André-Michel Ballester, President Cardiac Rhythm Management BU Marco Chiadò Piat, VP Corporate Development Las Vegas May 16 th -18 th, 2006

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1 André-Michel Ballester, President Cardiac Rhythm Management BU Marco Chiadò Piat, VP Corporate Development Las Vegas May 16 th -18 th, 2006 April May

2 Disclaimer This presentation contains management preliminary estimates and forward-looking statements, including information related to Sorin projected financial performance and the expected development of the med-tech industry, in particular in the cardiovascular and renal care segments. These statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, as of this date, though by their nature future estimates are uncertain and difficult to predict. Actual results or experience could differ materially from the information contained herein. This communication does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned in any jurisdiction. For more information please contact Sorin Investor Relations Department: Telephone April May

3 Sorin Group: the largest European cardiovascular medical device company World leader in Cardiac Surgery; growing player in Cardiac Rhythm Management and Vascular Therapy Cardiac Surgery 56% Revenue by Business Unit Competitive position in a large natural growth and technology-driven sector Proprietary technology platform across product portfolio Global footprint: global production, R&D, sales & marketing mm change Vascular Therapy 5% Cardiac Rhythm Management 25% Europe 61% Renal Care 14% Revenue by Geography Net Revenues % EBITDA EBIT Net debt % n.m.* * -16.9M in FY04 Japan 7% ROW 9% North America 23% April May

4 Integrating a global presence by manufacturing and by branding into one Sorin Group with strong worldwide product brands April May

5 Leveraging expertise in CS to become a leader in CRM and VT Over 40 years of experience in CS is the foundation for growing success in CRM and VT: strong position in CS enables extraction of commercial synergies with CRM and VT well-positioned to benefit from a future convergence between CS and VT technologies: minimally invasive valve technology April May

6 Cardiac Rhythm Management

7 Latest CRM news Ovatio DR & VR received FDA approval Commercial launch at HRS (Boston, 17 th 20 th May): Ovatio, the smallest ICD in the market First implant in US scheduled by the end of May US tachy growth expected to accelerate, as we have experienced in Europe (Ovatio CRT-D launched in Oct. 05, Ovatio ICD launched in Jan. 06) April May

8 Sorin Group CRM strategy Leverage strength in Pacing technology across all market segments (AAISafeR in Tachy, PEA in CRT) Establish presence as a rapid innovator in Tachy Become the Innovative Leader in Hemodynamic management of Heart Failure Defend margins by unique features (pricing) and industrial cost reduction (including cycle time reduction) Expand field coverage and competencies to improve our market position Focus on the introduction of system s (Leads, Programmers) which address the total therapy delivery requirements of our customers The turnaround phase initiated in 2004 is well on its way with some early tangible results in 2005 and very promising in 1Q 2006: Growth > 50% in Tachy globally (05vs04) Growth > 35% in the US (05vs04) Ovatio launch Investment in Sales and Marketing April May

9 CRM strategy in US Build on existing infrastructure: Carbomedics/COBE (Sorin Group): 40+ years of CS history in US Ela Medical (Sorin Group): 20+ years of CRM history in US New Management Team with solid CRM experience New and enlarged sales organization focused on large metropolitan centers Research partnership with leading teaching institutions Faster time to market, shortly after Europe (AAISafeR2, Ovatio) Encouraging initial results: >35% growth in 2005, >50% targeted growth in 2006 April May

10 Symphony Pacemaker/AAISafeR: Natural Rhythm Symphony avoids unnecessary ventricular pacing and restores the natural rhythm of the heart AAIsafeR 2 virtually eliminates deleterious V pacing (< 0.2%) Reduction of HF, AF and mortality risks +1% V pacing = +1% AF risk, +10% V pacing = +20% HF risk Longevity is increased by 28 months Unique comprehensive management for all paroxysmal AV blocks and permanent 1st degree AV block Solution adapted to more patients than ANY other device available on the market Solution adapted to exercise Solution adapted to night variations First to offer AAI pacing with complete dual chamber memorized data (AIDA + programmer) Build knowledge on AV conduction Diagnostic information will help choose the appropriate programming April May

11 Ovatio family: Best-in-Class size and therapy Ovatio, the smallest devices in the market: 29cc ICD mm thin, 30cc CRT-D to improve patient comfort and safety A cutting edge innovation that improves patient s quality of life with the three best in class algorithms in the market : AAIsafeR, PARAD+, BTO Literature shows 50% of patients implanted with pacemakers receive unnecessary pacing of ventricle which may lead to atrial fibrillation and/or heart failure Ovatio with AAIsafeR pacing algorithm reduces unnecessary Ventricular pacing to 0.2%. Literature shows up to 35% of ICD patients and 50% of young ICD patients receive inappropriate, painful shocks Ovatio with PARAD+ the best overall specificity at 99% (1/100) avoids painful shocks*, and promotes painless anti-tachycardia pacing therapy (ATP) Literature shows necessity to analyze slow VTs (which may need immediate therapy) at rates that can be achieved during exercise, and maintain ventricular resynchronization during exercise OVATIO CRT with BTO (Brady-Tachy Overlap) zone, distinguishes slow VTs down to rates of 100 beats per minute but is still able to maintain resynchronization support to rates above this during exercise. * Comparison of the specificity of implantable dual chamber defibrillator detection algorithms F Hintringer, M Deibl, T Berger, O Paghinger, F X Roithinger PACE July 2004 April May

12 New CRM platform devices (Hi Performance) Key basic features Single platform for ELA & SORIN BIOMEDICA encompassing the Best Of product features of the two brands (AAIsafeR, PARAD+,PEA) Improve gross margin: reduced production costs & low energy and high energy common platforms. Automaticity: implant & forget Flexible platform to address all patient and customer needs Fully downloadable software for quick clinical update Low power features Builds on Symphony proven features: AAIsafeR, AIDA+, AF prevention algorithms The smallest pacemaker in the market: more integrated electronics lowering device size & increasing longevity Large Holter memory capacity (about 30-min EGMs) High power features High energy output to address all patients needs Atrial therapies delivery PEA (Peak Endocardial Accelerator) heart contractility sensor: monitoring the heart as a pump Heart failure algorithms Ease-of-use April May

13 CRM milestones Low power Symphony Europe: AAIsafeR launched in September 2003 AAIsafeR2 launched in March 2005 US: AAIsafeR2 launched in April 2005 Japan: Regulatory submission in process High power Ovatio Ovatio ICD launch dates: Q Europe and Q USA Q for Japan Ovatio CRT-D launch dates: Launched in Europe in October 2005 Mid 2007 in USA (patients enrolment completed in IDE study), Mid 2008 in Japan Hi Performance 1H 07 Europe 1H 08 US Hi Performance 2H 07 Europe 2H 08 US April May

14 Cardiac Surgery

15 Sorin percutaneous heart valve project Same valve for Surgical (MIS) and Percutaneous implant techniques Minimally Invasive Surgical Approach Beating heart approach Transcatheter approach Use of a proven and well known biological stentless valve (Sorin Pericardial Stentless, in clinical use since 1985 with 30K implants and zero structural failures) All non-biological surfaces coated with Carbofilm Securing structures made by superelastic alloys for self securing Double tissue structure allows optimal sealing Retrograde positioning Apical puncture Retrograde positioning with antegrade positioning April May

16 Double-structure armature Securing structure independent from valve supporting system The valve consists of two functionally independent structures (patent pending): Expandable securing structure matching the anatomy of the aortic root and Valsalva sinuses Valve support (non expandable) Strength of securing stent and flexibility of valve support can be controlled independently Optimal positioning in the anatomical geometry Self-securing without stressing the valve April May

17 Project strategy 1 Valve 4 Different Techniques 4 Systems Interventional approach (Interventional Cardiologist) Transcatheter approach (femoral artery/vein) Beating heart approach (apical/aortic puncture) MIS procedure (thoracotomy) Open heart procedure (sternotomy) Surgical approach (Cardiac Surgeon) April May

18 MEMO 3D: the most innovative semirigid annuloplastic ring MEMO 3D TM semirigid annuloplasty ring is the latest result of Sorin Group s research into advanced, high-tech biomaterials and technologies for better patients outcomes: The 1st Sorin Group Branded HV Product soon to be launched in North American & International Market Innovative cell-structure design, capable of mimicking the physiological three-dimensional motility of the native mitral annulus and accommodating the anatomical saddle shape Shape memory and super-elastic alloy core, aimed at restoring the native shape and function Sorin Group s exclusive Carbofilm TM coating for enhanced haemo- and biocompatibility Ease of implant, according to a pre-defined line and thanks to a particular configuration of the silicon filler April May

19 Vascular Therapy

20 JANUS: unique targeted drug delivery Resolve major limitations of DES, such as late stent thrombosis (thanks to fast endothelialization) Superior performance in specific disease segments (e.g. AMI: Acute Myocardial Infarction*): - 0% Late stent thrombosis - 2.2% all TLR - 3.0% all MACE Literature associated increasing risks of late stent thrombosis with polymers on DES platform. No polymeric carrier for the drug. Carbofilm coated surface in contact with blood. Janus elutes drug (Tacrolimus) only toward the vessel wall, with pure drug loaded into reservoirs on the external surface of the stent. Quick vessel healing. Suitable for direct stenting. MASTER randomized clinical trial: PI Dr. Colombo + Dr. Garcia; focus on AMI patients, non inferiority trial vs another DES; first patient to be enrolled in Q3 06. Non-targeted drug delivery Stent strut cross section Other DES with polymer coating Effective release Ineffective release in the blood VS Targeted drug delivery Stent strut cross section JANUS * 6-month data from e-janus registry: results in higher risks AMI sub-group patients (133 out of 587) April May

21 CHRONO and 2 nd generation DES CHRONO, the new Cobalt Chrome Coronary Carbostent new stent design engineered to provide superior stent flexibility unique Carbofilm coating best-in-class deliverability: the new delivery system PTS (Progressive Transition System) provides improved pushability and trackability precise positioning higher mechanical strength and radiopacity than stainless steel CE mark approval obtained in March nd generation DES CHRONO Cobalt Chrome stent platform unique drug reservoirs technology coated with the well proven haemocompatible Carbofilm enhanced drug release kinetics CE mark approval expected 1H 08 April May

22 2006 Clinical strategy: Key Points Janus outstanding outcomes in high-risks AMI patients Focused clinical approach in AMI Janus excellent safety profile and clinical benefits in real-world population Long-term follow-ups in real-world Unmatched clinical efficacy and angiographic outcomes of Tecnic-Chrono: 0% stent thrombosis, low clinical events, low LLL and angiographic data in clinical trials Tecnic is the best BMS on the market with low LL and excellent thromboresistance MC Morice High Tech January Marseille Re-launch of benefits of Tecnic-Chrono platform April May

23 Financials

24 P&L targets Revenues %* %** EBITDA %* %** EBITDA margin 9.9% 13%-14% 15%-17% Revenue growth strongly accelerates in 2008 Continuous EBITDA growth over planning horizon 2006 revenue growth consistent with 2005 trends * 3yr CAGR ** 5yr CAGR April May

25 Revenues key growth drivers - by Business Unit CRM US: Increase ICD market share Ovatio ICD approval EU: Increase Tachy (ICD+CRT-D) market share Ovatio family launched Hi perf Brady approval US: Increase CRT-D market share Ovatio CRT-D approval Hi perf. ICD and CRT-D approval VT EU: Increase DES & non-des market share Focus on AMI patients for Janus Repositioning of Tecnic/Chrono EU: launch Janus 2nd generation CS US: launch tissue valve Mitroflow valve approval EU: Increase tissue valve market share EU: launch percutaneous valve PVT valve approval April May

26 CRM and VT as main growth drivers CRM and VT expected to grow rapidly RC VT CRM 100% 14% 5% 25% 100% 10-15% 15-20% 30-35% CS 56% 35-40% thus leading to a significant improvement in profitability April May

27 Revenues key growth drivers - by geographic area Revenues growth in CRM and CS will be driven mainly by US, followed by Europe CRM CS ex CPB cagr geographic mix cagr geographic mix US % 13% 30-35% US % 19% 30-35% Europe % 71% 50-55% Europe + 4-6% 49% 40-45% April May

28 Balance Sheet targets WC/Revenues Net debt/equity 55% 50-52% 46-48% revenues geographic mix improvement receivable mix improvement integration plan implementation and supply chain rationalization inventory level improvement April May

29 Sorin Q1 06 results ( M) NET REVENUES Q Q1 06 vs Q1 05 as reported +9.6% Q1 06 vs Q1 05 at comparable FX +6.7% Cardiac Surgery % Cardiac Rhythm Management Vascular Therapy Renal Care +5.9% % +22.7% % +1.0% % +2.6% EBITDA 18.4 EBITDA margin 9.4% +14.3% +12.0% EBIT % 56.7% April May

30 Final remarks Healthy Growth Focused growth in the fastest developing segments of the CV market (CRM and VT) Balanced geographic growth focusing on US, Europe and Japan Improved Profitability Richer Product mix improving Gross Margins Significant cost savings via manufacturing & organization restructuring Relentless pursuit of Innovation DES Percutaneous valves CRM: Ovatio and Hi-perf platforms Solid 1Q 06 results and Ovatio ICD FDA approval make us confident Sorin is moving in the right direction April May

31 April May