Save Group

FY 2012 Results

Venice, 12th March 2013

1 Table of contents

Section 1 Group overview

Section 2 Airport Management (SBU1)

Section 3 Infrastructure Management (SBU2)

Section 4 Food & Beverage and Retail (SBU3)

Section 5 Appendix

2 SECTION 1 GROUP OVERVIEW

3 Group Overview: Save Group

A diversified strategy for successful growth, contrasting the persisting adverse impact from economic recession in Eurozone

SAVE SpA

Airport Infrastructure Food & Beverage Management Management and Retail

. 10,5 million passengers in 2012 . 103 railway station . 215 shops as of December (+8,9% YoY); Venice Airport -4,6% properties in 31st 2012;

YoY, Treviso Airport +116,6%; exclusive . Airports, Railway Stations, management of . 29 years of remaining concession Motorways are the main commercial and real period for the Venice Marco Polo targets for Food and Beverage estate areas; Airport (until 2041); and Retail services;

. 30 years of . Airest Group is one of the . 40 years of remaining concession remaining for the Treviso Airport; most important Italian concession period companies in F&B and . Present in airport car parking, (until 2042); Retail business under airport security, engineering etc.; . Business model concession. . Expanding abroad: Save SpA is the characterized by first Italian airport management high return after a company, investing in foreign short ramp up of Airport (BSCA – Charleroi, commercial Belgium). operations.

4 Group Overview: Group Consolidated P/L

Group 12M2012 revenues increase by 1,5% YoY, although the particularly severe condition of global economic environment

Financial Overview change% € million 2012 2011 2010 2012/2011

Revenues 352,5 347,2 337,5 1,5%

EBITDA 71,4 73,6 66,9 -3,0%

EBIT 42,9 46,2 40,8 -7,2%

Profit before taxes 45,5 47,9 42,0 -5,1%

Net Profit * 33,3 41,8 29,3 -20,4%

* Gross of minorities

Save Group Revenues by SBU Save Group EBITDA by SBU change% change% change% change% € million Q4 2012 Q4 2011 Q412/Q411 2012 2011 2012/2011 € million Q4 2012 Q4 2011 Q412/Q411 2012 2011 2012/2011

Consolidated Revenues 84,2 81,7 3,0% 352,5 347,2 1,5% Consolidated EBITDA 14,0 14,1 -1,2% 71,4 73,6 -3,0%

Airport Management* 32,1 29,7 8,3% 133,5 126,6 5,5% Airport Management* 11,4 9,8 16,8% 53,0 49,8 6,3%

Infrastructure Management* 9,6 9,4 1,4% 32,3 31,1 3,9% Infrastructure Management* 2,6 2,5 2,1% 7,3 7,2 1,5%

F&B and Retail* 45,2 45,3 -0,2% 198,4 200,5 -1,0% F&B and Retail* 0,0 1,9 n.a. 11,1 16,6 -32,9%

* Gross of Intercompany results and non allocated costs

5 Group Overview: Group Consolidated B/S and CF *

Save Group solid financial structure in line with guidance

Balance Sheet (consolidated)

€ million 31 Dec 2012 31 Dec 2011 31 Dec 2010 NWC (46,6) (57,5) (39,5)

Fixed Assets 521,9 517,1 467,0

Long Term Provisions (46,3) (47,1) (46,5)

Assets and Liabilities held for sale 0,0 0,0 0,1

Capital employed 429,0 412,4 381,1

Total Shareholders' Equity 347,4 334,2 319,7

Net indebtedness 81,6 78,3 61,4

D / E 0,23 0,23 0,19

* 31 Dec 2011 figures has been restated, based on IFRS 3, for the final allocation of the intangibles, linked to the creation of the new JV “Airest Collezioni”

6 Group Overview: Group Consolidated B/S and CF *

Increase in Gross Cash flow YoY, partially absorbed by extraordinary investments payment (Treviso Airport runway, mainly)

Consolidated Cash Flow December 31st 2012 (€/mln) 12M 2012 Gross Capex details by SBU

€ mln

(13,0) 40 35,2 35 30 52,7 (24,1) 25 20 3,6 13,9

in milioniin 15

10,6 9,7 € (21,0) 10 05 0,6 0,9 00 (1,5) (3,3) 2011 2012

Investments (-) VE- PD SBU1 SBU2 SBU3 Gross Δ nwc Dividends Other  (increase) Cash Flow - Disinvestments minority Reduction (+) sale Net Financial Position

7 Group debt structure

The net indebtedness/ EBITDA ratio shows a healthy financial structure and a financial discipline

Debt maturity scheduled – Principal (€ Mln) * Net indebtedness / Ebitda (€ Mln)

40,0

35,0 90 1,4 1,2 30,0 80 1,1 1,1 1,1 1,2 70 25,0 0,9 1,0

60 20,0 36,9 50 0,8 0,6 81,6 in millions in 15,0 40 78,3

0,6 in in millions € 68,4 € 65,8 21,5 22,0 30 61,4 10,0 0,4 16,3 20 5,0 10,0 31,1 9,5 0,2 / EBITDA NET INDEBTEDNESS 8,0 10

0,0 0 0,0 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 2007 2008 2009 2010 2011 2012

NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA * As of December 31st 2012

8 Dividends

Dividend payment sustainable with high return to the shareholders

CAGR ‘08-’12: + 15,8%

25.000 23.000 * 21.000 20.000 18.000 16.400 12.800 15.000

10.000

5.000

- 2008 2009 2010 2011 2012 Dividends

* According to Board of Directors proposal on FY2012 net result

9 Group Overview: main events *

Airone markes the return of Alitalia Group into international arena from Venice

A new carrier based in Venice, has started operations, linking medium sized European cities

Save is embracing its sustainability project, starting from the activation of an enviromental portal

29 new openings in 2012

ENAC signs Save’s Contratto di Programma

10 SECTION 2 AIRPORT MANAGEMENT (SBU1)

11 Airport Management: financials

Revenues and EBITDA increase up +5,5% and +6,3% YoY thanks to the increase in passengers, driven by the incisive commercial strategy ,with better absorption of operative costs

Financial Overview SBU1* change% change% € million Q4 12 Q4Q110 11 2012/2011 2012 2011 2012/2011

Revenues 32,1 29,7 8,3% 133,5 126,6 5,5%

EBITDA 11,4 9,8 16,8% 53,0 49,8 6,3%

EBIT 7,7 5,8 31,6% 39,0 36,0 8,1%

* Gross of Intercompany Results

12M 12 vs 12M 11 Key Rationales . 12M12 Revenues up YoY (+5,5% or c. +€ 6,9m): aviation revenues (+5,6% YoY or c. +€4,5m) driven by passengers trend; non aviation up (+4,7% YoY or + €1,7m), led by increase of royalties (+6,3%) and advertising (+46,5%); . 12M12 EBITDA (YoY +6,3% or + c. € 3,1m), in line with management expectation; increase in revenues had been primarily absorbed by i) higher labor cost (+6,7% YoY) for the increase in EFT (security, mainly) , strengthening of central structure and by ii) higher operating cost, specifically utilities (+€ 1,7m) ;

150,0 + 6,3%

100,0 mln

€ + 8,2% 50,0

0,0 Revenues EBITDA CAGR % 2010 2012 2010 2011 2012

12 Airport Management: Venice Airport System

One of 3 airports recognized by the Italian Government as an intercontinental gateway (others Rome FCO and Milan MXP)

Italian airport Passengers Passengers % chg. 2012 2011 . Venice airport system recorded an increase about 8,9% YoY against national Roma FCO 36.980.911 37.651.700 -1,8% average of -1,3%: c. 10,5 million passengers in 12M12, with over 100 thousand Milano MXP 18.537.301 19.303.131 -4,0% movements. Milano LIN 9.229.890 9.128.522 1,1% Bergamo 8.890.720 8.419.948 5,6% . European accumulated traffic January to December 2012: +1,8%. (UE +0,2% non UE Venezia 8.188.455 8.584.651 -4,6% +8,8%), according to ACI Europe data. Catania 6.246.888 6.794.063 -8,1% Bologna 5.958.648 5.885.884 1,2% . Venice Airport System, with 10.5 million passengers, confirms its 3rd position after Napoli 5.801.836 5.768.873 0,6% Rome and Milan, and one of three Italian intercontinental gateway; Palermo 4.608.533 4.992.798 -7,7% Roma CIA 4.497.376 4.781.731 -5,9% . 48 scheduled carriers connecting Venice to 96 domestic, European and Pisa 4.494.915 4.526.723 -0,7% Bari 3.780.112 3.725.629 1,5% intercontinental destinations and 2 home based carriers ; 4 scheduled carriers Cagliari 3.592.020 3.698.982 -2,9% operating at Treviso airport. Torino 3.521.847 3.710.485 -5,1% Verona 3.198.788 3.385.794 -5,5% . Intercontinental network Treviso 2.333.758 1.077.505 116,6% . 3 daily scheduled long-haul flights to the U.S.: New York & Atlanta by Delta Air Lamezia T. 2.208.382 2.301.408 -4,0% Brindisi 2.101.045 2.058.057 2,1% Lines; Philadelphia by US Airways Olbia 1.887.640 1.874.696 0,7% . 3 daily services to the Middle East: Dubai by Emirates with 2 daily frequencies Firenze 1.852.619 1.906.102 -2,8% Trapani 1.578.753 1.470.508 7,4% & Doha by Qatar Airways. Emirates operates a second daily flight to Dubai Alghero 1.518.870 1.514.254 0,3% since Summer 2012 Genova 1.381.693 1.406.986 -1,8% Trieste - Ronchi dei 882.146 859.547 2,6% . 2 weekly flights to Canada in Summer 2012: Toronto & Montreal by Air L. Altri 3.611.032 3.953.384 -8,7% Transat. In Summer 2013 the carrier will introduce one additional frequency to Montreal and Air Canada Rouge will operate 4 additional weekly frequencies to TOTAL ITALY 146.884.178 148.781.361 -1,3% Toronto Source Assaeroporti . Venice Passengers on international destination: 78% (Italy: 58%, data referred to Jan Venice airport system is the first Italian system for growth during the 12M12(+8,9% vs Avg Italian airports -1,3% YoY) – Dec 2012).

13 Airport Management: key figures aviation

In 2012 Venice Airport system passenger trend shows an important increase , +8,9% YoY; on a like for like, taken into consideration normal activity of VCE’s and TSF’s carriers, VCE passengers increased by c. 12,3%

Venice Airport system passenger trend

Q4 12vs Q411* YoY change and 12M12 vs 12M11* YoY change

4,0 12,0 10,52 9,66 8,58 8,19 3,0 9,0 2,32 2,01 2,15 1,81

2,0 6,0

2,33 1,0 3,0 0,50 1,08

0,14 millions

0,0 millions 0,0 Venice Treviso Airport system Venice Treviso Airport system

Q411 Q412 12M 11 12M 12

*Venice airport and Treviso airport Q411 and 12M 2011 traffic had been impacted by Treviso airport closing from June 2011 to December,4h 2011

14 Airport Management

Venice Airport system (1) passengers and movements trend

Passengers (1) (mln) Aircraft Movements (1) (thousands)

CAGR: +5,4% 10,5 CAGR: +0,8% 9,7 9,0 108,1 8,5 99,3 104,5 8,6 8,6 99,0 94,2 95,3 97,2 7,7

Venice Treviso (1) Venice Airport System: Venice Airport + Treviso Airport O&D traffic flows between Venice to the world – 12M2012

Italy Europe 1.629.409 4.711.808 0% +16% North America Middle East & Asia VCE 701.240 673.905 +10% +23%

Africa 212.690 +23% Central & Australia South America 41.202 188.428 +46% +3%

Note: Data referred to year 2012– Comparison with 2011 (excluded operativity of Treviso carriers) - Source: Save database

16 Airport Management: Venice Airport strategy

Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (1/2)

Home base carrier Link with hubs Point to point Intercontinentals

DOH JFK & ATL

PHL DXB

YYZ & YUL

Capillarity in the immediate Guarantee the catchment Non-stop access to high Penetration of further afield territory area accessibility to the passenger volume territories through world destinations intercontinental hubs

17 Airport Management - Venice airport system

Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (2/2)

Venice Airport Treviso Airport 12M2012 Scheduled traffic by carrier* 12M2012 Scheduled traffic by carrier*

* General aviation traffic excluded

18 Airport Management: key figures non aviation

FY 2012 Venice Airport system aviation and non aviation figures

Venice Airport System - Revenues per pax Non Aviation Revenues Breakdown per pax 4,00 0,11 3,50 0,15 9,0 8,3 8,1 3,00 2,41 6,0 2,50 2,36 3,8 3,6 2,00 3,0 1,50 0,0 1,00 Aviation Revenues per pax Non Aviation Revenues per pax 1,20 1,08 0,50 12M11 12M12 - * Venice Airport System: Venice Airport + Treviso Airport 2011 2012

Advertising/ Tick Commercial Parking

Venice Airport - Revenues per pax 4,50 4,00 0,14 0,20 12,0 3,50 8,6 8,7 3,00 2,73 9,0 2,57 2,50 6,0 4,2 4,0 2,00 3,0 1,50 0,0 1,00 1,29 Aviation Revenues per pax Non Aviation Revenues per pax 1,24 0,50 12M11 12M12 - 2011 2012

Comments on VCE and TSF airports FY2012 Revenues: Advertising/ Tick Commercial Parking • VCE: aviation revenues increased by 1,1% YoY driven by increase in passengers; non aviation increased by 4,4%YoY thanks to commercial activities and park taking in consideration that in 2011 the TSF airport activity moves to Venice airport, for extraordinary maintenance actions from May to December;

19 Airport Management: Charleroi airport growth

Over 5 millions passengers in Charleroi Airport, +10,4% YoY

Airport overview Key numbers

. Save acquired 27,65% of BSCA capital through a consortium . Charleroi Airport is in concession to Brussels South Charleroi agreement between Save at 65% and Holding Communal at 35%. Airport (BSCA) until 2040. . Passengers: . 8 New routes for summer 2012: 8 new routes had been announced by the carriers at Charleroi Airport: . 12M2012 6,5 mln passengers (+ 10,4% vs 2011).

 6 new destination of Ryanair: Alghero, Chania (Crete), . Carriers : Corfù, Memmingem (Germany), Turku (Finland) and Rodez - Ryanair represents ~ 83% of today scheduled traffic with 79 (France) scheduled routes during 2012 and 15 based aircrafts for the summer  2 new destinations of Jetairfly: Palma (Spain) and Nice - TUI group is active with 22 routes during 12M 2012 and 5 based aircrafts, Wizzair is active with 6 routes during 12M 2012

Charleroi Traffic growth 2000-2012

CAGR +30,9%

CAGR +31,6%

Pax Pax thousands in CAGR +28,0%

Passengers Other carriers

20 Airport Management: tariffs

Contratto di Programma: the new regulatory framework

• The new economic regulatory framework has been approved by Italian Government after 10 years of “Ice Age”. During the period 2011-2012 the rules had been defined and shared with Enac and the sector operators. The 2012-2021 investment plan, the 2012-2016 quality and environmental plan and the 2012-2016 traffic forecasts were submitted to the public consultations.

• In 2012 ENAC approved the agreement and sent it to the Italian Government for final approving, which had took place at the end of December 2012.

• The new regulatory framework approved by ENAC and by the Government defines a stable set of rules to govern the airport until the end of concession, on March 2041.

• The new criteria link the tariff to the costs of aviation infrastructures and services, traffic forecast and to quality, efficiency and environmental rules.

• The new economic regulatory framework includes two main documents:

• the “Contratto di programma” agreement which will cover 10 years

• the technical regulatory document (“Documento tecnico di regolazione tariffaria”), which will expire at the end of concession

• The new economic regulatory framework was the pre-requisite for the launch of a significant effort to activate the projected infrastructure investments as well as to improve quality of services.

• Tariffs will remain well below the EU average.

21 Airport Management: tariffs

Contratto di Programma: the new regulatory framework

The main elements of the new SAVE regulatory framework are: Dual till tariff and regulatory period

 The new tariffs agreement is based on a pure dual till RAB regulation, where the tariffs are correlated to aviation activities and non aviation activities are liberalized, allowing the concessionaire to no claw-back or cap risk on its commercial activities, bearing the full enterprise risk. Bonuses and penalties had been defined when quality and environmental indicators are above/below the targets.

RAB (regulated asset base) and investment plan

 The initial RAB amounts to c.€ 131M and represents the 68% of the total Capital invested, amounted in €193M. The initial RAB is for quote straight – line depreciated to concession - end and for the rest is depreciated comply with useful life.

 Future tariffs includes the inflation revaluations.

 The investment planned for the period 2013-2021 amounted to €576M of which c. €392M will be borne by SAVE.

WACC

 The real pre-tax WACC is equals to 12,51% corresponding to a nominal pre tax rate of 14,20% , for the first tariff period 2012-2016.

 The strategic investments return will increase in range of c. 2% – 3%, linked to the level of strategic relevance of the investment.

22 Airport Management: tariffs

Contratto di Programma: the new regulatory framework

Traffic curve

 The cumulative traffic variation vs forecasts included in the +/- 5% range, will be for the benefit of / borne by Save. Where the traffic registered in the 5yrs period is >5% than forecasts: only the 50% of higher income above 5% will be set aside for future investments, with no impacts in tariff for remuneration/depreciation. Where the traffic registered in the five year period is <5% than forecasts: 50% of the lower income below -5% will be included in the allowed costs for tariff calculations in the following five-year period.

 The planned traffic growth curve for the first regulatory period could include a yearly +/- 6% deviation. Deviation over +/- 6% vs forecasts entitle to the rebalancing of the tariff mechanism for the remainder of the regulatory period.

Operating costs, elasticity and efficiency

 The tariffs includes the allowed operating costs and their amounts had been computed starting from the reported figures in 2010 certified Regulatory accounts and in part adjusted to 2011 forecast and in part linked to the elasticity defined

Quality and environmental rules

 The tariffs includes the allowed operating costs and their amounts had been computed starting from the reported figures in 2010. Regulatory accounts and in part adjusted to 2011 forecast and in part linked to the elasticity defined.

23 SECTION 3 INFRASTRUCTURE MANAGEMENT (SBU2)

24 Infrastructure Management: financials

12M 2012 Revenues about €32,3m (+ 3,9 % YoY) and EBITDA about €7,3 m in line YoY

Financial Overview SBU2* 230,0 + 2,3% change% change% 200,0 € million Q4 12 Q4Q110 11 2012/2011 2012 2011 2012/2011 170,0 140,0 Revenues 1,4% 3,9% mln 110,0 9,6 9,4 32,3 31,1

€ -3,1% 80,0 50,0 EBITDA 2,6 2,5 2,1% 7,3 7,2 1,5% 20,0 -10,0 Revenues EBITDA EBIT ** 1,6 1,7 -3,1% 4,0 4,2 -4,3% * Gross of Intercompany Results CAGR % 2010 2012 2010 2011 2012 ** Includes the concession amortization related to the acquisition of the company

12M12 vs 12M11 Key Rationales: . 12M12 revenues posted an increase (+3,9% YoY) driven by increase in all business lines : facility management revenues (+4,8%YoY or + €1,7m), commercial revenues (third party rentals +2% or + €+0,6m and advertising + 30% or + €1,4m), offset by decrease in other revenues -€1,9m, due to the no recurring items accounted for 2011. . 12M12 EBITDA in line YoY, increase in revenues are offset by increase in operative costs. Revenues Breakdown SBU2 -2012 Revenues Breakdown SBU2 -2011

Other revenues Engineering 2% 3%

Sales 49%

Facility management 46%

25 Infrastructure Management: key figures and investments

Centostazioni: Ownership Structure Key figures (as of December 31st , 2012)

. 87 stations refurbished;

60% . 7 stations under refurbishment and expected to be completed within 2013; Archimede 1 40% Others . 165.510 sqm available of which: 60% Public 40% partner Private . 126.710 total sqm rented, 93.281 sqm to commercial activities and partner 33.429 sqm to State railways companies respectively;

Operator . 162,8 M€ capital expenditure out of a total plan of 188,5 M€ as of today; of which 57,3 M€ spent by Centostazioni out of a total plan of 59,3 M€. Profit and Loss Structure Sales Facility management Engineering Cost reimbursment plus a 6% Revenues Rental; Fees; Royalties 10% fee on investment managed mark up + bonus linked to CS

Costs 40% Sales to RFI Facility Costs Personnel Costs etc.. Cost of Structure

Cost reimbursements, Rentals contracts fees, professional tariffs

Commercial Business Partners Model and Other Partners

40% of rentals Royalties and Rentals

26 Infrastructure Management: stations releases 103 Centostazioni: Timing of stations’ releases 87 79 73

• ROMA • MONZA • LECCE • ASSISI • BENEVENTO • BIELLA • CREMONA • TRENTO TRAST. • NAPOLI • NOVARA • GALLARATE • LECCO • DESENZANO • AREZZO • VENTIMIGLIA • LIVORNO MERG. • VICENZA • BARLETTA • SIENA • PESARO • FOGGIA • VARESE • PRATO • CASERTA • CIVITAVEC. • PADOVA • SONDRIO • VERCELLI • GORIZIA • PISA • UDINE • LA SPEZIA • ASTI • CUNEO • RIMINI • MODENA • REGGIO EM. • FERRARA • CASTELFRANCO • LODI • TERNI • BRINDISI • SAVONA • ANCONA • ROMA OST. • PARMA • FORMIA VENETO • PERUGIA • GENOVA • ROVERETO • *ASCOLI PIC. • CATANIA • PAVIA • ALESSANDRIA • ROVIGO • REGGIO • BELLUNO • DOMODOSSOLA • BERGAMO • BRESCIA • PIACENZA CAL. • CAGLIARI 51 • BOLZANO • TREVIGLIO • VERBANIA • MILANO • AOSTA • TARANTO • *CAMPOBAS. • MANTOVA P.G. • ORTE • *CESENA • SALERNO • TRIESTE 45 • IMPERIA • *CHIAVARI • TREVISO • NAPOLI C. F. • RAPALLO • CHIETI • MESSINA • CATANZARO • LUCCA 35 • COMO • LAMBRATE • SANREMO • *FAENZA • PESCARA 27 • *GROSSETO • FOLIGNO • MACERATA • PISTOIA • *MASSA CARR. • FORLI’ • MILANO ROG. 13 • *MONFALCONE

• PORDENONE • *POTENZA • RAVENNA • TERMOLI • *VILLA S. GIOV. • VOGHERA • L’AQUILA ante 2005 2006 2007 2008 2009 2010 2011 2012 2013

27 SECTION 4 FOOD & BEVERAGE AND RETAIL (SBU3)

28 Food & Beverage and Retail: financials

Airest Group posted revenues of €198,4m (-1% YoY), caused to the reduction in propensity to spend mainly in Italy for the persisting of the economic crisis; without 2011 extraordinary items revenues up (+1,3%) Financial Overview SBU3* change% 2011 change% € million 2012 2011 2012/2011 Proforma 2012/PF 2011

Revenues 198,4 200,5 -1,0% 195,8 1,3%

EBITDA 11,1 16,6 -32,9% 13,0 -14,4%

EBIT ** 0,1 6,0 -98,7% 2,9 -97,1% * Gross of Intercompany Results ** Including concession amortization 12M12 vs 12M11 Key Rationales • The 2012 Group operating result has been affected by the margin reduction in the F&B business and the non-absorption of fixed costs by the foreign companies in the Travel Retail business, which have suffered from delays in the start-up phase. • Margins are stable in the F&B foreign operations while are growing in Italy in the Travel Retail due to higher revenues and margins as a result of the commercial actions implemented.

***

All 2011 figures are pro forma, in order to facilitate the comparison YoY based on the same business perimeter

29 Food & Beverage and Retail: revenues by business line

12M 2011 12M 2012

Group sales breakdown by business line Group sales breakdown by business line

€ 195,8 mln ** € 198,4 mln

• 12M 12 F&B revenues decrease from €167,9m to €166,2m,is mainly due to : • Growth of urban sales (+ € 3,1m) in like for like stores (+5,8%) and contribution of the new openings in Italy (+2,4 mln€) • Significant drop in Italian traffic flows and lower consumer spending (-€5,0m) • Slight increase in airport channel thanks to: Austria (+0,1 mln€) for pax increase, in Italy (+0,5 mln€) and China (+0,3 mln€) for the new openings during 2011. On a like for like basis lower performance in Slovenia (-0,5 mln€) and Italy (-0,2 mln€) due to pax decline in certain airports • Loss of revenues in railways channel, due to the exit from unprofitable POS in Italy (-0,6 mln €); on a like for like basis revenues increasing by 2,7% (0,3 mln€).

• 12M 12 Retail revenues increase from €23,7m to 27,7m: • In Italy growth above traffic of like for like PoS (+2,7 mln€) and contribution of the new openings (+0,6 mln€). Positive performance from Moscow (+0,2 mln€) and Glasgow due to new stores (+0,5 mln€).

* Other revenues include also supplier marketing contributions, VIF and consolidation entries as well as the change of the consolidation area ** Proforma figures

30 Food & Beverage and Retail: F&B revenues breakdown

12M 2011 – F&B sales breakdown by channel 12M 2012 – F&B sales breakdown by channel

<--- Airports --->

<--- Motorways --->

<--- Railways --->

<--- Urban --->

12M 2011 – F&B sales breakdown by country 12M 2012 – F&B sales breakdown by country

100% 50% 0% 0% 50% 100%

74,7% <--- Italy ---> 74,6%

16,5% <--- Austria ---> 16,7%

6,1% <--- Czech Rep. ---> 6,1%

<------> 2,1% Slovenia 1,8%

<--- China ---> 0,6% 0,7%

€ 171,3 mln * - ** € 170,0 mln* * Excluding other revenues ** Proforma figures

31 <--- Italy F&B --->

<--- Austria F&B --->

Food & Beverage<--- Czechand Rep. Retail: F&B ---> Retail revenues breakdown

<--- Slovenia F&B --->

12M 2011 – Retail sales breakdown by country<--- China F&B ---> 12M2012 - Retail sales breakdown by country

<--- Italy Retail --->

<--- Russia Retail --->

<--- Other Countries * --->

€ 24,5 mln ** € 28,5 mln

* Other countries includes UK, Ireland, Germany ; ** Proforma figures

32 Food & Beverage and Retail: market presence

Number of outlets by channel & country* managed by Airest Group

Italian Other European United Arab Channel Russia China Singapore Total Market Markets ** Emirates

Airports 39 51 0 3 2 1 96

Railway Stations 11 0 0 0 0 0 11

Motorways 21 0 0 0 0 0 21

Shopping Malls and 24 3 0 6 2 0 35 Business Centers Total F&B 95 54 0 9 4 1 163

Directly managed 16 5 4 0 0 0 25

Indirectly managed 15 12 0 0 0 0 27

Total Retail 31 17 4 0 0 0 52

Group total 126 71 4 9 4 1 215

* As of December 31 2012 ** Austria, Slovenia, Czech Republic,, UK ; Germany and Ireland

33 SECTION 5 APPENDIX

34 PROFIT AND LOSS DETAILS

35 Save Group : P&L

*

% on % on Change % € million 12M 2012 Revenues 12M 2011 Revenues 12M12/11

Revenues 352,5 100,0% 347,2 100,0% 5,3 1,5%

Raw materials (74,5) -21,1% (75,8) -21,8% 1,3 -1,7%

Services (67,1) -19,0% (63,9) -18,4% (3,2) 5,0%

Third party property (39,1) -11,1% (37,9) -10,9% (1,2) 3,3%

Cost of labour (97,8) -27,7% (93,3) -26,9% (4,4) 4,7%

Other operating expenses (2,5) -0,7% (2,6) -0,8% 0,1 -4,6%

Total operating expenses (281,0) -79,7% (273,6) -78,8% (7,5) 2,7%

EBITDA 71,5 20,3% 73,6 21,2% (2,2) -3,0%

Amortisation intangibile assets (13,1) -3,7% (11,8) -3,4% (1,3) 10,8%

Depreciation tangible assets (11,3) -3,2% (10,2) -2,9% (1,2) 11,3%

Losses and risks on receivable (0,5) -0,2% (1,3) -0,4% 0,8 -60,4%

Accrual for provision (3,6) -1,0% (4,1) -1,2% 0,5 -12,5%

Total D&A and provision (28,6) -8,1% (27,5) -7,9% (1,1) 4,0%

EBIT 42,9 12,2% 46,2 13,3% (3,3) -7,2%

Financial income and expenses 2,6 0,7% 1,7 0,5% 0,8 49,0%

Profit before taxes 45,5 12,9% 47,9 13,8% (2,5) -5,1%

Taxes (10,8) -3,1% (5,3) -1,5% (5,6) 105,8%

Net Profit from operating assets 34,7 9,8% 42,7 12,3% (8,0) -18,8%

Profit/(Loss) net of disposed of held for sale assets (1,3) -0,4% (0,8) -0,2% (0,5) 61,4%

Net Profit of the period 33,3 9,4% 41,8 12,0% (8,5) -20,4%

Profit/(Loss) minorities (1,6) -0,4% (1,5) -0,4% (0,0) 2,8%

Group Net Profit 31,8 9,0% 40,3 11,6% (8,6) -21,2%

36 Airport management : P&L

% on % on Change % € million 12M 2012 Revenues 12M 2011 Revenues 12M12/11

Revenues 133,5 100,0% 126,6 100,0% 6,9 5,5%

Raw materials (1,9) -1,4% (1,5) -1,2% (0,4) 26,9%

Services (33,3) -25,0% (32,6) -25,7% (0,7) 2,2%

Third party property (4,8) -3,6% (4,5) -3,5% (0,3) 7,1%

Cost of labour (39,2) -29,4% (36,8) -29,1% (2,4) 6,7%

Other operating expenses (1,3) -1,0% (1,4) -1,1% 0,1 -6,4%

Total operating expenses (80,5) -60,3% (76,8) -60,6% (3,8) 4,9%

EBITDA 53,0 39,7% 49,8 39,4% 3,1 6,3%

Amortisation intangibile assets (7,3) -5,5% (6,1) -4,8% (1,2) 20,3%

Depreciation tangible assets (3,7) -2,8% (3,4) -2,7% (0,3) 9,2%

Losses and risks on receivable (0,0) 0,0% (1,1) -0,8% 1,0 -96,3%

Accrual for provision (2,9) -2,2% (3,2) -2,5% 0,3 -9,5%

Total D&A and provision (14,0) -10,5% (13,8) -10,9% (0,2) 1,6%

EBIT 39,0 29,2% 36,0 28,5% 2,9 8,1%

Financial income and expenses 3,0 2,3% 3,8 3,0% (0,8) -20,4%

Net Profit before taxes 42,0 31,4% 39,8 31,5% 2,2 5,4%

Taxes (12,1) -9,1% (5,7) -4,5% (6,4) 111,7%

Net Profit from operating assets 29,9 22,4% 34,1 26,9% (4,2) -12,4%

Profit/(Loss) net of disposed of held for sale assets 0,0 0,0% 0,0 0,0% 0,0 0,0%

Net Profit of the period 29,9 22,4% 34,1 26,9% (4,2) -12,4%

37 Infrastructure management : P&L

% on % on Change % € million 12M 2012 Revenues 12M 2011 Revenues 12M12/11

Revenues 32,3 100,0% 31,1 100,0% 1,2 3,9%

Raw materials (0,2) -0,7% (0,0) -0,1% (0,2) 402,2%

Services (15,1) -46,6% (14,5) -46,7% (0,6) 3,8%

Third party property (6,4) -19,9% (6,2) -20,0% (0,2) 3,6%

Cost of labour (3,0) -9,2% (2,9) -9,3% (0,1) 2,6%

Other operating expenses (0,3) -0,9% (0,2) -0,7% (0,1) 23,8%

Total operating expenses (25,0) -77,4% (23,9) -76,8% (1,1) 4,6%

EBITDA 7,3 22,6% 7,2 23,2% 0,1 1,5%

Amortisation intangibile assets (2,1) -6,6% (2,1) -6,7% (0,0) 1,1%

Depreciation tangible assets (0,9) -2,6% (0,8) -2,6% (0,1) 6,5%

Losses and risks on receivable (0,2) -0,7% (0,1) -0,2% (0,2) 319,3%

Accrual for provision (0,1) -0,3% (0,1) -0,2% (0,0) 42,9%

Total D&A and provision (3,3) -10,3% (3,0) -9,7% (0,3) 9,5%

EBIT 4,0 12,4% 4,2 13,4% -0,2 -4,3%

Financial income and expenses 1,9 5,9% (0,2) -0,7% 2,1 n.a.

Net Profit before taxes 5,9 18,3% 4,0 12,7% 1,9 49,3%

Taxes (1,8) -5,6% (1,4) -4,4% (0,4) 32,2%

Net Profit from operating assets 4,1 12,7% 2,6 8,3% 1,5 58,2%

Profit/(Loss) net of disposed of held for sale assets 0,0 0,0% 0,0 0,0% 0,0 0,0%

Net Profit of the period 4,1 12,7% 2,6 8,3% 1,5 58,2%

38 F&B and Retail management : P&L

% on % on Change % € million 12M 2012 Revenues 12M 2011 Revenues 12M12/11

Revenues 198,4 100,0% 200,5 100,0% (2,0) -1,0%

Raw materials (72,5) -36,5% (74,3) -37,1% 1,8 -2,5%

Services (21,2) -10,7% (19,6) -9,8% (1,6) 8,2%

Third party property (37,1) -18,7% (35,3) -17,6% (1,8) 5,2%

Cost of labour (55,6) -28,0% (53,7) -26,8% (1,9) 3,5%

Other operating expenses (0,9) -0,5% (1,0) -0,5% 0,0 -5,0%

Total operating expenses (187,3) -94,4% (183,8) -91,7% (3,5) 1,9%

EBITDA 11,1 5,6% 16,6 8,3% (5,5) -32,9%

Amortisation intangibile assets (3,6) -1,8% (3,6) -1,8% (0,0) 0,6%

Depreciation tangible assets (6,7) -3,4% (5,9) -3,0% (0,8) 13,2%

Losses and risks on receivable (0,3) -0,1% (0,2) -0,1% (0,0) 16,1%

Accrual for provision (0,6) -0,3% (0,9) -0,4% 0,3 -29,7%

Total D&A and provision (11,2) -5,7% (10,6) -5,3% (0,6) 5,5%

EBIT (0,1) 0,0% 6,0 3,0% (6,1) n.a.

Financial income and expenses (2,3) -1,2% (1,8) -0,9% (0,5) 27,4%

Net Profit before taxes (2,4) -1,2% 4,1 2,1% (6,6) n.a.

Taxes 3,1 1,6% 1,8 0,9% 1,3 69,8%

Net Profit from operating assets 0,7 0,3% 6,0 3,0% (5,3) -88,6%

Profit/(Loss) net of disposed of held for sale assets (1,3) -0,7% (0,8) -0,4% (0,5) 61,4%

Net Profit of the period (0,7) -0,3% 5,1 2,6% (5,8) n.a.

39 GROUP DETAILS

40 Group Overview - Save recent history

SAVE GROUP IMPLEMENTS NEW STRATEGIES . SAVE Group exits ground handling activities in Venice Airport; . New air terminal as well as cargo warehouse are opened in Venice Airport; 2001 - 2002 . SAVE Group enters the food & beverage and retail business through its new subsidiary Airport Elite. . SAVE Group acquires 40% stake in Centostazioni (a company managing 103 medium size Italian railway stations)

SAVE GROUP IS LISTED IN THE ITALIAN STOCK EXCHANGE MARKET (MTA) . IPO in the Milan Stock Exchange (SAVE.MI), trough an increase of capital of € 160 mln; . SAVE Group acquires more than 10% of Gemina Spa share capital, an Italian Company that owns 51% of ADR (Aeroporti di Roma) share capital. 2005

SAVE GROUP CONSOLIDATES ITS GROWTH STRATEGY . SAVE Group acquires 100% of AIREST share capital from Austrian Airlines (2006) and then sells its Catering divisions focusing only on the F&B and Retail activities (2007) . SAVE Group acquires 100% of RISTOP share capital from Autostrada Brescia – Padova (2006); 2006-2008 . SAVE Group sells its 10% stake of Gemina Spa share capital to Morgan Stanley giving a pre-tax capital gain of € 31,5 mln . New air terminal is opened in Treviso Airport (2007) and Save Group acquires additional 35% of Aertre (i.e. Treviso Airport) capital share funded through Save shares . SAVE Group acquires 100% of FFS and ITPS share capital, two companies based in Czech Rep. both operating F&B outlets in Prague Airport.

A TOP FINANCIAL INSTITUTION JOINS THE MAJOR SHAREHOLDER OF SAVE GROUP . Morgan Stanley joins Finanziaria Internazionale and Generali Insurance in the shareholders’ agreement of Marco Polo Holding (the major 2008 shareholder of Save Group), with the aim to participate jointly in the acquisition of airport assets with less than 10 mln pax located in Italy, Europe, Turkey and Middle East; AIRPORT MANAGEMENT EXPANDS ABROAD . Save Group acquires 27,65% of Charleroi Airport (BSCA) capital share in partnership with Holding Communal 2009 . Save Group obtains the approval of the Treviso Airport 40 year concession extension by ENAC

AIREST GROUP STRENGHTENED THE PRESENCE IN AIRPORT CHANNEL . Key commercial agreement with McArthurGlen Group and creation of “Airest Collezioni”, JV operating in airport retail segment 2011

VENICE AIRPORT SIGNS NEW TARIFFS AGREEMENT . Save signs with Enac the new tariffs system agreement the pre-requisite for the launch of a significant effort to activate the projected 2012 infrastructure investments as well as to improve quality of services.

41 Airport Management

Aviation management Revenues breakdown (FY data)

100% CAGR: +3,1%

29,3% 29,1% 28,9% 29,1% 28,6% 28,4% 75%

CAGR: +4,2% Other revenues mainly include 50% Airport management 62,3% 61,1% 60,8% 61,5% 62,4% 63,6% intercompany recharges to third parties and other business units 25%

9,8% 10,3% 9,4% 0% 8,4% 9,0% 8,0% 2007 2008 2009 2010 2011 2012

Other revenues Aviation Revenues Non aviation revenues

42 Airport Management

New flights in VCE airport in 2012 & 2013: tremendous growth in difficult times

2012 2013

Nantes Athens Geneva Barcellona Lisboa Brindisi Nice Toronto Cagliari Toulouse Istanbul Alghero Alicante Menorca Palermo Bari Tallin Bilbao Catania Majorca Tirana Prague Bordeaux Brindisi St Petersburg Warsaw Cagliari Bratislava Corfu’ Heraklion Kos Newcaste Lamezia Terme Marseille Lampedusa London Southend Nice Malaga Manchester Toulouse Mikonos Hamburg Olbia Oporto

Chisinau Palermo Lille Birmingham Reggio Calabria Nantes London Gatwick Rhodes

Manchester Thessaloniki Bacau Santiago de Bucharest Compostela Santorini Moscow VKE Split Catania Chisinau Moscow DME Valencia Nantes

43 Airport management

New scheduled flights and frequency increases

New scheduled destination - Venice Airport Carrier Destination Frequency

AIR CANADA ROUGE Toronto 3/7 AIRONE Catania 14/7 Tirana 4/7 EASYJET London Southend 4/7 Manchester 3/7 TRANSAVIA FRANCE Lille 2/7 Nantes 2/7 Paris Ory 7/7 VOLOTEA Catania 14/7 Nantes 2/7

Frequency increases - Venice Airport Carrier Destination Frequency Increase AIRTRANSAT Montreal 2/7 +1 TUNISAIR Tunisi 6/7 +1 TAP Lisbona 10/7 +3

44 Infrastructure Management

REFURBISHMENT ENHANCEMENT MANAGEMENT

. New layout and innovative vision of . Increase of commercial activities and . Guarantee security and cleaning transit areas diversified services offered to the standards, that guarantee the ambiance passengers . Increase of square meters destined to . Innovation management of cleaning passengers services . Modern merchandising mix in the and maintenance activities (Global commercial gallery service) . Passengers flow strategies to remove bottlenecks and increase dwell times in . Promotion of events inside the station . Constant control of qualitative standard the commercial areas to increase affluence

. Use of innovative lighting to improve . Strengthening of communication and the transit experience advertising for the stations . Using of multitarget and multimarket communication strategy

45 Infrastructure Management Commercial Square meter Revenues per Square meter € CAGR: +6,3% CAGR: +1,1%

. Revenues per sqm slightly increased vs 2011 for the new contracts and renegotiation of existing contracts in more profitable stations, partially offset by the commercialization of spaces with lower value and other renegotiations. . Revenues per sqm grew from € 190 in 2004 to € 258 in 2012 Some examples in the Value Creation Model

Example of 15 refurbished railway station Total 15 Station* Before Refurbishment After Refurbishment Delta % The growth of efficiency and Commercial Square metres 7.489 17.103 128% profitability of a railway station after its refurbishment is No. Of Shops 59 170 188% underlined by the huge increase in:

Revenues 1.296 7.220 457% - revenues Revenues per sqm 173 422 144% - revenues per sqm * Brescia, Milano Lambrate, Roma Ostiense, Roma Trastevere, Treviso, Modena, Parma, Reggio Emilia, Udine, Milano P.G., Trieste, Novara, Vicenza, Napoli Mergellina, Napoli C. Flegrei, Monza

46 Food & Beverage and Retail Airest Group, born in 2001, is today an Italian player in the travel concession business operating in the F&B and Retail industry, 2.006* employed and 215 managed point of sales

2001 2002-2003 2004-2005 2006-2007 2008 2009 2010 2011

May 2001 – Start New openings at 2004 enter Italian Acquisition of Acquisition of Opening of 4 Opening of a FFS & ITPS Creation of up of operations Catania, railways AIREST (Austrian new F&B new outlet at “Airest (5 F&B and 3 Retail Treviso and concessions airport (Prague airport outlets at Shanghai concessions) Collezioni”, (JV outlets at Venice Olbia airports (through concessions) Rome Airport EXPO with McArthur Marco Polo Centostazioni) Openings in Glen**), a one- Airport). Acquisition of First openings Opening of RISTOP (F&B France and in Russia Rustichelli stop retail motorways Abu Dhabi (Moscow &Mangione solution for the concessions) Commercial Sheremetyevo flagship airports on a Airport) store in worldwide basis First opening in partnership Rome China with McArthur Glen** downtown Start up of production facility (VIF)

* As of 31 December 2012 ** International leading player in the development and management of outlet centers in Europe

47 Food & Beverage and Retail: outlet development

During the 2012 the evolution of Airest network is guided by the strategic plan, through the specific valuation of point of sales profitability

Points of sales, directly managed, evolution New openings in 12M 2012

29 new openings in 2012, Vienna (7) Shanghai (2), Dusseldorf (2), Roma (2), Noventa, Ve (1), Molfetta (1), Mantova (2), Abu Dhabi (3), Treviso (1), Bari (2), Brindisi (1), Point of sales evolution Dublin (1), Milan (2), Singapore (1), Verona (1) 188 Rest of the world 170 167 159 Italy 150 77 118 64 65 106 53 61 29 34

103 105 111 89 97 98 72 27 8 2001 2005 2006 2007 2008 2009 2010 2011 2012*

* As of December 31° 2012

48 Food & Beverage and Retail: market presence

Passenger traffic trend in main airports where Airest is present ( 12M12 vs 12M11)

Avg Italian Venice * Treviso Rome Verona Airports Vienna Prague 94,8% Venice Airport System +8,9% Airest presence in Airports

- In Italy: Venice, Treviso, Rome, Bari, 7,5% 0,1% 4,4% Bergamo, Catania, Verona, Brindisi

(3,0%) (0,6%) (2,1%) - Abroad: Wien, Prague, Moscow, Ljubljana, Graz, Klagenfurt, Salzburg, Glasgow, Shanghai, Abu Dhabi, Dublin, Singapore

Source: Assaeroporti and Management data

12M12 vs 12M11 Key Rationales: . All airports are decreasing, except for the Venice airport system and Vienna, as a consequence of the international crisis. . Q4 2012 vs 2011: trends are worsening, only Venice and Vienna airports remain resilient.

49 2013 FINANCIAL CALENDAR

50 2013 Financial calendar

22/29 April 2 Aug Annual Q2 and H1 Shareholders Results Meeting

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

12 March 14 May Consolidated 13 Nov Q1 financial Q3 Results statements Results

51 Disclaimer

The executive responsible for the drafting of the company’s accounting and corporate documents, Giovanni Curtolo, hereby declares pursuant to clause 2, art.154 bis, decree law 58/1998, that the accounting information in this release is in line with the Company’s accounting records and registers.

This document has been prepared by Save S.p.a. - SAVE ("SAVE") solely for use at the presentation to potential institutional investors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan.

The information contained in this document has not been independently verified. No representation or warranty expressed 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 SAVE or any of their representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.

Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States, or to any “U.S. Person” as that term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Neither this document nor any part or copy of it may be taken or transmitted into or distributed directly or indirectly in Australia (other than to persons in Australia to whom an offer of securities may be made without a disclosure document in accordance with Chapter 6D of the Corporations Act 2001 (Cth.)), or taken or transmitted into Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian or Japanese securities laws, as applicable. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. In this case no reliance will be placed on SAVE.

This document has not been approved for the purpose of section 21 of the Financial Services and Markets Act 2000. It is being made available only to persons who are of a kind described in Article 19(5) of the Financial Services and Marketing Act 2000 Order 2001 or persons to whom such document may otherwise lawfully be issued or passed on.

The statements contained in this document that are not historical facts are "forward-looking" statements (as such term is defined in the United States Private Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.

These forward-looking statements, such as the statements regarding SAVE‘ s ability to develop and expand its business, the effects of regulation, changes in overall economic conditions, capital spending and financial resources and other statements contained in this document regarding matters that are not historical facts involve predictions. No assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing SAVE 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.

By viewing the material in this document, you agree to the foregoing. 52 SAVE Spa

For additional information: Investor Relations – SAVE Group Phone: +39 041 2606215; Fax: +39 041 2606239 Email: [email protected];

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