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Fiera Milano

Investor Presentation • Mar 24, 2015

4073_ip_2015-03-24_2bd15e16-7f10-490d-99f6-db84eb781653.pdf

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STAR Conference 2015

Fiera Milano Group

Milan, 24 March 2015

Contents

Fiera Milano in brief

The Group is the market leader in Italy and one of the world's leading operators across the entire value chain of the exhibition industry

Total gross exhibition space:

388,000 square metres of which

345,000 square metres

In the fieramilanoexhibition site

43,000 square metres

In the fieramilanocity exhibition site

Consolidated revenues: Euro245 million

of which Euro 19 milliongenerated outside Italy

Group employees:

807 of which 185 abroad

Net exhibition space occupied: 1,634,425 square metres of which 414,300 square metres abroad

Number of exhibition held:

113 of which 62 abroad

Number of exhibitors:32,790 of which 10,360 abroad

Figures refer to FY2014

Fiera Milano mission

  • Fiera Milano offers a means for companies to grow and become more international
  • It contributes to economic growth
  • It promotes socio-economic improvement in the region in which it is based

The Company's aims are:

  • • to feature among the leading global companies in the exhibition sector
  • • to offer companies a more effective business platform to raise awareness of their existence, instigate fruitful contacts and increase their business opportunities
  • • to be a leader in new growth areas worldwide while promoting Made in Italy exports
  • • to facilitate the interaction of different corporate cultures, the exchange of know-how and experience, and to encourage innovation

Italian and foreign exhibitions

In Italy Fiera Milano hosts exhibitions

operating as a «facility manager» through the management of the exhibition sites of fieramilano and fieramilanocity, promoting and making equipped show areas available, also offering design support and correlated services to third party organisers

and directly organises its own exhibitions

providing exhibition space and services directly to

Abroadthe Group:

operates only as a direct organizer in fast-growing countries through its direct presence or through joint ventures or partnerships with local operators

The calendar of biennial and multi-year exhibitions creates fluctuations in annual and quarterly revenues

Fiera Milano's market position

Fiera Milano is the largest exhibition entity in Italy and among the largest in the world in terms of Gross Indoor Exhibition Capacity

Group structure

Global presence

Fiera Milano is a successful organiser of exhibitions in fast-growing countries

Shareholder structure

Fiera Milano is controlled by Fondazione Fiera Milano, a non-profit private law foundation, whose corporate mission is the development of the exhibition sector in Italy and abroad

Source: Shareholders' register as at 29 April 2014 and communications received pursuant to art. 120 of Leg. Decree no. 58/98

Weak Italian economy did not support exhibition industry in the last years

The global exhibition market is growing

Mature markets have also returned to growth after a period of stagnation

  1. Emerging Markets: China, Russia, India, Brazil, Mexico, Turkey, Gulf Cooperation Council 2. Mature Markets: US, Germany, UK, France, Italy, Hong Kong Note: Countries represented in AMR account for approx. 86% of global market.

11

Source: AMR international Globex report 2014

Italy was the only large exhibition market that fell in 2011-2013

Source: AMR international Globex report 2014

Contents

Three main trends in the trade fair industry

Internationalization2

Growing share of business from international events for key market players

• Leveraging on geo-cloning of successful domestic exhibitions

One-stop shop

1

Leadership in industry sector in Europe key success factor for exhibitions

• Exhibitors and visitors tend to attend more and more only tier 1 exhibitions

Trade fair and exhibition industry

Digital services

Increased use of digital products to complete exhibition offer

• Driving customer understanding

3

• Only secondary source of revenue

Outlook: main industry sources project significant growth in the next five years

AMR market estimate and forecast

The exhibition industry expects a slow recovery in the Italian market in the next five years

Fiera Milano strategic plan 2015-2018: the three main pillars

•Strategic marketing, customer understanding (e.g. surveys) and sector knowledge

Establishthe right team and organisation

First strategic pillar: Build a portfolio of leading exhibitions

Mainelements

Establishleadership of proprietary fairs with high potential

  • • Consolidate leadership of HOST through completion of offer (e.g. ice‐cream & bread‐making machinery) and increase the presence of international exhibitors
  • • Ensure EU leadership of TUTTOFOOD by expanding existing categories (e.g. dairy, cured meats) and increasing the presence of international exhibitors alsoby leveraging on Expo 2015
  • Build a portfolio of leading exhibitions
  • • Restore the EU leadership of HOMI through expansion of existing categories (e.g. home fragrances, tableware), agreements with leading partners, and the increasedpresence of international exhibitors

Attractleading Italian exhibitions with growth potential to Milan

  • • Attract leading Italian exhibitions to the Milan venue and expand these exhibitions withinthe context of the EU
  • •Development of small/medium niche exhibitions with strong potential

Most Italian exhibitions are organized by venue operators or national trade associations

Source: AMR international Globex report 2014; AUMA

Large-scale growth potential indentified in three sectors of Fiera Milano's exhibition portfolio

HOST with strong leadership position in Europe within hospitality sector

TUTTOFOOD third exhibition in EU within food segment by size, but growing fast

  1. Data expected in 2015; 2. Estimates by industry experts; 3. Compound edition growth rate from first edition to last edition held in 2009-2015 period

Note: Net space venue capacity hypothesized 55% of gross capacity Source: UFI 2013; AUMA; industry experts

HOMI third exhibition in homeware segment

Second strategic pillar: Take the international business to the next level

Mainelements

Take the international business tothe next level Buildlarge‐scale geo‐clones of leading domestic exhibitions

  • • Develop HOST and TUTTOFOOD geo‐clones through JVs withcomplementary exhibitions
  • • Develop geo‐clones of HOMI (Russia) an d introduce the exhibition to newmarkets(e.g. the USA) together with partners with local knowledge
  • • Develop MICAM in China through the addition of MIFUR and aclothing sector

Develop the international exhibition portfolio, after the divestment of smaller fairs

  • • Grow the leading fairs in the proprietary exhibition portfolio (e.g. FISP, Exposec, Tubotec) targeting sectors and countries with strong potential
  • • Divest exhibitions of under 3,000 sqm that offer limited growth potential orportfolio synergies

Geo-clones of leading domestic exhibitions

Proprietary exhibitions exported from Italy

HOMI to:

  • Russia (Moscow)
  • USA (New York)

Food Hospitality World to:

  • India (Bangalore; Mumbai)
  • China (Guangzhou)
  • Brazil (São Paulo)
  • South Africa (Cape Town)

Tuttofood to:

USA (Chicago and San Francisco)

HOST to:

Russia (Moscow)

Third-party exhibitions exported from Italy

TheMICAM to:

China (Shanghai) through the addition of MIFUR and a clothing sector

25

Proprietary exhibitions exported from South Africa

Good Food & Wine Show to:

India (New Dehli)

Third strategic pillar: Maximize potential of ancillary businesses

Mainelements

Maximize potential of ancillary businesses

Booststand‐fitting penetration

  • • Increase penetration in the Rho and Fiera Milano city venues of standard fittings by 20% through a targeted go‐to‐market approach and product innovation
  • • Develop external markets (Italian congress market, events) through product investments (e.g. new materials, updated designs) and a dedicated marketing team

Develop digital business for exhibitions

• Grow the digital business for exhibitions leveraging on the database service for exhibitors andvisitors, generating leads and branding content

Offer destinationmanagement services

  • • Increase current market share on large congresses also expanding into other associativemarkets
  • • Introduce destination services (e.g. ticketing, reservations, catering) for congresses and for visitors to Fiera Milano, in partnership with a leading destinationmanagement provider

Stand fitting growth driven by increased penetration in Rho venue and expansion into external markets

Increase penetration in shell scheme

+20 p.p. of market share on small stands

• Upgrade products through modernization of current design and acquisition of new materials

Explore external market with shell scheme

Increase market share on Italian congress market and events

• Product enhancement: modernization of current design, acquisition of high-end materials for congress and events markets

Development of Digital business introducing new products and partnering with specialist operator

Develop digital products

Development/ introduction of new digital products and services to support organized fairs

  • • Introduction of lead generation and branded contents in addition to display ads to increase monetization potential
  • •Offering of matchmaking platform and related services
  • •Growth of existing editorial portals and launch of additional ones
  • • Implementation of marketing tools aiming to monitor user behavior and increase customer understanding (e.g. iBeacons)

Expand service offering with commercial partnership

Increase monetization potential by offering integrated communication bundle in collaboration with commercial partner

  • • Creation of integrated solution targeting SMEs with bundled communication products leveraging on DB (e.g. lead generation, DEM)
  • •Exploit commercial contacts of partner for distribution

Congresses business with potential to grow further

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2015 financial targets (Euro mn)

  • In 2015, the first year of the 2015-2018 Industrial Plan, forecasts are for consolidated revenues of over Euro 330 millionand a consolidated gross operating margin of 10%
  • In 2015, the Group should benefit not only from the economic recovery in Italy, now considered highly likely, but also from the particularly favourable exhibition calendar with the presence of the important directly organised exhibitions HOST and TUTTOFOOD and multi-annual exhibitions, such as the international exhibition for textile machinery (ITMA) and that for machine tools (EMO). 2015 forecasts should benefit also from the presence of Expo 2015.
  • The first two months of 2015 have shown strong growth in results from operations: consolidated revenues in excess of Euro 50 million, an increase of more than 50% compared with the first two months of 2014, and a gross operating profit of about Euro 7 million, a significant improvement compared with the gross operating loss of Euro 8 million in the same period of the previous year
  • In March 2015, the subsidiaries Nolostand and Fiera Milano Congressi won the contract for the stand-fitting and management of the Expo 2015 Congress Centre and Auditorium

Contents

Exhibition space rented out in Italy, affected by weak economy and calendar

Significant growth in foreign activities

62 exhibitions organised abroad in 7 countries in 2014

+16% CAGR in net exhibition space in 2008-2014

Revenues

Figures have been adjusted following the adoption of the new IFRS 11 Joint arrangements

2014 Revenues by operating segment

Gross of adjustments for inter-segment transactions figures

Consolidated Income Statement

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2014 results reflected not only a less favourable Italian exhibition calendar compared to the previous year but also the prolonged slowdown in the domestic market and were also impacted by the write-down of the trademarks of some trade publications, as well as some non-recurring expenses

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The increase in net debt mainly reflected the lower cash flow from operating activities and cash outflows for investments that were mainly for improvements made to MiCo –Congress Centre

Fiera Milano history

1920

Eight entrepreneurs organise the first trade fair in Milan aimed at showing sample products to acquire commercial agreements

1922

Fiera Milano Campionaria Internazionale ("Ente Autonomo") is set up by the committee of eight entrepreneurs and obtains charitable status

1960-1970

Fiera Campionaria grows at a fast pace becoming the market place for "Made in Italy" products

1980

Fiera Campionaria becomes "Fiera d'Aprile". In addition to the traditional annual trade fair, the first sector exhibitions are launched. Since 1991, the exhibition calendar includes only sector based exhibitions

2002- today

In December 2002 FM is listed on the Italian Stock Exchange. In 2005 the Rho exhibition complex opens. FM acquires some important exhibition organisers in Italy and develops services. FM grows abroad in fast-growing countries

2001

FM acquires the previously rented trade fair business from Fondazione

2000

From February 2000, Ente Autonomo acts as a "Fondazione" and, in July 2000, spins off Fiera Milano ("FM"), a new company active in exhibitions management and related services. In October 2000 FM starts its activities

1990

In 1997 Ente Autonomo increases the exhibition capacity by opening three new pavilions located in an industrial area next to Fiera (the "Portello" area)

Italian exhibition portfolio: main events

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Congresses

Fiera Milano Congressi is active in the organisation of congresses, conventions and conferences through the management of Europe's newest and largest congress centre, MiCo - Milano Congressi:

18,000 seats, an auditorium with 4,500 seats, 73 rooms with seating for from 20 to 2,000, ancillary exhibition space of 54,000 sq m

The Group also manages:

  • Stella Polare Congress Center (Rho)
  • Stresa Convention Centre, the events venue on Lake Maggiore
  • Momec, the executive business suite in Rome

The Company runs over 500 events a year ranging from big international congresses and conventions to gala dinners and product launches

Stand-fitting services and Media

The subsidiary Nolostand offers stand-fitting services, technical services and all exhibition site services for exhibitions and congresses

The Group produces content and supplies on line and off line publishing services, as well those associated with the organisation of events and congresses

This segment includes the following sectors:

  • publishing and digital services
  • events and training

Favourable payment cycle

Main financial clauses in the contractual agreements with organisers:

  • standard contract guarantee (minimum guaranteed)
  • significant advance payments
  • treasury management services on behalf of organisers

Fiera Milano SpA

  • • The difficult economic environment in Italy and the unfavourable exhibition calendar had an impact on the results of the Parent Company in 2014: the net loss was Euro 30.7 million
  • • The net loss also reflected Euro 14.9 million of impairment charges for investments in the subsidiary Fiera Milano Media, which incorporates the value of the business divisions for publications, editorial and communication products (Euro 11.1 million) and for the investments held by the subsidiary Eurofairs International Consultoria e Participaçoes (Euro 3.8 million)
  • • As a result, the share capital of the Parent Company has fallen by more than one-third and the Company is in the situation to which Article 2466 of the Italian Civil Code applies
  • • The forecasts for 2015 underpin Company expectations that, barring any unforeseeable events, it will be able to restore the share capital to above the two-thirds threshold required by law

Forward-Looking Statements

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 Flaminio Oggioni 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 official documents, 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: [email protected]

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