Musical instrument purchases depend greatly on

consumer confidence, therefore this segment of the audio market has historically been more sensitive to economic trends. With the expected upturn in the economy, this segment is expected to grow parallel to the world economy in the following years.

Musical Instruments...… constitute 77% of the professional audio market, with a size of c. €138 mn. Portable musical instruments market is estimated to be as big as c. €118 mn, whereas the guitar market is estimated to have a c.€20 mn size.

B&C Speakers, in both of these two segments, is among the top 5 players.

Musical Instruments is a very fragmented section of the market, 1/3 of which is dominated by ‘low quality-low price’ product manufacturers.

Source: B&C Speakers Estimates, 2010

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8Guitar Speaker Market (€ 20mn*)

02468

10121416 Portable MI Market (€

118mn*)

Musical Instruments...

Source: B&C Speakers Estimates, 2010

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15 Pro Audio Speaker Market (€ 41mn*)

… is estimated to be a market as big as c. €41 mn, and B&C Speakers is the undisputed

leader in this segment.

Speaker Market

Source: B&C Speakers Estimates

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20

25 Speaker Market (€ mn)

The focus market for B&C Speakers (Pro Audio and the Musical Instruments) is estimated to be as big as €200 mn* by 2011, and B&C Speakers is the market leader in this focus market with a market share of 14%.

Contents

Business overview

Industry outlook

2011 results

2012 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

FY2011 Summary P&L - Consolidated

Income StatementFY200

9  FY201

0  FY201

1   YoY Δ

(Euro 000)

Total Net Sales17,36

5 100%23,59

2 100%27,95

4 100% 18%

Change in Inventory -1,011 -6% 1,832 8% 698 3% -62%

Cost of Material -5,571 -32%-

10,467 -44%-

11,690 -42% 12%

Cost of Labor -3,204 -18% -4,354 -18% -4,451 -16% 2%

Service Costs -4,225 -24% -5,624 -24% -5,820 -21% 3%

Other -183 -1% -238 -1% -316 -1% 33%

EBITDA 3,171 18% 4,741 20% 6,375 23% 34%

Depreciation &Amortization -535 -3% -632 -3% -715 -3% 13%

EBIT 2,636 15% 4,109 17% 5,660 20% 38%

Financial Income, Net -13 0% 75 0% -80 -0.3% n.m.

Income Before Tax 2,623 15% 4,184 18% 5,580 20% 33%

• FY2011 consolidated revenues up 18% YoY, from €24 mn in FY2010 to €28 mn in FY2011, due both to increasing sales volumes and product prices.

• The significant improvement in the topline supported the margins, and accordingly EBITDA margin in FY2011 improved 3p.p. from 20% in FY2010 to 23% in FY2011.

• Profit before tax reached €5.6 mn in FY2011 with a 33% YoY increase.

FY2011 Summary B/SB/S

Dec 31, 2010

Dec 31, 2011 Δ

(Euro 000)Fixed Assets 3,500 3,646 145

Inventories 4,846 5,935 1,089Trade Receivables 6,209 5,726 -482Other Receivables 700 2,228 1,528Trade Payables -3,711 -2,367 1,344Other Payables -1,238 -1,592 -354Net Working Capital 6,805 9,930 3,125

Other Funds -1,059 -1,106 -46Net Invested Operating Capital 9,246 12,471 3,224

Cash Equivalents 501 2,048 1,547Goodwill 1,394 1,394 -Other Financial Assets 728 773 45Net Invested non-Operating Capital 2,623 4,215 1,592

Net Invested Capital 11,869 16,685 4,816

Shareholders' Equity 10,636 14,154 3,519Short-term Financial Debt 987 1,404 417Long-term Financial Debt 247 1,127 880

Capitale Raccolto 11,869 16,686 4,816

Contents

Business overview

Industry outlook

2011 results

2012 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

2012 • B&C Speakers budgeted total revenues of €28.6

mn for 2012, with a yoy increase of 6%,

• The value of the Company’s order portfolio by YE2011 is €7.04 mn,

• Net debt as of YE2011 is at €0.4 mn,

• The price of neodymium, a major raw material for B&C Speakers, has decreased strongly (by around 65%) after last year’s bubble that multiplied the price by 8x. This price decrease is significant for the industry, and especially for B&C Speakers who is the leader in the production of those most advanced transducers.

Contents

Business overview

Industry outlook

2011 results

2012 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

ARCHITETTURA SONORA is rapidly emerging as one the most interesting audio brands in the market, leader in the outdoor acoustic sector, a synonym with design, innovation and made in Italy.

Known for its multi-sensory approach to audio systems and to its architectural and organic aesthetics, ARCHITETTURA SONORA brings a great contribution to the advancement of the debate of sound space design.

A division of B&C Speakers

A division of B&C Speakers

ItaliaAustriaGermanyBelgiumIsraelMiddle eastNorthern AfricaIndiaPolandRomaniaPortugalSpainFranceUKSloveniaCroatiaBosniaARCHITETTURA SONORA at the

moment has established a network of distributors and representatives in different countries around the world

A division of B&C Speakers

Architettura Sonora products are applicable to urban gardens and parks, train stations, airports, hospitals, shopping malls, hotels and restaurants, providing these locations a highly efficient acoustic experience with an elegant architectural design.

“Multisensory Immersiveness“ is the guiding philosophy of ARCHITETTURA SONORA, its way to imagine and design sound, a radical intuition that transformed deeply the way of conceiving sonic equipment based on man and his architectural or landscape surroundings.

Architettura Sonora main field of application are:

• Architectural Sonic Modules• Contract Division• ASG (Automatic Soundscape Generation)• Sound Controlling

A division of B&C Speakers

Architectural Sonic ModulesThe distinctive shape of AS™ architectural sonic modules is conceived to be acoustically efficient and capable of focusing sound directly into specific areas; combining different sonic modules and their different directional properties allow to fully redesign the ACOUSTIC EXPERIENCE of any architecture, both indoors and outdoors.

A division of B&C Speakers

Contract DivisionArchitettura Sonora Contract Division supports architects and designers with the know-how it gained not only over Sound&Experience Design's long experience in the architectural sound space design, but also through B&C sixty years of experience in professional audio components manufacturing. A.S. Contract Division can provide customized solutions even for the most intricate requests either for retail, institutional, residential or outdoor public spaces, emerging as the ideal partner to handle the many aspects of contract work.

ARCHITETTURA SONORA designs and customizes audio software that is able to dynamically and musically inter-reacts with specific environmental conditions – such as crowded habitats, both indoor and outdoor, traffic congested areas or industrial environments. Our musically oriented NOISE MASKING system creates sonic islands within a chaotic world.

A division of B&C Speakers

A.S.G. (Automatic Soundscape Generation)

A division of B&C Speakers

Sound ControllingARCHITETTURA SONORA has developed a Sound Control System, that incorporates a group of high quality and advanced electronic devices, all of which work together SYNERGICALLY to enhance the tuning and control of AS sound experience. They also allow the user to run it in the most efficient and intuitive way.

Contents

Business overview

Industry outlook

2011 results

2012 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

Stock data

Shareholding StructureResearch&Development 66.3%

B&C Speakers (own shares)

4.3%

Oyster Sicav 3.5%

Allianz Global Investor 3.1%

First Capital 2.0%

Contents

Business overview

Industry outlook

2011 results

2012 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

Contents

Business overview

Industry outlook

9M 2011 results

2011 guidance

Architettura sonora

Stock data & shareholding structure

Q&A session

Contact

ContactSimone PratesiCFO and Investor Relations Director

Via Poggiomoro, 1 – Vallina50012 Bagno a Ripoli (FI) ItalyPhone: ++39 055 6572303Email: spratesi@bcspeakers.com

Company Webpage: www.bcspeakers.com

Thank you!