Fiera Milano

Investor Presentation • Jul 26, 2023

26 July 2023

H1 2023 Results presentation

Fiera Milano

The European hub for innovative, sustainable and high standing events

Today's Presenters

Vincenzo Cecere

Head of IR & Sustainability

1 year in Fiera Milano

Relevant experience: Investor Relations & ESG Manager at Cerved Group, M&A and Equity Capital Markets Associate at Mediobanca

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. Sustainability update

Appendix - Fiera Milano at a glance

Executive summary

Business overview	 With held, and more than occupied, H1 2023 showed solid results 32 exhibitions 61 congress events 790k sqm and improved performance compared to H1 2022
H1 2023 Financial Results	 Revenues of 132.2 million euros, an increase of 16 million euros compared to H1 2022  EBITDA of 41.6 million euros, an improvement of 2 million euros compared to H1 2022  Net result of 25.7 million euros, compared to 5.3 million euros in H1 2022  Net financial debt (before IFRS 16): net cash at June 30, 2023 equal to 63.8 million euros, an improvement compared to a net cash of 29.8 million euros as at 31 December 2022
Guidance 2023 confirmed	 Even if the industry is not immune to the difficulties of the macroeconomic scenario, Fiera Milano look to the future with confidence, expecting to reach the upper part of the guidance range €70-80m for the 2023 full year EBITDA
New governance	 Following the Shareholders' Meeting called for April 27, 2023, the new Board of Directors has been appointed with Carlo Bonomi confirmed as Chairman, Francesco Conci elected as new CEO and Roberto Foresti as deputy General Manager. Massimo De Tullio, former Group Planning & Control Director has been appointed as new CFO
Sustainability commitment	 Fiera Milano awarded as Leader ESG Identity and ranked in the Top 5 extra 100 category of the ET.group's Integrated Governance Index for its full and conscious integration of sustainability in the business model  Published the new Sustainability Report 2023  Launched the carbon footprint measurement (Life Cycle Assessment) of BIT, the international tourism exhibition  Joined the UN Global Compact

A rich calendar of events for the second half of 2023

• In 2023 >50 exhibitions in Italy ; 20 abroad ; c.160 congresses

• All the strategic sectors of Made in Italy in the world are represented (Food, Design, Tourism, Fashion, Machinery)

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. Sustainability update
• Appendix - Fiera Milano at a glance

Snapshot of divisional results

	Italian Exhibition business	H1 2022	H1 2023	As % of Revenues
	Revenues (€m)	100,8	110,2
A	EBITDA (€m) N. exhibitions	35,2 28	33,3 23	80%
	o/w directly organized	9	6
	o/w hosted	19	17
	Square meters Italy	659	649

	Foreign Exhibition business	H1 2022	H1 2023
Revenues (€m)		2,4	3,0
EBITDA (€m)		(0,7)	0,4
N. Exhibitions		3	9
o/w directly organized		3	9
Square meters abroad		15	89

Congresses	H1 2022	H1 2023
Revenues (€m)	18,0	24,4
EBITDA (€m)	5,0	8,0
n. congresses	42	61	18%
o/w with exhibition area	19	26
Square meters exhibition areas	31	52

2%

Fiera Milano Consolidated	H1 2022	H1 2023
Revenues (€m) (net of Elisions)	116,2	132,2
EBITDA (€m)	39,5	41,6
N. Exhibitions	31	32
o/w directly organized	12	15
o/w hosted	19	17
Square meters consolidated (A+B+C)	705	790

B

C

• Increase in sold areas and general growth of all services (fittings, customer care, catering) for Homi, PTE, Miart, MIDO, and fashion industry exhibitions
• Salone del Mobile showed a strong performance in services, despite a reduction in sold area due to a strategic revision of the event layout
• The increased results in terms of Revenues were partly offset by higher operating costs, mainly deriving from higher energy costs and one-off costs incurred for the corporate reorganization which impacted the divisional EBITDA. Net of the aforementioned one-offs, divisional EBITDA would have been higher than H1 2022
• The growth in Revenues for foreign exhibitions was mainly driven by the positive results of Investec Cape Town Art Fair and Exposec in Brazil.
• Divisional EBITDA returns to growth mainly due to the recovery of activities in China with 7 exhibitions organized (impact on the Group's EBITDA coming from the joint venture with Deutsche Messe AG which operates in China)
• Excellent results for the Congress division which exceeded the pre-Covid level for both Revenues and EBITDA ahead business plan expectations
• The increase in Revenues is mainly attributable to the presence of the international medical-scientific congresses EULAR (Rheumatology); EAU (Urology), and corporate events such as the Salone del Risparmio and at the Salesforce event
• At the consolidated level, in H1 2023 Fiera Milano recovered c. 85% of Revenues generated in H1 2019 (in line with AMR1 market forecasts). The negative calendar effect (generated by the absence of The Innovation Alliance and MCE, partially offset by the presence of ITMA and Tuttofood), was totally compensated by the general increase in the performance of services and the congress business
• In H1 2023 EBITDA reflects the improvement trend relating to the increase in revenues. This effect was partially offset by higher operating costs, mainly deriving from higher energy costs and one-off costs incurred for the reorganization7 1) AMR ⁼ Advanced Market Research

The exhibitions held in H1 2023

Italian Exhibitions	H1 2022	H1 2023	Foreign Exhibitions
Directly Organized
- Bit (A)	15,610	16,165	China
- Chibimart estate (A)	2,765	a)	- China International Fastener Show
- Miart (A)	8,145	8,930
- SposaItalia (A)	7,445	8,410	- Chengdu International Industry Fair
- HOMI (A)	10,955	16,010
- HOMI Fashion&Jewels (I semester) (A)	9,400	12,630
- Promotion Trade Exhibition (A)	3,520	2,925
- Transpotec & Logitec (B)	52,880	0
- Print4all (M)	11,960	0
Total Directly Organized	122,680	65,070
Hosted			South Africa
- LineaPelle (I semester) (A)	38,635	44,020
- Mido (A)	28,505	37,980
- Milano Unica (primavera) (A)	18,850	24,520	Brasil
- Mipel (March) (A)	3,200	4,420
- My Plant & garden (A)	23,640	25,360
- Fa la cosa giusta (A)	12,000	6,110
- Salone del mobile (excluding. Euroluce) (A)	154,610	133,725
- Filo (I semester)* (A)	1,810	1,385	° The event is organized in partnership
- The Micam (spring) (A)	30,165	35,100	a) The event did not take place
- The ONE Milano (February) (A)	3,715	3,710	b) The event took place/will take place in the following quarters
- Eurocucina (B)	29,095	0
- Euroluce (B)	0	35,390
- ISSA Pulire (B)	0	13,980
- Lamiera (B)	18,990	18,395
- Made in Steel (B)	0	16,380
- Mostra Convegno Expocomfort (B)	77,740	0
- Venditalia (B)	14,015	0
- Salone del Bagno (B)	17,980	0
- Tuttofood* (B)	0	59,660
- Workplace 3.0 (B)	2,555	1,960
- Intralogistica (M)	3,575	0
- Ipack-Ima (M)	52,475	0
- ITMA (M)	0	122,295	(A) = Annual
- Greenplast (M)	5,140	0	(B) = Biennial
Total Hosted	536,695	584,390	(M) = Muti -year
Total Italian Exhibitions	659,375	649,460

Net square meters					Net square	meters
H1 2022	H1 2023		H1 2022	H1 2023
		China
		- China International Fastener Show ° (A)	a)	15,655
		- Chengdu International Industry Fair ° (A)	a)	13,590
		- GITF International Tour Guangzhou (A)	a)	6,110
		- Industrial Automation Shenzen ° (A)	a)	11,110
		- Industrial Automation Robotic Show South China ° (A)	a)	3,800
		- Laser Fair Shenzen (A)	a)	7,460
		- Let China Guangzhou (A)	b)	14,895
		South Africa
		- Cape Town Art Fair (A)	3,330	3,855
		Brasil
		- Exposec (A)	10,990	12,365
		Total Foreign Exhibitions	14,590	88,840

* From 2023 the event is a hosted exhibition a) The event did not take place

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. Sustainability update

Appendix - Fiera Milano at a glance

Income Statement

	Income Statement (€m)	2019	2020	2021	2022	H1 2022	H1 2023
1	Revenues	279.7	73.6	129.8	220.3	116.2	132.2
	Cost of materials	2.5	1.6	1.7	4.1	1.9	1.6
	Cost of services	121.2	45.5	74.3	110.2	51.3	63.7
	Costs for use of third-party assets	0.5	0.5	0.5	1.2	0.6	0.4
	Personnel costs	47.4	31.9	41.5	44.4	22.6	24.7
	Other operating expenses	4.8	2.5	2.9	3.9	2.2	2.5
	Total operating costs	176.4	81.9	121.0	163.8	78.6	92.9
	Other income	2.4	16.9	73.1	4.1	1.5	1.8
	Results of equity-accounted companies	3.8	0.5	1.2	0.5	0.4	0.6
	Impairment of receivables and other accruals	3.5	(1.3)	5.9	2.7	-	0.1
2	EBITDA	106.1	10.4	77.2	58.4	39.5	41.6
	Depreciationandamortisation	45.2	44.8	45.2	47.9	23.8	25.4
	Adjustments to asset values	1.3	0.0	0.0	1.3	-	-
3	EBIT	59.6	(34.3)	31.9	9.2	15.8	16.2
	Financial income/(expenses)	(13.4)	(12.7)	(13.4)	(12.9)	(6.9)	(5.0)
	Valuation of financial assets	-	-	-	-	0.0
	Profit/(loss) before income tax	46.2	(47.0)	18.5	(3.7)	8.9	11.1
	Income taxes	11.9	(12.9)	(24.4)	2.1	(3.6)	(1.9)
	Profit/(loss) (continuing operations)	34.3	(34.2)	44.1	(5.8)	5.3	9.2
	Profit/(loss) (discontinued operations)					-	16.5
4	Profit/(loss)	34.3	(34.2)	44.1	(5.8)	5.3	25.7
	o/w attributable to the controlling entity	34.4	(33.9)	44.4	(5.6)	(0.1)	(0.1)

The increase in Revenues is mainly related to:

1

2

3

4

• the good general performance of annual exhibitions, multi-year exhibitions and congress activity;
• greater exhibition areas occupied and by the significant penetration of the services provided.
• Some key data that contributed to the generation of consolidated revenues in H1 2023:
• 32 exhibitions (23 in Italy and 9 abroad; 15 organized and 17 hosted)
• 61 congress events (of which 26 congress events with related exhibition area)
• 790.6k sqm occupied (649.5k sqm in Italy, 88.8k sqm abroad and 52.3k sqm for congresses with related exhibition area)

EBITDA stands at Euro 41.6m, with a positive change of Euro 2.1m compared to H1 2022. The positive variation mainly reflects the trend in revenues. This effect was partially offset by higher operating costs, mainly due to the increase in electricity prices and the one-off costs incurred for the corporate reorganization

EBIT amounts to Euro 16.2m compared to Euro 15.8m in H1 2022. The increase of Euro 0.4m reflects the trend in EBITDA partially offset by higher depreciation on the right of use of leased assets following the monetary revaluation

• The Net result for the period from continuing operations amounted to Euro 9.2m (up compared to Euro 5.3m in H1 2022), while the Net result for the period from discontinued operations amounted to Euro 16.5m and refers to the higher values that emerged with the transfer of the business branch relating to the "Tuttofood" exhibition following the acquisition of 18.5% of Fiere di Parma. The Net Result presents a profit of Euro 25.7m compared to a profit of Euro 5.3m in H1 2022

Balance Sheet

	Balance Sheet (€m)	2019	2020	2021	2022	30-June 2023
	Goodwill	95.0	95.0	95.0	95.0	95.0
	Intangible assets with a finite useful life	14.6	17.0	18.5	15.2	13.6
	Right-of-use assets	469.6	431.7	392.5	367.5	375.3	1
	Tangible fixed assets	9.2	7.0	5.8	5.0	5.8
	Other non-current financial assets	-	-	0.1	2.4	1.9
	Other non-current assets	34.1	43.0	61.8	74.3	92.3	2
A	Non-current assets	622.5	593.8	573.7	559.4	584.0
	Inventory and contracts in progress	2.2	5.6	3.4	3.1	5.1
	Trade and other receivables	40.4	26.7	31.1	33.4	57.7	3
B	Current assets	42.6	32.2	34.5	36.6	62.8
	Trade payables	41.9	19.9	50.6	50.3	52.4
	Payments received on account	49.2	30.6	36.0	29.9	61.8
	Tax liabilities	2.9	3.9	5.0	2.6	2.5
	Provisions for risks and charges and other current liabilities	36.1	13.4	29.2	26.2	44.1	4
C	Current liabilities	130.3	67.7	120.7	109.0	160.8
D	Net working capital (B - C)	(87.7)	(35.4)	(86.2)	(72.4)	(98.0)	5
E	Gross capital employed (A + D)	534.7	558.4	487.5	487.0	486.0
	Employee benefit provisions	9.9	10.1	9.5	7.8	7.5
	Provisions for risks and charges and other non-current liabilities	11.9	11.7	4.4	4.2	3.8
F	Non-current liabilities	21.9	21.7	13.9	12.0	11.3
G	NET CAPITAL EMPLOYED cont. operations (E - F)	513.0	536.7	473.6	475.0	474.6
H	NET CAPITAL EMPLOYED assets held for sale	0	0	0	(1.8)	-
	TOTAL NET CAPITAL EMPLOYED (G + H) covered by:	512.9	536.7	473.6	473.2	474.6
	Equity attributable to the Group	107.3	62.9	108.3	105.7	130.1
	Non-controlling interests	0.6	0.3	0.7	0.5	0.4
I	Total equity	107.9	63.2	109.0	106.2	130.6
	Cash & cash equivalents	(68.0)	(20.4)	(148.3)	(112.6)	(130.8)
	Current financial (assets)/liabilities	33.7	93.1	44.1	72.0	76.3
	Non-current financial (assets)/liabilities	439.3	400.8	468.8	409.4	398.6
L	Net Financial Debt/(Cash) (post-IFRS16) [Cont.	405.1	473.4	364.6	367.0	344.1
	operations + held for sale] Net Financial Debt/(Cash) (pre IFRS16)	(68.3)	23.9	(47.3)	(29.8)	(63.8)	6
	EQUITY AND NET FINANCIAL DEBT (I + L)	512.9	536.7	473.6	473.2	474.6

Rights of use of leased assets increased as a result of the monetary revaluation

1

2

3

4

5

6

• Other non-current assets include Euro 16.5m relating to the stake in Fiere di Parma
• Trade receivables increase by c. Euro 24m and mainly refer to receivables from HOST and Tuttofood

Provisions for risks and charges and «other non-current liabilities» up by Euro c.19m mainly due to higher payables to Organizers

• Net Working Capital goes from Euro -72.4m at 31/12/2022 to Euro 98.0m at 30/6/2023
• The release of liquidity of Euro 25.6m is mainly due to the dynamics of the advances relating to the HOST exhibition to be held in October 2023
• Net Financial Debt (pre-IFRS16) showed a net cash of Euro 63.8m at 30/6/2023, compared to a net cash of Euro 29.8m at 31/12/2022
• The variation of Euro 34m is mainly related to the positive change in cash flow
• Please refer to the next two slides for more information on the cash flow generated

ARK ⊢ IR
CERTIFIED

Cash Flow (€m)	From 31 Dec 2022 to 30 Jun 2023
EBITDA	41.6
IFRS16 cash out (rents)	(26.2)
Δ Net Working Capital	25.6
Capex	(2.6)
Operating Cash Flow	38.4
Cash Interests & Income	0.4
Other	(4.8)
Free Cash Flow	34.0

€m

Free Cash Flow generated in H1 2023 (6 months): Euro 34.0m, the main components are:

• EBITDA 6 months: Euro 41.6m
• IFRS16 cash out (rentals): Euros (26.2m) relating to the installments of the rent
• Cash release of Euro 25.6m due to a change in the NWC mainly related to the presence of higher advances for the HOST exhibition
• CAPEX of Euro (2.6m) mainly relating to investments in digital and cybersecurity projects
• Positive balance between interest expense and interest income (income from time deposits, deposits on current accounts…) for Euro 0.4m
• Other changes for Euro (4.8m) which are mainly related to:
• security deposit with A2A Euro (2.4m)
• payment of advances for Tuttofood to Fiere di Parma Euro (1.8m)

Evolution of the Net Financial Position (Cash) pre-IFRS16 from 31 Dec 2022 to 30 June 2023

Financial stability

Fiera Milano achieved an excellent financial stability, transforming the Covid-19 emergency into an opportunity to reorganize its financial structure

• Current assets (Cash and cash equivalents, Current financial assets, Trade receivables, Suspended costs): increase mainly due to increasing liquidity and higher trade receivables
• Current liabilities (portion of short-term loans, Debt to Fondazione FM, Other financial liabilities, Portion of short-term lease liabilities, Trade payables, Advances, Provisions for risks and charges, Tax payables, Other current liabilities): increase mainly due to higher advances related to HOST
• Equity + Non-current liabilities (Shareholders' equity, Bank loans, Lease Liabilities, Personnel provisions, Provisions for risks and charges, Deferred tax liabilities): shareholders' equity increased due to the positive result for the half-year, while non-current liabilities decreased due to loan repayments (Carige full repayment in March and start of payment of CDP and pool banks loans)
• Fixed Assets (Tangible fixed assets, Goodwill, Intangible fixed assets, Right to use leased assets, Investments valued at equity): Fiere di Parma stake inclusion in the Group's fixed asset ¹³

AGENDA

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. Sustainability update

Appendix - Fiera Milano at a glance

Fiera Milano awarded as Leader ESG Identity and ranked in the Top 5 extra 100 category of the Integrated Governance Index

• For the 3° year in a row, Fiera Milano has confirmed its position at the top of the Integrated Governance Index (IGI), the sustainability index developed by ET.Group acknowledging companies that have undertaken a serious path of transformation and evolution in terms of their ESG identity, integrating sustainability into their business model
• Fiera Milano ranked n.2 in the "Top 5 extra 100" category and has been awarded as Leader ESG Identity performers

Carbon footprint measurement (Life Cycle Assessment) of BIT

The 2023 edition of BIT (12-14 feb 2023) generated c.3.010,8 tCO2eq

Breakdown by phase of the event

Source of emission	tCO2e	% Weight
Organization	0,6	0,02%
Set up	363,3	12,1%
Event execution	2.627,2	87,3%
Dismantling	19,6	0,7%
Total source of emission	3.010,8	100%

Breakdown by contribution of emission sources

Source of emission	tCO2e	% Weight
Visitors mobility and accommodation (execution)	1.137,3	37,774%
Visitors mobility – coming back (dismalting)	1.099,4	36,515%
Structures and fittings (set up)	352,5	11,708%
Exhibitors mobility and accommodation (execution)	187,9	6,241%
Exhibitors mobility – coming back (dismalting)	169,2	5,620%
Electric energy consumptions (execution)	28,1	0,933%
Waste management (dismantling)	19,2	0,638%
Catering (execution)	10,2	0,339%
Employee mobility (execution)	5,3	0,176%
Transport of structures and fittings (supply) (set up)	0,6	0,020%
Transport of structures and fittings (warehouse return) (dismantling)	0,5	0,017%
Advertising material (organization)	0,4	0,013%
Office energy consumptions (organization)	0,1	0,003%
Web advertising (organization)	0,05	0,002%
Transport of food and beverage (set up)	0,04	0,001%
Transport of advertising material (set up)	0,001	0,000%
Total source of emission	3.010,8	100%

• 12-14 Feb 2023
• 12k sqm occupied
• 200 exhibitors
• 15k visitors

CO2e = tons of CO2 equivalent

ESG Highlights – 2022 KPI and main initiatives

% Carpet used sent to recovery

n.2 carbon neutral events

• -20% reduction in waste per sqm from 2019 to 2022
• Photovoltaic plant of 8.2 MWp
• 25% hybrid car fleet
• Finalist at the Sustainable Development Award promoted by UFI1 in the category "Best Carbon Emissions Reduction Initiative"

Men Women

New hires in 2022: n.82 employees

Age 43% 57% Male Female 43% 8% > 50 years 30-50 years Gender ^{636 598 612} 9% 47% 44% > 50 years 30-50 years < 30 years 48%

Very poor Poor Average Good Avg. Overall Event Score for main exhibitions Excelent Poor Average Good Excelent Very Poor

• Adoption of a Diversity&Inclusion Policy
• New HR Plan
• Inclusion of ESG objectives in the STI plan and LTI plan related to quantitative targets of the Sustainability Plan

49%

Overall suppliers contract value including ESG elements in the technical assessment: 80%

Obtained 1° ESG Rating	Joined UN Global Compact

AGENDA

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. Sustainability update

Appendix - Fiera Milano at a glance

Fiera Milano at a glance

Purpose & Mission

Create multiple opportunities for businesses and individuals through our European Hub in Milan and a global network

Being a leading smart hybrid platform for innovative, sustainable and business-relevant events

• Managing directly owned events and hosted events at the Rho exhibition center (345k sqm, 6° largest trade venue in the world) and other exhibition venues
• 80 exhibitions in Italy and c. 30 abroad (Brasil, China, Singapore, South Africa)
• Congress activity (c. 160 per annum) mainly at the Allianz-MiCo venue, the largest and most modern conference centre in Europe (54k sqm, 21k people availability) and other meeting centers
• Providing traditional (stand-fitting, security, catering, accommodation, logistics) as well as digital services

The 6th largest exhibition district in the world

• 345k m2 total space

• 60k m2 outdoor space

• 20 pavillons

• 15k parkings

• 75 restaurants

• 1 km from highway

• 13 km from Milan city centre

• 29 km from Milan airport

• 1 underground

• 20 1 train station

A rich calendar of events for 2023

Covering all the strategic industries representing the excellence of Made in Italy in the world (Food, Design, Tourism, Fashion, Machinery)

International exhibitions

A history of growth of more than 100 years

One of the largest venues in the global exhibition market

Selection of key players in the Exhibition Industry

1) Based on 2019 exchange rates: 1 EUR = 0.88 GBP, 1.12 USD); 2) Calculated as aggregate of Informa Markets, Connect and Tech BUs;

3) Considering only Rho venue; 4) Calculated evenly weighting international revenue share 2018 (50% international revenues on total = 100), avg. % international exhibitors 2018 and avg % of international visitors 2018

Source: UFI, AUMA, Statistics Report Emeca 2018, Roland Berger analysis, Fiera Milano

Key investment highlights

6 1

5 2

4 3

Strong commitment to ESG

• ESG themes moving to the top of the agenda with new framework and strategy integrated in the CONN.E.C.T. 2025 plan
• Top management remuneration linked to ESG targets reflecting selected SDGs
• Industry best practice for the exhibitions carbon footprint assessment and Low Risk ESG Rating issued by Sustainalytics

Sound financials with low credit risk

• Sound financials driven by high visibility of results (multiyear events to be booked in advance)
• Favourable payment cycle due to advances payments contracts leading to a structurally negative NWC
• Strong operating cash generation combined with low capex requirements resulting in a positive net position and financial flexibility leaving room for M&A

Integrated business model with focus on tier 1 events

• Covering the entire value chain of the trade fare from renting exhibition areas to provide ancillary services
• Well diversified exhibition portfolio with concentration of high standing events which enjoy less volatility in terms of revenues and rented sqm and diversified industry mix
• Mainly B2B events with high exposure to attractive sectors

Institutional role with strong heritage culture

• Mission critical business for the Italian entrepreneurial fabric
• Strategic partner for Italian SMEs in their innovation, growth and internationalization paths supporting the Italian economy recovery and promoting the made in Italy in the world
• Strong heritage culture with the first exhibition held in 1922 and a track record of growth lasting for >100 years

Undisputed market leadership in Italy

• High entry barriers due to limited venue capacity of other Italian players
• Largest trade-fair site in Italy with exhibition capacity almost more than double that of the n.2 player and ranking among the top one players at international level
• Highly fragmented market with room for consolidation

State of the art premises and strategic logistics

• Best-in-class premises with strategic locations close to airports, undergrounds, train stations and urban centers
• Predominant exposure to one of the richest EU region
• Fieramilano (Rho): 6° trade fair center in the world with its 345k sqm

Disclaimer

This presentation and any materials distributed in connection herewith (together, the "Presentation") do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever.

The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of Fiera Milano S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice.

Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as "anticipate", "estimate", "should", "expect", "guidance", "project", "intend", "plan", "believe", and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements are based on management's current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them. Forward-looking statements contained in this Presentation regarding trends or current activities should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Neither Fiera Milano S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this Presentation.

It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.

WEBSITE: https ://investors.fieramilano.it/en

CONTACTS:investor.relations@fieramilano.it