Milan, 11 November 2005

1. Cobra Automotive Technologies Presentation Milan, 11 November 2005

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

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 €m 17% CAGR in 01-05

4. Risk class Main victims Cobra solution Theft Owner Insurer Antitheft Systems Location Based Services Low speed-accident Owner Third parties Parking Aid Systems Breakdown Owner User, Vehicle Maker Location Based Services Unauthorised use Owner Location Based Services Fraud Leasing co/insurer Location Based Services Hijack Owner / User Location Based Services Cobra’s value proposition

5. Cobra’s value proposition Location-based services • Stolen-vehicle recovery • Fleet management Security electronics • Antitheft systems & components • Parking aid systems

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

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

9. The case of car theft in Europe • 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 revenuesof €8,5 billion 1.400 1.150 1.200 1.000 1.000 43% Recovered rate 67% Recovered rate # Car stolen (.000) 800 600 57% Not recovered rate 400 33% Not recovered rate 200 2003 2002 Sources: Europol 2004

10. COBRA Location Based Services for Theft Risk Management BLU PROFILE supported only by ICD12 Daily use During theft After theft Maintenance/Transport Theft management • customer sets the system accordingly (web or voice application) • Theft of the keys or car-jacking Cobra Server Arm/Disarm the system • Sabotage • Can be done through radio key, driver card or the vocal application Authority intervention Recovered car Control Room: • 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) • Unauthorized movement Each country offers several differentiated services of car recovery Diagnostics and Comfort features Theft attempts detection • Attempt to start engine when system is set • Shock detection • Sabotage of GPS antenna • Battery level • ICD battery back up level • Speed alert • Vehicle tracking Customer notification

11. COBRA Location Based Services for Fleet Management

12. Cobra Location Based Services for Insurance Risk Management • 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: Tariffazione ridotta sull’assicurazione furto totale in caso di abbonamento a servizio di sorveglianza Incendio/furto Tariffazione collegata alla totale tracciabilità del comportamento di guida Tariffazione legata all’utilizzo effettivo del veicolo LBS RCA: Pay Per Use RCA: Pay As You Drive Polizza Premium Tariffazione unica comprensiva di servizi di localizzazione in caso di emergenza stradale e furto

13. Insurance Risk Management : “Pay Per Use” Cliente assicurato target: Copre pochi chilometri all’anno Desidera soluzione tariffaria legata a reale utilizzo del veicolo Può chiedere a centrale di soccorso l’intervento delle forze di polizia in caso di furto (servizio opzionale) • Targa del veicolo • Proprietario del veicolo • Modello del device • Chilometraggio per ogni viaggio reale (key on-off) • Velocità massima e media Principali dati di utilizzo veicolo Il costo per veicolo è stimabile in 100 € all’anno ipotizzando un periodo di utilizzo tre anni inclusivo di installazione, manutenzione e 20% di disattivazione anticipata Procedure di diagnostica • Invio di allerta per eventuali malfunzionamenti • Procedure di ripristino con comunicazione al cliente ed all’assicurazione 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

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

15. Working with the leading vehicle makers and tier 1 players Business partners

16. Cobra Automotive Technologies Market Overview

17. Vehicle Electronics OE Market* • Major drivers: (1) government-imposed environmental and safety standards, (2) consumers’ demand for affordable safety and convenience. € 29,5 bn Instrumentation Body/Chassis Electronics € 22,5 bn Powertrain Includes: security, climate control, body controllers, lighting, wiper systems, power operated systems, navigation,…. € 14,4 bn € 10,7 bn Safety/Convenience 2002 2007 * Source: Reed Electronics Research

18. Vehicle Electronics Market (cont.) Share of value add • 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*. 100% 90% 80% 70% Mechanical Systems 60% 50% Electrical Systems 40% Electronics 30% Software 20% 10% 0% 1975 1985 1995 2005 2010 * Sources: German Automotive Association (VDA);

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: • Hardware and software price/performance ratio continuous improvement • Global wireless carriers launch and support of advanced data services • Increased integration of location functions with vehicle components by OEMs. • Public funding and support of positioning infrastructures (NAVISTAR, GALILEO). * Sources: Canaccord Capital (2005)

20. Cobra Automotive Technologies Financial Overview

21. Revenues organically doubled in 4 years (01-05) • First Half 2005 (€39.5m) above budget • 17% CAGR in 01-05 Business plan as at March 2005 €m

22. Change in revenue mix • Revenues growing and shifting in favour of scalable service revenues 2007 expected revenues: €105 million 2004 revenues: €66 million

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. LBS customer base 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% Note: Cumulative subscribers are net of cancellations.

25. In the last 6 months customer base grew by 60% and new additions grew by 45% European Subscribers

26. Investment thesis • 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