Fiera Milano

Investor Presentation • Oct 22, 2019

Fiera Milano Group STAR Conference 2019

London, 22 October 2019

Index

1.0 Group overview 2.0 Strategic Plan 2018–2022 3.0 Financial overview 4.0 Closing remarks

1.0

Group overview

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

Italian Exhibitions

Fiera Milano organises proprietary exhibitions providing exhibition space and services directly to exhibitors; it also uses exhibition sites to host exhibitions for third parties

Congresses

Management of one of most modern convention centre in Europe and the only one capable of hosting up to 18,000 delegates

Hospitality

Assisting its customers travel arrangements through accommodation services, site location, flight tickets, Visa procedures, transfers, train tickets

Stand fitting services

Concept design & engineering, exhibitions & booths, including shell scheme area, lounges, public space and outdoor structures

Media

Online and offline content and publishing services, management courses, event organisation

Foreign Exhibitions

Outside domestic market, organiser of exhibitions in Brazil, South Africa and China

1.1 An integrated business model

Figures refer to FY2018

35,615 Exhibitors

of which 7,750 abroad

169

Congresses

271,246 participants

79 Exhibitions of which 27 abroad

127

Number of training events

12

Number of publishing portal

399,000 sqm

Gross Exhibition Capacity

345,000 sqm fieramilano 54,000 sqm fieramilanocity

1.2 Fiera Milano highlights

31.9 million

Consolidated EBITDA

360,000 sqm

Stand fitted and furnished

696

Group permanent employees

of which 97 abroad

1,972,175 sqm

Net Exhibition Space Occupied

of which 466,795 sqm abroad

10 (570,000 copies)

Number of technical publications

247 million

Consolidated revenues

1.3

Key milestones of Fiera Milano Group to date

2015

Expo Milano

Fiera Milano acquires Ipack-Ima and supports Expo 2015

2008 2012

Internationalization

Fiera Milano expands in international markets, entering the Indian, Chinese, South African, Brazilian and Russian markets

2018

Strategic Plan

Fiera Milano presents the 2018-2022 Strategic Plan

1.4 Strong position worldwide

The number one exhibition entity in Italy and one of the main exhibition entities worldwide in terms of gross indoor exhibition space

1.4 Strong position worldwide

* Source: AUMA - 1 January 2019

** Company data

Top exhibition sites worldwide*

('000 sqm)

Top exhibition companies in Italy * ('000 sqm)

Exhibition	Industry	Frequency	Sq. Meters	Number of exhibitors
Salone del Mobile / Euroluce / Workplace 3.0	Furniture and furnishing	Annual/Biennial	216,705	1,410
HOST	Horeca	Biennial	137,005	2,060
The Innovation Alliance	Processing and packaging machinery	Multi-year	136,435	2,515
The MICAM (Spring and Autumn)	Textile, clothing & accessories	Biannual	123,835	2,585
EMO	Industrial machinery	Multi-year	116,995	1,540
Mostra Convegno Expocomfort	Building and related furniture	Biennial	115,400	1,570
HOMI (I and II semester)	Homeware and gift	Biannual	112,875	2,245
ITMA	Textile machinery	Multi-year	109,570	1,690
Eicma Moto	Vehicles and related equipment	Annual	101,770	560
Lineapelle (I and II semester)	Leather	Biannual	98,760	2,265
Tuttofood	Food	Biennial	64,130	1,395
Artigiano in fiera	Art and crafted products	Annual	59,170	1,540

Italian exhibitions portfolio: main events

* Data based on most recent exhibitions hosted prior to 30 June 2019

1.6 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)

Industrial machinery 14.1%

Art and crafted products 3.6%

Commerce - Services 9.7%

Textiles, clothing & accessories 20.0%

Others 2.6%

Food - Catering 3.6% Vehicles and related equipment 8.2%

Building - plant design - energy 9.0%

Furniture and furnishing 14.0%

Homeware and gifts 7.2%

Tourism - Sport - Leisure 8.0%

1.7 Shareholder structure

Market Float 28.4%

Treasury shares 1.3%

Camera di Commercio Metropolitana di Milano-Monza-Brianza-Lodi 6.5%

Ente Autonomo Fiera Internazionale di Milano 63.8%

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

* Advance payments (on average 6 months ahead for annual and 12 months ahead for biennial events)

1.8 Long Term Visibility and 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

1.9 A big impact in the Italian economy

Effect generated by Fiera Milano: € 6.6 billion

This is the effect associated to suppliers, investments, payments of salaries and the expenses of the exhibitors and the visitors/delegates associated with the exhibitions

Contribution to public budget: € 1.5 billion

This is direct, indirect and induced contribution to the public budget through different taxes: VAT, Income tax, tax on profits and other taxes

Source: "Study of the socio-economic impact, Fiera Milano" - March 2019 KPMG, on 2017 data

€ 8.1 billion

Total impact of Fiera Milano

€ 4.3 billion of which in Lombardy

2.0

2.1 Global exhibition market 2013-2022 Exhibition market expected to grow at 5% CAGR

* Emerging include: Brazil, China, Gulf Cooperation Council, India, Indonesia, Mexico, Russia, Turkey, Hong Kong Note: Totals exclude SEA countries (Singapore, Malaysia, Thailand, Philippines, Vietnam, Macau) Source: AMR International Globex report 2018

2.2 Three emerging macro-trends in the exhibition market

Leadership in industry sector at regional level is a key success factor

• Exhibitors and visitors increasingly tend to attend only tier 1 exhibitions
• As a consequence, consolidation trend accelerating among key market players

Increased use of digital products to complete exhibition offer

• Driving customer understanding
• Only secondary source of revenue

Growing share of business for key players from events outside domestic market

• Leveraging on geo-cloning of successful domestic exhibitions

2.3 Three principles inspired definition of Strategic Plan

Maximize venue potential

Invest on core industry sectors

Build on human capital

2.4 Fiera Milano Group strategy

Enrich portfolio of hosted exhibitions & congresses

• Attract new leading/high potential exhibitions
• Support organizers to expand their exhibitions
• Optimize saturation with new activities
• Attract leading congresses

Capture full potential of services

• Boost stand fitting
• Push Destination management
• Expand media services

Create a smarter venue

• Full service, eco-compatible and innovative infrastructure

Grow portfolio of leading owned exhibition

• Foster Host & Tuttofood
• Strengthen HOMI
• Leverage organic growth
• Develop attractive niches

Expand international exhibitions

• Develop geo-clones of top owned brands leveraging partnerships (Focus on China)

Step up organization

• Enhanced organization, empowered governance and integrated systems

2.5 Key ambition enabler

Safe & Smart Distric

• Highest safety standards
• Data-rich venue

Environmental Sustainability & Innovation

• Best-in-class sustainable venue (eg. solar roof coverings)

Operational Excellence

• Maximum accessibility for suppliers,

exhibitors & visitors

Enhanced Customer Experience

• Shortest time to customer
• Seamless customer experience

~€100m investment plan by the controlling shareholder FONDAZIONE FIERA MILANO to enhance the venue

2.6 Strategic Plan will evolve in line with FMG seasonality

Yearly Net Profit expected positive throughout period of StrategicPlan

* Net of International sqm

** € 96-100 million following the application of IFRS 16 as of 1 January 2019

2.7 Achievements

* Before IFRS 16 effects

** As of market close 26 September 2019

Improved economic and financial performance

Profit: 0.7% to 7.5% ('17 vs. '18)

Recurring costs addressed: +5pp profitability through efficiencies ('18 vs. '17)

Net cash 58.0 million as at 30 June 2019*

Return to dividend: € 0.13 per share

FMG Stock performance +123%** vs. end 2017

New guidance and organization

Guiding Principles

• One group
• People engagement
• Execution exellence
• Market focus

International development

Strengthening of the Chinese portfolio through the acquisition of Let China e Laserfair Acquisition of 50% of Tubotech in Brazil Launch of the new E-PACK TECH event, dedicated to e-commerce packaging in China

Growth of exhibition portfolio

Enrichment of hosted exhibition portfolio

• CPHI in 2020
• ITMA in 2023

Strengthening of owned exhibitions through acquisitions

• 60% of Made Eventi in the architecture and construction sectors
• Cartoomics in the comics, gaming and entertainment sectors

Income statement

FY18	Consolidated Statement (€m) Income	1H19	1H18
247 2	Revenues	153 9	157 7
2 4	Cost of materials	1 4	1 5
114 1	Cost of services	66 6	64 7
50 3	Costs for of 3rd-party assets use	0 3	25 5
47 0	Personnel expenses	24 2	23 2
4 5	Other operating expenses	2 5	2 4
218 4	Total operating costs	95 0	117 2
2 8	Other income	1 3	1 9
2 5	of Results equity-accounted companies	2 4	4 3
5 0	for doubtful Allowance and other provisions accounts	0 2	0 5
31 9	EBITDA	62 4	46 1
5 9	Depreciation and amortisation	22 8	3 0
0 9	Adjustments values to asset	0 0	0 0
25 1	EBIT	39 6	43 1
(0 1)	income/(expenses) Financial	(6 8)	(0 0)
(0 0)	Valuation of financial assets	0 0	0 0
24 9	Profit before income tax	32 7	43 1
6 4	Income tax	8 6	11 4
18 6	Profit	24 1	31 7
18 8	Shareholders of which attributable of the controlling entity to	24 1	31 8

19	1H18
153.9	157.7
1.4	1.5
66.6	64.7
0.3	25.5
24.2	23.2
2.5	2.4
95.0	117.2
1.3	1.9
2.4	4.3
0.2	0.5
62.4	46.1
22.8	3.0
0.0	0.0
39.6	43.1
(6.8)	(0.0)
0.0	0.0
32.7	43.1
8.6	11.4
24.1	31.7
24.1	31.8

3.2

Statement of financial position

Consolidated Statement of (€m) Financial Position	30/06/19	31/12/18
Non-current assets	636 9	148 4
Net working capital	(91 5)	(73 1)
capital Gross employed	545 3	75 3
Non-current liabilities	17 2	16 9
Total capital employed net	528 2	58 4
Equity	96 9	82 1
Net financial position	431 3	(23 7)
financial Equity and position net	528 2	58 4

Net Financial Position 489,3 IMPACT ON NET FINANCIAL POSITION 30/06/2019 (€m)

3.3 IFRS 16 impact

• As of 1 January 2019, the new IFRS 16 Leases accounting standard eliminates the distinction between operating leases and finance leases for a lessee
• As allowed by the standard, the comparative periods have not been restated (modified retrospective approach)

4.1 Closing remarks

We have a strong leadership trust

• We have a clear definition of the ingredients for our success

We are ahead in the execution of our strategic plan

• We have completed the turnaround process, started our investments and are strengthening our portfolio of exhibitions

We will not be caged by our venue

• We'll seek most promising opportunities

where they are

We take our social responsibility seriously

• We will actively ensure our business will have a sustainable impact

Forward-looking statement

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, Marco Pacini, 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.