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Landi Renzo

Investor Presentation • Oct 24, 2018

4295_ip_2018-10-24_705f1759-3739-4006-be5b-f700c70adf87.pdf

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Landi Renzo Group London Star Conference

London, 24th October 2018

Agenda

•Landi Renzo Group

  • •Achieved Results and Financials
  • •Market trends and Landi Renzo Group Strategy
  • •"G-Mobility Way" – Landi Renzo Group Forward Looking

Landi Renzo Group promotes, designs and produces highly advanced integrated solutions, from gas distribution infrastructures to alternative fuel systems

LRG owns a large international footprint, through direct presence in key markets

  • •Headquarter in Reggio Emilia
  • •Founded in 1954
  • •Stock exchange listing in 2007 (MTA Star segment)
  • •14 branch offices in 11 countries
  • •About 500 employees worldwide, of which 80 in R&D
  • •5 manufacturing plants located in 5 Countries

  • •Widespread presence worldwide both in OEM and AM

  • • Global sales coverage (75+ Countries) in five continents

  • • Widespread distribution network served: more than 100 distributors and 400+ workshops
  • • Strong relationship with main car fleets and "mobility service providers"
  • •Direct sales and technical assistance forces
  • • Sales subsidiaries directly cover more than 20 Countries

LRG produces and sells Natural Gas bi-fuel conversion solutions for passenger cars and mono / dual fuel solutions for Mid – Heavy Duty vehicles

  • • Landi Renzo Group's Product Portfolio covers all Natural Gas conversion solutions (CNG, LNG and LPG):
  • osystems and components
  • osupporting passenger cars, Bus & Heavy Duty and off-road vehicles
  • oand for OEM Market and AfterMarket Market applications
  • • Landi Renzo Group is starting to enter Hydrogen - Fuel Cell segment with integrated systems and components

SAFE & CEC offers full packaging solutions to fulfill different needs in product range and applications

Public and private stations able to serve different CNG vehicle.

Mechanical and hydraulic compressors are suitable for daughter stations to meet the customer needs.

CNG Stations

for trailer

SAFE supplies a turn-key equipment

installations that do not need external power supply.

Pipeline Daughter Mobile All-in-one

Tailored solution for high capacity. All equipment is installed inside the enclosure: dryer, filters, storage, compressors, dispensers, control panel, etc.

Oil & Gas

  • • Exploration & production, unconventional gas processing
  • • Transportation, storage, marketing and natural gas processing plants
  • • Refining, distribution, processing and purifying CNG compressors

Whole package system includes compressor, skid, dispenser and all required accessories to process and measure gas

Agenda

  • •Landi Renzo Group
  • •Achieved Results and Financials
  • •Market trends and Landi Renzo Group Strategy
  • •"G-Mobility Way" – Landi Renzo Group Forward Looking

Landi Renzo Group – 18 months with successful outcome …

2017

(1) Due to the deconsolidation of Gas Distribution and Compressed Natural Gas and Sound sectors, H1 2018 financial figures are

notdirectly comparable with the same period of previous year

H1 2018 P&L highlight results are higher than strategic plan, with strong increase on EBITDA and EBIT

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Highlights

  • • Automotive sector revenues increased by 10,0M€ (+11,5%), mainly on AM
  • • Automotive Adj. EBITDA up to14,1M€ (+104,0%), positively impacted by the improvement of the gross margin (volumes and direct cost optimization) and leveraging the reduction of fixed cost. Extraordinary costs consisting in the last part of the "excellence project" started in 2017
  • • Adj. EBIT in line with best practice in the sector, also positively impacted by the 2017 AVL deal
  • • Capital Loss from SAFE&CEC up to 300K€ in Q2, with a strong reduction compared to Q1 (-900K€), thanks to the first set of actions implemented in the integration phase as well as the turnover growth

2018 H1 vs. 2017 shows a strong optimization on Working Capital 2018 H1 company has generated cash before extraordinary cash out

In 2018 NFP is impacted by

  • • Cash-in for ordinary activities by 2,8M€
  • o+14,1M€ Adj.Ebitda
  • o -5,0M€ Working capital and others receivables and debts
  • o -2,5M€ CapEx (1,3M€ tangible and 1,2M€ intangible)
  • o-3,8M€ interests and taxes
  • • Cash-out for extraordinary activities by 5,4M€ due to extraordinary costs and severance due to reduction of headcount

2018 Outlook confirms the set targets

Agenda

  • •Landi Renzo Group
  • •Achieved Results and Financials
  • • Market trends and Landi Renzo Group Strategy
  • •Automotive
  • •SAFE – Clean Energy Compression Business
  • •"G-Mobility Way" – Landi Renzo Group Forward Looking

Global car market will be impacted by several factors

Environmental protection awareness

New technologies are under development

GDP growth driving car market expansion in Asia, India and Africa

Cost of ownership and consumer habits

  • •Emission limits get tighter and requires expensive systems, even for OEMs
  • • Emissions are focusing on lower CO2 and near-zero NO X limits, with even more attention on particulate emission risk for human health
  • • Declining sales of «diesel only» vehicles are forcing OEMs to find quick, efficient and cost-competitive solutions
  • • New technologies, from Hybrid to BEV, to Hydrogen/Fuel cells and to self driving cars, are transforming the automotive sector
  • • Powertrain technology evolution, mainly turbo and direct injection, are improving engine performance while respecting emission limits both on passenger cars and Bus&HD
  • • Car fleet worldwide from 1,2billion to 1,6billion in 2025 growth will be concentrated in emerging economies
  • • GDP/head growth will drive car ownership with China and India as most attractive markets. Huge potential in Africa
  • • Buying decision will be affected by different factors based on geographical area (US, Europe, China and RoW), consumer segments (mass, premium) and usage (passenger cars, taxi fleet, Bus&HD)
  • • TCO(1) will play a key role, mainly for mass market and Bus&HD segment, especially considering rising oil price level and lower taxation on clean fuels (CNG and LPG less tax-burdened)

Overall market situation shows a promising set of opportunities both in OEM and AM business segments

Europe

  • • LPG still an option for next 3-5 yrs as strategy to meet future CAFE limits
  • • Spain, France, Germany are growing CNG markets, driven by expanding networks
  • •Strong demand for HD
  • AM

•

•

OEM

  • The main AM Markets remains Italy and Poland, with growing opportunities in eastern Europe
  • "Km 0" retrofitting the market is more and more converting new vehicles vs second-hand cars

Russia & CSI

  • OEM
  • • Market demand driven by several local OEMs both for CNG and LPGAM
  • • Russia has a fast growth in LPG; CNG conversions are increasing supported by refuelling network expansion and incentive plans
  • • Other regional markets still active both for CNG and LPG

Asia

OEMOEM demand focused on HD power

  • train production (CNG and LNG)
  • • Chinese market for new CNG/LNG trucks accounts for more than 100k new powertrains/year (global CNG / LNG HD sales is 130k units/year)
  • • India implementing Bharat 6 new Emissions (04/2020): technology discontinuity opens new competitive scenarios

LatAm

AM

OEM•

AM•

• The major markets remain Brazil and Argentina, which restarted heavily in 2018

North America

Market oriented towards Fuel

System Integrator

quality demand

Market "fleet oriented", dominated by LPG, with high

  • • Mexico is growing on CNG as long as the distribution network increases; however LPG is still dominating
  • • Colombia demand driven by gas utilities (big jump in 2018)
  • • Peru Government is evaluating fiscal rebates to imported LPG/CNG cars

OEM

•Iran is the main market

AM

  • •Algeria and Egypt are large and growing Markets
  • • The sub-Saharan area is going to be interested in "LPG revolution" while CNG is expected to grow in South Africa and Nigeria

MEA

AM

•

  • • Indian Market growing significantly during 2018
  • • China is still a market dominated by local manufacturers: direct injection engine conversion is requiring high quality products allowing non-Chinese manufacturers entrance

Cross OEM / AM global opportunities

  • • Potential opportunity for a more sophisticated AM business, with car rental fleets and car sharing management companies
  • •Exploit "0 km" and delayed OEM opportunities
  • •NG M-HD business as component supplier, to become a complete Fuel System Integrator
  • More advanced markets are looking for H2applications

•

Mid & Heavy Duty vehicles today on the road account for about 25M vehicles, with more than 130K vehicles sold on 2017 with CNG / LNG powertrain

2018 – 2022 LRG Strategic Plan has set clear directions to drive LRG towards a "virtuous" journey inside NG and Hydrogen alternative fuels

Market Focalization and Business Development

  • • Become one of the leading companies in Bus&HD and Off-road segments
  • • Benefit from current Bus&HD demand / opportunities to establish LRG presence in high growth markets
  • • Develop Bus&HD new Product Portfolio also leveraging EU6 discontinuity
  • • Consolidate leading global market position in Passenger Cars LPG (AM and OEM) with current Product Portfolio
  • • Enrich Passenger Cars CNG offering for OEMs with advanced products
  • • Increase market share in AM emerging growing markets both with LPG and CNG
  • • Exploit increasing opportunities on delayed OEM or "0 km" with fleet management companies such as car rentals, car sharing platforms, taxi companies

Targeted Partnerships for accelerating results achievement

  • • Evaluate sales and technical synergies to
  • oLeverage LRG sales & manufacturing network
  • o Accelerate new Bus&HD product portfolio go-tomarket
  • o Improve current Passenger Cars CNG product portfolio with "ready-to-use" advanced products
  • o Provide vehicle integration service solutions in Bus&HD segments, including Diesel Dual Fuel (DDF) solutions
  • o Leverage LRG Hydrogen capabilities to provide FCEV solutions

After-Market workshop and sales network is a strong asset for LRG, in an increasingly sophisticated, evolving market

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LRG has launched numerous projects to extend the Group offer in the NG Heavy Duty business

CNG & LNG Pressure Reducers

Mechanical Pressure Reducers

Consolidate diaphragm technology with OEM experience up to 300 kW

New Mechanical / Mechatronic Pressure Regulators

To confirm leadership in leading edge technologies and extend the range to higher displacement engines

CNG Tank and Filling Valves

Tank Valves

Available for External and Internal Tanks applications with high level of customization

CNG Fuel Management Module

System Solution to easy lay-out and fuel line design and installation

CNG Injector Rails

Side Feed Injectors

Leverage current PC technology and quality for HD applications

Top feed Injectors

Extend injectors application range to multi-point solutions

Dedicated Engine Control Unit

Consolidate and extend OEM experience

  • Mono-fuel Engine Management System
  • DDF Applications

•

•

Filling Valves …

Landi Renzo Group strategic plan targets 42 MEur adj. EBITDA in 2022

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Agenda

  • •Landi Renzo Group
  • •Achieved Results and Financials
  • • Market trends and Landi Renzo Group Strategy
  • •Automotive
  • •SAFE – Clean Energy Compression Business
  • •"G-Mobility Way" – Landi Renzo Group Forward Looking

Market View: CNG is a «true» world-wide market, with strong increase of Biomethane

CNG / LNG market trends

Globally, more than 8.000 new CNG stations are expected to be installed worldwide by 2022 (6% CAGR)

CNG filling stations and total NG

LPG filling stations and total LPG sales

SAFE & CEC products can be used in Biomethane production from biomass, in a worldwide growing market

Biomethane market highlights

  • • Incentives switching from energy production (electricity, heat, steam) to grid injection, fuel vehicle production and production of chemicals
  • • More than 17.000 biogas plants in Europe (75% of which in Germany, Italy and France) could potentially be converted to biomethane production
  • • Global biomethane market estimated in 1,2 Bn Eur in 2017, with expected growth at a 6,7% CAGR between 2017 and 2025

SAFE-CEC join venture targets more than 100MEur of revenue and 20% of Adj. Ebitda in 2022

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Agenda

  • •Landi Renzo Group
  • •Achieved Results and Financials
  • •Market trends and Landi Renzo Group Strategy
  • •"G-Mobility Way" – Landi Renzo Group Forward Looking

In a transformational environment and while implementing the Strategic Plan, Landi Renzo Group is looking forward

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www.landirenzogroup.com 26

Landi Renzo - Company profile (17/10/2018)

BOARD OF DIRECTORS

TOP MANAGERS

INVESTOR RELATIONS

Investor Relations Contacts:

Paolo CilloniTel: +39 0522 9433 E-mail: [email protected] www.landirenzogroup.com

SHAREHOLDING

SHARE INFORMATION

N. of shares outstanding: 112.500.000 Price as of 17/10/18 € 1.078 Capitalization: € 121.3 mln

FTSE Italia STAR

STOCK VS MARKET

Disclaimer

This document has been prepared by Landi Renzo 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

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