1. MOD. FMD1402 November 2005 Cobra Automotive Technologies 1 Milan, 11 November 2005 Presentation Cobra Automotive Technologies

2. MOD. FMD1402 November 2005 Cobra Automotive Technologies 2 Aldo Monteforte, board director, Cobra Automotive Technologies SpA Terra Nova Partners (Milan, San Francisco) Nomura International (London) Stanford Graduate School of Business (Stanford, California) Presenter

3. MOD. FMD1402 November 2005 Cobra Automotive Technologies 3 Cobra Automotive Technologies (Cobra) Our vision: Global Vehicle Security Designer Focus on mitigating risks associated with ownership and management of mobile assets Revenues organically doubled between 2001 and 2005 330 employees, with 80 engineers and software developers 17% CAGR in 01-05 m

4. MOD. FMD1402 November 2005 Cobra Automotive Technologies 4 Cobras value proposition Owner / User Leasing co/insurer Owner User, Vehicle Maker Owner Third parties Owner Insurer Main victims Location Based ServicesFraud Location Based ServicesBreakdown Location Based ServicesUnauthorised use Antitheft Systems Location Based Services Theft Parking Aid SystemsLow speed-accident Location Based ServicesHijack Cobra solutionRisk class

5. MOD. FMD1402 November 2005 Cobra Automotive Technologies 5 Cobras value proposition Location-based services Stolen-vehicle recovery Fleet management Security electronics Antitheft systems & components Parking aid systems

6. MOD. FMD1402 November 2005 Cobra Automotive Technologies 6 Location based services drill down information and control messages to and from vehicles via an integrated, on-board gps/gprs device Information and controls are managed through an always available, Internet based centralised server, that store, analyse and presents information in easy-to-use, mapping format to authorised subscribers Scaling leverage inherent in single platform, recurring revenue model offers opportunity to derive increasingly higher margins from growing subscriber base

7. MOD. FMD1402 November 2005 Cobra Automotive Technologies 7 Cobra Platform: telematics and electronics technologies integrated to deploy location based services Control Room Call Center Help Desk Map Ser News: 09/2005 Porsche AG has nominate Cobra to serve after theft recovery service in 27 countries

8. MOD. FMD1402 November 2005 Cobra Automotive Technologies 8 Control Room 24h*7d Vocal menu with only theft option and Transport and Garage Mode setting Vocal menu with call center option Voice, Fax or e-mail for alarms Value added services in case of theft Control Room 24h*7d Vocal menu with only theft option and Transport and Garage Mode setting European Customer Segmentation based on car value to be protected (to be personalised in every country) Control Room 24h*7d Vocal menu with only theft option and Transport and Garage Mode setting Vocal menu with call center option Voice, Fax or e-mail for alarms Value added services in case of theft Vocal menu with vocal application option Web Application Value added services in any case Proactive theft detection and tracking Tracking after customer theft declaration 15K-25K25K-40K more than 40K Always in touch Alerts & recovery Track the car THACHAM CAT 5 HOMOLOGATED Private End User Service features COBRA Location Based Services for Stolen Vehicle Recovery

9. MOD. FMD1402 November 2005 Cobra Automotive Technologies 9 The case of car theft in Europe Sources: Europol 2004 200 400 600 800 1.000 1.200 1.400 2002 2003 # Car stolen (.000) 67% Recovered rate 33% Not recovered rate 57% Not recovered rate 43% Recovered rate 1.150 1.000 Growth of vehicle stolen and not recovered (from 380.000 to 570.000 in one year) No other type of criminal activity is as lucrative for such minimal risk Estimated criminal revenues of 8,5 billion

10. MOD. FMD1402 November 2005 Cobra Automotive Technologies 10 Control Room: Theft management Customer notification After theftDuring theft Diagnostics and Comfort features Battery level ICD battery back up level Speed alert Vehicle tracking Maintenance/Transport Daily use Sabotage Theft of the keys or car-jacking Unauthorized movement Attempt to start engine when system is set Shock detection Sabotage of GPS antenna Cobra Server customer sets the system accordingly (web or voice application) Theft attempts detection Arm/Disarm the system Can be done through radio key, driver card or the vocal application Each country offers several differentiated services of car recovery Recovered car Authority intervention BLU PROFILE supported only by ICD12 contacts the customer tracks the stolen car each 30 sec can send commands such as immobilisation when the car is not running and dissuasion (blinker and horn) COBRA Location Based Services for Theft Risk Management

11. MOD. FMD1402 November 2005 Cobra Automotive Technologies 11 COBRA Location Based Services for Fleet Management

12. MOD. FMD1402 November 2005 Cobra Automotive Technologies 12 RCA: Pay As You Drive Le compagnie assicurative, a livello europeo, introducono nuove soluzioni commerciali caratterizzate dalla attivazione di Location Based Services (LBS); le soluzioni sono segmentabili in quattro principali categorie: Polizza Premium RCA: Pay Per Use Incendio/furto LBS Tariffazione collegata alla totale tracciabilità del comportamento di guida Tariffazione legata allutilizzo effettivo del veicolo Tariffazione ridotta sullassicurazione furto totale in caso di abbonamento a servizio di sorveglianza Tariffazione unica comprensiva di servizi di localizzazione in caso di emergenza stradale e furto Cobra Location Based Services for Insurance Risk Management

13. MOD. FMD1402 November 2005 Cobra Automotive Technologies 13 Principali dati di utilizzo veicolo Il costo per veicolo è stimabile in 100 allanno ipotizzando un periodo di utilizzo tre anni inclusivo di installazione, manutenzione e 20% di disattivazione anticipata Targa del veicolo Proprietario del veicolo Modello del device Chilometraggio per ogni viaggio reale (key on-off) Velocità massima e media Cliente assicurato target: 1.Copre pochi chilometri allanno 2.Desidera soluzione tariffaria legata a reale utilizzo del veicolo 3.Può chiedere a centrale di soccorso lintervento delle forze di polizia in caso di furto (servizio opzionale) Procedure di diagnostica Invio di allerta per eventuali malfunzionamenti Procedure di ripristino con comunicazione al cliente ed allassicurazione After theft tracking In caso di furto il cliente contatta la Centrale Operativa che localizza il veicolo ed attiva le procedure di recupero; in caso di spostamento non autorizzato del veicolo viene inviata una allerta automatica alla Centrale Operativa che contatta il cliente e, se necessario, localizza il veicolo ed attiva le procedure di recupero Insurance Risk Management : Pay Per Use

14. MOD. FMD1402 November 2005 Cobra Automotive Technologies 14 Argentina Australia Belgium Bosnia Bulgaria Croatia Czech Republic Denmark Finland France Germany Greece Hungary Iceland Poland Portugal Rumania Russia Slovenia Spain Sweden Switzerland Tunisia Turkey United Kingdom Uruguay Yugoslavia Global presence and ambition Exclusive Local Partners Cobra AT - Italy Cobra France Cobra Deutschland Cobra China (in formation) Cobra Japan Representative Office Nexo France Nexo Switzerland Globally transferable solutions Export accounted for 90% of revenues in 2004 India Ireland Israel Italy Japan Latvia Lithuania Macedonia Malaysia Malta Morocco Mexico Netherlands Norway

15. MOD. FMD1402 November 2005 Cobra Automotive Technologies 15 Business partners Working with the leading vehicle makers and tier 1 players

16. MOD. FMD1402 November 2005 Cobra Automotive Technologies 16 Market Overview Cobra Automotive Technologies

17. MOD. FMD1402 November 2005 Cobra Automotive Technologies 17 Vehicle Electronics OE Market* Major drivers: (1) government-imposed environmental and safety standards, (2) consumers demand for affordable safety and convenience. * Source: Reed Electronics Research 10,7 bn 14,4 bn 22,5 bn 29,5 bn 20022007 Instrumentation Body/Chassis Electronics Powertrain Safety/Convenience Includes: security, climate control, body controllers, lighting, wiper systems, power operated systems, navigation,….

18. MOD. FMD1402 November 2005 Cobra Automotive Technologies 18 Electronics and software are expected to become the key technologies in a vehicle Combined share in overall value of cars expected to rise from less than 30% today to over 50% in 2010*. Vehicle Electronics Market (cont.) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 19751985199520052010 Mechanical Systems Electrical Systems Electronics Software Share of value add * Sources: German Automotive Association (VDA);

19. MOD. FMD1402 November 2005 Cobra Automotive Technologies 19 Location Based Services Market LBS expected to become a standard feature on vehicles and a competitive imperative for commercial fleets US LBS market estimated to grow from 0.8bn in 2005 to over 7bn in 2010*. Main drivers: 1.Hardware and software price/performance ratio continuous improvement 2.Global wireless carriers launch and support of advanced data services 3.Increased integration of location functions with vehicle components by OEMs. 4.Public funding and support of positioning infrastructures (NAVISTAR, GALILEO). * Sources: Canaccord Capital (2005)

20. MOD. FMD1402 November 2005 Cobra Automotive Technologies 20 Financial Overview Cobra Automotive Technologies

21. MOD. FMD1402 November 2005 Cobra Automotive Technologies 21 First Half 2005 (39.5m) above budget 17% CAGR in 01-05 Revenues organically doubled in 4 years (01-05) m Business plan as at March 2005

22. MOD. FMD1402 November 2005 Cobra Automotive Technologies 22 Change in revenue mix 2004 revenues: 66 million 2007 expected revenues: 105 million Revenues growing and shifting in favour of scalable service revenues

23. MOD. FMD1402 November 2005 Cobra Automotive Technologies 23 LBS new subscribers New Subscribers Growth Rate Italy 234% 36% 27% 11% Rest of Europe 272% 551% 194% 63% Rest of World 698% 105% 30% 39% Total 264% 101% 87% 42%

24. MOD. FMD1402 November 2005 Cobra Automotive Technologies 24 LBS customer base Note: Cumulative subscribers are net of cancellations. Cumulative Subscribers Growth Rate Italy 330% 92% 43% 23% Rest of Europe 357% 507% 239% 104% Rest of World 798% 170% 68% 45% Total 360% 145% 98% 62%

25. MOD. FMD1402 November 2005 Cobra Automotive Technologies 25 In the last 6 months customer base grew by 60% and new additions grew by 45% European Subscribers

26. MOD. FMD1402 November 2005 Cobra Automotive Technologies 26 Telematics, electronic security and complementary markets are rapidly growing Cobra is a market leader in vehicle security and management Globally transferable solutions, under strong and visible brand Good economic and financial performance Scaling revenues from location based services Proven research and development capabilities State-of-the art, highly automated manufacturing facilities M&A opportunities to consolidate market leadership Investment thesis