Zanussi Metallurgica S.p.A.Zanussi Metallurgica S.p.A.

VCPMAJORITY SHAREHOLDERS

Firm specializing in management of private equity funds

Established in 1988 VCP has completed 50 investments, totaling over 13 billion dollars

Today running funds over 4 billion dollars 18 companies in portfolio

Fund named “VCP IV” active for new investments with a subscribed capital of 2,5 billion dollars

VCP MAININVESTMENTS SECTORS

• Aircraft components

• Foods/Beverages

• Retail/Apparel/Textile

• Consumer products

• Industrial Products • Healthcare

• Media/ Communications

• Specialty Chemicals• Packaging

MAIN INVESTORS INVCP EQUITY

• Public Pensions

• Corporate Pensions

• Financial Institutions

• Endowments and

foundations• Foreign

Investors

VCP CRITERIAFOR INVESTING

• Old Economy Sectors

• Leadership in the Market

• Growth Potentiality

• Partnership with Management

MISSION ZML

Zanussi Metallurgica wants to keep a stable Leadership position on the European Market supplying Cast Iron and Aluminum Die casted components as well as Enameled Copper Wires, having reliable relationship with customers and using best practices.

Everybody has to cooperate reaching excellent performances in: Customer Satisfaction Quality Production and Service Efficiency Profitability Environmental Concern

“People make the difference” at ZML and achievement of our goals is based on:Involvement, Cooperation, Responsibility and Membership Pride

Managing DirectorA. OLIMPI

Cast Iron DivisionG. STEFFENATO

Aluminum DivisionG SARTORI

Copper DivisionG. SARTORI

Administration -I.T. & ControlP. GASPARDO

HR & TQMG. TONELLOTTO

Industrial AreaM. PITTERI

Material AreaG. DRUSIAN

Resources AnalysisL. OTTOGALLI

Quality AssuranceS. NOTARO

Industrial AreaT. ANZIUTTI

Materials area L. RIGO

Quality AssuranceR. MILLIN

Resourses AnalysisF. ROSSITTI

Industrial AreaF. FIGINI

Materials AreaN. SARTORI

Quality AssuranceP. BONAVOLTA

Resources AnalysisV. NICODEMO

ManufactoringProduction planningMaintenanceQuality ControlEngineeringProduct Development

PurchasingLogisticsSales

ManufactoringProduction planningMaintenanceQuality ControlEngineeringProduct Development

PurchasingLogisticsSales

ManufactoringProduction planningMaintenanceQuality ControlEngineeringProduct Development

PurchasingLogisticsSales

ZML ORGANIZATION CHART

ZML STRATEGIC ISSUES

Products range wideningAdded Value IncreasingNew Materials and

Technologies Co-makership

ZML STRATEGYIMPLEMENTATION

Internal Growth Merger and Acquisitions Joint-venturesCommercial Partnerships

3,9

14,3

12,3

8,1

11,5

3,7 3,5 3,8

0

2

4

6

8

10

12

14

16

1994 1995 1996 1997 1998 1999 2000 2001

EURO

MIL

LION

S

INVESTMENTS

PLANT LAY-OUT

Maniago Plant

CSSE URM

CAST IRON

ALUMINIUM

COPPER

S.G.M.

COPPERWAREHOUSE

Tooling Dept.

ALUMINIUMWAREHOUSE

CARMO

Offi

ces

Cant

een

Serv

ices

Porter’s Lodge

Aviano PlantCopper

CAST IRON

MELTING CENTER

CAST IRON

MOULDING AM 49

DISAMATIC 1

CAST IRON

SAND BLASTING EQUIPMENTS

ALUMINUM

MELTING OVEN

ALUMINUM

DIE CASTING PRESSES

ALUMINUM

2000 TONS PRESS BAY

COPPER

DRAWING MACHINE

COPPER

ENAMELLING LINE

COPPER

ENAMELLING LINE

GENERAL FIGURES

Number of employees 634 - (avg. 627)

Main Products Rough/Machined Castings in Grey IronDie Cast AluminumEnameled Copper Wire

Technologies Cast Iron Green SandAluminum Cold chamber pressure

die-castingCopper Drawing, annealing and

enameling of wire

Total Area 348.232 m2

Covered Area 110.159 m2

PRODUCTION FACILITIESAND RANGE

Components Production FacilitiesCapacity

Cast Iron 0.10 to 10 Kg 70000 tons/year in 1 horizontal moulding3 shifts per day line (flasks)

975x675x230+2302 vertical mouldinglines (Disamatic)moulds 600x480x120-330

Aluminium 0.05 to 19 Kg 11000 tons/year 31 horizontal in 3 shifts per day cold-chamber

presses from 400to 2000 tons

Copper 0.2 to 3,55 mm 24000 tons/year 29 ovens consisting ofEnamelled Wire in 3 shifts per day 316 lines made of Class F (155°C) 188 horizontal linesClass H (180°C) 128 vertical linesClass C (200°C)

BLACK MINERALEBLACK MINERALE

CAST IRON DIVISION PRODUCTION FLOW

MELTING CUPOLA 24 T / HMELTING CUPOLA 24 T / H

RECEIVER 30 TRECEIVER 30 T

MOULDINGMOULDING

FISCHERFISCHER

DISA 2DISA 2

DISA 1DISA 1

POURINGPOURING

FISCHER

FISCHERDISA 2DISA 2

DISA 1DISA 1

DELIVERYDELIVERY

SHAKINGOUT

FINISHING

ON LINEON LINE

SHAKING - OUT

SHOT-BLASTING

FINISHING

SANDSAND BENTONITEBENTONITE

WATERWATER

RECEIVER 50 TRECEIVER 50 T

SHOTBLASTING

SHAKINGOUT

FINISHING

SHOTBLASTING

SHELLSSHELLSSHELLSSHELLSCORESCORES

Aluminum Die CastingAluminum Die Casting

TrimmingTrimming

INGOTS( 60 % )

MELTING FOURNACES

FOUNDRY RETURNS ( 40 % )

Transportationladdles

ALLOYS

WAREHOUSEWAREHOUSE

Prod

uctio

n Isla

nds

DELIVERYSUPERFICIAL FINISHINGSUPERFICIAL FINISHING

ALUMINUM DIE CASTING DIVISION PRODUCTION FLOW

COPPER DIVISION PRODUCTION FLOW

ROUGHING1,00 mm - 2,60 mm

COPPER ROD

8 mm

ENAMELLING DRAWING

ENAMELLING

WAREHOUSE

PALLETTED SPOOLS FROM 100 - 200 - 400 Kg

75,8

111,3 113,7127,3

143,8 139,5152,6

140,3

0

20

40

60

80

100

120

140

160EU

RO M

ILLI

ONS

1994 1995 1996 1997 1998 1999 2000 2001

ZAMET TURNOVER TREND

33

43,8 4550,2

56,754,1

53,8 52,3

0

10

20

30

40

50

60EU

RO M

ILLI

ONS

1994 1995 1996 1997 1998 1999 2000 2001

CAST IRON DIVISIONTURNOVER TREND

45,1

55,4 55,4

62,567,6 68,8 68,9 66,9

0

10

20

30

40

50

60

70TO

N ( x

100

0 )

1994 1995 1996 1997 1998 1999 2000 2001

CAST IRON DIVISIONVOLUME TREND

13.5

22.7 22.9

29.6

34.435.8

40.1 39.8

0

5

10

15

20

25

30

35

40EU

RO M

ILLI

ONS

1994 1995 1996 1997 1998 1999 2000 2001

ALUMINUM DIE CASTINGDIVISION TURNOVER TREND

4,5

6,4

7,2

8,48,8

9,4 9,38,9

0

1

2

3

4

5

6

7

8

9

10TO

N ( x

100

0 )

1994 1995 1996 1997 1998 1999 2000 2001

ALUMINUM DIE CASTINGDIVISION VOLUME TREND

25,4

40,4 40,243,8

52,2 49,0

58,1

47,1

0

10

20

30

40

50

60EU

RO M

ILLI

ONS

1994 1995 1996 1997 1998 1999 2000 2001

COPPER DIVISIONTURNOVER TREND

12,714,8 15,3

19,3

22,2 22,9 22,821,0

0

5

10

15

20

TON

( x 1

000

)

1994 1995 1996 1997 1998 1999 2000 2001

COPPER DIVISIONVOLUME TREND

NET SALES FOR EACH DIVISIONACT 2001 (Euro Millions/%)

47.10

39.80

52.33

34%

29%

37%

Cast Iron Aluminum Copper

SALES BY CUSTOMERSACT 2001

EMBRACO3%

IVECO6%

OTH21%

PIERBURG7%

ZF1%

SIEMENS2%

R. BOSCH1%

BITZER1%

ACC5%

EHP12%

ECC33%

DAYCO2%

TECUMSEH4%

AMETEK1%

KHD1%

VOLUMES BY CUSTOMERS CAST IRON – ACT 2001

TECUMSEH9%

VW2%

DAYCO7%

BREMBO3%

EHP13%

SKF2%

METALDYNE3%

ECC45%

SATA2%

OTH9%

EMBRACO5%

VOLUMES BY CUSTOMERSALUMINUM – ACT 2001

ECC5%

BLOMBERG2%

STEYER4%

GRUENER2%OTH

7%

IVECO21%

DENSO2%

PIERBURG26%

EHP16%

ACC12%

APRILIA3%

VOLUMES BY CUSTOMERSCOPPER WIRE – ACT 2001

EMERSON2%

ACC13%

ECC37%

AMETEK3%

G.C.E.6%

UNIELETRIC2%

ATB3%

OTH19%

SIEMENS13%

ELETTROGAMMA2%

47357

16031

3498 31265650

84

13666

1485 5878

0

10000

20000

30000

40000

50000

Cast Iron Aluminum Copper wire

HOUSEHOLD APPLIANCES AUTOMOTIVE ET/EM

VOLUMES SEGMENT SPLITACT 2001

TON

/00

0

NET SALES SEGMENT SPLITACT 2001

Household Appliances Automotive ET/EM

Copper Wire

Cast Iron

Aluminum

HOUSEHOLD APPLIANCESINDUSTRY

CUSTOMER Products Division

AEG washing machine components GG - AlElectrolux Zanussi washing machine components GG - Al

Cubigel Unidad Hermetica compressors castings, copper wire GG - Al - CuVerdichter compressors castings, copper wire GG - Al - CuZanussi Elettromeccanica compressors castings, copper wire GG - Al - CuSole motor shields, copper wire Cu - AlEmbraco Europe compressors castings, copper wire GG - Al - CuTecumseh Europe compressors castings GG Bitzer compressors castings GG

Siemens copper wire CuEmerson group copper wire CuAmetek Italia copper wire CuBlomberg washing machine components AlFlender - ATB copper wire CuCeset copper wire Cu

AUTOMOTIVE INDUSTRY

CUSTOMER END USER ProductsGruener ZF Steering AlVolkswagen VW Group automatic gearbox components, GG - AlIveco gear box cover, supports, GG - Al

housings, dampers,water pumps, shifting forks, covers

Daimler Crysler Mercedes water pumps GGAudi motor-shaft cover GGDayco Fiat, OEM D/F dampers pulley GG - AlSimpson Peugeot, Renault

OEM D dampers pulley GG - AlPierburg Fiat, Peugeot, BMW water pumps, oil pumps, pulley GG - Al

Renault, GM, FordRobert Bosch Fiat, Iveco, OEM D master cylinders, wheel cylinders GGSata Fiat flywheels GGBrembo Spare parts for OEM solid and ventilated brake discs GGZahnrad Fabrik OEM D oil pumps, steering boxes GG - AlTitan Case New Holland, clutch components GG

Massey FergusonVM Motori oil pans AlDeutz Motor diesel engine covers AlSteyer - Puch Audi, VW transmissions AlMeccanica 2C Aprilia carters AlSiemens AG-A&D copper wire CuGate copper wire CuFIAMM copper wire CuDenso Manufacturing Fiat, Mercedes alternator supports, copper wire Al - CuIskra copper wire Cu

ELECTROTECHNICAL – ELECTRO MECHANICAL INDUSTRY

CUSTOMER Products DivisionSKF ball bearing housing GGLafert motor flanges, copper wire GG - CuIngersoll Rand cylinder liners GGMab Masellis doors lockers GGDAB (Grunfoss) copper wire CuLowara (ITT) copper wire CuEbara copper wire CuElectroadda copper wire CuMecc-Alte copper wire CuMarelli Motori copper wire CuSisme copper wire CuElco copper wire CuSiemens AG-A&D copper wire CuElettrogamma copper wire CuT.M.A. copper wire CuCAME copper wire CuUnielectric copper wire Cu

CAST IRON PRODUCTS

Audi

Magneti Marelli

VW ZF

CAST IRON PRODUCTS

Robert Bosch

Fiat Group

Brembo

ZF

CAST IRON PRODUCTS

Fiat - Peugeot - RenaultFiat Group

Bitzer

Electrolux

Tecumseh Europe

Electrolux Embraco

CAST IRON PRODUCTS

ALUMINUM DIE CASTINGPRODUCTS

Steyer Powertrain KHD

Pierburg Sarl (F) Iveco

ALUMINUM DIE CASTINGPRODUCTS

Aprilia

ALUMINUM DIE CASTINGPRODUCTS

Gruener

Iveco Sofim

Iveco

Iveco

ALUMINUM DIE CASTINGPRODUCTS

Pierburg Lanciano

ENAMELLED COPPER WIRE

Zanussi Metallurgica S.p.A.

www.zml.itZona Industriale

33085 Maniago (PN)ITALY

Tel. 0039.0427.708111Fax. 0039.0427.708285