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Fiera Milano

Investor Presentation • Sep 20, 2017

4073_ip_2017-09-20_ce719dfd-782f-404e-b45f-ffa190fd3eaf.pdf

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FIERA MILANO GROUP Banca IMI - X Italian Stock Market Opportunities Conference

20 September 2017

FIERA MILANO IN BRIEF

Fiera Milano 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 capacity:

388.000 sqm of which 345.000 sqm in the fieramilano site and 43.000 sqm in the fieramilanocity site

Net exhibition space occupied:

1.653.300 sqm of which367.700 sqm abroad

Number of exhibitions: 81of which 35 abroad

Number of exhibitors: 31.830of which 8.030 abroad

Consolidated revenues:

Euro 221 million

Group permanent employees:

680 of which99 abroad

2

Figures refer to FY2016, employees refer to 30 June 2017

INTEGRATED BUSINESS MODEL

  • • In Italy, Fiera Milano hosts exhibitions and acts as a «facility manager» through the management of the exhibition sites, the supply of equipped show areas, and the offer of design support and correlated services to third party organisers; it also directly organizes the exhibitions it owns by providing exhibition space and services directly to exhibitors(Fiera Milano)
  • •The Group operates in the management of congress centres (Fiera Milano Congressi)
  • • The Group supplies stand-fitting and media services to organisers and exhibitors (Nolostand and Fiera Milano Media), as well as catering services to visitors (Fiera Milano)
  • •Outside Italy, Fiera Milano operates as a direct organiser of exhibitions

Exhibition Sites and Congress Centres Facility Manager in Italy

GROUP STRUCTURE

* The share of revenues of the joint venture with Deutsche Messe (Euro 13.6 million in 2016) is not included in compliance with IFRS 11

4

THE ITALIAN MARKET LEADER

No. 1 exhibition entity in Italy in terms of gross indoor exhibition capacity

The majority of Italian exhibitions are held in Fiera Milano's sites

Source: Fiera Milano analysis on ISF CERT, CFI, FKM, AUMA data and corporate website - 2016

5

Source: Fiera Milano analysis on AUMA 2017 data

STRONG POSITION WORLDWIDE

Among the main exhibition entity worldwide

Gross indoor exhibition capacity ('000 sqm)

Source: AUMA - January 2017

THE GLOBAL EXHIBITION MARKET

The medium-term outlook for the global exhibitions market is positive: AMR International forecasts steady market growth of 4.2% CAGR to 2021 from both emerging markets (+8.6%) and so-called "mature markets" (+2.8%)

Market size and growth by market type, 2012A-2021E

Source: AMR International Globex Report 2017 - Note: Countries represented in AMR account for approx. 83% of the global market.

Emerging markets: China, Russia, India, Brazil, Mexico, Turkey, Gulf Cooperation Council and Indonesia. Mature markets: US, Germany, UK, France, Italy, Hong Kong.

THE ITALIAN EXHIBITION MARKET

The outlook for favourable macroeconomic conditions will drive a market stabilisation of the Italian exhibition sector in 2017 and 2018, and a moderate growth of c. 2-3 p.a. thereafter

Source: AMR International Globex Report 2017

EXHIBITION PORTFOLIO

  • •A well diversified portfolio of exhibitions, almost entirely B2B
  • • The Group is strong in dynamic markets (with sound growth expectations and where the "Made in Italy" label has appeal)
  • •The exposure to different sectors reduces sensitivity to the macroeconomic cycle

SHAREHOLDER STRUCTURE

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

EXHIBITION SPACE RENTED OUT IN ITALY

1H2017 featured 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

and biennial exhibitions:

  • Directly organised: Tuttofood and Transpotec Logitec
  • Organised by third parties: Made Expo but absence of Mostra Convegno Expocomfort

FINANCIAL OVERVIEW – INCOME STATEMENT

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

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* Some of the 2014 and 2015 figures have been restated for compararative purposes to reflect the accounting of the Chinese companies, Worldex and Haikou Worldex, under IFRS 5, following the divestment of the subsidiary Interteks on 27 July 2015, and for the different classification of the use of risk provisions in

In 2015 presence of multi-year exhibitions and activities related to Expo 2015

FY2016 revenues affected by the less favourable exhibition calendar

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FY2015 personnel costs affected by non-recurring expenses (Euro 9.9 mn)

In FY2016 reduction following a reorganisation

1H2017 gross operating result affected by some extraordinary costs linked to the overhaul of corporate procedures and the development costs for proprietary exhibitions

Includes write-downs of intangible assets (Euro 12.8 mn in FY2016)

FY2014.

FINANCIAL OVERVIEW –STATEMENT OF FINANCIAL POSITION

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Reduction in net debt also due to the share capital increase in 2015 (Euro 66.8 mn)

FAVOURABLE PAYMENT CYCLE

High visibility on revenues due to long-term contracts with organisers Main financial clauses in the contractual agreements with organisers:

  • •standard contract guarantee (minimum guaranteed)
  • •significant advance payments
  • •treasury management services on behalf of organisers
  • The Group has structural negative NWC

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

CLOSING REMARKS

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, 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 Cusi

Investor RelationsTel +39 02.4997.7816/7911email: [email protected]

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

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