Financial Overview

(in million euros)

	FY2011	FY2010	Rate of change (%)	Factors
Overall
Sales	1,254.5	1075.3	16.7
Passenger Car Applications
Sales	808.1	705.1	14.6	1)
Commercial Vehicle Applications
Sales	194.4	156.2	24.5	2)

Factors
1)
-The global light vehicle market closed 2011 with overall sales growth of 4.3% compared to 2010. This positive result was mainly driven by the emerging markets and the United States. Within this scenario, the Company reported 808.1 million euros in net sales for car applications in 2011, representing 64.4% of the Group's turnover, up by 14.6% compared to 2010.

2)
-In 2011, the global commercial vehicle market in Western Europe (EU15 and EFTA), which is the Company's reference market, saw an overall 9.2% rise in registrations compared to 2010.

-As a result of the recovery in commercial and industrial vehicle registrations, the Company's sales of applications for this segment reported the highest increase in 2011 compared to all the other segments, with net sales of 194.4 million euros, up 24.5% compared to 156.2 million euros for the previous year.

Acquisition

-The Company announced that it has executed the acquisition of the 75% of the share capital of Perdriel S.A., an Argentinian manufacturer of brake discs. Based on the agreement, Brembo has option rights on the remaining 25% of the share capital exercisable after three years from this execution. Effective August 3, 2011, the Argentinian company has also changed its name to Brembo Argentina S.A. (From a press release on August 3, 2011)

Contract
-The Company announced that its brakes are fitted to almost one in six cars on display at this year's North American International Auto Show (NAIAS) held in Detroit, U.S. Specifically, Brembo brakes are fitted to the Buick Regal GS, the Cadillac CTS-V coupe, sedan and wagon, the Chevrolet Camaro SS and convertible, the Chevrolet Corvette ZR-1 and the Chevrolet Sonic Z-Spec, that debuted at the show. In addition, two Ford Mustangs - the Boss 302 and the Shelby GT500 - showcase Brembo. The Company is also original equipment on a number of vehicles from Asia, including the Lexus IS-F and LFA models and Subaru Impreza. (From a press release on January 17, 2011)

Product Development

Ventilated brake disc for commercial vehicles
-The Company developed a new ventilated brake disc for commercial vehicles, manufactured from special low-silicon cast irons, which also help to minimize noise and vibration. The new brake disc succeeded in reducing weight of the disc by between 7 and 10%. It also has less risk of thermal shock and longer service life. (From a press release on March 30, 2011)

Investment Outside Italy

<Poland>
-The Company announced that it has opened a new production plant at its Dabrowa Gornicza site in Poland. The new plant will design, develop and produce brake systems for cars, motorcycles and commercial vehicles. This new area requires investments for more than 100 million euros. It doubles the previous factory and now is based on a 90,000 square meters area. The new plant will employ 1200 people and thanks to 39 production lines and two foundries will double the production capacity. Brembo is present in Poland with 2 production sites: Dabrowa Gornicza and Czestochowa. The client portfolio of Bembo’s Polish business arm now includes: Audi, BMW, Daimler, Fiat, Ford, Land Rover, PSA, Volvo, Iveco and Schmitz Cargobull. (From a press release on October 14, 2011)