1. Is the worst over?

2. 2014/04/28 METAL EXPERT – STRESA 2

3. 2014/04/28 METAL EXPERT – STRESA 3

4. 2014/04/28 METAL EXPERT – STRESA  Social Security enrollment turned into positive  Better domestic than foreign deman 4

5. 2014/04/28 METAL EXPERT – STRESA 5

6. 2014/04/28 METAL EXPERT – STRESA  Markedly up in services an consumers 6

7. 2014/04/28 METAL EXPERT – STRESA 7  Industry stabilized in the last quarter

8. 2014/04/28 METAL EXPERT – STRESA  Credit stock keeps falling  New credit is not growing yet 8 Source: BofE and BBVA Research New credit Y-o-y growth Trend

9. 2014/04/28 METAL EXPERT – STRESA  Consumption: Surprising performance  Inflation in line with wage devaluation 9

10. 2014/04/28 METAL EXPERT – STRESA 10

11. 2014/04/28 METAL EXPERT – STRESA  Positive since November  No signs of radical improvements ahead 11

12. 2014/04/28 METAL EXPERT – STRESA  Public tendering has changed the trend 12

13. 2014/04/28 METAL EXPERT – STRESA  Public tendering has changed the trend  Residential construction has not 13

14. 2014/04/28 METAL EXPERT – STRESA  As a result, activity is near to stabilize 14

15. 2014/04/28 METAL EXPERT – STRESA  European registrations are back to growth 15

16. 2014/04/28 METAL EXPERT – STRESA  New models are pushing vehicle production  Components are lagging behind 16

17. 2014/04/28 METAL EXPERT – STRESA  Confidence growth is wobbly 17

18. 2014/04/28 METAL EXPERT – STRESA 18

19. 2014/04/28 METAL EXPERT – STRESA FlatsLongsTotal 2013 (mill. t.) 6.73.610.4 var 2012 (%) 2.6-3.7-0.6 var 2007 (%) -38.7-69.3-55.3 19  Recovery starting from a very low level

20. 2014/04/28 METAL EXPERT – STRESA  Share of non-EU countries in line with historical trend 20

21. 2014/04/28 METAL EXPERT – STRESA Auto Steady growth Mech. Equipe Investment shoud pull Constr. Turning point Starting to grow Tubes, ware Constr. Influence SWIP +1,6%+3,8% 21 20142015  Generalized sector improvement

22. 2014/04/28 METAL EXPERT – STRESA 22 AC 2013 -0.5% 2014 2.0% 2015 5.0%

23. 2014/04/28 METAL EXPERT – STRESA  More supportive macro environment  Growth in real demand 23  Credit is still scarce  Starting levels are low  Quantities  Margins  Volatility will be high

24. 2014/04/28 METAL EXPERT – STRESA 24

25. 2014/04/28 METAL EXPERT – STRESA 25