Mundys (formerly: Atlantia SpA) — Investor Presentation 2020

Feb 5, 2021

2020 Preliminary Results

2020 Preliminary Results 5 February 2021

5 February 2021

Business Overview

(3) New Financing includes €2.0bn of hybrid bond issued in Nov 2020 and Jan 2021 accounted for as equity under IAS32

New Vision, New Organisation

• Atlantia as investment holding company focused on portfolio management, ESG, strategy, talent attraction, partnership
• Reorganisation of Group's operating subsidiaries to reinforce governance, autonomy and responsibility

Top management reorganization	Clear focus on governance	ESG
• New CEOs for Atlantia, AdR and ACA (after ASPI new CEO in 2019)	• Appointment of new independent / 3rd party members in the BoD of ASPI, ACA and	• New Chief Sustainability Officer in Atlantia directly reporting to CEO
• 80% of Atlantia parent company top management turned over with attention to diversity (40% women)	Telepass • New board committees for key matters (e.g. Risk Management Committee and Investment	• New CSR positions in the line management of operating subsidiaries responsible for development and implementation of
• New IT and Digital Transformation Officers hired for Atlantia and all major operating subsidiaries	Committee) chaired by an independent director • Appointment of new risk officers directly reporting to the relevant CEO	sustainability plans • Launched free share scheme for c.11,000 employees in Italy
• ASPI: 83% of top management and 74% of line management turned-over	• Appointment of the Internal Audit Officer for Atlantia as well as for each operating	• Cancellation of all incentive plans for 2020 and reduction of base remuneration of
• Telepass: 90 new people hired to support business development and growth, including new CTO, CMO and Communication Officer	subsidiaries, reporting to the relative Chairman • Adoption of new Ethical Rules of Conduct and Policy on Disciplinary Actions, Suspension, and Termination of Employment • Establishment of the Remuneration Committee in the main operating subsidiaries	Atlantia's Chairman and CEO in 2020 • Successful launch of the first green bond of ADR for €300m
	Risk management

• Risk culture: dissemination of an adequate risk management culture within the Group, to support the achievement of the strategic, operational and sustainable development objectives of the Group and each Company
• Adoption of a new Enterprise Risk Management system

Traffic Performance

• The Covid-19 pandemic and subsequent government restrictions had a significant impact on traffic
• With the easing of lockdown toll-road traffic proved to recover quickly
• Recovery of airport traffic expected to benefit from the exposure to leisure segment

Key Figures

(1) ASPI accounted for, already in 2019 c. €1.5bn of provisions for the settlement agreement with the Grantor.

2020 Highlights Change in Group Reported Net Debt

(1) Excluding derivatives and IFRIC12 adjustments

(2) Acquisitions: RCO (€3.3bn) and ERC (€1.4bn), disposals: ETC (€40m), Sky Valet (€11m) and Alis (€152m)

(3) Abertis Finance €1.25bn hybrid bond issued in Nov 2020 (perpetual, non-callable until 5.25 years from issuance) is accounted for as equity under IAS32

Financial Strength

• Proven access to the market even in the current moment
• €8.2bn issued across the group in 2020-Jan 21

• Proven market access, even in the current environment (€8.2bn issued in 2020-Jan 2021)
• Improved liquidity profile across different platforms
• Mix of cash and committed undrawn lines to optimize financial cost
• Proceeds from Telepass disposal to be cashed in at closing (expected in 1H 2021)
• Clear and conservative financial policy to support investment grade ratings target

(1) Pro-forma Preliminary figures as of 31.12.2020 adjusted for transactions carried out in Jan 2021: (a) Atlantia 2023 RCF reimbursement (€1.25bn); (b) New bond at ASPI (€1.0bn); (c) Abertis Finance hybrid bond (€0.75bn)

Delivering on the Transformation Plan (1/2)

• In less than 2 years, a structural revolution in network management and maintenance system

(1) Bureau Veritas, Proger, Tecnolab, Tecno Piemonte

Delivering on the Transformation Plan (2/2)

€13.2bn in 2020-2038 €7bn in 2019-2038

• Acceleration of investments for both new major • Unprecedented multi-year maintenance plan works and modernization of the network

(1) Including €1.2bn as extraordinary maintenance

New Framework Proposal

• ASPI's new regulatory framework(I) to be composed of:
  • A settlement agreement to close the dispute over the alleged serious breach of its obligation
  • A new Economic and Financial Plan (EFP) that will set new capex, maintenance and efficiency standards

Settlement Agreement	• The comprehensive settlement solves the disputes raised after the Genoa bridge incident • Settlement amount totalling €3.4bn to be allocated on: - Tariff discounts - Non-remunerated capex - Genoa Community support, including the new bridge reconstruction (opened in August 2020) • New Mutual and definitive withdrawal of all the pending litigations between Grantor and ASPI
	• Mutually agreed interpretation of the indemnification procedures in case of early termination
EFP	• New Economic and Financial Plan features a RAB-based tariff regime which provides protection from traffic risk • Three tariff components based on ART guidelines: - Operational charge for operating costs - Construction charge for capital charges - Additional charge due to revenue losses in 2020 and thereafter due to Covid-19 impact on traffic • A new model which distinguishes between existing / authorised investments and new investments
	(1) The new framework is subject to the approval by the relevant Government Bodies

Key Highlights

Strategy Levers

• 1) Enhance cash flow generation from high quality longterm concessions
• 2) Expand geographical footprint in developed countries, creating new growth platforms
• 3) Replace expiring cash flows and increasing average concession life
• 4) Maintain a strong financial position

ORGANIC GROWTH

DISCIPLINED AND PRUDENT INVESTMENT AND FINANCIAL POLICIES

• Growth through current existing platform
• Local add-ons in existing concessions
• Re-tender of expiring concessions

EXTERNAL GROWTH

• Growth outside the Abertis perimeter
• Brownfield assets
• Preferred target countries: USD/€ area

Focus on Covid-19 Measures

• Pro-active management of crisis implementing measures to protect employees, users as well as business and financial operations
• Cost reductions in 2020 estimated of ~€140m
• Capex delays in 2020 estimated of ~€250m
• Focus on Covid-19 Measures • Economic compensation for business disruptions actively sought by concessionaire
• Additional measures to maintain financial strength
• Rationalization of portfolio (sale of Alis stake,€152m)
• Strong liquidity and solid financial position with no material refinancing needs until 2023
• Successful hybrid bonds issuance in Nov. 2020 and Jan 2021 for a total of €2.0bn

Recent Acquisitions

• Abertis demonstrates its ability to continue to expand its concession portfolio and further diversify into countries with a low risk profile
• Total EV acquired: c.€6.5bn (c.€4.6bn from RCO and c.€1.9bn from ERC)

RCO | Mexico (June 2020)

• 876km in operation in Mexico (5 concessions)
• 28 years of remaining concession life (FARAC1)
• Primary connection between Mexico's two largest cities in the country fast-growing industrial corridor
• Abertis holds a stake of 53.1% for an equity consideration of c.1.5bn
• Investment partner: GIC

2020 Preliminary Results 5 February 2021

Elizabeth River Crossings | US (Dec 2020)

• Concession operating 2 tunnels in the area of Norfolk, Virginia
• 50 years of remaining concession life
• Concession operating since 2012, 16km concession including the relevant access roads, essential asset
• Abertis holds a 55.2% stake in ERC for an equity consideration of c. 0.6bn
• Investment partner: Manulife

Covid-19 Health and Security Measures

Health security measures

Thermal check of body temperature with high technology devices (over 100 last generation thermal camera)

Hygiene

Continuous disinfection of all the areas, also on a continuous basis (UV devices), and more than 300 gel dispenser

Terminal personnel patrolling, signage to remind social distancing, loudspeaker announcement every 15 minutes, reduction of seating and waiting areas

Physical protection

Plexiglas protection screens at check-in, ticket office, information desks, passport control

Multiple awards received

June 2020

FCO and CIA were the first airports in the world to obtain Biosafety Trust certification, an important international recognition for the fight against the spread of Covid-19

August 2020

ADR 1st in EU to obtain the

certification which demonstrate how the protocols and measures adopted are at the forefront of the procedures for containing the spread of the virus and represent an example of best practice to be followed in the sector

Sept. 2020

FCO is the first and, to date, sole airport in the world to receive this certification

(maximum of the rating received - 5 stars – for the anti-Covid-19 protocols and measures)

Proactive management of Covid-19 crisis

Operations	• Pro-active management implementing measures to sustain traffic in the Covid time (e.g. rapid testing, COVID free corridors) • Seamless airport digitalization (smart terminal operations) • Airport efficiency (e.g. cost control, automation and optimization)
Government Engagement	• Extension by 2 years of the airport concession to 2046 (approved by law) • Implementation of government-funded temporary layoff schemes • Deferral of concession fees and certain tax obligation payments • Listed beneficiary for State Aid (€90m out of total €450m assigned for the Italian airport sector) • Recourse to the protection measures envisaged in the concession contract providing for the economic and financial re-balance of the concession due to force-majeure and, in particular, the recovery of revenue gap vs planned traffic for the regulatory period 2017-21. • Redesigning the capex plan post Covid-19 to guarantee competitive tariffs for the future, preserving the value for ADR
Financing	• Maintain a strong financial position • Increasing focus towards a green agenda, strong push de-carbonisation • Green bond issue

New Platform for Growth

• On 16 Oct. 2020 Atlantia agreed to sell to Partners Group a 49% stake in Telepass
• Telepass is ready to become a leading pan-European customer centric mobility service provider unlocking its full potential in a cashless and frictionless travel experience

Table of Contents

Appendix

Recent Refinancing

	Type	Amount			Spread
		(1) Euro million	Issuance Date	Maturity	Fixed/Variable	vs Mid swap(3)	Coupon
Italy
	Bond	1.250	01/12/2020	8y	Fixed	MSW+250	2.00%
ASPI	Bond	1.000	12/01/2021	9y	Fixed	MSW+235	2.00%
Aeroporti di Roma	Green Bond	300	25/11/2020	8.2y	Fixed	MSW+200	1.625%
Total Italy		2.550
Spain
	Bond	600	30/01/2020	8y	Fixed	MSW+148	1.25%
Abertis Infra	Bond	900	19/06/2020	8.75y	Fixed	MSW+255	2.25%
	Hybrid Bond	1.250	17/11/2020	Perpetual (NC 5.25y)	Fixed	MSW+369	3.248%
Abertis Finance (2)	Hybrid Bond	750	13/01/2021	Perpetual (NC 6.25y)	Fixed	MSW+327	2.625%
Total Spain		3.500
France
	Bond	600	24/04/2020	7y	Fixed	MSW+280	2.50%
HIT	Bond	600	09/09/2020	9y	Fixed	MSW+200	1.625%
	Bond	360	21/07/2020	3.85y	Fixed	MSW+255	2.125%
Azzurra Aeroporti	Bond	300	21/07/2020	6.85y	Fixed	MSW+300	2.625%
Total France		1.860
Brazil
	Debenture	158	15/09/2020	5y	Var CDI+	n.a.	CDI+2.50%
Arteris	Debenture	71	15/09/2020	7y	Fixed	n.a.	4.8392%
	Debenture	63	18/12/2020	6y	Var CDI+	n.a.	CDI+2.50%
Colinas	Debenture	16	18/12/2020	3y	Var CDI+	n.a.	CDI+2.00%
Total Brazil		308
Total Recent Refinancing		8.218
	(1) FX rates applied as of 31.12.2020: BRL/€ 6.3735 2020 Preliminary Results			5 February 2021

(2) Guaranteed by Abertis Infra (3) At date of issue

Group Debt Structure Pro-Forma as of 31.12.2020(I)

Note: Gross debt includes notional value of bank debt and capital markets debt (excluding hedging amounts and hybrid bond)

(1) Pro-forma Preliminary figures as of 31.12.2020 adjusted for transactions carried out in Jan 2021: (a) Atlantia 2023 RCF reimbursement (€1.25bn), (b) New bond at ASPI (€1.0bn), (c) Abertis Finance hybrid bond (€0.75bn)

(2) Of which €4.4bn notional guaranteed by Atlantia (€4.7bn post currency swaps)

(3) Abertis Infra €2.0bn hybrid bonds (perpetual, non-callable until 5.25y and 6.25 years from the respective issuance) accounted as equity under IAS 32

(4) €752m of Atlantia holding debt has been raised via a collar financing, funded by the underlying 8% stake held in Hochtief and equity derivatives

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. forward-looking 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.