Fiera Milano

Investor Presentation • Jul 28, 2017

FIERA MILANO GROUP1st Half 2017 Consolidated Results

CONFERENCE CALL - 28 JULY 2017

Contents

Highlights

Financial results

Business outlook

1st HALF 2017 HIGHLIGHTS

• • Net exhibition space occupied in Italy: 867,150 square metres (31% from directly organised exhibitions), compared to 807,355 square metres in 1H16
• • Consolidated 1H17 revenues of Euro 141.9 million (Euro 138.6 million in 1H16) reflecting the contribution of new exhibitions; this was, in part, offset by ^a decrease in the revenues of the stand-fitting business
• • 1H17 consolidated gross operating profit: Euro 13.5 million (Euro 21.1 million in 1H16), affected by some extraordinary costs linked to the overhaul of corporate procedures and the development costs for proprietary exhibitions
• • 1H17 consolidatednet operating profit: Euro 8.4 million (Euro 14.2 million in 1H16)
• • On 22 February 2017, the Company signed ^a contract to sell its 75% shareholding in Worldex Fiera Milano Exhibitions Co. Ltd., which operates in China (the sale was finalised on 24 April 2017): this disposal was part of the strategy to concentrate all the Group's activities in China in the joint venture with its German partner Deutsche Messe
• • On 20 June 2017, the Milan Court – Prevention Court Independent Section lifted the administration order imposed on the subsidiary Nolostand

Contents

Highlights

Financial results

Business outlook

ITALIAN EXHIBITION CALENDAR

	Ne t s q. f e h i b i t o x	tre me s io n s p ac e
Ex h i b i io t ns	1 H 1 6	1 H 1 7
D ire ly ise d t c or g an	1 1 4, 2 6 5	1 4 1, 3 3 0
Or ise d by d p ies 3r t g an ar	4 4 7, 1 3 5	4 4 4, 9 2 0
To l a l e h i b i io ta t nn ua x ns	5 6 1, 4 0 0	5 8 6, 2 5 0
D ire ly ise d t c or g an	-	1 2 3, 2 8 5
Or ise d by d p ies 3r t g an ar	2 1 6, 0 2 5	1 3 9, 4 8 5
To l b ie ia l e h i b i io ta t nn x ns	2 1 6, 0 2 5	2 6 2, 0 7 7
To l e h i b i io ta t x ns	4 2 5 7 7 7,	8 4 9, 0 2 0
Co i h r la d e h i b i ion t te t ng res se s w e a rea x	2 9, 9 3 0	1 8, 1 3 0
To l ta	5 5 8 0 7, 3	5 8 6 7, 1 0

•Annual exhibitions:

• Directly organised: increase in demand at HOMI and Bit, following the latter's re-launch; direct organisation of Promotion Trade Exhibition for the first time; first edition of Tempo di Libri and Versilia Yachting Rendez-Vous
• Organised by third parties: positive performance of Milano Unica, LineaPelle February edition and Simac Tanning-Tech; postponement of Milano Auto Classica; first Milan edition of MAM-Mostra A Milano Arte ^e Antiquariato and first edition of The ONE Milano
• • Biennial exhibitions:
• Directly organised: Tuttofood and Transpotec Logitec
• Organised by third parties: Made Expo but absence of Mostra Convegno Expocomfort

ITALIAN EXHIBITIONS

I l ian h i b i io ta t e ns x	1 H 1 6	1 H 1 7
Re ( € '0 ) 0 0 ve nu es	1 1 4, 3 4 3	1 2 2, 2 4 8
Gr ing l ( € '0 0 0 ) t t os s o p er a re su % on re ve nu es	1 5, 6 2 3 1 3. 7 %	1 2, 4 9 6 1 0. 2 %
( ) Ne ing l € '0 0 0 t o t t p er a re su % on re ve nu es	1 2, 7 5 3 1 1. 2 %	9, 6 7 6 9 % 7.

• • The increase in revenues is mainly attributable to the new exhibitions
• • The trend in the gross operating result primarily reflects the extraordinary costs sustained to overhaul the corporate procedures and costs for the launch of new proprietary exhibitions and the repositioning of Bit

FOREIGN EXHIBITION CALENDAR

i i io Ex h b t ns	1 H 1 6	1 H 1 7
C h ina	9 8, 0 8 5	1 1 0, 4 3 0
Br i l az	1 0, 4 0 0	1 1, 9 9 5
So h A fr ica t u	4, 8 9 0	6, 2 0 5
In d ia	4, 2 7 5	3, 9 6 0
U S A	0 5 5	-
i i io To ta l a l e h b t nn ua ns x	1 1 8, 6 0 5	1 3 2, 5 9 0
C h ina	-	4, 6 0 7
Br i l az	-	4, 4 7 5
To l b ie ia l e h i b i io ta t nn ns x	-	9, 5 0 5
To l ta	1 1 8, 6 0 5	1 4 2, 0 9 5

Net sq. metres of exhibition space

• • China: positive performance from Chinafloor Domotex Shanghai and presence of the biennial exhibition Metal + Metallurgy
• •Brazil: good performance from Exposec and presence of the biennial exhibition Reatech
• •South Africa: good performance from Cape Town Art Fair

FOREIGN EXHIBITIONS

Fo ig h i b i io t re n e ns x	1 H 1 6 d * ta te re s	1 H 1 7
Re ( € '0 0 0 ) ve nu es	2, 0 5 3	3, 6 2 0
Gr ing l ( € '0 0 0 ) t t os s o p er a re su	9 2	2 9 5
% on re ve nu es	4. % 5	8. 1 %
Ne ing l ( € '0 ) t o t t 0 0 p er a re su	1, 7 6 2 -	3 2 -
% on re ve nu es	8 5. 8 % -	0. 9 % -

Some figures in the Interim Consolidated Financial Statements at 30 June 2016 have been restated to reflect, under IFRS 5, the sale of the Chinese companies, Worldex and Haikou Worldex finalised on 24 April 2017.

• • The increase in revenues was mainly due to the strong performance of Exposec in Brazil and the presence of the biennial exhibition Reatech organised in the same country
• • The Gross operating result reflected the trend in revenues and the improvement in the equity-accounted joint venture with Deutsche Messe AG. This was, in part, offset by higher personnel costs in the Brazilian subsidiary, Cipa

STAND-FITTING SERVICES

•

S d- f i ing ice ta t t n se rv s	1 H 1 6	1 H 1 7
( ) Re € '0 0 0 ve nu es	2 6, 2 8 3	1 8, 6 3 1
Gr ing l ( € '0 0 0 ) t t os s o p er a re su % on re ve nu es	3, 8 1 7 1 4. 5 %	3 7 7 2. 0 %
Ne ing l ( € '0 0 0 ) t o t t p er a re su % on re ve nu es	3, 0 7 2 1 1. % 7	6 5 0 - 3. % 5 -

Lower revenues and margins mainly reflect the absence of the dismantling business linked to Expo 2015 and nonexhibition contracts present in 2016, as well as lower revenues from customised stand-fittings

Gross of adjustments for inter-segment transactions

MEDIA

Me d ia	H 1 1 6	H 1 1 7
Re ( € '0 0 0 ) ve nu es	5, 9 0 8	5, 3 3 5
( ) Gr ing l € '0 0 0 t t os s o p er a re su	2 6 7	1 0 6 -
% on re ve nu es	4. % 5	2. 0 % -
Ne ing l ( € '0 ) t o t t 0 0 p er a re su	5 6 0 -	3 1 4 -
% on re ve nu es	1 1. 0 % -	5. 9 % -

• • The trend in revenues was due to the different exhibitioncalendar and ^a fall in revenues from the training sector
• • The gross operating loss reflected the decline in revenues but was partly compensated by lower personnel and rental expenses

CONGRESSES

Co ng re ss es	1 H 1 6	1 H 1 7
( ) Re € '0 0 0 ve nu es	1 5, 3 9 5	1 6, 2 3 3
ing ( ) Gr t l t € '0 0 0 os s o p er a re su % on re ve nu es	1, 3 5 6 8. 8 %	4 3 9 2. 7 %
Ne ing l ( € '0 0 0 ) t o t t p er a re su % on re ve nu es	8 3 5 5. 4 %	2 2 9 - 1. 4 % -

• • Revenues increased mainly due to the positive trend of conventions and congresses
• • The gross operating result reflected ^a fall in other income which, in the previous year, had included insurance payments, and higher personnel expenses for new employees to manage audio-visual activities

INCOME STATEMENT

Co l i da d Inc S ( € '0 ) te ta te t 0 0 ns o om e me n	1 H 1 6 d * ta te re s	1 H 1 7
Re ve nu es	1 3 8, 5 8 7	1 4 1, 8 7 0
ing Gr t l t os s o p er a re su	2 1, 1 2 1	1 3, 5 0 1
Gr ( ) ing in % t os s o p er a m ar g	1 5. 2 %	9. 5 %
Ne ing l ( E B I T ) t o t t p er a re su	1 4, 1 8 7	8, 4 1 8
Ne ing in ( % ) t o t p er a m ar g	1 0. 2 %	9 % 5.
Pr f i / los be fo inc t ta o s re om e x	1 4, 0 7 8	5 7, 6 9
Pr f i / los be for in ( ) % t tax o s e m ar g	1 0. 2 %	5. 4 %
/ Pr f i los fro inu ing ion t t t o s m co n o p er a s	8, 8 1 8	5, 6 3 9
/ Pr f i los in ( % ) t o s m ar g	6. 4 %	4. 0 %
Pr f i / los fro d isc in d io t t t o s m on ue op er a ns	4 2 1 -	-
Pr f i / los t o s	8, 3 9 7	5, 6 3 9
( ) Pro f i / los in % t s m ar g	6. 1 %	4. 0 %
i bu b le S ha ho l de f he l l ing i t tr ta to t tro t ty -a re rs o co n e n	5 8, 6 4	5, 8 6 3
i bu b le l l ing in t tr ta to tro te ts -a n on -c on re s	1 6 7 -	2 2 4 -

* Some figures in the Interim Consolidated Financial Statements at 30 June 2016 have been restated to reflect, under IFRS 5, the sale of the Chinese companies, Worldex and Haikou Worldex finalised on 24 April 2017.

STATEMENT OF FINANCIAL POSITION

Co S ( ) l i da d f F ina ia l Po i io € '0 0 0 te ta te t o t ns o me n nc s n	/ / 3 1 1 2 1 6	/ / 3 0 0 6 1 7
No t a ts n-c ur ren ss e	1 6 0, 8 8 2	1 5 6, 6 9 4
Ne k ing i l t w ta or ca p	4 6, 5 2 7 -	7 0, 6 0 0 -
Gr i l e loy d ta os s c ap mp e	1 1 4, 3 5 5	8 6, 0 9 4
No l ia b i l i ies t t n-c ur ren	1 6, 4 0 9	1 4, 8 1 5
Ne i l e loy d in ing io t c ta t t ap mp e co n u o p er a ns	9 7, 9 4 6	5 7 1, 1 3
Ne i l e loy d d isc in d io t c ta t t ap mp e on ue op er a ns	2, 0 4 9	-
To l n i l e loy d ta t c ta e ap mp e	9 9, 9 9 5	1, 5 1 3 7
Eq i ty u	6 1, 6 7 9	6 7, 3 9 9
Ne f ina ia l p i ion in ing io t t t t nc os co n u o p er a ns	3 9, 5 3 0	4, 1 1 4
Ne f ina ia l p i io he l d fo le t t ts nc os n a ss e r s a	1, 2 1 4 -	-
f Eq i d ina ia l p i io ty t t an ne nc os n u	9 9, 9 9 5	7 1, 5 1 3

NET FINANCIAL POSITION

Co l i da d Ne F ina ia l Po i io ( € '0 0 0 ) te t t ns o nc s n	3 1 / 1 2 / 1 6	3 0 / 0 6 / 1 7
Ca h ( inc lu d ing ba k ba lan ) s n ce s	2 0, 9 0 4	2 8, 0 6 2
O he h e iva len t ts r c as q u	-	-
Se i ies he l d for d ing t tra cu r	-	-
Ca h a d h e iva le ts s n ca s q u n	2 0, 9 0 4	2 8, 0 6 2
Cu f ina ia l a t ts rre n nc ss e	2, 6 2 2	4, 6 3 2
Cu ba k bo ing t rre n n rro s w	1 8, 0 1 9	6, 4 6 5
Cu f n ion de b t p t t t rre n or o on -c ur ren	2 7, 5 2 3	2 4, 5 0 5
O he f ina ia l l ia b i l i ies t t t r c ur ren nc	3, 3 6 4	3, 5 4 7
Cu f ina ia l de b t t rre n nc	4 8, 9 0 6	3 4, 5 1 7
Cu f ina ia l de b ( h ) t n t t rre n e nc ca s	2 5, 3 8 0	1, 8 2 3
No ba k bo ing t n-c ur ren n rro w s	1 4, 1 0 8	2, 2 4 8
De b i ies in iss t s t ec ur ue	-	-
O he b les t t p r n on -c ur ren ay a	4 2	4 3
No f ina ia l de b t n t t n- cu rre n e nc	5 1 4, 1 0	2, 2 9 1
f ina ia ( ) fro in ing io Ne t l de b t h t t nc ca s m co n u o p er a ns	3 9, 5 3 0	4, 1 1 4
( ) Ne f ina ia l de b h fro he l d fo le t t ts nc ca s m as se r s a	1, 2 1 4 -	-
f ina ia ( ) Ne t l de b t h nc ca s	3 8, 3 1 6	4, 1 1 4

The improvement in the net financial debt is attributable to the positive cash flow generated from operations in the semester and to movements in net working capital, primarily payments and advances received for the exhibitions held in the semester and for those due to be held in coming months

Contents

Highlights

Financial results

Business outlook

SIGNIFICANT EVENTS AFTER THE END OF THE SEMESTER

• • On 25 July 2017, an Ordinary Shareholders' Meeting was held that increased the number of Board members to nine and appointed as ^a new Director Mr Fabrizio Curci effective from 1 September 2017 with ^a mandate that expires at the Shareholders' Meeting to approve the Financial Statements at 31 December 2019
• • The meeting of the Board of Directors, held immediately after the Shareholders' Meeting, appointed Mr Fabrizio Curci as Chief Executive Officer and General Manager of Fiera Milano SpA from 1 September 2017

BUSINESS OUTLOOK

• • The performance in the first semester of the current financial year was positive albeit negatively impacted by some necessary extraordinary costs that were mainly consultancy fees for the overhaul of corporate procedures
• • Given the lifting of the administration order on the subsidiary Nolostand, the Company is finalising all the initiatives to optimise and introduce new working models and methodologies that ensure more effective and secure business management: the hearing for the outcome of the administration order on the standfitting business division of Fiera Milano is scheduled to take place on 28 September 2017
• • The remainder of the year should benefit from the effect of ^a more favourable exhibition calendar that includes the important directly organised biennial exhibition Host, the world leader in the professional hospitality sector
• • Therefore, barring any unforeseen events or circumstances, the Group expects ^a consistent year-on-year improvement in the gross operating profit for full-year 2017
• • The Company is confident that its governance issues have been resolved and that this will ensure management stability, ^a renewed business focus and the introduction of improved corporate strategies

FORWARD-LOOKING STATEMENTS

Data and information herewith set forth are extracted from the press release on the Fiera Milano Consolidated Half-Year Financial Report to 30 June 2017 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, Sebastiano Carbone, 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: Gianna La Rana

Investor Relations Director

Camilla CusiInvestor Relations

Tel +39 02.4997.7816/7911email: investor.relations@fieramilano.it

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