Fiera Milano

Investor Presentation • May 27, 2020

Fiera Milano Group Virtual STAR Conference 2020

Milan, 27 May 2020

Index

1.0 Group overview 2.0 Strategic Plan 2018–2022 3.0 Financial overview 4.0 Closing remarks

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

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

1.1 An integrated business model

Figures refer to FY2019

39,945 Exhibitors

of which 9,630 abroad

171

Congresses

290,543 participants

80 Exhibitions of which 28 abroad

98

Number of training events

12

Number of publishing portal

399,000 sqm

Gross Exhibition Capacity

345,000 sqm fieramilano 54,000 sqm fieramilanocity

1.2 Fiera Milano highlights

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

Fiera Milano supports

1950 1970 Organic development of the main exhibitions 2005 New site fieramilano exhibition site opens 2015 EXPO Milano EXPO 2015 2000 2002 Spin-off & Listing Ente Autonomo Fiera di Milano spins off Fiera Milano SpA and goes public 2008 2012 Internationalization Fiera Milano expands in international markets, entering the Indian, Chinese, South African and Brazilian markets 1920 Foundation Eight entrepreneurs organise the first exhibition in Milan; in 1922 Ente Autonomo Fiera di Milano is set up

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 sites worldwide*

('000 sqm)

Top exhibition companies in Italy* ('000 sqm)

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

1.6

Italian exhibitions portfolio: main events

* 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)

Industrial machinery; 15.7%

19.2%

Textiles, clothing & accessories; Vehicles and related equipment; 8.3% Tourism - Sport - Leisure; 5.9%

1.8 Shareholder structure

Market Float 28.4%

Treasury shares 1.3%

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

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

* Advance payments (on average 6 months ahead for annual and 12 months ahead for biennial events)

1.9 Long Term Visibility and 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

1.10 A big impact in the 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

Source: "Study of the socio-economic impact, Fiera Milano" - March 2019 KPMG, on 2017 data

Total impact of Fiera Milano

€ 4.3 billion of which in Lombardy

2.0

2.1 Global exhibition market 2014-2023 Exhibition market expected to grow at 4% CAGR

* Emerging include: Brazil, China, Gulf Cooperation Council, India, Indonesia, Mexico, Russia, Turkey, Hong Kong Note: Totals exclude SEA countries (Singapore, Malaysia, Thailand, Philippines, Vietnam, Macau) Source: AMR International Globex report 2019

2.2 Three emerging macro-trends in the exhibition market

Leadership in industry sector at regional level is a key success factor

• Exhibitors and visitors increasingly tend to attend only tier 1 exhibitions
• As a consequence, consolidation trend accelerating among key market players

Increased use of digital products to complete exhibition offer

• Driving customer understanding
• Only secondary source of revenue

Growing share of business for key players from events outside domestic market

• Leveraging on geo-cloning of successful domestic exhibitions

2.3 Three principles inspired definition of Strategic Plan

Maximize venue potential

Invest on core industry sectors

Build on human capital

2.4 Fiera Milano Group strategy

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

2.5 Key ambition enabler

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

€100m+ five-year investment plan by the controlling shareholder FONDAZIONE FIERA MILANO to enhance the venue

2.6 Strategic Plan will evolve in line with FMG seasonality

* Net of International sqm

** Including the effect of IFRS 16 as from 1 January 2019 equal to about € 48 million

2.7 Achievements

* Before IFRS 16 effects

Improved economic and financial performance

Profit: 0.7% to 12.3% ('17 vs. '19) Net cash 68.3 million as at 31 December 2019* Return to dividend: € 0.13 per share in 2019 and 2020 FMG Stock performance +193% end 2019 vs. end 2017

New guidance and organization

Guiding Principles

• One group
• People engagement
• Execution exellence
• Market focus

International development

Strengthening of the Chinese portfolio through the acquisition of Let China e Laserfair Acquisition of 50% of Tubotech in Brazil Launch of the new E-PACK TECH event, dedicated to e-commerce packaging in China

Growth of exhibition portfolio

Enrichment of hosted exhibition portfolio

• CPHI in 2020
• ITMA in 2023

Strengthening of owned exhibitions through acquisitions

• 60% of Made Eventi in the architecture and construction sectors
• Cartoomics in the comics, gaming and entertainment sectors
• 62.5% of Milan Games Week dedicated to the gaming and entertainment sectors

2.8 CSR strategy

For the past three years Fiera Milano has been strengthening its commitment to sustainability policies

Environmental policy

Stakeholder engagement

Enhancement of human capital

Promotion of ethics, legality, anti-corruption

Sustainability governance

Prevention and safety for users of exhibition sites and congress centre

2.9 CSR commitment

Fiera Milano Group focuses its efforts on sustainability in 5 areas of activity and focuses its support on 6 SDGs (UN Sustainable Development Goals)

Human

Rights

From 2019 Fiera Milano supports the CEO's Call to Action launched by CSR Europe, as a signal of its further, tangible commitment towards a sustainable development model

6,027,000 Number of bag and metal detector checks on entry points to exhibition sites

-36% Waste vs. 2018 99% non-hazardous 97% sent to recovery plants

56%

of employee with Performance Leadership Management

of which 20% with CSR target

646

Employee of which 57% are female

56% Female presence in BoD

-5%

Scope 1 + Scope 2 Emissions vs. 2018

12,901

Hours of training delivered 20,6 Average hours of

training per female employee

3,464

Suppliers on the supplier register

2.10 CSR highlights

86%

of qualified suppliers with operating headquarters less than 300 km from Fiera Milano exhibition sites

Euro 2.73 Energy costs for square metre occupied of the fieramilano site

-7%

vs. 2017, a comparable year in terms of the exhibition calendar

Figures refer to the boundary of the 2019 Sustainability Report, Consolidated disclosure of non-financial information pursuant to Italian Legislative Decree 254/2016

75%

of the carpet collected was recycled

FY19	Consolidated Income Statement (€m)	1Q20	1Q19
279.7	Revenues	47.6	71.0
121.2	Cost of services	20.8	29.7
47.4	Personnel expenses	10.8	12.8
7.8	Other operating expenses	1.6	2.2
176.4	Total operating costs	33.1	44.7
2.4	Other income	0.8	0.5
3.8	Results of equity-accounted companies	(0.1)	2.3
3.5	Allowance for doubtful accounts an other provisions	0.1	0.2
106.1	EBITDA	15.0	29.0
45.2	Depreciation and amortisation	11.3	11.5
1.3	Adjustments to asset values	0.0	0.0
59.6	EBIT	3.8	17.5
(13.4)	Financial income/(expenses)	(3.9)	(3.5)
46.2	Profit/loss before income tax	(0.1)	14.1
11.9	Income tax
34.3	Profit/loss
34.4	of which attributable to Shareholders of the controlling

	1019
6	71.0
00	29.7
.8	12.8
6	2.2
1	44.7
.8	0.5
1 )	2.3
.1	0.2
0	29.0
.3	11.5
.0	0.0
8	17.5
9)	(3.5)
1)	14.1

3.2 Statement of financial position

Reclassified Consolidated Statement of Financial Position (€m)	31/03/2020	31/12/2019
Non-current assets	612.2	622.5
Net working capital	(72.4)	(87.7)
Gross capital employed	539.8	534.8
Non current liabilities	21.9	21.9
Total net capital employed	518.0	512.9
Equity (*)	107.1	107.9
Net financial position	410.9	405.1
Equity and net financial position	518.0	512.9

(*) Equity at 31 March 2020 incudes pre-tax result for the period

3.3 Net Financial Position

Consolidated Net Financial Position (€m)	31/03/2020	31/12/2019
Cash & cash equivalents	50.1	68.0
Current financial assets	1.8	1.3
Current bank borrowings	0.0	0.0
Current portion of non-current debt	0.0	0.0
Other current financial liabilities	0.5	1.1
Current financial debt	0.5	1.1
Net current financial debt (cash)	(51.4)	(68.3)
Non-current financial assets	4.4	0.1
Other non-current payables	0.0	0.0
Non-current financial debt	(4.4)	(0.1)
Net financial debt (cash) before IFRS 16 effects	(55.8)	(68.3)
IFRS 16 financial effects	466.6	473.4
Net financial debt/(cash) after IFRS 16 effects	410.9	405.1

4.1 Closing remarks

We have a strong leadership trust

• We have a clear definition of the ingredients for our success

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

• The Group will continue to pursue the strategy set out in the Strategic Plan, built on its robust capital and finances and the management efficiency it has achieved

We will not be caged by our venue

• We'll seek most promising opportunities

- where they are

• The digital transformation plan will drive an expansion of innovative services, supporting the digital development of exhibitions and leading to better customer experience on-site

We take our social responsibility seriously

• We will actively ensure our business will have a sustainable impact

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.