Star Conference, Milan 15-16 March 2016

Emak at a glance

.Yama SpA75,19%.Treasury Shares0,24%Fidelity2.01%Other shareholders22.56%

Emak Group designs, manufactures and distributes ^a wide range of

products in three different segments:

(i) Outdoor Power Equipment (OPE)
(ii) Pumps and High Pressure Water Jetting (PWJ)
(iii) Components and Accessories (C&A)

Group's shareholders

Gardening, forestry and small agricultural equipment.
Sales through specialised dealer channel.
Global distribution network.
Target users: high demanding private and professionals.
Continuous investments in product innovations.
Broad and complete product range.
Production plants: 2 in Italy, 2 in China.

Outdoor Power Equipment (OPE)

Trimmer

Rider

Transporter

Moto cultivator

Lawnmower

Blower

Tiller

Pumps and High Pressure Water Jetting (PWJ)

Leading position on the market of diaphragm pumps for agriculture. Products are sold mainly to manufacturers of spraying and weeding equipment.
Industrial pumps are sold to OEM; high pressure washers and hydrodynamic units to specialised dealers and contractors.
Focus on expanding in the high and very high pressure segments: among the most profitable level of the market.
Production plants: 3 in Italy, 1 in Brasil.

Diaphragm pumps for agriculture

Piston pumps for industrial applications

Hydrodynamic units

High pressure washers

Urban cleaning systems

Components and Accessories (C&A)

Leading position in the market of nylon line for trimmers.
Focus on the most professional segment.
Focus on technological innovation: investments in

electronic applications for agriculture (precision farming).

Products sold to OEM and specialised dealers.
Strong relationships with OEMs .
Quality of service .
Production plants: 1 in Italy, 1 in China; 1 in France; 1 in
USA; 1 in South Africa, 1 in Chile.

Line and heads for trimmers

Precision farming

Accessories for chain saws

Seats and technical spare parts for tractors

Guns, nozzles and valves for pressure washers and agricultural applications

Star Conference - Milan 2016

Global presence

G r o p u	E l m p o e e s y
E r o p e u A i m e r c a s f O A i A i i s a r c a c e a n a , ,	1, 1 0 6 2 2 1 3 6 6
T l t o a	1, 6 9 3

Industrial footprint

17 production plants
Each plant has specific characteristics for the products manufactured
Overall surface of 160,000 m²

Our strategy

INNOVATION

Continuous investments in product innovation, focusing on new technologies, safety, comfort, and emissions control

DISTRIBUTION

Consolidate the position in the markets with direct presence
Expand distribution network in markets with high growth potential

EFFICIENCY

Improve lean manufacturing system
Exploit supply chain efficiencies
Cost reduction plan

ACQUISITIONS

Access new technologies
Complete product range
Penetrate new markets

Emak Strenghts

Wide range of products

Commitment to innovation

Global distribution network

High level of service

Efficient production footprint

Strong cash generation

Stated dividend policy: 40% of net profit

More than €65mln distributed to shareholders since the listing

€/mln ²⁰¹⁵ ²⁰¹⁴ ^∆ Sales 381.6 354.8 7.6%EBITDA adj 37.5 33.1 13.2%margin 9.8% 9.3%EBITDA 35.8 31.5 13.9%margin 9.4% 8.9%EBIT 23.3 20.0 16.6%margin 6.1% 5.6%Net profit 9.0 10.2 -11.7%margin 2.4% 2.9%Free cash flow from operations 21.5 21.7 Net Equity 168.5 160.1Net financial debt 99.4 79.0Net working capital 154.6 148.6Debt/Equity 0.6 0.5Debt/EBITDA 2.8 2.5Debt/EBITDA adj 2.7 2.4

Financial results

Sales: persistent organic growth and contribution of acquisitions.

EBITDA: positive contribution of higher sales volumes and product mix. Negative impact of non recurring expenses in the amount of 1.7€/mln.

Net Profit: higher financial expenses for the actualization of thedebt toward the sellers of Lemasa amounting to 1.4€/mln; negativeforex for 2.6€/mln due to the valuation of euro and dollar debt of Brazilian companies.

Net fin. Debt: increase mainly related to the change in the scope of consolidation, worth 29 €/mln.

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Sales

Star Conference - Milan 2016

Ebitda

Positive sales mix Contribution of enlarged scope of conoslidation for 2€/mlnNegative impact of currencies

€ /m ln	2 0 1 5	2 0 1 4	∆

E B I T D A d j a	3 7. 5	3 3. 1	1 3. 2 %
in ma rg	9.8 %	9.3 %
M & A ex p en se s	0. 7 -	0. 4 -
Re ing tru tu ts s c r co s	0. 4 -	1. 1 -
L i ig ion t t a e xp en se s	0. 6 -
R & D i bu ion tr t co n s		0. 7
O he ing t r n on re cu rr e xp en se s		0. 9 -
E B I T D A	3 8 5.	3 1. 5	1 3. 9 %
in ma rg	9.4 %	8.9 %

Net profit

€ / l m n	2 0 1 5	2 0 1 4

E B I T	2 3. 3	2 0. 0
in m ar g	6. 1 %	5. 6 %
F i i l i n a n c a n c o m e	1. 3	0. 7
F i i l n a n c a e x p e n s e s	-5 8	-3 9
E h i d l x c a n g e g a n s a n o s s e s	-3 7	0. 4
E B T	1 1 5.	1 2 7.
I t n c o m e a x e s	-6 1	-7 0
N f i t t e p r o	9. 0	1 0. 2
in m ar g	2. 4 %	2. 9 %

Financial expenses include1.4€/mln related to theactualization of the debt toward thesellers of Lemasa shareholding(deferred price and Put&Call option).

Exchange gains and lossesincludes:

1.8€/mln loss due to the valuation of the intercompanyloan provided in euro to Comet do Brasil for the acquisition of Lemasa

0.7€/mln loss resulting from the conversion to Social Capital of the intercompany loan in dollarto Emak Do Brasil.

Net financial position

	/m € ln	Y 2 0 1 5	Y 2 0 1 4
	N F P 0 1 / 0 1 / 2 0 1 5 t a	9. 0 -7	6. 4 -7

Ca h f low fro ion t s m op er a s	E b i da t	3 5. 8	3 1. 5
ive ly f fe d by h ig he t te ne g a a c r	F ina ia l inc d nc om e an ex p en se s	-4 5	3. 2 -
ina ia l d nc ex p en se s an ha los	Ex ha ins d los c ng e g a a n se s	-3 7	0. 4
te ex c ng e ra se s.	In tax co m e es	-6 1	0 7. -
	Ca h f lo fro io t s w m o p er a ns	2 1. 5	2 1. 7

	C ha in ing d l ia b i l i ies t ts t ng es op er a a ss e an	-3 3	4. 4 -
	Ca h f lo fro io t s m o p er a ns w	1 8. 2	1 7. 3
	C ha in i b le d in i b le ta ta ts ng e ng an ng as se	-8 9	-1 3. 7
Sc f l i da ion t op e o co ns o :	O he i ha t ty r e q u c ng es	-0 6	-1 6
inv fo Le tm ts es en r m as a is i ion t ac q u	C ha in f c l i da io t ng e s co p e o on so n	-2 9. 0	-4 7	f Ne ina ia l t nc inc lu de de b s
	/ / N F P 3 1 1 2 2 0 1 5 t a	-9 9. 4	-7 9. 0	fo i tm ts co m m en
				ha f p ur c se o re

commitments for thepurchase of remainingminority shares for ^a total amount of 14.8 €/mnl

Synthesis of results

€ /m ln	1 9 9 8	1 9 9 9	2 0 0 0	2 0 0 1	2 0 0 2	2 0 0 3	2 0 0 4	2 0 0 5	2 0 0 6	2 0 0 7	2 0 0 8	2 0 0 9	2 0 1 0	2 0 1 1	2 0 1 2	2 0 1 3	2 0 1 4	2 0 1 5
Sa les	8 4. 4	8 9. 5	1 3 3. 0	1 4 6. 7	1 4 0 7.	1 2. 5 7	1 6 3. 2	1 8 3. 4	2 0 8. 4	2 1 8 7.	2 4 3. 4	1 9 4. 9	2 0 6. 8	2 0 4. 4	3 4. 8 5	3 0 5 5.	3 4. 8 5	3 8 1. 6
E B I T D A d j a	1 2. 9	1 2. 8	1 6. 0	2 0. 6	2 2. 9	2 3. 9	2 2. 6	2 2. 3	2 5. 1	3 0. 0	3 1. 7	2 1. 7	2 1. 3	1 9. 6	3 1. 7	3 4. 2	3 3. 1	3 7. 5
in ma rg	15. 3%	14. 3%	12. 0%	14. 1%	15. 6%	15. 7%	13. 9%	12. 1%	12. 1%	13. 8%	13. 0%	11. 1%	10. 3%	9.6 %	8.9 %	9.6 %	9.3 %	9.8 %
E B I T D A	1 2. 9	1 2. 8	1 6. 0	2 0. 6	2 2. 9	2 3. 9	2 2. 6	2 2. 3	2 5. 1	3 0. 0	3 1. 7	2 1. 7	2 3. 5	1 7. 5	2 8. 8	3 4. 2	3 1. 5	3 5. 8
in ma rg	15. 3%	14. 3%	12. 0%	14. 1%	15. 6%	15. 7%	13. 9%	12. 1%	12. 1%	13. 8%	13. 0%	11. 1%	11. 4%	8.6 %	8.1 %	9.6 %	8.9 %	9.4 %
E B I T d j a	9. 3	8. 1	1 0. 6	1 4. 8	1 6. 8	1 7. 5	1 6. 3	1 7. 0	1 9. 8	2 4. 5	2 4. 9	1 4. 9	1 3. 9	1 2. 5	1 9. 6	2 2. 4	2 1. 7	2 5. 0
in ma rg	11. 1%	9.0 %	8.0 %	10. 1%	11. 4%	11. 5%	10. 0%	9.3 %	9.5 %	11. 2%	10. 2%	7.6 %	6.7 %	6.1 %	5.5 %	6.3 %	6.1 %	6.5 %
E B I T	9. 3	8. 1	1 0. 6	1 4. 8	1 6. 8	1 7. 5	1 6. 3	1 7. 0	1 9. 8	2 4. 5	2 4. 9	1 4. 9	1 6. 1	1 0. 4	1 6. 6	2 2. 4	2 0. 0	2 3. 3
in ma rg	11. 1%	9.0 %	8.0 %	10. 1%	11. 4%	11. 5%	10. 0%	9.3 %	9.5 %	11. 2%	10. 2%	7.6 %	7.8 %	5.1 %	4.7 %	6.3 %	5.6 %	6.1 %
f Ne it t p ro	5. 5	3. 9	6. 2	7. 9	9. 0	9. 6	9. 0	9. 6	1 1. 3	1 5. 2	1 4. 9	9. 4	1 1. 6	5. 8	8. 6	1 0. 5	1 0. 2	9. 0
in ma rg	6.5 %	4.4 %	4.7 %	5.4 %	6.1 %	6.3 %	5.5 %	5.2 %	5.4 %	7.0 %	6.1 %	4.8 %	5.6 %	2.8 %	2.4 %	3.0 %	2.9 %	2.4 %
C F F fro m ion t op er a s	9. 1	8. 6	1 1. 6	1 3. 7	1 5. 1	1 6. 0	1 5. 3	1 4. 8	1 6. 7	2 0. 8	2 1. 6	1 6. 2	1 9. 0	1 2. 9	2 0. 8	2 2. 4	2 1. 7	2 1. 5
Ne Eq ity t u	4 2. 1	4 4. 8	4 8. 8	3. 8 5	9. 3 5	6 1 5.	6 9. 8	4 7 5.	8 1. 9	9 1. 4	9 9. 4	1 0 4. 6	1 1 4. 0	1 4 0. 1	1 4 0 5.	1 0. 8 5	1 6 0. 1	1 6 8. 5

Ne f ina ia l de b t t nc	3. 2	5. 5	1 4. 3	2 6. 4	1 9. 1	2 1. 1	1 6. 4	2 5. 8	3 7. 9	3 1. 0	6 1. 8	3 8. 0	2 7. 4	9 7. 3	9 9. 9	7 6. 4	7 9. 0	9 9. 4
Ne ita l t c ap loy d em p e	4 3 5.	0. 3 5	6 3. 1	8 0. 3	8. 7 5	8 6. 2	8 6. 3	1 0 1. 2	1 1 9. 7	1 2 2. 5	1 6 1. 2	1 4 2. 6	1 4 1. 4	2 3 4 7.	2 4 4. 9	2 2 2 7.	2 3 9. 1	2 6 9 7.

Ne k ing t w or ita l ca p	2 7. 5	3 2. 1	4 3. 7	5 5. 6	5 4. 2	6 0. 2	5 9. 3	6 6. 4	8 1. 8	8 1. 1	1 0 3. 2	8 2. 9	8 3. 7	1 5 7. 5	1 5 5. 9	1 4 2. 2	1 4 8. 6	1 5 4. 6
De b / Eq ity t u	0. 1	0. 1	0. 3	0. 5	0. 3	0. 3	0. 2	0. 3	0. 5	0. 3	0. 6	0. 4	0. 2	0. 7	0. 7	0. 5	0. 5	0. 6

1998-1999: Creation of ⁵ commercial branches in Western Europe. 2004: Establishment of Emak Jiangmen, production plant in China. 2005: Creation of Victus, commercial branch in Poland. 2006: Creation of Emak U.S.A. commercial branch in USA. 2008: Aacquisition of Bertolini and Tailong (cylinder manufacturer) ²⁰¹¹: Acquisition of Epicenter (Ukraine), Tecomet, Comet, Sabart and Raico ²⁰¹²: Start-up of Emak do Brazil, acquisition of Valley in USA ²⁰¹⁴: Acquisition of Speed Industrie Sarl (Marocco), S.I.Agro Mexico, Geoline Electronic, Master Fluid; Speed South America (Chile)²⁰¹⁵: Acquisition of Lemasa (Brazil)

Aimone Burani, the executive responsible for the preparation of the corporate accounting documents, declares and certifies inaccordance with article 154 bis, paragraph 2, of the Consolidated Finance Act, that the financial statements contained in thispresentation correspond to the underlying accounting documents, records and accounting entries.

Emak S.p.AVia E. Fermi, 442011 Bagnolo in Piano – RE [Italy] [email protected]

Speakers

Mr. Fausto Bellamico – Chairman and CEOMr. Aimone Burani – Deputy Chairman and CFOMr. Andrea La Fata – Investor [email protected]

AI Terminal

Emak

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