Fiera Milano

Investor Presentation • Nov 7, 2016

3rd Quarter 2016 Consolidated Results

Fiera Milano Group

Conference Call – 7 November 2016

Contents

3rd Quarter 2016 highlights

• The 3rd Quarter includes a structurally weak period for Fiera Milano and the exhibition business due to the absence of activity in Italy in the summer months
• Net exhibition space occupied in Italy: 214,695 square metres (27% from directly organised events). Exhibitions organised abroad occupied 100,100 square metres
• Quarterly consolidated revenues of Euro 41.3 million, -12% year-on-year mainly due to the inclusion in the 3Q15 revenues of the non-recurring activities relating to Expo 2015
• Consolidated gross operating loss of Euro 6.4 million (a loss of Euro 8.9 million in 3Q15) after lower operating costs due also to restructuring measures
• Consolidated net operating loss of Euro 8.9 million (a loss of Euro 12.2 million in 3Q15)
• First nine months 2015 revenues of Euro 179.9 million and gross operating profit of Euro 14.3 million (Euro 228.4 million and Euro 19.6 million respectively in the same period of 2015)

3

Main events

As part of the strategy to strengthen the directly organised exhibitions,

on 5 September 2016, Fiera Milano SpA and Ediser Srl, a service company belonging to the Associazione Italiana Editori (AIE), set up a company called La Fabbrica del Libro SpA: the two companies hold respectively 51% and 49% of the shares

The new company will organise an annual national book and reader event in Milan: Tempo di Libri, from 19-23 April 2017

• on 27 September 2016, the exhibition trademark, No Frills, was acquired: from 2017 it will be integrated into the proprietary exhibition BIT as part of a content development project structured around professional conferences and seminars
• On 4 November 2016, Fiera Milano SpA concluded the share buy-back programme announced to the market on 24 June 2016
• 294,010 treasury shares were purchased at an average price of ca. Euro 1.58 per share for a total value of Euro 464,383: at today's date, Fiera Milano SpA holds, directly and indirectly, 939,018 treasury shares (1.31% of the share capital)
• The reason for the buy-back was to increase the number of treasury shares to service the 2017-2023 Stock Option Plan, as well as to support the liquidity and stability of the shares

Contents

Italian exhibition calendar

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

• Directly organised exhibitions: slight fall in demand for space at HOMI, in the homeware sector, and absence of Milano Prêt-à-Porter Autumn which, together with Mifur, will become part of THE ONE MILANO, an exhibition for top quality prêt-à-porter that will be held biannually starting in February 2017
• Exhibitions organised by third parties: positive performance of Lineapelle and Milano Unica

Italian exhibitions

payable only for 2015

I ta l ia h i b i t ion n e x s	3 Q 1 6	3 Q 1 5 ed * tat res	9 M 1 6	9 M 1 5 ta te d * re s
( ) Re € '0 0 0 ve nu es	3 1, 7 3 3	3 5, 8 6 6	1 4 6, 0 7 6	1 8 4, 5 8 9
( ) Gr ing l € '0 t t 0 0 os s o p er a re su	-6 5 7 5 ,	-8 5 5 6 ,	8 9, 0 4	8 1 2, 3 1
% o n r ev en ue s	-2 0. 7 %	-2 3. 9 %	6. 2 %	6. 7 %
( ) Ne ing l € '0 t o t t 0 0 p er a re su % o n r ev en ue s	8 -7 9 3 , -2 5. 2 %	-1 0, 5 3 9 -2 9. 4 %	4, 7 7 0 3. 3 %	8 4, 6 2 2. 5 %

Some figures in the Consolidated Financial Statements at 30 September 2015 have been restated following the different classification of the use of risk provisions

• The year-on-year decrease in quarterly revenues reflected the absence of nonrecurring activities linked to Expo 2015; the gross operating loss benefited from lower costs compared to 3Q15, which included higher personnel costs and the
• The year-on-year decrease in revenues in the first nine months reflected the less favourable exhibition calendar; the gross operating result benefited from lower operating costs

variable component of the rent for the fieramilano exhibition site that was

Foreign exhibition calendar

	Ne t s tre q. me s f e h i b i ion t o x sp ac e
Ex h i b i io t ns	3 Q 1 6 3 Q 1 5
An l e h i b i io t nu a x ns
C h ina	8 1, 1 9 0	8 8, 2 8 5
So t h A fr ica u	3, 4 9 0	3, 3 6 0
T ha i lan d	2, 7 5 0	2, 5 0 0
In d ia	1, 3 4 0	-
Bra i l z	-	1, 9 0 5
To l a l e h i b i io ta t nn ua ns x	8 8, 7 7 0	9 6, 0 5 0
B ien ia l e h i b i ion t n x s
Bra i l z	1 1, 3 3 0	1, 5 1 0
To l b ie ia l e h i b i io ta t nn x ns	1 1, 3 3 0	1, 5 1 0
To ta l	1 0 0, 1 0 0	9 7, 5 6 0

• China: absence of Industrial Automation Shenzhen (7,985 net square metres), which was held in the second quarter this year
• Brazil: absence of the annual exhibition Enersolar, which was held in the second quarter this year, and presence of the biennial exhibition, Fesqua
• South Africa: Good Food & Wine Show organised in Gauteng
• India: presence of Food Hospitality World in Goa, which was held in a different quarter in the previous year

Foreign exhibitions

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

* Some figures in the Consolidated Financial Statements at 30 September 2015 have been restated following the different classification of the use of risk provisions

• The year-on-year increase in quarterly revenues mainly reflected the presence of the biennial exhibition Fesqua; margins benefited from the reorganisation implemented in Brazil in the previous year
• In the first nine months of the year, the year-on-year decline in revenues was mainly due to the performance of some exhibitions in South Africa and Brazil; the gross operating result improved due to a reduction in operating costs following the corporate restructuring in Brazil

Stand-fitting services

S d- f i ing ice ta t t n se rv s	3 Q 1 6	3 Q 1 5 d * ta te re s	9 M 1 6	9 M 1 5 d * ta te re s
( ) Re € '0 0 0 ve nu es	6 8 7, 7	9 4 3 7,	3 3, 9 0 7	4 3, 1 9 5
( ) Gr ing l t t € '0 0 0 os s o p er a re su % o n r ev en ue s	6 7 0 8. % 7	2 7 3 3. 4 %	4, 4 8 7 1 3. 2 %	5, 9 5 6 1 3. 8 %
( ) ing l Ne t o t t € '0 0 0 p er a re su	1 2 1	-1 7 5	3, 1 9 3	4, 6 5 4
% o n r ev en ue s	1. 6 %	-2. 2 %	9. 4 %	1 0. 8 %

Some figures in the Consolidated Financial Statements at 30 September 2015 have been restated following the different classification of the use of risk provisions

• The slight year-on-year decrease in quarterly revenues was primarily due to the absence of activities linked to Expo 2015; however, this was, in part, compensated by higher stand-fitting volumes from Milano Unica. The improvement in the results also reflected the absence of costs for contract personnel employed for work linked to Expo 2015
• The year-on-year decrease in revenues and margins for the first nine months of 2016 was attributable to the less favourable exhibition calendar and the absence of activities related to Expo 2015

Media

d ia Me	Q 3 1 6	3 Q 1 5 d * ta te re s	9 M 1 6	9 M 1 5 d * ta te re s
( ) Re € '0 0 0 ve nu es	2, 3 8 4	2, 5 9 1	8, 2 9 2	9, 3 3 7
( ) Gr ing l € '0 0 0 t t os s o p er a re su % o n r ev en ue s	-5 6 -2. 3 %	-1 8 1 -7. 0 %	2 1 1 2. 5 %	2 0 2 2. 2 %
Ne l € '0 0 0	-1 3	-3 2	-7 8	-2 4
( ) ing t o t t p er a re su % o n r ev en ue s	7 -5. 7 %	9 -1 2. 7 %	7 -9. 5 %	9 -2. 7 %

Some figures in the Consolidated Financial Statements at 30 September 2015 have been restated following the different classification of the use of risk provisions

• The year-on-year decrease in revenues for the quarter and in those for the first nine months was due to a reduction in sponsorship, print advertising and digital services
• The year-on-year change in the gross operating result for the quarter and in that for the first nine months reflected lower revenues offset by lower personnel costs as a result of the corporate restructuring implemented in December 2015

Congresses

Co ng re ss es	3 Q 1 6	3 Q 1 5 ta te d * re s	9 M 1 6	9 M 1 5 ta te d * re s
( ) Re € '0 0 0 ve nu es	5, 4 6 4	7, 2 8 5	2 0, 8 5 9	2 5, 6 9 4
( ) Gr ing l € '0 t t 0 0 os s o p er a re su	-6 1 9	4 2 5	7 3 7	2, 9 2 9
% o n r ev en ue s	-1 1. 3 %	5. 8 %	3. 5 %	1 1. 4 %
( ) Ne ing l € '0 0 0 t o t t p er a re su	-8 8 7	-2 8 2	3 -4	8 0 7
% o n r ev en ue s	-1 6. 1 %	-3. 9 %	-0. 2 %	3. 1 %

* Some figures in the Consolidated Financial Statements at 30 September 2015 have been restated following the different classification of the use of risk provisions

• The year-on-year decrease in quarterly revenues and results reflected the absence of activities relating to the running of the Expo 2015 Congress Centre and Auditorium
• The 2016 year-on-year first nine month trend in revenues and margins reflected a less favourable performance from international congresses and conventions and the absence of the Expo 2015 activities

Income Statement

( ) Co l i da d In S € '0 0 0 te ta te t ns o co m e m en	3 Q 1 6	3 Q 1 5 ed * tat res	9 M 1 6	9 M 1 5 ed * tat res
Re ve nu es	4 1, 2 5 3	4 6, 8 4 8	1 7 9, 9 0 8	2 2 8, 3 8 0
Gr ing l t t os s o p er a re su	-6 3 6 6 ,	-8 8 6 4 ,	1 4, 3 1 6	1 9, 6 3 4
( ) Gr ing in % t os s o p era m arg	-1 5. 4 %	-1 8. 9 %	8. 0 %	8. 6 %
( ) Ne ing l E B I T t o t t p er a re su	-8 8 8 4 ,	-1 2, 2 1 7	4, 8 5 9	5 5 7
( ) Ne ing in % t o t p era m arg	% -2 1. 5	% -2 6. 1	% 2. 7	% 0. 2
Pr f i / los be fo inc fro inu ing ion t ta t t o s re om e x m co n o p er a s	-9 9 3 1 ,	0 8 -1 4, 6	4, 4 6 4	-3 4 4 4 ,
/ ( ) Pr f i t los in % o s m arg	-2 2. 3 %	-3 0. 0 %	2. 5 %	-1. 5 %
/ Pr f i t los be fo inc ta fro d isc t inu d o t ion o s re om e x m on e p er a s	-	9	-	-1 9 8 8 ,
/ Pr f i t los be fo inc ta o s re om e x	-9 1 9 3 ,	-1 4, 0 5 9	4, 4 6 4	-5 4 3 2 ,
( ) Pro f i / los be for in % t tax s e m arg	-2 2. 3 %	-3 0. 0 %	2. 5 %	-2. 4 %
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	-9 2 1 5 ,	-1 4, 0 8 0	4, 6 2 5	-4 6 5 4 ,
f i / los be for i bu b le S ha ho l de f he l l ing i in ( % ) Pr t tax t tr ta to t tro t ty o s e a re rs o co n e n ma rg	% -2 2. 3	% -3 0. 1	% 2. 6	% -2. 0
i bu b le l l ing in t tr ta to tro te ts -a n on -c on re s	2 2	2 1	-1 6 1	-7 7 8
( ) Pr f i / los be for i bu b le l l ing in in % t tax t tr ta to tro ter ts o s e a no n- co n es ma rg	0. 1 %	0. 0 %	-0. 1 %	-0. 3 %

* Some figures in the Consolidated Financial Statements at 30 September 2015 have been restated following the different classification of the use of risk provisions

Statement of Financial Position

3 / 2 / 1 1 1 5 aft tax er	( ) Co l i da d S f F ina ia l Po i ion € '0 0 0 te ta te t o t ns o m en nc s	3 0 / 0 9 / 1 6 be for e t ax	3 0 / 0 / 6 1 6 aft tax er
1 8 2, 3 0 2	No t a ts n- cu rre n sse	1 7 7, 5 7 2	1 7 4, 5 7 8
-6 4, 8 8 4	Ne k ing i l t w ta or ca p	-2 7, 4 7 2	-2 9, 4 8 5
1 1 7, 4 1 8	Gr i l e loy d ta os s c ap m p e	1 5 0, 1 0 0	1 4 5, 0 9 3
1 9, 7 2 4	No l ia b i l i ies t t n- cu rre n	1 7, 7 6 2	8, 1 7 2 6
9 7, 6 9 4	Ne i l e loy d fro inu ing ion t c ta t t ap m p e m co n o p er a s	1 3 2, 3 3 8	1 2 6, 3 6 7
-	Ne i l e loy d fro d isc inu d o ion t c ta t t ap m p e m on e p er a s	-	-
9 9 7, 6 4	To l n i l e loy d ta t c ta e ap m p e	3 2, 3 3 8 1	2 3 1 6, 6 7
8 5, 2 6 8	Eq i ty u	8 8, 0 7 6	9 2, 5 5 0
1 2, 4 2 6	Ne f ina ia l p i ion t t nc os	4 4, 2 6 2	3 3, 8 1 7
9 7, 6 9 4	Eq i d f ina ia l p i ion ty t t u a n ne nc os	1 3 2, 3 3 8	1 2 6, 3 6 7

Net Financial Position

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

The increase in net debt was due to the negative cash flow caused by the absence of activity in the months of July and August and the decrease in cash flows from working capital, mainly attributable to the advance payment of the six-monthly rental charge to Fondazione Fiera Milano; this was, in part, offset by the cash-in for exhibitions held in the quarter under review and due to be held in subsequent months

Contents

Business outlook

• The Group's strategic priority remains to increase the share of directly organised exhibitions and to focus on increasing the attendance of international buyers and exhibitors
• Outside Italy, the Group intends to consolidate its exhibition portfolio - through a selective focus on events offering high growth potential – and reposition and enhance its presence in some countries, also through partnerships with leading international exhibition operators
• While benefiting from the reorganisation implemented, the FY2016 will close as expected with a loss because of a less favourable exhibition calendar in Italy compared to the previous year, reflecting the absence of certain important directly organised biennial exhibitions, as well as multi-annual exhibitions
• In the medium-term, barring any currently unforeseen events, the Group expects an improvement in the gross operating profit already in 2017 compared to the current year; this will come from the more favourable exhibition calendar, measures already implemented and from business development potential and opportunities arising from the improvement in the reference economic environment
• The strengthening of the Group's financial and capital structure following the share capital increase at the end of 2015 should also support the Group's planned investment and growth

17

Other information

• On 6 July 2016, the subsidiary Nolostand operating in the stand-fitting sector, received an Administration Order for the protection of its assets from the Milan Tribunal under Article 34 of Legislative Decree 159/2011 (anti-organised crime laws and prevention measures) regarding its contractual relations with a supplier
• On 11 October 2016, an Administration Order was received by Fiera Milano SpA referring only to the procurement by the Company of stand-fittings through its subsidiary Nolostand under the same legislative requirements
• The judicial administration provision is a temporary one that has as its priority the conservation of the value of the Company without obstructing it from carrying out its normal business activities
• The Group will continue to collaborate actively with the Judiciary
• As a result of the above, the Board of Directors decided to request Borsa Italiana SpA that the Fiera Milano SpA shares be voluntarily removed from the STAR segment
• The Company will continue to meet the corporate governance requirements, information transparency, as well as market liquidity, demanded by the STAR segment and intends to request Borsa Italiana SpA to re-admit the Company shares to the STAR segment as soon as the aforementioned judicial measures are terminated

Forward-Looking Statements

Data and information herewith set forth are extracted from the Consolidated Interim Management Report to 30 September 2016 filed with 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 statements 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.

Fiera Milano SpA

For further information, please contact:

Gianna La RanaInvestor Relations Manager

Camilla CusiInvestor Relations

Fiera Milano SpA Strada Statale del Sempione, 28 20017 Rho (Milano) - ITALY Tel: + 39 02 4997.7816/7911E-mail: investor.relations@fieramilano.itwww.fieramilano.it