Amplifon — Investor Presentation 2015

Mar 23, 2015

Amplifon FY 2014

Emilia Trudu

Investor Relations & Corporate Communication Director

STAR Conference Plenary Presentation

Milan, March ²⁴th , ²⁰¹⁵

• The information contained herein and other material discussed during the analysts' presentation, particularly the ones regarding any possible or assumed future performance of the Amplifon Group, are or may be forward looking statementsand in this respect they involve some risks and uncertainties.
• Any reference to past performance of the Amplifon Group shall not be taken as an indication of future performance.
• This document is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.
• This presentation does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein.

̶ The securities referred to in this presentation have not been and will not be registered under the U.S. Securities Act of ¹⁹³³ and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Statement In compliance with Article ¹⁵⁴ bis of the "Uniform Financial Services Act" (Legislative Decree 58/1998), the Financial Reporting Officer, Ugo Giorcelli, declares that the accounting information reported in this presentation corresponds to the underlying documentary reports, books of account and accounting entries. ²

FY 2014 Financial Results

Hearing aid users growing steadily, but represent only ca. 20% of hearing impaired

Amplifon4 Amplifon FY 2014 Financial Results

FY-2014 Financial Results: strong sales & profitability recovery

			F Y 2 0 1 4			F Y 2 0 1 3 * Re d ta te s
€ i l l ion m s	Re ing cu rr	%o n Re ing cu rr	No n- Re ing cu rr	To l ta	% on To ta l	Re ing cu rr	%o n Re ing cu rr	No n- Re ing cu rr	To l ta	% on To ta l	∆ % on Re ing cu rr
R E V E N U E	8 9 0. 9	1 0 0. 0 %	-	8 9 0. 9	1 0 0. 0 %	8 2 4 7.	1 0 0. 0 %	-	8 2 4 7.	1 0 0. 0 %	% 7. 7
E B I T D A	1 3 7. 7	1 5. 5 %	-	1 3 7. 7	1 5. 5 %	1 2 2. 9	1 4. 8 %	( ) 5. 8	1 1 7. 0	1 4. 1 %	1 2. 1 %
E B I T	9 0. 6	1 0. 2 %	-	9 0. 6	1 0. 2 %	4 7 5.	9. 1 %	( 1 ) 7.	6 8. 3	8. 3 %	2 0. 1 %
P B T	6 6. 6	7. 5 %	-	6 6. 6	7. 5 %	5 1. 6	6. 2 %	( ) 1 4. 8	3 6. 8	4. 5 %	2 8. 9 %
Gr Ne Inc t ou p om e	3 8 5.	4. 0 %	1 0. 7	4 6. 5	2 % 5.	2 3. 4	2. 8 %	( 1 0. 6 )	1 2. 8	1. 6 %	3. 0 % 5

			Q 4 2 0 1 4
€ i l l ion m s	ing Re cu rr	%o n Re ing cu rr	No n- Re ing cu rr	To ta l	% on To l ta	ing Re cu rr	%o n Re ing cu rr	No n- Re ing cu rr	To ta l	% on To l ta	∆ % on Re ing cu rr
R E V E N U E	2 6 7. 6	1 0 0. 0 %	-	2 6 7. 6	1 0 0. 0 %	2 4 1. 0	1 0 0. 0 %	-	2 4 1. 0	1 0 0. 0 %	1 1. 0 %
E B I T D A	5 4. 4	2 0. 3 %	-	5 4. 4	2 0. 3 %	5 0. 5	2 1. 0 %	( ) 3. 8	4 6. 8	1 9. 4 %	7. 8 %
E B I T	4 1. 7	1 5. 6 %	-	4 1. 7	1 5. 6 %	3 7. 7	1 5. 6 %	( ) 4. 3	3 3. 4	1 3. 9 %	1 0. 6 %
P B T	3 4. 6	1 2. 9 %	-	3 4. 6	1 2. 9 %	3 1. 7	1 3. 1 %	( ) 5. 2	2 6. 5	1 1. 0 %	9. 1 %
Gr Ne Inc t ou p om e	2 0. 4	7. 6 %	-	2 0. 4	7. 6 %	1 7. 5	7. 3 %	( 3. 4 )	1 4. 1	5. 9 %	1 6. 4 %

€ i l l ion m s	3 1 / 1 2 / 2 0 1 4	3 1 / 1 2 / 2 0 1 3 * Re d ta te s
N F P	2 4 8. 4	2 4 7 5.
F C F	8. 4 7	1. 0 5
Ne De b / Gr Eq ity t t ou p u	0. 5 6	0. 7 2
Ne De b / E B I T D A t t	1. 7 7	2. 2 3

* 2013 restated according to IFRS11, impacting the affiliated Comfoor B.V.

Amplifon FY 2014 Financial Results

SALES by Region

EBITDA by Region

EMEA: robust organic growth supporting ongoing margin recovery

€ i l l ion m s	F Y	2 0 1 4		F Y 2 0 1 3 *		∆ % € i l l ion m s		Q 4 2 0 1 4		Q 4 2 0 1 3 *
R E V E N U E	6 1 7. 7	1 0 0. 0 %	5 6 0. 8	1 0 0. 0 %	1 0. 2 %	R E V E N U E	1 9 3. 1	1 0 0. 0 %	1 7 5. 4	1 0 0. 0 %	1 0. 1 %
E B I T D A	3. 0 7	1 1. 8 %	8. 0 5	1 0. 3 %	2 6. 0 %	E B I T D A	3 1 5.	1 8. 2 %	3 2. 0	1 8. 2 %	9. 6 %
E B I T	4 1. 1	6. 6 %	2 6. 0	4. 6 %	5 7. 8 %	E B I T	2 6. 4	1 3. 7 %	2 3. 4	1 3. 3 %	1 3. 0 %
E B I T D A d j ** a	3. 0 7	1 1. 8 %	6 2. 0	1 1. 1 %	1 % 7. 7	E B I T D A d j ** a	3 5. 1	1 8. 2 %	3 4. 3	1 9. 6 %	2. 2 %

** EBITDA adj. excludes non recurring costs* 2013 restated according to IFRS11

• Significant improvement in Europe (+8.3% y-o-y at constant FX of which organic +6.0%) and strong growth rates across EMEA region (10.2% of which 6.3% OG, 3.6% Acq., 0.3% FX):
• Resilient sales trend in Italy (-0.1% OG, +1.6% contribution from the acquired Audika network) and healthy growth rates in France (+4.4% OG, +3.3% Acq.);
• ̶Ongoing recovery in The Netherlands (+12%) driven by increase in volumes and normalized ASP comparison;
• ̶Strong sales momentum in Germany (+34.9% of which +25.7% organic) boosted by operational & network optimization and the improved Government's funding;
• ̶Double digit growth in Iberia (+19%), Switzerland (+10.8% in CHF), and Hungary (+37.6% in HUF);
• ̶Sales in line with PY in Belux (+0,4%) and UK (-0.3% in GBP), which benefitted from positive FX impact;
• Positive contribution from the consolidation of Poland and Israel (+1.5% of EMEA growth);
• Strong growth in Turkey (+91.8% in TRY) and Egypt (+20.9% in EGP);
• FY-2014 EBITDA up 18.2% y-o-y ex FX & non recurring costs, driven by the ongoing recovery in Europe;
• Acceleration of footprint expansion and ongoing network optimization:
• ̶Entrance in the Israeli market by acquiring 60% of the sector leader Medtechnica Orthophone;
• ̶Acquisition of the retail chain Audika Italia Srl (55 shops)
• ̶>100 new stores acquired/opened in Italy, France, Germany, Iberia, Hungary, Poland, Turkey, and Egypt;
• ̶Strategic partnership with the Italian leading retail optical chain S&V (+450 stores).

AMERICAS: business performance remains solid & profitable

€ i l l ion m s	F Y 2	0 1 4	F Y	2 0 1 3	∆ %	€ i l l ion m s	Q 4 2	0 1 4	Q 4	2 0 1 3	∆ %
R E V E N U E	1 4 0. 9	1 0 0. 0 %	1 3 8. 7	1 0 0. 0 %	1. 6 %	R E V E N U E	3 9. 5	1 0 0. 0 %	3 3. 3	1 0 0. 0 %	1 8. 6 %
E B I T D A	2 6. 8	1 9. 0 %	2 5. 6	1 8. 5 %	4. 7 %	E B I T D A	8. 6	2 1. 7 %	4. 8	1 4. 4 %	7 9. 0 %
E B I T	2 3. 1	1 6. 4 %	2 1. 1	1 5. 2 %	9. 1 %	E B I T	7. 5	1 9. 1 %	3. 3	9. 9 %	1 2 8. 1 %
E B I T D A d j ** a	2 6. 8	1 9. 0 %	2 7. 1	1 9. 5 %	0. 9 % -	E B I T D A d j ** a	8. 6	2 1. 7 %	6. 2	1 8. 7 %	3 7. 2 %
\$ m i l l ion s	F Y 2	0 1 4	F Y	2 0 1 3	∆ %	\$ i l l ion m s	Q 4 2	0 1 4	Q 4	2 0 1 3	∆ %
R E V E N U E	1 8 2 7.	1 0 0. 0 %	1 8 4. 2	1 0 0. 0 %	1. % 7	R E V E N U E	4 9. 8	1 0 0. 0 %	4 4 5.	1 0 0. 0 %	9. % 7
E B I T D A	3 5. 6	1 9. 0 %	3 4. 0	1 8. 5 %	4. 8 %	E B I T D A	1 0. 9	2 1. 9 %	6. 6	1 4. 5 %	6 5. 5 %
E B I T	3 0. 7	1 6. 4 %	2 8. 1	1 2 % 5.	9. 2 %	E B I T	9. 6	1 9. 3 %	4. 6	1 0. 1 %	1 0 9. 4 %
E B I T D A d j ** a	3 5. 6	1 9. 0 %	3 5. 9	1 9. 5 %	0. 9 % -	E B I T D A d j ** a	1 0. 9	2 1. 9 %	8. 5	1 8. 8 %	2 7. 9 %

** EBITDA adj. excludes non recurring costs

Roll-out of new initiatives and sales rebound in H2 across all the business units, turned FY-14 revenue growth into a positive performance (+1.9% in local currencies on strong 2013 comps); business remains solid and profitable;

• Forex tailwinds in Q4 (+8.4%) mitigated overall YTD adverse effect of -0.3%;
• Market disruption due to changes in a manufacturer go-to-market strategy impacted the Elite business in Q2; Manufacturers' offer swift change implemented to minimize the negative impact; temporary issues fixed and business fully back to normality;
• Stable FY-14 EBITDA margin despite the change in product mix and higher marketing investments to support new initiatives;
• The extension of MEMSI contract with Sivantos (formerly Siemens Audiology) through December 2016 with improved conditions will help enhance Miracle Ear's performance on both the American and Canadian markets.
• New agreement with Insurer CIGNAboosted Hear PO sales (now rebranded Amplifon Hearing Health Care) anticipating promising results for the next quarters.
• In Canada, all clinics rebranded as Miracle-Ear; organizational focus on network expansion;
• Entered Brazil with the acquisition of 51% of Direito de Ouvir (most extensive distribution network in the country), laying the foundation for growth throughout South America.

APAC: continuing to outperform the market growth and deliver top level profitability

€ i l l ion m s	F Y 2	0 1 4	F Y	2 0 1 3	∆ %	€ i l l ion m s	Q 4 2	0 1 4	Q 4	2 0 1 3	∆ %
R E V E N U E	1 3 2. 3	1 0 0. 0 %	1 2 8. 0	1 0 0. 0 %	3. 4 %	R E V E N U E	3 0 5.	1 0 0. 0 %	3 2. 3	1 0 0. 0 %	8. 2 %
E B I T D A	3 7. 8	2 8. 6 %	3 3. 5	2 6. 2 %	1 3. 0 %	E B I T D A	1 0. 8	3 0. 9 %	1 0. 0	3 0. 9 %	8. 3 %
E B I T	2 6. 5	2 0. 0 %	2 1. 2	1 6. 6 %	2 0 % 5.	E B I T	7. 7	2 2. 1 %	6. 7	2 0. 8 %	1 2 % 5.
E B I T D A d j ** a	3 7. 8	2 8. 6 %	3 3. 8	2 6. 4 %	1 2. 0 %	E B I T D A d j ** a	1 0. 8	3 0. 9 %	9. 9	3 0. 8 %	8. 7 %
\$ m A U D i l l ion s	F Y 2	0 1 4	F Y	2 0 1 3	∆ %	\$ m A U D i l l ion s	Q 4 2	0 1 4	Q 4	2 0 1 3	∆ %
R E V E N U E	1 9 4. 7	1 0 0. 0 %	1 7 6. 3	1 0 0. 0 %	1 0. 4 %	R E V E N U E	5 1. 1	1 0 0. 0 %	4 7. 3	1 0 0. 0 %	7. 8 %
E B I T D A	5 6. 1	2 8. 8 %	4 6. 1	2 6. 1 %	2 1. 8 %	E B I T D A	1 5. 9	3 1. 1 %	1 4. 4	3 0. 5 %	1 0. 0 %
E B I T	3 9. 4	2 0. 2 %	2 9. 1	1 6. % 5	3 2 % 5.	E B I T	1 1. 4	2 2. 3 %	9. 7	2 0. 4 %	1 % 7. 7
E B I T D A d j ** a	5 6. 1	2 8. 8 %	5 4 6.	2 6. 4 %	2 0. 7 %	E B I T D A d j ** a	5. 1 9	3 1. 1 %	1 4. 4	3 0. 4 %	1 0. 3 %

** EBITDA adj. excludes non recurring costs

In FY-14 ongoing strong and profitable growth, up 10.4% in AUD – of which 2.5% cross currency impact NZD/AUD – has driven to significant margin expansion;

• ̶ Australia business continues growing: FY14 AUD revenue up +7.3% y-o-y owing to strong client acquisition model and growth in repeat customers, 360°marketing diversification and refining customer post-sale lifecycle, continuing network expansion (5 new openings);
• Strong bounce-back in New Zealand business (up +7.6% in NZD on FY basis and +17.6% in Q4) driven by effective marketing campaigns, operational improvement and the new scheme with improved ACC funding effective from July 1st, 2014;
• India (FY14 up +34.6% in INR): ramp-up of new stores and network expansion (6 new openings); in October reached an agreement with Starkey Hearing Technologies for the takeover of the operation of 12 ENT service centers inside doctors' offices and hospital-based clinics;
• ̶Easing Forex impact (+1.7% in Q4; -4.5% in FY14).
• FY-2014 EBITDA margin adj. improved by 220 bps:
• ̶Solid and profitable growth in Australia;
• ̶Sales rebound and streamlined cost structure in New Zealand, benefitting from past restructuring actions;
• Operational improvement in the Indian business, still characterized by start-up dynamics.

8

Solid balance sheet & cash flow continue to sustain our growth strategy

• Accelerating international and footprint expansion - over 300 shops:
• Entrance in the Israeli market by acquiring 60% of Medtechnica Orthophone Ltd.
  • ̶Market leader with 30% share
• Acquisition of the retail chain Audika Italia Srl (55 shops)
• Increased the stake in Amplifon Poland from 49% to 63%
• Acquired 51% of Brazil's Direito de Ouvir

• 100 shops opened/acquired in key markets, including Germany, France & Spain

• Amplifon̶ Acquisitions amounted to € 35.9 mln: ̶ Steady cash generation: ̶ Free Cash Flow: positive of € 78.4 mln (€ 51.0 mln at 12/31/2013*) after net CAPEX of € 37.7 mln ̶ Solid capital structure: ̶ NFP of € 248.4 mln improved vs. € 275.4 mln y-o-y despite higher net CAPEX and acquisitions ̶ Financial ratios are well within covenants and improved further, confirming strong deleveraging profile: ̶ Net Debt/EBITDA at 1.77x ̶ Net Debt/Group Equity at 0.56x 9

* 2013 restated according to IFRS11, impacting the affiliated Comfoor B.V. Amplifon FY 2014 Financial Results

Strong operational cash flow & renewed focus on external growth

€ t ho ds us an	F Y 2 0 1 4	F Y 2 0 1 3 Re ta te d * s	F Y 2 0 1 3 Re te d p or
EB IT	90 61 6 ,	68 34 9 ,	68 51 8 ,
D& A	47 05 2 ,	48 69 4 ,	48 89 6 ,
Ot s/lo he sh ad jus tm ts a nd ain ale r n on ca en g sse s o n s	18 88 7 ,	16 34 6 ,	16 34 8 ,
Ne t fi nci als na	-21 118 ,	21 86 0 - ,	21 87 4 - ,
Ta aid xe s p	-11 28 4 1 ,	37 69 7 - ,	37 82 5 - ,
Ch in w ork ing ital an g es ca p	-8, 07 6	6, 69 5	6, 56 7
Op tin Ca sh Fl ( A) era g ow	11 6, 07 7	80 52 8 ,	80 63 0 ,
Ne ital nd itu ( B) risi t ca p ex pe res co mp ng :	2 -37 68 5 ,	29 49 1 - ,	29 71 2 - ,
So ftw nd oth inta ible fix ed ets are s a er ng ass -	11, 70 1 -	7, 96 1 -	8, 110 -
Pro lan d e ipm rty t an t pe , p qu en -	-31 22 9 ,	25 21 6 - ,	25 28 8 - ,
Dis ls po sa -	5, 24 5	3, 68 6	3, 68 6
Fre h f low ( A+ B) e c as	78 39 2 ,	51 03 7 ,	50 91 8 ,
Ac isit ion s ( C) qu	3 -35 88 3 ,	4, 81 7 -	4, 81 7 -
Ot he uis itio ns/ dis ls ( D) r a cq po sa	-14 6	76 8	76 8
Ca flo ide (u d i n) inv tin tiv itie ( C+ D) sh d b B+ p rov se es g ac s w y	-73 71 4 ,	33 54 0 - ,	33 76 1 - ,
To tal sh ed / p ide d ca us rov	42 36 3 ,	46 98 8 ,	46 86 9 ,
Div ide nd s	-9, 35 0	9, 33 0 -	9, 33 0 -
Lo loa mis sio d f ter ng m n c om ns an ee s	-2, 45 6	4 4, 60 4 -	4, 60 4 -
Sh ital in nd thi rd ibu tio rty ntr are ca p cre as e a pa co ns	1, 95 5	1, 67 1	1, 67 1
Ot fin he cia l lo ter ets d d eri tive r n on an ng m ass an va s	5, 65 6 -	8, 03 6 -	8, 03 6 -
To tal h f low t c ne as	26 85 6 ,	26 68 9 ,	26 57 0 ,
inn ing of eri Ne t d eb t a t th e b th od eg e p	27 5, 36 7 -	30 5, 97 8 -	30 5, 83 5 -
Dis ntin d a nd for co ue ex	94	3, 92 2	3, 92 2
To tal h f low t c ne as	26 85 6 ,	26 68 9 ,	26 57 0 ,
Ne t d eb t th nd of th eri od t a e e e p	-24 8, 41 7	27 5, 36 7 -	27 5, 34 3 -

• 1. TAX refund of € 8.0 mln in Australia; lower payment in US due to the tax write-off of the Sonus brand.
• 1. Net Capex on tangible and intangible assets due to new openings, ongoing store refurbishment and IT investments.
• 1. Acquisition of MedtechnicaOrthophone (Israel) and Direito de Ouviir (Brazil); Audika's Italian branch; minor acquisitions in Germany, France, Turkey and Poland.
• 4.Set up costs of USPP & Eurobond.

* 2013 restated according to IFRS11, impacting the affiliated Comfoor B.V.

Solid capital structure sustains steady profitable growth

Amplifon¹¹ Amplifon FY 2014 Financial Results

of undrawn credit lines

Net Debt/EBITDA:

Net Debt/Group

1.77x

Equity: 0.56x

Amplifon Group's strategy advances its business' performance profile

All markets have stigma reduction/elimination upside

Amplifon12Manage capital structure and drive cash generation to support growth and lead consolidation in the hearing aid industry

Annexes

FY-2014 Amplifon Revenue Breakdown

Amplifon Revenue Breakdown

€ i l l ion m s	F	Y 2 0 1 4	F Y	2 0 1 3	∆ %	F X ∆	O G %	Q 4 2 0 1 4	Q 4 2 0 1 3	∆ %	F X ∆	O G %
Ita ly	22 9.0	25 .7%	22 5.5	27 .3%	1.5 %		-0. 1%	76 .5	75 .2	1.7 %		0.1 %
Fra nce	105 .9	11 .9%	98 .3	11 .9%	7.7 %		4.4 %	32 .3	29 .2	10 .6%		5.5 %
Th e N eth erl ds * an	73 .4	8.2 %	65 .5	7.9 %	12 .0%		12 .0%	25 .5	23 .4	9.0 %		9.0 %
Ge rm an y	55 .6	6.2 %	41 .2	5.0 %	34 .9%		25 .7%	14 .8	11 .2	32 .0%		21 .8%
UK & Ire lan d	38 .2	4.3 %	36 .3	4.4 %	5.0 %	1.9	0.2 % -	9.4	8.9	5.3 %	0.6	1.0 % -
Ibe rica	37 .5	4.2 %	31 .5	3.8 %	19 .0%		19 .0%	12 .1	10 .0	21 .4%		21 .4%
Sw itze rla nd	30 .6	3.4 %	27 .3	3.3 %	12 .3%	0.4	10 .5%	8.5	6.8	25 .7%	0.2	22 .6%
Be Lux	24 .2	2.7 %	24 .1	2.9 %	0.4 %		0.3 %	6.5	6.3	2.8 %	0.0	2.6 %
Hu ng ary	9.0	1.0 %	6.8	0.8 %	32 .3%	-0. 4	32 .4%	2.5	3.2	21 .7% -	-0. 1	21 .6% -
Po lan d	1.5	0.2 %	0.0	0.0 %	N/A	N/A	N/A	0.5	0.0	N/A		0.0 %
Eu ro p e	6 0 4. 6	6 9 % 7.	5 5 6. 5	6 3 % 7.	8. % 7	1. 9	6. 0 %	1 8 8. 6	1 4. 1 7	8. 3 %	0. 6	5. 3 %
Tu rke y	3.4	0.4 %	2.0	0.2 %	67 .2%	-0. 5	66 .6%	1.0	0.7	49 .2%	0.0	31 .4%
Isra el	7.1	0.8 %	0.0	0.0 %	N/A	N/A	N/A	2.8	0.0	N/A	N/A	N/A
Eg t yp	2.9	0.3 %	2.4	0.3 %	17 .4%	-0. 1	20 .9%	0.8	0.6	29 .1%	0.0	24 .1%
M E A	1 3. 3	1. 5 %	4. 4	0. 5 %	1 9 8. 8 %	0. 6 -	4 1. 6 %	4. 6	1. 3	2 5 8. 0 %	0. 0	2 7. 9 %
E M E A	6 1 7. 7	6 9. 3 %	5 6 0. 8	6 7. 8 %	1 0. 2 %	1. 4	6. 3 %	1 9 3. 1	1 7 5. 4	1 0. 1 %	0. 7	5. 5 %
Un ited St ate s	136 .6	15 .3%	134 .5	16 .3%	1.6 %	0.0	1.3 %	38 .3	32 .3	18 .6%	3.1	10 .0%
Ca da na	4.2	0.5 %	4.2	0.5 %	0.1 % -	-0. 3	7.0 %	1.1	1.0	3.7 %	0.0	2.8 %
Bra zil	0.2	0.0 %	0.0	0.0 %	N/A	N/A	N/A	0.2	0.0	N/A	N/A	N/A
C S A M E R I A	1 4 0. 9	1 5. 8 %	1 3 8. 7	1 6. 8 %	1. 6 %	0. 3 -	1. 5 %	3 9. 5	3 3. 3	1 8. 6 %	3. 2	9. 8 %
Au alia str	90 .0	10 .1%	89 .6	10 .8%	0.4 %	-6. 1	7.3 %	23 .1	22 .6	2.1 %	0.1	1.2 %
Ne w Z lan d ea	39 .1	4.4 %	35 .8	4.3 %	9.0 %	0.5	7.6 %	11 .0	9.1	21 .0%	0.3	17 .8%
Ind ia	3.3	0.4 %	2.5	0.3 %	29 .5%	-0. 1	34 .6%	1.0	0.7	40 .1%	0.1	29 .9%
C A P A	1 3 2. 3	1 4. 9 %	1 2 8. 0	1 5. 5 %	3. 4 %	5. 8 -	7. 9 %	3 5. 0	3 2. 3	8. 2 %	0. 5	6. 5 %
To l Gr ta ou p	8 9 0. 9	1 0 0. 0 %	8 2 7. 4	1 0 0. 0 %	7. 7 %	4. 7 -	5. 8 %	2 6 7. 6	2 4 1. 0	1 1. 0 %	4. 3	6. 2 %

* 2013 restated according to IFRS11, impacting the affiliated Comfoor B.V.

Amplifon¹⁴

FY-2014 Income Statement

		F Y 2 0	1 4			F Y 2 0 1 3 * Re d ta te s
€ i l l ion m s	Re ing cu rr	No n rec ing ur r	To l ta	% on Re ing cu rr	Re ing cu rr	No n rec ing ur r	To l ta	% on Re cu rr
RE VE NU E	89 0.9	-	89 0.9	10 0.0 %	82 7.4	-	82 7.4	ing 10 0.0 %
Op tin ts era g cos	( ) 75 2.1	-	( ) 75 2.1	84 .4% -	( ) 70 7.6	( ) 4.5	( ) 71 2.1	85 .5% -
Ot ue/ he ing rat ts r o pe rev en cos	( ) 1.1	-	( ) 1.1	0.1 % -	3.1	( ) 1.4	1.7	0.4 %
EB ITD A	13 7.7	-	13 7.7	15 .5%	12 2.9	( 5.8 )	11 7.0	14 .8%
De cia tio nd ite- do pre n a wr wn s of t a ts no n-c urr en sse	( .9) 31	-	( .9) 31	3.6 % -	( .0) 32	( ) 1.2	( .2) 33	3.9 % -
EB ITA	10 5.8	-	10 5.8	11 .9%	90 .9	( ) 7.0	83 .9	11 .0%
Cu r lis de rks sto ts, tra me ma , r. & lo rig hts te no n-c om pe ag c. iza tio ort am n	( .1) 15	-	( .1) 15	1.7 % -	( .5) 15	( ) 0.1	( .5) 15	1.9 % -
EB IT	90 .6	-	90 .6	10 .2%	75 .4	( ) 7.1	68 .3	9.1 %
Ne t In ha ter est exc ng e , diff s & he r fi nci al ot ere nce na inc e/e om xp en ses	( 24 .1)	-	( 24 .1)	-2. 7%	( 23 .8)	1 ( 7.7 )	( 31 .5)	2.9 % -
PB T	66 .6	-	66 .6	7.5 %	51 .6	( ) 14 .8	36 .8	6.2 %
Cu nt/ fer de red tax rre es	( 30 .8)	10 .7	( 20 .1)	3.5 % -	( 28 .1)	4.2	( 23 .9)	3.4 % -
Ne t In G d co me rou p an Mi riti no es	35 .8	2 10 .7	46 .4	4.0 %	23 .5	( ) 10 .6	12 .9	2.8 %
Min ori inte ty ts res	( ) 0.0	( ) 0.0	( ) 0.0	0.0 %	0.1	-	0.1	0.0 %
Ne t In co me	35 .8	10 .7	46 .5	4.0 %	23 .4	( 10 .6 )	12 .8	2.8 %

• 1. Including € 6.8 mln financial expenses due to the commissions and derivatives settlement on SFA pre-paid in 2013 with the Eurobond proceeds;
• 1. Tax benefit of € 10.7 mln as a results of the recognized fiscal deductibility of the amortization of several intangible assets in Australia.

* 2013 restated according to IFRS11, impacting the affiliated Comfoor B.V.

Amplifon¹⁵

Q4-2014 Income Statement

		Q 4 2 0	1 4			Q 4 2 0 1 3 * Re d ta te s
€ i l l ion m s	ing Re cu rr	No n rec ing ur r	To ta l	% on Re ing cu rr	ing Re cu rr	No n rec ing ur r	To ta l	% on Re ing cu rr	∆ % on Re cu rr
RE VE NU E	26 7.6	-	26 7.6	10 0.0 %	24 1.0		24 1.0	10 0.0 %	11 .0%
Op tin ts era g cos	( ) 21 2.4	-	( ) 21 2.4	79 .4% -	( .6) 192	( ) 1.9 1	( .5) 194	79 .9% -	10 .3%
Ot he ing ue/ rat ts r o pe rev en cos	( 0.8 )	-	( 0.8 )	0.3 % -	2.1	( 1.8 )	0.2	0.9 %	-13 6.3
EB ITD A	54 .4	-	54 .4	20 .3%	50 .5	( 3.8 )	46 .8	21 .0%	7.8
De cia tio nd ite- do pre n a wr wn s of t a ts no n-c urr en sse	( ) 8.9	-	( ) 8.9	3.3 % -	( ) 9.1	( ) 0.4	( ) 9.6	3.8 % -	-3. 1%
EB ITA	45 .6	-	45 .6	17 .0%	41 .4	( ) 4.2	37 .2	17 .2%	10 .2%
Cu r lis de rks sto ts, tra me ma , te r. & lo rig hts no n-c om pe ag c. iza tio ort am n	( ) 3.9	-	( ) 3.9	1.5 % -	( ) 3.7	( ) 0.1	( ) 3.8	1.5 % -	5.6
EB IT	41 .7	-	41 .7	15 .6%	37 .7	( ) 4.3	33 .4	15 .6%	10 .6%
Ne t In ha ter est exc ng e , diff r fi s & ot he nci al ere nce na inc e/e om xp en ses	( ) 7.1	-	( ) 7.1	2.6 % -	( ) 6.0	( ) 0.9 2	( ) 6.9	-2. 5%	18 .4%
PB T	34 .6	-	34 .6	12 .9%	31 .7	( ) 5.2	26 .5	13 .1%	9.1
Cu nt/ de fer red tax rre es	( 14 .2)	-	( 14 .2)	5.3 % -	( 14 .1)	1.8	( 12 .3)	5.9 % -	0.9
Ne t In G d co me rou p an Mi riti no es	20 .3	-	20 .3	7.6 %	17 .6	( ) 3.4	14 .2	7.3 %	15 .8%
Min ori ty inte ts res	( ) 0.0	-	( ) 0.0	0.0 %	0.1	-	0.1	0.0 %	-16 3.3
Ne t In co me	20 .4	-	20 .4	7.6 %	17 .5	( 3.4 )	14 .1	7.3 %	16 .4%

• 1. Including € 3,8 million related to brand simplification, closing/disposal of nonproductive shops and back office activities optimization.
• 1. Including € 0,9 million financial costs due to the restructuring of the Sonusbusiness in US.

* 2013 restated according to IFRS11, impacting the affiliated Comfoor B.V.

Amplifon¹⁶

Balance Sheet: perimeter growth and favorable currency evolution

€ ho ds t us an	3 1 / 1 2 / 2 0 1 4	/ / 3 1 3 res 1 2 2 0 1 d * ta te	/ / 3 1 3 rep 1 2 2 0 1 d te or
Go od wil l	53 4, 82 2	50 0, 68 0	50 0, 68 0
Cu list st. t. a s, no n-c om pe g ree m. , de rks d lo ion rig hts tra cat ma an	98 65 0 ,	92 87 5 ,	92 87 5 ,
So ftw ch lice the are arg es nse s, o r , int W IP d a dva set .as s, an nce s	36 45 8 ,	27 22 8 ,	27 42 5 ,
Ta ible set ng as s	96 188 ,	87 69 0 ,	88 119 ,
Fix ed fin cia l as set an s	48 58 3 ,	41 49 0 ,	40 29 5 ,
Ot he r in ible tan set g as s	3, 69 1	2, 74 4	2, 74 4
To tal fix ed ts as se	81 8, 39 2	75 2, 70 7	75 2, 13 8
Inv ies tor en	28 69 0 ,	29 83 2 ,	30 147 ,
Tra de iva ble re ce s	109 35 5 ,	103 68 7 ,	104 01 8 ,
Ot he iva ble r re ce s	33 05 9 ,	28 82 2 ,	28 94 0 ,
Cu nt ts rre as se	17 1, 10 4	16 2, 34 1	16 3, 10 5
To l a ta ts ss e	9 8 9, 4 9 6	5, 9 1 0 4 8	5, 9 1 2 4 3

€ ho ds t us an	3 1 / 1 2 / 2 0 1 4	/ / 3 1 3 res 1 2 2 0 1 d * ta te	/ / 3 1 3 res 1 2 2 0 1 d * ta te
Tra de ble pa ya s	-10 1, 78 8	96 24 1 - ,	96 29 7 - ,
Ot he ble r p aya s	-12 4, 41 8	117 11 1 - ,	115 69 0 - ,
Pro vis ion s fo ntin d o blig atio r co g en cy an ns (cu rtio n) nt rre po	-97 8	41 1 -	41 1 -
Sh lia bil itie ort te rm s	22 18 4 7, -	21 3, 76 3 -	21 2, 39 8 -
Wo rki ita l ng ca p	-56 08 0 ,	51 42 2 - ,	49 29 3 - ,
De riva tive ins tru nts me	-9, 82 0	3, 37 6 -	3, 37 6 -
De fer red tax set as s	44 65 3 ,	46 08 8 ,	46 08 8 ,
De fer red lia bili tie tax s	51 99 8 - ,	46 67 1 - ,	46 67 1 - ,
Pro vis ion fo r ri sks d c ha (no an rg es n rtio n) nt cu rre po	-40 56 9 ,	33 07 6 - ,	33 10 1 - ,
fee Lo iss ion nd an co mm s a s	3, 02 3	4, 08 9	4, 08 9
Lia bili tie s fo loy s' b efit s & he ot r e mp ee en r ble t p no n-c urr en aya s	-15 96 2 ,	11 89 6 - ,	11 89 6 - ,
NE T I NV ES TE D C AP ITA L	69 1, 63 9	65 6, 44 3	65 7, 97 8
To tal ity t e ne qu	44 3, 22 2	38 1, 07 6	38 2, 63 5
Ne t M /LT in de bte dn ess	44 2, 48 4	43 5, 42 6	43 5, 42 6
Ne t S T f ina nci al i nd eb ted ne ss	194 06 7 - ,	160 05 9 - ,	160 08 3 - ,
To tal NF P	24 8, 41 7	27 5, 36 7	27 5, 34 3
S O W N F U N D A N D N F P	6 9 1, 6 3 9	6 5 6, 4 4 3	6 5 7, 9 7 8

* 2013 restated according to IFRS11, impacting the affiliated Comfoor B.V.

Amplifon¹⁷

Amplifon: Seizing the Global Hearing Solutions Opportunity

A leadership position and right-sized for profitable growth

• The only global player in a highly fragmented market
• 9% of worldwide market share
• 22 countries
• 2,100 corporate shops
• 3,200 shop-in-shop & corners
• 1,200 Miracle Ear franchised shops
• 2,000 Elite Hearing Network affiliate shops in US

• 11,000 professionals globally

• €891 mln revenue in 2014

Building on 65 years of success

EMEA: regional growth from our Italian roots

Europe:

Undisputed leader, growing in highly fragmented but mature core markets

MEA:

Developing market with strong growth prospects

EU penetration rate: ca. 20%MEA penetration rate: <5%

US leadership: incisive approach to a high potential market

US:

Largest branded franchise network in highly fragmented market

Brazil:

Platform for further expansion in South America

US penetration rate: ca. 25%Brazil penetration rate: <5%

Disciplined global expansion: seizing the best opportunities

Solid balance sheet and cash flow bolster growth strategy

• Over 300 shops opened/acquired in 2014
• Entrance in the Israeli market by acquiring 60% of Medtechnica Orthophone Ltd.
• ̶Market leader with 30% share
• Acquisition of the retail chain Audika Italia Srl (55 shops)
• Increased the stake in Amplifon Poland from 49% to 63%
• Acquired 51% of Brazil's Direito de Ouvir
• Over 100 shops opened/acquired in key markets, including Germany, France & Spain

Acquisitions a key component of growth plans

Disciplined approach underpinned by organic growth

Building on track record of steady global expansion and market consolidation

Amplifon's strategy: create shareholder value from its optimal position on the manufacturer-to-consumer value chain

Creating value…

• Long-term profitable growth, outperforming the global hearing solutions market
• …Implementing a successful strategy

• Seize opportunities leveraging Amplifon's complementary Best Practice medtech/retail skill sets

• ̶ Broaden and deepen "Routes to hearing solutions" leveraging Amplifon's regional business models and complementary Best Practice medtech/retail skill sets ̶ Continuously improve efficiency and management systems ̶ Manage capital structure and drive cash generation to support growth and lead consolidation in Amplifon's core markets ²⁴

Uniquely positioned with proven medtech and retail skills

Amplifon²⁶

A long-lasting relationship based on Expertise & Trust

Amplifon²⁷

Building on our service leadership to establish long-lasting professional relationships with customersOngoing priorities:

• Learning & development as business performance enhancer, deploy the Amplifon Expertise Model (NEXT)
• Highlight distinctions versus competitors in service and innovation
• Attract and retain Top Performing Audiologists

Intensifying investment in Employer Branding and audiologist recruitment pipelines(Universities, audiologist communities,…)at Countrylevel

Leverage the superior learning & development, engagement and recognition opportunities offered by the Group

Exclusive retention programs for the top performing audiologists

Amplifon28

Broaden and deepen "Routes to hearing solutions" leveraging Amplifon's regional business models and complementary Best Practice medtech/retail skill sets

Outperforming in a sizeable, untapped and growing market

A sizeable market…

• Over 650 million people in the world suffer with some degree of hearing impairment (source: WHO)
• 10-15% of population in industrialized countries
• Estimated global market size 11 mln units
• Estimated global market growth 3-5% in units

Adoption rate by degree of hearing loss

…under-penetrated

• ̶Only 20% average penetration rate in mature markets
• ̶Under-educated hearing-aid users both in mature and in emerging markets
• ̶ Early stage of industry development in emerging market, but enjoying rapid growth
• ̶Moderate and mild losses still a major opportunity

Penetration rate by market

Amplifon³⁰

Assessing the untapped potential

Current average customer age is 72 years old

• ̶ Demographic trends expand potential market
• Population growth
• Longer life expectancy
• Increasing noise pollution (youngsters iPods)
• ̶ Increasing penetration of hearing solutions
• Technology innovation and connectivity
• Better performance and increasing miniaturization
• Increasing awareness and acceptance
• Improvements in retail experience and DTC marketing
• ̶ Increasing wealth and health awareness in emerging markets

Baby boomers BB lower first buy age: 55 years old BB new customers' expectations: Technology savvy Expert on info data-mining Health aware Active ageing

Strongly positioned to seize the global opportunity with market specific approaches

Amplifon31

Leader in the largest segment of the global hearing solutions value chain

Seizing global opportunities with Amplifon's regional retail/wholesale business model built on best practice medtech/retail skill setManufacturing WholesaleRETAIL GROSS MARGINRetailWHOLESALE GROSS MARGIN RETAIL- Highly fragmented market : >50% independents MANUFACTURER-Concentrated market with six main players

-Low manufacturer brand awareness among users: interchangeable products

-Two-thirds of the industry's added-value happens at retail and service level

Global player and market consolidator succeeding in diverse end user environments

Broad and deep consumer coverage through our unrivalled & flexible network: the Italian example

●553 corporate shops

2,695 shop-in-shop & corners allowing for more efficient geographical coverage

Leveraging different store concepts depending on density and maturity of market

Incisive US approach: Franchise & Wholesale

Amplifon³⁴

Anticipating the new end-user behaviors fosters organic growth

• • Leveraging strong know-how and deep consumer knowledge through different touch points
• • Lead generation campaigns adapted to specific country characteristics
• • Effective marketing programs/educational campaigns to increase brand recognition and reduce stigma
• • CRM and rebuy programs to maximise customer loyalty

Increasing the productivity, effectiveness and conversion rate of the existing networks

Amplifon³⁵

Continuously improve efficiency and management systems

Group management: driving continuous improvement

1. Realizing our competitive advantages through our HR strategy

• Education & training as business performance enhancers
• Capitalize on international best practices to highlight distinctions versus competitors
• Attract & retain Top Performing Audiologists
• Achieve excellence in executing all of our front & back office activities
• Leverage on talents to boost productivity and efficiency
• 1. Maximize performance benefitting from IT investments and digital transformation
• Measuring productivity and driving business performance: data mining, CRM analytics and KPIs
• Harmonization and standardization of IT systems
• Increase productivity in performing business processes
• 1. Leverage position as single largest customer of the manufacturers
• Global purchasing increases bargaining power
• Lowering cost of goods sold
• Continuous improvements in the supply chain

Systematic benchmarking to maximize efficiency and profitability

Amplifon37

Continuously improve efficiency and management systems

Manage capital structure and drive cash generation to support growth and lead consolidation in the hearing aid industry

In a highly fragmented hearing solutions market, Amplifon is well positioned to lead consolidation and market growth

Solid capital structure sustains steady profitable growth

Amplifon FY 2014 Financial Results

of undrawn credit lines

Net Debt/EBITDA:

Net Debt/Group

1.77x

Equity: 0.56x

Consistent cash generation supports strategic use of leverage

• Strong balance sheet
• Consistent cash flow generation:
• Allows financial deleveraging
• Sustained expansion plans
• Conservative financial profile
• Leverage has been considerably reduced since the NHC acquisition in 2010 for €333 mln
• Operating well within covenants through the economic downturn

Amplifon ⁴¹ Manage capital structure and drive cash generation to support growth and lead consolidation in the hearing aid industry

Amplifon: Long-term profitable growth outperforming the global hearing solutions market

Strong upside potential

• Seizing profitable growth opportunities driven by demographics and reducing stigma
• ̶Positioned at the optimal point on the hearing solutions value chain
• ̶ Global leadership, Best Practice skill set and portfolio of regional retail/wholesale business models represent unique opportunity

• ̶Driving market consolidation

• ̶ Solid downside protection ̶ Diversified geographically and by customer channel within global hearing solutions market ̶ Fragmented competition along hearing solution customer channels ̶ Long-term track record of success and strong barriers to entry ̶ Capital structure robust to sustain steady expansion ⁴² A pure play in medtech/retail in a long-term global growth market Manage capital structure and drive cash generation to support growth and lead consolidation in the hearing aid industry

Investor relations contacts

Investor Relations Office

AmplifonVia G. Ripamonti, 13320141 Milano (MI)

ItalyPhone: +39 02 5747 21Fax: +39 02 5730 0033ir@amplifon.com

Company Secretary

Phone: +39 02 57472373Fax: +39 02 57409594segreteria.societaria@amplifon.com

Investor Relations Team

Emilia TruduInvestor Relations DirectorPhone: +39 02 5747 2454Fax: +39 02 5740 9427emilia.trudu@amplifon.com

Amanda Hart GiraldiInvestor Relations AnalystPhone: +39 02 5747 2317Fax: +39 02 5740 9427amanda.giraldi@amplifon.com

Olga LepechkinaAssistant Investor RelationsPhone: +39 02 5747 2542Fax: +39 02 5740 9594olga.lepechkina@amplifon.com

EnglishWeb www.amplifon.com/English/ Investorswww.amplifon.com/English/Investors/ ItalianoWeb www.amplifon.com/Italiano/ Investorswww.amplifon.com/Italiano/Investors/