Save Group

Q1 2013 Results

Venice, 14th May 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

SAVE SpA

Airport Infrastructure Food & Beverage Management Management and Retail

. 1,9 millions passengers in Q1 ‘13 . 103 railway station . 217 shops as of March 31st (+4,7% YoY); Venice Airport +8,8% properties in 2013;

YoY, Treviso Airport -7,4%; exclusive . Airports, Railway Stations, management of . 28years 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;

. 29 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 Q1 ‘13 revenues increase by 4,9% YoY, although the severe condition of global economic environment. Financial Overview change% change% € million 2012 2011 2012/2011 Q1 2013 Q1 2012 Q1'13/Q1'12

Revenues 352,5 347,2 1,5% 76,1 72,5 4,9%

EBITDA 71,4 73,6 -3,0% 7,9 8,3 -5,3%

EBIT 42,9 46,2 -7,2% 0,4 1,5 -72,4%

Unusual income* 0,0 0,0 0,0% 10,1 0,0 na

EBIT including unusual income 42,9 46,2 -7,2% 10,5 1,5 na

Profit before taxes 45,5 47,9 -5,1% 10,8 1,1 na

Net Profit 33,3 41,8 -20,4% nd nd nd * Unusual income as a result related to the fair value re-measurement of the 75% ownership interest held in Airest Collezioni prior to the acquisition of control, according IFRS3.

Save Group Revenues by SBU Save Group EBITDA by SBU change% change% change% change% € million Q1 2013 Q1 2012 Q113/Q112 2012 2011 2012/2011 € million Q1 2013 Q1 2012 Q113/Q112 2012 2011 2012/2011

Consolidated Revenues 76,1 72,5 4,9% 352,5 347,2 1,5% Consolidated EBITDA 7,9 8,3 -5,3% 71,4 73,6 -3,0%

Airport Management* 27,4 25,9 5,8% 133,5 126,6 5,5% Airport Management* 7,4 7,2 2,7% 53,0 49,8 6,3%

Infrastructure Management* 7,4 7,2 3,7% 32,3 31,1 3,9% Infrastructure Management* 1,3 1,2 11,9% 7,3 7,2 1,5%

F&B and Retail* 43,9 41,7 5,3% 198,4 200,5 -1,0% F&B and Retail* (0,9) (0,1) 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

Balance Sheet (consolidated)

€ million 31 Mar 2013 31 Dec 2012 NWC (38,6) (46,6)

Fixed Assets 535,9 521,9

Long Term Provisions (47,2) (46,3)

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

Capital employed 450,1 429,0

Total Shareholders' Equity 360,4 347,4

Net indebtedness 89,6 81,6

D / E 0,25 0,23

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

Cash flow and Gross capex details

Consolidated Cash Flow March 31st 2013 (€/mln) Q1 ‘13 Gross Capex details by SBU

€ mln 4,5 4,1 4,0 3,5 3,0 2,5 2,1 2,0 1,8

in milioniin 1,5 1,1 € 1,0 7,1 (9,2) 0,5 0,2 0,1 0,0 3M2013 3M2012 (6,0) (8,3) 3,0 (3,0) (0,2) 0,2* SBU1 SBU2 SBU3 (8,1) Gross Δ nwc Net capex Airest Airest Other Cash Flow capital collezioni  (increase) increase minority Reduction purchase Net Financial Position

*  From variation of consolidation area

7 SECTION 2 AIRPORT MANAGEMENT (SBU1)

8 Airport Management: financials

Revenues and EBITDA increase up +5,8% and +2,7% YoY thanks to the increase in passengers, driven by the incisive commercial strategy

Financial Overview SBU1* change% change% € million Q1 13 Q1Q110 12 2013/2012 2012 2011 2012/2011

Revenues 27,4 25,9 5,8% 133,5 126,6 5,5%

EBITDA 7,4 7,2 2,7% 53,0 49,8 6,3%

EBIT 3,8 3,6 4,3% 39,0 36,0 8,1% * Gross of Intercompany Results Q1 2013 vs Q1 2012 Key Rationales . Q1 ‘13 Revenues up YoY (+5,8% or c. +€ 1,5m): aviation revenues (+6,9% YoY or c. +€1,1m) driven by passengers trend; non aviation up (+3,4% YoY or + €0,3m), led by increase of royalties (+2,6%) and advertising (+26,6%); . Q1 ‘13 EBITDA (YoY +2,7% or + c. €0,2m), in line with management expectation; increase in revenues had been primarily absorbed by i) higher commercial costs (+€ 0,4m) ii) higher labor cost (+€ 0,2m YoY), iii) higher concession fee due to Contratto di Programma rules (+ €0,3m ) and by iv) higher operating cost, specifically utilities (+€ 0,2m) due to different monthly accounting of heating costs;

150,0 + 6,3%

100,0 mln

€ + 8,2% 50,0

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

9 Airport Management: Venice Airport System

Venice airport system is the first Italian system for growth during the Q1 ’13 (+4,7% vs Avg Italian airports -5,5% YoY)

Italian airport Passengers Passengers % chg. Q1 2013 Q1 2012 . Venice airport system recorded an increase about 4,7% YoY against national average of -5,5%: c. 1,9 million passengers in Q1’13, nearly 20 thousand movements. Roma FCO 7.146.689 7.427.734 -3,8% . European accumulated traffic January to March 2013: totally flat “reflecting the state Milano MXP 3.875.356 4.058.228 -4,5% Milano LIN 1.942.834 2.050.837 -5,3% of EU economy”, according to ACI Europe data. (UE airports -2,1%, non UE airports Bergamo 1.740.974 1.800.521 -3,3% +8,9%) Venezia 1.519.879 1.396.527 8,8% . Venice Airport System, with 1,9 million passengers, confirms its 3rd position after Bologna 1.204.356 1.206.359 -0,2% Rome and Milan, and one of three Italian intercontinental gateway; Catania 1.119.777 1.149.887 -2,6% Napoli 932.160 1.067.991 -12,7% . 45 scheduled carriers connecting Venice to 92 domestic, European and Roma CIA 855.713 1.059.686 -19,2% Torino 792.449 881.853 -10,1% intercontinental destinations and 2 home based carriers ; 3 scheduled carriers Palermo 746.087 831.546 -10,3% operating at Treviso airport with 39 domestic and European destinations Pisa 704.209 775.637 -9,2% Bari 700.464 756.174 -7,4% . Intercontinental network Cagliari 562.025 662.356 -15,1% . 3 daily scheduled long-haul flights to the U.S.: New York & Atlanta by Delta Air Verona 541.531 594.067 -8,8% Lines; Philadelphia by US Airways Treviso 442.214 477.672 -7,4% Lamezia T. 375.750 413.177 -9,1% . 3 daily services to the Middle East: Dubai by Emirates with 2 daily frequencies Brindisi 372.152 397.605 -6,4% Firenze 350.209 363.854 -3,8% & Doha by Qatar Airways. Emirates operates a second daily flight to Dubai Trapani 251.932 288.668 -12,7% since Summer 2012 Genova 242.713 288.668 -15,9% Alghero 218.470 224.157 -2,5% . 3 services to Canada : Toronto & Montreal by Air Transat with 3 weekly Trieste 153.030 151.966 0,7% frequencies (1 additional frequency to Montreal since Summer 2013); Toronto Olbia 124.903 123.814 0,9% by Air Canada Rouge, with 3 weekly frequencies since July 2013 Altri 526.115 582.020 -9,6% . Venice Passengers on international destination: 78% (Italy: 58%, data referred to Jan

TOTAL ITALY 27.441.991 29.031.004 -5,5% – Mar 2013).

Source Assaeroporti

10 Airport Management: key figures aviation

In Q1 2013 Venice Airport system passenger trend shows a persisting increase , +4,7% YoY

Venice Airport system passenger trend

Q1 13vs Q1 12 YoY change

12,0

9,0

+ 8,8% + 4,7% 6,0

- 7,4% millions 3,0 1,40 1,52 1,87 1,96 0,48 0,44 0,0 Venice Treviso Airport system

3M 12 3M 13

11 O&D traffic flows between Venice to the world – Q1 2013

Europe 888,267 +11%

Note: Comparison with the same period of previous year - Source: Save database

12 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

13 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 Q1 2013 Scheduled traffic by carrier* Q1 2013 Scheduled traffic by carrier*

EASYJET ALTRI 22% 25%

WIZZ AIR 18%

IBERIA ALITALIA / 3% AIRONE 14% GERMANWINGS KLM 2% 3% RYANAIR 77% TURKISH ALTRI AIRLINES 3% 3%

VOLOTEA AIRLINES AIR FRANCE 4% EMIRATES 9% 5% BRITISH LUFTHANSA AIRWAYS 7% 5%

* General aviation traffic excluded

14 Airport Management: Charleroi airport growth

Q1 2013 1,2 mln passengers, (+0,7 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: . New routes for summer 2013: 4 new routes had been announced by the carriers at Charleroi Airport: . Q1 2013: 1,2mln passengers (+ 0,7% YoY). During the first quarter BSCA was confronted with disruptions for several days, due to an  4 new destination of Ryanair: Essaouira and Rabat accident involving a private aircraft and extreme weather (Morocco), Targu Mures (Romania) e Podgorica conditions. (Montenegro). . Carriers : - Ryanair represents ~ 83% of today scheduled traffic with 80 scheduled routes as of 31st March 2013 and 15 based aircrafts for the summer. Charleroi Traffic growth 2000-2012 - TUI group is active with 22 routes during 12M 2012 and 5 based aircrafts, Wizzair is active with 6 routes during 12M 2012

CAGR

+30,9%

CAGR +31,6%

Pax Pax thousands in CAGR +28,0%

Passengers

15 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.

• The new regulatory framework entered into force on 11th March 2013.

16 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.

17 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.

18 SECTION 3 INFRASTRUCTURE MANAGEMENT (SBU2)

19 Infrastructure Management: financials

Q1 2013 Revenues about €7,4m (+ 3,7 % YoY) and EBITDA about €1,3 m (+11,9% YoY)

Financial Overview SBU2* 230,0 + 2,3% change% change% 200,0 € million Q1 13 Q1Q110 12 2013/2012 2012 2011 2012/2011 170,0 140,0 Revenues 7,4 7,2 3,7% 32,3 31,1 3,9% mln 110,0

€ -3,1% 80,0 50,0 EBITDA 1,3 1,2 11,9% 7,3 7,2 1,5% 20,0 -10,0 EBIT ** 0,6 0,5 21,3% 4,0 4,2 -4,3% Revenues EBITDA * Gross of Intercompany Results CAGR % 2010 2012 2010 2011 2012 ** Includes the concession amortization related to the acquisition of the company

Q1’13 vs Q1 ‘12 Key Rationales: . Q1 13 revenues posted an increase (+3,7% YoY) driven by increase of, commercial revenues (third party and FS group rentals ), offset by decrease in. facility management revenues . Q1 ’13 EBITDA +11,8% YoY, thanks to better absorption of operative costs. Revenues Breakdown SBU2 -2012 Revenues Breakdown SBU2 -2011

Other revenues Engineering 2% 3%

Sales 49%

Facility management 46%

20 Infrastructure Management: key figures and investments

Centostazioni: Ownership Structure Key figures (as of March 31st , 2013) . 89 stations refurbished;

. 6 stations under refurbishment and expected to be completed within 60% 2013;

Archimede 1 40% . 165.540 sqm available of which: Others 60% Public 40% . 125.656 total sqm rented, 92.913 sqm to commercial activities partner Private and 32.743 sqm to State railways companies respectively; partner . 163,8 M€ capital expenditure out of a total plan of 188,5 M€ as of Operator 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

21 Infrastructure Management: stations releases 103 Centostazioni: Timing of stations’ releases 88 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. • PISTOIA • 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 • FORLI’ • *MASSA CARR. • MILANO ROG. 13 • *MONFALCONE

• PORDENONE • *POTENZA • RAVENNA • TERMOLI • *VILLA S. GIOV. • VOGHERA • L’AQUILA ante 2005 2006 2007 2008 2009 2010 2011 2012 2013 -15

22 SECTION 4 FOOD & BEVERAGE AND RETAIL (SBU3)

23 Food & Beverage and Retail: financials

Airest Group posted an increase in revenues of + 5,3%YoY

Financial Overview SBU3* change% change% 2011 change% € million Q1 13 Q1 Q11012 2013/2012 2012 2011 2012/2011 Proforma 2012/PF 2011

Revenues 43,9 41,7 5,3% 198,4 200,5 -1,0% 195,8 1,3%

EBITDA (0,9) (0,1) n.a. 11,1 16,6 -32,9% 13,0 -14,4%

EBIT ** (3,9) (2,6) 52,4% 0,1 6,0 -98,7% 2,9 -97,1%

* Gross of Intercompany Results ** Including concession amortization

Q1 2013 VS Q1 2012 Key Rationales • Q1 ‘13 Revenues posted an increase about 5,3% (or €2,2m). Revenues benefit from the acquisition of the full control of Abu Dhabi shops and Airest Collezioni; on a like for like perspective, revenues decrease by 2,5% (or - €1,1m). • Q1 ‘13 Margins are decreasing about c. €0,8m, mainly due to F&B Italian operations while are growing in the Travel Retail as a result of i) the liquidations of some no profitable point of sales ii) the commercial actions implemented, iii) lower OH costs and iv) renegotiations in some locations.

24 Food & Beverage and Retail: revenues by business line

Q1 2012 Q1 2013

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

€ 41,7 mln € 43,9 mln

• Q1 ‘13 F&B revenues increase by €0,2m (or + 0,6%) mainly thanks to acquisition of full control of the Company in Abu Dhabi (+€1,3m). On a like for like perspective revenues decrease by €0,7m, mainly due to decrease in Italian motorways channel ,which suffered a drop in Italian traffic flows and a lower consumer spending.(- €0,6m or - 5,3%). Good performance of some railways stations in Italy (+7,1%) on a like for like perspective. Airport channel growth benefit of the consolidation of Abu Dhabi shops; on a like for like perspective, revenues are in line with 2012, growing in Czeck Rep. and China, while Austria (- € 0,1 mln) and Italy (- € 0,1 mln) are suffering from the traffic decline in several airports

• Q1 ‘13 Retail revenues increase about €2,1m: €2m thanks to the full control of Airest Collezioni, and €0,3 m mainly thanks to new openings, partially offset by €0,2m, due to negative performances of Moscow.

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

Q1 2012 – F&B sales breakdown by country Q1 2013 – F&B sales breakdown by country

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

72,5% 72,5% <--- Italy ---> 69,5% 69,5%

19,1% 19,1% <--- Austria ---> 18,5% 18,5%

5,9% 5,9% <--- Czech Rep. ---> 6,2% 6,2%

0,0% 0,0% <--- UAE ---> 3,6% 3,6%

1,7% 1,7% <--- Slovenia ---> 1,6% 1,6%

0,8% 0,8% <--- China ---> 0,6% 0,6%

Q1 2012 – F&B100% sales breakdown50% by0% channel Q10% 2013 – F&B50% sales breakdown100% by channel

100% 53,8% 50% 0% <--- Airports ---> 0% 50% 53,8% 100%

<------> 53,8% Airports 53,8% 31,2% <--- Motorways ---> 28,0%

<------> 31,2% Motorways 28,0% 7,9% <--- Railways ---> 8,1%

<------> 7,9% Railways 8,1% 7,1% <--- Urban ---> 10,1%

<------> 7,1% Urban 10,1%

€ 36,1 mln * € 36,3 mln *

* Including non intercompany revenues of VIF and excluding intercompany revenues. UAE not fully consolidated in 2012

26 <--- Italy F&B --->

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

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

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

Q1 2012 – Retail sales breakdown by country <--- China F&B ---> Q1 2013 - Retail sales breakdown by country

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

80,2% <--- Italy Retail ---> 81,9%

13,5% <--- Russia Retail ---> 11,8%

<--- Other Countries * ---> 6,3% 6,3%

€ 7,6 mln** € 7,7 mln

* Other Countries includes UK, Ireland and Germany. 100% of revenues come from the airport channel. ** Proforma figures Included the fully consolidation of Airest Collezioni

27 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 20 2 4 0 0 0 26

Indirectly managed 16 12 0 0 0 0 28

Total Retail 36 14 4 0 0 0 54

Group total 131 68 4 9 4 1 217

* As of March 31 2013 ** Austria, Slovenia, Czech Republic,, UK ; Germany and Ireland

28 SECTION 5 APPENDIX

29 PROFIT AND LOSS DETAILS

30 Save Group : P&L

* % on % on Change Q1 % € million Q1 2013 Revenues Q1 2012 Revenues 13/12

Revenues 76,1 100,0% 72,5 100,0% 3,6 4,9%

Raw materials 17,1 22,4% 16,3 22,5% 0,7 4,5%

Services 16,0 21,1% 15,3 21,0% 0,8 5,2%

Third party property 9,6 12,6% 8,6 11,9% 1,0 11,5%

Cost of labour 24,7 32,5% 23,4 32,3% 1,3 5,6%

Other operating expenses 0,8 1,1% 0,6 0,9% 0,2 27,4%

Total operating expenses 68,2 89,7% 64,2 88,6% 4,0 6,2%

EBITDA 7,9 10,3% 8,3 11,4% (0,4) -5,3%

Amortisation intangibile assets 3,3 4,3% 3,1 4,3% 0,1 4,1%

Depreciation tangible assets 3,4 4,4% 2,7 3,7% 0,6 23,6%

Losses and risks on receivable 0,1 0,1% 0,1 0,1% (0,0) -5,7%

Accrual for provision 0,8 1,0% 0,9 1,2% (0,1) -11,2%

Total D&A and provision 7,4 9,8% 6,8 9,3% 0,7 9,8%

EBIT 0,4 0,6% 1,5 2,1% (1,1) -72,4%

Unusual income 10,1 13,3% 0,0 0,0% 10,1 n.a.

EBIT including unusual income 10,5 13,9% 1,5 2,1% 9,0 n.a.

Financial income and expenses 0,3 0,3% (0,4) -0,6% 0,7 -160,8%

Profit before taxes 10,8 14,2% 1,1 1,5% 9,7 n.a.

31 Airport management : P&L

% on % on Change Q1 % € million Q1 2013 Revenues Q1 2012 Revenues 13/12

Revenues 27,4 100,0% 25,9 100,0% 1,5 5,8%

Raw materials 0,6 2,3% 0,5 1,8% 0,2 33,1%

Services 7,9 28,8% 7,2 27,6% 0,7 10,2%

Third party property 1,2 4,4% 1,1 4,1% 0,2 14,6%

Cost of labour 9,8 35,9% 9,6 37,1% 0,2 2,2%

Other operating expenses 0,5 1,7% 0,4 1,6% 0,0 10,8%

Total operating expenses 20,0 73,1% 18,7 72,3% 1,3 6,9%

EBITDA 7,4 26,9% 7,2 27,7% 0,2 2,7%

Amortisation intangibile assets 1,8 6,7% 1,8 7,0% 0,0 1,1%

Depreciation tangible assets 0,9 3,4% 1,0 3,8% (0,1) -5,3%

Losses and risks on receivable 0,0 0,1% 0,0 0,0% 0,0 n.a.

Accrual for provision 0,8 2,9% 0,7 2,8% 0,1 8,0%

Total D&A and provision 3,6 13,0% 3,5 13,6% 0,0 1,0%

EBIT 3,8 13,9% 3,6 14,1% 0,2 4,3%

32 Infrastructure management : P&L

% on % on Change Q1 % € million Q1 2013 Revenues Q1 2012 Revenues 13/12

Revenues 7,4 100,0% 7,2 100,0% 0,3 3,7%

Raw materials 0,1 0,7% 0,0 0,2% 0,0 n.a.

Services 3,6 47,8% 3,7 50,9% (0,1) -2,7%

Third party property 1,6 21,6% 1,6 21,8% 0,0 2,8%

Cost of labour 0,8 10,4% 0,7 9,5% 0,1 12,9%

Other operating expenses 0,1 1,6% 0,1 0,9% 0,1 73,5%

Total operating expenses 6,1 82,0% 6,0 83,3% 0,1 2,1%

EBITDA 1,3 18,0% 1,2 16,7% 0,1 11,9%

Amortisation intangibile assets 0,5 7,1% 0,5 7,3% 0,0 0,9%

Depreciation tangible assets 0,2 3,1% 0,2 2,7% 0,0 20,2%

Losses and risks on receivable 0,0 0,3% 0,0 0,1% 0,0 110,0%

Accrual for provision 0,0 0,0% 0,0 0,1% (0,0) -100,0%

Total D&A and provision 0,8 10,5% 0,7 10,3% 0,0 6,1%

EBIT 0,6 7,4% 0,5 6,3% 0,1 21,3%

33 F&B and Retail management : P&L

% on % on Change Q1 % € million Q1 2013 Revenues Q1 2012 Revenues 13/12

Revenues 43,9 100,0% 41,7 100,0% 2,2 5,3%

Raw materials 16,4 37,2% 15,8 37,9% 0,5 3,4%

Services 5,2 11,9% 5,0 12,0% 0,2 4,4%

Third party property 8,9 20,2% 7,7 18,5% 1,1 14,7%

Cost of labour 14,1 32,1% 13,1 31,3% 1,0 7,7%

Other operating expenses 0,2 0,5% 0,2 0,4% 0,1 48,4%

Total operating expenses 44,8 101,9% 41,8 100,2% 3,0 7,1%

EBITDA (0,9) -1,9% (0,1) -0,2% (0,8) n.a.

Amortisation intangibile assets 0,9 2,0% 0,8 1,9% 0,1 13,0%

Depreciation tangible assets 2,2 5,0% 1,5 3,7% 0,7 42,8%

Losses and risks on receivable 0,0 0,0% 0,0 0,1% (0,0) -67,5%

Accrual for provision 0,0 0,0% 0,2 0,4% (0,2) -100,0%

Total D&A and provision 3,1 7,0% 2,5 6,0% 0,6 23,0%

EBIT (3,9) -9,0% (2,6) -6,2% (1,4) 52,4%

Unusual income 10,1 23,0% 0,0 0,0% 10,1 n.a.

EBIT including unusual income 6,2 14,1% (2,6) -6,2% 8,8 n.a.

34 GROUP DETAILS

35 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 2012/2013 infrastructure investments as well as to improve quality of services. . Airest acquired the full control on Airest Collezioni

36 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

37 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

38 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 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

40 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

41 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

42 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;

43 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

44 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

45 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, 2.000* employed and 215 managed point of sales

2001 2002-2003 2004-2005 2006-2007 2008 2009 2010 2011 2013

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

* As of 31 March 2013 ** International leading player in the development and management of outlet centers in Europe

46 Food & Beverage and Retail: outlet development

Airest Group: evolution of point of sales, directly manages and yearly new opening details (as of 31st March 2013)

Points of sales, directly managed, evolution New openings in Q1 2013

8 new openings in Q1 2013, Vienna (1) Verona (1), Palermo (3), Venice (2), Abu Dhabi

Point of sales evolution (1) 188 189 Rest of the world 170 167 159 Italy 150 77 74 64 65 118 61 106 53 29 34

115 103 105 111 89 97 98 72 27 8 2001 2005 2006 2007 2008 2009 2010 2011 2012 2013*

* As of March 31° 2013

47 Food & Beverage and Retail: market presence

Passenger traffic trend in main airports where Airest is present ( Q1 2013 vs Q1 2012)

Avg Italian Venice * Treviso Rome Verona Airports Vienna Prague 94,8% Avg Italian Venice Treviso Rome Verona Airports Vienna Prague Venice Airport System +4,7% 8,8% Airest presence in Airports

- In Italy: Venice, Treviso, Rome, Bari, 7,5% Bergamo, Catania, Verona, Brindisi 0,1% 4,4% -1,7% (3,0%) (0,6%)-3,8% (2,1%) - Abroad: Wien, Prague, Moscow, -5,5% -7,4% -6,3% Ljubljana, Graz, Klagenfurt, Salzburg, Glasgow, Shanghai, Abu Dhabi, Dublin, Singapore -18,2% Source: Assaeroporti and Management data

Q1 2013 vs Q1 2012 Key Rationales: . All airports are decreasing, except for the Venice airport system ,as a consequence of the persisting of international crisis.

48 2013 FINANCIAL CALENDAR

49 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

50 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. 51 SAVE Spa

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

WWW.VENICEAIRPORT.IT

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