Mundys (formerly: Atlantia SpA) — Investor Presentation 2021

Aug 4, 2021

Moving Forward

H1 2021 Results

4 August 2021

Contents

• Our Strategic Framework • The New Management Team • Our Capital Deployment Plan Strategy Update • Our Dividend Policy 45679 pag .

H1 2021 Results and Outlook

• Traffic performance
• Key figures and Outlook 10
• Recent Highlights 11

13

• Detailed analysis of EBITDA and Net Debt Appendix

Strategy Update

Our Strategic Framework

Focused on motorways, airports and mobility services with innovation and sustainability as key enablers

Development of Our Current Portfolio	Expansion Into New Synergistic Fields	Multi-Level Investment Platform
Distinctive portfolio and non-replicable Focus on the development business positioning of key areas of potential within our current portfolio, • Global footprint in motorway assets and optimise (11 countries worldwide) capital • Top-of-mind leisure destination airports allocation with selective and (Rome, French Riviera) targeted rationalisation European leader in electronic tolling • (Telepass)	Megatrends are here • Integrated mobility Urbanization • New logistic model • • Autonomous driving • Big data Green and sustainable mobility •	Agile and multi-level investment platform • Assets in different sectors/geographies, with complementary cash flows Proven access to capital markets even in • difficult times • Ability to build asset platforms and deliver operational and sustainable excellence
	Innovation & Sustainability
Enable new growth and focus on key potential areas • Abertis: continue to renew and develop its brownfield motorway portfolio Airports: focus on European leisure-final • destination airports • Telepass: to become a pan-European Public/Private one-stop mobility platform for the Partnership Model consumer and business segments • Generate continuous innovation and offer a superior customer experience	Leverage Atlantia's platform in adjacent, synergistic sectors, enhancing diversification and resilience • Smart mobility • Electrification/Renewables • Transport Terminals ITS (Intelligent Transportation Systems) • • Digital Payments	Maximize the ability to use capital and capture new business • Increased firepower after the disposal of ASPI Capital opening at divisional/asset level • to acquire new assets or competencies and partner-up with co-investors Dedicated pools of capital (e.g. Venture • Capital Fund) to invest in highly innovative initiatives

The New Management Team

Completed with a structure consistent with our strategy, establishing new/reinforced roles focusing on sustainability, innovation and risk

5

Our Capital Deployment Plan

Firepower to invest on our core businesses, together with a focus on innovation and on returning capital to shareholders

Proceeds from ASPI sale Solid capital structure	Organic growth	• Selectively provide financial support to Group companies in order to pursue growth opportunities while maintaining a strong balance sheet
New dividend policy Approx. €8bn of firepower	New Investments	• Explore investment opportunities in transportation infrastructure and mobility as well adjacent, synergistic sectors Extend average maturity life cycle of the portfolio, enhance • diversification, exploit synergies among Group companies and boost asset value
	New Investment Vehicle	• Separate and dedicated vehicle which will invest globally in innovation and mobility (with a commitment of c. €200-300m from Atlantia) • Early-stage / seed financing in areas key to the Group's future development
	Capital Return to Shareholders	• €1-2bn capital return, through a buy-back program after closing the sale of ASPI (subject to shareholder approval)

Our Dividend Policy

Return to dividend payments in 2022

• €600m dividend to be proposed to the AGM approving 2021 results (to be paid in May 2022)
• Dividend grow of 3-5% per year, supported by cash flow generated by asset portfolio after the sale of ASPI
• Interim dividend from 2022 results, with the first semi-annual payment in November 2022

H1 2021 results and outlook

Traffic Performance

Motorway traffic is returning to pre-Covid levels; airports gradually recovering

Key Figures and Outlook (excluding ASPI)

EBITDA up 26% YOY, outlook confirmed

• Assuming, in conjuction with the advancement of vaccination campaigns, that there are no further significant restrictive measures to mobility in the rest of 2021

Recent Highlights

Asset Rotation & Reorganization	Telepass: Disposal of a 49% stake to Partners Group completed on 14 April for €1.1bn ASPI: Agreement for the sale of Atlantia's entire stake signed on 12 June (€9.1bn for 100% equity + ticking fee of c. €180-230m). ASPI reclassified as discontinued operation until the closing of its disposal Lusoponte: Agreement for the disposal of its entire stake (17.21%) for €56m + earn out of up to €5m (25 June) Cellnex: Non-exercise of the co-investment right with Edizione and its subidiaries granting Atlantia the option to acquiring a 3.4% stake in the company (8 July), in line with our strategy
Financing	New bonds: €4.2bn issued across the Group's main platforms De-gearing of Atlantia holding, from €4.4bn at end 2020 to €2.6bn at end June 2021, mainly via: the cash-in from the sale of a 49% stake in Telepass (€1.1bn) • unwinding of the collar financing on Hochtief shares (€0.4bn positive impact on net debt) •
Ratings	Fitch: Outlook upgraded to Rating Watch Positive from Evolving (4 June) Moody's: Outlook upgraded to Positive from Developing (7 June) S&P: Atlantia upgraded to "BB" from "BB-", outlook upgraded to positive from developing (22 June)

Recent Highlights

Establishment of a Board Sustainability Committee on February 2021

New independent Board member appointed (April). BoD now made up of 85% independent directors and 40% female directors

New remuneration policy linked to ESG goals, approved with over 98% shareholder support

Atlantia Sustainability Roadmap: Comprehensive presentation released to the market in July (www.atlantia.it/en/sustainability)

Atlantia confirmed in the FTSE4Good index, among the top quartile companies of its sector (July)

Aeroporti di Roma awarded the highest Carbon accreditation level ACA4+ (Transition) and is the world's first airport to issue a sustainability-linked bond to fund its strategy for achieving carbon neutrality strategy by 2030

Aeroporti di Roma achieved in July a new historical record for passenger satisfaction according to a survey conducted by ACI (Airports Council International) reaching the highest level of traveler satisfaction in the European Union

Innovation

Sustainability

Atlantia takes part in a private placement by the German company, Volocopter, the world leader in the development of innovative and sustainable urban air mobility solutions (subscribing for €15m in a €200m funding round)

SDA Bocconi-Atlantia: Partnership for the creation of "Mobius", the Smart Mobility Lab, the only laboratory of its kind in Europe, set up to study and research new forms of integrated mobility

Atlantia Group EBITDA

Like-for-like, EBITDA without ASPI is up 22% YOY, mainly thanks to the recovery in motorway traffic

Abertis

Like-for-like, EBITDA is up 32% YOY, mainly thanks to the recovery in traffic

Key Highlights (H121)

€2.3bn Revenue (+26%) €1.6bn EBITDA (+40%)

€216m

Capex

€287m EBIT

€23bn Net Debt

€1.0bn

FFO

Traffic

Strong traffic performance compared to H1 2020 benefitting from Abertis's diversified portfolio, recovery of LV and resilience of HV, which have already outperformed 2019 figures (+4%). In more details, USA, Mexico, Brazil and India are already in line with H119 figures, while we see positive trends for the rest of the portfolio.

Revenue and EBITDA

Contribution from newly added assets: RCO and ERC. FX and Argentina hyperinflation impacts (-€62m in revenues and -€34m in EBITDA)

Capex and liquidity

Main projects: progressing on Plan de Relance in France and works on the federal network in Brazil. Strong liquidity at group level, with no material redemption until 2023 in Abertis Infraestructuras.

Dividends

In April, Abertis distributed €600m in dividends of which c. €300m paid to Atlantia

	Vs. H120		Vs. H120
	Km travelled	EBITDA €m	EBITDA chg. (reported)
Spain	+26.7%	355	29%
France	+19.1%	537	23%
Italy	+25.1%	103	85%	es
Brazil	+13.1%	116	-4%	r
Chile	+25.1%	174	24%	u g
Mexico	+18.5%	169	n.m.	Fi y
USA	+18.0%	20	n.m.	e K
Puerto Rico	+34.9%	56	43%
Argentina	+61.9%	9	29%
India	+44.0%	10	37%
Total	+22.3%	1,554	40%

(2) Consolidation of RCO (+€169m), ERC (+€20m); FX and Argentina hyperinflation(-€34)

Other Overseas Motorways

Recovery of traffic drives the 22% YOY like-for-like EBITDA growth

€4m EBIT €254m Revenue (+11%) Key Highlights (H121) Km travelled EBITDA €m EBITDA chg. (reported) Chile +18.0% 99 29% Brazil +9.5% 59 -5% Poland +14.9% 23 28% €181m Total +13.4% ¹⁸¹ 15% EBITDA (+15%) €50m Capex €780m(1) Net Cash EBITDA +15% due to the 13,4% traffic increase and higher tariffs, partly offsetting the depreciation of the Brazilian Real. On a l-f-l basis the increase was 22% Capex €50m, of which €40m in Chile mainly related to Americo Vespucio Oriente II and the Ruta 78- Ruta 68 linkroad, in accordance with the respective concession agreements Vs. H120 Vs. H120 €173m FFO (€m) (1) Includes changes in provisions (2) Brazil (-€12), Chile (+€2m) and Poland (-€1m) 157 ^{192 181} +41 +4 H120 -10 Revenues Opex H121 l-f-l FX(2) H121 -11 Other (1) +22%

(1) Includes the recognition of financial assets in relation to the agreement with the Chilean grantor (€1.1bn). Net debt excluding this figure would be €351mn

Key Figures

EBITDA

Aeroporti di Roma

Partial recovery of domestic traffic in recent weeks

Key Highlights (H121)

€93m Revenue (-44%)

-€178m EBIT

€95m Capex

€1.6bn Net Debt

Traffic

Mobility restrictions still affecting traffic, 57% lower than 2020. International traffic particularly affected (-69% EU and -70% ExEU). Covid-tested flights with US, Canada, UAE resulting in increased load factor and new long haul connections

Resources optimization

Continuing cost saving initiatives started in 2020:

• operations concentrated in FCO Terminal 3, with temporary closure FCO Terminal 1 and boarding gates
• government support on labor cost ("Cassa Integrazione") for nearly 1,000 employees.

6% overall savings over last year(1)

Capex

Postponement of certain initiatives, safety security and maintenance interventions were fully confirmed as well as nearly €40m related to Terminal 1 capacity expansion program

Sustainability and Green Financing

First airport in the world to issue a new sustainability-linked bond, launched in April for a total amount of €500m.

ACA Level 4+ recognized in March 2021, first airport in Europe

Aéroports de la Côte D'Azur

Domestic traffic up 11% YOY in H1 and summer may touch pre-pandemic levels

Key Highlights (H121)(1)

€61m Revenue (-6%) €8m EBITDA (+33%)

-€20m EBIT

€19m Capex

€981m Net Debt

Traffic

Mobility restrictions still affecting traffic, 28% lower than 2020 volumes, mitigated by a good performance of domestic segment with +11% over last year and showing in the last weeks a more dynamic recovery announcing the comeback of pre-pandemic levels for the summer

Resources optimization

Operations carried out in Nice at T2 only with a 10% cost savings in 1H, mainly due to full year effect of cost saving initiatives started in 2020, including public labor subsidy for nearly 20% of total workable hours and contract renegotiation with most of the suppliers

Capex

Despite the postponement of certain initiatives, safety security and maintenance interventions were fully confirmed and aligned to the expenditure of 2020

Financing

New dual tranche bond issuance in July for a total amount of €90mn

(1) Figures includes Azzurra Aeroporti holding

Increased number of customers drives a 10% revenue growth

Key Highlights (H121)

€122m Revenue (+10%)

€48m EBITDA (-16%)

€21m EBIT

€860(2)m Net Debt

FFO

Customers

9.2 million OBUs (+3%) and growing number of Mobility customers (+18%)

Strategic partnership with ENI signed in July allowing users to pay fuel in 350 ENI Live Stations with Telepass Pay

Revenue and EBITDA

Increase in revenues (€122m, +10%), mainly due to growth in tolling fees outside Italy and the contribution from new insurance products

Opex up +37% in relation to: (i) higher variable costs due to volumes (e.g. distribution costs), (ii) costs linked to the total carve out from ASPI and strengthening of the organization (primarily IT and staff costs) and (iii) the Antitrust fine (€2m)

Capex

Capex mainly related to the group's digital transformation project, the development of strategic initiatives and the purchase of electronic tolling equipment.

Net Debt and Net Financial Debt (ASPI excluded)

Deleveraging driven by disposals and funds from operation

(1) Excluding derivatives and IFRIC12 adjustments

(2) Abertis Holco (€297m), Telepass (€51m), Stalexport (€15m), Grupo ACA (€4m), Abertis subsidiaries (€14m)

(3) Abertis Finance €750m hybrid bond issued in Jan 2021 (perpetual, non-callable until 6.25 years from issuance) is accounted for as equity under IAS32

Financial Strength

Group Debt Structure Pro-Forma as of 30/06/21 (I)

Note: Gross debt includes notional value of bank debt and capital markets debt (excluding hedging amounts and hybrid bonds). Cash does not include €596m deposits held by subsidiaries (mainly Chilean concession operators and Elisabeth River Crossings in USA) which are subject to certain conditions of use according to concession and financing agreements.

(1) Atlantia holding cash on a statutory basis is equal to €729mn and includes a €120mn term deposit on Telepass; (2) Pro-forma figures as of 30.06.2021 adjusted for the following recent transaction: Aéroports de la Côte d'Azur: dual-tranche bond issued in July (€90m); (3) Of which €3.8bn notional guaranteed by Atlantia; (4) Abertis Finance €2.0bn hybrid bonds (perpetual, non-callable until 5.25 and 6.25 years from the respective issuance) accounted as equity under IAS 32

ASPI's Disposal – Reminder of Key Milestones

The BoD's proposal to sell Atlantia's entire stake in ASPI was approved at the OGM held on 31 May 2021

On 10 June 2021, the BoD approved the disposal of ASPI

On 12 June 2021 the sale agreement was signed

Price for 100% of ASPI: €9.1bn + Ticking fee to be applied to the Offered Price at an annual interest rate of 2% (applied from 31 December 2020 to the closing date) with an additional economic benefit of approx. €180–230m for 100% of ASPI

The closing is expected no later than 30 June 2022 after fulfilment of all the conditions precedent

From H1 2021 and until closing, ASPI is reclassified as a "discontinued operation"

ASPI's Disposal

Current status of the conditions precedent

1	Effectiveness of the settlement agreement, the addendum and the financial plan	• On 21 July 2021, ASPI's BoD sent the addendum and the annexes containing the amendments requested by the MIT. On the same day, the MIT announced that it had sent the addendum and the related annexes to the General Directorate to begin the approval process, and the settlement agreement to the Attorney General's office for its opinion
2	The concession must be still valid on the date of the closing
3	Antitrust clearance (European Commission)	Pre-filing was completed on 26 July. The 25-day deadline runs from the date of the filing, which may • be completed once the European Commission has approved the content of the document
4	Receipt of consents and/or waivers from ASPI's and Atlantia's lenders	• Ongoing
5	Public tender obligation regarding SAM	The Purchaser submitted the request for an opinion from the CONSOB on 19 July •
6	Golden Power (special powers exercisable by the Italian govt.)	The filing has been completed •
7	Receipt of consent for change of control of ASPI from the MIT	• Filing expected for the following days (a deadline of 30/90 days for the response)

Reconciliation of H1 numbers without/with ASPI*

(€m)		(without ASPI)	(with ASPI)
	Revenues	2,789	4,398
	EBITDA	1,721	2,484
	FFO	1,204	1,419
	Capex	451	827
	Net Debt	28,182	36,932
	Net Result post minorities	-168	34

Main Credit Ratings

		BBB		BBB
(Infraestructuras)		Negative Outlook		Negative Outlook
		BBB	Baa3	BBB
		Positive Outlook	Positive Outlook	Rating Watch Positive

Recent Bond Issuance

	Type	Amount	Date	Original Maturity	Fixed/Variable	Spread vs Mid swap(3)	Coupon
		Euro million (1)
Atlantia (holding)	Bond	I,000	09/02/2021	7y	Fixed	MSW+230	1.875%
ASPI	Bond	I,000	12/01/2021	9y	Fixed	MSW+235	2.00%
Abertis Finance (2)	Hybrid Bond	750	13/01/2021	Perpetual (NC 6.25y)	Fixed	MSW+327	2.625%
HIT	Bond	600	05/05/2021	7y	Fixed	MSW+90	0.625%
Aeroporti di Roma	Sustainability-Linked Bond	500	22/04/2021	IOy	Fixed	MSW+180	1.75%
Litoral Sul	Debenture	ರಿ 3	17/03/2021	1.5y	Variable	n.a.	CDI(4)+1.62%
Rodovias do Interior Paulista	Debenture	85	07/05/2021	5y	Variable	n.a.	CDI(4)+1.66%
Nascentes das Gerais	Debenture	68	18/06/2021	9.5y	Fixed (5)	n.a.	5.97%
Aeroports de la Cote d'Azur	Bond	50		15y	Fixed	MSW+225	2.50%
		40	2/07/2021	12y		MSW+190	2.00%
Total		4,186

	SCALE	ATLANTIA SCORE	VS. SECTOR AVERAGE
ાડર ESGD Corporate Rating	D- / A+	C	A
MSCI (A	CCC - AAA	BB	=
FTSE4Good	0-5	3.8	A
CDP	D- / A	B	A
SUSTAINALYTICS	40+ - 0 (Severe - Negl. risk)	21.1 (Medium Risk)	=

Our ESG Targets

Sustainability scorecard 2021-2023

Contacts:

Investor Relations investor.relations@atlantia.com www.atlantia.com

Disclaimer

This presentation has been prepared by and is the sole responsibility of Atlantia S.p.A. (the "Company") for the sole purpose described herein. In no case may it or any other statement (oral or otherwise) made at any time in connection herewith be interpreted as an offer or invitation to sell or purchase any security issued by the Company or its subsidiaries. nor shall it or any part of it nor the fact of its distribution form the basis of. or be relied on in connection with. any contract or investment decision in relation thereto. This presentation is not for distribution in. nor does it constitute an offer of securities for sale in Canada. Australia. Japan or in any jurisdiction where such distribution or offer is unlawful. Neither the presentation nor any copy of it may be taken or transmitted into the United States of America. its territories or possessions. or distributed. directly or indirectly. in the United States of America. its territories or possessions or to any U.S. person as defined in Regulation S under the US Securities Act 1933.

The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty. either express or implied. is made as to. and no reliance should be placed on. the fairness. accuracy. completeness. correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation. The Company is under no obligation to update or keep current the information contained in this presentation and any opinions expressed herein are subject to change without notice. This document is strictly confidential to the recipient and may not be reproduced or redistributed. in whole or in part. or otherwise disseminated. directly or indirectly. to any other person.

The information contained herein and other material discussed at the presentation may include forward-looking statements that are not historical facts. including statements about the Company's beliefs and current expectations. These statements are based on current plans. estimates and projections. and projects that the Company currently believes are reasonable but could prove to be wrong. However. forwardlooking statements involve inherent risks and uncertainties. We caution you that a number of factors could cause the Company's actual results to differ materially from those contained or implied in any forward-looking statement. Such factors include. but are not limited to: trends in company's business. its ability to implement cost-cutting plans. changes in the regulatory environment. its ability to successfully diversify and the expected level of future capital expenditures. Therefore. you should not place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No representation is made that any of the statements or forecasts will come to pass or that any forecast results will be achieved. By attending this presentation or otherwise accessing these materials. you agree to be bound by the foregoing limitations.

Pursuant to Article 154-bis, paragraph 2, of the Consolidated Finance Act, the officer responsible for the preparation of Atlantia's corporate financial reports, Tiziano Ceccarani, declares that the accounting information contained in this document corresponds with that contained in the accounting documentation, books and records.