Fiera Milano

Investor Presentation • Oct 6, 2020

FIERA MILANO GROUP Virtual STAR Conference 2020 – Fall edition

Milan, 6 October 2020

Index

1.0 Group overview 2.0 The exhibition sector is a key player in the economic recovery post Covid-19 emergency 3.0 Restart and impact of COVID-19 on activities 4.0 Financial results (H1 2020)

1.0 Group overview

Fiera Milano is the market leader in Italy and one of the world's leading operators across the entire value chain of the exhibition industry.

1.1

An integrated business model

Italian Exhibitions

Fiera Milano organises proprietary exhibitions providing exhibition space and services directly to exhibitors; it also uses exhibition sites to host exhibitions for third parties

Congresses

Management of one of most modern convention centre in Europe and the only one capable of hosting up to 18,000 delegates

Hospitality

Assisting its customers travel arrangements through accommodation services, site location, flight tickets, Visa procedures, transfers, train tickets

Stand fitting services

Concept design & engineering, exhibitions & booths, including shell scheme area, lounges, public space and outdoor structures

Media

Online and offline content and publishing services, management courses, event organisation

Foreign Exhibitions

Outside domestic market, organiser of exhibitions in Brazil, South Africa, China and India

1.2 Fiera Milano highlights

Figures refer to FY2019

39,945 Exhibitors of which 9,630 abroad

171

Congresses

290,543 participants

Exhibitions

80 abroad

of which 28

98

Number of training events

12

Number of publishing portal

399,000 sqm

Gross Exhibition Capacity

345,000 sqm fieramilano 54,000 sqm fieramilanocity

106 million

Consolidated EBITDA

707

Group permanent employees

of which 105 abroad

2,045,625 sqm

Net Exhibition Space Occupied

of which 511,225 sqm abroad

9 (560,000 copies)

Number of technical publications

280 million

Consolidated revenues

1.3 Key milestones of Fiera Milano Group to date

2015

EXPO Milano

Fiera Milano supports EXPO 2015

Internationalization

Fiera Milano expands in international markets, entering the Indian, Chinese, South African and Brazilian markets

2018

Strategic Plan

Fiera Milano presents the 2018-2022 Strategic Plan

2019

Digital transformation

Fiera Milano starts the process of digital transformation of its exhibition sites to provide a better customer experience

1.4

Strong position worldwide

The number one exhibition entity in Italy and one of the main exhibition entities worldwide in terms of gross indoor exhibition space

1.5 Strong position worldwide

* Source: AUMA - 1 January 2019 ** Company data

Top exhibition companies in Italy* ('000 sqm)

1.6 Italian exhibitions portfolio: main events

Exhibition	Industry	Frequency	Sq. Meters	Number of exhibitors
Salone del Mobile / Euroluce / Workplace 3.0	Furniture and furnishing	Annual/Biennial	216,705	1,410
HOST	Horeca	Biennial	140,900	2,145
The Innovation Alliance	Processing and packaging machinery	Multi-year	136,435	2,515
The MICAM (Spring and Autumn)	Textile, clothing & accessories	Biannual	121,235	2,500
Eicma Moto	Vehicles and related equipment	Annual	117,005	770
EMO	Industrial machinery	Multi-year	116,995	1,540
Mostra Convegno Expocomfort	Building and related furniture	Biennial	115,400	1,570
ITMA	Textile machinery	Multi-year	109,570	1,690
HOMI / HOMI Fashion&Jewels / HOMI Outdoor	Homeware and gift, bijoux, outdoor	Annual	105,980	1,975
Lineapelle (I and II semester)	Leather	Biannual	98,540	2,245
Tuttofood	Food	Biennial	64,130	1,395
Artigiano in fiera	Art and crafted products	Annual	56,885	1,475

* Data based on most recent exhibitions hosted prior to 31 December 2019

1.7 Exhibition portfolio

A well diversified PORTFOLIO OF EXHIBITIONS, almost entirely B2B

The Group is strong in DYNAMIC MARKETS (with sound growth expectations and where the "Made in Italy" label has appeal)

Figures refer to net exhibition space rented out in Italy (average 2017-2019)

Building - plant design - energy; 8.6%

Industrial machinery; 15.7%

Textiles, clothing & accessories; 19.2%

Vehicles and related equipment; 8.3%

Tourism - Sport - Leisure; 5.9%

1.8 Shareholder structure

Treasury shares 0.38%

Camera di Commercio Metropolitana di Milano-Monza-Brianza-Lodi 6.5%

Updated as at 30 June 2020

Ente Autonomo Fiera Internazionale di Milano 63.8%

Fondazione Fiera Milano is a non-profit private law foundation, whose corporate mission is the development of the exhibition sector in Italy and abroad

1.9 Favourable Payment Cycle

High visibility on revenues due to long-term contracts with organisers

Main financial clauses in the contractual agreements with organisers:

• standard contract guarantee (minimum guaranteed)
• significant advance payments
• treasury management services on behalf of organisers

The Group has structural negative NWC

Enrich portfolio of hosted exhibitions & congresses

• Attract new leading/high potential exhibitions
• Support organizers to expand their exhibitions
• Optimize saturation with new activities
• Attract leading congresses

Capture full potential of services

• Boost stand fitting
• Push Destination management
• Expand media services

Create a smarter venue

• Full service, eco-compatible and innovative infrastructure

Grow portfolio of leading owned exhibition

• Foster Host & Tuttofood
• Strengthen HOMI
• Leverage organic growth
• Develop attractive niches

Expand international exhibitions

• Develop geo-clones of top owned brands leveraging partnerships (Focus on China)

Step up organization

• Enhanced organization, empowered governance and integrated systems

1.10 Fiera Milano Group strategy

Safe & Smart Distric

• Highest safety standards
• Data-rich venue

Environmental Sustainability

& Innovation

• Best-in-class sustainable venue (eg. solar roof coverings)

Operational Excellence

• Maximum accessibility for suppliers,

exhibitors & visitors

Enhanced Customer Experience

• Shortest time to customer

• Seamless customer experience

Five-year investment plan by the controlling shareholder FONDAZIONE FIERA MILANO to enhance the venue

1.11 Key ambition enabler

2.0 The exhibition sector is a key player in the economic recovery post Covid-19 emergency

* Digital, Banking & Finance, Tourism, Leisure, Mobility

Source: Strategic study, "Il futuro dell'industria italiana tra resilienza, rilancio dopo la crisi sanitaria globale e competitività di lungo periodo", 2020, The European House Ambrosetti – Fondazione Fiera Milano

€17.5 billion in exports, equal to 38% of the annual turnover generated through their participation in Fiera Milano's trade fairs

Revenues of Italian exhibitors from their participation at Fiera Milano events in 2019: €46.6 billion, equal to approximately 6% of the overall annual turnover of the exhibition sectors analysed

2.1

Fiera Milano's impact on its Italian exhibitors

2.2 A big impact on Italian economy

Effect generated by Fiera Milano: € 6.6 billion

This is the effect associated to suppliers, investments, payments of salaries and the expenses of the exhibitors and the visitors/delegates associated with the exhibitions

Contribution to public budget: € 1.5 billion

This is direct, indirect and induced contribution to the public budget through different taxes: VAT, Income tax, tax on profits and other taxes

€ 8.1 billion

Total impact of Fiera Milano

€ 4.3 billion of which in Lombardy

3.0 Restart and impact of COVID-19 on activities

3.1 Exhibition restart (1/5)

8 September 2020 – Fiera Milano hosted the 31st edition of MILANO UNICA, the first physical exhibition held in Italy since lockdown

3.2 Exhibition restart (2/5)

11 September 2020 Fiera Milano launched the first digital edition of Miart

	miart About Exhibi Artwo Events Insights Q
	General information
	miart Overview Contacts Ask me
	⋓ ttp://www.miart.it/en
	miart, the international. modern and contemporary art
$\omega$	fair organized by Fiera Milano, is glad to present its first digital edition.
	This platform has been developed around large
$\cdots$	thematic areas, reflecting the conceptual architecture of the
(⊙)	fair, which nurtures the Se -

3.3 Exhibition restart (3/5)

19 - 23 September 2020

"Stronger together"

• Six events with one big goal, to restart stronger than ever:
• HOMI Fashion & Jewels
• MICAM
• MIPEL
• A NEW POINT OF VIEW by LINEAPELLE
• TheOneMilano Special
• DaTE (in Florence)

Exhibition restart (4/5)

25 - 27 September 2020 Milano Autoclassica, the first automotive exhibition held in Europe post lockdown

3.5 Exhibition restart (5/5)

September – December 2020 trade fairs calendar

	Exhibition	Sector	Date
	MILANO UNICA	Textiles, clothing & accessories	8-9 September 2020
Digital	MIART	Art and crafted products	11-13 September 2020
	HOMI Fashion&Jewels (II semester)	Homeware and gifts	19-22 September 2020
	MICAM (Spring)	Textiles, clothing & accessories	20-23 September 2020
	MIPEL (Spring)	Textiles, clothing & accessories	20-23 September 2020
	THE ONE MILANO (MIFUR-MIPAP) (Spring)	Textiles, clothing & accessories	20-23 September 2020
	LINEAPELLE (II semester)	Textiles, clothing & accessories	22-23 September 2020
	MILANO AUTO CLASSICA	Tourism - Sport - Leisure	25-27 September 2020
	FILO (II semester)	Textiles, clothing & accessories	7-8 October 2020
	BIMU	Industrial machinery	14-17 October 2020
	SMAU	IT	20-21 October 2020
Digital	SALONE FRANCHISING MILANO	Commerce - Services	22-24 October 2020
	CHIBIMART	Homeware and gifts	13-16 November 2020
Digital	VISCOM	Commerce - Services	17-18 November 2020
Digital	G! COME GIOCARE	Tourism - Sport - Leisure	20-22 November 2020
	FA' LA COSA GIUSTA	Tourism - Sport - Leisure	27-29 November 2020
Digital	CARTOOMICS	Tourism - Sport - Leisure	27-29 November 2020
Digital	MILAN GAMES WEEK	Tourism - Sport - Leisure	27-29 November 2020
	L'ARTIGIANO IN FIERA	Art and crafted products	5-13 December 2020

3.6

Focus on safety and security further enhanced by adoption of sanitary protocols at venues

Fiera Milano has adopted a protocol to contain the spread of coronavirus, in full compliance with Italian health rules and protocols, covering all exhibition phases

3.7 Technological and digital transformation process continues: Fiera Milano Platform

Key supporting factors for achieving the Group's goals:

To expand international business

A huge impact on the exhibition sector

"Global Exhibition Barometer" (25

The UFI (Global Association of the Exhibition Industry) said in its th edition published in July 2020, based on a global survey conducted in June) that:

• 85% of participants declared a "normal" level of activity in January, but this percentage fell to 15% in March and to 5%-6% in April, May and June
• more than 70% of companies reported "no activity" in April and May
• most of the companies plan to restart national events during H2 2020, but with a reduced level of activity in Q4
• in all reference areas, the majority of companies believe that international events will start again in 2021

According to the latest Globex updated 2020 forecast released by AMR International, the global exhibition market is set to contract by

at least 60% in 2020

3.8 COVID-19

Actions to safeguard the health and safety of our main stakeholders

Actions to maintain business and competitive positioning

Actions to improve Fiera Milano's financial situation

3.9 Actions taken to counteract the negative effects of the pandemic

Adoption of anti-COVID-19 protocol

when conducting events and conferences (in compliance with current regulations and guidelines set by UFI and EMECA), to ensure the highest standards of safety, hygiene and sanitary conditions for workers, customers and suppliers

Adoption of remote working initiatives for Fiera Milano employees

3.10 Actions to safeguard the health and safety of our main stakeholders

3.11

Actions to maintain business and competitive positioning (1/3)

• Launch of digital and hybrid exhibition formats ("phygital") to provide alternative services, keep relationships alive and improve customer experience

• Development of the Fiera Milano Platform, a digital platform dedicated to the entire business community (organisers, exhibitors and visitors), offering several services to be rolled out gradually from September, including:

• Enhanced content on event websites and social media

• Webinars
• New catalogues for the presentation and sale of exhibitors' products
• Digital maps for the remote access of events
• Trading venues for real-time direct negotiations

Implementation of cost-cutting and efficiency measures in the management of exhibition sites and personnel

• Use of Italian wage supplementation fund (FIS, Fondo Integrazione Salariale)
• Voluntary reductions in group managers' salaries
• Containment of operating costs (including through the renegotiation of contracts)
• Renegotiation of rental costs (ongoing negotiations with Fondazione Fiera Milano, the owner of the exhibition sites)

Revision of the exhibition calendar in close coordination with organisers and exhibitors, repositioning events in different periods to those originally planned

3.12 Fiera Milano Platform

Websites, smart App, one catalogue

Customisation and data scientist

Portal B2B, matching and virtual keynote

age

• 1.Organisers portal
• 2.Exhibitors portal
• 3.Stand fitters portal
• 4.Event website
• 5.Exhibition app
• 6.age
• 7.Totems
• 8.Smart grid

3.13 Actions to maintain business and competitive positioning (2/3)

Exploitation of the Smart District

• An infrastructure consisting of 80 high-resolution LED walls, which can be adapted to a wide variety of infotainment (age)
• A heatmap to allow geolocation within the exhibition centre
• A map that monitors flows and routes in the halls for better interaction between buyers and exhibitors
• A new exhibition centre app to access a series of services (i.e. the new way-finding system, fast track, reservations for parking and food service, etc.)

3.14 Actions to maintain business and competitive positioning (3/3)

Advocacy with central government and regional institutions to safeguard the interests of the company and of the whole trade fair industry, in cooperation with other trade fair operators and the AIFI trade association

Financial and commercial support provided to exhibitors and organisers

• Facilitation of access to credit for exhibitors willing to participate in trade fairs
• Assistance with event rescheduling

3.15 Actions to improve Fiera Milano's financial situation

€45 million extra financial resources have been secured in order to provide additional financial flexibility

• New credit line (€20 million with Banco BPM)
• New short-term loan (€25 million with UBI)

4.0 Financial results (H1 2020)

1H20 results were affected by the suspension of exhibition activities from 23 February on due to the Covid-19 pandemic

• Net exhibition space occupied in Italy: 273,785 square metres (35% from directly organised exhibitions), compared to 864,315 square metres in 1H19
• 1H20 consolidated revenues of Euro 56.0 million (Euro 153.9 million in 1H19)
• 1H20 consolidated EBITDA: Euro 10.6 million (Euro 62.4 million in 1H19)
• 1H20 consolidated EBIT: Euro -11.9 million (Euro 39.6 million in 1H19)
• 1H19)
• Consolidated net cash (pre-IFRS 16) Euro 20.2 million at 30 June 2020 (Euro 68.3 million at 31 December 2019)

• 1H20 net result: Euro -12.6 million (Euro 24.1 million in

4.1 Financial highlights

• The results for the first half of the year were higher than expected after the health emergency, thanks to significant cost containment measures. Nevertheless, the extent and duration of the epidemiological emergency has led to the cancellation of important international exhibitions.

• The scenario changes are such as to determine, on the basis of currently available information, an estimate of net exhibition area in Italy in the last part of the current year of about 150 thousand square metres, as compared to the previous forecast of 700 thousand square metres and a 2020 EBITDA target at break even, as compared to the previous range of Euro 38-43

• • million.

• The updated target does not include any reductions in the rent for the exhibition site at the end of the ongoing negotiations with Fondazione Fiera Milano in relation to the suspension of activities due to force majeure.

4.2 Business outlook

Forward-looking statement

This document has been prepared by Fiera Milano SpA solely for information purposes and for use in presentations of the Group. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

None of the company, its affiliates, or its representatives 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 document.

This document includes forward-looking statements. These forward-looking statements express current expectations and projections about future events, involve predictions and are subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. Prospective investors are cautioned not to place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond our control. In light of these risks, uncertainties, and assumptions,

the forward-looking events discussed in this document might not occur and no assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a results of risks and uncertainties facing Fiera Milano and its subsidiaries. Such risks and uncertainties include, but are not limited to increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward-looking statements. Moreover, any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The Manager responsible for preparing the company's financial reports, Marco Pacini, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this document corresponds to the document results, books and accounting records.

For further information, please contact: Investor Relations Department Tel +39 02.4997.7816/7911 email: investor.relations@fieramilano.it

Fiera Milano S.p.A. S.S. del Sempione 28 20017 Rho (Milano) - Italia www.fieramilano.it