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Company overview and 9M2010 results

November 2010

Company overview and 9M2010 results P Printed on recycled paper 2

DISCLAIMER: Certain statements in this presentation, including statements regarding target results and performance, are forward-looking statements based on current analysis and/or assumptions. The accuracy of such statements is subject to a number of risks,uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to,the effect of general economic conditions, decrease in demand for the Company’s products, increase in raw material and energycosts, changes in the relative value of certain currencies, fluctuations in selling prices, adverse changes in general market andindustry conditions and other factors.

Christian Dubé Chairman

Ignazio Capuano Chief Executive Officer

Stefano Moccagatta Chief Financial Officer

Guido Vigorelli Investor Relations Officer

Company overview and 9M2010 results P Printed on recycled paper 3

Contents

Overview

Key 9M2010 financial results

Market environment

Outlook

Appendix

Overview

Company overview and 9M2010 results P Printed on recycled paper

Reno De Medici in pills

Market leadership: Leading Italian and second-ranked European producer of recycled carton board.

Production capacity: Reno De Medici’s production capacity is spread among several mills in Italy, Spain,

France and Germany. Product range:

The different types of carton board that Reno De Medici produces target all packaging and graphic applications.

Reno De Medici’s products are offered through different brands to meet the customers’ requirements and to achieve a widespread presence in Italy, as well as abroad.

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Our business

*EBITDA includes non recurring revenues from asset disposals.

Source: Company data

Company overview and 9M2010 results P Printed on recycled paper

Pioneer of recycling and sustainable development

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Recycling and low environmental impact are core values for RDM

Ca 900,000 tons of recycled fibers (consumption). Continuous reduction in energy consumption, CO2

emissions and water used per metric ton of paper. Re-utilisation of 30-40% of generated waste.

-9%-22%

Source: Company data

Company overview and 9M2010 results P Printed on recycled paper 7

Proactively adjusting asset base

1996

1998

2001

2005

2006

2008

2009

1996: Reno de Medici is listed on the Milan stock exchange.

1997: Reno de Medici and Saffa merge.

1998: Reno De Medici merged with Sarriò, becoming Europe's second largest producer

of recycled cartonboard.

1999: Europoligrafico, resulting from the merger of Grafiche Capretta with Bianchi

Saffapack, becomes the Italy's leading converter firm.

2001: Acquisition of Aticarta with a paper mill in Pompei and a converting mill in

Rovereto.

2005: Non-core assets disposal and sale of the share capital owned in Europoligrafico

and Aticarta.

2006: Demerger of some real estate assets, through the creation and listing of RDM

Realty.

2008: Merger by incorporation of the European recycled cartonboard business of

Cascades. Creation of a commercial joint-venture (Careo) for the sale of all kind of

cartonboard both from virgin and recycled fibres.

2009: Acquisition of a minority stake in Manucor, the leading Italian plastic film producer.

Proactively adjusting asset base to reduce costs, improve financial flexibility and redeploy capital towards core segments.

Company overview and 9M2010 results P Printed on recycled paper 8

RDM’s market positioningRanking by capacity (tons/thousand)

0 200 400 600 800 1.000 1.200 1.400

Pankaboard LEIPA

Cartiera di Momo Paprinsa

Mel PKarton

Pulp Mill HoldingFiskeby Board

Buchmann Int. PaperCascades

KnaufMoritz J. Weig

HolmenKappaStar

Smurfit KappaM-real

Stora EnsoReno De MediciRDM pro forma

Mayr-Melnhof

WLC Recycled Cartonboard FBB Virgin Fiber Cartonboard

CAS 07 RDM 07

RDM POST

MERGER 09

MM 09

RDM ”pro forma” represents the total production capacity should the put and call option to acquire the European FBB assets of Cascades be exercised by Cascades/RDM, respectively.

The option exercise period is 2012 for RDM and 2013 for Cascades.

Source: Company data

Company overview and 9M2010 results P Printed on recycled paper 9

A pan European player

Geographical breakdown of sales 9M2010 Operating European production plants

Source: Company data

Well balanced sales portfolio and proximity toproduction sites

Company overview and 9M2010 results P Printed on recycled paper 10

State of the art production plants

Magenta Production capacity 130,000 tons

ISO 9001, FSC

OvaroProduction capacity 110,000 tons

ISO 9001, ISO 14001, FSC

Villa Santa LuciaProduction capacity 210,000 tons

ISO 9001, ISO 14001, FSC

Santa GiustinaProduction capacity 195,000 tons

ISO 9001, ISO 14001, FSC AlmazanProduction capacity 35,000 tons

ISO 9001, FSC

BlendecquesProduction capacity 105,000 tons

ISO 9001, ISO 14001, OHSAS 18001, QSE, HACCP, FSC

ArnsbergProduction capacity 210,000 tonsISO 9001, ISO 14001, EMAS, FSC

Key 9M2010 financial results

Company overview and 9M2010 results P Printed on recycled paper

9M2010 key results: back to net profit

Eur 000s 9M2010 9M2009

Revenues 366.780 318.571

EBITDA* 28.014 24.525

EBIT 8.494 4.129

Net result** 1.589 (3.400)

FCF*** 20.901 (3.994)

Net Financial Position (cash)/ debt as of 30.09

109.940 132.519

Tonnes sold (000s) 701 634

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Market demand improving, but still weaker thanpre-crisis:

8% increase in Europe.

Pick up of demand from the middle East/FarEast.

Improved efficiency in operations due to thehigher production level.

The ‘spread’ (difference between sales prices andraw materials prices) has recovered substantiallysince Q2.

Due to the above effects, the company’sresults and profitability have been improvingsteadily and marked a significant growthYoY.

Positive and higher FCF*** and improving NetFinancial Position due to:

Higher net result.

Lower net invested capital.

* Includes margin from non recurring revenues from asset disposals.

** Before minorities’ interest.

*** NFP change in the nine-month period (31.12 - 30.09).

Source: Company data

Company overview and 9M2010 results P Printed on recycled paper

Quarterly trend: KPIs improvement

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REVENUES (€ML)

NET FINANCIAL DEBT (€ML)

The quarterly trend shows improving revenues(Q3 vs Q2 was affected by seasonality), and it isexpected to continue in Q4.

Net debt reduction mainly due to reduction ofnet invested capital.

Reduction in the cost of debt due to declininginterest rates.

FCF* generation (€20.9 million) in 9M2010,of which €7.6 million in 3Q2010, due to netinvested capital dynamics (Working Capital andCapex).

Capex of €11.4 million in 9M2010 vs €12.3million in 9M2009: reduction mainly due totiming effects.

* NFP change

108.4 105.7 104.5 109.5 115.1126.5 125.2

0

20

40

60

80

100

120

140

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

130.2

135.6132.5 130.8

125.2

117.5

109.9

100

120

140

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Source: Company data

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Spread trend

RDM Group selling prices and raw material cost indexes (€/ton)

Source: Company data

150,00

175,00

200,00

225,00

250,00

450,00

500,00

550,00

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010

RAW MATERIALS INDEX €/TON

SELLING PRICES€/TON

SELLING PRICES INDEX ( €/TON) RAW MATERIAL INDEX €/TON

EBITDA 8.6 M€ EBITDA

9.3M€

EBITDA 6.5 M€EBITDA

6.5 M€

EBITDA 7.1M€

EBITDA 10.9 M€

EBITDA 9.9 M€

KT 226,1KT 240,2KT 234,4KT 227,8KT 214,8KT 213,2KT 208,5TONS SOLD

Company overview and 9M2010 results P Printed on recycled paper 15

EBITDA Bridge

EBITDA YoY WATERFALL (€000s)

Source: Company data

Market environment

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Key trends

Key sector highlights:

WLC demand steadily increasing since Q42009.

Raw materials prices have peaked, but further increasesare still possible.

Gradual transfer of raw materials’ prices increases on finalproducts’ prices.

Capacity reduction in the industry ongoing.

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Demand evolution

EUROPEAN WLC MARKET DEMAND EVOLUTION (ORDER INFLOW)

The European boxboard industry, after a difficult 2009,is now up to a sharp rebound in 2010.

Source: CEPI Cartonboard and Company data

20.000

30.000

40.000

50.000

60.000

70.000

80.000

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53

tons

weeks

2008 2009 2010

Company overview and 9M2010 results P Printed on recycled paper

Overcapacity reduction ongoing

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PLANTS CLOSURE IN EUROPE: 615,000 TONS LESS CAPACITY SO FAR

HollandDie

Endracht: 130,000 tons

SpainRio Verde:

45,000 tons

SpainRomani:

30,000 tons

Bulgaria*Nikopol:

80,000 tons

SpainPapelera del

Centro: 30,000 tons

France**Blendeques:60,000 tons

Italy**Marzabotto: 90,000 tons

Switzerland*Deisswil:

150,000 tons

*MM plants **RDM plants

2006 2007 2008 2009 2010

Source: Company data

Outlook

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Outlook

IN THE CURRENT ENVIRONMENT ONLY THE BEST PERFORMING MACHINES WILL CREATE VALUE

35%

53%

12%

Board Machines >200k tons

RDM M.M Weig

No. BM: 1

No. BM: 3

No. BM: 3

11%

89%

Board Machines <200K tons

RDM Others

No. BM: 20

No. BM: 4

Number of board machines producing over 200,000

tons and respective production capacity.

Number of board machines producing under 200,000

tons and respective production capacity.

Source: Company data

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PRODUCERS CONVERTERS END-USERS

RecycledFibers

Virgin

Fibers

Flexible

GR

OW

ING

PACKAGING VALUE CHAIN

La RochetteDjupafors

Outlook

Growing opportunity to improve products portfolio, better serving end-users.Source: Company data

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Key investment highlights

Leadingmarket position

“Green” and environmentally

friendly

Improved results and FCF focus

Moving towards packaging solutions

provider

Strengthened balance sheet

Option to expand in FBB market

Stable andconsumer oriented market exposure

Company overview and 9M2010 results P Printed on recycled paper

•RDM has always put the environmental commitment at the forefront of its corporate strategy. RDM’s industrial process is based on recycling, which enables to optimize the use of resources.

Environmental commitment

•For the manufacture of recycled products, the wastepaper and raw materials are carefully selected, in order to guarantee the best quality for the finished product.

All natural sourcing

•The production, in itself, is eco-responsible because fibers are used in a continuous cycle. Recycled fibers are re-used many times throughout the production process.

Core activity is 100% sustainable

•RDM focuses its efforts on efficient management of energy consumption, in order to achieve the best practices in the industry.

Saving energy is a day-to-day issue

•Over the past several years, RDM has significantly reduced the consumption of water, which has been decreased three-fold in the past decade.

Respectful use of water

•The desire for continuous improvement has led RDM to work on state-of-the-art technological solutions.

Innovation in technology, a key performance

•RDM sources from the nearest area around its mills (within a 100 to 200 km radius) and delivers at the nearest customers' converting sites.Logistics is a key value

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RDM: a green company for a green Christmas

Company overview and 9M2010 results P Printed on recycled paper 25

http://collectionreno.renodemedici.it/eu/it/

RDM: a green company for a green Christmas

Appendix

Company overview and 9M2010 results P Printed on recycled paper 27

Profit & Loss

* Includes margin from revenues deriving from other activities (including non recurring revenues from asset disposals)** 9M2010 financial charges include 0.657 mln of gains in from foreign exchange differences*** Before minorities’ interest

Source: Company data

(Eur/million) 9M2010 9M2009 Var%

Revenues from sales 366.8 318.6 15%

EBITDA* 28.0 24.5 14%

% EBITDA margin 7.6% 7.7%

Depreciation, amortisation and write downs (19.5) (20.4) (4%)

EBIT 8.5 4.1 106%

% EBIT margin 2.3% 1.2%

Financial charges ** (5.5) (6.4) (14%)

EBT 3.1 (2.3) n.m

Taxation (1.5) (1.1) 36%

Result for the period *** 1.6 (3.4) n.m.

Tons sold (tons/thousands) 701 634 10%

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Balance Sheet

Source: Company data

(Eur/million) Sept 30, 2010 Dec 31, 2009

Stock 80.3 74.3

Trade receivables 121.6 110.4

Trade payables (124.5) (102.7)

Total working capital 77.4 82.0

Other assets - current 4.4 4.6

Other liabilities - current (19.7) (14.9)

Non-current assets 263.3 271.3

Non-current liabilities (32.8) (32.8)

Employees' leaving indemnity (26.8) (24.6)

Net capital invested 265.8 285.6

Net financial position (109.9) (130.8)

Net Equity 155.9 154.8

Total sources 265.8 285.6

Company overview and 9M2010 results P Printed on recycled paper 29

Net Financial Position

Source: Company data

(Eur/million) Sept 30, 2010June 30, 2010 Dec 31, 2009Cash and cash equivalents and Short term financial receivables (4.1) (2.3) (2.1)

Short-term financial payables 50.8 56.8 68.3

Valuation of current portion of derivatives 0.9 0.9 1.1

Short-term financial position 47.6 55.4 67.3

Long term financial payables 60.7 60.6 62.7

Valuation of current portion of derivatives 1.6 1.5 0.8

Net financial position (cash)/debt 109.9 117.5 130.8

Company overview and 9M2010 results P Printed on recycled paper 30

Shareholders

* Shareholders’ Agreement

Note: In August 2010 Industria e Innovazione SpA signed a put&call agreement with Cascades in relation to itsstake in RDM.(1) In liquidation

Source: Company data

Cascades Sas36.92%

*

Industria e Innovazione

SpA9.07%

*

Caisse de Depot et

Placement du Quebec5.42%

*

Exeufis SpA (1)

5.51%*

Bonati Fabio2.54%

Management0.16%

Market40.39%

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Corporate Governance

Sergio Pivato Chairman Giovanni Maria Conti Standing auditor

Carlo Tavormina Standing auditor

BOARD OF STATUTORY AUDITORS

INDEPENDENT AUDITORS PricewaterhouseCoopers S.p.A

Christian Dubé Chairman Giuseppe Garofano Deputy Chairman Ignazio Capuano Managing Director Riccardo Ciardullo Director Sergio Garribba Director

Robert Hall Director Laurent Lemaire Director

Vincenzo Nicastro Director Carlo Peretti Director

Emanuele Rossini Director

BOARD OF DIRECTORS

Source: Company data

Note: On November 8, 2010, Reno De Medici’s Board of Directors, given that no candidatures were presented, has not appointed a new Director, following the resignation of Mr. Leo occurred on August 4, 2010.

Company overview and 9M2010 results P Printed on recycled paper 32

Group’s structure

Source: Company data

Reno De Medici S.p.A.

Production plans

ItalianMills

RDMArnsberg

RDM Blendecques

RDMIberica

Manucor

Sales organizations

Careo S.r.l

CareoSpain

CareoHungary

CareoUK

CareoPoland

CareoRussia

CareoGermany

CareoCzech. Rep

CareoFrance

Sheeting and distribution centres

RDM UK

Emmaus Pack

C.A.M.

Pac Services

Tissue Core

100%

51%

100%

100%

100%

100%

22.75%

70%

51%

33%

100%

For more information:www.renodemedici.it

investor.relations@renodemedici.it

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