Fiera Milano

Investor Presentation • Oct 29, 2018

FIERA MILANO GROUP 3rd Quarter 2018 Consolidated Results

CONFERENCE CALL – 29 October 2018

Highlights

Financial Results

Business outlook

HIGHLIGHTS

Strong improvement in the results for the first nine months of the year compared to the same period of 2017

• Revenues of Euro 193.3 million (Euro 177.4 million in the same period of 2017)
• EBITDA of Euro 41.1 million (Euro 0.7 million in the same period of 2017)
• EBIT of Euro 36.6 million (a loss of Euro 4.5 million in the same period of 2017)

The 3rd Quarter covers a structurally weak period for Fiera Milano and the exhibition sector due to the absence of activity in Italy in the summer months

• Net exhibition space occupied in Italy: 209,225 square metres (19% from directly organised events) compared to 175,850 square metres in 3Q17
• Revenues of Euro 35.6 million (Euro 43.5 million in 3Q17)
• Negative EBITDA of Euro 5.0 million (a loss of Euro 11.2 million in 3Q17)
• Negative EBIT of Euro 6.5 million (a loss of Euro 12.9 million in 3Q17)

ITALIAN EXHIBITION BUSINESS

Net sq. metres of exhibition space

Exhibitions	3Q18	3Q17
Directly organised	40 145 ,	55 485 ,
Organised by 3rd parties	157 405 ,	105 630 ,
Total annual exhibitions	197 550 ,	161 115 ,
Total exhibitions	197 550 ,	161 115 ,
Congresses with related exhibition area	11 675 ,	14 735 ,
Total	209 225 ,	175 850 ,

• Traditional absence of activities in July and August
• Presence of Lineapelle in the 3Q; in 2017, it was held in the 4Q

ITALIAN EXHIBITION BUSINESS

Italian Exhibition Business	3Q18	3Q17 restated*	9M18	9M17 restated*
Revenues (€m)	29 1	24 9	167 7	139 8
EBITDA (€m)	(5 7)	(11 4)	37 3	0 0
% on revenues	-19 5%	-45 9%	22 2%	0 0%
EBIT (€m)	(6 7)	(12 6)	34 4	(3 5)
% on revenues	-22 8%	-50 5%	20 5%	-2 5%

* The figures for 2017 reflect the application of the new standard IFRS 15 from 1 January 2018.

• The year-on-year increase in quarterly revenues and results mainly reflected the exhibition calendar; the results also benefitted from the cost control measures
• The year-on-year increase in revenues in the first nine months of 2018 primarily reflected the commercial growth in the exhibitions and consequent higher sales of ancillary services, the presence of Innovation Alliance and the impact of the cost control measures

NOTE: The Italian Exhibition Business now includes the previously separate Stand-fitting Services business segment; this is as a consequence of the new internal organisational structure and performance measurement systems that reflect the new strategic direction of the Group and the restructuring process to integrate further the commercial and operational activities

FOREIGN EXHIBITION BUSINESS

Foreign Exhibition Business	3Q18	3Q17	9M18	9M17
(€m) Revenues	2 3	0 5	5 0	4 1
EBITDA (€m) % on revenues	2 1 89 9%	(0 6) -132 0%	3 9 78 4%	(0 4) -9 8%
EBIT (€m)	2 0	(0 7)	3 6	(0 8)
% on revenues	86 0%	-156 1%	72 6%	-18 6%

• 155,925 net square metres of exhibition space occupied in 3Q18 (82,680 square metres in 3Q17)
• presence of the biennial exhibition Fesqua in Brazil
• presence of Industrial Automation Shanghai and Metalworking in China, which, in 2017, were held in the last quarter of the year
• The year-on-year increase in quarterly revenues mainly reflected the exhibition calendar in Brazil; margins benefitted from the higher results of the Chinese subsidiary
• In the first nine months of the year, the year-on-year increase in revenues was mainly due to the Brazilian business; EBITDA increased due also to the restructuring in Brazil and South Africa and results of the Chinese subsidiary

MEDIA

Media	3Q18	3Q17	9M18	9M17
Revenues (€m)	2 3	2 1	8 5	5 7
(€m) EBITDA % on revenues	0 1 3 0%	(0 1) -2 4%	0 7 8 7%	(0 2) -2 4%
EBIT (€m) % on revenues	0 0 0 2%	(0 1) -6 8%	5 0 6 4%	(0 5) -6 1%

• The year-on-year increase in revenues and results for the quarter were due to higher service revenues from the presence of Lineapelle in the 3Q
• In the first nine months of 2018, the growth in revenues and margins reflected a better performance from digital services and sponsorship

CONGRESSES

Congresses	3Q18	3Q17 restated*	9M18	9M17 restated*
Revenues (€m)	3 3	18 1	18 8	34 2
EBITDA (€m) % on revenues	(1 5) -45 2%	0 9 0% 5	(0 9) -4 7%	1 3 3 8%
(€m) EBIT	(1 8)	0 6	(1 9)	0 3
% on revenues	-55 5%	3 1%	-10 2%	1 0%

* The figures for 2017 reflect the application of the new standard IFRS 15 from 1 January 2018.

• The year-on-year decrease in quarterly revenues and results reflected the absence of an important non-recurring international congress held in 3Q17
• The year-on-year trend in first nine month revenues and results reflected the year-on-year variation in the 3Q figures

NET FINANCIAL POSITION

31/12/17 Consolidated (€m) Net Financial Position	30/09/18	30/06/18
Cash 17 9 & cash equivalents	23 7	30 7
Current 2 8 financial assets	3 6	3 6
0 Current bank borrowings 7	0 0	0 0
Current portion of debt 16 6 non-current	4 4	5 2
Other financial liabilities 0 7 current	0 6	1 2
Current financial debt 18 0	5 0	6 4
(2 8) financial (cash) Net debt current	(22 4)	(27 8)
3 5 Non-current bank borrowings	0 8	1 5
Other 0 0 payables non-current	0 0	0 0
3 5 Non-current financial debt net	0 8	1 5
0 8 Net financial debt (cash)	(21 6)	(26 3)

The change in net cash is due to negative cash flow from operations caused by the lack of events in the summer months. The decrease was partially offset by the trend in net working capital that benefited from advances received for exhibitions to be held in subsequent months

Business outlook

BUSINESS OUTLOOK

• The third quarter 2018 results and the forecasts for the last quarter of the current financial year have led to an upgrade of the forecast for full-year 2018 EBITDA: this is now expected to be in the range of Euro 28-30 million, compared to the previously published target of Euro 24-26 million
• At year-end 2018, net cash is expected to be in the range of Euro 15-20 million

FORWARD-LOOKING STATEMENT

Data and information herewith set forth are extracted from the press release relating to Fiera Milano Consolidated Interim Management Report to 30 September 2018 filed with the Italian authorities regulating exchanges and securities and disseminated concomitantly with this presentation.

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 SpA S.S. del Sempione 28 20017 Rho (Milano) - Italia www.fieramilano.it

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FINANCIAL OVERVIEW – INCOME STATEMENT

FY17 restated*	Consolidated Income Statement (€m)	3Q18	3Q17 restated*	9M18	9M17 restated*
256 3	Revenues	35 6	43 5	193 3	177 4
3 2	Cost of materials	0 4	0 6	1 9	2 5
133 3	Cost of services	19 2	31 2	83 9	100 7
49 9	Costs for of 3rd-party assets use	12 4	12 2	37 8	37 4
48 9	Personnel expenses	10 4	10 3	33 6	33 8
5 4	Other operating expenses	0 6	1 1	3 0	3 8
240 7	Total operating costs	42 9	55 4	160 2	178 3
2 6	Other income	0 2	0 6	2 1	1 9
2 6	Results of equity-accounted companies	2 5	0 4	6 8	1 7
5 8	Allowance for doubtful and other provisions accounts	0 4	0 4	1 0	2 0
15 1	EBITDA	(5 0)	(11 2)	41 1	0 7
6 8	Depreciation and amortisation	1 5	1 7	4 5	5 1
2 9	Adjustments values to asset	0 0	0 0	0 0	0 0
5 4	EBIT	(6 5)	(12 9)	36 6	(4 5)
(0 8)	income/(expenses) Financial	(0 0)	(0 1)	(0 1)	(0 8)
4 6	Profit/loss before income tax	(6 5)	(13 0)	36 5	(5 3)
4 3	of which attributable Shareholders of the controlling entity to	(6 4)	(13 4)	36 8	(5 4)

* Starting with the Consolidated Financial Statements at 31 December 2017, operating profitability is calculated as EBITDA; therefore the 2017 figures, which showed the gross operating profit, have been restated to reflect this reclassification. The figures for 2017 also reflect the application of the new standard IFRS 15 from 1 January 2018.

FINANCIAL OVERVIEW – STATEMENT OF FINANCIAL POSITION

31/12/17	Consolidated Statement of Financial Position (€m)	30/09/18	30/06/18
151 5	Non-current assets	150 7	149 7
(74 3)	Net working capital	(59 3)	(67 9)
77 3	Gross capital employed	91 4	81 9
13 4	Non-current liabilities	13 3	13 3
63 8	Total capital employed net	78 1	5 68
63 0	Equity	99 7	94 8
0 8	financial Net position	(21 6)	(26 3)
63 8	Equity and financial position net	78 1	5 68