COMPANY PRESENTATION

MARCH 2015

100%45,045,546,046,547,047,548,048,549,010,012,014,016,018,020,046,047,048,049,050,051,052,053,054,0

DISCLAIMER

This presentation includes or may include representations or estimations concerning the future about intentions, expectations or forecasts of VIDRALA or its management. which may refer to the evolution of its business performance and its results. These forward looking statements refer to our intentions, opinions and future expectations, and include, without limitation, statements concerning our future business development and economic performance. While these forward looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-

economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates and interest rates as well as commodities, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the regulatory and supervisory authorities (including the Spanish Securities Market Authority – Comisión Nacional del Mercado de Valores - CNMV), could adversely affect our business and financial performance. VIDRALA expressly declines any obligation or commitment to provide any update or revision of the information herein contained, any change in expectations or modification of the facts, conditions and circumstances upon which such estimations concerning the future have been based, even if those lead to a change in the strategy or the intentions shown herein.

This presentation can be used by those entities that may have to adopt decisions or proceed to carry out opinions related to securities issued by VIDRALA and, in particular, by analysts. It is expressly warned that this document may contain not audited or summarised information. It is expressly advised to the readers of this document to consult the public information registered by VIDRALA with the regulatory authorities, in particular, the periodical information and prospectuses registered with the Spanish Securities Market Authority – Comisión Nacional del Mercado de Valores (CNMV).

2

INDEX

- General overview

- Business fundamentals

- Business figures

- Acquisition of Encirc

VIDRALA GROUP - Overview

Vidrala is Western Europe’s fourth glass container manufacturer through eight complementary sites located in five countries (Spain, Portugal, Italy, Belgium and the United Kingdom).

Vidrala supplies glass containers for a wide variety of products in the beverage and food industry, selling more than 3.5 billion bottles and jars per year to more than 1,500 clients and managing an annual turnover of approx. EUR 470 million.

Vidrala is public listed on the Spanish Stock Exchange. The Company has a market capitalisation of over EUR 1bn.

Vidrala acquired in 2015 ENCIRC, a glass packaging manufacturer operating two sites in UK and Ireland.

VIDRALA GROUP – Key milestones

1965 1985 1989 2003 2005 2007 2015

1965 – Vidrala begins operations in Alava, Spain-

1985 – IPO Madrid and Bilbao stock exchanges

1989 – Vidrala second greenfield in Albacete, Spain-

2003– Acquisition of one plant in Portugal

2005 – Acquisition of two plants, one in Barcelona (Spain) and one in Italy

2007– Acquisition of one plant in Belgium

2015– Acquisition of Encirc

50

100

150

200

250

300

350

400

450

2002 2004 2006 2008 2010 2012 2014

IBERIA

REST OF EU

Towards an international projection... ... Optimizing the product mix

SALES BREAKDOWN BY COUNTRY 2002-2014. EUR mm.

SALES BREAKDOWN BY PRODUCT 5 years average. As a percentage of sales.

WINE

45%

BEER15%

SPIRITS

10%

OLIVE OIL

10%

CHAMPAGNE8%

SOFT DRINKS4%

JUICES3%

PRESERVES3% WATER

1%

125

190

307

387 406

457 468

VIDRALA GROUP – Business profile

# OF CUSTOMERS: 1,518

TOP 10 CUSTOMERS: 28.9%

VIDRALA GROUP – Business profile

CUSTOMER LOYALTY: 96% 7

INDEX

- General overview

- Business fundamentals

- Business figures

- Acquisition of Encirc

BUSINESS FUNDAMENTALS – The market

0

5.000

10.000

15.000

20.000

2006 2007 2008 2009 2010 2011 2012 2013

The glass

packaging

market in

Europe:

a solid and

stable market

Demand for food and beverage packaging in Western Europe (2006-2013)

In thousands of tons. Source: FEVE

Average:

c.19mm tons

per year

Our key

geographical

markets,

the leading

glass

packaging

producers

Glass packaging production vs. GDP per capita

10

20

30

40

50

60

70

0 10 20 30 40 50 60

Iberia

FranceItaly

Germany

USAUK

JapanBrazil

China

GLA

SS P

AC

KA

GIN

G P

RO

DU

CTI

ON

PER

CA

PIT

A (

KG

)

GDP PER CAPITA ($000) 9

BUSINESS FUNDAMENTALS – The product

Glass, the

preferred

material:

premium

products

Glass,

the preferred

material:

health and

environment

Survey about preferred packaging material for food and beverage

59%17%

13%

4%2%

Glass

Paper and board

Plastic

Metal

Flexible pouches

N.A.

Healthiest

packaging

60%

6%

20%

8%4%

Glass

Paper and board

Plastic

Metal

Flexible pouches

N.A.

Best

preserving

taste

37%

30%

15%

10%

6%

Glass

Paper and board

Plastic

Metal

Flexible pouches

N.A.

Most

environment

friendly

Source: Consumer trends report 2012.

GLASS SHARE IN RIGID PACKAGING

FOR FOOD AND BEVERAGES IN

WESTERN EUROPE

YEAR 2013

GLASS SHARE IN RIGID PACKAGING

FOR TOP* BEVERAGES IN

WESTERN EUROPE

YEAR 2013

10

INDEX

- General overview

- Business fundamentals

- Business figures

- Acquisition of Encirc

VIDRALA – Profitable growth

REVENUES (EUR mm)

EBIT (EUR mm and % margin)

0

100

200

300

400

500

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

0%

5%

10%

15%

20%

0

20

40

60

80

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EBIT (EURmm) EBIT (% margin)

12

CASH GENERATION IN 2014

EUR in millions and as a percentage of sales

WORKING

CAPITAL INTERESTS

&

TAXES

CAPEX

23.2%

-2.1%

-6.5%

12.0%

EBITDA

2014

FREE CASH FLOW

2014

108.5

72.3

15.4%

+0.9%

13

VIDRALA – Focused on cash generation

DIVIDENDS AND ATTENDANCE BONUSES (EUR mm)

-

2

4

6

8

10

12

14

16

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2014

+ 15%

14

VIDRALA – Shareholder remuneration

15

257.0

218.9

189.3 159.6

117.9

67.9

0

50

100

150

200

250

300

DEC 2009 DEC 2010 DEC 2011 DEC 2012 DEC 2013 DEC 2014

VIDRALA – Deleveraging profile

FINANCIAL PROFILE DEBT SINCE 2009 AT YEAR END EUR mm

INDEX

- General overview

- Business fundamentals

- Business figures

- Acquisition of Encirc

I. ENCIRC LIMITED - DESCRIPTION

DERRYLIN

County Fermanagh, Northern Ireland, UK

Built in 1998

The only glass container plant in Ireland

ELTON

County Chesire, England, UK

Built in 2005

Largest glass container plant in Europe

Includes filling and logistics facilities

Encirc Glass is a glass packaging manufacturer for the food and beverage markets in UK and Ireland.

It operates two sites: Derrylin in Northern Ireland and Elton in England.

It is the sole player in Ireland and the second player within the UK (roughly 27% market share).

Sales: FY2013 £237m, FY2014 £245m.

EBITDA: FY2013 £42m, FY2014 £46m.

18

SALES 2012A-2014A (GBP mm)

I. ENCIRC LIMITED - FINANCIALS

EBITDA 2012A-2014A (GBP mm)

236,6 237,0 245,5

2012A 2013A 2014A

41,0 42,3 45,9

2012A 2013A 2014A

II. UK&IRELAND – THE GLASS PACKAGING MARKET

MAIN GLASS

PACKAGING

MARKETS

IN EUROPE

SALES BY MARKET (IN ‘000 TONS) Source: FEVE

UK GLASS

PACKAGING

MARKET.

BREAKDOWN

BY PLAYERS.

Market share (est.): 41%

#2 worldwide, #3 in Europe

Market share (est.): 31%

Sole player in Ireland

Market share (est.): 12% #1 worldwide, #1 in Europe

Market share (est.): 11%

Niche player in premium spirits

Market share (est.): 5%

Niche player in food and pharma 20

PLAYERS IN UK&IRELAND:

2.312

3.755 3.548

3.326 3.774

2.345

3.661 3.286

2.923

3.429

2008 2013

2013/2008 +1.5%

-2.5% -7.4%

-12.1%

-9.1%

Iberia

35%

GB&Ireland

35%

Italy

8%

Rest of

continental Europe

22%

III. TRANSACTION RATIONALE

Iberia

54%

Italy

12%

Rest of

continental

Europe

34%

2014 REVENUES BY GEOGRAPHY

+

+

Great Britain

(GB)

77%

Ireland

23%

21

2014 REVENUES BY PRODUCT-MIX

III. TRANSACTION RATIONALE

Wine

49%

Beer

13%

Spirits

7%

Food

15%

Soft Drinks

8%

Others

8%

Wine

15%

Beer

45%

Spirits

16%

Food

10%

Soft Drinks

15%

Wine

37%

Beer

24%

Spirits

10%

Food

13%

Soft Drinks

10%

Others

6%

+

+

22