FIERA MILANO S.P.A.

Registered office in Milan, Piazzale Carlo Magno 1 Operating and administrative headquarters in S.S. del Sempione 28, Rho (Province of Milan) Share Capital Euro 42,445,141.00 fully paid up. Milan Company Register, Tax code and VAT number 13194800150

INFORMATION DOCUMENT ON MATERIAL TRANSACTIONS WITH RELATED PARTIES

Drawn up in accordance with Article 13.2 of Annex C of the procedure for transactions with related parties of Fiera Milano S.p.A. and Article 5 and Annex 4 of the regulation adopted with Consob resolution 17221 of 12 March 2010, as amended.

TRANSFER NEW HEADQUARTERS

This document is a courtesy translation of the document in Italian "Documento informativo relativo ad Operazione di Maggiore Rilevanza con Parti Correlate – Trasferimento nuovo Headquarter". However, for information about Fiera Milano reference should be made exclusively to the original document in Italian. The Italian version of the document shall prevail upon the English version.

Milan, 11 July 2024

This information document was filed and made available to the public on 11 July 2024 at the registered office and at the operational and administrative offices of Fiera Milano S.p.A. in S.S. del Sempione 28, Rho (Province of Milan) on the company's website (www.fieramilano.it - Investor Relations - Corporate Governance section) and on the authorised storage mechanism .

	DEFINITIONS	3
	BACKGROUND	6
1.	NOTES: Risks related to potential conflicts of interest arising from the
	Transaction	7
2.	INFORMATION ON THE TRANSACTION	7
2.1	Description of the features, terms and conditions of the Transaction	7
2.2	Related parties on the Transaction, degree of correlation, and nature and extent of those parties' interests in the Transaction	8
2.3	Economic rationale and cost-effectiveness of the Transaction for the Company	10
2.4	Method of determining the consideration for the Transaction.	10
2.5	Overview of the economic, equity and financial effects of the Transaction	11
2.6	Impact of the Transaction on the remuneration of the members of the Company's management
	body and/or those of its subsidiaries	11
2.7	Information on the financial instruments of the Company held by members of the administrative
	and control bodies, general managers and executives of Fiera Milano who may be involved in the
	Transaction and their interests in extraordinary transactions	11
2.8	Indication of the bodies or directors who conducted or participated in the negotiations	12
2.9 2.10	Transaction approval process Multiple transactions carried out during the financial year with the same related party, or with parties related both to the latter and to the Company, for the purposes of relevance of the	12
	Transaction	14
	ANNEX 1 — Opinion of the Committee with the Fairness Opinion on the New Rent and the Fairness Opinion on the Rent Reduction attached under "A" and "B" respectively.	15
	DEFINITIONS	3
	BACKGROUND	6
1.	NOTES: Risks related to potential conflicts of interest arising from the
	Transaction	7
2.	INFORMATION ON THE TRANSACTION	7
2.1	Description of the features, terms and conditions of the Transaction	7
2.2	Related parties on the Transaction, degree of correlation, and nature and extent of those parties'
	interests in the Transaction	8
2.3	Economic rationale and cost-effectiveness of the Transaction for the Company	10
2.4	Method of determining the consideration for the Transaction.	10
2.5	Overview of the economic, equity and financial effects of the Transaction	11

2.6	Impact of the Transaction on the remuneration of the members of the Company's management
	body and/or those of its subsidiaries	11
2.7	Information on the financial instruments of the Company held by members of the administrative and control bodies, general managers and executives of Fiera Milano who may be involved in the
	Transaction and their interests in extraordinary transactions	11
2.8	Indication of the bodies or directors who conducted or participated in the negotiations	12
2.9	Transaction approval process	12
2.10	Multiple transactions carried out during the financial year with the same related party, or with
	parties related both to the latter and to the Company, for the purposes of relevance of the
	Transaction	14
	ANNEX 1 — Opinion of the Committee with the Fairness Opinion on the New Rent and the
	Fairness Opinion on the Rent Reduction attached under "A" and "B" respectively.	15

DEFINITIONS

In addition to the terms defined in the text, the main definitions used in this Information Document are as follows. These definitions, unless otherwise specified, have the meanings set out below. Terms defined in the singular are also understood in the plural, and vice versa, where the context so requires.

Office Area	The office area located in the main part of the Rho Exhibition Complex, near the "South Door".
Avalon or Independent Expert	Avalon Real Estate S.p.A., an independent advisor specialized in real estate valuations appointed by the Committee for (i) evaluations regarding the cost-effectiveness of the Transaction and (ii) the issue of a fairness opinion, for the benefit of the Committee, on the appropriateness of the New Rent for the Torre Orizzontale and the Rent Reduction.
Borsa Italiana	Borsa Italiana SpA, with registered office in Milan, 6 Piazza degli Affari.
Service Centre	The "business point service centre", located in the Office Area, with a total surface area of 31,141 sqm, hosting a variety of services, including conference rooms, restaurants, information points, and relaxation areas.
Committee	The Control and Risk Committee of Fiera Milano, comprising three non-executive, unrelated and independent directors, acting as the competent body, pursuant to the FM RPT Procedure, for issuing a reasoned prior opinion regarding related party transactions (including material transactions) carried out by the Company directly or through its subsidiaries.
Rho Exhibition Complex or	The exhibition complex, entirely owned by Fondazione Fiera
External Complex	Milano, comprising, overall, 20 exhibition pavilions for a total of approximately 400,000 sqm of usable surface area.
Board of Directors	The Board of Directors of Fiera Milano.
Legal Adviser	The legal practice, Galbiati, Sacchi e Associati, acting as the Committee's legal advisor, for legal and regulatory aspects, in

relation to the management of the process of preparing the Committee's Opinion. External Complex Lease The lease contract of the External Complex signed on 31 March 2014 between FFM (lessor) and FM (lessee). Torre Orizzontale Contract The new lease contract for the Torre Orizzontale with the respective terms, conditions, duration and annual amount of the rent. Information Document This Information Document, prepared in accordance with Article 5 and Annex 4 of the Consob RPT Regulation, as well as section 13.2 of the FM RPT Procedure and related Annex C. Avalon Fairness Opinion The Fairness Opinion on the New Rent and the Fairness Opinion on the Rent Reduction, given by the Independent Expert and sent to the Committee on 2 July 2024, respectively,

Contract

on the appropriateness of the New Rent for the Torre Orizzontale, as well as on the appropriateness of the Rent Reduction, attached to the Committee's Opinion, under "A" and "B" respectively.

Fairness Opinion on the New Rent The Fairness Opinion on the New Rent, provided by the Independent Expert and sent to the Committee on 2 July 2024, on the appropriateness of the New Rent for the Torre Orizzontale and attached to the Committee's Opinion under "A".

Fairness Opinion on the Rent Reduction The Fairness Opinion on the Rent Reduction, provided by the Independent Expert and sent to the Committee on 2 July 2024, on the appropriateness of the Rent Reduction and attached to the Committee's Opinion under "B".

Fiera Milano or FM or Company Fiera Milano S.p.A., with registered office at Piazzale Carlo Magno 1, Milan and its operational and administrative headquarters at S.S. del Sempione 28, Rho (Province of Milan). Fondazione Fiera Milano or FFM "Fondazione Ente Autonomo Fiera Internazionale di Milano", with registered office at Largo Domodossola 1, Milan. Fiera Milano Group Fiera Milano and its subsidiaries.

New Rent for the Torre Orizzontale	The annual amount of the rent provided for by the Torre Orizzontale Contract.
New HQ	The new headquarters of Fiera Milano, which will be established, following the Transaction, in a space of a total of 8,708 sqm inside the Torre Orizzontale.
Material RPT	The Transaction, which qualifies as a "Material Transaction with Related Parties" pursuant to the Consob RPT Regulation, as well as Article 9.2 and Annex B of the FM RPT Procedure.
Transaction	The transaction approved by the Board of Directors on 4 July 2024, concerning the signing for acceptance, by FM, of the Binding Term Sheet with FFM, together with the executive acts required by the same.
Committee Opinion	The Committee's reasoned opinion, of a binding nature, (i) on the interest of the Companies in carrying out the Transaction, as well as (ii) on the cost-effectiveness and (iii) on the substantial fairness of the related terms and conditions, attached to this Information Document under "1".
Parties	Fiera Milano and Fondazione Fiera Milano.
FM RPT Procedure	The "Procedure for transactions with related parties" approved by the Company's Board of Directors, most recently updated on 13 December 2023, in accordance with the provisions of (i) Article 2391-bis of the Civil Code and (ii) of the Consob RPT Regulation, published on the Company's website.
Consob RPT Regulation	Consob Regulation 17221 of 12 March 2010, as amended and supplemented, most recently by Consob Resolution 22144 of 22 December 2021, containing provisions concerning related party transactions.
Issuers' Regulations	Consob Regulation 11971 of 14 May 1999, as amended and supplemented, concerning the regulation of issuers.
Rent Reduction	The amount of the reduction in the total rent, provided for by the External Complex Lease Contract following the early return to FFM of the Offices to be Vacated.

Binding Term Sheet	The binding document that reflects the assumed agreements
	between the Offices of Fiera Milano and FFM regarding the
	New HQ.
Torre Orizzontale	The former business centre for the development of the FM
	trade fair system, which later became the Italian headquarters
	of Wind Tre, located near the "east door" of the Rho
	Exhibition Complex.
TUIF	Legislative Decree 58 of 24 February 1998, as amended and
	supplemented.

Offices to be vacated	The main offices of FM currently located in the Office Area (i)
	in "Building A2 - green", with an area of 3,348 sqm, (ii) in
	"Building B1 - red", with an area of 3,994 sqm, (iii) in "Building
	B2 - blue", with an area of 3,994 sqm; as well as (iv) in a part of
	the Service Centre, with an area of 4,459 sqm.

BACKGROUND

This information document (the "Information Document") has been prepared by Fiera Milano S.p.A. ("Fiera Milano", "FM" or the "Company" and, together with its subsidiaries, the "Fiera Milano Group") in accordance with Article 5 and Annex 4 of Consob Regulation 17221/2010 ("Consob RPT Regulation"), as well as in compliance with Article 13.2 of the "Procedure for transactions with related parties" approved by the Company's Board of Directors (the "Board of Directors"), most recently updated on 13 December 2023, in accordance with the provisions of (i) Article 2391-bis of the Civil Code and (ii) of the Consob RPT Regulation (the "FM RPT Procedure"). The Information Document concerns a material transaction with a related party ("Material RPT"), pursuant to and for the purposes of the Consob RPT Regulation and the FM RPT Procedure, carried out by Fiera Milano with its parent company Fondazione Ente Autonomo Fiera Internazionale di Milano ("Fondazione Fiera Milano" or "FFM").

In particular, the transaction consists in the definition of contractual agreements for the transfer of FM's main offices — currently located in the central part of the Rho exhibition complex (the "Rho Exhibition Complex" or "External Complex"), owned by FFM, and more precisely the transfer of the "office" area located near the "south door" of the External Complex (the "Office Area") to a different location from the current one, but always located in the immediate proximity of the Rho Exhibition Complex, also owned by FFM.

The agreements assumed between the Offices of Fiera Milano and Fondazione Fiera Milano (the "Parties") regarding the transfer of FM's main offices to the above-mentioned new headquarters are reflected in the proposal for a binding term sheet ("Binding Term Sheet") that the Company received from FFM.

The transaction in question therefore concerns the signing by FM of the Binding Term Sheet with FFM, together with all subsequent agreements executing the covenants set forth in the Binding Term Sheet (the "Transaction").

Please refer to paragraph 2.1 below for more information regarding the Transaction.

The Transaction was approved by the Company's Board of Directors on 4 July 2024, after the release, on 3 July 2024, of the favourable opinion of the Fiera Milano Control and Risk Committee (the "Committee"), which is the committee responsible for giving a prior reasoned opinion on transactions with related parties (including material transactions) carried out by the Company directly or through its subsidiaries (the "Committee Opinion") , attached herein under "1").

This information document, published on 11 July 2024 is available to the public at the operational and administrative offices of Fiera Milano S.p.A., at S.S. del Sempione 28, Rho (Province of Milan), on the company's website (www.fieramilano.it) - Investor Relations - Corporate Governance section) and on the authorised storage mechanism .

1. NOTES: Risks related to potential conflicts of interest arising from the Transaction

The signing by Fiera Milano, of the Binding Term Sheet with Fondazione Fiera Milano constitutes a related-party transaction, as mentioned, carried out between FM and its parent company FFM (an entity that holds 63.8% of FM's share capital).

The Transaction therefore carries a potential risk of conflict as regards (i) the Company's interest in entering into the Transaction, (ii) the cost-effectiveness of the Transaction and (iii) the substantial fairness of its terms and conditions.

The Company does not deem that, at the date of this Information Document, the Transaction involves any additional situations of potential conflicts of interest other than those typical of relatedparty transactions, nor does it carry risks other than those typically inherent to transactions of a similar nature.

2. INFORMATION ON THE TRANSACTION

2.1 Description of the features, terms and conditions of the Transaction

2.1.1 As mentioned in the Introduction, the Transaction concerns the signing of the Binding Term Sheet on the agreements assumed between the Parties regarding the transfer of FM's main offices to

a location other than the Office Area but located in the immediate vicinity of the Rho Exhibition Complex.

2.1.2 The new headquarters have been identified by the Company in a space of a total of 8,708 sqm inside the former business centre for the development of the FM trade fair system, which later became the Italian headquarters of Wind Tre, also known as the "Torre Orizzontale" (the "Horizontal Tower"), located near the "east door" of the Rho Exhibition Complex (the "New HQ"), owned by FFM.

In particular, the FM offices currently located, within the Office Area, and namely (i) "Building A2 green", with an area of 3,348 sqm, (ii) "Building B1 - red", with an area of 3,994 sqm, (iii) "Building B2 - blue", with an area of 3,994 sqm will be transferred; as well as (iv) a part of the "business point service centre", with an area of 4,459 sqm, (under points (i), (ii), (iii) and (iv), referred to, overall, as the "Offices to be Vacated").

The Offices to be Vacated, as well as the entire External Complex, are owned by FFM and are the subject of a lease contract between FM and FFM signed on 31 March2014, which expires on 31 March 2032 (the "External Complex Lease Contract").

2.1.3 The Binding Term Sheet, which reflects the agreements assumed between the Parties regarding the New FM HQ, regulates, in particular, the following two aspects:

(i) the quantification of the amount of the reduction in the total rent provided for by the External Complex Lease Contract following the early return to FFM of the Offices to be Vacated (the "Rent Reduction"); and
(ii) the definition of the new lease contract for the Horizontal Tower (the "Horizontal Tower Lease Contract"), with the respective terms, conditions, duration, and annual rent amount (the "New Horizontal Tower Rent").

2.1.4 The Transaction, in view of its equivalent value, qualifies as a Material Related-Party Transaction pursuant to and for the purposes of the Consob RPT Regulation and the FM RPT Procedure.

Therefore, in accordance with the provisions of the Consob RPT Regulation and the FM RPT Procedure, the Committee was called on to give its reasoned opinion, (i) on the Company's interest in carrying out the Transaction, (ii) on the cost-effectiveness of the Transaction and (iii) on the substantial fairness of the related terms and conditions.

2.2 Related parties on the Transaction, degree of correlation, and nature and extent of those parties' interests in the Transaction

2.2.1 The Transaction qualifies as a transaction between related parties because it was carried out by Fiera Milano with its parent company Fondazione Fiera Milano.

In particular, it should be noted that, as of the date of this Information Document, Fondazione Fiera Milano exercises legal control over the Company pursuant to Article 2359 of the Civil Code and

Article 93 of Legislative Decree no. 58 of 24 February 1998 ("TUIF"), by virtue of the shareholding, equal to approximately 63.8%, held by it in the Company's capital.

2.2.2 The nature and extent of the interests of the Parties involved in the Transaction considers the circumstance that the transfer of FM's main offices, from the Office Area (where they are currently located) to the Torre Orizzontale, takes place with reference to buildings which are all owned by Fondazione Fiera Milano, a related party of Fiera Milano. The Transaction, in fact, provides for the delivery to FFM of the Offices to be Vacated, owned by FFM and currently leased under the External Complex Lease contract, against the lease of the New HQ at the Torre Orizzontale, also owned by FFM, under the Torre Orizzontale Contract.

2.2.3 In the present case, Fiera Milano's interest in carrying out the Transaction, that is to say, to sign the Binding Term Sheet, was evaluated in the light of the following factors.

The Transaction makes it possible, first and foremost, to consolidate all FM's workforce, currently employed in the Offices to be Vacated, in the office area, into spaces characterised by greater efficiency. This is particularly advantageous as these spaces would not be spread across multiple buildings but located in a single structure, thus facilitating a rationalisation of the main business functions during relocation. From this point of view, it is the opinion of the Company that, by virtue of the structural characteristics of the Torre Orizzontale, the New HQ can be organized in such a way as to allow for open space working. This method of working will foster, among other things, interaction and empathy among colleagues, enabling quicker, more synergistic, and efficient collaboration, especially among functions working closely on business initiatives (e.g., design and sales areas).

The transfer of the Offices to be Vacated to the New HQ will then make it no longer necessary to carry out their restructuring, thus avoiding the search for alternative temporary rental solutions entailing additional costs for Fiera Milano, as well as organizational and logistical difficulties, in a year (such as 2025) with numerous exhibitions and events.

The structural characteristics of the Torre Orizzontale will make it possible to maintain a buffer of space for personnel increases, which is one of the objectives ("People") outlined in FM's 2024-2027 Strategic Plan. Despite a reduction in the overall available square meters (from over 11,000 in the Offices to be Vacated to just under 9,000 in the Horizontal Tower), the more efficient distribution of spaces within the Horizontal Tower will allow limiting the initial occupancy of these spaces to about 75% of the maximum potential usable capacity.

2.2.4 As regards the interests of the Company, it should be noted that the Torre Orizzontale, in addition to being more efficient and modern, is also more easily accessible than the current Office Area, given the immediate proximity of line 1 (red line - M1) of the Milan underground).

2.3 Economic rationale and cost-effectiveness of the Transaction for the Company

2.3.1 The cost-effectiveness in carrying out the Transaction was examined by the Company first in relation to the following two profiles (i) the appropriateness of the New Torre Orizzontale Rent with respect to market values, and (ii) the appropriateness of the Rent Reduction, also with respect to market values.

2.3.2 In particular, the Transaction in question, in light of the provisions of the Binding Term Sheet, would take place against a substantial continuity of the rental costs due to Fondazione Fiera Milano. In fact, in the light of higher annual disbursements for the New Torre Orizzontale Rent, equal to Euro 2,024,600, FM will benefit from a reduction in the annual rent of the External Complex of Euro 1,996,900 resulting from the return of the Offices to be Vacated. Basically, the functional improvement that FM would achieve thanks to the transfer to the New HQ will entail an additional cost for the Company limited to Euro 27,702 per year.

2.4 Method of determining the consideration for the Transaction.

2.4.1 The Transaction involved, in particular, the direct negotiation between FM and FFM (i) of the quantification of the Rent Reduction (set at Euro 2,024,600), as well as (ii) of the Torre Orizzontale Contract with the respective terms, conditions, duration and the New Torre Orizzontale Rent (set at Euro 1,996,900).

In this regard, it should be noted that the New Torre Orizzontale Rent is located in the central band of the range identified by the Independent Expert. In the Fairness Opinion on the New Rent, Avalon in fact concluded that, to be appropriate, "the range of the value of the property rent at 01/07/2024 is between Euro 1,915,800 and Euro 2,089,900 per year."

Similarly, the Rent Reduction falls within the highest end of the range of the lowest outlay per FM (following the release of the Offices to be Vacated) identified by Avalon. In the Fairness Opinion on the Rent Reduction, the Independent Expert in fact concluded that this lower outlay is appropriate (at 01/07/2024) when "between Euro 1,733,800 and Euro 2,080,600 per year".

2.4.2 For the purpose of regulating transactions with related parties, the equivalent value of the Transaction was determined as the sum of:

(i) the New Torre Orizzontale Rent, amounting to Euro 2,024,600, multiplied by the entire duration provided in the Term Sheet for the Torre Orizzontale Lease Contract (six years plus six years);
(ii) the amount of the Rent Reduction, amounting to Euro 1,996,900, resulting from the reduction of the spaces leased by FM, multiplied by the entire remaining duration of the External Complex Lease Contract (approximately eight years).

2.5 Overview of the economic, equity and financial effects of the Transaction

2.5.1 The Transaction qualifies as a "Material Related-Party Transaction" under the Consob RPT Regulation and Article 9 of Annex B of the FM RPT Procedure.

In particular, pursuant to Article 9 and Annex B of the FM RPT Procedure, to determine whether a related party transaction qualifies as "material", it is necessary to use as the reference the "Equivalentvalue relevance ratio" (1), which is the ratio between (i) the consideration of the transaction and (ii) the market capitalisation of the Company as recorded at the closing of the last open market day within the reference period of the most recent published periodic accounting document (annual or half-year financial report or additional periodic financial information, if prepared). If the consideration exceeds 5% of this relevance ratio, the related party transaction must be classified as a Material RPT.

2.5.2 The market capitalisation of Fiera Milano as recorded at the closing of the last open trading day within the reference period of the most recent published periodic accounting document (the consolidated interim management report at 31 March 2024) was Euro 272,828,875.

2.5.3 The Transaction therefore qualifies as a Material RPT pursuant to the FM RPT Procedure, as the ratio between its consideration and the market capitalisation exceeds the 5% threshold envisaged in theConsob RPT Regulation and the FM RPT Procedure for the qualification of Material RPTs.

2.5.4 Regarding the capital, economic and financial effects of the Transaction, it should be noted that, in fact, the new cost for FM represented by the New Torre Orizzontale Rent is reduced concurrently by the lower outlay associated with the Rent Reduction.

The difference between the New Torre Orizzontale Rent and the Rent Reduction is equal, as mentioned, to Euro 27,702 per year. This higher cost, which will be borne annually by FM, does not generate significant capital, economic and/or financial effects for Fiera Milano.

2.6 Impact of the Transaction on the remuneration of the members of the Company's management body and/or those of its subsidiaries

The Transaction described in this Information Document does not entail any change in the remuneration of the members of the Board of Directors of Fiera Milano and/or its subsidiaries.

2.7 Information on the financial instruments of the Company held by members of the administrative and control bodies, general managers and executives of Fiera Milano who may be involved in the Transaction and their interests in extraordinary transactions

In the Transaction, the related parties are only Fiera Milano and Fondazione Fiera Milano.

⁽ 1 ) In addition to the "Asset relevance ratio" and "Liability relevance ratio". However, those additional indices do not appear to be applicable in these circumstances.

No members of the Board of Directors or the Board of Statutory Auditors, or general managers, or executives of the Company are involved as related parties in the Transaction.

2.8 Indication of the bodies or directors who conducted or participated in the negotiations

It bears noting that the Transaction was negotiated by the CEO of Fiera Milano, Francesco Conci, and by the Chief Financial Officer and Director responsible for drafting FM's corporate accounting documents, Massimo De Tullio.

2.9 Transaction approval process

Procedure

"Material transactions" with related parties are necessarily approved, pursuant to article 9.2 (a) of the FM RPT Procedure, by the Board of Directors, after a reasoned, binding opinion of the Committee, called upon to give its opinion (i) on the Company's interest in carrying out the Transaction, as well as (ii) on the cost-effectiveness and (iii) on the substantial fairness of the relative terms and conditions. The above-mentioned provisions require the Committee, even through one or more of its members, to be involved in the negotiations phase and in the preliminary phase through the receipt of a complete and timely flow of information, with the right to request information and make comments.

Activities of the Committee

A. The Committee, which met to carry out the necessary and appropriate activities pursuant to the FM RPT Procedure with respect to the Transaction, was always composed entirely of three independent directors, unrelated and not involved in accordance with the Consob RPT Regulation and the FM RPT Procedure. In particular, the Committee met on four occasions in the period between 30 May 2024 and 3 July 2024, the date of the issue of the Committee's Opinion, attached herein, under "1", to which reference is made.
B. In this context, the Committee was involved in the negotiations and preliminary phase through a timely, complete and adequate information flow, exercising its right to request information and make comments, receiving a prompt response to its requests and comments from the Company's management involved in preparatory activities for the Transaction. The information sent to the Committee concerned, among other things, the main terms and conditions of the Transaction, the expected timing for its execution, the proposed evaluation procedure, the motivations underlying the Transaction itself, as well as any risks for Fiera Milano.

C. For the purpose of its analyses and determinations, the Committee decided to use its own legal advisor, the legal practice Galbiati, Sacchi e Associati, for support in managing the regulatory and legal aspects of the process of preparing the Committee's Opinion.
D. The Committee also decided to use, under the circumstances, its own Independent Expert Avalon, identified as a result of a special beauty contest. Avalon was called on to support the Committee for the evaluations to be carried out regarding the appropriateness of the economic conditions relating to the Transaction and, in particular, with reference to (i) the appropriateness of the New Torre Orizzontale Rent respect to market values, as well as (ii) the appropriateness of the Rent Reduction, also with respect to market values.
E. On 2 July 2024, the Independent Expert issued the Fairness Opinion on the New Rent and the Fairness Opinion on the Rent Reduction, both attached to the Committee's Opinion, to which reference should be made, under "A" and "B" respectively. Based on its analyses, Avalon concluded:
- (i) Regarding the New Horizontal Tower Rent, it is deemed fair if "the value range for the rent of the property as of 01/07/2024 is between €1,915,800 and €2,089,900 a year";
- (ii) Regarding the Rent Reduction, it is deemed fair if "the reduction amount as of 01/07/2024 is "between €1,733,800 and €2,080,600 a year."
F. At the end of its analysis, the Committee, with all its members, who were all present, unanimously approved the Committee's Opinion and concluded as follows: "In view of all of the above, the Control and Risk Committee, in its function as the committee responsible for related-party transactions, composed of Michaela Castelli, Ferruccio Resta and Paola Annamaria Petrone, all unrelated Independent Directors pursuant to the Consob RPT Regulation and the FM RPT Procedure, as a result of its analysis, examined and evaluated the documents, information and clarifications provided by the Company's management, unanimously issues, in accordance with Article 8 of the Consob RPT Regulation and Article 9.2 of the FM RPT Procedure, a favourable opinion on the Transaction, as described in section 1.2 above, considering (i) that the Company has an interest in carrying out the Transaction, as well as (ii) the costeffectiveness and substantial fairness of the related terms and conditions".
G. The Board of Statutory Auditors of Fiera Milano attended all the aforementioned Committee meetings, requesting information and monitoring, in relation to its duties and functions, the proper conduct of the analysis and process carried out by the Committee, after which the Committee issued its Opinion.

Approval of the Transaction by the Board of Directors of Fiera Milano

The Committee Opinion was sent to the Board of Directors of Fiera Milano on 3 July 2024. The Company's Board of Directors met on 4 July 2024 and, taking note of the RPT Committee Opinion,

approved , among others, the Transaction and the signing of the Binding Term Sheet. At that meeting of the Board of Directors of Fiera Milano, all the Directors of the Company in attendance at the meeting voted in favour.

2.10 Multiple transactions carried out during the financial year with the same related party, or with parties related both to the latter and to the Company, for the purposes of relevance of the Transaction

The circumstances referred to in this paragraph do not apply to the Transaction.

ANNEXES

Annex 1 — Opinion of the Committee with the Fairness Opinion on the New Rent and the Fairness Opinion on the Rent Reduction attached under "A" and "B" respectively.

Milan, 11 July 2024

For the Board of Directors of Fiera Milano Francesco Conci

ANNEX 1 — Opinion of the Committee with the Fairness Opinion on the New Rent and the Fairness Opinion on the Rent Reduction attached under "A" and "B" respectively.

CONTROL AND RISK COMMITTEE OF FIERA MILANO S.P.A.

OPINION ON MATERIAL RPT

3 JULY 2024

RELOCATION TO THE NEW HEADQUARTERS

This document is a courtesy translation of the document in Italian "Parere su OPC di Maggiore Rilevanza – Trasferimento nuovo Headquarter". However, for information about Fiera Milano reference should be made exclusively to the original document in Italian. The Italian version of the document shall prevail upon the English version.

Opinion prepared pursuant to Article 8, paragraph 1 of Consob Regulation no. 17221 of 12 March 2010, as amended, as well as Article 9.2 and Annex B to the Procedure for Related Party Transactions of Fiera Milano S.p.A. approved by the Board of Directors, last updated on 13 December 2023.

1.	BACKGROUND, PREREQUISITES AND REASONS FOR THE CONTROL AND RISK COMMITTEE'S ACTION 2
1.1 1.2 1.3 1.4	THE TASKS OF THE CONTROL AND RISK COMMITTEE OF FIERA MILANO S.P.A 2 PREREQUISITES AND REASONS FOR THE COMMITTEE'S ACTION 2 NATURE OF THE RELATION 4 VALUE OF THE TRANSACTION 4
2.	CONTENT AND SCOPE OF THE COMMITTEE'S BINDING OPINION 5
3.	PRELIMINARY STAGE FOR THE ISSUING OF THE COMMITTEE'S OPINION. PROCEDURAL CORRECTNESS 6
3.1 3.2 3.3	THE COMMITTEE'S INVOLVEMENT 6 IDENTIFICATION AND APPOINTMENT OF THE INDEPENDENT EXPERT AND SCOPE OF SUPPORT PROVIDED 7 DRAFTING AND APPROVAL OF THE COMMITTEE'S REASONED OPINION 8
4.	THE SPECIFIC SUBJECT MATTER OF THE OPINION: (A) THE COMPANY'S INTEREST IN COMPLETING THE TRANSACTION 8

5.	THE SPECIFIC SUBJECT MATTER OF THE OPINION: (B) THE COST-EFFECTIVENESS AND SUBSTANTIVE FAIRNESS OF THE TERMS OF THE TRANSACTION 9
5.1	THE FINANCIAL EFFECTIVENESS OF THE TRANSACTION FOR FIERA MILANO AND THE FAIRNESS OF ITS TERMS AND
5.2	CONDITIONS: THE ASPECTS UNDER EXAMINATION 9 SUMMARY OF THE INDEPENDENT EXPERT'S ASSESSMENTS 10
5.3	CONSIDERATIONS ON THE CONVENIENCE OF THE TRANSACTION BY THE COMMITTEE 11
5.4	ON THE SUBSTANTIAL FAIRNESS OF THE TERMS AND CONDITIONS OF THE BINDING TERM SHEET 12
5.5	SUMMARY OF THE CONTROL AND RISK COMMITTEE'S ASSESSMENTS IN RELATION TO THE COST-EFFECTIVENESS OF THE TRANSACTION AND THE SUBSTANTIAL FAIRNESS OF ITS TERMS AND CONDITIONS 12

1. BACKGROUND, PREREQUISITES AND REASONS FOR THE CONTROL AND RISK COMMITTEE'S ACTION

1.1 The tasks of the Control and Risk Committee of Fiera Milano S.p.A.

1.1.1 Fiera Milano S.p.A. ("Fiera Milano" or "FM" or the "Company" and, together with its subsidiaries, the "Fiera Milano Group") adopted, lastly approving an update on 13 December 2023, the "Procedure for Related Party Transactions" (the "FM RPT Procedure") in compliance with the provisions of(i) Article2391-bis of the Italian Civil Code and (ii) Consob Resolution No. 17221 of 12 March 2010 as amended and supplemented (the "Consob RPT Regulation").

Pursuant to the FM RPT Procedure¹ , the Control and Risk Committee 2 is the competent body for issuing a reasoned prior opinion regarding related party transactions (including material transactions) carried out by the Company directly or through its subsidiaries (hereinafter the "Committee").

1.1.2 Pursuant to the Consob RPT Regulation as well as Article 9.2 and Annex B to the FM RPT Procedure, the Committee is called to express its opinion on the hypothetical transaction described below, which constitutes a material related party transaction ("Material RPT") carried out by the Company with Fondazione Ente Autonomo Fiera Internazionale di Milano ("Fondazione Fiera Milano" or "FFM"), a company holding a 63.82% interest in Fiera Milano.

In this context, the Committee's action is especially directed at issuing a reasoned, binding opinion, on Fiera Milano's interest in carrying out the transaction, as well as on the cost-effectiveness and substantial fairness of the related conditions (the "Opinion").

1.2 Prerequisites and reasons for the Committee's action

1.2.1 On 30 May 2024, the Committee members were provided with initial information about the possible transaction between Fiera Milano and its parent company, Fondazione Fiera Milano, involving the definition of contractual agreements aimed at relocating FM's headquarters to a different location, still in the immediate vicinity of the Rho exhibition complex. This exhibition complex, entirely owned by Fondazione Fiera Milano and leased to FM under the contract signed in 2014 (the "External Complex Lease Contract"), features 20 exhibition halls with a total usable area of approximately 400,000 square metres (the "Rho Exhibition Complex" or "External Complex").

1.2.2 Within the Rho Exhibition Complex, in addition to the aforementioned exhibition spaces, there are, among other properties, (i) the "office area", located in the central body of the Rho Exhibition Complex, near the "south gate" (the "Office Area") and (ii) the former headquarters for

¹ The current version of the FM RPT Procedure is available on the website www.fieramilano.it in the section Investor Relations – Governance.

² The Committee's members are Michaela Castelli (Chairperson), Ferruccio Resta and Paola Annamaria Petrone, all Unrelated Independent Directors pursuant to the FM RPT Procedure.

the development of FM's exhibition system, later becoming the Italian headquarters of Wind Tre, also known as the "Horizontal Tower" and located near the "east gate" (the "Horizontal Tower"). 1.2.3 Specifically, the Office Area includes (a) a congress centre, (b) a business point service centre, and (c) four executive buildings ("Building A1 – yellow", "Building A2 – green", "Building B1 – red", and "Building B2 – blue").

The congress centre (a), known as the "Stella Polare Centro Congressi," is a flexible and technologically advanced event space. The main building, consisting of the auditorium, is particularly versatile. Depending on the needs, it can be used as a congress centre or for events and concerts (with seating for 1,000, 750, or 350) or as a cinema, thanks to a fully retractable 45 sqm screen. The 9 meeting rooms of the "Stella Polare Congress Centre" feature innovative designs that allow for total space usability.

The area (b), defined as the "business point service centre", features a building with a total area of 31,141 sqm, hosting a variety of services, including conference rooms, restaurants, information points, and relaxation areas (the "Service Centre").

The Service Centre offers support for all needs related to participation in fairs and events, from assistance staff to registration for access, security, and the organisation of evening and entertainment events upon request. In essence, the Service Centre supports the entire Rho Exhibition Complex, representing a space beneficial to the main area and the executive buildings. The executive buildings (c) host FM's technical and administrative functions, with executive offices and meeting rooms located at the ends of each building and open spaces in the centre of each.

1.2.4 As regards the Horizontal Tower, this building, also owned by FFM, is located, as mentioned, at the "east gate" of the External Complex and spans a total length of 133 metres, a width of 16.65 metres and a height of about 54 metres, for a total of 13 floors. The area where the Horizontal Tower is located is easily accessible, given the immediate proximity to the Milan metro, line 1 – red (M1), and connections to the main infrastructures and transport networks in the Milan area, such as (i) urban and suburban bus lines with the "Rho Fiera Milano" stop, (ii) the A4, A8, A9 motorways, (iii) regional, national, and international railway connections with the same "Rho Fiera Milano" stop, (iv) bus services from the main surrounding airports (Malpensa, Linate, Bergamo – Orio al Serio).

1.2.5 The transaction under negotiation between Fiera Milano and its parent company, Fondazione Fiera Milano, involves the contractual agreements aimed at relocating FM's headquarters from their current location in the Office Area – specifically, (i) in "Building A2 – green", with an area of 3,348 sqm, (ii) to "Building B1 – red", with an area of 3,994 sqm, (iii) in "Building B2 – blue", with an area of 3,994 sqm; and (iv) in part of the Service Centre, with an area of 4,459 sqm (points (i), (ii), (iii), and (iv) collectively, the "Offices to be Vacated") – to a total space of 8,708 sqm within the Horizontal Tower (the "New HQ").

More specifically, in order to carry out said relocation, the negotiation between FM and FFM focused on the following two aspects:

(i) the quantification of the amount of the reduction in the total rent lease provided for by the External Complex Lease Contract following the early return to FFM of the Offices to be Vacated (the "Rent Reduction"); and
(ii) the definition of the new lease contract for the Horizontal Tower (the "Horizontal Tower Lease Contract"), with the respective terms, conditions, duration, and annual rent amount (the "New Horizontal Tower Rent").

1.2.6 The understandings hypothesized between Fiera Milano and FFM (the "Parties") regarding FM's New HQ are reflected in the binding term sheet proposal (the "Binding Term Sheet") that the Company received from Fondazione Fiera Milano on 1 July 2024.

1.2.7 For the purposes of the regulations on related party transactions (also "RPT"), this Opinion thus concerns acceptance by Fiera Milano of the Binding Term Sheet, together with the executive acts provided therein (the "Transaction").

1.3 Nature of the relation

The Transaction is submitted to the Committee's attention pursuant to the Consob RPT Regulation and the FM RPT Procedure as it would be executed by the listed issuer Fiera Milano with its parent company, Fondazione Fiera Milano.

Therefore, the Transaction qualifies as "Related Party Transaction" pursuant to Articles 2 and 9.2 of the FM RPT Procedure.

1.4 Value of the Transaction

1.4.1 Pursuant to Article 9 and Annex B to the FM RPT Procedure, to determine whether a related party transaction qualifies as "material", it is first necessary to calculate the "Equivalent-value relevance ratio" ³which is the ratio between (i) the consideration thus calculated and (ii) the market capitalisation of the issuer as recorded at the closing of the last open market day within the reference period of the most recent published periodic accounting document (annual or half-year financial report or additional periodic financial information, if prepared). If the consideration exceeds 5% of this relevance ratio, the related party transaction must be classified as a Material RPT.

1.4.2 In this case, also prudently for the purposes of related party transactions regulations, the consideration of the Transaction has been determined as the sum of the following economic components provided for in the Binding Term Sheet:

³ In addition to the "Asset relevance ratio" and "Liability relevance ratio". However, those additional indices do not appear to be applicable in these circumstances.

(i) the New Horizontal Tower Rent, amounting to Euro 2,024,600, multiplied by the entire duration provided in the Term Sheet for the Horizontal Tower Lease Contract (six years plus six years);
(ii) the amount of the Rent Reduction, amounting to Euro 1,996,900, resulting from the reduction of the spaces leased by FM, multiplied by the entire remaining duration of the External Complex Lease Contract (approximately eight years).

The market capitalisation of Fiera Milano as recorded at the closing of the last open trading day within the reference period of the most recent published periodic accounting document (the consolidated interim management report at 31 March 2024) was Euro 272,828,875.

The Transaction thus qualifies as a Material RPT pursuant to the FM RPT Procedure, as the ratio between its consideration and the market capitalisation exceeds the 5% threshold provided by the Consob RPT Regulation and the FM RPT Procedure for the qualification of Material RPTs.

1.4.3 By virtue of Article 9.2 of the FM RPT Procedure, the power to approve the transaction rests with the Board of Directors. Within seven days of the Board of Directors' approval of the Transaction, a disclosure document will be published pursuant to Article 13.2 of the FM RPT Procedure and Article 5 of the Consob RPT Regulation.

2. CONTENT AND SCOPE OF THE COMMITTEE'S BINDING OPINION

2.1 In accordance with the provisions of the Consob RPT Regulation and the FM RPT Procedure, the Committee is called upon to issue its reasoned binding opinion (i) on the Company's interest in carrying out the Transaction, (ii) on the cost-effectiveness of the Transaction for FM and (iii) substantial fairness of the relevant terms and conditions, as a safeguard of neutrality and impartiality in the assessment of the envisaged Transaction for the benefit of all Fiera Milano's shareholders (and, especially, unrelated shareholders).

2.2 More specifically, the Committee is required to make a preliminary assessment of the Company's interest in completing the Transaction, an assessment that, while not limited to procedural or legitimacy aspects, obviously cannot have as its object an actual examination of the advisability of the Transaction. Such an assessment of advisability is exclusively within the purview of the Board of Directors in its entirety, as part of defining and implementing the Company's strategy and business objectives.

2.3 With specific reference to the convenience and fairness of the Transaction's conditions, the Related Party Transactions Committee deemed it appropriate to seek the assistance of an independent expert⁴ , identified as Avalon Real Estate S.p.A. ("Avalon" or the "Independent Expert"). Among the information available to the Committee are the fairness opinions provided by

⁴ Pursuant to Article 7, paragraph 1, letter (b) of the Consob RPT Regulation (referred to for material transactions such as the one under review, by Article 8, paragraph 1, of the Consob RPT Regulation) and Article 9.1, paragraph 1, letter D, of the FM RPT Procedure (referred to for material transactions such as the one under review, by Article 9.2, paragraph 1, of the FM RPT Procedure).

the Independent Expert, submitted to the Committee on 2 July 2024, regarding the fairness of the New Horizontal Tower Rent (the "New Rent Fairness Opinion", attached here as "A") and the fairness of the Rent Reduction (the "Rent Reduction Fairness Opinion", attached here as "B", and together with the New Rent Fairness Opinion, the "Avalon Fairness Opinions").

3. PRELIMINARY STAGE FOR THE ISSUING OF THE COMMITTEE'S OPINION. PROCEDURAL CORRECTNESS

3.1 The Committee's involvement

3.1.1 The Committee – as well as the Board of Directors – was informed about the possible Transaction during the Board meeting on 13 May 2024.

Subsequently, a first meeting of the Committee was held on 30 May 2024, during which the Committee members received an initial set of information and started preliminary discussions with management concerning the Transaction.

On this occasion, the Committee members unanimously agreed to seek advice on regulatory and procedural aspects from their legal advisor identified for the purpose, i.e., the Galbiati, Sacchi e Associati Law Firm (the "Legal Advisor"). The Legal Advisor was specifically tasked with supporting the Committee on legal issues related to preparing this Opinion.

The Committee members also unanimously decided to initiate a beauty contest to identify an independent advisor specialising in real estate appraisals to assist the Committee in assessing the fairness of the economic conditions related to the Transaction.

The Committee then identified, through internal correspondence, a list of potential candidates with appropriate professionalism and experience to submit proposals for the independent expert role via the Company's offices.

The Committee members also agreed on a schedule for subsequent meetings to conduct the investigative activities aimed at issuing this Opinion. At the same meeting held on 30 May, the content, purpose, and intrinsic limits of the reasoned binding Opinion on the Material RPT were discussed with the support of the Legal Advisor, in light of practices developed in similar transactions.

Also at this meeting, in compliance with the FM RPT Procedure and the Consob RPT Regulation, which require involvement during the negotiation and investigative phases for Material RPTs, the Committee authorised the Chairman to receive, on behalf of the Committee, a complete and updated information flow from the Company regarding the ongoing negotiations with Fondazione Fiera Milano concerning the Transaction.

3.1.2 On 14 June 2024, the Committee convened to receive an update from Fiera Milano's offices on the Transaction and the ongoing negotiations with Fondazione Fiera Milano.

On this occasion, the Committee preliminarily shared that Avalon had been chosen as the independent expert for evaluating the convenience of the Transaction and for issuing fairness

opinions regarding the fairness of the New Horizontal Tower Rent and the Rent Reduction. The Committee then requested the Company's offices to formalize the appointment.

During the meeting, FM's CEO provided the Committee members with detailed information about the Transaction.

Furthermore, once the presentation by the Company's offices was concluded, the Committee members conducted independent evaluations specifically regarding Fiera Milano's interest in completing the Transaction.

3.1.3 During the meeting of the following 26 June 2024, the Independent Expert proceeded to present to the Committee the methodologies identified for the assessment of the adequacy of the New Horizontal Tower Rent and the Rent Reduction and the related development. Following Avalon's presentation, which included the range of values determined by the Independent Expert, the Committee shared and approved the methodologies used by Avalon and their application.

At the same meeting, the Committee members conducted independent evaluations regarding the convenience of the Transaction and the material fairness of the related conditions.

The Committee then tasked the Chairman with drafting, with the support of the Legal Advisor, an initial version of the Opinion incorporating the considerations and insights from the previous meetings, based on (i) the information received from the Company's offices, (ii) the clarifications provided to the Committee members, (iii) the reviewed documentation, and (iv) the evaluations illustrated by the Independent Expert.

3.1.4 Finally, during the meeting on 3 July 2024, in light of the content of the New Rent Fairness Opinion and the Rent Reduction Fairness Opinion received on 2 July 2024 from the Independent Expert, the Committee reviewed the draft Opinion, which had been updated with the observations of all Committee members following informal discussions, and approved the final version of this Opinion, immediately sending a copy to the Company.

3.1.5 The Board of Statutory Auditors of Fiera Milano attended all the aforementioned Committee meetings, requesting information and monitoring, in relation to its duties and functions, the proper conduct of the investigation and process carried out by the Committee, for the purpose of issuing this Opinion.

3.2 Identification and Appointment of the Independent Expert and Scope of Support Provided

3.2.1 As previously mentioned, from the outset of its work, the Committee members decided to exercise their option to be assisted by an independent expert of their own choice and appointment to evaluate the financial aspects of the Transaction – specifically, the New Horizontal Tower Rent and the Rent Reduction – and to issue fairness opinions in this regard.

In this context, the Committee assigned the task to Avalon, chosen from a shortlist of candidates selected by the Committee members, after assessing, among other criteria, the independence profiles.

The Independent Expert was selected following a procedure based on criteria including, in summary:

The absence of significant economic, capital, or financial relationships currently or in the previous three years with the Company and/or the related party FFM;
Specific experience in consulting and advisory activities within real estate transactions;
The pricing conditions offered.

3.2.2 After sharing with the Committee the methodologies adopted for the assessments requested, the Independent Expert presented the results of applying these methodologies in practice at the Committee meeting on 26 June 2024.

Upon completion of their work, Avalon, through FM's offices, transmitted the Avalon Fairness Opinions to the Committee on 2 July 2024.

3.3 Drafting and approval of the Committee's reasoned opinion

The Committee, with the assistance of the law firm Galbiati, Sacchi e Associati for the legal and regulatory aspects, began drafting this Opinion immediately after its meeting of 26 June 2024. The draft Opinion was then reviewed and refined following observations exchanged informally among all Committee members. This Opinion was thus finalised and approved by the Committee on 3 July 2024.

4. THE SPECIFIC SUBJECT MATTER OF THE OPINION: (A) THE COMPANY'S INTEREST IN COMPLETING THE TRANSACTION

4.1 The Committee is called upon, pursuant to the Consob RFT Regulation and the FM RPT Procedure, to assess whether the proposed Transaction aligns with the Company's interest. More specifically, given the characteristics of the Transaction, the Committee is tasked with evaluating Fiera Milano's interest in proceeding with the Transaction, i.e., signing the Binding Term Sheet, with particular regard to the conditions related to relocating the New HQ to the Horizontal Tower.

4.2 In this regard, the Company's CEO illustrated to the Committee during the meeting on 14 June 2024, that the identification of the Horizontal Tower as the property to be designated as Fiera Milano's New HQ had been carefully considered in light of multiple significant factors. Specifically, concerning the Company's interest in relocating its offices to the New HQ, the CEO emphasised that the Transaction would, in summary, allow for:

(i) Consolidating all FM's workforce, currently employed in the Offices to be Vacated, into spaces characterised by greater efficiency. This is particularly advantageous as these spaces would no longer be spread across multiple buildings but located in a single structure, thus facilitating a rationalisation of the main business functions during relocation. Additionally, it was noted

that the open space working environment would foster interaction and empathy among colleagues, enabling quicker, more synergistic, and efficient collaboration, especially among functions working closely on business initiatives (e.g., design and sales areas);

(ii) Avoiding the need to renovate the currently occupied executive offices in the Office Area, which has become essential and would no longer be necessary following their release. This reorganisation would have required finding alternative temporary lease solutions, which would have entailed additional costs for Fiera Milano, as well as organisational and logistical challenges in a year (2025) full of events and also involving preparations to host the 2026 Winter Olympics;
(iii) Maintaining a buffer of space for personnel increases, which is one of the objectives ("People") outlined in FM's 2024-2027 Strategic Plan. Despite a reduction in the overall available square meters (from over 11,000 in the Offices to be Vacated to just under 9,000 in the Horizontal Tower), the more efficient distribution of spaces within the Horizontal Tower will allow limiting the initial occupancy of these spaces to about 75% of the maximum usable capacity.

4.3 The Company's management also highlighted that the Horizontal Tower, besides being more efficient and modern, is also more easily accessible than FM's current offices due to its immediate proximity to the Milan metro station, line 1 – red (M1).

Finally, in the context of the relocation to the New HQ, the allocation of available parking spaces can also be reconsidered, giving due preference to specific categories of employees.

4.4 In light of the considerations set out above, the Control and Risk Committee of Fiera Milano agrees with the assessment of the Company's Offices that, under the circumstances, there is a specific interest of the Company to carry out the Transaction.

5. THE SPECIFIC SUBJECT MATTER OF THE OPINION: (B) THE COST-EFFECTIVENESS AND SUBSTANTIVE FAIRNESS OF THE TERMS OF THE TRANSACTION

5.1 The financial effectiveness of the Transaction for Fiera Milano and the fairness of its terms and conditions: the aspects under examination

5.1.1 Pursuant to the Consob RPT Regulation and the FM RPT Procedure, the Committee is also called upon to issue its reasoned opinion on the cost-effectiveness and substantial fairness of the terms and conditions of the Transaction.

In the case at hand, there are two specific aspects that the Committee must particularly assess regarding the convenience of the Transaction:

(i) the fairness of the New Horizontal Tower Rent in relation to market values; and
(ii) the fairness of the Rent Reduction, also from a market value perspective.

5.1.2 In relation to the assessment of the adequacy of the New Horizontal Tower Rent and the Rent Reduction, the Committee considered, as already mentioned and in line with the best practices in similar transactions, to be assisted by an independent expert, identified in Avalon, which transmitted, on 2 July 2024, the New Rent Fairness Opinion, attached hereto under "A", and the Rent Reduction Fairness Opinion, attached hereto under "B".

The Committee conducted its own independent evaluation of the results of the Independent Expert's work, as reflected in the Avalon Fairness Opinions, duly taking into account all the information, considerations, and insights received from the Company's offices.

5.2 Summary of the Independent Expert's Assessments

5.2.1 For a more detailed description of the methodologies used and a more detailed analysis of the content, limitations, and results obtained by the Independent Expert, please refer to the Avalon Fairness Opinions. Below is a summary of the work done by Avalon.

5.2.2 The Avalon Fairness Opinions, as is customary, include certain "Assumptions and Evaluation Limitations" (collectively, the "Cautions") and specifically focus on the financial analysis of the New Horizontal Tower Rent and the Rent Reduction.

In particular, the Cautions highlight that the Independent Expert:

(i) did not conduct technical, legal, and/or environmental due diligence on the properties under evaluation;
(ii) based its analysis on the information received from Fiera Milano, as well as on data and information acquired in written and oral form during interactions with the Company's management, in addition to publicly available data and information from qualified sources;
(iii) assumed that all information provided by Fiera Milano was accurate, truthful, and complete (as Avalon did not independently verify and check their accuracy, completeness, and truthfulness) and that the Company did not omit any data, event, or situation which, if disclosed to Avalon, could have significantly influenced the data and information provided to the Independent Expert and the conclusions in the Avalon Fairness Opinions.

5.2.3 Regarding the assessment methodologies used, after reviewing the macroeconomic trend of the letting market in the Milan area, the Independent Expert conducted specific research in the reference area (Rho – Pero), analysing lease values in the Milan hinterland, both in terms of "asking" and "contract rents". The analysis also focused on the "office market" segment and "Pricemaker" interventions to identify key market trends and the characteristics of office spaces in the hinterland.

The analysis of average lease values in the reference area concluded that, in line with the negative trend of recent years, the average annual lease value for office buildings in the Milan hinterland stood at an aggregate average value of Euro 240 per square metre in the latter part of 2023. However, this value appears to represent only the top-tier buildings in the market, which, being

newly constructed, are characterized by high efficiency standards and able to command a premium above the average market rents in the geographical area of reference.

5.2.4 Avalon reached its conclusions by analysing the values identified through the benchmark analysis described above and applying weightings that reflected the specific characteristics of the individual buildings concerned, to determine a market rent range.

Based on its analyses, Avalon concluded:

(i) Regarding the New Horizontal Tower Rent, it is deemed fair if "the value range for the rent of the property as of 01/07/2024 is between €1,915,800 and €2,089,900 a year"; and
(ii) Regarding the Rent Reduction, it is deemed fair if "the reduction amount as of 01/07/2024 is "between €1,733,800 and €2,080,600 a year."

5.2.5 The Avalon Fairness Opinions will be attached, like this Opinion, to the disclosure document to be prepared and published by the Company, pursuant to applicable laws, within seven days after the Transaction is approved by the Company's Board of Directors.

5.3 Considerations on the Convenience of the Transaction by the Committee

5.3.1 In addition to the indications from the Company's Offices, particularly from FM's CEO, received during the meetings, the Committee also considered the Avalon Fairness Opinions from the Independent Expert in its assessments, appreciating the detailed presentation of (i) the methodology followed, (ii) the way market comparables were identified in the Reference Area, and (iii) the conclusions reached.

It is noted that the Binding Term Sheet stipulates an amount for the New Horizontal Tower Rent of Euro 2,024,600, which falls within the mid-range identified by the Independent Expert as mentioned in paragraph 5.2.4(i).

Similarly, the Committee observed that the amount of the Rent Reduction, set in the Binding Term Sheet at Euro 1,996,900, falls within the range indicated by Avalon, specifically in the higher range of the reduction for FM following the release, as noted in paragraph 5.2.4(ii).

5.3.2 In addition to the considerations made by the Independent Expert, which the Committee endorsed, confirming the fairness of the amounts for the New Horizontal Tower Rent and the Rent Reduction, the Committee members made further considerations regarding the convenience of the Transaction for FM.

In particular, the Committee assessed that, in this case, the convenience of the Transaction also stems from the fact that the move to new, more functional, and modern spaces in the Horizontal Tower occurs with a substantial continuity in rental costs.

Indeed, in exchange for the higher annual amounts of Euro 2,024,600 (the New Horizontal Tower Rent), FM will benefit from a reduction in the annual rent for the External Centre by Euro 1,996,900 (the Rent Reduction). Essentially, the functional improvement that FM would achieve by moving to the New HQ (see paragraph 4) will cost the Company a limited amount of Euro 27,702 a year.

5.3.3 The Committee, as highlighted during the investigation, also found the substantial absence of alternative hypotheses to the relocation of FM's offices to the New HQ at the Horizontal Tower. On one hand, the modernisation and refurbishment of the current offices did not appear feasible (as already highlighted above in paragraph 4.2(ii)). On the other hand, during the investigation, and as confirmed during the Independent Expert's presentation and by visual examination of aerial photos of the External Centre reported in the Avalon Fairness Opinions, there was a substantial absence of other buildings near the Rho Exhibition Complex capable of hosting Fiera Milano's offices.

5.4 On the substantial fairness of the terms and conditions of the Binding Term Sheet

For the sake of completeness, the RPT Committee, with the support of the Company's Offices, also analysed the aspects pertaining to the terms of the Binding Term Sheet, as part of its task of overseeing the substantial fairness of the terms and conditions, as well as the cost-effectiveness, of the Transaction. This assessment specifically considered the provisions of the Binding Term Sheet, which anticipate all significant stipulations to be reflected in the Horizontal Tower Lease Contract. These include, for example, the New Horizontal Tower Rent, the duration, ISTAT revaluation, subletting possibilities, security deposit, and the division of maintenance costs. Based on the information received from the Company's management, the Committee did not identify any elements that would prevent it from considering the overall structure of the conditions and stipulations of the Binding Term Sheet to be legally consistent with what is typically expected in the market for similar transactions and parties.

5.5 Summary of the Control and Risk Committee's assessments in relation to the costeffectiveness of the Transaction and the substantial fairness of its terms and conditions

Taking into account all the aspects mentioned in paragraphs 5.1 to 5.4, to which reference is made, the Control and Risk Committee finds that, under the circumstances, the Transaction is also convenient and the related conditions are substantially fair.

6. CONCLUSIONS

In light of the above, the Control and Risk Committee, in its capacity as the competent Committee for related party transactions, composed of Michaela Castelli, Ferruccio Resta, and Paola Annamaria Petrone, all Independent Unrelated Directors pursuant to the Consob RPT Regulation and the FM RPT Procedure, following its analysis and having examined and assessed the documents, information and clarifications provided by the Company's management,

UNANIMOUSLY ISSUES PURSUANT TO ARTICLE 8 OF THE CONSOB RPT REGULATION

AND ARTICLE 9.2 OF THE FM RPT PROCEDURE, A FAVOURABLE OPINION

on the Transaction, as described in paragraph 1.2 above, as it believes that (i) the Company has an interest in completing the Transaction, and (ii) the Transaction is cost-effective and its terms and conditions are substantially fair.

Milan, 3 July 2024

For the Control and Risk Committee

Michaela Castelli Chairperson

Annexes

"A" – New Rent Fairness Opinion;

"B" – Rent Reduction Fairness Opinion.

ALLEGATO A – New Rent Fairness Opinion.

Fiera Milano S.p.A.

Fairness Opinion del Canone di locazione Palazzo Wind

Giugno 2024

Scope of work

OGGETTO E FINALITÀ DELL'INCARICO

Fiera Milano S.p.A. ha affidato ad Avalon Real Estate S.p.A. l'incarico per la predisposizione un'attività di Advisory volta al rilascio di una Fairness Opinion relativa al canone di locazione di alcuni beni immobiliari di proprietà di Fondazione Fiera Milano ubicati a Milano, nell'omonima area denominata Fiera Milano.

L'attività è stata mirata alla redazione di parere di congruità su canoni di locazione degli asset oggetto di analisi. Il lavoro si inserisce all'interno di un contesto di ri-locazione, negoziazione e liberazione degli spazi degli edifici indicati di seguito:

Palazzina "Wind" di proprietà di Fondazione Fiera Milano sita in Largo Metropolitana, 5, Rho interessata dalla stipula di un nuovo contratto di locazione avente ad oggetto "porzione Palazzina Wind";
Palazzina Rossa, Blu, Verde e Centro Servizi ubicati all'interno della di Fiera Milano di proprietà di Fondazione Fiera Milano interessati dalla modifica e revisione del contratto esistente (e del suo corrispettivo) a seguito del rilascio parziale degli spazi;

L'analisi ha previsto lo svolgimento di un sopralluogo presso tutti gli spazi, volto ad individuare l'attuale stato manutentivo di essi. E' stata redatta una ricerca di mercato nella zona analizzando i canoni di locazione dell'hinterland Milanese, sia in termini di asking che di contract rents. L'analisi ha previsto anche un focus sul segmento direzionale ed interventi «Price-maker» al fine di individuare i principali trend del mercato di riferimento e le caratteristiche degli spazi direzionali dell'hinterland.

Si specifica che il presente documento fa riferimento all'analisi del canone di locazione dell'edificio direzionale denominato «Palazzo Wind» e relativa Fairness Opinion.

Scope of work

OGGETTO E FINALITÀ DELL'INCARICO

DEFINIZIONI:

La valutazione è condotta sulla base delle seguenti definizioni:

Valore di mercato

L'ammontare stimato a cui una proprietà dovrebbe essere ceduta e acquistata, alla data della valutazione, da un venditore e da un acquirente entrambi interessati alla transazione, a condizioni concorrenziali, dopo un'adeguata commercializzazione in cui le parti abbiano agito in modo informato, con cautela e senza coercizioni (da RICS Appraisal and Valuation Standards - "Red Book" edizione 2022).

Stato di fatto e di diritto

Per stato di fatto e di diritto sono da intendersi, congiuntamente, lo stato di conservazione e di manutenzione, le condizioni di contorno e la situazione urbanistica nonché la situazione locativa, il titolo di proprietà, l'eventuale presenza di servitù e gravami ed altri fattori connessi al godimento del bene.

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Data di riferimento della valutazione

Il presente documento assume quale data di riferimento della valutazione il 01/07/2024.

Criteri di analisi

In ottemperanza ai termini dell'incarico ricevuto, per la valutazione degli immobili, sono stati adottati i seguenti criteri di analisi:

Analisi full con sopralluogo: l'analisi ha previsto una visita interna ed esterna all'immobile oggetto di valutazione, in presenza di un referente individuato dal Cliente, allo scopo di accertare la qualità formale degli spazi, il loro generale stato di manutenzione, la funzionalità, nonché il contesto urbano e immobiliare di riferimento.

Servizi professionali oggetto di incarico

I criteri di analisi sopra esposti hanno per oggetto i servizi professionali rappresentativi di una valutazione del bene immobiliare, pertanto non sono state svolte attività connesse a servizi di due diligence tecnica, due diligence legale e due diligence ambientale.

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Conflitti di interesse

A seguito delle opportune verifiche si precisa che l'attività oggetto del presente incarico NON presenti potenziali conflitti di interesse.

Consistenze

Le consistenze edilizie sono state fornite dal Committente; chi scrive non ha effettuato alcuna misurazione delle superfici, né alcuna campionatura delle stesse, in sede di sopralluogo o in modalità desk. Le planimetrie, ove rese disponibili dal cliente, sono state utilizzate al solo fine di rappresentare, identificare e descrivere la Proprietà.

Condizione degli edifici e dei servizi

Il sopralluogo svolto (ove previsto) e le indagini condotte non costituiscono una perizia tecnica sull'edificio. L'indagine e le osservazioni sulla struttura e sugli eventuali difetti costruttivi saranno solo volti a determinare assunzioni relative alla qualità dell'edificio e non a valutarne la conformità fisica e strutturale.

Per quanto riguarda gli impianti presenti all'interno dell'edificio, chi scrive ha proceduto ad un'analisi visiva tramite sopralluogo (ove previsto) o tramite immagini (ove reperite o fornite). Tale indagine non costituisce un'analisi tecnica relativa agli impianti ma è volta a comprenderne il relativo grado di funzionamento e la relativa qualità in una più ampia ottica di valorizzazione immobiliare e sulla base delle informazioni disponibili.

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Titolarità, situazione urbanistica e Conformità

Chi scrive si è basato sulla documentazione resa disponibile e sulle informazioni fornite dal Committente. Non son state svolte attività di verifica, ricerca o integrazione documentale presso Uffici Pubblici e/o enti ad essi assimilabili (privati e/o pubblici). Non è stata verificata l'esistenza del titolo di Proprietà in capo al soggetto che ne esercita attualmente il possesso, né accertamenti in ordine all'esistenza di altri diritti di terzi sulle proprietà.

Non sono state condotte analisi sulla conformità urbanistica e catastale dei beni immobili; si è pertanto assunto che gli immobili, nello stato di fatto, risultino conformi alle norme urbanistiche e catastali vigenti.

Impatto ambientale

La valutazione non considera le eventuali passività ambientali gravanti sulle proprietà. Per "passività ambientali" si intendono tutti i costi da sostenere sia per evitare danni, sia per sanare situazioni non conformi a quanto prescritto dalle vigenti normative in materia ambientale. La stima del valore esclude specificatamente l'esame dell'impatto ambientale derivante da sostanze pericolose (amianto, formaldeide, rifiuti tossici, ecc.) o potenzialmente tali. Si presume inoltre la conformità delle proprietà in oggetto a quanto previsto dalle vigenti regolamentazioni in materia.

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Assunzioni valutative

Sono state condotte analisi di mercato su data provider nazionali, sulla base di annunci disponibili e sulla base di Broker Opinion di persone/provider qualificati. Le analisi di mercato sono a parere di chi scrive rappresentative della situazione di mercato di zona al momento della valutazione, tuttavia non si esclude che esistano segmenti di domanda e offerta ulteriori rispetto a quelli individuati e tali da modificare i parametri unitari adottati nella presente valutazione.

Eventi di natura non prevedibile

le analisi e le valutazioni svolte sono basate sugli eventi ritenuti certi o ragionevolmente prevedibili alla data di stesura della presente valutazione. Chi scrive ha ritenuto opportuno escludere tutti gli elementi di natura eminentemente straordinaria e imprevedibile, non coerenti con i principi generalmente adottati.

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Analisi della documentazione fornita

In conformità agli standard RICS, laddove le assumption e l'attività facciano riferimento a documentazione fornita dal Cliente, chi scrive afferma che su tale documentazione sono state condotte analisi e controlli sulla sensatezza delle stesse. Laddove, il valutatore, a seguito di sopralluoghi o di un esame specifico, abbia verificato che una o più assumption siano in contrasto con i fatti osservati, tali assunzioni costituiscono assunzioni speciali.

Copertura Assicurativa

Chi scrive dispone delle necessarie polizze RCT e RCO e delle relative coperture assicurative, attualmente in corso. Qualora necessario sarà cura dello scrivente fornire la documentazione ufficiale provante quanto esposto in termini di coperture assicurative.

TEAM DI LAVORO

Responsabili di commessa

Dr. Federico Chiavazza, Partner di Avalon Real Estate
Dr. Emanuele Lombardi, Direttore Area Valuation & Advisory di Avalon Real Estate

Team operativo

Arch. Elisa Fanton, Team Leader

Dr. Guglielmo Romano, Analyst

Arch. Lorenzo Sabatini, Analyst

Le singole risorse che sono state coinvolte nel processo di stima per conto di Avalon Real Estate sono valutatori specializzati che hanno agito in conformità agli standard globali di valutazione RICS esplicitati nel Red Book. Di conseguenza tutti i processi e tutte le valutazioni sono conformi ai requisiti obbligatori richiesti dal Red Book al PS1 sezione 2. Nessuno dei soggetti coinvolti ha agito in una situazione di potenziale conflitto di interessi, al netto di quanto indicato all'interno della sezione dedicata nel presente paragrafo, denominata "Conflitti di interesse".

L'intero processo è stato supervisionato da parte di Federico Chiavazza, membro RICS, in conformità agli standard PS2 sezione 2.

Site visit

9 Le site visit presso gli asset oggetto di valutazione sono state svolte da professionisti qualificati (iscritti ad Albi professionali, qualora trattasi di liberi professionisti) e qualora esterni alla scrivente, facenti parte di aziende con professionalità comprovata. In particolare, le site visit sono state condotte dalle seguenti persone: Dr. Emanuele Lombardi, Arch. Elisa Fanton, Dr. Guglielmo Romano.

Indice

INQUADRAMENTO

1. Ubicazione
1. Accessibilità
1. Contesto
1. Perimetro d'Analisi
1. Palazzo Wind

ANALISI DI MERCATO

1. Il Mercato direzionale
1. Focus Milano
1. Contract e asking rents
1. Price Makers
1. MIND

ANALISI LOCATIVA

Stima del Canone di Locazione

^A Inquadramento

In rosso il perimetro dell'Area Fiera in rapporto alla città di Milano.

UBICAZIONE

L'area oggetto d'analisi è ubicata lungo la Strada Statale Sempione n°28, all'interno del Comune di Rho, nella Provincia Milano.

L'area si estende all'interno dello spazio denominato come Fiera Milano; quest'ultimo si distingue per essere uno dei principali centri espositivi in Italia ed Europa.

Essa ospita ogni anno importanti fiere internazionali come il Salone del Mobile e la Fiera dell'Artigianato, grazie anche all'ampia superficie espositiva e posizione strategica accessibile tramite la rete metropolitana, ferroviaria ed autostradale. Ciò permette un'affluenza di oltre 300.000 persone durante gli eventi di maggior importanza ed assicura un amplio riconoscimento internazionale.

A Inquadramento

ACCESSIBILITÀ

In rosso si evidenzia il perimetro dell'Area Fiera in rapporto alle direttive delle autostrade A4 ed A8.

Ubicata dunque in un'area definibile come parte dell'hinterland del Comune di Milano, nello specifico a Nord del centro città, La Fiera risulta ben raggiungibile con mezzi di trasporto sia privati che pubblici, in particolare si evidenziano:

La fermata della metropolitana linea 1 (rossa) denominata Rho Fiera Milano.
La linee di autobus urbani ed extraurbani con fermata al polo fieristico.
La Fiera è raggiungibile con uscite dalle autostrade: A4, A8, A9; ed è dotata di 10.000 posti auto per i visitatori e 5.000 posti per gli espositori.
Il servizio autobus dagli aeroporti principali circostanti (MXP, LIN, BGY)
I collegamenti ferroviari regionali, nazionali e internazionali con la stessa fermata di Rho Fiera Milano.

A 3. Inquadramento

CONTESTO

Nello specifico, la fiera è caratterizzata da tre punti principali d'ingresso per i visitatori: I sistemi di trasporto su rotaia arrivano all'ingresso est mentre visitatori con macchine, taxi e autobus accedono dagli ingressi sud e ovest. L'accesso Nord è utilizzato maggiormente da espositori e per la logistica interna.

Il complesso Fieristico è caratterizzato da 20 padiglioni per un totale di 340.000 Mq di superficie espositiva interna e uno spazio di 60.000 Mq esterno; per un totale di circa 400.000 Mq usufruibili per le esposizioni.

PERIMETRO D'ANALISI

In particolare, il perimetro d'analisi insiste su di un'immobile all'interno del sistema Fiera Milano, denominato come Palazzo Wind:

A Inquadramento

PALAZZO WIND

Il Palazzo Wind, noto anche come «Torre Orizzontale», è situato in prossimità dell'uscita Est della Fiera di Milano a Rho. Inizialmente era il centro direzionale per lo sviluppo del sistema fiera poi diventato sede italiana della Wind Tre. 7

Il progetto è stato realizzato dallo studio 5+1AA con particolare attenzione all'efficienza energetica e alla sostenibilità. La struttura è composta da due corpi di fabbrica separati, ma uniti da un foyer d'ingresso.

A Inquadramento

PALAZZO WIND - CONSISTENZE

Pianta piano tipo

Edificio	Palazzo Wind
Superficie (mq)	7 8 708
Comune	Rho
Provincia	Milano
Indirizzo	Metropolitana Largo 5
Foglio	37
Mappale	253

L'edificio si sviluppa per una lunghezza complessiva di 133 metri, una larghezza di soli 16,65 metri e un'altezza di circa 54 metri suddiviso in 13 piani. L'area di interesse copre una superficie di 8.708 metri quadrati. Essendo in prossimità della fiera, il palazzo è facilmente accessibile e ben collegato con le principali infrastrutture di zona menzionate precedentemente. L'asset è dotato di una centrale termica per i tre corpi di fabbrica (A-B-C) e di una UTA per piano. Gli impianti condominiali sono ubicati al piano seminterrato.

17 L'intero fabbricato è dotato di un montacarichi e due ascensori nel corpo A.

PALAZZO WIND – FOTOGRAFIE ESTERNI ED INTERNI

Piano dirigenziale Dodicesimo Piano

Facciata Principale Facciata Principale

Foyer d'entrata Piano dirigenziale

B ANALISI DI MERCATO

^B Analisi di Mercato

IL MERCATO DIREZIONALE

L'analisi del mercato direzionale ha confermato, durante lo scorso anno, il manifestarsi dell'incertezza già rilevata a fine del 2022 dovuta alle variazioni delle condizioni economiche generali e, in particolare, all'incremento dell'inflazione, dei tassi di interesse e dei costi di costruzione. L'effetto di tali fattori, per l'asset class uffici, è stato più evidente negli investimenti rispetto all'attività di letting; tuttavia, si osserva che l'atteggiamento conservativo registrato all'inizio dell'anno si stia allentando grazie a un miglioramento dello scenario macroeconomico e, nella fattispecie, alla decrescita dell'inflazione e alla lieve riduzione dei costi.

Per quanto riguarda il mercato del letting, a Milano sono stati assorbiti circa 270-290.000 mq (inclusivi di let e sub-let), tali valori sono in linea con quanto avvenuto negli anni precedenti; si conferma pertanto che, la decrescita registrata nei semestri scorsi ha rappresentato solo una situazione transitoria a fronte di una domanda che rimane solida. Per quanto riguarda la vacancy i livelli inferiori si registrano nel CBD della città (circa 2%).

In generale, si osserva una scarsità di prodotto di qualità sul mercato, specialmente di grado A: tale fattore favorisce accordi di pre-let per immobili in via di realizzazione o per edifici di pregio in corso di ristrutturazione e l'incremento dei canoni specie nelle zone centrali. A Milano si registrano valori intorno ai 700 €/mq annui per prime location situate nel CBD.

^B Analisi di Mercato

Fonte	CBD	Centro	Semicentro	Periferia	Hinterland
Cushman&Wakefield	700	530	470	350	250
Colliers	700	500	450	350	240
IPI	690	560	440	330	220
JLL	700	500	450	300	250
Media Avalon	698	523	453	333	240

Fonte: elaborazione Avalon su dati relativi al terzo trimestre del 2023

L'analisi dei valori medi dei canoni nell'area del comune di Milano per il terzo semestre 2023 conferma il trend rilevato negli anni precedenti: nelle zone più centrali come il CBD Duomo e CBD Porta Nuova, si riscontrano i valori più alti fino

ad un massimo di 690-700 €/mq per la zona Duomo , in aumento rispetto al periodo precedente. Tale trend è influenzato dall'elevata richiesta di uffici unitamente alla ridotta disponibilità di prodotto di qualità. L'Hinterland di Milano si attesta su un valore medio aggregato di 240 €/Mq/anno per gli edifici di ultima generazione definibili come come immobili Prime-Hinterland.

E' opportuno considerare quindi che tale valore è rappresentativo della fascia più alta «offerta prime» all'interno di questo segmento, ancorata ad edifici definibili anche come «Price Maker», immobili dunque nuovi e di elevato standard in grado di valorizzare il loro canone ad un premio a rialzo rispetto ad i canoni di mercato della zona in cui sono inseriti.

FOCUS MILANO

^B Analisi di Mercato

FOCUS MILANO

La mappa mostra come l'area di Fiera Milano si ponga al di fuori della periferia della città, nell'area denominata come hinterland. In generale, uscendo dal sub-segmento in precedenza definito come «Prime-Hinterland» si denota come l'area di Fiera Milano posta al di fuori della periferia della città evidenzi canoni tendenzialmente minori:

Canoni medi (euro/mq/anno) - Milano

Fonte: elaborazione Avalon su dati relativi al terzo trimestre del 2024

CONTRACT E ASKING RENTS

Comparables – Contract rents

La tabella seguente evidenzia i contract rents rilevati nella zona di riferimento:

Use	Municipality	Address	Piano	Sqm	Rent €/y.	Rent €/y./sqm	Starting date	Quality Distance Source
Direzionale	Milano	Via Montefeltro 6		685	150.700	220		8.6	Avalon
Direzionale	Milano	Via Montefeltro 6		1.300	188.500	145		8.6	Avalon
Direzionale	Milano	Via Castellanza 11	-		7.400 1.050.000	142	30/06/2018	9.1'	Avalon
Direzionale	Milano	Viale 15		1.258	350.000	278		20,8	Avalon
		Weighted Mean				163

Comparables – Asking prices

La tabella seguente evidenzia gli asking prices rilevati nella zona di riferimento:

#	Buy/Rent	Use	Type	Address	Sqm	€/year	€/year sqm	Rooms	Distance
1	Affitto	Terziario	Ufficio	Pero	2.100	283.500	135	O	5,3
) N	Affitto	Terziario	Ufficio	Pero	810	109.380	135	O	5,4
1	Affitto	Terziario	Ufficio	Milano, VIA GALLARATE	1.968	354.492	180	4	9,6
1 -	Affitto	Terziario	Ufficio	Milano, VIA GALLARATE	1.452	261.492	180	4	9,6
				Weighted Mean			159
				Discount			10 %
				Discounted Weighted Mean			143

^B Analisi di Mercato

MARKET COMPARABLE - IMMOBILI PRICE MAKERS

Comparables 1 – Segrate, Via San Bovio 3 – Segreen Business Park

Di seguito si riportano i valori relativi a immobili ad uso direzionale nella zona di riferimento, forniti dai principali data provider nazionali (Agenzia del Territorio).

AGENZIA DELLE ENTRATE - dati al II sem 2023	UFFICI
Comune: Segrate
Fascia/zona: Suburbana/SAN FELICE
Tipologia	Stato		Prezzi (€/mq)	Canoni (€/mq/anno)
		Min	Max	Min	Max
Uffici	ottimo	1.600	2.100	102	138
Uffici strutturati	ottimo	1.800	2.500	114	162

Nonostante i valori forniti dai principali data provider, l'immobile in oggetto essendo price maker, definisce una media aggregata di canoni contrattualizzati di 240 €/Mq/anno circa, risultando superiore di circa il 60% rispetto al massimo riscontrato dai data provider.

^B Analisi di Mercato

MARKET COMPARABLE - IMMOBILI PRICE MAKERS

Comparables 2 – Milano, Via Lorenzini

Di seguito si riportano i valori relativi a immobili ad uso direzionale nella zona di riferimento, forniti dai principali data provider nazionali (Agenzia del Territorio).

AGENZIA DELLE ENTRATE - dati al II sem 2023	UFFICI
Comune: Milano
Fascia/zona: Periferica/ORTLES, SPADOLINI, BAZZI
Tipologia	Stato		Prezzi (€/mq)	Canoni (€/mq/anno)
		Min	Max	Min	Max
Uffici	ottimo	1.750	2.600	108	164
Uffici strutturati	ottimo	2.200	3.200	132	204

Nonostante i valori forniti dai principali data provider, l'immobile in oggetto essendo price maker, definisce una media aggregata di canoni contrattualizzati di 290 €/Mq/anno circa, risultando superiore di circa il 30% rispetto al massimo riscontrato dai data provider.

MARKET COMPARABLE – MIND

Comparables 3 – Milano, MIND e Certosa

Commercial Name	District	City	Transaction Type	Year	Quarter	Grade	Area (sqm)	Unit Rent €/sqm/year
1	MIND	Milano	Pre-let	2020	Q4	A+	3 100	250
2	MIND	Milano	Pre-let	2021	Q2	A+	1 350	250
3	MIND	Milano	Pre-let	2022	Q2	A+	000 4	300
4	MIND	Milano	Pre-let	2022	Q3	A+	1 150	300
5	MIND	Milano	Pre-let	2023	Q4	A+	5 200	325
6	Certosa	Milano	Pre-let	2022	Q1	A+	6 331	280

Weighted average 290

IL METODO DI VALUTAZIONE UTILIZZATO

Approccio basato sul mercato - Comparativo

L'approccio basato sul mercato è basato sulla comparazione del bene in oggetto con attività (o passività) identiche o simili per le quali siano disponibili informazioni sui canoni, ad esempio una comparazione con operazioni di mercato relative a un tipo di attività (o passività) identico, o sostanzialmente identico, entro un appropriato orizzonte temporale.

Il metodo si basa sul presupposto che nessun conduttore o locatore razionale sia disposto a pagare un prezzo per un bene immobiliare superiore al costo di beni similari che presentino lo stesso grado di utilità. Questa espressione rimanda ai principi economici di sostituzione (secondo il quale il valore di un bene è determinato dal prezzo che dovrebbe essere pagato per un bene perfettamente identico con le stesse caratteristiche di utilità e desiderabilità) e di equilibrio tra domanda ed offerta (secondo il quale il prezzo di un bene è determinato direttamente dal mercato di scambio e rappresenta la sintesi conclusiva del processo di negoziazione a cui partecipano conduttori e locatori).

L'applicazione del metodo di mercato presuppone:

l'identificazione dei valori unitari (€/mq) di canoni contrattualizzati o di offerta sullo stesso mercato o su piazze concorrenziali d'immobili aventi caratteristiche comparabili all'oggetto di valutazione;
la determinazione d'idonei fattori di aggiustamento del valore unitario in funzione alle caratteristiche specifiche dell'immobile rispetto ai comparables individuati.

*Per «Canone di Mercato» si intende l'ammontare stimato a cui una proprietà dovrebbe essere locata, alla data della valutazione, da un locatore e da un conduttore entrambi interessati all'atto, a condizioni concorrenziali, dopo un'adeguata commercializzazione in cui le parti abbiano agito in modo informato, con cautela e senza coercizioni (da RICS Appraisal and Valuation Standards - "Red Book" edizione 2022).

Si specifica che i canoni annuali sono stati arrotondati.

Edificio

Superficie (mq)

Ponderazione %

Superficie Ponderata

Canone Locazione 2024* - worst case

€/anno

Voci di calcolo	Worst case €/mq/anno	Best case €/mq/anno
Canoni Mind	290	300
Sconto obsolescenza**	15%	15%
Sconto Location***	10%	5%
Sconto aggregato	25%	20%
Canone Palazzi Fiera	220	240

** Lo sconto rappresenta l'obsolescenza di un edificio non di nuova costruzione, dei suoi spazi, finiture ed impianti.

*** L'asset direzionale non si trova all'interno di un più amplio distretto direzionale «Price maker», altresì l'essere locato nelle estreme vicinanze del complesso di Fiera Milano potrebbe rappresentare un vincolo per un possibile tenant estraneo agli eventi e dunque in ultima analisi ridurre la pool di possibile utenza.

Palazzo Wind

8.708

100%

8.708

1.915.800

Prospetto Analitico di Calcolo Canone

SINTESI DEI RISULTATO

Prospetto Analitico di Calcolo Canone

Edificio	Palazzo Wind
Superficie (mq)	8.708
Ponderazione %	100%
Superficie Ponderata	8.708
Canone 2024* Locazione - worst case €/anno	1.915.800
Canone Locazione 2024* - best case €/anno	2.089.900
€/mq/anno	220-240

* Si specifica che i canoni annuali sono stati arrotondati.

Conclusioni

Attraverso il processo di valutazione sopra esposto e nel rispetto delle limitazioni e delle assunzioni enunciate si è giunti alla fairness opinion del canone di locazione dell'immobile oggetto di analisi al 01/07/2024.

A parere di chi scrive, dunque, il range di valore del canone dell'immobile al 01/07/2024 risulta ricompreso tra 1.915.800 e 2.089.900 €/anno.

CON I MIGLIORI SALUTI

MRICS | Partner e Amministratore Delegato

di Avalon Real Estate S.p.a.

Dott. Federico Chiavazza

ALLEGATO B – Rent Reduction Fairness Opinion.

Fiera Milano S.p.A.

Fairness Opinion del Canone di locazione - Palazzina Rossa, Blu, Verde & Centro Servizi

Giugno 2024

Scope of work

OGGETTO E FINALITÀ DELL'INCARICO

Palazzina "Wind" di proprietà di Fondazione Fiera Milano sita in Largo Metropolitana, 5, Rho interessata dalla stipula di un nuovo contratto di locazione avente ad oggetto "porzione Palazzina Wind";
Palazzina Rossa, Blu, Verde e Centro Servizi ubicati all'interno della di Fiera Milano di proprietà di Fondazione Fiera Milano interessati dalla modifica e revisione del contratto esistente (e del suo corrispettivo) a seguito del rilascio parziale degli spazi;

Si specifica che il presente documento fa riferimento all'analisi del canone di locazione degli edifici direzionali ubicati all'interno della Fiera di Milano denominati: «Palazzo Rosso, Blu, e Verde» ed anche il «Centro Servizi» e relativa Fairness Opinion.

Scope of work

OGGETTO E FINALITÀ DELL'INCARICO

DEFINIZIONI:

La valutazione è condotta sulla base delle seguenti definizioni:

Valore di mercato

Stato di fatto e di diritto

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Data di riferimento della valutazione

Il presente documento assume quale data di riferimento della valutazione il 01/07/2024.

Criteri di analisi

In ottemperanza ai termini dell'incarico ricevuto, per la valutazione degli immobili, sono stati adottati i seguenti criteri di analisi:

Servizi professionali oggetto di incarico

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Conflitti di interesse

A seguito delle opportune verifiche si precisa che l'attività oggetto del presente incarico NON presenti potenziali conflitti di interesse.

Consistenze

Condizione degli edifici e dei servizi

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Titolarità, situazione urbanistica e Conformità

Impatto ambientale

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Assunzioni valutative

Eventi di natura non prevedibile

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Analisi della documentazione fornita

Copertura Assicurativa

TEAM DI LAVORO

Responsabili di commessa

Dr. Federico Chiavazza, Partner di Avalon Real Estate
Dr. Emanuele Lombardi, Direttore Area Valuation & Advisory di Avalon Real Estate

Team operativo

Arch. Elisa Fanton, Team Leader

Dr. Guglielmo Romano, Analyst

Arch. Lorenzo Sabatini, Analyst

L'intero processo è stato supervisionato da parte di Federico Chiavazza, membro RICS, in conformità agli standard PS2 sezione 2.

Site visit

Indice

A

INQUADRAMENTO

1. Ubicazione
1. Accessibilità
1. Contesto
1. Perimetro d'Analisi
1. Palazzina Rossa, Blu & Verde
1. Centro Servizi

B

ANALISI DI MERCATO

1. Il Mercato direzionale
1. Focus Milano
1. Contract e asking rents
1. Price Makers

ANALISI LOCATIVA

1. Analisi del contratto in essere
1. Analisi del contratto a mercato

^A Inquadramento

In rosso il perimetro dell'Area Fiera in rapporto alla città di Milano.

L'area oggetto d'analisi è ubicata lungo la Strada Statale Sempione n°28, all'interno del Comune di Rho, nella Provincia di Milano.

L'area si estende all'interno dello spazio denominato come Fiera Milano; quest'ultimo si distingue per essere uno dei principali centri espositivi in Italia ed Europa.

A Inquadramento

ACCESSIBILITÀ

In rosso si evidenzia il perimetro dell'Area Fiera in rapporto alle direttive delle autostrade A4 ed A8.

Ubicata dunque in un'area definibile come parte dell'hinterland del Comune di Milano, nello specifico a Nord del centro città, la Fiera risulta ben raggiungibile con mezzi di trasporto sia privati che pubblici, in particolare si evidenziano:

La fermata della metropolitana linea 1 (rossa) denominata Rho Fiera Milano.
La linee di autobus urbani ed extraurbani con fermata al polo fieristico.
La Fiera è raggiungibile con uscite dalle autostrade: A4, A8, A9; ed è dotata di 10.000 posti auto per i visitatori e 5.000 posti per gli espositori.
Il servizio autobus dagli aeroporti principali circostanti (MXP, LIN, BGY)
I collegamenti ferroviari regionali, nazionali e internazionali con la stessa fermata di Rho Fiera Milano.

A Inquadramento

PERIMETRO D'ANALISI

In giallo, verde e blu rispettivamente le Palazzine all'interno del perimetro d'analisi.

A Inquadramento

PALAZZINA ROSSA, BLU & VERDE

7 Le palazzine blu, rossa e verde della Fiera di Milano rappresentano un importante polo per la gestione e organizzazione delle attività fieristiche.

Queste strutture si trovano sopra parte del centro servizi e ospitano gli uffici per la gestione e organizzazione della fiera.

Le palazzine sono organizzate con uffici dirigenziali o sale riunione poste alle estremità e uffici open space centrali. Questo permette l'efficiente funzionamento delle attività amministrative e organizzative.

Lo spostamento tra palazzine è facilitato da passaggi sopraelevati che permettono di accedervi senza dover passare dal centro servizi.

A livello impiantisco l'intero quartiere fieristico è gestito da una centrale termica e 4 centrali frigo.

A Inquadramento

PALAZZINA ROSSA, BLU & VERDE

Di seguito si riportano le planimetrie e le superfici relative alle tre palazzine blu, rossa e verde:

Pianta piano terra

Edificio
Superficie (mq)
Comune
Provincia
Indirizzo
Foglio
Mappale

Palazzina Rossa
3.994
Rho
Milano
Strada Statale Sempione 28
35
315

Edificio Superficie (mq) Comune Provincia Indirizzo Foglio Mappale

Palazzina Blu
3.994
Rho
Milano
Strada Statale Sempione 28
35
315

Edificio	Palazzina Verde
Superficie (mq)	3.348
Comune	Rho
Provincia	Milano
Indirizzo	Strada Statale Sempione 28
Foglio	35
Mappale	315

Pianta piano tipo

PALAZZINA ROSSA, BLU & VERDE - FOTOGRAFIE

A Inquadramento

CENTRO SERVIZI

7 Il Centro Servizi di Fiera Milano offre supporto per ogni tipo di esigenza legata alla partecipazione a fiere e eventi, dal personale di assistenza, alla registrazione per gli accessi, alla vigilanza, ed all'organizzazione su richiesta di serate ed eventi di intrattenimento.

Si tratta del primo centro servizi in Europa a ottenere la certificazione LEED degli spazi, legata ai progetti di efficientamento energetico delle infrastrutture e degli impianti.

A Inquadramento

CENTRO SERVIZI - CONSISTENZE

Pianta piano terra

7 Centro servizi
31.141
4.459
Rho
Milano
Strada Statale Sempione 28
35
315

L'edificio si pone al centro dell'impianto Fiera Milano ed ospita una molteplicità di servizi, quali: sale conferenze, ristoranti, punti informativi ed aree relax.

In generale l'area definita come centro servizi offre un vero e proprio supporto all'intero impianto fieristico, rappresentando appunto uno spazio a servizio della superficie principale, in particolare relazione con le palazzine direzionali prima esplicitate.

Si specifica che gli spazi rilasciati da Fiera Milano S.p.A sono di mq 4.459.

CENTRO SERVIZI - FOTOGRAFIE

B ANALISI DI MERCATO

^B Analisi di Mercato

IL MERCATO DIREZIONALE

Per quanto riguarda il mercato del letting, a Milano sono stati assorbiti circa 270-290.000 mq (inclusivi di let e sub-let), tali valori sono in linea con quanto avvenuto negli anni precedenti; si conferma pertanto che, la decrescita registrata nei semestri scorsi ha rappresentato solo una situazione transitoria a fronte di una domanda che rimane solida. Per quanto riguarda la vacancy, i livelli inferiori si registrano nel CBD della città (circa 2%).

^B Analisi di Mercato

Fonte CBD Centro Semicentro Periferia Hinterland Cushman&Wakefield 700 530 470 350 250 Colliers 700 500 450 350 240 IPI 690 560 440 330 220 JLL 700 500 450 300 250 Media Avalon 698 523 453 333 240

Fonte: elaborazione Avalon su dati relativi al terzo trimestre del 2023

L'analisi dei valori medi dei canoni nell'area del comune di Milano per il terzo semestre 2023 conferma il trend rilevato negli anni precedenti: nelle zone più centrali come il CBD Duomo e CBD Porta Nuova, si riscontrano i valori più alti fino ad un massimo di 690-700 €/mq per la zona Duomo , in aumento rispetto al periodo precedente. Tale trend è influenzato dall'elevata richiesta di uffici unitamente alla ridotta disponibilità di prodotto di qualità. L'Hinterland di Milano si attesta su un valore medio aggregato di 240 €/Mq/anno per gli edifici di ultima generazione definibili come immobili Prime-Hinterland.

FOCUS MILANO

^B Analisi di Mercato

FOCUS MILANO

Canoni medi (euro/mq/anno) - Milano

Fonte: elaborazione Avalon su dati relativi al terzo trimestre del 2024

B Analisi di Mercato

CONTRACT E ASKING RENTS

Comparables – Contract rents

La tabella seguente evidenzia i contract rents rilevati nella zona di riferimento:

Use	Municipality	Address	Piano	Sqm	Rent €/y.	Rent €/y./sqm	Starting date	Quality Distance Source
Direzionale	Milano	Via Montefeltro 6		685	150.700	220		8.6	Avalon
Direzionale	Milano	Via Montefeltro 6		1.300	188.500	145		8.6	Avalon
Direzionale	Milano	Via Castellanza 11	-		7.400 1.050.000	142	30/06/2018	9,1'	Avalon
Direzionale	Milano	Viale 15	-		1.258 350.000	278		20,8	Avalon
		Weighted Mean				163

Comparables – Asking prices

La tabella seguente evidenzia gli asking prices rilevati nella zona di riferimento:

#	Buy/Rent	Use	Type	Address	Sqm	€/year	€/year sqm	Rooms	Distance
1	Affitto	Terziario	Ufficio	Pero	2.100	283.500	135	O	5,3
1	Affitto	Terziario	Ufficio	Pero	810	109.380	135	O	5,4
1	Affitto	Terziario	Ufficio	Milano, VIA GALLARATE	1.968	354.492	180	4	9,6
E	Affitto	Terziario	Ufficio	Milano, VIA GALLARATE	1.452	261.492	180	4	9,6
				Weighted Mean			159
				Discount			10 %
				Discounted Weighted Mean			143

^B Analisi di Mercato

MARKET COMPARABLE - IMMOBILI PRICE MAKERS

Comparables 1 – Segrate, Via San Bovio 3 – Segreen Business Park

Di seguito si riportano i valori relativi a immobili ad uso direzionale nella zona di riferimento, forniti dai principali data provider nazionali (Agenzia del Territorio).

AGENZIA DELLE ENTRATE - dati al II sem 2023	UFFICI
Comune: Segrate
Fascia/zona: Suburbana/SAN FELICE
Tipologia	Prezzi (€/mq) Stato			Canoni (€/mq/anno)
		Min	Max	Min	Max
Uffici	ottimo	1.600	2.100	102	138
Uffici strutturati	ottimo	1.800	2.500	114	162

^B Analisi di Mercato

MARKET COMPARABLE - IMMOBILI PRICE MAKERS

Comparables 2 – Milano, Via Lorenzini

Di seguito si riportano i valori relativi a immobili ad uso direzionale nella zona di riferimento, forniti dai principali data provider nazionali (Agenzia del Territorio).

AGENZIA DELLE ENTRATE - dati al II sem 2023		UFFICI
Comune: Milano
Fascia/zona: Periferica/ORTLES, SPADOLINI, BAZZI
Tipologia	Stato	Prezzi (€/mq)		Canoni (€/mq/anno)
		Min	Max	Min	Max
Uffici	ottimo	1.750	2.600	108	164

Uffici strutturati	ottimo	2.200	3.200	132	204

IL METODO DI VALUTAZIONE UTILIZZATO

Approccio basato sul mercato - Comparativo

L'applicazione del metodo di mercato presuppone:

l'identificazione dei valori unitari (€/mq) di canoni contrattualizzati o di offerta sullo stesso mercato o su piazze concorrenziali d'immobili aventi caratteristiche comparabili all'oggetto di valutazione;
la determinazione d'idonei fattori di aggiustamento del valore unitario in funzione delle caratteristiche specifiche dell'immobile rispetto ai comparables individuati.

ANALISI DEL CONTRATTO IN ESSERE

SPECIFICHE	DATI
Anno inizio contratto	2015
Canone da inflazionare Torri	1.937.200,00
Canone da inflazionare Centro Servizi	168.030,00
Totale da Inflazionare Canone	2.105.230
ISTAT Aggiornamento	100%
Anno canone inflazionato	2024
Canone inflazionato Torri	2.378.255
Canone Inflazionato Centro Servizi	206.287
Totale Inflazionato Canone	2.584.542

Di seguito si riporta una suddivisione del canone indicizzato per edificio:

Edificio	Palazzina Rossa	Palazzina Blu	Palazzina Verde	Palazzina Gialla	Centro servizi	Totale
Superficie (mq)	3.994	3.994	3.348	3.348	31.141	45.825
Ponderazione %	100%	100%	100%	100%	100%	-
Superficie Ponderata	3.994	3.994	3.348	3.348	31.141	45.825
Canone in essere inflazionato	646.878	646.878	542.250	542.250	206.287	2.584.542
€/mq/anno	162	162	162	162	7	-

Si specifica che il Canone riferito al Centro Servizi fa riferimento ai mq complessi pari a 31.141.

I valori ottenuti indicizzando i dati del contratto a decorrenza 2015 ad oggi rappresentano una stima di quanto il tenant sia tenuto a dover corrispondere alla proprietà Si specifica però, che quest'ultimi non rappresentino a pieno l'evoluzione del mercato di riferimento, che infatti come esplicitato nella slide successiva, è rappresentativo di un canone Euro/Mq inferiore.

ANALISI DEL CONTRATTO A MERCATO

Dispersione Canoni €/mq/anno Prospetto Analitico di Calcolo €/mq/anno

Voci di calcolo	Worst case €/mq/anno	Best case €/mq/anno
Media canone Hinterland	230	240
Sconto obsolescenza*	20%	20%
Sconto Location**	15%	5%
Sconto aggregato	35%	25%
Canone Palazzi Fiera	150	180

* Gli impianti rappresentano circa il 30% del valore di un'immobile, installati nel 2006 si stima che gli impianti in questione abbiano ancora poco meno del 30% della loro vita residua (circa 25 anni).

** L'asset direzionale non si trova all'interno di un più amplio distretto direzionale «Price maker», altresì l'essere locato all'interno del complesso di Fiera Milano potrebbe rappresentare un vincolo per un possibile tenant estraneo agli eventi e dunque in ultima analisi ridurre la pool di possibile utenza.

Prospetto Analitico di Calcolo Canone

Edificio	Palazzina Rossa	Palazzina Blu	Palazzina Verde	Centro Servizi	Totale	Centro
Superficie (mq)	3.994	3.994	3.348	4.459	15.795
Ponderazione %	100%	100%	100%	5%
Superficie Ponderata	3.994	3.994	3.348	223	11.559
Canone di Mercato - worst case €/anno	599.100	599.100	502.200	33.443	1.733.800	*
Canone di Mercato - best case €/anno	718.920	718.920	602.640	40.131	2.080.600	*
€/mq/anno	150-180	150-180	150-180	150-180

Si specifica che i 4.459 mq del Centro Servizi fanno riferimento alla sola porzione rilasciata.

SINTESI DEI RISULTATO

Prospetto Analitico di Calcolo Canone

Edificio	Palazzina Rossa	Palazzina Blu	Palazzina Verde	Centro Servizi	Totale	Centro
Superficie (mq)	3.994	3.994	3.348	4.459	15.795
Ponderazione %	100%	100%	100%	5%
Superficie Ponderata	3.994	3.994	3.348	223	11.559
Canone di Mercato - worst case €/anno	599.100	599.100	502.200	33.443	1.733.800	*
Canone di Mercato - best case €/anno	718.920	718.920	602.640	40.131	2.080.600	*
€/mq/anno	150-180	150-180	150-180	150-180

Si specifica che i 4.459 mq del Centro Servizi fanno riferimento alla sola porzione rilasciata. * Valori arrotondati

Conclusioni

Attraverso il processo di valutazione sopra esposto e nel rispetto delle limitazioni e delle assunzioni enunciate si è giunti alla fairness opinion del canone di locazione degli immobili oggetto di analisi al 01/07/2024.

A parere di chi scrive, dunque, il valore di complessivo del canone degli immobili al 01/07/2024 risulta compreso tra 1.733.800 e 2.080.600 €/anno.

MRICS | Partner e Amministratore Delegato

di Avalon Real Estate S.p.a.

Dott. Federico Chiavazza

CON I MIGLIORI SALUTI

AI Terminal

Fiera Milano

4073_rpt_2024-07-11_ff110922-7906-4277-80f1-049195d17e92.pdf

FIERA MILANO S.P.A.

INFORMATION DOCUMENT ON MATERIAL TRANSACTIONS WITH RELATED PARTIES

TRANSFER NEW HEADQUARTERS

TABLE OF CONTENTS

DEFINITIONS

BACKGROUND

1. NOTES: Risks related to potential conflicts of interest arising from the Transaction

2. INFORMATION ON THE TRANSACTION

2.1 Description of the features, terms and conditions of the Transaction

2.2 Related parties on the Transaction, degree of correlation, and nature and extent of those parties' interests in the Transaction

2.3 Economic rationale and cost-effectiveness of the Transaction for the Company

2.4 Method of determining the consideration for the Transaction.

2.5 Overview of the economic, equity and financial effects of the Transaction

2.6 Impact of the Transaction on the remuneration of the members of the Company's management body and/or those of its subsidiaries

2.8 Indication of the bodies or directors who conducted or participated in the negotiations

2.9 Transaction approval process

Procedure

Activities of the Committee

Approval of the Transaction by the Board of Directors of Fiera Milano

ANNEXES

CONTROL AND RISK COMMITTEE OF FIERA MILANO S.P.A.

OPINION ON MATERIAL RPT

RELOCATION TO THE NEW HEADQUARTERS

TABLE OF CONTENTS

1. BACKGROUND, PREREQUISITES AND REASONS FOR THE CONTROL AND RISK COMMITTEE'S ACTION

1.1 The tasks of the Control and Risk Committee of Fiera Milano S.p.A.

1.2 Prerequisites and reasons for the Committee's action

1.3 Nature of the relation

1.4 Value of the Transaction

2. CONTENT AND SCOPE OF THE COMMITTEE'S BINDING OPINION

3. PRELIMINARY STAGE FOR THE ISSUING OF THE COMMITTEE'S OPINION. PROCEDURAL CORRECTNESS

3.1 The Committee's involvement

3.2 Identification and Appointment of the Independent Expert and Scope of Support Provided

3.3 Drafting and approval of the Committee's reasoned opinion

4. THE SPECIFIC SUBJECT MATTER OF THE OPINION: (A) THE COMPANY'S INTEREST IN COMPLETING THE TRANSACTION

5. THE SPECIFIC SUBJECT MATTER OF THE OPINION: (B) THE COST-EFFECTIVENESS AND SUBSTANTIVE FAIRNESS OF THE TERMS OF THE TRANSACTION

5.1 The financial effectiveness of the Transaction for Fiera Milano and the fairness of its terms and conditions: the aspects under examination

5.2 Summary of the Independent Expert's Assessments

5.3 Considerations on the Convenience of the Transaction by the Committee

5.4 On the substantial fairness of the terms and conditions of the Binding Term Sheet

5.5 Summary of the Control and Risk Committee's assessments in relation to the costeffectiveness of the Transaction and the substantial fairness of its terms and conditions

6. CONCLUSIONS

UNANIMOUSLY ISSUES PURSUANT TO ARTICLE 8 OF THE CONSOB RPT REGULATION

AND ARTICLE 9.2 OF THE FM RPT PROCEDURE, A FAVOURABLE OPINION

Fiera Milano S.p.A.

Scope of work

OGGETTO E FINALITÀ DELL'INCARICO

Scope of work

OGGETTO E FINALITÀ DELL'INCARICO

Valore di mercato

Stato di fatto e di diritto

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Data di riferimento della valutazione

Criteri di analisi

Servizi professionali oggetto di incarico

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Conflitti di interesse

Consistenze

Condizione degli edifici e dei servizi

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Titolarità, situazione urbanistica e Conformità

Impatto ambientale

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Assunzioni valutative

Eventi di natura non prevedibile

Scope of work

ASSUNZIONI E LIMITI DELLA VALUTAZIONE

Analisi della documentazione fornita

Copertura Assicurativa

TEAM DI LAVORO

Responsabili di commessa

Site visit

Indice

^A Inquadramento

^B Analisi di Mercato

^B Analisi di Mercato

^B Analisi di Mercato

^B Analisi di Mercato

^B Analisi di Mercato