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14 May 2012

Accelerate the value creation process and help the company to develop and grow. 14 May 2012. Bormioli Rocco S.p.A . is a manufacturer of tableware, glass containers and plastic packaging with a consolidated industrial footprint in Europe. Bormioli industrial footprint. Tableware.

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14 May 2012

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  1. Accelerate the value creation process and help the company to develop and grow 14 May 2012

  2. Bormioli Rocco S.p.A. is a manufacturer of tableware, glass containers and plastic packaging with a consolidated industrial footprint in Europe Bormioli industrial footprint Tableware 2011 sales €227m Rivanazzano Plastic/Pharma MasnieresGlass/c&p • caps • ophthalmic caps and droppers • syringe and spoons • perfumery bottles • cosmetic pots St. Sulpice Plastic/Pharma Glass pharma €106m Trezzano Glass/F&B • vase • flacons • other caps • pharmaceutical caps • bottles • jars Glass beverage Bergantino Glass/Pharma €65m • pharma cointainers for oral products and injectables Glassperfumery €81m Castelguelfo Plastic/Pharma Azuqueca Tableware Altare Tableware Fidenza tableware Plastic packaging €87,5m • child proof caps • flacons • droppers • dishes • glasses • goblets • glasses • cups • dishes • carafes • glasses • cups and bowls • food storage • carafes • dishes

  3. Founded in 1825 by Bormioli family, the company has over years undergone many shareholding changes and in May 2011 has been acquired by Vision Capital, an international PE fund In 1969, BormioliMetalplastS.p.A is established with the aim of providing products for the pharmaceutical, cosmetics and food sectors BormioliFinanziariastrengthens its control over BRF by buying the stock owned by GroupeDanone and BPN Paribas The company takes over the table glassware production of Saint Gobain group Luigi Bormioli’s family opens a glasswork factory in Borgo San Donnino, near Fidenza (Parma) Bormioli Rocco & Figliosells its 50% stake in Bormioli Luigi to the other branch of the family and purchases FidenzaVetrariaIndustrialesrl and CovetroS.p.A. Vision Capital, an international investment group, acquires Bormioli Group Bank loans are rescheduled, and in 2002 BormioliFinanziariaS.p.A. acquires a shareholding in BRF (42.2%) 1854-1920 1973-1984 1999-2000 2003 2007 1825 1921-1972 1985-1993 1997-1998 2001-2002 2005-2006 2011 In 1854 Bormioli family buys RealeFabbrica, producing majolicas and glass, and later develops into VetreriaBormioli Rocco BormioliFinanziariafully subscribes a new capital increase of BRF After the 1998-2000 crisis of the sector and due to the inefficiencies of Parma and French sites, Bormioli family decides to restructure the company The business related to the Abbiategrasso plant is sold to BormioliLuigi S.p.A. and the merger of BormioliFinanziaria into BRF is completed In 1973, VetreriaPadanaPolesanaS.r.l. is acquired, together with its production plant in Bergantino

  4. Vision Capital conducted due diligence with the aim of identifying potential business upsides not only to assess and investigate risks. In advance of closing quickly focused on pursuing key business opportunities Due diligence in advance to acquisition Prioritization of the key business opportunities Implementation launched Dec. 2010 – Apr. 2011 May 2011 May – July 2011 September 2011 January 2012 Work-streams kick-off Top line improvement opportunities for Tableware and Pharma BU Vision Capital finalizes the acquisition Bottom line initiatives to improve operational planning and asset utilisation rates

  5. On September 2011 several main work streams were defined to address both top and bottom line opportunities Tableware BU Pharma BU UPSIDE OPPORTUNITIES • Increase penetration in specialised retailers • Reposition the product portfolio / increase prices • Increase penetration in the US, Russian and German markets • Optimised product portfolio • Increase market penetration Glass Pharma • Increase in type I glass (excluding Delta technology) • Entry into the tubular glass market Top line opportunities Plastic • Diversification into new product segments • Acquisition opportunities Bottom line opportunities Improvement of the operational planning process Improvement of the asset utilisation rates IMPROVEMENT

  6. In October 2011 Bormioli launched “Project Polaris” to pursue the identified opportunities in the Pharma business unit A. Strategic fact base development B. Strategic objectives definition C. Strategic plan development Phase Project Polaris strategic initiatives A.1. Product portfolio review A.2. Assessment of selected geographic markets A.3. Competitive landscape analysis A.4. Customer portfolio assessment B.1. New geographic markets prioritization B.2. Key customer targeting B.3. Product mix selection C.1. Define the organic growth strategy in adjacent areas C.2. Define a build up strategy through potential acquisitions C.3. Develop the market entry strategy in selected countries Accelerate a profitable organic growth by managing the mix and developing adjacent technologies and product categories Acquire new products, technologies, clients and enter high attractive geographic markets Exploit the full commercial potential of existing clients Modules • Develop a robust fact base analysis to define and prioritize the strategic options to pursue • Selection of the strategic options in terms of: • new geographic markets to enter • key current and prospect customers to target • optimal product mix to offer • Detailed definition and development of the strategic initiatives to pursue for accelerating value, based on the options selected Objectives

  7. Project Polaris has focused on assessing the opportunities in new markets and in adjacent product categories Diagnostics Market opportunity identification matrix Pharma/ Drug Delivery New markets(Glass and Plastic packaging) New products(Plastic packaging) New Russia Germany France U.S. Spain Laboratory Diagnostics Italy Injection China Puerto Rico Customers Saudi Arabia India Molecular Diagnostics Brazil Inhalation Point of Care Testing Customer full potential Cross – selling Existing Existing New Products

  8. Key take-ways in order to help businesses develop and grow • Provide in-depth managerial expertise to bring extensive experience on a specific sector and to help the business excel • When necessary, conduct strategic repositioning of businesses to unlock value • Support management in developing a 100-day plan to rapidly pursue identified opportunities and: • foster strategic geographical expansion in promising countries • innovate product range and diversify for cross-selling and up-selling • pursue build-up acquisitions to widen the companies’ dimension and leverage on operational synergies

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