The IMA Group - March 2016

THE IMA GROUP

March 2016

Welcome to the IMA Group

IMA at a glance 4

Vision and Mission 5

Main steps 6

IMA in the world 11

Balanced Offer 13

Revenue Sources 14

Main customers 15

Trend of the sales

Consolidated income statement

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Index

THE IMA GROUP

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§ Founded in 1961, IMA is world leader in the design and manufacture of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee.

§ Global pharmaceutical supplier with the widest range of state-of-the-art processing and packaging systems.

§ About 4,800 employees, about 2,400 of them based abroad.

§ The IMA Group closed 2015 with consolidated revenues of over one billioneuros (1,109.5 million euros), an increase of 29.8% on 2014.

§ About 90% of turnover is destined for export.

§ Worldwide sales and service network.

§ Cutting-edge R&D laboratories and continuous product innovation with more than1,400 patents and patent applications in the world.

§ Listed on the Milan Stock Exchange since 1995 and starting from 2001 on the STAR segment. The Vacchi family is the largest shareholder, who holds 60% stake of IMA.

THE IMA GROUP

IMA at a glanceInnovation, awareness, ability

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§ IMA's philosophy is based on research and innovation. For more than 50 years, the company has produced hi-tech automatic machines for the pharmaceutical, cosmetics, tea, coffee and food industries.

§ Its position of leadership is the result of significant investment in R&D, regular and constructive dialogue with the end users in its sectors and the Group's ability to expand internationally, conquering new markets.

§ IMA’s work is based on the responsibility towards the community and awareness of the important economic and social impact that may result from the decisions and choices made.

§ IMA fosters an environmentally friendly attitude with a view to achieving sustainable development.

THE IMA GROUP

Vision and Mission

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‘60• I.M.A. Industria Macchine Automatiche is established in Bologna in 1961. The first

machine designed by IMA is for the packaging of powdery products into folded paper envelopes.

• The Vacchi family purchases 52% of IMA in 1963, promoting its industrial growth and development. In those years IMA launches the production of automatic tea bagging machines, a sector in which IMA is now the undisputed world leader.

‘70• IMA starts manufacturing automatic machines for the packaging of pharmaceutical

products, by launching a blister machine.

‘80• Setting up of branch offices in Europe and the USA and acquisition of well-known Italian

companies (Zanasi and Farmomac) manufacturing packaging machines for the pharmaceutical sector.

THE IMA GROUP

Main Steps1. Ideas take shape

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‘90• Acquisition of Win.Pack, BFB, Libra and Precision Gears (India).• Joint-venture with Omori (Japan), opening of a branch office in Beijing and setting up of

two joint-ventures in China.• Listing of IMA on the Milan Stock Exchange in 1995. • IMA's Quality System is awarded ISO 9001 Certification.

2000• Acquisition of Kilian (Germany), GS Coating, Ico and Co.ma.di.s. • IMA enters the STAR (Prime Quality Stocks) segment of the Milan Stock Exchange in 2001. • Setting up of the third joint-venture in China.• Opening of branch offices in Thailand, Spain and Brazil.• Acquisition of the US Packaging Systems Holding, owners of Nova Packaging Systems,

world leader in counting machines and holding company of Swiftpack Automation (UK).• Acquisition of VIMA Impianti, Zanchetta and PharmaSiena Service.• Acquisition of the freeze-drying machinery business of the BOC Edwards Pharmaceutical

Systems Group, undisputed leader in this sector, and of Edwards Tianli Pharmaceutical Systems (China).

THE IMA GROUP

2. Growth and consolidation

Main Steps

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2010 – 2012

• The freeze drying machinery business of the BOC Edwards Pharmaceutical Systems Group is re-named IMA Life, with plants in the Netherlands, the USA and China.

• In 2010 IMA acquires a majority stake in GIMA, a packaging company based near Bologna, Italy, which operates prevalently in food & beverage and personal care.

• In 2010 IMA signs an agreement for the acquisition of the “Dairy & Convenience Food” division of the Sympak Corazza Group.

• In 2011 IMA completes the closing of the “Dairy & Convenience Food” division and purchases the “Chocolate & Confectionery” business of the Sympak Corazza Group.

• In 2011 IMA and SACMI sign an agreement to share the newco “CMH”, dedicated to the chocolate industry.

• Setting up of the Group's new organisational structure featuring two main brands: IMA Industries (machines for the packaging of tea, coffee, food and cosmetic products) and IMA Pharma (machines for the processing and packaging of pharmaceutical products).

THE IMA GROUP

Main Steps3. Latest acquisitions and alliances

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2013

• Acquisition of a 40% interest in the ILAPAK Group (Switzerland).• Acquisition of a 59% interest in Shanghai Tianyan Pharmaceutical Machinery (China). • Sale of the entire investment in Stephan Machinery.• Sale of the entire investment in IMA Kilian.• IMA's investment in the ILAPAK Group rises to 51%.

2014

• IMA's investment in the ILAPAK Group rises to 81%.• Sale of the investment in Zibo IMA Xinhua Pharmatech.• Acquisition of a minority equity interest of CONTINUUS Pharmaceuticals.• On 15 December 2014 IMA signs an agreement for the acquisition of BENHIL, ERCA,

HASSIA, HAMBA and GASTI (OYSTAR Group).

THE IMA GROUP

Main Steps3. Latest acquisitions and alliances

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2015

• Agreement signed for the acquisition of a stake in Teknoweb Converting.• Completion of acquisition of BENHIL, ERCA, HASSIA, HAMBA and GASTI

(OYSTAR Group).• Completion of acquisition of a stake in Teknoweb Converting.• Sale of the holding in CMH.

2016• Agreement signed for the acquisition of the Medtech businesses of

Komax Group and Telerobot.

THE IMA GROUP

Main Steps3. Latest acquisitions and alliances

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Production Plants

IMA manufactures equipment in 34 production plants located in Italy, Germany, France, Switzerland, Spain, UK, USA, India, China.

IMA: a synthesis of industrial experiences from all over the world

U.S.A.: IMA North AmericaIMA Life North AmericaDelta Systems & Automation

THE IMA GROUP

France: ErcaGermany: Benhil, Gasti, Hamba, Hamba Filltec, HassiaU.K.: SwiftpackSpain: Erca-Formseal IbéricaSwitzerland: Ilapak International

Italy:IMA S.p.A.CorazzaGimaGima TTCo.ma.di.s.PharmasienaIlapak ItaliaRIFillshapeG.S.Teknoweb Converting

China: IMA Life BeijingShanghai TianyanIlapak (Langfang)India:Hassia Packaging IMA-PG

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IMA in the world: a global network for high technology selling

Presence in about 80 countries with headquarters in Italy, branches in Europe, Middle East, North America, South America, Asia and representative offices in Central and East Europe and more than 50 local agents.

Sales Representatives

After Sales AssistanceIMA provides world-wide technical assistance through its headquarters in Italy, branch and local agents.

Countries covered by branches and representatives offices

THE IMA GROUP

Tea, Food & Other53.2%

Pharmaceutical46.8%

Total sales: € 1,109.5 million

Tea, Food & Other46.9%

Pharmaceutical53.1%

2015

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2014

Total sales: € 854.6 million

Balanced Offer

THE IMA GROUP

Revenues by Geography2015

After Market Sales30.0%

New Sales70.0%

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Revenues by Nature2015

• Significant share of the Group’s earnings generated by after-sale services, spareparts and equipment, which are higher-margin and recurring in nature (30% ofoverall revenues)

• Geographically well diversified revenue sources

Restof the world

10.7% Italy10.7% Rest

of Europe6.2%

E.U.31.8%North

America 20.1%

Restof Asia16.9%

China3.6%

Revenue Sources

THE IMA GROUP

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Group profileSome of IMA’s main customers

AbbottActavisAenovaAhmad TeaAmgenArla FoodsAstellasAstraZenecaBahlsenBaxterBayerBel GroupBigelow TeaBoehringer IngelheimBoironBristol-Myers SquibbBritish American TobaccoCadbury AdamsChiesi FarmaceuticiChiquitaChupa ChupsCloverhill BakeryConAgra Foods

CooperVisionDanoneDelpharmEisaiEli LillyFabbri 1905FerreroGedeon RichterGeneral MillsGlaxoSmithKlineGroupe LactalisGroupe Soparind BongrainGrunenthalGrupo BimboGrupo SiroHalterHospiraJohnson & JohnsonJVCKraftKrkaLand O’LakesL’Oréal

Laurens Spethmann HoldingLiptonLotteMars IncorporatedMenariniMerck & Co.MiratorgMission FoodserviceMondelez InternationalNestléNextPharmaNice PakNovartisNovo NordiskNyproOrimi TradePatheonPepperidge FarmPerfetti Van MellePfizerPhilip MorrisProcter & GambleReckitt Benckiser

RocheSandozSanofi AventisSara LeeSeaquist ClosuresServierTakedaTechnicolorTetleyTetra PakTevaThe Coca Cola CompanyTwiningsUCBUnileverWestern DigitalWitor’sWrigleyZambonZoetis

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TEA, FOOD & OTHER PHARMACETICAL TOTAL

2011 2012 Restated 2013 2014 2015

Euro/million

Trend of the sales

31.12.2015 vs. 31.12.2014

IMA 2015 % 2014 % change %

Euro/million

Revenues 1,109.54 100.0% 854.61 100.0% 29.8%

Cost of sales (688.77) -62.1% (496.41) -58.1% 38.8%

Gross industrial income 420.77 37.9% 358.20 41.9% 17.5%

R&D costs (40.05) -3.6% (36.22) -4.2% 10.6%

Sales costs (115.33) -10.4% (99.29) -11.6% 16.2%

General and administrative costs (140.30) -12.6% (113.56) -13.3% 23.5%

Operating profit before writedowns/impairment/

non-recurring items (EBITA) 125.09 11.3% 109.13 12.8% 14.6%

Writdowns/impairment adjustments - 0.0% - 0.0%

Non-recurring items (9.47) -0.9% (1.22) -0.1% 676.2%

EBIT 115.62 10.4% 107.91 12.6% 7.1%

Net financial income (expense) (1.04) -0.1% (18.51) -2.2% -94.4%

Profit (loss) from investments accounted for using the equity method 0.51 0.0% 1.39 0.2% -63.3%

Taxes (37.25) -3.4% (34.04) -4.0% 9.4%

Profit (loss) pertaining to minority interests (7.92) -0.7% (5.19) -0.6% 52.6%

GROUP PROFIT 69.92 6.3% 51.56 6.0% 35.6%

EBITDA BEFORE NON-RECURRING ITEMS 157.52 14.2% 131.55 15.4% 19.7%

EBITDA 148.05 13.3% 130.33 15.3% 13.6%17

Consolidated income statement

This document has been prepared by IMA for information purposes onlyand for use in presentations of the Group’s results and strategies. The dataand information contained herein have not been independently verified.

For further details on IMA Group reference should be made to publiclyavailable information, including the Annual Report and the Semi-Annualand Quarterly Reports.No representation or warranty, expressed or implied, is made as to, and noreliance should be placed on, the fairness, accuracy, completeness orcorrectness of the information or opinions contained herein.

None of the company, its advisors or representatives shall have anyliability whatsoever (in negligence or otherwise) for any loss howsoeverarising from any use of this document or its contents or otherwise arisingin connection with this document. The forward-looking informationcontained herein has been prepared on the basis of a number ofassumptions which may prove to be incorrect and, accordingly, actualresults may vary.This document does not constitute an offer or invitation to purchase orsubscribe for any shares and no part of it shall form the basis of or berelied upon in connection with any contract or commitmentwhatsoever.

The information herein may not be reproduced or published in whole or inpart, for any purpose, or distributed toany other party.By accepting this document you agree to be bound by the foregoinglimitations.

March2016

Disclaimers

THE IMA GROUP

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Thank you for your attention

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