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SLABSTOCK FLEXIBLE FOAM MARKET REVIEW

SLABSTOCK FLEXIBLE FOAM MARKET REVIEW. General economic outlook 2000 - slabstock production volumes The main markets Upholstered furniture Bedding Automotive. W. Dupont. EXECUTIVE SUMMARY ’99 & ’00 SLABSTOCK MARKET INDICATORS. 1999 2000 GDP-growth + 2.4% +3.4%

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SLABSTOCK FLEXIBLE FOAM MARKET REVIEW

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  1. SLABSTOCK FLEXIBLE FOAM MARKET REVIEW • General economic outlook • 2000 - slabstock production volumes • The main markets • Upholstered furniture • Bedding • Automotive W. Dupont

  2. EXECUTIVE SUMMARY ’99 & ’00 SLABSTOCK MARKET INDICATORS 19992000 GDP-growth + 2.4% +3.4% Raw materials price index ether - 4.0% +13.0% ester - 6.0% + 8.0% Slabstock market ether volume + 3.2% +4.7% ester volume + 3.8% +3.5% Upholstered furniture market + 2.0% +1.8%Bedding market + 0.9% +0.5% Car/LCV market + 1.8% +0.3%

  3. SLABSTOCK MARKET REVIEW USA- JAPAN - EU KEY ECONOMIC INDICATORS GDP Growth (%) Inflation (%) Unemployment rate (% lab.f.) ’99 ’00 ’01 ’02 ’99 ’00 ’01 ’02 ’99 ’00 ’01 ’02 USA 4.2 5.2 3.5 3.3 1.8 2.5 2.1 2.2 4.2 4.0 4.2 4.5 Japan 0.2 1.9 2.3 2.0 -0.5 -0.5 0.0 -0.1 4.7 4.7 4.6 4.6 Euro zone 2.4 3.4 2.7 2.7 1.4 2.1 2.3 2.1 9.1 8.2 7.6 7.2 Source : EOCD & EC (04/01)

  4. SLABSTOCK MARKET REVIEW ECONOMIC OUTLOOK MACRO-ECONOMIC STRUCTURAL CHANGES • Implementation of the monetary union & EURO (12) • Enlargement of the EU(15): +12 countries • Information society • Immigration • Active labour force vs retired population changing • Increase in age group (65+): +27 Mio people in 25 years • Source: OECD

  5. SLABSTOCK MARKET REVIEW ’99 & ’00 POLYETHER FOAM PRODUCTION EUROPE 19992000 EU-15 + 3.8% + 4.3% Non EU-member states + 0.5% + 6.5% Q1, 2001 + 1.2% * * B/F/D/I/NL/SP Source : Europur

  6. SLABSTOCK MARKET REVIEW ’00 POLYETHER FOAM PRODUCTION EUROPEEuropur members in metric tonnes 199819992000 EU15 +N+CH 393,120 416,197 433,795Non EU-memberstates (Eastern E.)* 58,350* 106,950* 113,860*Total 451,470 523,147 547,655 *Estimated Source : Europur

  7. SLABSTOCK MARKET REVIEW ’00 POLYETHER FOAM PRODUCTION BY COUNTRY Source : Europur

  8. in tonnes 62.813 65.139 67.610 70.623Growth : + 8.6% +3.7% + 3.8% +4.5% SLABSTOCK MARKET REVIEW POLYESTER FOAM PRODUCTION WEST-EUROPE Source : Europur

  9. SLABSTOCK MARKET REVIEW MAIN MARKETS : UPHOLSTERED FURNITURE INDUSTRY PROFILE • Production value ’00 : 12.2 billion EURO • Employment : 135,000 • Key players : • Welle,Schieder,Hukla,Steinhoff (Germany) • Natuzzi (Italy) • Christy Tyler (UK) • Dumeste (Cauval Ind.,FR) Source : UEA

  10. UPHOLSTERED FURNITURE MARKET SEGMENTATION • 2/3 fabric, 1/3 leather • •VolumeValueHigh end 10% 15%Medium 35% 45%Low end 55% 40% • Contract furniture only 2-3% of total

  11. UPHOLSTERED FURNITURE PRODUCTION EU TOTAL • •MM Euro 1998 1999 2000Value 11,300 11,582 12,220 % variation 2.7% 2.5% 5.5% • In volume terms : 43.2 million armchair equivalents • Volume growth is only 1/3 of value growth Source: UEA

  12. UPHOLSTERED FURNITURE PRODUCTION ’00 BY COUNTRY • Over the last 2 years • market share Italy rose by 3% • market share Germany decreased by 3% Source: UEA

  13. UPHOLSTERED FURNITURE EXPORTS Total : 3.9 billion EURO Growth : 19 % in 1998-2000 period Source: UEA

  14. UPHOLSTERED FURNITURE IMPORTS ( Intra & Outside EU ) • Growth : + 13.9 % in 1998-2000 period • Total ´00 : 3.0 billion EURO Source: UEA

  15. Raw materials Variable & fixed production 49% 51% Wood 18% Fabrics 25% Leather 20% Foam 16% Other 21% UPHOLSTERED FURNITURE AVERAGE MANUFACTURING COST STRUCTURE YEAR 2000 Source : UEA

  16. MAIN MARKETS : BEDDING • European Bedding Industries Association (EBIA) founded 1st semester 2000 • Member countries : Austria Belgium France Germany Italy Netherlands Spain • Better statistical data available now

  17. # of units % of total Austria 760,000 3% Belgium 770,000 3% France 4,850,000 19% Germany 7,500,000 29% Italy 4,350,000 17% Netherlands 1,200,000 5% Spain 2,580,000 10% UK 3,650,000 14% 25,660,000 BEDDING 2000 MATTRESS MARKET SIZE

  18. Market: Spring Mattresses 2000Total volume: 13.439.000 units

  19. Market: FPF Mattresses 2000Total volume : 5.710.000 units

  20. Market: Latex Mattresses 2000Total volume : 2.715.000 units

  21. Volume (in ‘000) Value in mio € Average Price in € Spring13.50061% 1.100 56% 82 FPF 5.800 26% 400 20% 69 Latex2.700 12% 400 20% 148 Others 220 1% 75 4% 343 Total22.220 100% 1.975 100% Mattress Market (2000)

  22. BEDDING ANNUAL VOLUME GROWTH 97/98 98/99 99/00 + 2.8% + 0.9% + 0.5%

  23. MAIN MARKETS : AUTOMOTIVE MARKET SIZE DEVELOPMENT West-European assembly % Volume 2000 Cars 14,634,000 LCV 1,680,000 Truck/bus 443,000 16,757,000

  24. AUTOMOTIVE CAR ASSEMBLY BY COUNTRY West-Europe 2000: 14.634.000 cars Source: J.D. Power

  25. AUTOMOTIVE MARKET SIZE DEVELOPMENT East-European market (CZ,HU, PL, RO, RU, SK, SL, TU) % Volume 2000 2,717,000 333,000 3,050,000

  26. AUTOMOTIVE CAR ASSEMBLY BY COUNTRY East-Europe 2000: 2.717.000 cars Source: J.D. Power

  27. EXECUTIVE SUMMARY 2001 FORECAST 20002001 GDP-growth + 3.4% +2.7% Raw materials price index ether + 13% +3.5% ester + 8% +3.2% Slabstock market ether volume + 4.7% + 1.0% ester volume + 3.5% + 2.5% Upholstered furniture market + 1.8% + 1,0% Bedding market + 0.5% +0,75% Car market + 0.3% -1.5%

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