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B&C Speakers is...... one of the largest and most prestigious electroacoustic transducer* manufacturers in the world; designing, developing and manufacturing only for the high-end professional audio market under its own ‘B&C Speakers’ brandname.

Company’s product mix includes low-frequency drivers, high-frequency drivers, coaxials and horns.

* An electroacustic transducer is a device that converts electrical energy into acoustic (sound). It is the principal component of a speaker used for the reproduction of music, and is commonly known as ‘loudspeaker’.

Low-frequency Drivers:

Low-frequency Nd Drivers:

High-frequencyDrivers:

Coaxials: Horns:

Made in Italy...B&C manufactures all its products in its state-of-art production facility located in Bagno a Ripoli (Firenze) that was built in 2009. This 9,500 m2 production facility merged previously-separate production units into one single building, increasing assembly capacity and incorporating a higher level of automation. In addition, the Company runs its operations from its head-office building situated over a 3,000 m2 land very close to the production facility.

10% of B&C’s workforce (of 90 employees) is dedicated to Research & Development.

B&C has sales and distribution centers in USA and Brazil: two important markets for its products.

B&C has always focused greatly on quality control, which provided

the company with the international reputation of

providing leading edge products of the highest quality.

B&C Speakers produces solely for…

Its clients are professional audio system producers like Bose, Yamaha, Martin Audio, Nexo, D&B Audiotechnic, QSC Audio, L-Acoustics, Yorkville Sound, Turbosound...etc.

Around 2/3 of the Company sales are custom-made products sold directly to these OEMs (Original Equipment Manufacturers), whereas the remaining part are catalog products sold via a wide distributor network with representation in over 70 countries around the world.

... the professional audio market.

B&C Speakers is the largest player in its focus market with a 14% market share.

Audio Market

Auto-motive

1o

Installation

After Market

Musical Instrumen

ts

Guitar

Portable

Pro Audio

TouringContract

or

Fixed Installatio

ns

P.A.

Home

HiFi

H.T.

Focus Market for B&C Speakers is estimated to be as big as

€200 mn*

* B&C Speakers estimates for 2011

Revenue composition by product type

LF D

river

s

LF N

D Driv

ers

HF Driv

ers

Coaxials

Horns

Other

sTo

tal

0.00

5.00

10.00

15.00

20.00

25.00

FY2011 30.2%

27.2%

32.5%

6.9% 0.5% 2.6% 100%

1Q2012

28.0%

27.6%

33.9%

7.1% 0.4% 3.0% 100%

57% of 1Q2012 sales are created via LF Drivers

FY

20

11

- €

mn

Loudspeakers

8.1

7.3

8.81.9 0.1 0.7 26.9

Revenue composition by sales channel

The share of custom-made products sold to OEMs -in the total turnover- continues

to increase in 2012

OEM Distributors Consumers Total0

5

10

15

20

25

18.8

8.0

0.2 26.9

FY2011

70% 29% 1% 100%

1Q2012

74% 23% 3% 100%

FY

20

11

- €

mn

Geographical revenue breakdown

FY2011

1Q2012

Europe Sales 11.9 mn

3.4 mn

% in total 44% 52%

Italy Sales 4.1 mn

1.0 mn

% in total 15% 15%

N. America Sales 4.4 mn

1.0 mn

% in total 16% 15%

Asia & Pac. Sales 3.5 mn

0.9 mn

% in total 13% 14%

Latam Sales 2.3 mn

0.3 mn

% in total 9% 5%

M. East & Africa Sales 0.5 mn 0.01 mn

% in total 2% 0%67% of 1Q2012 revenues are

generated in Europe

Revenue evolution

B&C reached record-high revenues in FY2011

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20109M20110

5

10

15

20

25

6.98 8

9.3

11.412.3

13.1

15.516.4

19.320.5

22.521.4

17.2

23.4Economic

Crisis

Growth (CAGR of 9.8% b/w ‘96 and 2011)€ mn 27.

9

2011

1Q2012 Summary P&L - Consolidated

• Consolidated revenues remained flat in 1Q2012, at around the level of 1Q2011 sales that was a record high in Company history.

• The 3p.p. YoY contraction in the EBITDA margin was due to the fact that, during 1Q2012 the Company utilized the magnets that were acquired at a significantly higher cost during FY2011.

• Net income was €0.6 mn in 1Q2012.

Income Statement FY2011   1Q2011   1Q2012  (Euro 000)            Total Net Sales 27,954 100% 6,521 100% 6,507 100%

Change in Inventory 698 3% -57 -1% 233 4%Cost of Material -11,690 -42% -2,447 -38% -2,982 -46%Cost of Labor -4,451 -16% -1,131 -17% -1,065 -16%Service Costs -5,820 -21% -1,438 -22% -1,382 -21%Other -316 -1% -39 -1% -53 -1%EBITDA 6,375 23% 1,409 22% 1,258 19%

Depreciation &Amortization -715 -3% -151 -2% -171 -3%EBIT 5,660 20% 1,258 19% 1,087 17%

Financial Income, Net -80 -0.30% -18 0% -8 0%

Income Before Tax 5,580 20% 1,240 19% 1,079 17%Tax and other 1,860 7% -429 -7% -490 -8%Net Income 3,720 13% 811 12% 589 9%             

1Q2012 Summary B/SB/S Dec 31, 2011 Mar 31, 2012 Δ

(Euro 000)      

Fixed Assets 3,646 3,665 19

Inventories 5,945 5,763 -182

Trade Receivables 5,727 6,055 328

Other Receivables 737 825 88

Trade Payables -2,376 -3,037 -661

Other Payables -1,956 -2,213 -257

Net Working Capital 8,077 7,393 -684

Other Funds -1,106 -1,087 19

Net Invested Operating Capital 10,618 9,971 -647

Cash Equivalents 2,048 3,620 1,572

Goodwill 1,394 1,394 0

Other Financial Assets 773 800 27

Net Invested non-Operating Capital 4,215 5,813 1,598

Net Invested Capital 14,833 15,784 951

Shareholders' Equity 12,302 13,666 1,364

Short-term Financial Debt 1,404 991 -413

Long-term Financial Debt 1,127 1,127 0

Capitale Raccolto 14,833 15,784 951

• B&C Speakers has a Net Cash position of €1.5 mn by the end of 1Q2012. The Company had Net Debt of €0.5 mn by YE2011.

2012 • B&C Speakers budgeted total revenues of

€28.6 mn for 2012, with a yoy increase of 2.5%,

• The value of the Company’s order portfolio by the end of May 2012 is at €8.6 mn.

• The price of neodymium, a major raw material for B&C Speakers, has decreased strongly (by around 65%) after last year’s bubble that multiplied the price by 8x. This price decrease is significant for the industry, and especially for B&C Speakers who is the leader in the production of those most advanced transducers.

Stock data & Shareholding Structure

Research&Development 66.3%

B&C Speakers (own shares)

2.7%

Oyster Sicav 3.5%

Allianz Global Investor 3.1%

First Capital 2.0%

Safe harbor statementCertain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. They are based on the assumptions, beliefs and expectations of our management team as of the date this slide show was prepared. Forward-looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate. Forward-looking statements may also be affected if our assumptions turn out to be inaccurate. Consequently, no forward-looking statement can be guaranteed and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statements. For additional information concerning other factors that may affect the Company’s current and future business, results of operations and financial condition, we suggest you review the Company’s filings with Borsa Italiana. The Company undertakes no obligation to update the forward-looking statements to reflect events or circumstances that may arise after the date hereof.

Thank you!