Interpump Group — Investor Presentation 2015

Oct 5, 2015

Presentation to Analysts and Investors

Disclaimer

This document has been prepared by Interpump Group S.p.A for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the "Group"), as well as any of their directors, officers, employees, advisers or agents (the "Group Representatives") accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available.

This document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future

results.

The information set out in this document is provided as of the date indicated herein. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward-looking statements. Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever.

This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations.

Presentation to Analysts and Investors

Index

Who We Are	03
A Success Story	07
Interpump Group Today	11
Developing Strategy	21
Most Significant Events 2015	24
Appendix	27

The Worldwide Leader in the Niche Business of Very High Pressure Plunger Pumps (40-50% Market Share)

Prestigious Brands for Diversified Applications

The 'Prototype' and the Most Versatile in Semi Professional Applications

The Leader in Sewer Cleaning and Lightness

Leader in Contractor Business in US The Most Innovative Brand in Challenging Markets

A Fast Growing Global Player in the Huge Business of Hydraulic

Leader in the Truck Business (~50% Market Share in PTO's).

Fast Growing in Mobile (Agriculture, Earth Moving) and Industrial Businesses.

A Success Story

Trend by Year: Constantly Improving

From 2004 to 2013 figures are prepared in accordance with International Financial Reporting Standards (IFRS).

a. Pro-forma with Hammelmann 12 months, without Cleaning Sector.

• b. Pro-forma with NLB 12 months c. Pro-forma with Modenflex, Contarini, Panni, Cover, H.S. Penta and IKO

• 12 months.

• e. Without Unielectric f. Pro-forma with American Mobile Power 12 Months.

• g. Pro-forma With Hydrocontrol Group 12 Months

From 1996 to 2003 figures are prepared in accordance with Italian Accounting Standards.

d. Pro-forma with H.S. Penta 12 months without Unielectric.

A Success Story

Highly Cash Generative Over Time

From 1st Jan '97 to 31 Dec '14

	Euro/million
Operating cash flow		857
Capital expenditures		(284)
Net cash flow before acquisitions and dividends		573
Dividends	(297)
Buy back	(85)	(272)*
Share capital increase	110
Sub-total		301
Acquisitions		(634)
Disposal of investments		224
Change in net financial position		(109)

* Since listing (Dec. 1996), IPG has returned to shareholders about 119% of the IPO capitalisation

Net Debt

Net Debt/EBITDA (12 M)

Net debt*, after the peak in 2009, rapidly declined and today D/EBITDA ratio is lower than 1.5x.

* Net of treasury stock and including commitments for purchase of investments.

A Success Story

Trend by Year: Very High Profitability

* From 2004 to 2014 figures are prepared in accordance with International Financial Reporting Standards (IFRS). From 1996 to 2003 figures are prepared in accordance with Italian Accounting Standards.

a) With Hammelmann 12 months, without the Cleaning Sector;

b) With Contarini, Modenflex and IKO 12 months;

c) With H.S. Penta six months;

d) Whit Hydrocontrol eight months.

ROCE: Operating profit/(consolidated shareholder's equity + net debt).

12 Mo's 2014 Financial Results

(euro/million)	2013	2014	Changes
SALES	556.5	672.0	+20.8%
EBITDA	105.2	136.1	+29.4%
% sales	18.9%	20.3%
NPAT	44.1	57.7	+31.0%
% sales	7.9%	8.6%
NET DEBT (31.12)
Net Financial Position	88.7	152.0	+63.3
Valuation of Put Options	32.7	74.1	+41.4
TOTAL DEBT	121.4	226.1	+104.7

12 Mo's 2014 Financial Results By Sector

(euro/million)	SALES				EBITDA
Sectors	2013	2014	Growth	2013	%	2014	%	Growth
HYDRAULIC	294.1	396.2	+34.7%	41.4	14.1%	69.4	17.5%	+67.6%
WATER JETTING	262.4	275.8	+5.1%	63.7	24.2%	66.7	24.1%	+4.6%
OTHER	-	-		-	n.s.	-	n.s.	n.s.
TOTAL	556.5	672.0	+20.8%	105.1	18.9%	136.1	20.3%	+29.4%

First Half 2015 Financial Results

(euro/million)	2014	2015	Changes
SALES	341.2	467.0	+36.9%
EBITDA	71.0	96.6	+36.0%
% sales	20.8%	20.7%
NPAT	33.1	80.6	+143.7%
% sales	9.7%	17.3%
NET DEBT (31.03)
Net Financial Position	154.4	282.5	+128.1
Valuation of Put Options	65.2	42.4	-22.8
TOTAL DEBT	219.6	324.9	+105.3

First Half 2015 Financial Results By Sector

(euro/million)	SALES				EBITDA
Sectors	2014	2015	Growth	2014	%	2015	%	Growth
HYDRAULIC	205.4	297.8	+45.0%	37.3	18.1%	53.8	18.1%	+44.4%
WATER JETTING	135.9	169.2	+24.5%	33.8	24.8%	42.7	25.1%	+26.3%
OTHER	-	-		(0.1)	n.s.	(0.1)	n.s.	n.s.
TOTAL	341.2	467.0	+36.9%	71.0	20.8%	96.6	20.7%	+36.0%

Worldwide Presence

Water Jetting Sector Hydraulic Sector

AREA	PLANTS	EMPLOYEES
ITALY	3	467
REST OF EUROPE	2	322
NORTH AMERICA	3	335
REST OF THE WORLD	2	34
TOTAL	10	1,158

AREA	PLANTS	EMPLOYEES
ITALY	12	2,106
REST OF EUROPE	6	275
NORTH AMERICA	5	467
REST OF THE WORLD	13	807
TOTAL	36	3,655

Emerging Markets: A Well-Balanced Presence

Total Turnover: Euro 812 Million* (12 Mo's 2014)

Sales By Geography Production By Country (FY 2014)*

* 12 Mo's 2014, pro-forma including Walvoil

Breakdown of Sales by Sector-Geography

Water Jetting Sector Hydraulic Sector

Total Turnover: Euro 276 Million (12 Mo's 2014)

Total Turnover: Euro 536 Million (12 Mo's 2014)*

* Pro-forma, Including Walvoil, 12 Months

Water Jetting : Breakdown of Sales by Application Field

Hydraulic Sector: Breakdown of Sales by Application Field

INTERPUMP GROUP Strengths

1	Worldwide Markets
2	Diversified Markets
3	Market Niches
4	Wide Range of Products
5	Numerous Customers
6	Prestigious Brands
7	Low level of fixed costs
8	Strong Know-how and stable technologies
9	Significant Track record in Acquisitions
10	Leadership in Big Part of his Business

Developing Strategy

Water Jetting: Challenging Market Drivers

Developing Strategy

Water Jetting: New Challenging Development

Fuel injection pump for ship diesel engine. Zero Emission Pump

Offshore and underwater pump for oil and gas Mud pump.

Developing Strategy

Hydraulic: Cross Selling in Many Different Markets

Most Significant Events 2015

Walvoil Acquisition

Walvoil Group, headquartered in Reggio Emilia, one of the most significant international players in the manufacture and sale of hydraulic valves and distributors.

Main Figures in 2014
SALES	€ 140.3 million
EBITDA	€ 19.2 million
NET DEBT	€ 31.8 million

Total acquisition price, for 100%

€ 116.4 million*

€ 45,8 million Payment: through the sale of n. 4,004,341 shares listed Interpump Group S.p.A. and through the payment of € 70.9 million in cash.

Most Significant Events 2015

InoxiHP Acquisition

InoxiHP, based in Nova Milanese (MB), manufacturer of high- and very-high pressure water systems and leader in steel-plant applications.

Main Figures	in 2014
SALES	€ 10.8 million
EBITDA	Over 30%
NET CASH	€ 0.7 million

Total acquisition price, for 52.72%

€ 6.5 million by cash and through the sale of n. 156,160 shares listed Interpump Group S.p.A.

Most Significant Events 2015

Bertoli Acquisition

Bertoli, located in Parma, one of worldwide players in the market of the industry for the design and building of high pressure homogenizers with plunger pumps, mainly for the food industry, but also for chemistry and cosmetichs

Main Figures in 2014

SALES	€ 11.2 million
EBITDA	€ 2.3 million
NET CASH	€ 1.0 million

Total acquisition price, for 100%

€ 7.3 million by cash.

Appendix

Stock and Governance: Increasing stock performances

Management Team

Fulvio Montipò	Chairman & CEO
Paolo Marinsek	Chairman & Deputy CEO
Carlo Banci	CFO

Shareholders Structure

Gruppo IPG Holding S.r.l.

Fidelity Investment Trust

Caisse des Depots et Consignations

FIN TEL

• Norges Bank
• Amber Southern European Equity Limited

Treasury Shares

MARKET

Source: CONSOB/Company April 30, 2015

Interpump Stock Performance

Since the listing until September 16, 2015 the total return to shareholders' (stock price increase + dividends + buy-back) has been 12% per Year.

September 16, 2015
S h a r e p r i c e	12.66
M a r k e t C a p i t a l i z a t i o n	€ 1.378 M	Milan Stock Exchange
P e r f o r m a n c e 3 M :	-9.60%
P e r f o r m a n c e 1 Y :	+25.68%
P e r f o r m a n c e 2 Y :	+58.99%	Source:
A v e r a g e d a i l y V o l u m e	237.435

IP MI Price Trend

Appendix

Procurement Costs

Purchases as % of Sales
Year	st 1 half	12 Mo's
2007	41.0%	40.8%
2008	41.1%	40.1%
2009	41.8%	42.2%
2010	39.7%	39.8%
2011	40.7%	40.7%
2012	39.4%	39.2%
2013	39.0%	39.0%
2014	38.5%	38.3%
2015	38.0%	-
Average	39.9%	40.0%

IPG deployed a strong effort in reducing procurement costs. In 2015, procurement costs decreased by 0.5 points as a percentage of sales.

Free Cash Flow

Free Cash Flow 12 Months
(euro/million)	2009	2010	2011	2012	2013	2014
Cash Flow from Operations	25.4	54.7	60.4	65.6	65.2	96.8
Working Capital	44.7	5.5	(21.5)	(14.8)	(0.9)	(21.5)
Capex	(9.2)	(8.7)	(11.8)	(15.8)	(29.8)	(34.1)
Other	2.2	5.5	3.8	3.6	(0.2)	(2.9)
Free Cash Flow	63.1	57.0	30.9	38.6	34.3	38.3

In 2014, Free Cash Flow is negatively affected by the increase of the working capital and negatively affected by the higher capex mainly related to new building of Hammelmann.

The 2009 and 2010 was positively affected by the reduction of working capital due to the queue of the 2009 crisis.

Appendix

Synthesis of Results (Twelve Months*)

Euro/million	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005 a	2006 b	2007 c	2008 d	2009 e	2010	2011 f	2012	2013 g	2014
Net Sales	199.6	221.3	283.4	319.3	411.7	426.1	492.9	501.7	531.7	331.6	364.9	432.2	424.5	342.9	424.9	472.3	527.2	556.5	672.0
EBITDA	40.7	46.8	61.1	64.9	79.8	81.4	84.5	75.2	77.3	68.0	79.1	94.3	87.0	46.9	74.1	94.7	105.8	105.2	136,1
Margin	20.4%	21.2%	21.6%	20.3%	19.4%	19.1%	17.1%	15.0%	14.5%	20.5%	21.7%	21.8%	20.5%	13.7%	17.4%	20.0%	20.1%	18.9%	20.3%
EBIT	35.5	40.5	52.4	55.1	67.2	67.6	69.2	59.2	60.5	57.4	69.7	82.2	75.7	29.2	54.7	75.7	84.1	79.2	104.4
Margin	17.8%	18.3%	18.5%	17.2%	16.3%	15.9%	14.0%	11.8%	11.4%	17.3%	19.1%	19.0%	17.8%	8.5%	12.9%	16.0%	15.9%	14.3%	15.5%
Net Profit	7.6	13.8	16.6	22.2	19.0	21.4	21.1	14.3	19.7	27.1	41.6	42.9	40.2	14.0	27.4	42.6	53.2	44.1	57.7
Margin	3.8%	6.2%	5.9%	6.9%	4.6%	5.0%	4.3%	2.8%	3.7%	8.2%	11.4%	9.9%	9.5%	4.1%	6.4%	9.0%	10.1%	7.9%	8.6%
Operating Cash Flow	18.4	28.8	42.9	36.5	59.3	43.6	51.6	35.5	17.5	31.7	37.9	44.7	38.1	69.6	65.0	39.0	53.3	65.3	95.8
Net Fin. Debt	43.0	38.8	67.9	139.3	153.2	150.7	145.4	172.3	178.4	115.8	99.9	139.6	200.5	186.5	134.9	121.6	66.1	100.3	178.8
(net of treasury stock and including commitments for purchase of investments)
Shareholder's Equity	133.1	143.7	157.1	177.1	162.0	182.8	193.4	173.8	179.9	156.7	155.9	147.1	178.0	242.8	291.5	315.2	396.9	432.9	466.6
Debt/Equity	0.32	0.27	0.43	0.79	0.95	0.82	0.75	0.99	0.99	0.74	0.64	0.95	1.13	0.77	0.46	0.39	0.16	0.23	0.38

* From 2004 to 2013 figures are prepared in accordance with International Financial Reporting Standards (IFRS). From 1996 to 2003 figures are prepared in accordance with Italian Accounting Standards

a) With Hammelmann 9 months, without Cleaning Sector.

b) With Hammelmann 12 months, without Cleaning Sector.

c) With NLB 11 months.

d) With Modenflex 5 months, Contarini 2 months, IKO 1 month.

e) With H.S. Penta 6 months.

f) Without Unielectric and with American Mobile Power 9 Months.

g) With Hydrocontrol Group 8 months.

The Manager responsible for preparing the company's financial reports, Carlo Banci, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

S.Ilario d'Enza, August 6, 2015 The Manager responsible for preparing the company's financial reports Carlo Banci

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