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Mundys (formerly: Atlantia SpA)

Investor Presentation • Apr 28, 2020

6228_rns_2020-04-28_924258ba-e812-40df-9a8c-d43e47646904.pdf

Investor Presentation

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2019 RESULTS

FY2019 Results

28 April 2020

Table of Contents

Atlantia at a Glance

  • • Launched a full transformation plan envisaging up to €7bn spending over the next 4 years for investments, maintenance and digitalization with focus on safety innovation and sustainability
  • • New CEO, new board of directors (with majority of independent members), new management in key roles

Abertis acquisition debt refinanced with €6bn debt issuance with long-

  • dated maturities • Better than expected progress of
  • efficiency plan initiatives after Abertis acquisition
  • • Reached agreement to acquire RCO in Mexico
  • • Top of mind destination airports (Rome and Nice)
  • • Rome-FCO "best in class" among European and American airports for quality of service (source: ACI)
  • • New CEO and new board of directors of ADR

  • 14 countries, 120 concessionaires, 105,000 km network covered
  • • Broadening geographical reach and product offering (e.g. digital payments, mobility services, insurance policies)
  • • New board of directors with key competences in the industry

(1) Pro-forma figures on a like for like basis

FY2019 Results

2019 Performance by Segment

(1) Includes Abertis group and Atlantia overseas motorways

(2) Includes merchant fees paid by motorway concessionaires

(3) Weighted average EBITDA on the basis of look through interest and residual concession life

FY2019 Results

Key Priorities

Full Transformation Plan 1 Autostrade per l'Italia

FY2019 Results

New Maintenance and Capex Plan 1 Autostrade per l'Italia

  • • Over 25,000 people per year additional level of employment for Italy till the end of the Concession
  • • €2.46 GDP growth per each €1.00 spent

FY2019 Results

Proposed Settlement with the Government 1 Autostrade per l'Italia

• Autostrade per l'Italia new plan envisages additional €1.5bn of new measures as part of a settlement agreement proposed to the Government to solve disputes raised after Genoa incident % of cost covered by

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€2.9bn

Proposals to the Government 1 Autostrade per l'Italia

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Traffic Impact Covid-19 2

28 April 2020

10

FY2019 Results

• Launched an operational and efficiency plan across all the Group assets to mitigate the loss of cash flow due to the fall in traffic

(1) Sensitivity based assuming an average fall in traffic volumes of -30% on the motorway assets and -50% in airport assets of the Group for 2020 vs 2019

FY2019 Results

New Normal Means More Individual Mobility 2 Covid-19

• Five key trends are shaping a "new normal scenario" that highlights the uniqueness of the Group assets and its synergy potential

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Liquidity Profile and Funding 3 Liquidity

  • • New source of funding available from capital markets or State support
  • • Dividend policy of each company to prudently cope with available cash flow

(1) Pro-forma figures as of 31.12.2019. See slide 25 for details.

FY2019 Results

Value Creation Drivers 4 Group Reorganisation

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Atlantia Group EBITDA

(1) Vianorte and Autovias concessions expired (May '18/June '19), Trados and Via Paulista consolidated in 2019 results.

FY2019 Results

Change in Group Net Debt

(1) Equity reserves distribution mainly from Abertis HoldCo (€432m) to non-controlling shareholders.

FY2019 Results

FY2019 Results

Abertis Results by Segment

  • (1) Includes (i) change in scope for Brazil (ViaNorte and Autovias expiry in 2018 and 2019, ViaPaulista operating from 2019) and for Spain (Trados-45 consolidation in 2019), (ii) first recognition in 2018 of IFRIC12 financial asset model in Argentina, (iii) IFRS16 effects and other minor accounting differences
  • (2) FX effect: 2018 average FX rates (CLP/€ 757; BRL/€ 4,31; ARS/€ 43,1; USD/€ 1,18) vs 2019 average FX rates (CLP/€ 787; BRL/€4,41; ARS/€ 67,3, USD/€ 1,12).
  • (3) Like for like traffic growth due to change in concession portfolio; total traffic growth would be +7,9% for Spain and +3,8% for Brazil
  • (4) Mainly due to A4 planned increase in maintenance as per "Piano Economico Finanziario" (remunerated under RAB mechanism)

FY2019 Results

Results by Segment

Other Overseas Motorways (excl. Abertis Group)

  • (1) Includes: Payment to the Grantor by Stalexport in 2019 (-21m) and FX effect (-16m) calculated on the basis of 2018 average FX rates (CLP/€ 757,00; BRL/€4,31; PLN/€ 4,26) vs 2019 average FX rates (CLP/€ 786,78; BRL/€4,31; PLN/€ 4,26).
  • (2) Not including payment to the Grantor by Stalexport and provision reversal in 2018 (+5m)

FY2019 Results

Italian Airports: ADR Results by Segment

EBITDA

Key highlights

21

Overseas Airports: ACA Results by Segment

(1) 2018 included the impact related to the sale of an area belonging to Nice airport under agreements regarding the exchange of areas in relation to property development schemes.

FY2019 Results

Telepass Results by Segment

Pro-forma Group Debt Structure as of 31.12.19(1) (2)

(1) Gross Debt includes bank debt and Debt Capital Market notionals (excluding intercompany debt and hedging amounts)

The above FY2019 figures include the effects of recent transactions (a) Drawdown of all Atlantia credit facilities for a total amount of €3,250m on 14.01.2020 (b) Abertis Infraestructuras bond issuance for €600m on 30.01.2020 (c) Sale of Romolus notes issued by ADR and held by Atlantia for €278m on 28.01.2020 (d) Repayment of €572m of ASPI notes and loans on 16.03.2020 (e) Tax Credit refund of €600m, of which ca. €360m relating to the capital gain on the sale of Cellnex (f) Drawdown by ADR for €80m on 30.03.2020 (g) Brescia Padova bond repayment for €400m on 20.03.2020, reimbursed with cash for €200m and bank loan for €200m (h) Abertis Infraestructuras bond repayment for €610m on 30.03.2020 (i) HIT bond issuance for €600m on 24.04.2020

(2) €4.8bn debt guaranteed by Atlantia holding (excluding the make whole amounts)

FY2019 Results

Main Debt Features and Rating

C
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F
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a
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%
7
3.		 %
0
0
1		 8y
5.
S
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1
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4
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(
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In
fra
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s		 S
&
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h
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B
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-
B
B
B
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a
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8
%
1.		 6
8.
8
%		 6.
2y
H
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B
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3.
0		 %
1
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3.
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f
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B
B
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B
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iv
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a
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%
7
3.		 %
7.
4
9		 6y
4

FY2019 Results

PPA of Abertis

• Closing of the 98.7% acquisition of Abertis on October 2018 for a total consideration of €16.5bn

Rational and background

• The process consists in allocating the excess of the price paid (1) to the fair value of all identifiable assets and liabilities and the residual amount to goodwill.

Abertis Purchase Price Allocation (figures refers to the 98.7% stake acquired, excluding minorities)

(1) Excess price to be allocated equal to Purchase Price less difference between relevant Abertis Group equity book value and existing goodwill as at October 31, 2018

FY2019 Results

Disclaimer

This presentation has been prepared by and is the sole responsibility of Atlantia S.p.A. (the "Company") for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection herewith be interpreted as an offer or invitation to sell or purchase any security issued by the Company or its subsidiaries, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This presentation is not for distribution in, nor does it constitute an offer of securities for sale in Canada, Australia, Japan or in any jurisdiction where such distribution or offer is unlawful. Neither the presentation nor any copy of it may be taken or transmitted (i) into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any U.S. person as defined in Regulation S under the US Securities Act 1933, (ii) in the UK to any person other than professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Order and (iii) cannot be directed to, or distributed in, the Republic of Italy, except to qualified investors (investitori qualificati), as defined in Article 34-ter, 1st paragraph, letter b), of CONSOB Regulation No. 11971 of 14 May 1999 (the "Issuers' Regulation") implementing Article 100 of Legislative Decree No. 58 of 24 February 1998 (also known as the Testo Unico della Finanza or "TUF"); Manufacturer target market under MIFID II is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as securities are not available to retail clients in EEA.

The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. This document does not constitute or form part of any offer to sell or a solicitation of an offer to buy any securities in the U.S. or any other jurisdiction. This presentation does not constitute a prospectus or other offering document. Any person who subsequently acquires securities must rely solely on the prospectus and supplemental prospectus published by the Company in connection with such securities, on the basis of which alone purchases of or subscription for such securities should be made. In particular, investors should pay special attention to any sections of the prospectus or supplemental prospectus describing any risk factors. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss.

28 April 2020

28

FY2019 Results

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