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TABLE OF CONTENTS

The Coster Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Abstract from Board of Directors’ Annual Report . . . . . . . . . . . . . . . . . 4

Rexona: the new exclusive actuator for Unilever . . . . . . . . . . . . . . . . . 8

The popular Flector Gel uses Coster BOVs and actuators . . . . . . . . . . 10

BOV3 Female & new Pediatric Pharma Salus Nasal Actuator . . . . . . . . 12

CPMR new Mini-Sample Perfumery Pump . . . . . . . . . . . . . . . . . . . . . . 14

Environmental sustainability: ISO 14001 certification at Coster USA. . . 16

New BOV Filling Machines for Pharmaceutical Products . . . . . . . . . . . 18

Aerobal: New Filling Line for Aerosol Products . . . . . . . . . . . . . . . . . . . 20

Consolidated Balance Sheet: Assets . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Consolidated Balance Sheet: Liabilities . . . . . . . . . . . . . . . . . . . . . . . . 23

Consolidated Statement of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Financial charts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Sales Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Production Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

THE COSTER GROUP

100%TECNOCOSTER

S.r.l.I ta ly

100%COSTERPLAST

S.p.A. I ta ly

100%A.C.R. S.r.l .I ta ly

100%COSTER S.à.r.l .France

99%COSTER TECNOLOGIE

SPECIALI GmbHGermany

100%ROBERTPACK

ENGINEERING B.V.Holland

100%COSTERPACK

Sdn. Bhd.Malaysia

95%COSTER

PACKAGING S.A.Argentina

100%COSTER USA

Inc.U.S.A

100%COSTERTEC

S.A.Spain

COSTER Tecnologie Speciali

S.p.A.

60%COSTER INDIA PACKAGING

Pvt. Ltd.India

70%COSTERPACK

MANUFACTURING Sdn. Bhd.Malaysia

100%COSTER ASIA-PACIFIC

Pte. Ltd.Singapore

100%COSTER

AEROSOL Ltd.U.K.

COSTER GROUP ANNUAL REPORT 2010 3COSTER GROUP ANNUAL REPORT 20102

in Johor Bahru (Malaysia), from 2002 with the subsidiary Coster Asia-Pacific in Singapore, from 2003 in the United States of America with the subsidiary Coster U.S.A., Inc. in South Elgin, Illinois, from 2008 in India with the subsidiary Coster India Packaging Pvt. Ltd. in Gurgaon (New Dehli).

Coster products are also manufactured and distributed through licensees in Iran and Turkey. The remaining areas are managed by the Sales Office in Milan, directly and through agents and distributors.

All Group companies achieved positive results in 2010. There was satisfactory improvement in the net profit of the parent company, due to a significant increase in the value of goods produced, the contribution of the machine division and to income from a number of different services.

Our selling prices remained stable for most articles. Prices for raw materials, subassemblies and components rose strongly; the cost of plastic materials, our main purchases, has doubled in the course of the last two years.

With few exceptions, Group companies, including the parent company, saw a growth in turnover. The subsidiary companies in India, United Kingdom, the U.S.A., Argentina, Germany, Holland and Spain showed the most significant increases in sales. Good results in terms of profit were achieved by most subsidiary companies, especially the USA, India and Argentina. In Italy the performance of Tecnocoster and Costerplast was satisfactory.

The financial year 2010 saw continued significant investments at the Coster Group facilities in Italy, in the modernisation of the means of production, in automation and in quality improvements.

Notable investments were also dedicated to new products, enhancement of equip-ment in the laboratories, and the construction of new moulds.

The Technical Office at Calceranica al Lago (Trento) runs the R&D operations for the Aerosol Division, while the Technical Office of the Machine Division in Pero (Milan) is dedicated to filling machines and equipment.

COSTER GROUP ANNUAL REPORT 2010 5

ABSTRACT FROM BOARD OF DIRECTORS’ ANNUAL REPORT

Total Coster Group turnover in 2010 amounted to Euro 167 593 000, compared to Euro 135 837 000 in 2009; this shows significant growth with respect to 2008 as well (Euro 147 138 000). The greatest growth took place in countries outside Europe.

As of December 31st, 2010, the Group had 837 employees.

The following tables show turnover in thousands of Euros, broken down by product category and geographical area.

Turnover per category of product 2010 2009

Valve and Pump Division 150 891 126 742Machine Division 11 177 7 511Services and others 5 525 1 584

Total turnover 167 593 135 837

Turnover per geographical area 2010 2009

E.U. countries 105 149 91 114Other countries 62 444 44 723

Total turnover 167 593 135 837

Coster Group is headed by Coster Tecnologie Speciali S.p.A., with fourteen operative subsidiary companies in France, Germany, Holland, Italy, Spain, the U.K., Argentina, India, Malaysia, Singapore, the U.S.A., and a non-operative subsidiary in the U.K.

The Group’s production consists essentially in the following product lines: aerosol valves, spray pumps and dispensers, spray caps and special actuators, machines and lines for aerosol and liquid product filling.

Coster Group has been operating in Europe for more than forty-five years with its own commercial, distribution and production units; from 1997 Coster has operated directly in South America through the subsidiary Coster Packaging S.A. in Buenos Aires, from 2000 in South East Asia with the subsidiary Costerpack Sdn. Bhd.

COSTER GROUP ANNUAL REPORT 20104

Also shown are the new BOV pharmaceutical filling line and the new high-perfor-mance filling line for aerosol products installed at Aerobal Mexico.

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.

No significant events have occurred since the closure of the financial year 2010.

The year 2011 started regularly; the level of orders is good. At the same time the rise in the cost of raw materials, especially plastics, has continued. Now, it seems, prices have stabilized at the recent high levels.

While in Europe and the U.S.A. uncertainty regarding the evolution of the recessive cycle remains, the evident growth tendencies in the emerging countries continue. As a result of recent events, these forecasts must be viewed as a short-term outlook.


Considerable time and resources were absorbed by intense R&D activity in 2010, as in previous years. New products have been designed (pumps, dispensers, actuators) and current products improved; some of these new products are currently in production, others are scheduled to go into production shortly.

A high proportion of R&D activities has been focused on tests and trials of new manufacturing processes. The chemical laboratories in Pero (Milan), Torelló (Bar-celona), Stevenage (UK), South Elgin (Illinois) and Buenos Aires are dedicated primarily to formulative research and to the provision of technical assistance to customers.

Coster pays increasing attention to environmental sustainability: new products are being designed both to improve recyclability and to allow compressed air filling, avoiding the use of liquid propellants.

Coster also goes on minimizing the amount of manufacturing waste sent to landfills, and carries out important investments for energy conservation, adopting means of production with low electricity consumption.

The facilities in the U.S.A. and in Spain have already achieved ISO 14001 environ-mental certification.

The following pages illustrate some of the Group’s new investments in innovation and manufacturing.

The new aerosol spray cap manufactured exclusively for Unilever’s Rexona deodorant and anti-perspirant; Flector Gel, the popular topical anti-inflammatory gel by Laboratoires Genévrier, which uses Coster BOVs and Series 1800 actuator; the new Pediatric Pharma Salus Nasal Actuator for Sea-Water Solutions together with the Female Bag-On Valve; the new 20mm Bag-On Valve and the new vertical nasal actuator V04.2480; the new Mini Sample Coster CPMR perfumery pump serve as examples of Coster production.


REXONA

New exclusive spray capfor Unilever’s Rexona deodorant & anti-perspirant


FLECTOR GEL

The popular topical anti-inflammatory gel uses Coster Bag-On-Valvesand Series 1800 actuator


NEW FEMALE BAG-ON-VALVE

The new female Bag-On-Valvecoupled with the new pediatric pharma Salus nasal actuator for sea-water solutions


CPMR MINI-SAMPLE The new Coster CPMR Mini-Sampleperfumery pump


ENVIRONMENTAL SUSTAINABILITYIN COSTER USA

Coster Factory in the USA achieved ISO 14001 environ mental certification


NEW BOV PHARMA FILLING LINE


COSTER TECNOLOGIE SPECIALI S.p.A.

Consolidated balance sheet as of 31 DecemberAssets

(in millions of Euros)

2010 2009 2008 2007 2006

Cash & Banks 45.4 41.8 29.3 38.9 49.5

Trade & Bills receivables (net of bad debt provision) 35.7 31.0 32.2 32.5 29.2

Other receivables 4.7 5.0 7.4 7.3 6.9

Inventory (net of obsolescence provision) 32.4 28.5 30.7 27.4 25.2

Accrued income and prepaid expenses 0.2 0.2 1.6 1.9 2.1

Current Assets 118.4 106.5 101.2 108.0 112.9

Land and buildings 46.6 45.9 32.5 33.3 26.7

Plant and machinery 132.6 123.2 109.0 105.7 98.6

Mould, patterns and other 103.5 98.9 93.9 90.7 85.7

Property, plant and equipment 282.7 268.0 235.4 229.7 211.0

Less: Depreciation funds (210.5) (196.4) (184.2) (174.4) (164.7)

Property, plant and equipment, net of depreciation 72.2 71.6 51.2 55.3 46.3

Deposits and investments 0.5 0.6 0.1 0.1 0.2

Own shares and affiliated companies 5.7 5.7 5.7 5.7 5.7

Advance to suppliers 1.1 1.9 2.6 0.5 2.0

Deferred charges (net of depreciation) 1.9 2.6 3.1 0.9 0.5

Other Assets 9.2 10.8 11.5 7.2 8.4

Total Assets 199.8 188.9 163.9 170.5 167.6

COSTER GROUP ANNUAL REPORT 201022 COSTER GROUP ANNUAL REPORT 2010 23


Consolidated balance sheet as of 31 DecemberLiabilities & Shareholders’ equity


2010 2009 2008 2007 2006

Banks 2.1 1.4 0.5 0.5 0.5

Suppliers 25.8 22.4 20.5 22.7 23.3

Provisions for taxes 7.5 6.8 5.1 4.5 7.4

Current portion of loans 2.9 3.1 0.4 0.2 0.1

Other payables & provisions 9.9 10.2 8.1 8.9 8.7

Short-term liabilities 48.2 43.9 34.6 36.8 40.0

Long-term portion of loans 8.0 8.9 0.3 0.3 0.3

Staff severance indemnity provision 5.5 5.4 5.8 6.2 6.5

Other provisions 1.4 1.5 1.6 7.6 7.7

Medium and long-term liabilities 14.9 15.8 7.7 14.1 14.5

Share capital 12.0 12.0 12.0 12.0 12.0

Legal & extraordinary reserves & provisions 98.7 89.8 83.7 80.5 75.4

Reserve for own shares 5.7 5.7 5.7 5.7 5.7

Revaluation balance 12.3 12.3 12.3 12.3 12.3

Net profit for the year 5.9 7.8 6.4 8.1 6.8

Minority interest 2.1 1.6 1.5 1.0 0.9

Shareholders’ equity 136.7 129.2 121.6 119.6 113.1

Total Liabilities and Shareholders’ equity 199.8 188.9 163.9 170.5 167.6


Consolidated statement of incomefor the years ended 31 December


2010 2009 2008 2007 2006

Production value 167.6 100.0% 135.8 100.0% 147.1 100.0% 147.6 100.0% 150.2 100.0%

Cost of goods & services provided

(145.1) 86.6% (117.4) 86.4% (129.9) 88.3% (126.1) 85.4% (126.8) 84.4%

Selling & general expenses

(11.7) 7.0% (11.1) 8.2% (11.5) 7.8% (10.9) 7.4% (10.5) 7.0%

Operating Margin 10.8 6.4% 7.3 5.4% 5.7 3.9% 10.6 7.2% 12.9 8.6%

Financial income 0.8 0.5% 0.3 0.2% 1.3 0.9% 1.4 0.9% 1.2 0.8%

Financial charges (1.3) 0.8% (2.1) 1.5% (2.1) 1.4% (2.7) 1.8% (1.9) 1.3%

Provision for risks (0.0) 0.0% (0.0) 0.0% (0.1) 0.1% (0.0) 0.0% (0.1) 0.1%

Other 0.0 0.0% 5.9 4.3% 5.0 3.4% 0.3 0.2% 0.0 0.0%

EBT 10.3 6.1% 11.4 8.4% 9.8 6.7% 9.6 6.5% 12.1 8.0%

Income taxes (4.1) 2.4% (3.5) 2.6% (3.4) 2.3% (1.5) 1.0% (5.3) 3.5%

EAT 6.2 3.7% 7.9 5.8% 6.4 4.4% 8.1 5.5% 6.8 4.5%


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Total Assets Property, plant and equipment Depreciation funds Shareholders' equity

Euro

Mill

ion

0

25

50

75

100

125

150

175

2006 2007 2008 2009 2010

200

225

250

275

Total Assets Total Liabilities Current Assets Short-term Liabilities

Euro

Mill

ion

2006 2007 2008 2009 20100

25

50

75

100

125

150

175

200


Shareholders' equity Total liabilities Short-term liabilities Medium and long-term liabilities

0

20

40

60

80

Euro

Mill

ion

2006 2007 2008 2009 2010

100

120

140

Euro

Mill

ion

0

2

4

6

8

2006 2007 2008 2009 2010

14

10

12

16

EBT EAT Distributed EarningsOperating Margin



COSTER GROUP SALES ORGANIZATION

HEAD OFFICES

Address Telephone Fax E - mail

Coster Tecnologie Speciali S.p.A. Corso Como 15 +39 02636161 +39 0229006706 [email protected] Milano (Italy)

BRANCH OFFICES

Area Company / E - mail Address Telephone / Fax

ARGENTINA, Coster Packaging S.A. Ruta 8, Km 60 - Calle 14 y 9 TEL : +54 (0230) 4466206

LATIN AMERICA [email protected] B1629MXA Parque Ind. Pilar - Buenos Aires FAX : +54 (0230) 4496664

BENELUX, Robertpack Engineering B.V. Pascalweg 3, Industrieterrein Marslanden D TEL : +31 (38) 4652 080

SCANDINAVIA [email protected] 8013 RC - Zwolle, Netherlands FAX : +31 (38) 4657 076

FRANCE, Coster s.à.r.l. ZI Mitry Compans Rue Gay Lussac TEL : +33 (1) 6467 9655

MAGHREB [email protected] 77290 Mitry Mory FAX : +33 (1) 6467 0404

GERMANY, AUSTRIA, Coster Tecnologie Speciali GmbH Siemensstraße 22 TEL : +49 (7243) 5483-0

POLAND, CZECH REPUBLIC [email protected] 76275 Ettlingen FAX : +49 (7243) 5483-54

INDIA Coster India Packaging Pvt. Ltd. C-021-A Super Mart Commercial Complex-1 TEL : +91 (124) 404 3701

[email protected] DLF Phase IV - Gurgaon-122016 Haryana FAX : +91 (124) 404 3704

MALAYSIA Costerpack Sdn. Bhd. 5, Jalan Firma 3 Kawasan Perindustrian TEL : +60 (7) 357 3351

[email protected] Tebrau IV - 81100 Johor Bahru, Johor FAX : +60 (7) 357 3349

SINGAPORE Coster Asia-Pacific Pte. Ltd. 92, Hillview Ave., # 06 -12 Hillbrooks TEL : +65 9139 1468

[email protected] 669592 Singapore FAX : +65 6891 3687

SPAIN, PORTUGAL Costertec, S.A. Besalú, 4 TEL : +34 (93) 859 1038

[email protected] 08570 Torelló - Barcelona FAX : +34 (93) 859 3510

UNITED KINGDOM Coster Aerosols Limited Babbage Road, Stevenage TEL : +44 (1438) 367 763

[email protected] Herts SG1 2EQ FAX : +44 (1438) 728 305

U.S.A. Coster USA Inc. 1625 Shanahan Drive, South Elgin Illinois TEL : +1 (847) 760 6040

[email protected] 60177 USA FAX : +1 (847) 760 6035

LICENSEES


IRAN Padine Co. Ltd. No. 24, 8th Ave. Ahmad Ghassir Ave. TEL : +98 (21) 8873 8833

[email protected] Tehran 15147 FAX : +98 (21) 8873 7686

TURKEY Aerosol Valf Sanayi A.S. Geposb-Gebze Plastikçiler Organize Sanayi TEL : +90 (262) 751 2713

[email protected] Bölgesi Inönü mahallesi 7, Cadde Gebze/Kocaeli FAX : +90 (262) 751 2180

AGENTS AND DISTRIBUTORS


BALTIC COUNTRIES, Sun Spray Packaging Ltd. Bolshaya Spaskaya St. - House 12, Office 50 TEL : +7 (495) 956 3218RUSSIA, C.I.S. [email protected] 129010 Moscow FAX : +7 (495) 956 3259

CANADA Norlimar Canada Inc. 4279, rue Juneau, Pierrefonds TEL : +1 (514) 696 [email protected] Québec H9H 2C6 FAX : +1 (514) 620 9933

EGYPT, YEMEN, Cesam Engineering & Trading Co. I.Z. # 2, Str. # 81 btw. Rd # 18 & Rd # 20 TEL : +20 (2) 3833 9896GCC [email protected] POB 153 October VI City - Giza 12573 Egypt FAX : +20 (2) 3833 5197

GREECE, CYPRUS Paneuropean S.A. N. 24, Souri street TEL : +30 (210) 574 [email protected] 121 31 Peristeri Athens FAX : +30 (210) 574 1418

GUATEMALA Representaciones del Caribe S.A. 14 Avenida 7-12 Zona 14 Bodega # 8 TEL : +502 2421 [email protected] Guatemala C.A. 01014 FAX : +502 2421 0301

HUNGARY Turi Jolan Bukkfa u. 12 TEL : +36 (1) 325 [email protected] 1028 Budapest FAX : +36 (1) 325 5062

ISRAEL Maydan Representatives Ltd. Kehilat Saloniki str. 13 TEL : +972 (3) 540 [email protected] 69513 Tel Aviv FAX : +972 (3) 549 2524

JAPAN Koike Chemical Co. Ltd. 3-2-1, Kinshi, Sumida-Ku TEL : +81 (3) 5610 5169Tokyo 130-0013 FAX : +81 (3) 5610 5171

LEBANON Jean Zakka Fils S.a.l. P.O. Box 90360 TEL : +961 (1) 870 [email protected] Jdeidet El-Maten FAX : +961 (1) 895 654

ROMANIA Pluritrade S.r.l. Sos. Panduri, 7 TEL : +40 (21) 410 [email protected] 050651 Bucuresti FAX : +40 (21) 411 1172

SWITZERLAND Pack-Part GmbH Kraftwerkstraße, 24 TEL : +41 (61) 811 [email protected] CH 4303 Kaiseraugst FAX : +41 (61) 811 2166

PHARMA AGENTS AND DISTRIBUTORS


BALTIC COUNTRIES, VA Intertrading AG Kantemirovskaya Street 58 TEL : +7 (495) 651 9335RUSSIA, C.I.S. [email protected] Office 7038 Moscow 114577

BANGLADESH Orbit Corporation 89/ka, P.C Culture Housing Society TEL : +88 (02) 81 58 [email protected] Shamoli, Mohammadpur, Dhaka - 1207 FAX : +88 (02) 81 59 957

INDIA Mascot Universal Private Limited. 4, Shah and Nahar Industrial Estate, TEL : +91 22 [email protected] Off. Dr. E. Moses Rd, Worli Naka. Mumbai 400018 FAX : +91 22 40640311

IRAN Borna Khooshe Co. Flat 1, No.26, Souri Str. Ati Saz TEL : +98 21 2234 5737(PACKAGING COMPONENTS) [email protected] 1997657653 Tehran FAX : +98 21 2234 5737

IRAN IMA Darou Afzar Co. Unit 8, 3rd Floor, N. 30 TEL : +98 21 88214976(MACHINERY) [email protected] 37th Street Yousefabad Ave. Tehran FAX : +98 21 88210931

SYRIA, JORDAN Fourat Technical Center FTC. P.O.Box 34988 TEL : +963 11 446 711 [email protected] Damascus FAX : +963 11 447 3940

TURKEY Metpak Temsilcilik Diş Ticaret Ltd. Şti Merdivenköy Mh. Şair Arşi Cd. TEL : +90 216 411 87 [email protected] Nazenin Sk. Karadeniz Apt. 9/7 - 34732 Kadiköy Istanbul FAX : +90 216 478 53 53


PRODUCTION ORGANIZATION


COSTER 2, Calceranica (TN), Italy:Spray and Dispensing Pump Manufacturing.

COSTER 1, Calceranica (TN), Italy:Plastic Component Manufacturing.

COSTER 3, Caldonazzo (TN), Italy:Aerosol Valve, Plastic Component and Standard Actuator Manufacturing.

COSTER 4, Caldonazzo (TN), Italy:Bag-On-Valve Manufacturing.

TECNOCOSTER s.r.l., Castelnuovo (TN), Italy:Special Actuator Manufacturing.

COSTERPLAST S.p.A., Caldonazzo (TN), Italy:Spray Cap and Special Actuator Manufacturing.


COSTERTEC S.A., Torelló, Spain: Perfumery Pump Manufacturing, Aerosol Valve Manufacturing and Distribution Center.

COSTER AEROSOLS Ltd, Stevenage, UK:Aerosol Valve Manufacturing.

ROBERTPACK B.V., Zwolle, Holland:Aerosol Valve and Spray Cap Manufacturing.

COSTER USA Inc, Illinois, USA: Bag-On-Valveand Special Actuator Manufacturing.

COSTER PACKAGING S.A. - Buenos Aires:Aerosol Valve and Special Actuator Manufacturing.

COSTERPACK, Johor Bahru, Malaysia:Aerosol Valve, Standard and Special actuator and Spray Cap Manufacturing.


COSTER INDIA PACKAGING Pvt Ltd, Bhiwadi, India: Perfumery Pump Manufacturing.

COSTER GmbH, Ettlingen, Germany:Sales Office and Distribution Center.

ACR, Caldonazzo (TN), Italy: Productionof Special Assembly Machinery.

COSTER Machinery Division, Pero (MI), Italy:Aerosol Filling Machine.

COSTER s.à.r.l., Mitry Mory, France:Sales Office and Distribution Center.

COSTER 1, Calceranica (TN), Italy: Technical and Research & Development Headquarters.

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