Fiera Milano

Investor Presentation • May 23, 2018

FIERA MILANO GROUP Strategic plan 2018 - 2022

May 23rd 2018

AGENDA

Market context

• FMG ambition and strategy
• FMG strategic plan 2018-2022: key figures

Closing remarks and Q&A

KEY MILESTONES OF FIERA MILANO GROUP TO DATE

SOME FACTS ALREADY IN THE BOOKS

New guidance and organization Guiding Principles

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

Profitability recovery

Full-year EBITDA: -1% to +6% ('16 vs. '17) Q1 2018 EBITDA: 19.7€m (vs. 8.1€m 2017)

Improved annual exhibitions portfolio

• +ca. 50,000 sqm (+5% vs. '16) Recurring costs addressed
• +3pp profitability through efficiencies

Successful track record of key recent events

Exhib. performance 2017 vs previous edition Sicurezza +39% sqm (+47% visitors)

Host +3% sqm (+31% visitors)

Lineapelle +5% sqm (+7% visitors)

Return to the STAR segment on Apr. 30th 2018 FMG Stock performance +36%¹ vs. end 2017

International footprint rationalized

Restructuring plan launched in Brazil Recovery in profitability in South Africa

FMG Recent Evolution

GUIDING PRINCIPLES INSPIRING NEW FIERA MILANO GROUP

Break silos view and create an integrated company with reinforced cross-functions

People engagement

Engage and empower whole team, strengthen accountability, reward best performance

Execution

Command perfect and agile execution, gain operational efficiency through rigorous cost control and effective organization

excellence Market focus

Focus organization to capture market opportunities and become customer champions

FMG Recent Evolution

NEW ORGANIZATION EFFECTIVE AS OF TODAY

Market Context

EXHIBITION MARKET EXPECTED TO KEEP GROWING AT 4% CAGR

Global Exhibition market 2011-2021

1. 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); SEA countries market data available only for 2016 (0.6\$b) and forecasts for 2021 (0.9\$b) Note: EUR / \$ fixed 2016 = 0.904 Source: AMR international Globex report 2017

Market Context

TOP PLAYERS GROWING REVENUE AND PROFITABILITY

1. EBIT 2. EBITDA 3. Estimates 4. EBT

Note: Fiera Milano Group figures are restated; 2016 exchange rate (EUR/GBP = 0.82 , EUR/USD = 1.11, EUR/CHF = 1.10); Split quota of revenue of venue operators based on AMR report 2017 Source: AMR Globex Report 2017, Company annual reports, Press search

THREE EMERGING MACRO-TRENDS IN THE EXHIBITION MARKET

Increased use of digital products to complete exhibition offer

• Driving customer understanding
• Only secondary source of revenue

SOME CHALLENGES AHEAD FOR FMG.. .. AS WELL AS SOME OPPORTUNITIES

Players and event consolidation

• Most industry sectors concentrating on few leading exhibitions
• Market consolidation accelerating through M&A

Increased competition from international players

• Leading European players with >50% of revenues from International markets

Digital imperative

• Digital ecosystem as a key differentiator for venues and exhibitions

Italy is a fragmented market • Top 5 Italian players: 43% MS (Vs 64% in Germany)

Milan has increased its appeal vs other international cities

• Expo triggered >4€b investment in city infrastructure
• Historical safety track record vs. other European cities

THREE PRINCIPLES INSPIRED DEFINITION OF STRATEGIC PLAN

Maximize venue potential

Invest in core industry sectors

Build on human capital

FIERA MILANO GROUP STRATEGY AND AMBITION

Enrich portfolio of hosted exhibitions & congresses

Capture full potential of services

Grow portfolio of leading owned exhibition

Expand international exhibitions

Create a smarter venue

Step up organization

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

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 & USA)

Create a smarter venue Step up organization

• Full service, eco-compatible and innovative infrastructure

• Enhanced organization, empowered governance and integrated systems

KEY AMBITION ENABLER

~€100M INVESTMENT PLAN BY FONDAZIONE FIERA MILANO TO ENHANCE THE VENUE

Safe & Smart District

Data-rich venue Highest safety standards

Environmental Sustainability & Innovation

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

Operational Excellence

Enhanced Customer Experience

Maximum accessibility for suppliers, exhibitors & visitors

Shortest time to customer Seamless customer experience

~€30m already invested

SERVICES GROUPED IN 6 MACRO-CLUSTERS

FMG Ambition & Strategy

GROW PORTFOLIO OF LEADING OWNED EXHIBITIONS

Foster leadership of top brands

Bring Host to Global leadership

• Grow through alliances
• Complete category offer
• Boost foreign attendance

Set-up Tuttofood as a leading exhibition

• Establish partnership with associations
• Increase attractiveness of international exhibitors
• Expand into attractive categories

Strengthen Homi to recover growth

• Focus on core categories
• Attract leading brands and buyers

Develop attractive niches

FMG Ambition & Strategy

EXPAND INTERNATIONAL EXHIBITIONS

Develop geo-clones of top owned brands leveraging partnerships

2018-22 PLAN ASSUMES A STABLE MACROECONOMIC OUTLOOK

Stable economic outlook, with industrial production slowly recovering..

.. and Italian key industry exports consolidating growth

Select Key industries for Fiera Milano1	Italian Export Performance KPIs Size 2016 (€b)	CAGR '13-'16	CAGR '17-'201
Automation & engineering	85	2%	3%
Textile, apparel, fashion	39	3%	4%
Automobiles, motorcycle	45	8%	5%
Food & beverage, hospitality	22	5%	5%
Furniture, interior design	21	4%	4%

1. Data from Sace Export Unchained report, considering "Mezzi di Trasporto" for "Automobiles, Motorcycle", "Meccanica Strumentale" for "Automation & Engineering", "Tessile e Abbigliamento" for "Textile, apparel, fashion", "Prodotti in legno" for "Furniture, interior design", "Prodotti alimentari" for "Food & Beverage, Hospitality" Source: Euromonitor (based on Eurostat, OECD, IMF statistics), SACE

STRATEGIC PLAN TARGET € 260-280M AVERAGE REVENUE AND € 28-32M AVERAGE EBITDA FOR NEXT 5 YEARS

FMG Strategic Plan vs. Recent Trend

Strategic targets do not reflect and/or include any effect from M&A activity

FMG Strategic Plan 2018-22

STRATEGIC PLAN WILL EVOLVE IN LINE WITH FMG SEASONALITY

Yearly Net Profit expected positive throughout period of strategic plan

WHY WE BELIEVE IN OUR PLAN

CLOSING REMARKS

FMG plan is more than the sum of its parts It is a group with a vision

We have a strong leadership trust We have a clear definition of the ingredients for our success

We are not engaging into the unknown We invest our resources to foster our core

We will not be caged by our venue We'll seek most promising opportunities where they are

We take our social responsibility seriously We will actively ensure our business will have a sustainable impact

Q&A SESSION

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 forwardlooking 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

FMG recent evolution

SUCCESSFUL TRACK RECORD OF KEY RECENT EVENTS

Sqm ['000]

Sicurezza

Select examples

+39% 20 2015 14 2017

• +80 international exhibitors (+10% vs. '15)

• 100 international exhibitors (+56% vs. '15)

Lineapelle

• 33k international visitors (+100% vs. '16)

INTERNATIONAL BUSINESS RATIONALIZATION ALREADY EFFECTIVE

International footprint rationalization already launched before new BoD nomination

• Further consolidation effort launched in 2017
• Launched restructuring plan in Brazil
• Recovered profitability in South Africa

Market Context

GLOBAL CONGRESSES MARKET FAIRLY STABLE OVER LAST 5 YEARS

Global congresses market 2011-2016

# events ('000)

Market Context

MICO WELL-RANKED AMONG TOP EUROPEAN CONGRESSES PLAYERS

Market Context

MARKET TRENDING TOWARDS ONE-STOP-SHOP APPROACH

INCREASED RELEVANCE OF ONE-STOP-SHOP APPROACH IN MOST SECTORS Backup

Source: UFI Eurostatistics 2012-2016, BCG analysis

35

Market Context

KEY PLAYERS ARE BUILDING THEIR DIGITAL OFFERING AS AN ECOSYSTEM

Market Context

HOST WITH STRONG LEADERSHIP POSITION IN EUROPE WITHIN HOSPITALITY SECTOR Backup

Top 5 exhibitions for hospitality segment

Host

HOST IS NOW ABLE TO COMPETE AT GLOBAL LEVEL

Host

TUTTOFOOD: POTENTIAL TO GROW THROUGH ATTRACTION OF FOREIGN EXHIBITORS Backup

Last available exhibition space (000 sqm)

Source: UFI Euro Fair Statistics

Tuttofood

HOMI THIRD EXHIBITION IN HOUSEHOLD SEGMENT

Top 5 exhibitions for Household segment

Total net exhibition space (last 2 available editions¹ - 000 sqm)

1. Both editions of one year aggregated Source: UFI Euro Fair Statistics

A new approach to Internationalization

Flexible approach

Backup

• Gradual roll-out: local, national, regional, international
• Leverage partnership to minimize initial investment
• Minimize losses in case of failure
• Focus on core distinctive categories

Top FM exhibitions Brands and Methodology

• Adapt format to local context (eg. attract local key exhibitors in China for Host)
• Exhibition format (eg., layout)
• Commercial methodology: strategy definition, sales process, communication, planning & control

Local knowledge

• Support from local institutions
• Scouting and attraction of manufacturers
• Build-up of valuable local buyers

Internationalization