Abstract from Board of Directors' Annual Report - 5

Following these illustrations, an abstract of the Consolidated Financial Statements shows results from operations;
a number of charts present the evolution of Group financials over the last five years; overviews of the sales and production organizations complete this section.

The financial statements for both the Group and the parent company, audited by PricewaterhouseCoopers,
are available on request.

The initial months of the financial year 2009 were disappointing in terms of orders: in particular the head of the Group, Coster Tecnologie Speciali S.p.A, has suffered deep reductions compared to the same period of the previous year.

For the moment there are no indications of improvement in the general economic climate.

The main uncertainties concern both the head of the Group, which despite decreased sales must sustain structural costs that cannot be reduced (R&D, design, laboratories, sales administration, technical support to the subsidiaries, etc.), and a number of companies in Europe facing difficult market conditions.

Prospects look somewhat better for the activities in Argentina and for a number of Group companies active in the production of accessories.

All of the companies, above all the head of the Group, are engaged in efforts to overcome the current recessionary phase.