Bimo Italia S.p.A.

Company highlights
Strictly private and confidential

Moscow, 16th April 2009

1
Index

Foreword

I. Executive summary Page 4

II. Historical financial highlights Page 13

III. Business plan Page 18

IV. Current trading Page 24

V. Debt restructuring snapshot Page 26

Appendix Page 29

2
Foreword
This document has been prepared by Palladio Corporate Finance S.p.A. ("PCF") solely to provide a preliminary basis for potential investors to consider
whether to pursue an investment in Bimo Italia S.p.A. (“Bimo”). This document does not constitute a prospectus or listing particulars relating to Bimo,
nor does it constitute or form part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to purchase, sell or
subscribe for, any securities in Bimo nor shall this presentation, or any part of it, or the fact of its distribution, form the basis of, or be relied on in
connection with, any contract therefore.
Nothing contained in this document shall be deemed to constitute a forecast, projection or estimate of Bimo's future financial performance. This
document may contain statements, statistics and projections that include words such as "intends", "expects", "anticipates", "estimates" and words of
similar import. By their nature, such statements involve risk and uncertainty because they relate to events and depend upon circumstances which may or
may not occur. Actual results may differ materially from those expressed or implied by those statements.
No reliance may be placed, for any purposes whatsoever, on the information contained in this presentation or on its completeness and this presentation
should not be considered a recommendation by PCF or Bimo or any of their respective affiliates in relation to any purchase of or subscription for
securities of Bimo. No representation or warranty, express or implied, is given by or on behalf of PCF or Bimo, or any of their respective directors,
partners, officers, employees, advisers or any other persons as to the accuracy, fairness or sufficiency of the information or opinions contained in this
presentation and none of the information contained in this presentation has been independently verified by PCF or any other person. No such person shall
be under any obligation to update, or to correct any inaccuracy contained in, any information contained herein. Save in the case of fraud, no liability is
accepted for any errors, omissions or inaccuracies in such information or opinions.
This presentation is being made available on the basis that its recipients keep confidential any information contained herein or otherwise made available,
whether orally or in writing, in connection with Bimo. This presentation is confidential and must not be copied, reproduced, published, distributed,
disclosed or passed to any other person at any time without the prior written consent of PCF, as exclusive advisor to Bimo.
PCF is acting only for Bimo in connection with the distribution of this presentation and any future transaction and is not acting for or advising any other
person, or treating any other person as its client, in relation thereto. Any other person receiving this presentation should seek their own independent legal,
investment and tax advice as they see fit.

3
I. Executive summary

4
Executive summary – (1/8)

The transaction

Irplast S.p.A. (the “Group” or “Irplast”) is a leading integrated player within the European flexible packaging industry that
manufactures and markets polypropylene films, printed films, labels and packaging systems. The Group is expected to
report consolidated revenues of c.a. € 110 mln in 2008

The Group is reshaping its business and industrial footprint to focus on the converting business which has attracted
significant investments in technology and in product research & development over the past few years

As part of this industrial reorganization, Irplast has decided to consider the opportunity to actively look for an industrial
and/or financial investor for its BOPP film business carried on by Bimo S.p.A. (“Bimo”or the “Company”) a fully
controlled subsidiary

Irplast Holding

100%
Industry: Converting business
Total sales FY ‘08: € 46.3 mln
Ebitda FY ‘08: n.a.
Employees FY ‘07: 195
Production capacity: 214 mln sqm/year

Transaction
perimeter
99.99% 100% 79% 88%

Immobiliare Flex Industry Irplast Market

Porta Volta ZAO OOO
Industry: BOPP film Industry: Real estate company Industry: Converting business Industry: Marketing
Total sales FY ‘08: € 70.7 mln Real estate assets (1) : € 20.5 mln Dormant company Operating since 09/08
Ebitda FY ‘08: € (0.9) mln Debt: € 14.0 mln
Employees FY ‘08: 195
Production capacity: 50,000 tons/year

(1) Market value appraisal as of May 2008

5
Executive summary – (2/8)

Business overview

Bimo is one of the leading European manufacturers and distributors of bi-oriented polypropylene film (“BOPP”) with a
strong focus on specialty products

The Company develops and markets specialty products focused on tobacco packaging solutions, high barrier metalized films
and shrinkable labels for applications in the food and beverage industry

The range of products offered by Bimo comprises of two main categories:

 STILANTM products: wide range of films produced on the two conventional lines (plant A); main applications are in
flexible packaging, labels and pressure sensitive tapes
 STILANSOLTM products: range of films produced on the S.O.L. line (plant B); main applications are specialty films,
including tobacco overwrappings and high shrinkage labelstocks

2008 Sales Volumes: Bimo & European Market

Bimo sales volume European sales Bimo's Mkt
Products
2008 (tons ) volumes 2008 (tons ) share (%)
STILANSOL

Shrinkable Tobacco 4,500 21,000 21.4%

Wrap around labels 3,100 6,000 51.7%

Adhesive tapes 4,176 100,000 4.2%

STILAN

Flexible packaging 15,179 625,000 2.4%

High barrier 3,332 42,000 7.9%

TOTAL 30,287 794,000 3.8%

6
Executive summary – (3/8)

Products Applications/Uses Description

• Clear film
Stilan and StilanSol products range are ideal for flexible
• White solid film packaging and can be used on vertical or horizontal packaging
Flexible packaging machines
• Metallised film

Stilan films are used for the production of self-adhesive and wrap
•Wrap around film around labels; special applications (e.g. Uniaxxial High
Shrinkage) are met by adopting the S.O.L. production line
Labels

Thanks to their mechanical, optical, shrinkage and sealing

•Wrap around film properties, StilanSol films are particularly suitable for high speed
packaging machines for tobacco overwrapping
Tobacco overwrap

Adhesive Stilan films, with low elongation and highly stable surface
• Clear Film tapes treatment, are suitable for the production of adhesive tapes

• Antistatic Technical Many other individual applications and technical uses can be
polypropylene film domains fulfilled by Stilan and StilanSol range

Source: Company data

7
Executive summary – (4/8)

2008 revenues breakdown by product 2008 revenues breakdown by country

WA labels Others World
Tobacco 11% 11%
21% Others EU
Barrier 4%
14% Italy
Greece 36%
12%
Labels
12%
Germany
16%
Uk
France Spain 9%
Flexible packaging
1% 11%
42%

2008 revenues breakdown by customers 2008 revenues breakdown by channel

Customer 1
13%
Agents
Others
Irplast 28%
45%
11%

Customer 3
10%

Customer 4 Direct sales

7% 72%
Customers 6-10 Customer 5
10% 4%
Source: Company data

8
Executive summary – (5/8)

Headquarter and production sites

Group’s headquarter and Irplast’s production operations are located in Empoli

Bimo’s production activities are carried out in two plants located in Atessa (Chieti)

Terrafino – Empoli (FI) Atessa (CH)

Plant A
 Total surface area: 65,287 sqm
 Covered area: 18,277 sqm
 Offices on two levels: 980 sqm
 Loading and parking area: 30,460 sqm
 2 conventional (A-I, A-II) production lines: 35,000
tons/year (name plate capacity)

Plant B
 Total surface area: 54,000 sqm
 Covered area: 18,168 sqm
 Offices on two levels: 1,600 sqm
 Loading and parking area: 19,888 sqm
 1 S.O.L. production line (B-I): 15,000 tons/year
Source: Company data (name plate capacity)

9
 Executive summary – (6/8)

Employees - historical evolution(1) Education level

200 198 197 195
200 Middle school
diploma
Employee number

46%
150
148 145 131 130 High school
diploma
100 47%

50
49 50 63 62

3 3 3 3 University degree
0
2005 2006 2007 2008 7%
Managers White collars Blue collars

Employees by production line Average age

Line B-I 55-65

9% 3% 25-35
45-55 15%
Line A-II 13%
11%

Line A-I
7%
Common areas
73%

35-45
(1)
69% Source: Company data
Average workforce per year

10
Executive summary – (7/8)

Major European customers

Source: Company data

11
Executive summary – (8/8)

Bimo key investment highlights

Leading position in the flexible packaging business

 Perceived by the market as one of the leaders and innovators in the packaging business
 SOL technology is exclusively adopted worldwide by Bimo in the production of plastic film

Customer base
 Broad and diversified customer base built on long term partnerships with major European customers

Production base
 Significant investments in production capacity throughout the years 2005-2007
 Employs most advanced technologies in the production, conversion and print of plastic films

Room for further efficiency
 Re-organizational business plan underway based on an increase in production efficiency and cost savings

Change in production mix
 Increase in the production of higher value added innovative products in order to create a more balanced portfolio

Highly experienced and motivated management team
 Highly experienced management team with long standing experience within the sector
 Strengthening of several areas: finance, commercial, product development, processes and applications

Upside potential
 Excellent positioning in the European market thanks to its vertical integration
 Possibility of implementing a consolidation strategy through the acquisition of niche competitors

12
II. Historical financial highlights

13
Historical financial highlights – (1/4)

Total sales Ebitda & Ebitda margin

100,000
30%
83,272 84,343
74,963 13,000 12,111
75,000 70,704 (1)
10,494 10,500
10,000
20%
(€/000)

50,000 14.5%

(€/000)
14.0%
7,000

25,000 4,000 10%

12.4%

1,000 (931)
3.0%
0
FY 2005 FY 2006 FY 2007 FY 2008E FY 2005 FY 2006 FY 2007 FY 2008E
-2,000 0%

(1) Ebitda no IAS compliant

Capex Net financial position

R&D Tangible Intangible
(1)
9,872
10,000 198 80,000
69,115
(2)
61,771 61,243
7,500 6,660 60,000

(€/000)
115 6,239
(1)
43,218
(€/000)

5,000 4,756
3,605 40,000
51
1,154

2,500 20,000
2,940 3,435 3,551
823
455
0 368 0
FY 2005 FY 2006 FY 2007 FY 2008E FY 2005 FY 2006 FY 2007 FY 2008E
(1) NFP not IAS compliant
(1) Capex related to financial lease amounting to € 16.4 mln ( plant & equipment) are not included (2) Includes debt of € 9.5 mln related to financial lease Source: Company data

14
Historical financial highlights – (2/4)
1st grade films volumes sold

39,000 CAGR ’03-’08

40,000 38,217 38,431
36,145
34,365 5,346 5,745 6,035
35,000
6,091 31,656
6,156
30,000 4,176 -7.5%

25,000 16,418 16,732

(€/000)

22,678 17,468
20,000 15,179 -6.1%
20,818

15,000
5,044 6,198
3,917
10,000 2,733 5,833 +27.9%
2,971 2,171
2,341
1,703 2,853
3,216 2,925 1,223 -20.6%
5,000 2,276
3,868 2,109
1,077
5,638
+49.0%
287 4,052 4,939
2,929 3,136
1,533 +15.4%
0
2003 2004 2005 2006 2007 2008

Wrap around High barrier Metalized Sh. tobacco Flexible packaging Adhesive tapes

Source: Company data

15
 Historical financial highlights – (3/4)
Profit & loss and Balance sheet
FY2005 FY2006 FY2007 FY2008E FY2005 FY2006 FY2007 FY2008E
12
(€/000) (€/000)

Net sales 73,908 80,728 83,161 69,836 Intangible assets 9,239 9,576 9,116 6,578
Other revenues 1,054 2,544 1,182 866 Tangible assets 51,518 61,406 58,742 60,536
Total sales 74,963 83,272 84,343 70,702 Financial assets 4 4 4 4
YoY % change 11.08% 1.29% -16.17% Fixed assets 60,761 70,986 67,861 67,118
R&D capitalization 2,171 3,432 3,740 0 Inventory 10,750 13,716 15,356 5,723
Value of production 77,134 86,704 88,083 70,702 Trade receivables 13,951 14,452 10,167 8,378
YoY % change 12.41% 1.59% -19.73%
Trade payables (15,326) (17,547) (15,304) (21,292)
COGS (46,639) (53,782) (56,334) (52,368) Advances (26) (21) (28) (2)

I Margin 30,495 32,922 31,749 18,334 Working capital 9,350 10,601 10,190 (7,192)
% on total sales 40.7% 39.5% 37.6% 25.9%
Intercompany receivables/(payables) 3,258 4,803 4,953 7,624
Direct commercial expenses (4,711) (4,861) (4,898) (4,052) Other receivables/(payables) (3,861) 2,213 10,545 (167)
Other receivables 3,717 6,009 13,004 2,038
II Margin 25,784 28,061 26,851 14,282 Other credits/(debts) (7,578) (3,796) (2,459) (2,205)
% on total sales 34.4% 33.7% 31.8% 20.2%
Net working capital 8,747 17,617 25,688 264
Indirect allocated expenses (14,178) (15,218) (15,649) (14,556)
Risk and contingency funds (197) (308) (720) (720)
III Margin 11,606 12,843 11,202 (274)
Staff severance fund (2,297) (2,515) (2,455) (2,448)
% on total sales 15.5% 15.4% 13.3% neg.
SG&A (7,568) (7,644) (8,583) (7,114) Net invested capital 67,013 85,779 90,373 64,215
Charge off depreciation/amortization 6,456 6,912 7,881 6,457 Net financial position 43,218 61,771 69,115 61,383
ST debt/(cash) 37,294 42,410 47,630 (1,353)
Ebitda reported 10,494 12,111 10,500 (931)
LT debt 5,923 4,832 7,496 6,719
% on total sales 14.0% 14.5% 12.4% neg.
Junior notes 5,000 5,000 2,750
Ebitda adjusted 8,323 8,679 6,760 (931)
Financial lease plant A 9,529 8,989 8,713
% on total sales 11.1% 10.4% 8.0% neg.
Shareholder's equity 23,796 24,008 21,258 2,832
Depreciation/amortization (6,456) (6,912) (7,881) (6,457)
Provisions (42) (461) (552) (18) Sources 67,013 85,779 90,373 64,215
0 0 0 0
Ebit 3,996 4,738 2,067 (7,407)
% on total sales 5.3% 5.7% 2.5% neg.
Financial income/(expenses) (2,485) (2,962) (4,152) (3,938)
Extraordinary items 15 (13,907)
Ebt 1,510 1,472 (2,437) (25,558)
% on total sales 2.0% 1.8% neg neg
Tax (1,097) (1,260) (314) 0
Profit (loss) for the period 413 212 (2,751) (25,558)

Source: Company data

16
Historical financial highlights – (4/4)
Ebitda walk ’07-’08

10,500
10,500

(3,740)

7,500
(€/000)

(2,128)

4,500

(4,213)
1,500

(417)
(1,346) (931)
414
-1,500
Ebitda 2007 ∆ R&D ∆ Volumes ∆ Raw materials ∆ Energy ∆ Other Variable ∆ Fixed costs Ebitda 2008
capitalization (tons) spread costs

Source: Company data

17
III. Business plan

18
Business plan – (1/5)

Total sales Ebitda & Ebitda margin

100,000 CAGR 4.0% 12,000

CAGR 5.0%
30%
84,033 86,283 10,255
78,096 9,673
76,810 8,868 8,879
75,000 9,000
(€/000)

(€/000)
20%

50,000 6,000 11.5% 11.4% 11.5%

11.9%

10%
25,000 3,000

0 0 0%
FY 2009E FY 2010E FY 2011E FY 2012E FY 2009E FY 2010E FY 2011E FY 2012E

Capex Net financial position

R&D Tangible Intangible

2,000 € 22 mln
80,000 74,231 debt push
down
66,688
1,500 59,549
uired
Limited capex req 60,000 52,208
(€/000)

(€/000)
1,000 1,000 1,000
1,000 40,000
850

500 20,000

0 0
FY 2009E FY 2010E FY 2011E FY 2012E FY 2009E FY 2010E FY 2011E FY 2012E

Source: Company data

19
Business plan – (2/5)
1st grade films expected volumes

40,000 37,600 37,660 37,660 CAGR ’09-’12

36,582
4,200 4,000 3,800 -5.6%
35,000 4,522

30,000

25,000 18,060
+2.0%
18,330 18,360
17,030
(€/000)

20,000

15,000

7,541
8,470 8,800 9,000 +6.1%
10,000

1,400
1,000 900 1,200 -5.0%
5,000 2,767 2,000 1,800 1,600
-16.7%
3,322 3,600 3,800 4,000
+6.4%
0
2009E 2010E 2011E 2012E

Wrap around High barrier Metalized Sh. tobacco Flexible packaging Adhesive tapes

Source: Company data

20
Business plan – (3/5)
Plant A - Volumes & Spread Plant B – Volumes & Spread
30,000 14,000
13,000
12,600
25,719 25,530 12,070
25,060 24,660 12,000
25,000
4,522 10,863
4,200 4,000 3,800
10,000
20,000
9,000
8,800
8,000 8,470

(€/000)
(€/000)

7,541
15,000

17,030 6,000
18,330
18,360 18,060

10,000
4,000

5,000
2,000 3,322 3,600 3,800 4,000
1,400
1,000 900 1,200
2,767
2,000 1,800 1,600
0 0
2009E 2010E 2011E 2012E 2009E 2010E 2011E 2012E

High barrier Metalized Flexible packaging Adhesive tapes Wrap around Sh. Tobacco

1,800 1,800
(€/kg) (€/kg)
1,750
1,600
1,700
1,400
1,650
1,200
1,600
1,000
1,550
800
1,500

600 1,450

400 1,400
2009 2010 2011 2012 2009 2010 2011 2012
Irplast FLE Flexible Tobacco
ECMFE Tobacco 2

Source: Company data

21
Business plan – (4/5)
Contribution margins 2009
WA Labels Barrier Flex Pack Ad. Tapes Sh. Tobacco Total
(€/000)

Total Sales 7,757 11,944 26,632 6,722 23,755 76,810

COGS (4,278) (7,419) (18,592) (4,442) (11,810) (46,542)
I Margin 3,479 4,524 8,040 2,279 11,945 30,268 WA labels and Sh. Tobacco
% on sales 44.8% 37.9% 30.2% 33.9% 50.3% 39.4%
account for c.a. 90% of
Ebitda 1,902 1,154 (671) 369 6,114 8,868 company Ebitda
% on sales 24.5% 9.7% neg. 5.5% 25.7% 11.5%
D&A (734) (309) (1,627) (544) (3,216) (6,429)
Ebit 1,168 844 (2,297) (175) 2,898 2,439
% on sales 15.1% 7.1% neg. neg. 12.2% 3.2%

Ebitda per production site

FY2009E FY2010E FY2011E FY2012E

(€ 000)
Net Sales 76,810 100% 78,096 100% 84,033 100% 86,283 100%
Plant A 48,284 63% 46,787 60% 49,329 59% 49,661 58%
Line A-I 19,985 26% 18,782 24% 20,191 24% 20,826 24%
Line A-II 28,299 37% 28,005 36% 29,138 35% 28,835 33%
Plant B 28,526 37% 31,309 40% 34,704 41% 36,622 42%
I Margin 30,268 100% 29,300 100% 29,855 100% 30,310 100%
Plant A 16,117 53% 14,523 50% 14,375 48% 14,276 47%
Line A-I 6,521 22% 5,933 20% 5,773 19% 5,833 19%
Line A-II 9,596 32% 8,590 29% 8,602 29% 8,443 28%
Plant B 14,151 47% 14,778 50% 15,480 52% 16,034 53% Increasing weight of specialties
Ebitda 8,868 100% 8,879 100% 9,673 100% 10,255 100% up to 87% of total Ebitda
Plant A 1,429 16% 866 10% 1,167 12% 1,346 13%
Line A-I 391 4% 361 4% 267 3% 281 3%
Line A-II 1,038 12%
0% 505 6%
0% 900 9%
0% 1,065 10%
Plant B 7,439 84% 8,013 90% 8,506 88% 8,909 87%

22
Business plan – (5/5)
Profit & loss and balance sheet
12 FY2009E FY2010E FY2011E FY2012E FY2009E FY2010E FY2011E FY2012E

(€/000) (€/000)

Net sales 76,216 78,065 84,003 86,253 Intangible assets 3,811 1,682 181 90
Other revenues 594 31 30 30 Tangible assets 57,916 55,562 53,184 50,778
Total sales 76,810 78,096 84,033 86,283 Financial assets 4 4 4 4
YoY % change 8.64% 1.67% 7.60% 1.50% Fixed assets 61,731 57,248 53,369 50,872
R&D capitalization 0 0 0 0 Inventory 7,717 8,110 8,523 8,225
Value of production 76,810 78,096 84,033 86,283 Trade receivables 14,509 14,751 15,219 15,627
YoY % change 8.64% 1.67% 7.60% 2.68% Trade payables (12,435) (12,687) (13,310) (13,397)
COGS (46,542) (48,795) (54,178) (55,973) Advances (26) (26) (28) (29)
I Margin 30,268 29,300 29,855 30,310 Working capital 9,765 10,149 10,404 10,426
% on total sales 39.4% 37.5% 35.5% 35.1% Intercompany receivables/(payables) 6,976 4,555 2,829 1,751
Direct commercial expenses (4,390) (4,452) (4,467) (4,409) Receivables vs controlling company 6,976 4,555 2,829 1,751
Payables vs controlling company 0 0 0 0
II Margin 25,877 24,849 25,388 25,901
Other receivables/(payables) 1,018 1,035 1,114 1,143
% on total sales 33.7% 31.8% 30.2% 30.0%
Other receivables 3,413 3,471 3,734 3,834
Indirect allocated expenses (16,185) (15,691) (15,820) (16,065)
Other credits/(debts) (2,396) (2,436) (2,621) (2,691)
III Margin 9,693 9,158 9,568 9,836
Net working capital 17,759 15,738 14,347 13,320
% on total sales 12.6% 11.7% 11.4% 11.4%
Risk and contingency funds (912) (1,107) (1,317) (1,533)
SG&A (7,062) (5,762) (4,774) (3,078)
Charge off depreciation/amortization 6,238 5,483 4,879 3,497 Staff severance fund (2,348) (2,248) (2,148) (2,048)

Ebitda reported 8,868 8,879 9,673 10,255 Net invested capital 76,230 69,631 64,250 60,611
% on total sales 11.5% 11.4% 11.5% 11.9% Net financial position 74,231 66,688 59,549 52,208
Depreciation/amortization (6,238) (5,483) (4,879) (3,497) ST debt 12,262 6,655 5,634 4,462
Provisions (192) (195) (210) (216) LT debt 5,841 4,955 4,043 3,123
Junior notes 2,750 2,750 1,833 917
Ebit 2,439 3,200 4,584 6,542
Financial lease plant A 8,446 8,146 7,925 7,661
% on total sales 3.2% 4.1% 5.5% 7.6%
Consolidated debt tranche A 30,998 30,998 27,898 24,799
Financial income/(expenses) (1,772) (1,602) (2,033) (1,957)
Consolidated debt tranche B 5,000 5,000 5,000 5,000
Extraordinary items (900) 0 0 0
Deferred interests 2,184 2,184 1,965 1,747
Ebt (515) 1,297 2,167 4,191 Additional finance 6,750 6,000 5,250 4,500
% on total sales neg 1.7% 2.6% 4.9% Shareholder's equity 1,999 2,942 4,701 8,403
Tax (317) (354) (408) (490)
Sources 76,230 69,631 64,250 60,611
Profit (loss) for the period (832) 943 1,759 3,701

Source: Company data

23
IV. Current trading

24
Current trading

Q1 2009 business outcome

Q1/09 figures and major results/actions:
 Uncertain European Scenario and several shutdowns;
 Bimo Total 1st Grade film volume (7,405 tons) and Key Markets (Tobacco + EMCFE+ FLE) volume (3,246 tons) in
line with budget;
 Film/Resin Spread at 1,185 Euro/Kilo significantly over the 0,878 of the Q1/2008, due to the portion of Specialties
and Resin Scenario;
 All Management factors accordingly to 2009 Budget;
 Ebitda margin is in the range of 20%;

Market trends:
 Demand for commodity plastics, including and not limited to BOPP film, in W.E. regions has been subdued because
of reduced consumers spending and colder weather, but food & beverage sectors are exhibiting a better trend;
 At the same time, also taking in consideration the currencies exchange level (Euro vs. USD), materials from outside
(Turkey, South America, Asia,…) had had no noticeable impact on the market as per the past three years (namely on
flower wraps, pressure-sensitive tape and flexible packaging for general purposes);
 As far as the competitive scenario is concerned, all major BOPP film suppliers (ExxonMobil, Vifan, Radici, Manuli,
Treofan), shutdown the lines as their aim is to hold the film price level.

25
V. Debt restructuring snapshot

26
Debt restructuring snapshot – (1/2)

Restructured credit lines

Main terms of the debt restructuring plan with Company’s lenders are the following:
 € 11.1 mln 5 years committed working capital lines
 Consolidation of € 36 mln from uncommitted short term debt to 12 years term loan
 Rescheduling of € 2.5 mln term loan to 12 years maturity
 Rescheduling of € 8.7 mln financial leases to 15 years maturity
 Write-off of € 2.3 mln junior notes
 Additional finance of € 10.5 mln of which € 7.5 mln term loan and € 3.0 mln import finance
 Convenient margin spread reduction
(€/mln)
76.8 Additional finance

67.5 7.5 Leasing (Plant A)

Leasing (Plant A) 8.7 8.7 Junior Notes
2.8 Subsidized Loans
Junior Notes 5.0 4.2
Subsidized Loans 4.2 1.1 2.3 Term Loan (Plant B)
Term Loan (Plant B) 2.3 0.2 5.0
Term Loan Deferred interests
Consolidated debt tranche (B)
31.0
ST debt (uncommitted)
Consolidated debt tranche (A)
47.1
.2 0.2 Term Loan

14.1 Working capital line

Before restructure After restructure

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Debt restructuring snapshot – (2/2)

Restructured credit lines - Detail

Bimo Amount Type Reimbursement Grace period Maturity Spread (bps)

(€ mln) Interest Principal
Working capital facility 14.1
Revolving facility 11.1 Revolving Revolving None None 2013 70
Additional finance 3.0 Revolving(1) Revolving None None 2013 70
Consolidated debt 36.0
Consolidated debt tranche (A) 31.0 Unsecured Amortizing 2009 2009-2010 2020 60
Consolidated debt tranche (B) 5.0 Unsecured Bullet 2009 None 2020 90
Term Loan 2.5
Term Loan (Plant B) 2.3 Mortgage guarantee Amortizing None None 2018 80
Term Loan 0.2 Unsecured Amortizing 2009 2009-2010 2020 60
Deferred interests 1.1 Unsecured Amortizing None 2009-2010 2020 None
(2)
Leasing (Plant A) 8.7 Leasing Amortizing None None 2023 80
Junior Notes 2.8 Unsecured Amortizing 2009-2010 2009-2010 2013 None
Additional finance 7.5 Mortgage guarantee Amortizing None None 2018 70

(1) Mortgage guarantee

(2) Interests accrued but not paid in 2008 under the agreement with the banking system

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Appendix – SOL 2

29
New investment opportunity

Foreword

 The initiative presented in the coming pages is an opportunity currently being reviewed by Group’s management
 The project has been accurately evaluated and represents a potential investment opportunity to Bimo
 The implementation of the project will be assessed in case a third party enters Bimo’s share capital

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Appendix – SOL 2
SOL 2

Investment on an additional S.O.L. production line coupled with modernization of one conventional line

Correlated R&D investments on the Atessa and Terrafino plants

Request for the programmed negotiation (Art. 7 comma 1 D.L. 24/1/2008) underway

Financial benefits are expected in two forms:
 lump sum granted (up to € 7 mln)
 interest subsidies(1) (up to 31 mln)

Uses and sources

(€/000)
Uses 50,000
S.O.L.2 equipment & machines 35,000
Transformation of conventional line 5,000
R&D 10,000
Sources 50,000
Interest subsidies 31,000
Equity 19,000

Assuming the investments were carried out in the two year period 2009-2010 the production would start from year 2012 resulting in an
increase in revenues and marginality for specialty products

(1) Maturity of 9 years with interest rate of approximately 1%

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