1. Presentation to the Financial Community October 1, 2004

2. 1 Raw Material Price Index Trend MARKET Jan. '04June '04Actual Sept.'04 Change % Sept.04 Vs June 04 POLISTYRENE10011815330% POLYURETHANE10010512923% CARBON STEEL10014315811% STAINLESS STEEL1001111208%

3. 2 Price Evolution 2 nd Half ‘04 TURNOVER (000 EUR) Yearly contracts (%) Open spend 2H '04 Merloni increase % (000 eur) PLASTICS (ps, pu, abs, pp)125.00070%18.75027%5.063 METALS (cr, ss)200.00090%10.00014%1.400 6.463 PS: polystyrene PU: polyurethane PP: polypropilene CR: cold rolled coil SS: Stainless Stell

4. 3 Market performance: VOLUMES WE- VOLUMES +3.4% 1H04/1H03 +4.0% JUL-AUG 04/ JUL-AUG 03 JUL-AUG 04/ JUL-AUG 03 EE- VOLUMES +16.0% + + Markets underperforming Germany Holland Romania Germany Holland Romania Italy Germany Romania Poland Italy Germany Romania Poland Markets overperforming UK Spain Turkey UK Spain Turkey UK France Turkey UK France Turkey

5. 4 Market price trend In Western Europe price still down by approximately 2% vs previous year In Eastern Europe still positive, with some countries showing unstable trend

6. 5 Extra cost for recovery of service level in UK Current forecast full year ‘04 vs July ‘04 forecast: Call Center € 1.2 ml Engineers € 3.8 ml Lower margin € 1.5 ml TOTAL NEGATIVE IMPACT € 6.5 ml

7. 6 2004 NEW Outlook Sales expected to increase slightly above 5% at current exchange rates EBIT margin% decreases by approximately 30 bps vs the previous year Gearing ratio below previous year