Fiera Milano

Investor Presentation • May 10, 2023

10 May 2023

Fiera Milano

The European hub for innovative, sustainable and high standing events

9M 2022 Results Q1 2023 Results presentation

Today's Presenters

Andrea Maldi	 2 years in Fiera Milano
	 Relevant experience: CFO at Borsa Italiana, General Electric
CFO	Italy, Kelly Services Italy and Adecco. Manager at PwC

1. Executive summary

• 1. Business review
• 1. Financial review
• 1. ESG update

Appendix - Fiera Milano at a glance

Executive summary

Business overview	 With held, and more than Q1 2023 confirms the relaunch of 13 exhibitions 30 congress events 250k sqm occupied, Fiera Milano activities and a well-established beginning of 2023 with high appreciation both from participant exhibitors and buyers
Q1 2023 Financial Results	 Revenues of 48.1 million euros, an increase of 24.6 million euros compared to Q1 2022  EBITDA of 8.9 million euros, an improvement of 11.2 million euros compared to Q1 2022  Net result of 8.4 million euros, compared to a loss of 13.0 million euros in Q1 2022  Net financial debt (before IFRS 16): net cash at March 31, 2023 equal to 37.5 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 an as at 31 December 2023 EBITDA target of €70-80m
M&A	 On 28 March 2023 the strategic transaction with for the creation of a common European exhibition Fiere di Parma platfom in the agrifood sector was completed through the subscription of a capital increase of Fiere di Parma reserved for Fiera Milano, released through the contribution of the Fiera Milano business unit relating to the "Tuttofood" event
New governance	 Following the Shareholders' Meeting called for April 27, 2023, the new Board of Directors has been appointed with confirmed as Chairman and elected as new CEO of Fiera Milano Carlo Bonomi Francesco Conci
ESG commitment	 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 2023

• 2023 exhibition calendar: >50 exhibitions in Italy; 20 abroad; c.160 congresses
• Covering all the strategic industries representing the excellence of Made in Italy in the world (Food, Design, Tourism, Fashion, Machinery)

International exhibitions

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

Snapshot of divisional results

A

B

C

Italian Exhibition business	Q1 2022	Q1 2023
Revenues (€m)	20.8	40.5
EBITDA (€m)	(0.9)	7.6
N. exhibitions	10	12
o/w directly organized	3	4
o/w hosted	7	8
Square meters Italy	143.890	224.225

Foreign Exhibition business	Q1 2022	Q1 2023
Revenues (€m)	0.7	0.9
EBITDA (€m)	(0.5)	(0.6)
N. Exhibitions	1	1
o/w directly organized	1	1
Square meters abroad	3.330	3.855

Congresses	Q1 2022	Q1 2023
Revenues (€m)	2.2	8.8
EBITDA (€m)	(0.9)	1.9
n. congresses	13	30
o/w with exhibition area	1	11
Square meters exhibition areas	820	22.690

Fiera Milano Consolidated	Q1 2022	Q1 2023
Revenues (€m) (net of Elisions)	23.5	48.1
EBITDA (€m)	(2.4)	8.9
N. Exhibitions	11	13
o/w directly organized	4	5
o/w hosted	7	8
Square meters consolidated (A+B+C)	148.040	250.770

The Italian operations reported Revenues of €40.5m, an increase of €19.7m compared to Q1 2022, mainly thanks to the positive performance of the annual exhibitions and partially to the presence of BIT and Mido in Q1 2023 EBITDA stood at €7.6m compared to €-0.9m in Q1 2022. The increase is attributable to the positive trend in revenues, partially offset by higher operating costs, mainly due to the increase in electricity prices

• At international level, the growth in Revenues was driven by the positive results of Investec Cape Town Art Fair 2023 (3.9k square meters occupied)
• EBITDA stood at € -0.6m showing a decrease compared to Q1 2022 mainly due to higher operating costs of the Brazilian subsidiary Fiera Milano Brasil. In addition, EBITDA was affected by the result of the joint venture with Deutsche Messe AG which operates in China and which in Q1 2023 did not scheduled events
• 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 EAU (European Association of Urology) international congress, corporate conventions including the Allianz Bank Convention as well as the new Padel Trend Expo event

• At the consolidated level, in Q1 2023 Fiera Milano generated Revenues of €48.1m, a recovery of almost 80% of the Q1 2019 revenues

• 7 In Q1 2023, EBITDA reflects the improvement related to the increase in revenues. This effect was partially offset by higher operating costs, mainly due to the increase in electricity prices

Focus on Italian Exhibition business

Key metrics	Q1 2022	Q1 2023
Revenues (€m)	20.8	40.5
EBITDA (€m)	(0.9)	7.6
N. Exhibitions	10	12
o/w directly organized	3	4
o/w hosted	7	8
Square meters Italy	143.890	224.225

Directly organized (#4)	Q1 2022 square meters	Q1 2023 square meters
- HOMI	10.955	16.010
- HOMI Fashion&Jewels (I semester)	9.400	12.630
- Bit	a)	16.165
- Promotion Trade Exhibition	3.520	2.925
TOT DIRECTLY ORGANIZED ITALY	23.875	47.730

	Q1 2022	Q1 2023
Hosted (#8)	square meters	square meters
- LineaPelle (February	38.635	44.020
- Milano Unica (Spring)	18.850	24.520
- Mido	a)	37.980
- Mipel (March)	3.200	4.420
- My Plant & garden	23.640	25.360
- The Micam (Spring)	30.165	35.100
- Filo (I semester)	1.810	1.385
- The ONE Milano (February)	3.715	3.710
TOT HOSTED ITALY	120.015	176.495

a) The exhibition was held in the following quarters

• Revenues of €40.5m, an increase of €19.7m compared to Q1 2022
• N. 12 exhibitions (4 directly organized; 8 hosted) and 224k sqm occupied:
  • Directly organized (+23,855 sqm): the increase is mainly attributable to the presence in Q1 2023 of BIT (+16,165 sqm), which in 2022 was held in Q2, and HOMI (+5,055 sqm);
  • Hosted (+56,480 sqm): the increase is mainly related to the presence in Q1 2023 of Mido (+37,980 sqm), which in 2022 was held in Q2, and to all the fashion events (+16,780 sqm)

• January:

• HOMI (lifestyle, tableware and decoration) with over 500 brands (of which 40% international)
• PTE – Promotion Trade Exhibition (advertising) with over 110 companies and brands from 12 countries

• February :

• Milano Unica, with 394 exhibiting companies
• MIDO (international eyewear fair), with more than 1,000 exhibitors from over 150 countries
• Over 1,800 exhibiting companies and more than 48,000 visitors (+25% compared to previous editions) for the combined fashion accessory exhibitions HOMI Fashion&Jewels (accessories, jewels and bijoux), MICAM Milano (footwear), Mipel (leather goods) and TheOneMilano, the international outerwear and haute-à-porter exhibition.
• Lineapelle with 1,161 exhibitors from 42 countries, more than 38% from abroad and more than 22,000 professional visitors
• BIT - International Tourism Exchange, with over 1,000 Italian and foreign exhibitors
• Myplant & Garden with 650 brands (22% international)
• Filo, the international exhibition dedicated to the excellence of yarns
• EBITDA stood at €7.6m compared to €-0.9m in Q1 2022. The increase is attributable to the positive trend in revenues, partially offset by higher operating costs, mainly due to the increase in electricity prices

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

Income Statement

Income Statement (€m)	2019	2020	2021	2022	Q1 2022	Q1 2023
Revenues	279.7	73.6	129.8	220.3	23.5	48.1
Cost of materials	2.5	1.6	1.7	4.1	0.5	0.7
Cost of services	121.2	45.5	74.3	110.2	14.1	26.0
Costs for use of third-party assets	0.5	0.5	0.5	1.2	0.1	0.3
Personnel costs	47.4	31.9	41.5	44.4	10.8	11.3
Other operating expenses	4.8	2.5	2.9	3.9	0.5	0.8
Total operating costs	176.4	81.9	121.0	163.8	25.9	39.0
Other income	2.4	16.9	73.1	4.1	0.7	0.7
Results of equity-accounted companies	3.8	0.5	1.2	0.5	(0.7)	(0.9)
Allowance for doubtful accounts and other provisions	3.5	(1.3)	5.9	2.7	(0.1)	0.1
EBITDA	106.1	10.4	77.2	58.4	(2.4)	8.9
Depreciationandamortisation	45.2	44.8	45.2	47.9	11.8	13.1
Adjustments to asset values	1.3	0.0	0.0	1.3	0.0	0.0
EBIT	59.6	(34.3)	31.9	9.2	(14.2)	(4.2)
Financial income/(expenses)	(13.4)	(12.7)	(13.4)	(12.9)	(3.1)	(2.7)
Valuation of financial assets	-	-	-	-	-	-
Profit/(loss) before income tax	46.2	(47.0)	18.5	(3.7)	(17.4)	(6.9)
Income taxes	11.9	(12.9)	(24.4)	2.1	(4.4)	1.1
Profit/(loss) (continuing operations)	34.3	(34.2)	44.1	(5.8)	(13.0)	(8.1)
Profit/(loss) (discontinued operations)
Profit/(loss)	34.3	(34.2)	44.1	(5.8)	(13.0)	16.5 8.4

Reduced comparability Q1 2023 vs Q1 2022 due to the postponement in 2022 of some exhibitions such as BIT and Mido from Q1 to Q2

• Revenues: from Euro 23.5m in Q1 2022 to Euro 48.1m in Q1 2023, an improvement of Euro 24.6m
• The change in terms of revenues is mainly related to:
  • the good overall performance of the annual exhibitions and congress activity
  • the different exhibition calendar, with the presence in Q1 2023 of the annual Mido and Bit exhibitions which in 2022 had been postponed to Q2
• Some key data that contributed to the generation of consolidated revenues in Q1 2023:
  • 13 exhibitions (12 in Italy and 1 abroad; 5 owned and 8 hosted)
  • 30 congresses (of which 11 congress events with annexed exhibition area)
  • 250,770 sqm occupied (224,225 sqm in Italy, 3,855 sqm abroad and 22,690 sqm for congresses with annexed exhibition area)

EBITDA stands at Euro 8.9m, with a positive change of Euro 11.2m compared to Q1 2022. The change mainly reflects the trend in revenues. This effect was partially offset by higher operating costs, mainly due to the increase in electricity prices

EBIT in Q1 2023 amounts to Euro -4.2m compared to Euro -14.2m in Q1 2022. The increase of Euro 10.0m reflects the trend in EBITDA partially offset by higher depreciation on right-of-use assets leased as a result of the monetary revaluation contractually envisaged

• The Net result for the period from continuing operations amounts to Euro -8.1m (Euro -13.0m in Q1 2022), while the Net result for the period from discontinued operations amounts to Euro 16.5m and refers to the higher values emerged with the transfer of the business unit relating to the "Tuttofood" exhibition following the acquisition of 18.5% of Fiere di Parma
• The Net result presents a profit of Euro 8.4m compared to a loss of Euro 13.0m in Q1 2022

FY = Full Year

Balance Sheet

	Balance Sheet (€m)	2019	2020	2021	2022	31-Mar 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	14.6
	Right-of-use assets	469.6	431.7	392.5	367.5	400.1
	Tangible fixed assets	9.2	7.0	5.8	5.0	4.8
	Other non-current assets	34.1	43.0	61.8	76.7	93.4
A	Non-current assets	622.5	593.8	573.7	559.4	607.9
	Inventory and contracts in progress	2.2	5.6	3.4	3.1	4.5
	Trade and other receivables	40.4	26.7	31.1	33.4	30.0
B	Current assets	42.6	32.2	34.5	36.6	34.5
	Trade payables	41.9	19.9	50.6	50.3	38.3
	Payments received on account	49.2	30.6	36.0	29.9	52.1
	Tax liabilities	2.9	3.9	5.0	2.6	2.3
	Provisions for risks and charges and other current liabilities	36.1	13.4	29.2	26.2	30.5
C	Current liabilities	130.3	67.7	120.7	109.0	123.1
D	Net working capital (B - C)	(87.7)	(35.4)	(86.2)	(72.4)	(88.6)
E	Gross capital employed (A + D)	534.7	558.4	487.5	487.0	519.2
	Employee benefit provisions	9.9	10.1	9.5	7.8	7.6
	Provisions for risks and charges and other non-current	11.9	11.7	4.4	4.2	4.2
F	liabilities Non-current liabilities	21.9	21.7	13.9	12.0	11.9
G	NET CAPITAL EMPLOYED cont. operations (E - F)	513.0	536.7	473.6	475.0	507.6
H	NET CAPITAL EMPLOYED assets held for sale	0	0	0	(1.8)	0
	TOTAL NET CAPITAL EMPLOYED (G + H)	512.9	536.7	473.6	473.2	507.5
	covered by: Equity attributable to the Group	107.3	62.9	108.3	105.7	112.8
	Non-controlling interests	0.6	0.3	0.7	0.5	0.5
I	Total equity	107.9	63.2	109.0	106.2	113.3
	Cash & cash equivalents	(68.0)	(20.4)	(148.3)	(112.6)	(109.7)
	Current financial (assets)/liabilities	33.7	93.1	44.1	72.0	75.1
	Non-current financial (assets)/liabilities	439.3	400.8	468.8	409.4	428.7
L	Net Financial Debt/(Cash) (post-IFRS16) [Cont. operations + held for sale]	405.1	473.4	364.6	367.0	394.1
	Net Financial Debt/(Cash) (pre IFRS16)	(68.3)	23.9	(47.3)	(29.8)	(37.5)

• Net Working Capital goes from Euro -72.4m as at 31/12/2022 to Euro -88.6m as at 31/3/2023

• The release of liquidity of Euro 16.2m is mainly due to the combination of the following factors:

  • Increase in advances of Euro 22.2m; positive cash impact due to higher advances related to exhibitions that will take place after the first quarter of 2023 (Salone del Mobile, Host..)
  • Reduction of trade payables by Euro (6m); negative cash impact

• The Net Financial Debt (pre-IFRS16) goes from a net cash of Euro -29.8m as at 31/12/2022 to a net cash of Euro -37.5m as at 31/3/2023

• The positive variation of Euro 7.7m is due to the positive change in cash flow deriving from operations, mainly from advances collected for exhibitions taking place in the following months, partially offset by items due to suppliers
• Please refer to the next two slides for more information on the cash flow generated and the dynamics of liquidity/loan repayments

EMARKET SDIR
CERTIFIED

Cash Flow (€m)	From 31 Dec 2022 to 31 Mar 2023
EBITDA	8.9
IFRS16 cash out (rents)	-13.1
Δ Net Working Capital	16.2
Capex	-0.8
Operating Cash Flow	11.3
Cash Interests & Income	0.2
Other	-3.8
Free Cash Flow	7.7

Free Cash Flow generated in Q1 2023 (3 months): Euro 7.7m, the main components are:

• EBITDA 3 months: Euro 8.9m
• IFRS16 cash out (rents): Euro (13.1m) relating to the fourth installment of the 2022 rent, which is invoiced and paid in Q1 2023
• Cash release of Euro 16.2m due to a change in the NWC mainly due to the combination of the following factors:
  • Increase in advances of Euro 22.2m; positive cash impact due to higher advances relating to exhibitions that will take place after the first quarter of 2023 (Salone del Mobile, Host..)
  • Reduction of trade payables by Euro (6m); negative cash impact
• CAPEX for Euro (0.8m): investments in intangible assets
• Positive balance between active and passive interests from bank management for Euro 0.2m
• Other changes for Euro (3.8m) which refer to:
  • Security deposit with A2A Euro (2.1m)
  • 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 31 March 2023

Financial stability

Fiera Milano achieved an excellent financial stability, transforming the Covid-19 emergency into an

opportunity to reorganize its financial structure

• In 2022, there was a reduction in cash and cash equivalents due to the Ge.Fi cash-out (€11.8m), due to the early repayment of the Biper loan (€10m) and to the repayment of the short-term debt towards Fonfazione (c. €9.5m) and to increase in short-term loan portions due to the approaching repayment dates
• In Q1 2023, the ratio decreased to 0.74 both due to dynamics linked to working capital (advances paid used in part to pay suppliers) and to the effects due to the early repayment (for approximately Euro 4 million) of the Carige loan
• From December 2021 there has been a reduction in M/L bank loans with reclassification into B/T portions due to the approaching payment times
• The further reduction of the ratio to 0.99 in Q1 2023 mainly depends on the Carige early repayment and the progress of the repayment plan for the Cassa Depositi e Prestiti loans and the Pool of banks

AGENDA

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

Appendix - Fiera Milano at a glance

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"

38%

Men Women

New hires in 2022: n.82 employees

Age 43% 57% Male Female 49% 43% 8% > 50 years 30-50 years < 30 years Gender ^{636 598 612} 9% 47% 44% > 50 years 30-50 years < 30 years 48% 52% Male Female

• 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

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

Obtained 1° ESG Rating	Joined UN Global Compact

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

Fiera Milano integrated Sustainability Plan 2021-2025 – UPDATE as of 31 March 2023

ENABLING FACTOR	ESG STRATEGIC AREA	#	TARGET	TIMING	STATUS	SDGs
	Governance
	Governance	1 2 3 4	Obtaining ESG rating from primary rating agency Obtaining ISO 37001 certification (anticorruption) for Fiera Milano Obtaining ISO 45001 certification (health & safety) for Fiera Milano Obtaining ISO 14001 certification (environmental) for Fiera Milano	2022 2023 2024 2023 2024	Achieved On track On track On track
		5 6 7	Obtaining ISO 14001 certification (environmental) for Allianz-Mico congress centre Obtaining ISO 20121 certification (sustainable events) for 4 events New LTIP (long-term incentive plan) with a ESG target weight of 20%	2023 2025 2023	On track On track On track
	Responsible supply chain	8 9 10	Increase in the percentage of suppliers assessed according to ESG criteria up to 75% Keeping level of 100% reputational assessment for suppliers > € 10K) Addition of at least 2 sustainable products to supply specifications	2025 Annual 2025	On track On track On track
	Environment
	Energy management	11 12 13 14 15 16 17	Calculation of the carbon footprint (LCA method) of at least 13 owned events Increase in the use of energy from renewable sources to 50% Construction of a single cooling system to promote energy savings Extension of LEED certification for Pavilions 3 and 4 of the Allianz-MiCo congress centre Definition of the calculation methodology for Scope 3 Definition of medium and long-term Science Based Targets (SBTs) Appointment of Group Energy Management	2025 2025 2024 2024 2022 2025 2023	On track On track On track On track Achieved On track Achieved
	Waste management	18 19	Definition of a waste management policy within the exhibition district Launch of no. 2 initiatives a year to make stakeholders aware of correct waste management	2022 Annual	Achieved On track
	Sustainable mobility	20 21 22	Increase of 4 charging stations for electric cars in the exhibition district Increase of 50 bike-sharing units for employees 25% increase in the number of hybrid vehicles in the company car fleet	2023 2022 2023	Achieved Achieved On track
	Social
	Health & Safety	23 24	Updating the Group's HSE (Health, Safety, Environment) structure Launch of no. 5 initiatives a year to promote safety in the exhibition district	2022 Annual	Achieved On track
	Diversity & Inclusion	25	Development of a Diversity & Inclusion Policy	2023	Achieved
	Wellbeing and Development	26 27 28 29 30 31	Obtaining employer branding certification from a leading international certification body Increase in the no. of training hours by 80% compared to 2020 Achieving employee engagement rate above 75% Involvement of 30 talents in the Next Generation Fiera development programme Development of an employee mentoring programme Organization of monthly meetings with the CEO involving at least 100 employees per year	2025 2025 2025 2025 2025 Annual	On track On track On track On track On track On track
	Community & customers	32 33 34	Organization of the Impact Day: a day of social volunteering by employees Organization of 1 solidarity social initiative per year Achievement of 100% customers coverage of the events covered by the Customer Satisfaction	2022 Annual Annual	Achieved On track On track
	Digital Transformation	35	Increase in the value of digital services and creating new ones	2025	On track
			Investment in the exhibition district Commercial and product Quality and development	Digital

approach devoted to excellence

of human capital

transformation

and continuous improvement

AGENDA

• 1. Executive summary
• 1. Business review
• 1. Financial review
• 1. ESG 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