Sabaf

Investor Presentation • May 16, 2019

FINANCIAL PRESENTATION

Torino, 17 May 2019

Table of contents

• I. COMPANY PROFILE
• II. Q1 2019 PERFORMANCE
• III. OKIDA ACQUISITION
• IV. BUSINESS PLAN 2018 – 2022

COMPANY PROFILE

Product range the Heart of gas cooking appliances

Industrial Footprint

5

Total Group employees

31.03.2019:

at

Market, product & technology

MARKET

• Global leader in the segment of components for domestic gas cooking appliances, with over 400 customers in 56 different countries. A strong leadership in Europe (market share above 40%), estimated market share worldwide of about 10%. After the acquisition of Okida, the Group business includes the development and manufacturing of electronic components for household appliances.
• Weight of top 10 customers on total Group sales is 45% (49% in 2017)
• Each top 10 customer represents less than 8% of total Group sales
• Long-term agreements and strong relationships with customers, based on mutual trust, technical cooperation, coengineering and tailor-made products

PRODUCT & TECHNOLOGY

Continuous product innovation: about 50 active patents

Knowledge:

• Mechanic: forefront process technology - internal development of special machinery, high performance molds for robotic diecasting, high speed and high precision tools not available on the market
• Electronic: strong track record in new product development with 15 R&D employees
• Cost and quality leadership: highly automated plants and low incidence of direct labor, €61 mn investments (8.6% of sales) in the past 5 years, to reinforce competitiveness and to ensure the highest quality standards
• Strong operational leverage: great flexibility in production volumes growth, ready to satisfy customers requests
• Intellectual capital: highly specialized and qualified staff (40+ R&D engineers)

Stock price and mainshareholders

Market cap: €177 mn at 14 May 2019

2019 dividend: €0.55 per share (payment date 29 May)

1Q 2019 PERFORMANCE

Performance data Incomestatement

€ x 0 0 0	Q 1 2 0 1	9	Q 1 2 0 1	8	% Δ 1 9 1 8 -	F Y 2 0	1 8	F Y 2 0 1 7		% Δ 1 8 1 7 -
S S A L E	3 6 3 7, 5	% 1 0 0. 0	3 8, 0 3 5	% 1 0 0. 0	% -2. 3	1 0, 6 4 2 5	% 1 0 0. 0	1 0, 2 2 3 5	% 1 0 0. 0	% +0 3
ia ls M ter a	( ) 1 4, 2 7 9	( % ) 3 7. 9	( ) 1 6, 8 4 4	( % ) 4 3. 7		( ) 6 2, 4 4 7	( % ) 4 1. 5	( ) 5 9, 7 9 4	( % ) 3 9. 8
Pa l l y ro	( 8, 8 6 0 )	( % ) 2 3. 5	( 9, 0 2 4 )	( % ) 2 3. 4		( 3 4, 8 4 0 )	( % ) 2 3. 1	( 3 3 2 8 ) 5,	( % ) 2 3. 5
C ha in k to ng e s c	( ) 1, 2 6 5	( % ) 3. 4	2, 4 2 5	% 6. 3		4, 6 0 3	% 3. 1	2, 3 8 0	% 1. 6
O he ing / inc t t ts r o p er a co s om e	( ) 6, 6 1 4	( % ) 17 6	( ) 7, 3 3 9	( % ) 1 9. 1		( ) 2 7, 9 9 9	( % ) 1 8. 6	( ) 2 6, 5 2 6	( % ) 17 7
E B I T D A	6, 6 1 7	% 17 6	7, 7 2 1	% 2 0. 1	% -1 4. 3	2 9, 9 5 9	% 1 9. 9	3 0, 9 5 5	% 2 0. 6	% -3. 2
De ia ion t p re c	( ) 3, 3 1 2	( 8. 8 % )	( ) 3, 1 6 9	( 8. 2 % )		( ) 1 2, 7 2 8	( 8. 4 % )	( ) 1 2, 8 2 6	( 8. % ) 5
Ga ins los f ixe d a / ts se s o n sse	4 5	% 0. 1	( ) 1	( % ) 0. 0		2 8	% 0. 0	( ) 1 2	( % ) 0. 0
f f d a Im irm ixe t o ts p a en sse
E B I T	3, 3 0 5	% 8. 9	4, 1 5 5	% 1 1. 8	% -2 6. 4	1 6, 4 0 9	% 1 0. 9	1 8, 1 1 7	% 1 2. 1	% -9. 4
Ne f ina ia l e t nc xp en se	( ) 2 3 2	( 0. 6 % )	( ) 1 5 7	( 0. 4 % )		( ) 8 3 3	( 0. 6 % )	( ) 5 9 0	( 0. 4 % )
ig ha ins los Fo / re n e xc ng e g a se s	( ) 3 9 7	( % ) 1. 1	2 3 5	% 0. 6		5, 3 8 4	% 3. 6	2 7 7	% 0. 2
E B T	2, 2 1 7	% 7. 2	4, 6 2 9	% 1 2. 0	% -4 1. 2	2 0, 9 6 0	% 1 3. 9	1 8 0 4 7,	% 1 1. 9	% +1 7. 7
In tax co m e es	( ) 5 6 5	( 1. % ) 5	( ) 1, 2 2 8	( 3. 2 % )		( ) 5, 1 6 2	( 3. 4 % )	( ) 2, 8 8 8	( 1. 9 % )
M ino i ies t r	( ) 4 1	( % ) 0. 1	( ) 4 8	( % ) 0. 1		( ) 1 8 4	( % ) 0. 1	( ) 8 1	( % ) 0. 1
									% 0. 0
N E T I N C O M E	2, 1 1 5	6 % 5.	3, 3 3 5	8. % 7	-3 6. 9 %	1 6 1 4 5,	1 0. 4 %	1 4, 8 3 5	9. 9 %	3 % +5

Performance data Balance sheet

€x 0 0 0	Q 1 2 0 1 9	Q 1 2 0 1 8	F Y 2 0 1 8	F Y 2 0 1 7
i d F t	1 1 8, 2 0 0	9 2, 8 3 9	1 2 0, 9 0 5	9 3, 8 0 2
x e a s s e s
I i t n v e n o r e s	3 6 6 7, 7	3 1 3 0 5,	3 9, 1 9 7	3 2, 9 2 9
T d i b l r a e r e c e a e s v	4 4, 7 6 9	4 6, 0 9 2	4 6, 9 3 2	4 2, 2 6 3
i b l T a x r e c e v a e s	3, 4 3 8	2, 6 0 4	3, 0 4 3	3, 0 6 5
O h i b l t t e r c u r r e n r e c e v a e s	1, 7 7 6	1, 6 7 5	1, 5 3 4	1, 0 5 7
d b l T a e a a e r p y s	( ) 2 0, 7 4 6	( ) 2 3, 8 3 7	( ) 2 1, 2 1 5	( ) 1 9, 9 7 5
b l T a x p a y a e s	( ) 2, 6 8 7	( ) 1, 4 6 0	( ) 3, 6 6 5	( ) 1, 0 9 5
O h b l t e p a a e s r y	( ) 7, 0 5 5	( ) 7, 3 5 6	( ) 7, 6 0 0	( ) 7, 4 9 1
k i i l N t t e w o r n g c a p a	0 9 0 5 7,	2, 8 4 8 5	8, 3 0 5 7	0, 3 5 7 5
C i l E l d t a p a m p o y e	1 7 5, 2 9 0	1 4 5, 6 8 7	1 7 9, 2 5 7	1 4 4, 5 5 5
i E t q u y	1 2 0, 3 9 5	1 1 5, 1 3 4	1 1 9, 3 4 6	1 1 5, 0 5 5
P i i f i k d o s o n s o s s a n s e e a n c e r v r r v r	6, 4 0 2	4, 1 1 0	6, 3 8 7	4, 0 3 4
i d i t n e m n y
N d b t t e e	4 8, 4 9 3	2 6, 4 4 3	3, 2 4 5 5	2 4 6 6 5,
S f f i o c e s o c e u r n a n	1 2 9 0 7 5,	1 4 6 8 5, 7	1 9, 2 7 5 7	1 4 4, 5 5 5

Performance data Cash flow statement

€x 00 0	Q 1 2 0 1 9	Q 1 2 0 1 8	F Y 2 0 1 8	F Y 2 0 1 7
Ca h a he be inn ing f he io d t t t s g o p er	1 3, 4 2 6	1 1, 5 3 3	1 1, 5 3 3	1 2, 1 4 3
Ne f i t p t ro De ia ion t p re c O he inc d j t ta te t a tm ts om e s m en us en r	2, 1 6 5 3, 3 1 2 1, 0 0 4	3, 4 0 1 3, 1 6 9 1, 4 6 2	1 9 8 5, 7 1 2, 2 8 7 2 3 7, 7	1 4, 9 1 6 1 2, 8 2 6 3, 2 2 5
C ha in k ing i l t w ta ng e ne or ca p C ha in inv ies to ng e en r - C ha in iva b les ng e re ce - C ha in b les ng e p ay a -	2, 1 6 3 1, 0 3 5 ( ) 4 6 9 3, 1 9 7	( 2, 2 0 1 ) ( 3, 8 2 9 ) 3, 8 6 2 ( 2, 1 6 8 )	( 4, 3 4 ) 7 ( 3, 0 0 3 ) 5 5 6 ( 6, 8 2 1 )	( 1, 4 4 ) 5 ( 4 2 1 ) 5, 9 9 8 ( 8 6 8 ) 5,
O he ha in ing i t t tem r c ng es op er a s	( ) 1, 7 5 4	( ) 1, 0 8 7	( ) 3, 1 2 8	( ) 2, 3 4 7
Op in h f lo t er g ca s a w	7, 9 1 5	4, 7 7 7	2 5, 8 1 4	2 2, 7 7 9
Inv f d isp ls tm ts, t o es en n e os a	( 1, 6 1 6 )	( 2, 9 ) 7 5	( 1 1, 4 6 ) 7	( 1 3, 9 4 4 )
Fr Ca h F lo ee s w	6, 2 9 9	1, 8 0 2	1 4, 3 4 7	8, 8 3 5
Ca h f low fro f ina ia l a iv i t ty s m nc c Ow ha bu ba k n s re s y c D iv i de ds n O A is i ion K I D t ac q u Fo re x	( ) 7, 0 6 6 - - ( ) 3 1 7 1 3 6	2, 3 4 1 ( ) 1, 7 6 6 - - ( ) 1, 0 1 1	3 0, 0 0 9 ( ) 2, 3 5 9 ( ) 6, 0 7 1 ( ) 2 4, 0 7 7 ( ) 9, 9 5 6	9 7 8 ( ) 2, 1 1 0 ( ) 5, 3 8 4 ( ) 2, 9 2 9
Ne f in ia l f lo t an c w	( ) 9 4 8	1, 3 6 6	1, 8 9 3	( ) 6 1 0
Ca h a he d o f he io d t t t s en p er	1 2, 4 8 7	1 2, 8 9 9	1 3, 4 2 6	1 1, 3 3 5
Cu f ina ia l de b t t rre n nc f l de b No ina ia t t n- cu rre n nc f in ia l de b Ne t t an c	1 7, 5 1 8 4 3, 4 5 3 4 8, 4 9 3	1 2, 4 1 1 2 6, 9 3 1 2 6, 4 4 3	2 2, 6 0 6 4 4, 3 4 4 5 3, 5 2 4	1 7, 3 6 3 1 9, 7 0 3 2 5, 5 3 3

Performance data Key perfomance indicators

	Q 1 2 0 1 9	Q 1 2 0 1 8	F Y 2 0 1 8	F Y 2 0 1 7
b i D / E t t e q u y	0 4 0	0 2 3	0 4 5	0 2 2
b D / E B I T D A t e	1. 8 3	0 8 6	1. 9 7	0 8 2
O R I	% 7. 6	% 1 2. 5	% 9 2	% 1 2 5
C S l N W / a e s	% 3 9 7.	% 3 4 3	% 3 8 7	% 3 3. 8
D S O	1 0 7	1 0 8	1 1 2	1 1 6
O D P	9 5	6 8	6 2	9 5
S D I	1 0 7	1 0 0	1 1 4	9 7

Performance data EBITDA bridge Q1 2018 – Q1 2019

Performance data Sales by market

€x 00 0	Q 1 2 0 1 9	Q 1 2 0 1 8
Ita ly	8, 8 2 5	9, 3 0 6	-4. 9 %
W Eu est ern ro p e	3, 4 0 9	3, 2 7 2	% +4 2
( inc l. ke ) Ea Eu Tu ste rn ro p e r y	1 1, 9 6 4	1 1, 5 0 4	% +4 0
d d le fr M i Ea & A ica st	1, 2 5 8	3, 6 0 6	% -6 5. 1
As ia ( l. M E ) ex c	1, 9 1 4	1, 3 0 4	+4 6. 8 %
La in Am ica t er	6, 4 1 6	6, 1 0 3	1 % +5
No h Am ica rt er	3, 8 2 2	3, 4 0 8	+1 2. 1 %
To l ta	3 6 3 7, 5	3 8, 0 3 5	-2 3 %

	F Y 2 0 1 8	F Y 2 0 1 7
Ita ly	3 1, 5 7 9	3 6, 5 2 3	% -1 3. 5
W Eu est ern ro p e	1 2, 3 3 7	1 1, 6 7 8	% +5 6
( inc l. ke ) Ea Eu Tu ste e rn ro p r y	4 6, 3 0 1	4 2, 8 2 4	% +8 1
i d d le A fr ica M Ea & st	1 2, 3 0 3	1 3, 0 0 9	% -5. 4
( l. ) As ia M E ex c	7, 5 9 0	1 0, 5 1 6	% -2 7. 8
La in Am ica t er	2 4 6 1 5,	2 2, 9 3 8	+1 1. 0 %
No h Am ica rt er	1 5, 0 7 1	1 2, 7 3 5	% +1 8. 3
To l ta	1 5 0, 6 4 2	1 5 0, 2 2 3	% +0 3

Performance data Sales by product

€x 00 0	Q 1 2 0 1 9	Q 1 2 0 1 8
Va lve d t he ost ats s a n rm	11 23 8 ,	13 10 8 ,	-14 3 %
Bu rne rs	16 37 5 ,	17 6 07 ,	% -7. 0
Ac ies ces sor	3, 41 6	3, 8 43	% -11 1
Pr fes ion l bu o s a rne rs	1, 5 6 2	1, 5 47	+1 0 %
ig H es	2, 7 6 8	2, 3 9 9	% +1 5. 4
E lec ic c * tro ts n om p on en	2, 27 6	0
To l ta	3 6 3 7, 5	3 8, 0 4 5	-2. 3 %

	F Y 2 0 1 8	F Y 2 0 17
lve d t he Va ost ats s a n rm	48 46 3 ,	5 2, 7 18	% -8. 1
Bu rne rs	6 6, 95 3	6 8, 25 4	-1. 9 %
Ac ies ces sor	15 42 2 ,	15 26 7 ,	% +1 0
Pr fes ion l bu o s a rne rs	5, 3 3 1	5, 07 9	% +5 0
H ig es	10 43 6 ,	8, 9 05	+1 7. 2 %
lec ic c * E tro ts n om p on en	4, 0 37	0
To l ta	15 0, 6 4 2	15 0, 2 2 3	+0 3 %

15

* Electronic components have been consolidated from Sep 2018

Outlook 2019

On the basis of the results of the first quarter and the current visibility, the Group expects sales to increase in 2019 and operating profitability to remain stable, despite the difficult conditions in some markets.

In detail, we expect to be able to achieve sales ranging from €155 to €160 million and a slight decrease in gross operating profitability (EBITDA %) compared to 2018, also given the actions taken by management to contain operating costs.

These forecasts assume a macroeconomic scenario not affected by unpredictable events. If the economic situation were to change significantly, actual figures might diverge from forecasts.

Efforts in place to reduce operating costs

• •Actions on indirect costs
• •Actions on logistics costs

• •Overtime reduction

• •Lean methods to improve flexibility

• •Improved production efficiency and reduction of set-up costs

OKIDA ACQUISITION

Company overviewand business model

Okida was founded in 1987 by Mr. Gurol Oktug and was 100% owned by Oktug family.

Leader in Turkey in the design, manufacture and sale of electronic control boards, timers, display and power units for ovens, hoods, vacuum cleaners, refrigerators and freezers

Steering away from mass manufacturing at lower margins, Okida is focused on medium sized household appliances manufacturers, both in Turkey and abroad as reliable supplier with quality products, offering short lead times and the ability to manufacture customized solutions at very competitive prices.

Okida has a well diversified customers portfolio of 40 reputable customers in Turkey and abroad, with which the Company has established long term commercial relationships.

The Company's production site is located in Esenyurt, in the European area of Istanbul

97 employees at 31.12.2018, 15 in R&D department. The General Manager is the founder Gürol Oktug.

The acquisition of Okida represents for Sabaf Group a step to enter the market of electronics for household appliances

Possibile strong sales synergies thanks to Sabaf's widespread presence among all the main manufacturers of household appliances worldwide

Products portfolio

All Okida products are available with WiFiand Bluetoothconnectivity

Revenues 1/2

20

Revenues 2/2

• • Direct Export represents ca. 40% of revenues in 2018. Major export markets include Europe and Middle East. Sales in Norh and South America are still negligible
• • Indirect Export: other than direct exports, a very large portion of products sold to domestic customers (ca. 60% of revenues in Turkey) is installed on appliances which also are exported.
• • Total Okida export (direct and indirect) represents ca.75% of sales RiskMitigationof domesticmarket

• • Other segments include electronic components for Hoods and Vacuum cleaners
• • In addition to the above, Okida also recently entered into Refrigeration controls andVitroceramic cooktopcontrols

•Okida'sprice listsare instrong currencies(Euro/US Dollar).

• New important projects are coming soon, even thanks to sinergies with Sabaf customers

Acquisition Update

Few months after the acquisition, we confirm the significant growth potentialof Okida

products commercial synergies than expectedTangible and with Sabaf's customers, already in progress and better

More than30 main projectsin pipeline

Oven and Cooktop control

Cooker hoods control

Refrigerator and freezer control

Paper dispenser and hand driers

Hinges electronic motor control

Mainprojects

El 12000 Childers Business 6 ு ★ Static - Fan 11:30 2006C M M
Calleral foods Grill Grill -> Baking 200°C - 30:30 - ->12:00 15 Cooking Guide Static + Fan 2 11:30 200°C Duck
11:30 0:30 9 0:40 -1 12:10 9 Cooking Guide / Duck 1.5% Weight 11:30
Be AUTO 10:30 ഗ്ര × » 250": Motorized Esc 8 Hinges M 010:30 01:15 11:45

High-End Oven Control (POC-500)

• • Picture/Video capture/Remote control of food cookingstatus and upload to the smartphone
• Capacitive touchwide-viewangle 5in TFT display.
• Real-Time Embedded Operating System
• Wireless connectivity and companion app for smartphone
• Automaticcookingwith recipeselection
• Customizable software and hardware

Voice-ControlledMotorizedHinge:

• Faringosi motorized hinge allows for automatic handsfree door operations
• Okida Voice-Recognition feature added to High-End Oven Controls OC-4100

BUSINESS PLAN 2018 - 2022

Business plan 2018 - 2022 Key points 1/2

Business plan 2018 - 2022 Key points 2/2

• • Organic growth: €80 - 90 mn capex in 5 years (about 8% of sales per year)

• •Growth by acquisition: up to €140 mninvestment in 5 years

• •€30 –40 mnin 5 years(between€6 and 8 mnper year)

• •Lower payout than in previous years, to support future growth

• •Operating cash flow: €130 -150 mnin 5 years

• •Financial debt: up to €120 mnby 2022

•Net debt / EBITDA: lower than 2.0

Organic growth Market development - Europe & Turkey

EUROPE(Turkey excluded)

2018-2022 GROWTH FACTORS

• Reinforce the leadership in this market, in order to strengthen the presence and commercial relationship
  • • Multi-year agreements recently undersigned with some of the major European market players. These agreements grant significant growth and allow high mid-term visibility
  • •Expected market share increase

TURKEY

2018-2022 GROWTH FACTORS

• Increase of local production, enhancing previous years success. Wider range of products manufactured locally
• Expected volume increase from current customers
• New contracts with new customers for valves and hinges
• Okida estimated growth (CAGR) around 20%

Organic growth Market development - Brazil

BRAZIL

2018-2022 GROWTH FACTORS

• Enter in the mid range and free-standing cookers markets:
  • •High volumes / low cost burners project
  • •Special burners project
• Enhancement of commercial relationships with major international Groups, also through co-engineering and development of customized products

Market growth within present top customers

Organic growth Market development - North America

NORTH AMERICA

2018-2022 GROWTH FACTORS

• Expected annual double-digit:
  • •Long-term agreements and special projects with present customers, which are the major market players
  • •Sub-assemblies supply and customized components
  • •Top range professional products for high-end new customers
  • •New projects will allow to gain market share vs competitors
• Planning to operate through a production plant in North America

RISK FACTORS

• Exchange rate
• Import duties and other US protectionist policies

Organic growth Market development - India

INDIA

2018-2022 GROWTH FACTORS

• India is considered a high potential market, in which Sabaf Group is just at the beginning of its development. At present, only 30% of Indian people use gas as a cooking source, the remaining part still using biomass sources
• Expected annual double-digit growth
• The Group aims to increase the customer base, through:
  • •Agreements with domestic market leaders
  • •Development of specific burners and valves for Indian market, in order to fit local cooking needs (e.g. Series 4 burners)
  • •Increase demand for safety and quality

Organic growth Market development - China

CHINA

2018-2022 GROWTH FACTORS

• Supply agreements with global market leaders
• Development of new commercial relationships with big Chinese manufacturers
• Beginning of new projects with high-potential «newcomers»
• Evaluation of local partnerships for JV
• Arc Handan JV deployment for wok burners

Organic growth Products

PRODUCTS GROWTH FACTORS

• Annual investments in R&D: 3% of sales (in line with historical trend)
• Greater care to specific markets needs and customization in order to increase client loyalty

• Focus on:

• •Special burners: high performances and combustion efficiency

• •"Easy to clean" burners
• •"Precise flame setting" valves
• •"Advanced assisted cooking" solutions
• •Professional burners: also for use in high-range domestic cookers
• New concepts and new products, in an advanced development stage, are still confidential and not disclosed

Organic growth Process and industrial footprint

PROCESS IMPROVEMENTS

• Forefrontprocess technology, based on automation and robotization of all production phases
• Increase of machining and assembling productivity through high-speed machinery
• Higher efficiencythrough scraps reduction
• Further interconnection of production with SAP management system (Industry 4.0)
• Leanmanufacturing

Increase of factories flexibility(lower dependence on production volumes)

INDUSTRIAL FOOTPRINT

• Increase of Turkey local production
• Planning to operate through a production plant in North America
• Evaluation to set up a production plant in India

Organic Growth by New Projects In-Progress (additional sales)

	T l P j t t o a r o e c s	M i P j t a n r o e c s	E i d d d i i l t t t s m a e a o n a l l a n n a s a e s u	P i d e r o	M k t a r e s
d l B u r n e r s a n v a v e s	3 1	6	1 1 8 € 5 m n -	2 0 1 9- 2 0 2 1	No h Am ic t r er a Eu ro e p S h A ic t ou m er a Fa Ea t r s
l i E t t e c r o n c c o m p o n e n s	4 8	3 0	4 6 € m n -	2 0 1 9- 2 0 2 1	d i d d le Eu M Ea t ro p e an s S h A ic ( ke ) t t ou m er a ne w m ar h Am ic ( ke ) No t t r er a ne m ar w
i H n g e s	1 9	9	3 4 € m n -	2 0 1 9- 2 0 2 1	Eu ro p e
l T t o a	9 8	4 5	2 2 2 8 € m n -

Growth by acquisitions Target profile

T t t a r g e p a r a m e e r s
O T U R N V E R		l U € 0 7 t m n s a e s p o
E B I T D A		i h h % H 1 0 S d l h t t t t t g e r a n e a y r e s u s o v e r e p a s y e a r s b i d b d N t t t t o s n s a n o e s s n e s s o e e s c e u u r r u r r u u r
S H A R E H O L D I N G		f f i l h i h i P t t r e e r e n c e o r e e n n r r e e p p r r e e n n e e u u r r o a o n e r n s e r p s p w w
S E B I T D A M U L T I P L E		d i l i N t o n- u v e
M & A T E A M		i l D d i d d l f b i i f D B t t t t t t t t c o n a c s, n e n a a a a s e, e c a e o e v e o p m e n o u s n e s s c r e a o n o a n r l i d l i f i i f i i t t t t t t a n a s s a n e a u a o n o o p p o r u n e s, m a n a g e m e n o n e g o a o n s y v

Growth by acquisitions Investment sectors

GROWTH BY ACQUISITIONS

Aimed to a greater product diversification, in order to allow the Group to entry in differentmarkets, in addition to the traditional sector of gas cooking

COMPONENTS FOR HOUSEHOLD APPLIANCES

ELECTRONICS

HEATING

PROFESSIONAL COOKING

DISCLAIMER

Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actualresultstodiffermaterially.

The Company's business is in the domestic appliance industry, with special reference to the gas cooking sector, and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting this business. Forwardlooking statements with regard to the Group's business involve a number of important factors that are subject to change, including: the many interrelated factors that affect consumer confidence and worldwide demand for durable goods; general economic conditions in the Group's markets; actions of competitors; commodity prices; interest rates and currency exchange rates; political andcivilunrest;andotherrisksanduncertainties.

Pursuant to Article 154/2, paragraph 2 of the Italian Consolidated Finance Act (Testo Unico della Finanza), the company's Financial Reporting Officer Gianluca Beschi declares that the financial disclosure contained in this financial presentation corresponds to the company's records, books and accounting entries.

For further information, please contact Gianluca Beschi - +39.030.6843236 gianluca.beschi@sabaf.it